Indian IT major Wipro posted 3.4 per cent decline in consolidated net profit to Rs 2,465.7 crore for the quarter ended September 30. The board also approved up to Rs 9,500 crore buyback plan.

The Bengaluru-based company, which had registered a net profit (attributable to equity holders of the company) at Rs 2,552.7 crore in the year-ago period, has priced the buyback programme at Rs 400 per share.

Wipro”s revenue for the September quarter was nearly flat at Rs 15,114.5 crore. Wipro said its Board has approved a buyback proposal, subject to shareholders approval through postal ballot, for purchase of up to 23.75 crore equity shares at Rs 400 per share that aggregates up to Rs 9,500 crore.

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This is 4.16 per cent of the paid-up equity share capital of the company as on September 30, 2020, it added. At Rs 400 apiece, the buyback is 6.4 per cent higher than Tuesday’s closing price of Rs 375.5 on BSE.

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Wipro expects its revenue from IT Services business to be in the range of $2,022-2,062 million for the December quarter, translating to a sequential growth of 1.5-3.5 per cent. Its IT services segment revenue in the September quarter was at $1,992.4 million – an increase of 3.7 per cent quarter-on-quarter.