India's Wipro has announced a record share buyback of up to 150 billion rupees ($1.61 billion). This move follows a slight miss in quarterly revenue, with clients curbing tech spending in key sectors like energy and banking. Business from major customer Estee Lauder also experienced a slowdown.
Consolidated sales for the three months ended March 31 rose 7.7% to 242.36 billion rupees, falling short of analysts' average estimate. The dip was exacerbated by companies delaying tech investments due to the emergence of AI tools and geopolitical instability from the Middle East war.
Wipro forecast revenue for the current quarter to range from a 2% decline to a flat performance sequentially. Net profit for the quarter saw a marginal fall of 1.9%. Several key verticals, including energy and banking, experienced revenue declines. Total deal wins for the quarter were $3.5 billion.