IT services major Wipro on Thursday reported a 2% fall in its consolidated net profit at Rs 3,502 crore for the March-ended quarter. The company’s board has also approved a Rs 15,000 crore buyback alongside its financial results.

Revenue from operations, meanwhile, rose 8% year-on-year to Rs 24,236 crore.

However, the core IT services segment showed limited traction. Revenue stood at $2.65 billion, growing just 0.6% quarter-on-quarter (QoQ) and 2.1% year-on-year (YoY). On a constant currency basis, IT services revenue rose 0.2% sequentially but declined 0.2% annually, highlighting weak underlying demand.

Wipro reported a sequential rise in profit, which was up 12% QoQ.

IT services operating margin came in at 17.3%, declining 0.3% sequentially and 0.2% YoY, indicating continued cost pressures and investment-led drag.

Operating cash flow stood at Rs 3,170 crore, down 15% YoY, though it remained strong at 90.1% of net income for the quarter.

More to come…