Wipro Share Price Soars 4% Following Q2 FY2025 Results and Bonus Shares Announcement

Wipro Ltd has announced its financial results for the quarter ending September 30, 2024, following International Financial Reporting Standards (IFRS). Along with the financial results for the quarter, the company also announced the issuance of bonus shares. 

Financial Highlights for the Quarter Ended September 30, 2024

The company reported gross revenue of ₹223.0 billion ($2,662.6 million), marking a 1.5% increase quarter-on-quarter (QoQ) but a 1.0% decline year-on-year (YoY). 

The IT services segment, Wipro’s core business, posted revenue of $2,660.1 million, reflecting a 1.3% increase QoQ but a 2.0% decrease YoY. The company’s net income for the quarter was ₹32.1 billion ($383.1 million), an increase of 6.8% QoQ and a significant 21.3% growth YoY. Earnings per share (EPS) stood at ₹6.14 ($0.07), also reflecting a 6.8% increase QoQ and 21.3% YoY. 

Operating cash flows reached ₹42.7 billion ($509.7 million), representing a YoY growth of 10.5% and an impressive 132.3% of the net income for the quarter. 

Wipro Bonus Shares Record Date

In addition to its financial results, Wipro’s Board of Directors has recommended a bonus issue of shares to existing shareholders and American Depository Share (ADS) holders. The proposed bonus share issue is in the ratio of 1:1, meaning one equity share for every one equity share held, and one ADS for every one ADS held. This recommendation is subject to the approval of shareholders, which will be sought through a postal ballot. 

The company stated that the record date, which will determine the shareholders and ADS holders entitled to receive the bonus shares, will be announced at a later stage. 

On October 18, 2024, Wipro share price opened at ₹532.00. The share price was trading at ₹554.60, with an increase of 4%, at 9:50 AM. 

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