This IT value has issued free shares 5 times since 2004. Are you the owner?

The Indian IT major Wipro is one of the companies that has regularly rewarded its shareholders over the long term by issuing free shares. The company has declared five free issues since 2004. Free shares are additional fully paid shares issued by a company to its existing shareholders.

The last free share offering was over three years ago, in March 2019, when the IT company offered its shareholders free shares at a ratio of 1:3, meaning shareholders got one additional share for three shares they held in the company. .

Previously, the IT stock announced the last four free share issues in June 2017 in a 1:1 ratio, June 2010 in a 2:3 ratio, August 2005 in a 1:1 ratio and June 2004 in a 1:1 ratio. 2:1 ratio, according to Capitaline data.

Wipro Limited is a leading technology consulting and services company. Wipro shares are down more than 28% in 2022 so far (YTD or YTD).

For the first quarter ended June 2022 or Q1 FY23, the Indian IT company’s net profit decreased by 20.7% to 2,563 crores of 3,232 crore in the period a year ago. June quarter revenue increased 19% year-on-year to 21,529 crore thanks to a high demand environment for cloud, digital engineering and cybersecurity services.

Wipro’s expenses in the first quarter ended June 2022, which includes personnel costs, jumped nearly 23% to 18,647.5 crores, with an attrition rate of 23.3%. The IT services segment’s operating margin decreased by 200 basis points to 15% quarter-on-quarter. Wipro had 2,58,574 employees as of June 30, 2022.

Wipro forecast higher IT services revenue growth on the back of a strong pipeline of projects, and said margins likely bottomed out after higher spending hampered June-quarter profit.

Regarding the outlook for the second quarter, the company said, “We expect revenue from our IT services business to be between $2,817 million and $2,872 million. This translates to sequential growth of 3-5%.” With its second-quarter guidance, the company expressed confidence in its “very comfortable” double-digit growth for fiscal 2023.

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