Wipro Successfully Sells Prime Property in Chennai for Rs 266.38 Crore

26 Sep 2023 , 03:17 AM

Wipro Ltd successfully concluded the sale of significant prime property in Chennai, Tamil Nadu, on September 25. The transaction involves the sale of a 14.02-acre plot and a 20-year-old building covering 589,778 square feet, as per the stock exchange filing. Casagrand Bizpark Private Ltd acquires the property for Rs 266.38 crore.

The property is located at No. 475-A, Wipro Street, Sholinganallur, Chennai, and is not categorized as a related party transaction, confirming its arms-length nature. Wipro reports a 12 % increase in consolidated net profit to approximately Rs 2,870 crore for the June 2023 quarter.

Operating income (EBIT) records at Rs 3,652 crore, showing a 3 % decrease from the fourth quarter of the 2022-23 fiscal. Wipro’s gross revenue reaches $2.8 billion, marking a 6 % YoY increase.

IT services segment revenue rises to $2,778.5 million, a YoY increase of 0.8 % and 6.1 % in rupee terms. Total bookings for the quarter hit $3.7 billion with large deal bookings at $1.2 billion, up by 9 % YoY, marking the highest in eight quarters.

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