⭐ Wipro Q4: revenue rise, but profit remains flat
The IT consultancy firm reported over 11% YoY rise in its quarterly revenue to ₹23,190 crore. However, the company’s net profit remained flat at ₹3,074 (compared to ₹3,087 crore in the same quarter last year). Along with the result, the company also announced a share buyback worth ₹12,000 crore. The buyback price is ₹445 per share, while Wipro shares closed at ₹374 on 27 April.
⭐ Citibank acquisition proves heavy for Axis Bank
The private lender reported a loss of ₹5,728 crore in Q4 attributed to the purchase of Citibank India’s consumer division business. Excluding the acquisition cost, the bank’s Q4 net profit increased by 61% YoY to ₹6,625 crore. Meanwhile, its net interest income (NII) grew by 33% YoY to ₹11,742 crore.
⭐ Godrej Consumer acquires Raymond’s business
Godrej Consumer Products will acquire the FMCG business of Raymond Consumer Care for a cash consideration of ₹2,825 crore. Raymond’s FMCG business has two key brands, Park Avenue and Kamasutra. As per the management of Godrej Consumer Products, the acquisition, intended to drive profitable growth, will be done on a slump sale basis.
