IT services company Wipro on Monday announced that it has executed the sale of a parcel of land measuring 14 acres and 02 cents, along with a 20-year-old building in Chennai, Tamil Nadu. The building which is spread across an area of approximately 589,778 sqft at Chennai’s IT corridor of Sholinganallur is sold to Casagrand Bizpark Private Ltd, for a consideration of Rs 266.38 crore, the company said in a regulatory filing.
The building, it said, is situated at No. 475-A, Wipro Street, Sholinganallur, Chennai, Wipro further added that the buyer does not belong to the promoter/ promoter group/ group companies and that the transaction is not categorised as a related party transaction.
Earlier in July, Wipro had posted a profit of Rs 2870.10 crore for the first quarter of financial year 2023-24, up 12 per cent in comparison to Rs 2563.60 crore during the same period last year. It had posted revenue at Rs 22,831 crore, up 6.1 per cent against Rs 21,528.60 crore in Q1FY23.
“Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” Thierry Delaporte, CEO and Managing Director, Wipro, had said in the exchange filing. Wipro’s total bookings for the quarter came in at $3.7 billion. Its large deal bookings was at $1.2 billion, up 9 per cent on-year, which is the highest in the last eight quarters.
Going forward, Wipro had said that the company expects revenue from its IT services business to be in the range of $ 2,722 million to $2,805 million.