NEW DELHI : IT services major Wipro today reported a 12.6% year-on-year jump in Q1 profit to 2,388 crore, boosted by robust demand from its key financial clients. Wipro said its June quarter consolidated net profit was 2,388 crore as compared to 2,121 crore in the corresponding quarter last year.

The market consensus forecast for the quarter was 2,324 crore.

Wipro said its June quarter's consolidated revenue stood at 14,716 crore as against 13,978 crore last year, an increase of 5.3% on a year-on-year basis. Wipro reported a growth in its banking, financial services and insurance business.

Wipro shares closed 0.15% lower at 259.70 today on the BSE.

Wipro chairman Azim Premji, who will retire as the company's head this month-end, had yesterday told company shareholders that the future of the IT firm would far outshine "anything that we have done before".

From July 31, 2019, Abidali Neemuchwala will be Wipro's new managing director, in addition to being the Chief Executive Officer.

In its third such buyback programme, Wipro's board has already approved for a share buyback offer of upto 10,500 crore.