Wipro Ltd reported a 20 percent increase in net profits for the third quarter of the financial year 2018-19 on Friday after market hours at Rs 2,510 crore ($353 million) from Rs 1,931 crore in the year-ago period. The IT giant's board has approved the bonus issue of equity shares in the ratio of 1:3.

"The issue of bonus equity shares in the proportion of 1 :3, that is 1 (One) bonus equity share of Rs 21each for every 3 (Three) fully paid-up equity shares held and a bonus issue (stock dividend on American Depositary Share or ADS) of 1 (One) ADS for every 3 (Three) ADS held, as on the record date, subject to approval of the members of the company. The record date for reckoning eligible shareholders (including ADS holders) entitled to receive bonus shares will be communicated later," the company said in an exchange filing.

Wipro also declared an interim dividend of Rs 1 per share. It is the company's second bonus issue in two years. In 2017, it had issued bonus shares in the ratio of 1:1. In the same year, it also carried out a share buyback programme.

The company's increase in net profit for the December ended quarter was mainly from its high revenue from IT services.