Wipro Q2 profit rises 24 percent, beats estimates
BANGALORE Nov 2 (Reuters) - Wipro Ltd., India's No. 3 software services provider, beat forecasts with a 24 percent rise in quarterly profit, helped by a surge in outsourcing demand as Western clients look to cut costs in an uncertain economic environment.
Profit for the three months ended September rose to 16.11 billion rupees ($286 million) from 13.01 billion rupees in the year-ago period. Analysts were expecting a net profit of 15.37 billion rupees, according to Thomson Reuters I/B/E/S.
On Thursday, Wipro said it would fold all its non-IT services, including consumer care and medical diagnostics, into a new firm to focus on its outsourcing business, which accounted for 86 percent of its revenue in the fiscal year ended March.
The move was seen as an effort to boost growth amid cutthroat competition from local rivals Infosys Ltd and Tata Consultancy Services as well as global majors such as IBM and Accenture.
Trending On Reuters
Top India News
Prime Minister Narendra Modi has asked for a drastic cutback of an ambitious health care plan after cost estimates came in at $18.5 billion over five years, several government sources said, delaying a promise made in his election manifesto. Full Article