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.
- Tweet this
- Share this
- Digg this
- Iran hangs woman convicted of killing alleged rapist
- Google's Pichai to oversee major products and services
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
- India picks Israel's Spike anti-tank missile over U.S. Javelin - source
- Modi takes tea, but no questions, in first press event as PM
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article