Wipro Q2 profit rises 24 percent, beats estimates

BANGALORE Fri Nov 2, 2012 8:23am IST

Related Topics

Stocks

   

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.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Global Trade Deal

Global Trade Deal

Rural votes, old traumas drive India's WTO brinkmanship.`  Full Article 

E-Commerce Funding

E-Commerce Funding

E-tailer Flipkart raises $1 billion in funding.  Full Article 

Chopper Deal

Chopper Deal

Finmeccanica settles with Italy prosecutors to end Indian chopper deal probe.  Full Article 

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

New Frontiers

New Frontiers

EXCLUSIVE - Goldman moves executive to new role building ETFs.  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Argentina Debt Default

Argentina Debt Default

Insight - Jaded Argentines brace for looming debt default   Full Article 

Anti-trust Probe

Anti-trust Probe

Microsoft targeted in apparent Chinese anti-trust probe  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage