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
- UPDATE 9-Total CEO de Margerie killed in Moscow as jet hits snow plough
- Total CEO de Margerie killed in Moscow business jet accident
- Pistorius jailed for 5 years for killing girlfriend Steenkamp
- Indiana police charge suspect who may have killed for decades
- China's growth slowest since global crisis, annual target at risk
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article