BANGALORE Nov 2 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
Indian consumers offer a glimmer of hope for the Indian economy, which grew at a slower-than-expected annual rate of 7 percent in the June quarter. Full Article