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Jul 24, 2012, 09.20 AM IST
Wipro, India's No. 3 software services exporter, reported an 18% rise in quarterly net profit, meeting expectations, as customers outsourced more work to the company to cut their operational expenses.
Consolidated net profit rose to Rs 1,580 crore for the fiscal first quarter ended June 30 from Rs 1,335 crore a year earlier for Wipro, which counts Citigroup Inc
Analysts, on average, had forecast a net profit of Rs 1,595 crore, according to Thomson Reuters I/B/E/S.
India's USD 100 billion export-driven outsourcing sector faces diminishing hopes of an early revival in demand as their biggest markets, the United States and Europe, grapple with an uncertain economic and political climate.
Earlier this month, Infosys , the no. 2 software exporter, made a bigger-than-expected cut in its revenue growth forecast for the current fiscal year. But sector leader Tata Consultancy Services beat expectations with a 38% rise in quarterly net profit.
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