Wipro Q2 profit rises 24%, beats estimates
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.
November 02, 2012 / 11:27 IST
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 Rs 1,611 crore from Rs 1,301 crore in the year-ago period. Analysts were expecting a net profit of Rs 1,537 crore, according to Thomson Reuters.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. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
