Wipro campus in Bangaluru
INDIA’S third-largest software firm Wipro on Tuesday (July 24) said first-quarter net profits rose 18 per cent, broadly in line with market forecasts amid persistent global economic uncertainties.
The company posted a net profit of Rs15.80bn ($287m/£182m) in the three months to June 30, according to international accounting standards, from Rs13.35bn ($238m/£153m) a year earlier.
Total revenue for the quarter increased 24 per cent to Rs106.5bn ($190m/£122m), the company said in a statement to the Bombay Stock Exchange.
Earlier this month India’s biggest outsourcing firm, TCS, posted a 38 per cent rise in quarterly profit, beating analysts’ estimates, while earnings of rival Infosys disappointed investors.
TCS and Infosys lead India’s flagship IT outsourcing sector, which carries out a wide range of jobs for Western companies such as answering bank customers’ calls, processing insurance claims and software development.
Analysts say an improved business outlook for India’s IT sector could take time, as large markets like the US and Europe remain in the grip of an economic slowdown with clients reluctant to boost IT spending.
Wipro earnings include the results of its information-technology operations as well as consumer care and lighting product businesses.
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