Indian outsourcing company Wipro reports 24% profit rise, beats forecast
November 3, 2012, 12:03 am TWN
MUMBAI -- Wipro, India's third-largest outsourcing firm, reported Friday quarterly net profit jumped by a surprise 24 percent on stronger demand as clients sought to pare costs in a weak global economy.
Net profit for the second financial quarter to September climbed to 16.11 billion rupees (US$301 million) from 13.01 billion rupees a year earlier.
The figure outpaced market expectations of profit of around 15 billion rupees.
"The pipeline and business environment is looking up. We saw a pickup in demand in banking and financial services," said Wipro's Chief Financial Officer Suresh Senapaty.
The firm said it won a string of orders, including multiyear deals with a U.S.-based health care firm and a large North America-based department store chain.
Quarterly revenue rose 17 percent year-on-year to 106.20 billion rupees.