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June 26, 2017

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Indian outsourcing company Wipro reports 24% profit rise, beats forecast

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.

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