Share “Wipro profit up 18 percent on strong demand”

Wipro profit up 18 percent on strong demand

Published on NewsOK Modified: January 18, 2013 at 1:31 am •  Published: January 18, 2013
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MUMBAI, India (AP) — Wipro reported an 18 percent rise in December quarter profits Friday, beating expectations as global cost-cutting drives global businesses to Indian outsourcing companies.

India's third-largest outsourcer said it earned 17.2 billion rupees ($313 million) in the October to December quarter on revenue of 110.3 billion rupees ($2.0 billion), a rise of 10 percent from a year earlier.

Analysts polled by FactSet had forecast net profit of $301 million on revenue of $2.0 billion.

Wipro's rivals Tata Consultancy Services and Infosys also reported strong earnings for the quarter, fueling hopes of a revival in technology spending, despite global uncertainties.

"While the overall mood on economic growth continues to be muted, global corporations continue to leverage technology to drive revenues and productivity," chairman Azim Premji said in a statement.

Europe was a bright spot for Wipro, with growth from the region up 7.5 percent from the prior quarter, while business from the Americas slid 0.7 percent.

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