Wipro Q2 profit up 28.5%, beats estimates

Wipro Ltd, India's third-largest IT services exporter, beat analyst estimates with a 28.5 per cent rise in quarterly profit thanks to higher spending by its biggest clients.

Wipro said revenue in its main IT services business in the three months to December 31 will grow in a range of 1.8-3.6 per cent in dollar terms from the previous quarter, up slightly from an analyst estimate of 1.5-3.5 per cent.

Consolidated net profit for the three months ended September 30 rose to 19.32 billion rupees from 15.04 billion rupees a year earlier, Wipro said in a statement after the close of markets on Tuesday.

That compares with the 18.6 billion rupee mean estimate of 29 analysts surveyed by Thomson Reuters I/B/E/S.

Wipro said revenue at its 10 biggest customers rose by 4.1 per cent from the previous quarter, faster than its overall IT services sales growth of 2.7 per cent.

Rivals Tata Consultancy Services Ltd and HCL Technologies Ltd (HCLT.NS) also beat analyst estimates for September quarter profits, whereas profit at Infosys Ltd (INFY.NS) was pulled down by a one-off provision.

Shares of Wipro ended 1.7 per cent higher at 514.80 rupees ahead of the results.

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