facebook-page-view
Advertisement

Wipro Q4 Net Rises 4%, Beats Forecast

By Reuters

  • 22 Apr 2009

Wipro Ltd, India's third-largest software services exporter, posted a 4.2% rise in quarterly profit, beating forecasts.

Wipro, which offers IT solutions such as system integration, software application development and back-office services, said on Wednesday net profit in its fiscal fourth quarter to March rose to 9.1 billion rupees ($180 million), under U.S. accounting rules, from 8.75 billion rupees reported a year ago.

A Reuters poll had forecast a net profit of 8.73 billion rupees for New York-listed Wipro, which counts Citigroup, telecoms gear makers Cisco, Nokia Siemens Networks and Credit Suisse among its clients.

Advertisement

The company said it expected June quarter IT services revenues of about $1 billion to $1.03 billion.

Wipro reported its earnings after India's biggest IT services exporter Tata Consultancy Services posted below-forecast quarterly profit growth, while second-ranked Infosys Technologies managed to beat street estimates.

Tata Consultancy and Infosys both gave a downbeat forecast for the financial year that began on April 1 due to the global downturn hitting technology spending and put pressure on prices for India's export-driven outsourcers.

Advertisement

Shares in Wipro, majority-owned by its billionaire Chairman Azim Premji, rose 5% in the March quarter, outperforming a 2.6% advance in the sector index and 0.6% in the main index.

Share article on

Advertisement
Advertisement