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Wipro Q4 profit up 17 percent, beats forecasts

Wipro Q4 profit up 17 percent, beats forecasts

By Agence France-Presse | Updated: 19 April 2013 11:39 IST

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India's third-largest software firm Wipro on Friday said net profit in January-March rose nearly 17 percent, beating forecasts, thanks to improved outsourcing orders despite global uncertainty.

Consolidated net profit rose 16.7 percent to 17.29 billion rupees ($318 million) in the fiscal fourth quarter, from 14.81 billion rupees in the same period last year, based on international accounting norms.

Analysts had forecast net profit of 16.9 billion rupees in a poll by Dow Jones Newswires.

Revenue rose 12 percent to 110.26 billion rupees.

Earlier this week, industry leader Tata Consultancy Services posted a 22 percent jump in quarterly net profit to $661 million.

But rival Infosys disappointed, revealing a small gain in net profit and a lower-than-expected revenue outlook.

TCS, Infosys and Wipro lead India's flagship IT outsourcing industry, which carries out a wide range of jobs for Western firms such as answering calls from bank customers, processing insurance claims and software development.

Wipro has this month demerged its non-technology operations including consumer care, lighting, furniture, infrastructure and medical businesses into a separate, unlisted firm called Wipro Enterprises.

Earning from the April-June quarter will be released by Wipro as a standalone IT company. IT services contributed 87 percent of Wipro's revenues in the financial year to March 2013, data showed Friday.

Analysts see the demerger as a positive step that will help the Bangalore-based firm focus on its core IT business and make it more competitive.

Indian stock markets are closed Friday for a public holiday.

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