Wipro Q1 profit up 29.6 pc, slightly lags estimates

India's third-biggest IT services exporter Wipro posted a 29.6 per cent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients.

For the quarter ended June 30, Wipro posted a consolidated net profit of 21.03 billion rupees ($349.9 million), compared with 16.23 billion rupees in the year-ago quarter.

Analysts were expecting the company to earn 21.24 billion rupees, according to Thomson Reuters estimates.

India's $108 billion-a-year outsourcing sector generates about 90 percent of its sales from services such as IT network installation and the developing software applications for overseas clients.

EDITORIAL OF THE DAY

  • Profit motive, not arbitrary pricing, should be guiding principle for the railways

    The freight hike for coal by the railways raises a serious question about the government’s penchant for price manipulation and administered pricing

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Susan Visvanathan

A world that is constantly at war

THE 19th century posed specific problems to theorists about how ...

Jemima Raman

Things one learns on a potter's wheel

As things go, watching a shape emerge from a blob ...

Shona Adhikari

Masterpieces on the auction block

A rather important auction of 20th century Indian art by ...