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.

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