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Wipro says first quarter profit up 31 percent
BANGALORE — India's third-largest software maker Wipro posted higher-than-expected first quarter earnings Friday, with consolidated net profit up nearly 31 percent on improved demand for outsourcing services.Net profit was 13.19 billion…
BANGALORE — India's third-largest software maker Wipro posted higher-than-expected first quarter earnings Friday, with consolidated net profit up nearly 31 percent on improved demand for outsourcing services.Net profit was 13.19 billion rupees (280 million dollars) in the three months to June 30, according to international accounting standards, from 10.1 billion rupees a year earlier.The Bangalore-based firm said in a statement to the Mumbai stock exchange that revenues had risen nearly 16 percent to 72.36 billion rupees for the quarter, during which Wipro signed up 22 new information technology clients.Analysts had forecast profits for the quarter at 12 billion rupees."We are seeing strong demand across our industry verticals despite macro challenges," Wipro chairman Azim Premji said in the statement.Wipro built one of India's biggest software and outsourcing businesses after starting out as a maker of soaps and cooking oils.The company's shares rose 2.71 percent or 11.25 rupees to 426.85 in early trade Friday, after earnings were announced. Copyright © 2010 AFP. All rights reserved. More »
last modification 2010-07-23 07:45:07
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