India Wipro quarterly profit up 17 percent

Wipro quarterly profit up 17 percent but near-term revenue outlook weaker

Associated Press

MUMBAI, India (AP) -- Indian outsourcing company Wipro Ltd. says its quarterly profit rose 17 percent to 17.3 billion rupees ($317 million) as information technology services revenue grew.

Wipro on Friday reported quarterly revenue of 110 billion rupees ($2 billion), up 12 percent from a year earlier. It forecast lower revenue of 85 billion to 87 billion rupees ($1.58 billion to $1.61 billion) for the April-June quarter.

Wipro executives said sales in the first quarter of the fiscal year are traditionally weak.

India's third-largest information technology outsourcing company said profit for the fiscal year that ended March 31 rose by 19 percent to 66 billion rupees ($1.2 billion).

The Wipro results come after a strong profit result from top Indian outsourcer Tata Consultancy Services and a disappointing forecast by rival Infosys.

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