India's Wipro Q2 profit up 28.5 pct, beats estimates

Reuters

MUMBAI, Oct 22 (Reuters) - Wipro Ltd, India'sthird-largest IT services exporter, beat analyst estimates witha 28.5 percent rise in quarterly profit thanks to higherspending by its biggest clients.

Wipro said revenue in its main IT services business in thethree months to Dec. 31 will grow in a range of 1.8-3.6 percentin dollar terms from the previous quarter, up slightly from ananalyst estimate of 1.5-3.5 percent.

Consolidated net profit for the three months ended Sept. 30rose to 19.32 billion rupees ($314.15 million) from 15.04billion rupees a year earlier, Wipro said in a statement afterthe close of markets on Tuesday.

That compares with the 18.6 billion rupee mean estimate of29 analysts surveyed by Thomson Reuters I/B/E/S.

Wipro said revenue at its 10 biggest customers rose by 4.1percent from the previous quarter, faster than its overall ITservices sales growth of 2.7 percent.

Rivals Tata Consultancy Services Ltd and HCLTechnologies Ltd also beat analyst estimates forSeptember quarter profits, whereas profit at Infosys Ltd was pulled down by a one-off provision.

Shares of Wipro ended 1.7 percent higher at 514.80 rupeesahead of the results.

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