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Wipro Q4 net rises 21%, meets forecast

business Updated: Apr 23, 2010 16:34 IST

Reuters
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Wipro Ltd, India's No 3 software services exporter, reported a 21 per cent jump in quarterly profit, meeting estimates, as its overseas clients increased spending on technology services.

Wipro, which develops software applications, integrates IT systems and manages call centres, said January-March net profit rose to Rs 12.09 billion ($272 million) under international accounting standards from 10.01 billion.

A Reuters poll of brokerages had forecast a net profit of Rs 12 billion for Wipro, which counts Citigroup, Cisco and Credit Suisse among its leading clients.

India's showpiece $60-billion outsourcing sector is winning new deals and seeing stability in fees for services after a brutal slide in demand following the global recession, but a firmer rupee and rising wages are concerns.

This week, sector leader Tata Consultancy Services on Monday beat estimates and No 2 Infosys Technologies had met quarterly profit estimates. Both gave a positive outlook on rising demand.