Wipro posts 19 per cent rise in profits

India's third-largest software group Wipro reported net profit rose 19 per cent year-on-year to 11.62 billion rupees (248 million dollars) in the third quarter.

India's third-largest software group Wipro on Tuesday reported net profit rose 19 percent year-on-year to 11.62 billion rupees (248 million dollars) in the third quarter.

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The Bangalore-based firm said in a statement to the Mumbai stock exchange that revenues in the quarter to end-September increased by six percent to 69.17 billion rupees.

Income from its IT services business, however, declined by four percent year-on-year to 49.96 billion rupees; although this was still a 3.2-percent rise compared to the three months.

Azil Premji, chairman of Wipro and one of India's wealthiest men, transformed the company into a multi-billion dollar IT heavyweight from a soap and vegetable oil products manufacturer.