By -
Jan 17, 2013
Wipro Ltd., the technology-services
company controlled by billionaire Azim Premji, posted a better-
than-expected 18 percent jump in third-quarter profit as Indian
outsourcing providers benefit from rising global demand.
Net income climbed to 17.2 billion rupees ($316 million) in the three months ended Dec. 31, from 14.6 billion rupees a year earlier, Bangalore-based Wipro said in a statement today. That beat the 16.3 billion rupee average of 39 analyst estimates compiled by Bloomberg.
Wipro expects information-technology services revenue of as much as $1.63 billion in the quarter through March, as companies and governments in the U.S., Europe and emerging markets make more use of low-wage Indian outsourcing providers. Infosys Ltd. (INFO) and Tata Consultancy Services Ltd. (TCS) also posted profit surpassing analysts’ expectations for the three months ended December.
“Wipro’s deal-win rate has improved this quarter, which is producing a growth rate that’s toward the higher end of their guidance,” said Shashi Bhusan, an analyst with Mumbai-Based Prabhudas Lilladhar Pvt, who has a buy rating on the company. ”They have made a decent investment in the business and those investments are starting to provide returns.”
To contact the reporters on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net; Suresh Seshadri in Bangalore at sseshadri1@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
Net income climbed to 17.2 billion rupees ($316 million) in the three months ended Dec. 31, from 14.6 billion rupees a year earlier, Bangalore-based Wipro said in a statement today. That beat the 16.3 billion rupee average of 39 analyst estimates compiled by Bloomberg.
Wipro expects information-technology services revenue of as much as $1.63 billion in the quarter through March, as companies and governments in the U.S., Europe and emerging markets make more use of low-wage Indian outsourcing providers. Infosys Ltd. (INFO) and Tata Consultancy Services Ltd. (TCS) also posted profit surpassing analysts’ expectations for the three months ended December.
“Wipro’s deal-win rate has improved this quarter, which is producing a growth rate that’s toward the higher end of their guidance,” said Shashi Bhusan, an analyst with Mumbai-Based Prabhudas Lilladhar Pvt, who has a buy rating on the company. ”They have made a decent investment in the business and those investments are starting to provide returns.”
To contact the reporters on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net; Suresh Seshadri in Bangalore at sseshadri1@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
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