Wipro Q2 profit rises 6 pct, beating estimates

Indian IT services company Wipro Ltd posted a 6 percent rise in second-quarter profit on Tuesday, beating estimates, as revenue in its largest segment – banking, financial services and insurance – grew.

Revenue from banking, financial services and insurance rose 8.2 percent, the company said. Revenue from IT services overall increased to 131.69 billion rupees ($ 2.03 billion) from 131.37 billion rupees, slightly above its forecast of a range of $ 1.96 billion to $ 2 billion.

Profit rose to 21.92 billion rupees in the three months ended Sept. 30, from 20.67 billion rupees in the same period a year earlier, Wipro said.

Analysts on average expected a profit of 20.80 billion rupees, Thomson Reuters data showed.

Bengaluru-headquartered Wipro, India’s third-largest software services exporter, also said it expected revenue from the IT services business to be in the range of $ 2.01 billion – $ 2.05 billion in the quarter ended Dec. 30.

India’s largest IT services firm, Tata Consultancy Services, reported a two percent decline in second-quarter profit last week, held back by sluggish growth in banking and retail services.