Wipro Q2 profit rises 6 pct, beating estimates
Tue Oct 17 2017
Lucy Harlow (3330 articles)

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.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe

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