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Wipro quarterly profit rises on outsourcing
January 17, 2003 11:57 IST
Software company Wipro Ltd said on Friday quarterly profits rose on its robust outsourcing business.
India's third-largest software exporter reported a consolidated net profit of Rs 231 crore (Rs 2.31 billion) in the fiscal third quarter ended December 31.
Revenue was Rs 1,108 crore (Rs 11.08 billion), while global IT revenue, which comprises over 60 per cent of the total revenue was Rs 745 crore (Rs 7.45 billion).
Comparable figures for the previous year were not immediately available.
The results were in line with expectations of a net profit of Rs 240 crore (Rs 2.4 billion) and revenues of Rs 1,101 crore (Rs 11.01 billion), according to a Reuters poll of 12 analysts released earlier this month.
US-listed Wipro is betting on bigger, long-term technology services outsourcing deals to boost revenue, as it fights loss of business from a clutch of telecom majors. The company ranks as India's third software exporter behind privately held Tata Consultancy Services and Infosys Technologies.
Shares of Wipro, 84 per cent-owned by Chairman Azim Premji, have jumped 19 per cent since end-September, in line with gains of the Bombay Stock Exchange's information technology index.
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