Wipro profit boosts IT confidence
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BANGALORE, India (Reuters) -- Leading Indian IT services company, Wipro Ltd, says its quarterly net profit rose a surprising 18.6 percent amid signs of a rebound in the information technology sector.
The Bangalore-based company, India's third-largest software services company, said on Wednesday it expected revenue of $269 million from its global information technology business in the quarter to March 31.
It reported a net profit of 2.74 billion rupees ($60.35 million) in the fiscal third quarter ending December 31.
That compared with a reported net profit of 2.31 billion rupees a year earlier and 2.3 billion rupees a quarter ago.
A Reuters poll of 15 analysts had estimated New York-listed Wipro, which also has minor interests in consumer products such as lightbulbs and soaps, to report a net profit of 2.43 billion rupees on sales of 14.27 billion rupees in the quarter.
The result, aided by a rising wave of software services outsourcing, came nearly two weeks after Infosys Technologies Ltd -- the No. 2 industry exporter after unlisted Tata Consultancy Services -- raised its full-year profit forecasts for the third straight quarter.
Shares of Wipro have risen 116 percent from a year's low last May.
This has been broadly in line with a rally aided by a revival in Mumbai's infotech index.
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