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Paramita Bannerjee
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Paramita Bannerjee is a financial analyst and corporate blogger.
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  • Wipro Q4 Profit Up 7.7 Pct, Meets Forecast 0 comments
    Apr 25, 2012 3:23 AM

    Wipro, India's No. 3 software services exporter, reported a 7.7% rise in quarterly net profit, roughly in line with analysts expectations, as its cost-conscious customers bumped up demand.

    Consolidated net profit rose to Rs 1,481 crore for the fiscal fourth-quarter ended March 31 from Rs 1,375 crore a year earlier for the company, which counts Citigroup Inc and Telenor ASA among its clients.

    Wipro's billionaire Chairman Azim Premji named T.K. Kurien as IT Services CEO, replacing two co-CEOs, last year to reverse the widening gap between the company and its larger rivals Tata Consultancy Services and Infosys .

    Sector leader Tata Consultancy on Monday met estimates with a 23% rise in quarterly net profit, while No. 2 software exporter Infosys dampened investor sentiment with a worse-than-expected revenue growth forecast for the current fiscal year.

    India's USD 100 billion export-driven outsourcing sector faces a challenging year due to growing competition, an uncertain global economy and rising US rhetoric against shipping of jobs to low-cost locations.


    Themes: IT Sector, Wipro
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