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Wipro Q3 profit rises 19%

By Agencies

Indian software services firm Wipro's quarterly profit jumped 19 per cent to

Rs12 billion (Dh950.53 million), driving the stock to a 10-year high, as companies benefiting from a spreading global economic recovery begin to send more work offshore to save on costs.

Revenue for the October to December quarter was Rs 9.8bn, six per cent higher than a year earlier.

Wipro underscored the sector's recovery with an upbeat outlook and forecast-beating quarterly profit, as a global recovery boosts demand from key financial clients.

India's number three software services exporter followed bigger rivals Tata Consultancy Services and Infosys Technologies in reporting a pick up, boosting investor confidence of a solid recovery from the global financial crisis.

Wipro added 4,855 employees, or about five per cent, during the December quarter, its biggest pace of staff addition in more than two years.

The rebound in the export-driven sector's growth, however, face risks from a firmer rupee, increasing staff wages, and growing competition from global rivals such as IBM and Accenture.

"I think that the big message is growth is back and it looks sustainable and we have emerged out of the current slowdown stronger and hungrier," said KR Lakshminarayana, Wipro's chief strategy officer for IT business.

"It's too early to talk of FY11, please remember the world has not yet declared victory on economic woes and we need to be careful about that."


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