Wipro Q1 Net Up 1.2%, Beats Estimates

BANGALORE: Wipro Ltd, India's No. 3 software services exporter, on Wednesday said fiscal first-quarter profit rose 1.2 per cent beating estimates as western clients increased spending on outsourced services to cut costs and boost efficiency.

Wipro, which develops software applications, integrates IT systems and manages call centres, said consolidated net profit rose to Rs 13.35 billion ($300 million) under international accounting standards, from Rs 13.19 billion a year ago.

This compares with a Reuters poll forecast of Rs 13.16 billion for Mumbai and New York-listed Wipro , which counts Citigroup, Cisco and Credit Suisse among its clients. The company reported standalone net profit at Rs 12.19 billion in the quarter.

Earlier this month, larger rival Tata Consultancy Services beat estimates but flagged concerns about global economic uncertainty.

No. 2 software services provider Infosys reported quarterly profit that missed expectations and warned it could face slow client spending.