India's Wipro Q2 net up 21 pct, beats forecast
BANGALORE, Oct 27 (Reuters) - Wipro Ltd (WIPR.BO), India's No. 3 software services exporter, posted a 21 percent rise in quarterly profit, beating market estimates, as it won new outsourcing contracts and pressure on fees eased.
Wipro, which integrates IT systems, develops software applications and manages call centres, said July-Sept net profit rose to 11.71 billion rupees ($252 million) under international accounting rules, from 9.70 billion a year ago.
A Reuters poll had forecast a net profit of 10.41 billion rupees for Wipro, which counts Citigroup (C.N), Cisco (CSCO.O), General Motors and Credit Suisse (CSGN.VX) among its clients.
India's $60 billion outsourcing sector has been hit by the global downturn as core financial clients cut technology spending but the industry is looking up after bigger firms won large deals recently and said demand for price cuts had reduced.
Tata Consultancy and Infosys both beat quarterly profit estimates this month, but ruled out a sharp growth rebound in the near-term. [ID:nBOM345538] [ID:nBOM359212]
Shares in Wipro, majority-owned by billionaire Chairman Azim Premji, soared 59 percent in July-Sept versus a 39 percent rise in the sector index .BSEIT and 18 percent in the main index .BSESN. ($1 = 46.5 rupees) (Reporting by Sumeet Chatterjee; Editing by Anshuman Daga, Jarshad Kakkrakandy)
