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BANGALORE/MUMBAI, July 24 (Reuters) - India's third-biggest IT services exporter Wipro posted a 29.6 percent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients.
For the quarter ended June 30, Wipro posted a consolidated net profit of 21.03 billion rupees ($349.9 million), compared with 16.23 billion rupees in the year-ago quarter.
Analysts were expecting the company to earn 21.24 billion rupees, according to Thomson Reuters estimates.
India's $108 billion-a-year outsourcing sector generates about 90 percent of its sales from services such as IT network installation and the developing software applications for overseas clients.
$1 = 60.1100 Indian Rupees Reporting by Lehar Maan in BANGALORE and Nivedita Bhattacharjee in MUMBAI; Editing by Miral Fahmy and Anupama Dwivedi