BANGALORE (Dow Jones)–Indian software services exporter Wipro Ltd. (507685.BY) Friday reported a 31% jump in quarterly net profit that beat analysts’ estimates and gave an upbeat outlook, reflecting the technology industry’s recovery from the effects of the global economic slowdown.
Net profit in the first quarter through June climbed to INR13.19 billion from INR10.10 billion a year earlier. Revenue–including that from information technology services and products, consumer care and lighting–grew 16% to INR72.36 billion from INR62.46 billion.
The figures are according to international accounting standards.
The average of forecasts from 11 analysts polled by Dow Jones Newswires was for a net profit of INR12.06 billion on revenue of INR71.92 billion.
Wipro, India’s third-largest software exporter by revenue, said it expects a 4.1%-6.1% sequential rise in dollar revenue in the current quarter through September.
The stock was trading up 1.1% at INR420.30 at 0628 GMT in a flat Bombay Stock Exchange market.
Wipro, which is also listed in New York, follows bigger rivals Tata Consultancy Services Ltd. and Infosys Technologies Ltd. in forecasting robust growth for this fiscal year through March 2011.
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