India's Wipro third-quarter profit beats estimates
Reuters
Published Jan 18, 2019 06:42AM ET
India's Wipro third-quarter profit beats estimates
(Reuters) - Indian software services provider Wipro Ltd reported a better than expected rise in third-quarter profit on Friday, and forecast slightly higher sequential revenue growth from IT services for the March quarter.
Net profit rose to 25.10 billion rupees ($353 million) in the three months to Dec. 31 from 19.31 billion rupees in the same period a year earlier, the company said https://www.bseindia.com/xml-data/corpfiling/AttachLive/168c015c-1fe6-4a73-ae8b-efcecc2f03f5.pdf.
That compared with analysts' average estimate of 23.25 billion rupees, compiled from Refinitiv Eikon data.
Wipro said it expects revenue from its IT services to be between $2.05 billion to $2.09 billion for the March quarter.
Revenue from IT services grew 13 percent to 146.66 billion rupees ($2.06 billion) in the third quarter, while total revenue rose 10.2 percent.
The board also approved an issue of bonus shares in a ratio of 1:3.
Shares in the Bengaluru-based company closed 3.2 percent higher while the broader Mumbai market ended up 0.02 percent.
Bigger rival Tata Consultancy Services Ltd reported a 24 percent rise in quarterly net profit while Infosys Ltd reported a 29.6 percent profit slump on account of a one-off gain last year.
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Written By: Reuters
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