October 15, 2019 / 11:04 AM / 2 months ago

India's Wipro September-quarter profit beats estimates

BENGALURU (Reuters) - Indian software exporter Wipro Ltd (WIPR.NS) reported a better-than-expected September-quarter profit on Tuesday, as the company managed to withstand a global spending squeeze among its financial clients that has hurt the sector overall.

Net profit came in at 25.53 billion rupees ($357.41 million), compared with 18.89 billion rupees a year earlier.

Analysts on an average were expecting the company to earn 22.73 billion rupees, according to Refinitiv data.

The Bengaluru-based company reported a revenue of 146.56 billion rupees ($2.05 billion) for its key IT services unit. The operating margins for this segment rose 3.1%.

For the December-quarter, Wipro expects a revenue between $2.07 billion and $2.11 billion for that unit.

“Overall growth was broad-based with six out of seven industry verticals growing on a year-on-year basis,” Chief Executive Officer Abidali Neemuchwala said in a statement.

Wipro’s numbers came in days after larger rival Tata Consultancy Services Ltd’s (TCS.NS) quarterly profit missed expectations.

Infosys Ltd (INFY.NS) only managed to meet estimates, underscoring the growth woes of the $180-billion Indian IT services sector heavily dependent of Western clients for revenue.

Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips and Uttaresh.V

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