October 15, 2019 / 10:29 AM / 2 months ago

India's Wipro Sept-quarter profit beats estimates

BENGALURU, Oct 15 (Reuters) - Wipro Ltd reported a better-than-expected September-quarter profit on Tuesday, as the Indian software exporter 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.

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

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

$1 = 71.4310 Indian rupees Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips

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