Wipro Reports Robust Earnings

Susan Hall

Indian software services firm Wipro reported net income rose 21 percent to 11.71 billion rupees ($243 million) in its most recent quarter, with revenue up 6 percent to 69.18 billion rupees ($1.44 billion). It predicted continuing growth this quarter in its mainstay information technology services business, according to an Associated Press story on SiliconValley.com.

 

The company said it added 37 new clients -- the most in at least five quarters - and landed contracts with British oil giant BP, Nokia Siemens Networks and New Delhi's international airport.

 

Bloomberg notes that it joins other Indian outsourcers Tata Consultancy Services and Infosys Technologies in beating analyst estimates for the quarter. It says U.S. companies in particular appear to be spending again.

 

The story quotes Anu Jain, who helps manage about $428 million at IIFL Private Wealth Management, saying of Wipro:

The guidance has been extremely buoyant; I feel the sector is out of the woods. Wipro's giving a far more true picture rather than just a conservative one.


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