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India's Wipro beat estimates with a 21 percent rise in quarterly profit and forecast strong growth as it won new outsourcing deals from overseas clients and pricing pressure eased.
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Wipro, the country's third-largest software services exporter, behind Tata Consultancy Services and Infosys Technologies, sees more stability in volumes and pricing and the demand environment improving, Chairman Azim Premji said in a statement.
New York-listed Wipro [WIT
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] expects its IT services revenue to rise 3.8-5.7 percent in Oct-Dec from the preceding quarter to $1.09-$1.11 billion, after it posted a 1.9 percent sequential rise in July-Sept.
Wipro's order book has gone up and it is seeing a strong second half as pricing stabilises, its chief financial officer said.
"We are seeing a lot of ground activity," Suresh Senapaty told reporters after announcing forecast beating quarterly results. "The pipeline continues to look good."
India's $60 billion outsourcing sector has been hit by the global downturn as core financial clients cut technology spending but the industry is looking up after bigger firms won large deals recently and said demand for price cuts had reduced.
The sector however faces competition from major players such as IBM [IBM
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] and Accenture [ACN
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] and new rivals from a wave of M&A in the global technology sector.
Q3 Net Profit Rises to $252 Million
Wipro, which integrates IT systems, develops software applications and manages call centres, said July-Sept net profit rose to 11.71 billion rupees ($252 million) under international accounting rules, from 9.70 billion a year ago.
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Total revenue rose 6 percent from a year earlier to 69.18 billion rupees as it added 37 new clients during the quarter.
A Reuters poll had forecast a net profit of 10.41 billion rupees for Wipro, which counts Citigroup, Cisco, General Motors and Credit Suisse among its clients.
Shares in Wipro, majority-owned by billionaire Chairman Azim Premji, soared 59 percent in July Sept versus a 39 percent rise in the sector index and 18 percent in the main index.
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