Top Stories
Top Stories

UPDATE 1-India's Wipro third-quarter profit beats estimates

* Sees March-qtr IT services rev $2.05 bln to $2.09 bln

* Q3 profit beats est.

* Approves bonus issue in 1:3 ratio (Adds details, context)

Jan 18 (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 e f c e c c 2 f 0 3 f 5 . p d f .

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. ($1 = 71.1400 Indian rupees) (Reporting by Tanvi Mehta and Arnab Paul in Bengaluru; Editing by Susan Fenton and Louise Heavens)