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Wipro Says 3Q Profits Jump 40%

India's third-largest software company, Wipro, said Wednesday that its net profit in the October-December quarter surged 40%, helped by continued outsourcing orders from overseas.

Bangalore-based Wipro reported a profit of 7.45 billion rupees ($167 million) during the fiscal third quarter as its total revenue rose 41 percent to 39.64 billion rupees ($899 million).

India's software and technology firms are seeing rapid profit growth as Western companies increasingly transfer their software development and back-office work to India, where wages are low and skilled, English-speaking workers are plentiful.

Earlier this week, Wipro's rivals Tata Consultancy Services and Infosys Technologies said their profits rose 47% and 52% respectively during the same period.

"We have had another satisfying quarter," Wipro Chairman Azim Premji said in a statement.

The figures, which conform to U.S. accounting standards, beat analysts' expectations.

The company, which also is listed on the New York Stock Exchange, said it improved operational efficiency and cut costs of its outsourcing services to offset the impact of an increase in staff salaries and appreciation of the Indian rupee.

Wipro announced salary hikes for its staff in September.