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Wipro reports 29 percent jump in Q4 net profit on increased IT spending

Wipro reports 29 percent jump in Q4 net profit on increased IT spending

By Reuters | Updated: 17 April 2014 18:26 IST

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Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers.

Like its rivals Infosys Ltd and Tata Consultancy Services Ltd, Wipro is banking on a revival in demand for IT services in the industry's biggest markets as the economies of the United States and Europe improve.

For the quarter ended March 31, the company said it earned Rs. 2,227 crores ($368.98 million) compared with Rs. 1,729 crores a year earlier.

That compares with average analyst estimates of Rs. 2,106 crores in net profit, according to Thomson Reuters I/B/E/S.

India's outsourcing sector generates more than 90 percent of its sales from providing services, including setting up IT networks and developing software applications for overseas clients.

Shares of Bangalore-based Wipro closed at 585.85 rupees on Thursday.

TCS and HCL on Wednesday also announced their Q4 earnings. TCS said it expects a further rise in revenue growth in the new financial year, after reporting a better than expected 51.5 percent increase in the last three months.

HCL beat market expectations with a 59 percent rise in March-quarter profit, helped by increasing demand for outsourcing services. Consolidated net income for the three months ended March 31 rose to Rs. 1,624 crores from Rs. 1,020 crores in the same period a year earlier, HCL Technologies said.

Infosys on Tuesday reported a 25 percent jump in net profit at Rs. 2,992 crore for the quarter ended March 31, 2014, as compared to Rs 2,394 crore in the same period last fiscal.

Edited by NDTV staff from original story by Reuters

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