Wipro profits up 18 percent on solid demand as cost-cutting drives foreign firms to India


AP

MUMBAI, India – Wipro reported an 18-percent rise in December quarter profits Friday, beating expectations as global cost-cutting drives global businesses to Indian outsourcing companies.

India’s third-largest outsourcer said it earned 17.2 billion rupees (US$313 million) in the October to December quarter on revenue of 110.3 billion rupees (US$2.0 billion), a rise of 10 percent from a year ago.

Wipro said revenue from its core information technology services business grew 4.8 percent from a year ago, to US$1.58 billion. The company predicted those revenues would rise a further zero to 3 percent this quarter, over the December quarter, weighed on by political uncertainty over the U.S. debt ceiling.