India’s Wipro first-quarter profit beats estimates

July 20, 2018

(Reuters) – India’s third-largest software services exporter Wipro Ltd reported a two percent rise in first-quarter net profit on Friday, beating estimates, helped by higher revenue from its Banking, Financial Services and Insurance business (BFSI).

Net profit for the three months to June 30 rose to 21.21 billion rupees ($307.55 million) from 20.77 billion a year earlier, the Bengaluru-headquartered said in a statement on Friday.

That topped the 19.52 billion rupee profit expected by analysts, Thomson Reuters data showed.

Revenue from IT services grew by about 5 percent to 137 billion rupees while the BFSI business grew 17.5 percent to 41.1 billion rupees.

(Reporting by Krishna V Kurup and Aby Jose Koilparambil in Bengaluru; editing by Jason Neely)

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July 20, 2018 at 04:30PM
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