Wipro beats first-quarter consolidated profit than expected

Vastavam web: Wipro Ltd, India’s third-largest software services exporter, posted a better-than-expected first-quarter consolidated profit helped by higher revenue from banking, insurance and financial services.Consolidated profit rose 1.2 percent to 20.83 billion rupees ($323.30 million) for the three months to June 30, Wipro said in a statement on Thursday. Wipro said consolidated revenue remained flat at 136.26 billion rupees, while revenue from its core IT services segment came in at $1.97 billion, a 2.1 percent rise year on year.

Wipro said it expected revenue from its IT services business to be in the range of $1.96 billion to $2 billion for the quarter ending on Sept 30.India’s top IT firm Tata Consultancy Services Ltd earlier this year announced a buy-back worth up to 160 billion rupees while No. 2 Infosys Ltd has plans to return $2 billion to shareholders.