Bangalore: Wipro Ltd has posted a 21 per cent rise in quarterly profit, beating market estimates, as it won new outsourcing contracts and pressure on fees eased.
Wipro, which integrates IT systems, develops software applications and manages call centres, said July-Sept net profit rose to Rs 1171 crore ($252 million) under international accounting rules, from Rs 970 crore a year ago.
A Reuters poll had forecast a net profit of Rs 1041 crore for Wipro, which counts Citigroup, Cisco, General Motors and Credit Suisse among its clients.
India's $60 billion outsourcing sector has been hit by the global downturn as core financial clients cut technology spending but the industry is looking up after bigger firms won large deals recently and said demand for price cuts had reduced.
Tata Consultancy and Infosys both beat quarterly profit estimates this month, but ruled out a sharp growth rebound in the near-term.
Shares in Wipro, majority-owned by billionaire Chairman Azim Premji, soared 59 per cent in July-Sept versus a 39 per cent rise in the sector index and 18 per cent in the main index.
