India's Wipro reports 4 percent rise in Q4 profit

Wipro Ltd, India's third-biggest software company, on Wednesday reported a four percent rise in net profit ending March, beating market expectations.

Net profit for the three months to March was 9.1 billion rupees (182 million dollars), up from 8.75 billion rupees a year ago, under US accounting norms. Analysts had forecast a net profit at 8.5 billion rupees for the Bangalore-based outsourcing firm.

Under Indian accounting standards, Wipro's net profit rose to 10.1 billion rupees (202 million dollars) from 8.8 billion rupees a year earlier, the firm said in a statement to the Mumbai stock exchange. Revenues rose 13 percent to 64.52 billion rupees.

For the full year, Wipro's net profit ending March rose 19 percent to 38.99 billion rupees (779 million dollars). Full-year revenues rose 28 percent to 255 billion rupees.

India's IT companies continue to face a tough market, with many US clients cutting back on technology spending due to the global financial crisis.

"We did a major re-organisation of our IT business. With our broad portfolio of services, we are confident to emerge stronger than before," Wipro chairman Azim Premji said in a statement. Chief financial officer Suresh Senapaty said the company expanded margins despite "the headwinds of reduction in volumes."

For the quarter ending June, Wipro expects revenue from its information technology business in the range of 1.0 to 1.02 billion dollars. AFP