Tuesday, April 26, 2011

Wipro Q4 net up 13.7 pct; in line with forecast

Bangalore-based Wipro said net profit for the fiscal fourth quarter rose to 13.75 billion rupees ($309 million) under international accounting standards from 12.09 billion a year ago.

This compares with a Reuters poll forecast of 13.79 billion rupees for Mumbai and New York-listed Wipro, which counts Citigroup, Cisco and Credit Suisse among its clients.

Earlier this month, larger rival Tata Consultancy Services beat profit estimates but said wage hikes and currency moves could threaten its full-year margins.

No. 2 Infosys forecast lower-than-expected annual sales growth on slower client spending, prompting a series of downgrades and share target price cuts.


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