Wipro Q3 Net Profit Rises 6.5%

Wipro

reported a 6.5% gain in its Q3 net profit. Wipro's quarterly net profit surged to 17.16 billion rupees ($317 million), from 16.11 billion rupees, in the year-ago period. Its revenue climbed 3.5% to 109.89 billion rupees, versus 106.20 billion rupees. However, analysts were expecting a net profit of 16.19 billion rupees on revenue of 109.50 billion rupees. For its IT services business, Wipro expects revenue of $1.59 billion to $1.63 billion for the quarter through March. Wipro shares closed at $9.91 yesterday.