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Wipro Q2 Profit Rises 6%, Beating Estimates

Profit rose to Rs 21.92 billion in the three months ended Sept. 30, from Rs 20.67 billion in the same period a year earlier

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Indian IT services company Wipro posted 6 per cent rise in second-quarter profit on Tuesday, beating estimates, as revenue in its largest segment - banking, financial services and insurance - grew.

Revenue from banking, financial services and insurance rose 8.2 per cent, the company said. Revenue from IT services overall increased to Rs 131.69 billion ($2.03 billion) from 131.37 billion rupees, slightly above its forecast of a range of $1.96 billion to $2 billion.

Profit rose to Rs 21.92 billion in the three months ended September 30, from Rs 20.67 billion in the same period a year earlier, Wipro said.

Analysts on average expected a profit of Rs 20.80 billion, Thomson Reuters data showed.

Bengaluru-headquartered Wipro, India's third-largest software services exporter, also said it expected revenue from the IT services business to be in the range of $2.01 billion - $2.05 billion in the quarter ended December 30.

India's largest IT services firm, Tata Consultancy Services, reported a two percent decline in second-quarter profit last week, held back by sluggish growth in banking and retail services.

(Reuters)


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