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BANGALORE, JULY 19: Wipro Ltd, India's third-largest software services exporter, posted a 16 per cent rise in quarterly profit on Thursday, but lagged expectations.
Wipro, which offers IT solutions such as system integration, software application development and back-office services, said net profit rose to Rs 7.1 billion (USD 176 million) in April-June, from 6.14 billion a year ago.
A Reuters poll had forecast a mean net profit of Rs 7.51 billion for Bangalore-based Wipro, which counts telecoms gear makers Cisco and Nortel among its key clients.
Wipro, which is also listed in New York, reported its earnings after leader Tata Consultancy Services Ltd and second-ranked Infosys Technologies Ltd unveiled quarterly numbers that exceeded analyst expectations.
But a stronger rupee, which rose nearly 7 per cent against the dollar in the June quarter, poses a big problem for software services exporters that get about 60 per cent of their revenue from the United States.
Shares in Wipro, which also has minor interests in computer hardware, consumer care and lighting, fell 7 per cent in the quarter against a 0.6 per cent decline in the sector index while the main BSE index rose 12 per cent. |