Wipro first quarter profit up 2%, beats estimates

NEW DELHI: India’s third-largest software services exporter Wipro Ltd reported a two per cent rise in its first quarter net profit on Friday, beating estimates, helped by higher revenue from its banking, financial services and insurance business (BFSI).
Net profit for the three months to June 30 rose to Rs 2,121 crore ($307.55 million) from Rs 2,077 crore a year earlier, the Bengaluru-headquartered said in a statement.

That topped the Rs 1,952 crore profit expected by analysts, Thomson Reuters data showed.

Revenue from IT services grew by about 5 per cent to Rs 13,700 crore while the BFSI business grew 17.5 per cent to Rs 4,110 crore.

Wipro also said that it would buy US-based Alight Solutions’ India operations for $117 million in cash. The deal is expected to be completed in the quarter ending September.
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