Indian IT services provider Wipro reported profit growth of 21 per cent and forecast growth for a second consecutive quarter on Tuesday.

Net profit for the firm’s second quarter grew to 11.7bn rupees (£152.5m) from 9.73bn rupees (£126.1m) year on year.

IT services revenue for the firm – which also makes soaps, light bulbs and hydraulic equipment – contributed more than 72 per cent of total revenue, with 37 new service contracts won over the period.

Revenue will range from £664m to £676m this quarter, according to the company, which posted sales of £651m for its IT unit between July and September, compared to its July forecast of £639m.

"We see more stability in volumes and pricing, as well as an improving demand environment," said Azim Premji, Wipro's chairman.

Earlier this month, Wipro’s rivals Tata Consultancy Service and Infosys reported net profit growth of 28.7 per cent and 7.5 respectively for their second fiscal quarters, which may mark a recovery from the global slowdown for Indian IT suppliers.