India's third-largest software maker, Wipro, has posted higher-than-expected first quarter earnings, with profit up 11.7 per cent despite the tough global environment.
Consolidated net profit grew 31 per cent to 10.7bn rupees (£135m) in the three months ended 30 June, up from 8.14bn rupees in the same period a year ago. Sales also increased by six per cent.
"We are starting to see the first signs of stability in the business as ramp downs start to taper off and volumes start to stabilise," said Wipro chairman Azim Premji in a statement.
The company said it signed 26 new deals during the first three months of its fiscal year, despite a negative trend in IT spending worldwide.
In the UK, Wipro clients include consumer goods distributor Warburtons and supermarket chain Morrisons, which is currently undergoing an IT transformation.
Earlier this month Infosys and Tata Consultancy Services (TCS) also outstripped expectations with positive results. TCS announced an 18.8 per cent profit increase, while Infosys had a 17.2 per cent rise in first-quarter consolidated net profit.
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