Wipro follows rivals with strong financial results

Premji: We are living in tough times

Indian IT service provider Wipro has reported 25 per cent year-on-year growth in third-quarter revenue and a nine per cent rise in profit.

The results make Wipro the third of the four biggest Indian outsourcers to announce positive financial performance since Satyam revealed the fraud that led to its profit being overstated by 50.4bn rupees (£682m).

Wipro's sales reached 65.4bn rupees (£965m), while net income was 9bn rupees (£133m).

"We are living in tough times; the macro-economic challenges are significant and impacting businesses across segments. However, recessions do not last; resilient companies do," said Wipro chairman Azim Premji.

"We delivered a strong performance with IT services revenue growing sequentially 3.5 per cent in constant currency. We continue to win large deals - we won four multi-year multimillion-dollar deals in the current quarter. We added 31 new customers."

Rival Tata Consultancy Services reported a 24 per cent year-on-year increase in revenue for its third quarter - but the increasingly challenging market conditions meant that profit was up just 2.7 per cent.

Infosys' third-quarter revenue was up 35 per cent to 57.86bn rupees (£805m) and profit after tax grew 33 per cent to 16.4bn rupees (£228m).