Cost cuts, more orders pay dividends for Wipro

BANGALORE: Wipro Ltd, India's third-largest provider of software services, reported first-quarter profit that exceeded analysts' estimates after the company won more orders and cut costs.

Net income, according to International Financial Reporting Standards, rose 13 percent to 10.1 billion rupees ($209 million) in the three months ended June 30, from 8.96 billion rupees a year earlier, Bangalore-based Wipro said yesterday. Profit beat the 9.2 billion-rupee median of 26 analyst estimates compiled by Bloomberg. Sales gained 5.7 percent.

Wipro joins larger rivals Tata Consultancy Services Ltd and Infosys Technologies Ltd in surpassing analyst expectations, signaling demand for India's software services may be rebounding as the global recession eases.