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October 28, 2009

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Wipro joins outsource recovery

INDIAN software services firm Wipro Ltd said yesterday quarterly net income jumped 21 percent to 11.71 billion rupees (US$243 million) as the global economic recovery lifted business and eased pressure on outsourcing companies to cut prices.

Revenue for the July to September quarter was 69.18 billion rupees, 6 percent higher than 2008, beating expectations.

"We see more stability in volumes and pricing as well as an improving demand environment," Chairman Azim Premji said in a statement.

The company said revenue from its mainstay information technology services business would continue to grow this quarter, from US$1.07 billion to between US$1.09 billion and US$1.11 billion.

India's US$60 billion outsourcing industry was hit hard by the global downturn, as business from big-spending financial services clients dried up.

Now companies, especially in the United States, seem to be spending again, and they're turning to Indian outsourcers to help cut costs.

Wipro is India's third-largest software services firm by earnings.

Its two largest competitors, Infosys and Tata Consultancy Services, have also reported improved quarterly profits.



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