India's Wipro Q1 net profit up 18%, meets forecasts

India's third-largest software firm Wipro on Tuesday said its first-quarter net profits rose 18 percent, broadly in line with market forecasts amid persistent global economic uncertainties. The company posted a net profit of 15.80 billion rupees ($287 million) in the three months to June 30, according to international accounting standards, from 13.35 billion rupees a year earlier. Analysts had forecast net profit of 15.9 billion rupees, based on an average consensus from analysts polled by Dow Jones Newswires. Total revenue for the quarter increased 24 percent to 106.5 billion rupees, the company said in a statement to the Bombay Stock Exchange. Earlier this month India's biggest outsourcing firm, TCS, posted a 38 percent rise in quarterly profit, beating analysts' estimates, while earnings of rival Infosys disappointed investors. TCS and Infosys lead India's flagship IT outsourcing sector, which carries out a wide range of jobs for Western companies such as answering bank customers' calls, processing insurance claims and software development. Analysts say an improved business outlook for India's IT sector could take time, as large markets like the United States and Europe remain in the grip of an economic slowdown with clients reluctant to boost IT spending. Wipro earnings include the results of its information-technology operations as well as consumer care and lighting product businesses.