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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India's Wipro reports profit rise AFP - 2 hours 36 minutes ago Send IM Story Print India's Wipro reports profit rise Slideshow: Full Photo Coverage: Business & Economy BANGALORE (AFP) - – India's third-biggest software company Wipro on Friday said fourth-quarter net profit rose more than a fifth as the firm bagged several large deals amid a broad uptick for the sector. Net profit for the three months to March was 12.09 billion rupees (270 million dollars), up 21 percent from 10.01 billion rupees the previous year, and broadly in line with analysts' forecasts. "We have seen a strong quarter of broad-based volume-led growth," Wipro chairman Azim Premji said in a statement. "The business environment is returning to normal." India's other software giants, TCS and Infosys Technologies, have also reported better-than-expected earnings for the last quarter and given positive business outlooks. After the global economic slowdown of the past two years, the country's IT sector concentrated in the hubs of Bangalore, Hyderabad and New Delhi is hiring again and expanding fast. Premji said global clients who were "fence-sitters" earlier due to the global slowdown were now willing to make decisions on investments. "We expect IT budgets to be more and, importantly, to be spent," he told reporters at the company's Bangalore headquarters. Wipro, which is dual-listed in Mumbai and in New York, secured several deals in the quarter, including a seven-year strategic agreement with US-based insurance giant Main Street America Group. It also signed a multi-year partnership with global consumer electronics retailer Best Buy Co to provide technology services. "Our experience in the quarter shows there are large deals on the table," Premji told AFP. "We are making strong bids for such deals." Revenues rose eight percent to 69.83 billion rupees, the company said in its results statement filed to the Mumbai stock exchange. For the full-year ending March, Wipro's net profit rose 18 percent to 45.93 billion rupees, while full-year revenues rose six percent to 271.24 billion rupees. "The earnings were sound, despite pressures of a wage rise for staff and the strong rupee," said Hardik Shah, analyst with Mumbai-based brokerage Asit C. Mehta Investment Intermediaries. Wipro shares ended down 1.42 percent or 10 rupees at 692.95, on profit taking after gaining as much as 3.5 percent in early trade. Wipro's retail arm, which owns Yardley soap and shampoo brands in Asia, the Middle East and Africa, saw revenue growth of 17 percent for the full year. "Yardley grew by 80 percent volume in India, and 30 percent in the Middle East, for the fourth quarter," said Vineet Agrawal, who heads Wipro's consumer care division. Recommend Send IM Story Print Related Articles India cbank eases accounting rules on infra bonds Reuters - 24 minutes ago WRAPUP 2-G20 aims to reassure on recovery despite Greece Reuters - 25 minutes ago Greece only seeking first IMF tranche-G20 source Reuters - 28 minutes ago NEWSMAKER-MTN's Nhleko wants to bow out in style Reuters - 32 minutes ago Russia's MTS outsources some ops to Nokia Siemens Reuters - 37 minutes ago News Search Top Stories Greece pleads for debt aid At least 32 killed in Baghdad attacks Greece asks for activation of EU-IMF debt rescue Greece to seek EU-IMF debt bailout: govt source 'Major oil spill' as rig sinks off US coast More Top Stories » Most Popular Most Viewed Most Recommended Airlines want compensation as Europe's skies reopen At least 45 wounded in Bangkok blasts: hospital Stars shine spotlight on the planet for Earth Day Apple engineer loses iPhone prototype Iceland turns to jokes -- and soul-searching More Most Viewed » Apple engineer loses iPhone prototype Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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