India's Wipro Q2 profit misses estimate

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BENGALURU -India's Wipro Ltd on Wednesday reported a weaker-than-expected second quarter profit hit by higher employee-related expenses.

The Bengaluru-based company also forecast its revenue from IT services business to be in the range of $2.81 billion to $2.85 billion for the quarter ending Dec. 31, translating to a sequential growth of 0.5 per cent to 2.0 per cent.

The Bengaluru-based company said its total quarterly expenses jumped 19.2 per cent to 193.95 billion rupees, while staff attrition in the IT services business fell to 23 per cent from 23.3 per cent at the end of September.

Earlier this week, largest rival Tata Consultancy Services Ltd posted a bigger-than-expected rise in quarterly profit, but flagged that clients are taking longer to decide on bigger outsourcing deals in an uncertain global economic environment.

Consolidated net profit for quarter-ended Sept. 30 came in at 26.59 billion Indian rupees ($323.3 million), compared with 29.31 billion rupees year ago. Analysts on average had expected a profit of 28.44 billion rupees, according to Refinitiv data.