Wipro Q1 net profit beats estimates to Rs 21.2 bn on higher revenue

Revenue from IT services grew by about 5% to Rs 137 bn while the BFSI business grew 17.5% to Rs 41.1 bn

India’s third-largest software services exporter Wipro Ltd reported a two per cent rise in first-quarter net profit on Friday, beating estimates, helped by higher revenue from its Banking, Financial Services and Insurance business (BFSI).

Net profit for the three months to June 30 rose to Rs 21.21 billion ($307.55 million) from Rs 20.77 billion a year earlier, the Bengaluru-headquartered said in a statement on Friday.

That topped the Rs 19.52 billion profit expected by analysts, Thomson Reuters data showed.

Revenue from IT services grew by about 5 per cent to Rs 137 billion while the BFSI business grew 17.5 per cent to Rs 41.1 billion.