Wipro Q1 profit up 29.6 pct, slightly lags estimates

BANGALORE/MUMBAI (Reuters) - India's third-biggest IT services exporter Wipro posted a 29.6 percent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients.

For the quarter ended June 30, Wipro posted a consolidated net profit of 21.03 billion rupees ($349.9 million), compared with 16.23 billion rupees in the year-ago quarter.

Analysts were expecting the company to earn 21.24 billion rupees, according to Thomson Reuters estimates.

India's $108 billion-a-year outsourcing sector generates about 90 percent of its sales from services such as IT network installation and the developing software applications for overseas clients.

(Reporting by Lehar Maan in BANGALORE and Nivedita Bhattacharjee in MUMBAI; Editing by Miral Fahmy and Anupama Dwivedi)