Wipro results not affected by credit crunch

Wipro results not affected by credit crunch

Company is third Indian outsourcer to post a rise in profits

Wipro, India's third-largest software services exporter, has posted a 17 per cent rise in quarterly profits to 8.1bn (£100m) rupees thanks to a strong rupee and an increase in outsourcing.

The supplier won several large deals in the period including one with a contract value of $275m (£134m) and another worth $160m (£78m).

The company has seen no slowdown in business from the US despite the credit crunch, said chairman Azim Premji.

"We, as a company, have not experienced any slowdown taking place - during the quarter we won some large multimillion-dollar deals and the deal pipeline continues to be robust," he said.

The US accounted for 63 per cent of Wipro's third quarter revenue.

During the period, the company added 5,341 employees and 59 new clients.

The news sent Wipro's shares rise 2.7 per cent in early trading.

Wipro rivals Tata Consultancy Services posted a 26 per cent rise in quarterly profit this week, while Infosys last week posted an 18 per cent rise.