India's No 3 software services provider Wipro Ltd posted an 18 per cent gain in quarterly profit, joining bigger rivals Tata Consultancy Services Ltd and Infosys Ltd in reporting better-than-expected earnings.
Wipro, whose customers include Apple Inc and BP PLC, said net profit for the three months ended December rose to 17.16 billion rupees from 14.56 billion rupees a year earlier. That compares with the average estimate of 16.45 billion rupees in a poll of 20 analysts, according to Thomson Reuters data.
Strong third-quarter results by Infosys, Tata Consultancy and HCL Technologies Ltd have led investors to anticipate more good news. Even before Wipro announced its earnings, UBS on Thursday upgraded its stock to 'buy' from 'sell,' confident that the software services export sector is headed for a recovery.