[April 25, 2012] Wipro profit up 8 percent, growth outlook muted Tweet (Associated Press Via Acquire Media NewsEdge) MUMBAI, India -- Wipro's quarterly profit rose 8 percent, but the Indian outsourcing company forecast muted growth, sending the stock into a nosedive Wednesday. Net income for the January to March quarter was 14.8 billion rupees ($291 million). Sales rose 19 percent from a year earlier to 98.7 billion ($1.9 billion), as its global clients turned to the company to cut costs amid economic uncertainty. The company said revenue in its mainstay information technology services business could fall slightly this quarter, to between $1.52 and $1.55 billion. IT revenue was $1.54 billion for the March quarter, up 9.7 percent from a year earlier. The lower outlook for revenue sent the stock down 7.4 percent in Mumbai. Retail and energy companies led growth in demand, while revenue from media and telecom and finance declined from the prior quarter. Revenue from the Americas, which accounts for over half of sales, rose 1.1 percent, helping to make up for an 18.4 percent plunge in Japan sales. "Corporations globally are focused on leveraging technology to drive revenues and productivity," chairman Azim Premji said in a statement. The results were in line with expectations. Analysts surveyed by FactSet had forecast earnings of $288 million on sales of $1.9 billion. (c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. [ Back To TMCnet.com's Homepage ]