Wipro predicts rise in IT services demand for third quarter
Indian IT company Wipro announced its prediction for an upsurge of demand for its consulting and outsourcing services, following the 11% increase in quarterly profit due largely to a series of high-earning contracts.
The company, joined by bigger competitors Infosys and Tata Consultancy Services, signalled a growing demand for Indian IT outsourcing services as their profits consistently exceed expectations.
Indian technology service company profits are expected to rise consistently up into 2014 which analysts predict will have the strongest demand for IT services among U.S. institutions and businesses since the end of the financial crisis in 2008.
Wipro also forecasted that income from IT services unit for the July to September quarter will increase by 2 to 3.9 percent, falling somewhere between US$1.62 billion and US$1.65 billion.
"We've seen an increase in deal closures in Q1 and we're hopeful that the momentum will continue in the quarters to come...we're fairly confident of the future going forward," said Wipro CEO T.K. Kurien in an interview.
Wipro Limited, formerly known as Western India Products Limited, is an Indian multinational information technology company that provides consultations and outsourcing services. The third largest IT software services exporter in India, Wipro currently has 145,000 employees and branches in 54 countries.