New Delhi - India's third-largest software company, Wipro Ltd, on Friday said it posted a net profit growth of 3 per cent in the fiscal fourth quarter, lagging estimates as its business was affected by the slowdown in the US economy. The firm in a statement said it posted a net profit of 8.8 billion rupees (221.71 million dollars) in the January-March quarter from the 8.5 billion rupees in the corresponding period a year earlier.
India's financial year runs from April 1 to March 31.
Wipro's consolidated revenue for the fourth quarter increased to 57 billion rupees registering a 32 per cent year-on-year growth over the same quarter in 2007 under the Indian accounting practice.
Indian software firms which secure a bulk of their business from the US firms expect fewer contracts with the slowdown in the US economy.
"The global economic outlook has changed significantly since the beginning of this calendar year. It poses challenges and at the same time, opens up new opportunities," Wipro chairman Azim Premji said.
"Given the uncertainty in the environment we remain cautious but resilent," he added.
The Bangalore-based company which employs more than 72,000 people, provides comprehensive IT solutions and services, information systems outsourcing, software application development and research and development services to corporations globally.
