Wipro profit tempered by staff costs, forex loss

Wipro Ltd., India’s third-largest software outsourcer, reported a 10 percent rise in quarterly profit Friday, short of expectations as salary hikes and foreign exchange losses hit margins, sending the stock down nearly 4 percent.
The rupee’s appreciation against the dollar — which accounts for most revenue for India’s software services exporters — and spiraling staff costs as companies fight to hold onto employees to meet rising demand have hit profit margins at Wipro and its competitors.Net income for the July-September quarter was 12.9 billion rupees ($288 million), the company said Friday. Total revenue rose 12 percent from the same period last year to 77.3 billion rupees ($1.73 billion).

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