Wipro (NYSE: WIP), one of the largest companies in India, announced this past week that it saw a profit rise of 17% to $204 million in its latest quarter, on the back of new outsourcing contracts and gains from a U.S.-based acquisition. Wipro is currently the India's third-largest outsourcing company, and handles accounting, customer service, human resources and other functions for many firms in the Fortune 500. If you've ever read about outsourcing domestic jobs to India, this is a top company in that field.Sales in the July to September quarter rose to $1.2 billion as Wipro acquired almost 60 new contracts and saw an increase in sales based on its acquisition of New Jersey-based Infocrossing Inc., a networking infrastructure company. Wipro announced that a single contract alone with an unidentified U.S. company was worth $160 million alone. At the end of the quarter, Wipro employed over 77,000 people.
In addition to labor outsourcing, the company writes software for the likes of General Motors (NYSE: GM) and Cisco Systems (NASDAQ: CSCO). With such a stellar quarter, the company's CEO stated that new clients were being charged 3% to 5% above standard billing rates, and that it was billing existing clients at higher rates. I'm not sure that's the kind of thing you want to release publicly, but there you have it. Wipro, expect from phone calls soon, okay?
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