Indian IT supplier Wipro technologies has warned of tough times ahead despite reporting a 9% increase in profit for its latest business quarter.
The company reported profit of $185m but said it expects revenue for the next quarter to fall over $200m to $1,04bn compared to $1,12bn in this quarter.
Azim Premji, chairman at Wipro, said: "We are living in tough times the macro-economic challenges are significant and impacting businesses across segments."
The Indian IT service industry is going through a tough period with their global customers reducing spending. Wipro has many clients in Europe and the US whoare cutting back their investments in technology because of the tough economic conditions.
It is also under the spotlight after Satyam was hit by a $1bn accounting fraud.Tarun Das, chief mentor at the Confederation of Indian Industry and a government-appointed independent director at Satyam, said the Satyam fraud has been a "huge wake up call for brand Indian."
