Wipro, India's No. 3 software services provider, had long been struggling to consolidate its net profit. On a quarter-by-quarter basic, Wipro has experience a 3% fall during the first quarter (April-June) of the fiscal year 2012 to Rs 1,335 crore as compared to Rs 1,375 crore in the earlier quarter.

However, in the yearly structure, its PAT has increased 1.3% since last year.

TK Kurien, the Executive Director and Chief Executive Officer of the IT business, is extremely satisfied and positive about the future. "We closed two large deals worth USD 500 million in the banking and financial services industry this quarter. However, it will take another two to three quarters to resume industry growth rate", he said.

For the financial year scheduled to end in March, Wipro’s revenue growth is expected to fall below the growth rates of the industry, as the overall financial environment remains volatile.

The company earlier announced that the fiscal first-quarter profit increased nearly 1.2%, which was way over predictions as western clients enhanced the spending on outsourcing services to boost efficiency along with cutting the cost.

Wipro, which is best known for its software applications, integration of IT systems and for operating BPOs and call centres, has announced that the consolidated net profit has increased to nearly 13.35 billion rupees ($300 million) under international accounting standards in the June quarter as compared to 13.19 billion in 2010.