Wipro profit increase disappoints

Wipro chairman Azim Premji is one of the world's richest men

Indian outsourcing firm Wipro has reported a smaller-than-expected rise in profits of 10% as the strong rupee and higher wage costs hit performance.

Net profit between July and September came in at 12.9bn rupees ($289m; £184m), up from 11.7bn rupees a year earlier.

Revenues for the period rose by 12% to 77.3bn rupees.

Shares in Wipro closed down 4.5% at 448.9 rupees following the disappointing results.

"Wipro's earnings were below expectations and guidance is also lacklustre compared to peers," said Shashi Bhushan at broker Prabhudas Lilladher.

Wipro's billionaire chairman Azim Premji said the company would "rise to the challenge of returning to higher growth and margins".

Bangalore-based Wipro employs almost 100,000 people worldwide.