Wipro, India's third largest outsourcer, reported soaring growth in revenue for the second quarter, but profit did not keep pace, growing more slowly than last year.

The company posted revenue of 59.62 billion Indian rupees (AUD$1.43 billion as of June 30, the last day of the period reported), up 43 percent over the same period last year. Profit was 8.14 billion rupees, up 15 percent over the same quarter last year, compared to a growth rate of 16 percent a year earlier.

Indian outsourcers are grappling with higher staff costs in the country, and a slow-down in demand from their key market, the U.S. The National Association of Software and Service Companies (Nasscom) has forecast that the country's software and services industry will post lower growth in revenue this year on account of rising oil prices and a global economic slowdown.

Wipro, of Bangalore, makes most of its money from IT services, but also sells soaps and lighting. Its IT services business posted revenue of 43.93 billion rupees for the quarter, up by 40 percent from a year earlier. The results are based on U.S. generally accepted accounting principles (GAAP).

Read more