Wipro, India's fourth-largest IT services company, reported higher-than-expected third-quarter revenue on Friday, helped by positive momentum in its banking, financial services, and insurance (BFSI) vertical and in the Americas geography.

Wipro's Q3 net profit and revenue came well above the Street's estimates while operational efficiencies and cost optimisation helped the IT major improve its EBIT margin to 17.5 percent, the highest in three years.

Wipro's revenue dropped 0.7% year-on-year in the Dec quarter but met its guidance, with a forecasted growth of -2% to 0% for the next quarter. The company reported a positive outlook with increasing AI spending,