Bangalore, July 20 :    Bangalore, July 20:  Wipro on Friday reported a less-than-expected 97 per cent rise in its net profit for the past quarter at Rs 214 crore and 28 per cent increase in revenues at Rs 798 crore. Though the Bangalore-based software services giant bettered industry growth rates, analysts said it had fallen short of the Rs 850 crore that the market had been hoping for. Senior officials said they would not pursue a strategy of cutting prices to boost business volumes, something peers like Satyam Computers and Infosys Technologies have been doing. 'In the current environment, we had the option of using price cuts to boost volumes against the tougher and long-term option of focusing on value, leveraging our technology skill sets and taking a Six Sigma quality approach to delivery. We chose to pursue big deals and compete with key telecom integration players,' company chairman Azim Premji said. He announced a $70-million global system integration contract from the telecom subsidiary of Lattice Group, a company which is part of London's Financial Times Index. The deal is a part of the Lattice Group's investment of £ 460-million in a UK national fibre optic project known earlier. The Wipro chief said the project will generate revenues of more than $ 30 million for the company in the current financial year, most of which will come through in the second half. 'Looking ahead, we believe that we will continue to grow ahead of the average industry growth rates. With the Lattice Group project in our bag, we expect our growth to increase in the second half of this financial year.' Analysts share Premji's optimism that the firm's growth in the quarters ahead will be higher than those racked up others in the industry. The performance was greeted by a bounce in the Wipro scrip on the Bombay Stock Exchange (BSE), where it closed Rs 1380.75 after opening at Rs 1379.80 and rising to an intra-day high of Rs 1434.70. The loss over its previous finish was attributed to profit booking in anticipation of sizzling numbers. Wipro Technologies, the global IT services business, accounted for 65 per cent of the group revenues, which rose 46 per cent for the quarter to Rs 521 crore. The company said it was hedging its portfolio by getting more orders from Europe.