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Wipro Ltd Research Report - 25th Oct 2016

IT | Published on Oct 25th 2016


On the sales front, Wipro posted a 0.8% sequential de-growth in its IT Services revenues to US$1,916mn (V/s US$1,921mn expected v/s US$1,931mn in 1QFY2017). In Constant Currency (CC) terms, the company posted a qoq growth of 0.9%. In terms of verticals, Healthcare, Life Sciences & Services posted a CC qoq growth of 4.3%; while in terms of geography, US posted a CC qoq growth of 1.8%. The EBIT margin came in at 15.8% (V/s 15.1% expected), a dip of 32bps qoq. Consequently, the PAT came in at Rs2,070cr (V/s Rs1,968cr expected), a growth of 0.9% qoq. On guidance front, the company expects to post IT Services sales of US$1,916-1,955mn in 3QFY2017, which imply a qoq CC growth of 0-2%. We recommend a buy on the stock.

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CMP 484
Target Price 590
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others6.0
Grand Total100.0

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