Technology

Wipro posted below expectations results for 3QFY2017. The Company’s IT
services recorded revenues of US$1,903mn (US$1,919mn expected) v/s
US$1,916mn in 2QFY2017, a qoq de-growth of 0.7%. Revenue in Constant
Currency (CC) came at 0.6% qoq. In Rupee terms, revenues came in at
Rs13,688cr (Rs14,096cr expected) v/s Rs13,766cr in 2QFY2017, dip of 0.6% qoq.
On EBIT front, the company posted EBIT of 16.9% (15.9% expected) v/s 15.8% in
2QFY2017, expansion of 110bps qoq. Consequently, PAT came in at Rs2,109cr
(Rs2,124cr expected) v/s Rs2,067cr in 2QFY2017, a growth of 2% qoq. It terms, of
the guidance, the company has guided for 4QFY2017 sales of US$1,916-1,955.
We maintain our Buy rating.

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