Technology

For 4QFY2017, Wipro’s revenues in IT services came in at US$1,955mn (v/s US$1,937mn expected) v/s US$1,903mn in 3QFY2017, a 2.7% qoq growth, with a 1.7% qoq growth in Constant Currency (CC). In Rupee terms, revenues grew by 2.2% qoq to `13,988cr (v/s `13,561cr expected) v/s `13,688cr in 3QFY2017. On the operating front, EBIT margin came in at 14.3% (v/s 16.0% expected) v/s 16.4% in 3QFY2017, a dip of 160bps qoq. Consequently, PAT came in at `2,261cr (v/s `2,003cr expected) v/s `2,109cr in 3QFY2017, a growth of 7.2% qoq. It terms of guidance, the company has guided for 1QFY2018 sales of US$1,915-1,955. We maintain our BUY rating.

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