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Dolat Capital Report
Wipro Ltd. reported 2.0% QoQ constant currency revenue growth (our estimate 1.3% growth) led by demand led broad-based growth across verticals.
Operating profit margin improved by 20 basis points QoQ for IT services at 19.2% (our estimate 18.9%) led by improved utilization (80 basis points gain) and continued cost control but negated by forex impact (60 basis points).
Announced buyback of Rs 95 billion at Rs 400/share (buying 4.2% equity at 6.6% premium to current market price).
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