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Prabhudas Lilladher Report
Wipro Ltd. reported miss in IT services revenue of $2.64 billion, 3% QoQ constant currency (our estimate: 4.2%, consensus: 4.1%); after four quarters of outperformance.
Growth was within guided range of 2-4% QoQ constant currency and miss was led by decline of 3% QoQ U.S. dollar in energy and utility vertical.
Wipro closed 11 large deals resulting in a total contract of over $ 600 million (versus $580 million in Q2 FY22 and $1200 million in Q3 FY21). Order book in annual contract terms grew 27% on year-to-date basis. Bookings in the range $10-30 million grew 50% YoY this quarter.
Change in leadership has brought in sharp focus on winning deals leading to improving win-rate by 300 bps in FY22.
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