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Axis Securities Report
Wipro Ltd.’s revenue growth stood below our expectations at Rs 20,313 crore, up 3.1% QoQ and 27% YoY in constant currency terms.
Operating profit grew robust 30.8% YoY to Rs 3,492 crore, aided by better executions, better employee management and service mix. However, the operating margin declined by 20 basis points at 17.6% QoQ. Net profit for the quarter reported a growth of 34% YoY as it stood at Rs 2,972 crore.
Wipro’s management has given Q4 FY22 guidance of 2%-4% revenue growth in constant currency terms and its commentary continues to be positive in the verticals such as banking, financial services and insurance, hi-tech media, life sciences and communications. The retail vertical is expected to recover slowly across geographies in the near term.
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