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KRChoksey Research Report
Wipro Ltd.'s Q4 FY22 performance was in-line with our estimate.
Dollar revenue was up3.1% QoQ in constant currency term to $2,722 million (our estimate: $2,728 million).
Rupee revenue grew by 2.7%QoQ to Rs 208,600 million (our estimate: Rs 209,729 million).
Reported operating margin was down of 58 bps to 16.3% QoQ supported by growth in consulting and engineering services, and ~40% of the order book is from cloud.
Wipro's reported net profit grew by 4% QoQ to Rs 30,873 million (our estimate: Rs 30,293 million) with margin of 16.3%.
Some of the near-term concerns include-
pressure on margins on acquisition integration and supply-side inflation and
incremental growth, with shorter cycle deals (acquisitions) adding volatility.
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