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Axis Securities Report
Wipro Ltd.’s revenue growth stood below our expectations at Rs 20,313 crore, up only 3.1% QoQ and 27% YoY in constant currency terms.
Operating profit grew robust 2.8% YoY to Rs 3,111 crore, aided by better executions, better employee management, and service mix. However, the operating margin declined by 60 basis points at 17.0% QoQ.
Net profit for the quarter reported a growth of 34% YoY as it stood at Rs 3,873 crore.
Wipro’s management has given Q1 FY23 guidance of 1%-3% revenue growth in CC 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 has started gaining momentum across geographies and is likely to gather more momentum moving forward.
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