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Prabhudas Lilladher Report
Wipro Ltd.’s Q1 FY23 revenue growth guidance of 1-3% QoQ constant currency (versus 2-4% QoQ for past two quarters) is weaker than consensus expectations.
Management mentioned about robust order book annual contract (up 30% YoY in FY22 and 38% YoY in Q4 FY22) and deal pipeline, then further guided for double digit growth in FY23.
Though growth in ACV is strong, total contract of $400 million (down 33% QoQ) in Q4 FY22 is soft.
Wipro’s new strategy and investments are progressing well –
60 synergy deals with Capco,
16% more senior leaders closer to clients and
30% YoY growth in cloud ecosystem in FY22.
However, material large/mega deal wins or increase in organic revenue guidance from Q2 FY23 will be key triggers for the stock going forward.
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