Wipro - Miss On Q3 & Q4 Revenue Guidance: Motilal Oswal
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Motilal Oswal Report
Wipro Ltd. reported Q3 FY22 IT services revenue of $2.64 billion (up 3.0% QoQ constant currency), missing our estimate by 70 basis points. The performance of verticals in Q3 was mixed, with strong QoQ growth in banking and financial services and consumer, while energy, natural resources and utilities and tech were weak.
The Q3 IT services Ebit margin was down 20 bps QoQ to 17.6%, in line with our estimate. Wipro has been able to sustain the Ebit margin ahead of its guided range of 17.0–17.5% despite the wage impact during the quarter.
It reported total contract value of $600 million in Q3, moderately higher versus the Q2 deal TCV.
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