Wipro Q1 Review - Growth Sustainability Is The Key: ICICI Securities
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ICICI Securities Report
Excluding the contribution of Capco and Metro AG, we estimate organic revenue growth for Wipro Ltd. at ~2.8% QoQ (constant currency).
While this is in line with average June quarter growth for the industry before Covid-19, it is higher than Wipro’s track record.
Organic growth during the quarter was lopsided towards consumer (~14% QoQ, CC) and energy, natural resources and utilities (~12% QoQ, CC) verticals.
Revenue run-rate in some verticals, e.g. healthcare and manufacturing, remains close to pre-Covid-19 levels (March-2020).
Wage hikes still due, Ebit margin contracted ~220 basis points QoQ led by Capco integration and investments.
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