Wipro Q1 Review - Growth Sustainability Is The Key: ICICI Securities
Wipro Bengaluru campus. (Source: BloombergQuint)

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.

Click on the attachment to read the full report:

ICICI Securities Wipro Q1FY22 Result Update.pdf

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