Wipro Q3 Review: Beats Estimates; But Still Not Out Of Woods, Says Dolat Capital
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Dolat Capital Report
Wipro Ltd. reported 3.4% QoQ constant currency revenue growth (our estimate 3.1%) led by volume led broad-based growth across verticals(five verticals grew 4% sequentially).
Surprisingly, operating profit margin improved by 240 basis points QoQ for IT services at 21.7% (our estimate 19.1%) led by incremental off-shoring and continued cost control. The company announced a dividend of Re 1 per share.
Despite encouraging ‘ qualitative’ commentary and double-digit growth in the order book, quarterly guidance remained the same at 1.5% to 3.5% QoQ for Q4 FY21.
Implying a 2% CC decline for FY21 which does not suggest any major acceleration as such.
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