Wipro Q3 Review: Margin Surpasses Expectation, Says ICICI Direct
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ICICI Direct Report
Wipro Ltd. reported a heathy set of Q3 FY21 numbers that were above our estimates on all fronts. Revenue growth took place across verticals.
The IT service Ebit margin increased 234 basis points QoQ to 21.7% versus our estimate of 19.5%, mainly led by higher offshoring.
Key highlights of the quarter was -
The company has won 12 deals with more than $30 million total contract value and TCV booked of these deals was over $1.2 billion
The company has declared dividend of Rs one per share
Its offshore percentage increased 230 basis points to 52.7%.
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