Wipro Q4 Review - Lofty Multiples Leave Limited Margin Of Safety: ICICI Securities
Employees walk in the forecourt of a Wipro building at the Wipro Ltd. campus located in the Sarjapura area of Bengaluru. (Photographer: Vivek Prakash/Bloomberg)

Wipro Q4 Review - Lofty Multiples Leave Limited Margin Of Safety: ICICI Securities

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ICICI Securities Report

While Wipro Ltd.’s revenue growth was in-line, Ebit margin was slightly ahead of our estimates. Growth was fairly broad based across key geographies and most verticals.

Share of offshore revenue, gross utilisation and IT attrition (trailing twleve months) witnessed sequential uptick.

Large deal total contract value ($1.4 billion versus $1.2 billion in December 2020) was healthy and the management indicated its composition is skewed towards new deals (versus renewals).

Prima facie, the company’s recent focus on large deals seem to be bearing fruit. However, the sustainability of this large deal momentum is yet to be seen.

Click on the attachment to read the full report:

ICICI Securities Wipro Q4FY21 Results Review.pdf

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