Wipro Q4 Review - On Path For Gradual Recovery, Potential Priced In: Dolat Capital
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Dolat Capital Report
Wipro Ltd. reported 3.0% QoQ constant currency growth (our estimate: 3.3%) led by growth in banking financial services and insurance/retail/tech vertical at 2.7%/6.9%/9.9% QoQ.
IT services operating profit margin stood at 21.0% down 69 basis points QoQ (our estimate: 19.7%) led by lower than expected wage hike impact and growth leverage.
Encouraging quarterly guidance for Q1 at 2%-4% (excluding acquisitions), implies some acceleration as large deal ramp-up starts from April 2021.
The growth confidence is also led by strengthening of leadership with as many as 11 new hiring announced (hires from stronger peers with large deal focus).
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