Wipro Review - In-Line Q4 And Revenue Guidance, But See A Drag On Margin In FY22: Motilal Oswal
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Moitlal Oswal Report
Wipro Ltd. reported an in-line Q4 FY21 revenue growth of 3% QoQ in constant currency terms in IT services, near the higher end of its guidance band (1.5-3.5%).
Ebit margin dipped 70 basis points to 21% due to a partial wage hike, but was ahead of our expectation of 20.4% on better cost control.
It reported 12 large deals (over $30 million) and a total contract value of $1.4 billion in Q4 FY21, including one large deal of over $0.5 billion in Americas (expandable to $1 biliion).
Order book in H2 FY21 was up 33% YoY to $7.1 billion, with a large deal TCV of $2.6 billion.
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