Buy Wipro; target of Rs 298: Nalanda Securities

April 19
18:25 2019

Nalanda Securities’ research report on Wipro

Wipro (WPRO) Ltd. reported net revenue at INR 1,51,609 Mn up 1% QoQ and 10% YoY. Wipro’s dollar revenue improved 9% YoY to $ 2.2 billion in Q4 FY19. Wipro’s guidance indicates a weak start to FY20E; revenue growth guidance for Q1FY20E (-1% to +1%) on a sequential basis. According to the management, some large projects it has won require time to ramp-up. Besides, the healthcare and manufacturing business verticals, which generate 1/5th of Wipro’s revenue, are struggling for growth and are impacting overall growth rates.


At CMP of INR 284.8, the company is trading at 16.3x FY21E EPS. We value the company using P.E. multiple methodology. We have given an exit multiple of 17.5x for PE to arrive at a target price of INR 298 which is an upside of 5%.

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