Hold Wipro; target of Rs 285: Sharekhan
Sharekhan’s research report on Wipro
Reported in-line revenue performance, while EBIT IT margin remained ahead of our modest expectations considering wage revision and drop in utilisation rates. Guided revenue growth of 0.8% – 2.8% for Q3FY2020E, above our expectation. Organic growth guidance stands at 0.2-2.2% q-o-q CC, marginally ahead of our estimates. With inconsistent execution along with macro uncertainties, Wipro’s revenue growth is expected to remain at bottom quartile among tier-I companies.
We maintain our Hold rating on Wipro with a PT of Rs. 285.
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