BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Wipro Ltd. reported 0.6% QoQ constant currency growth (our estimate: 1%), at lower band of its guided range of 0.5% - 2% QoQ due to slowing spending and furloughs.
IT services Ebit margin improved by 120 basis points QoQ to 16.3% (our estimate: 15.5%) driven by efficiency gains and absence of restructuring cost from Q2.
It provided FY23 revenue guidance of 11.5-12% in CC which implies decline of 0.6% to positive 1% sequential movement for Q4. It indicates lower confidence on business performance and visibility.
Wipro is confident on its deal wins and pipeline but is factoring slowdown in discretionary spending in its outlook.
Factoring in further slip in growth outlook, we cut our growth estimates by 1.1%/2.4%/2.5 for FY23E/FY24E/FY25E.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.