Wipro Q3 Results Review - Mixed Operating Performance; Muted Revenue Guidance For Q4: Yes Securities
The revenue growth was below expectation(cc growth of 0.6% QoQ), Ebit margin came in slightly above estimates.
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Yes Securities Report
Wipro Ltd. reported mixed financial performance for the quarter. The revenue growth was below expectation(cc growth of 0.6% QoQ), Ebit margin came in slightly above estimates.
Wipro's sequential growth was led by healthcare and life sciences vertical (up 5.5% QoQ) and energy, natural resources and utilities vertical (up 2.0% QoQ).
The Indian rupee reported growth was supported by depreciation of Indian rupee by 2.9% QoQ versus U.S. dollar. There was sequential improvement in Ebit margin(up 165 bps QoQ) led by falling attrition, improving pyramid and Indian rupee depreciation..
The moderation in employee attrition continues as last twelve months attrition was down 180 bps QoQ to 21.2%. However, the clients remain cautious regarding the evolving macroeconomic situation especially in the U.S. and Europe and consequently, we expect moderation in growth in near term.
We estimate revenue compound annual growth rate of 11.7% over FY22‐24E with average Ebit margin of 15.3%.
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