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Buy Wipro, target of Rs 338: KRChoksey
KRChoksey has maintained its buy rating on Wipro with a price target of Rs 338. Its revenue increased 8.3% q-o-q and 37.4% y-o-y to Rs 6,535 crore, driven mainly by 5.9% depreciation of the rupee over last quarter.
KRChoksey has maintained its buy rating on Wipro with a price target of Rs 338 in its October, 22 2008. "Its revenue increased 8.3% q-o-q and 37.4% y-o-y to Rs 6,535 crore, driven mainly by 5.9% depreciation of the rupee over last quarter. The IT Services revenue grew 4.0% q-o-q and 29.4% y-o-y to USD 1,110 million, ahead of its guidance of USD 1,089 million. Despite muted operating performance, Wipro's net profit jumped 8.1% q-o-q to Rs 1,136 crore, mainly on account of higher non-operating income, lower interest outlay and lower forex losses as compared to the previous quarter. At the CMP of Rs 279, Wipro is trading at 11.2x its TTM earrings and 10.6x FY09E EPS of Rs 26.4. We maintain a buy on the stock with a target price of Rs 338," says KRChoksey's research report.
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