Sell Wipro, target of Rs 186: Reliance Money

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Sell Wipro, target of Rs 186: Reliance Money

Reliance Money has maintained its sell rating on Wipro with a target price of Rs 186. Wipro recorded revenue of Rs 65387 million compared to Rs 64094 million in Q2FY09 (Growth of 2% QoQ, 24.9% YoY).

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Reliance Money has maintained its sell rating on Wipro with a target price of Rs 186 in its February 17, 2009 research report. "Wipro recorded revenue of Rs 65387 million compared to Rs 64094 million in Q2FY09 (Growth of 2% QoQ, 24.9% YoY). IT Services Revenue in dollar terms was 1,100 million, a sequential decline of 0.9% (growth of 3.5% in constant currency) and YoY growth of 12.4% (growth of 19.2% in constant currency). The dollar term revenue was inline with our expectation of USD 1110 million."

"During the quarter, Wipro reported a Forex loss in the other income line to the tune of Rs 677 million, net other losses stood at Rs 73 million, which was below our expectations. Thus, net profit for the quarter was up by 9.2%, which was better than our expectations of a 4.5% qoq growth. For Q4FY09, Wipro has guided for 5% sequential growth in revenues to USD 1045 million for combined IT services, which also includes revenue from Citi Technology Ventures. We maintain our SELL rating on Wipro with a target price of Rs 186," says Reliance Money research report.

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To read the full report click on the attachment......