Buy Wipro: Sumit Bilgaiyan

1977 – The name was changed to Wipro Products Ltd from Western India Vegetable Products Ltd as the young Premji expands its business.

Sumit Bilgaiyan

During Q3FY19, Wipro's PAT grew 32.83 percent to Rs 2,544.5 crore on 3.57 percent higher income of Rs 15,059.50 crore on QoQ basis.

For 9MFY19, it has reported PAT of Rs 6,524 crore on income of Rs 43,578.2 crore. The company has added one account to $100 million + revenue bucket and added seven accounts to $20 million + revenue bucket during this quarter.

The company has also announced bonus issue in the proportion of 1:3 and announced an interim dividend of Re 1 per share. Stock is trading at PE ratio of 18.5x. On technical front the stock has given multiyear horizontal line break out which is extremely bullish on its nature. We are recommending a buy in staggered manner for medium to long term.

(The author is Founder of Equity99.)

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