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Wipro: Turnaround plays out, acceleration unfolding

The positive surprise in Wipro’s Q1FY22 earnings report reiterates the fact that the bold bets of the new CEO and the razor-sharp focus on growth are paying off

July 16, 2021 / 09:30 AM IST
Wipro: Turnaround plays out, acceleration unfolding

“Despite the severe onslaught of the pandemic, we delivered our best-ever quarter, with secular growth across all SMUs, sectors and GBLs," said Thierry Delaporte, CEO and Managing Director, Wipro.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

We had recommended Wipro (CMP: Rs 576, Market Cap: Rs 315,549 crore) in July 2020, at a price of Rs 225, as a probable turnaround candidate, banking on a new CEO, amid strong tailwinds for technology and reiterated our positive stance thereafter, despite the Street’s concern about the large, margin-dilutive acquisition of Capco, a global management and technology consultancy company. The positive surprise in Wipro’s Q1FY22 earnings report reiterates the fact that the bold bets of the new CEO and...

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