Reduce Wipro: target of Rs 470: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Wipro

Wipro reported IT service revenue of $2626 million, 1% q-o-q/4.9% y-o-y in constant currency terms, below our estimates of 0.1% q-o-q decline. IT services EBIT margin rose ~10bps q-o-q/~40bps y-o-y to 16.5% but missed our estimate of 16.7%. Total bookings stood at $3.3 billion, down 8.8% q-o-q, and large deal TCV stood at $1.2 billion, down 3.1% q-o-q. The company provided muted revenue growth guidance for IT services in the range of -1% to 1% in CC terms for Q2FY25.

Outlook

We downgrade Wipro to REDUCE with revised (PT) of Rs.470 (valuing at 19xFY26E EPS). At CMP, the stock trades at 22/20.5x its FY25/26E EPS.

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