Buy Wipro: target of Rs 610: Sharekhan

Sharekhan's research report on Wipro

Over last two quarters, Wipro saw a strong growth in revenue and margins, clocked a rise in large deal TCVs, strong growth in top accounts and added large clients. It indicates Wipro is making good progress in its transformation agenda. Focus on large deals, a customer-centric approach and a sales team that is eyeing mega deals consistently are showing results, leading to strong deal win TCVs and a healthy deal pipeline. Large deal wins, robust deal pipeline and new client addition are expected to boost company’s organic revenue growth in FY2022. Wipro is likely to clock USD revenue growth at a CAGR of 15% over FY2021-FY2023E.

Outlook

We maintain a Buy rating on Wipro with a revised PT of Rs. 610 given good progress in its large deal wins, growth in top client base, and increasing digital and cloud adoptions.

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