Wipro (WPRO) reported 4QFY25 IT Services revenue of USD2.6b, down 0.8% QoQ in constant currency (CC), below our estimate of flat QoQ. It posted an order intake of USD3.9b (up 12.5% QoQ), with a large deal TCV of USD1.8b (up 43% QoQ). EBIT margin of IT Services was 17.5% (est. 17.6%). EBITDA was flat QoQ and up 6.3% YoY at INR47b (est. INR48b). PAT stood at INR36b (+6.4% QoQ/+25.9% YoY), above our est. of INR33b. For FY25, revenue declined 0.6% YoY, whereas EBIT/PAT grew 11%/19% YoY (in INR terms).
OutlookWe expect revenue to remain flat YoY and EBIT/PAT to grow by 4.1%/3.0% YoY in 1QFY26. We reiterate our Sell rating on Wipro with a TP of INR215, implying 17x FY27E EPS.
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