Hold Wipro; target of Rs 432: Religare Retail Research

Religare Retail Research recommended hold rating on Wipro with a target price of Rs 432 in its research report dated July 14 2023.

Broker Research

July 14, 2023 / 15:38 IST

hold

26 Aug, 2025 12:21

Volume

Todays L/H

Religare Retail Research report on Wipro

Wipro posted rupee revenue of Rs 22,831cr, down by 1.5% QoQ and a growth of 6% YoY. Revenue for IT service business in USD came in at USD 2,779mn, a de-growth of 2.1% QoQ and flat growth of 0.8% YoY. Amongst geographies, US and Europe both witnessed slowdown and that is reflected in the sequential trend wherein the American region (~60% of revenue) de-growth of 2.7% QoQ while Europe (~29-30% of revenue) de-grew by 0.9% QoQ. Amongst industry verticals banking, consumer, health and energy reported de-growth in the range of 1.5-4% QoQ, while technology and manufacturing saw some recovery and grew by 1.1% and 2.7% QoQ. Further, in the near term management is seeing softness in demand and believes that banking demand has yet to pick up.

Outlook

So, these concerns are still hovering around and thus we maintain a Hold rating with a target price of Rs 432.

For all recommendations report, click here