Wipro (WPRO) reported 1QFY19 that was a tad above the modest expectations; the 0.32.3% QoQ USD revenue growth guidance indicates the drag from client-specific issues visible over the last two quarters has subsided. The top client continues to grow (+31% YoY) + deal traction appears to be improving. However, continued uncertainties in HPS + near-term weakness in Utilities and Manufacturing verticals gives little confidence in USD revenue growth converging with peers over FY19-20 even after factoring in the Alight Solutions partnership announced with the 1QFY19 results. On the positive side, WPRO's differentiated digital portfolio, limited exposure to the US BFS, healthy cash-flows and a prudent capital allocation policy lends downside support. The stock's valuation too has moderated vs. peers,...