We maintain our NEUTRAL rating with a TP of Rs 325 based on 14x Sep-20E earnings. Wipro delivered better than expected performance, USD revenue was up 2.8% CC QoQ vs est. of +1.7% CC and IT services EBIT margin adjusted for one-off was 18.2%, up 220 bps QoQ (vs est. of 16.8%). Revenue stood at USD 2,041mn (+0.7% QoQ, adjusted +1.9%) and guidance of +1% to +3% CC QoQ growth in 3QFY19E, adjusted for India PSU (USD 34mn), is in-line with our expectations. Guidance factors in USD 26mn incremental from Alight Solutions deal and some recovery in HPS (Healthcare).