We maintain our NEUTRAL rating with a TP of Rs 330 based on 14x Dec-20E earnings. Wipro delivered better than expected margins but revenue growth and guidance was muted. USD revenue was up 0.3% QoQ vs est. of +0.9% while adjusted IT services adjusted EBIT margin expanded 120 bps QoQ to 19.8% (vs est. of 18.1%). Revenue stood at USD 2,047mn and adjusting for India business growth was +1.8/2.4% QoQ/CC. Guidance of 0-2% CC growth for 4Q was lower than expectation. Muted guidance was given on account of macro concerns and growth issues in HPS and manufacturing. Wipros growth (ex-Digital) remains challenged (-2.4/-9.5% QoQ/YoY).