Revenue Below-par, Soft 1Q Guidance; Buy-back to Support Stock Wipro has delivered a below par revenue performance in 4QFY19. While its CC revenue rose 1% QoQ (vs. our estimate 1.9% QoQ), USD revenue rose 1.4% QoQ to US$2.076bn vs. our estimate US$2.087bn. From vertical perspective, BFSI grew by 1.3% QoQ, HLS grew by 2.1% QoQ and CBS rose by 5.3% QoQ, while COMM (-1.2% QoQ), ENU and MFG (-1.2% each) performed poorly (all in CC terms). IT EBIT margin declined by 59bps QoQ despite substantial increase in utilisation,...