Wipro's growth continues to lag within the Tier-1 IT, but its relative growth underperformance has reduced with growth moderation of larger peers. We reckon that growth will continue to lag peers ahead based on soft outlook on ~50% of rev comprising BFSI, Communications and Technology (Hi-Tech sub-segment). This is expected to be offset by relatively better outlook in Consumer (e-commerce), Healthcare (HPS revival) and Manufacturing (healthy deal pipeline). The soft guidance for 4Q indicates that reaching industry level growth is an uphill task. While growth concerns remain (BFSI/large accounts-led), there is limited scope for margin expansion (higher localisation). We expect USD revenue growth of 2.2/5.9/6.0% and IT services EBIT% at 18.4/18.2/18.3% for FY20/21/22E. The stock is up ~6% in 3M and valuations are at ~14.0x FY21E (vs. 15.2x Tier-1 IT median). Risk to our thesis includes improved US/Europe macro and INR depreciation. We maintain NEU on Wipro post in-line revenue, better margin performance and lower than expected guidance. Continued headwinds in BFSI and large accounts offset the improving outlook in Consumer and Manufacturing verticals. Our TP of Rs 235 (unchanged) is based on 12x Dec-21E EPS.