New Research Reports

Uncertainty hit 4QFY25 and led to weaker 1QFY26 guidance. A quick tariff resolution required to avert a third successive revenue decline

Asian markets are trading higher, showing resilience despite Wall Street's sharp decline following comments from U.S. Federal Reserve Chair Jerome Powell, who warned that ongoing trade tensions may challenge the Fed's dual mandate of managing inflation and sustaining economic growth.

We recommend a BUY rating on the stock with a TP of Rs 555/share, implying an upside of 10% from the CMP.

Wipro reported weak revenue performance in Q4, while margins stood steady. Revenue declined 0.8% QoQ CC, a tad below our expectations. IT Services EBITM was flat at 17.5%.

Proxy play on Wealth Management

Wipro reported IT services revenues of $2597 million, down 0.8% q-o-q/ 1.2% y-o-y in CC terms, missing our estimates of decline of 0.5% q-o-q in CC terms. Rupee revenue stood at Rs. 22,445 crore, up 0.7% q-o-q/1.7% y-o-y.

Wipro (WPRO) reported 4QFY25 IT Services revenue of USD2.6b, down 0.8% QoQ in constant currency (CC), below our estimate of flat QoQ. It posted an order intake of USD3.9b (up 12.5% QoQ), with a large deal TCV of USD1.8b (up 43% QoQ).

Avalon is uniquely placed in the Indian electronics manufacturing services (EMS) sector with its well-established manufacturing presence in the US.