Wipro Ltd. share price target

Broad-based recovery across verticals, continued margin resiliency, and strong cash generation were the key positives for the company. The key contours of the new CEOs refreshed strategy growth from focused sectors/markets, continued investment in talent, and a simplified operational model to help improve focus on customers seem to be steps in We upgrade our FY21/FY22E EPS by 3%/2%, largely led by a revised revenue of execution of Wipros refreshed strategy and a successful turnaround from its growth struggles over the past decade before turning more constructive on the stock. Growth focus Focusing on existing accounts; shaping large deals Focus and scale Prioritizing markets/sectors and striving for leadership Offerings Evolving offerings beyond traditional IT offices, focusing on Talent Continuing to invest in building talent Simplified operating model Agile/Lean operating model that would help improve external focus on customer Wipro reported revenue (USD) / EBIT / PAT growth of -3%/5%/-4% YoY v/s our estimate of -4%/3%/-4% YoY.

Wipro (WPRO) delivered an upbeat QoQ performance in Q2FY21 with 2% CC revenue growth, ahead of our estimate of 1%.

Wipro is a leading Indian company with business interests in the export of IT & BPO services

furloughs in payment provider segment led to revenue declines (-2.9% YoY/-2.1% CC). CBU (-3.7% YoY/-2.5% CC) and Technology (-2.2% YoY/1.4% CC) underperformed as well....

In Q1FY21, Gross revenue rose 1.3% YoY, primarily helped by favorable Forex changes. On Constant Currency (CC) basis, IT services revenue declined 4.4% YoY on subdued business activities across verticals such...

We upgrade Wipro to Buy from Sell as they are managing costs well, delivering solid cash flows, new CEO, potential buyback & inexpensive valuations. Wipro has surprised us consistently with margin defense. We have raised our earnings estimates by 12%/9% for FY22E/23E led my margin upgrade & now...