Wipro Ltd. share price target

Wipro has lagged in its execution despite achieving better results and securing higher deal wins. However, FY25E may witness some recovery supported by these strong deal wins. Given the lack of necessary visibility, a SELL rating is recommended for the stock.

Wipro’s (WPRO) 0.6% QoQ CC revenue was ahead of our and consensus estimates. BFSI-led growth was in line with the results announced so far in the sector, marking third consecutive quarter of BFSI vertical growth for WPRO.

Wipro (WPRO) reported 2QFY25 IT Services revenue of USD2.6b (0.6% QoQ) in constant currency (CC), 60bp above our estimate. It posted an order intake of USD3.6b (+9.6% QoQ), with a large deal TCV of USD1.5b (+30% QoQ).

We recommend a SELL rating on the stock.

Wipro reported IT service revenues of $2,626 million, 1% q-o-q/4.9% y-o-y, in constant currency terms, below our estimate of 0.1% q-o-q decline, led by weakness in Energy, Natural resources and Utilities, Manufacturing, and Retail.

Wipro’s (WPRO) 1% QoQ cc revenue decline stood lower than street / I-Sec’s estimate of flattish growth and was in contrast to the trend of positive growth surprises delivered by peers in Q1FY25-TD.