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Centrum Broking Report
Wipro Ltd.'s Q2 FY21 results were a modest beat on revenues as well as Ebit margin.
However, profit after tax was inline with estimates owing to lower other income.
Post steady execution in Q2 FY21 and stable Q3 FY21 guidance, we expect Wipro's U.S. dollar revenue growth/(decline) of (2.6)/7.3% for FY21/FY22E (versus (3.8)/6% modelled earlier).
While Thierry Delaporte has completed just one quarter as new Chief Executive Officer, we believe street would watch execution over next three quarters to see gradual turnaround in metrics.
Modest revenue upgrade, margin upgrade, sharecount reduction owing to buyback leads us to upgrade earning per share estimates by 5/8.5 % for FY22/FY23E.
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