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HDFC Securities Report
Wipro Ltd.'s Q2 FY21 revenue growth of 2% QoQ constant currency was broad-based and guidance of up 1.5 to up 3.5% QoQ CC growth in Q3 is better than expectation.
The deal pipeline remains strong and sales activity is picking up driven by higher cloud adoption.
The company under the new leadership will increase focus on client mining/large deal wins, leveraging partner ecosystem and higher investments in talent.
The goal is to make the organisation more lean operationally and deliver profitable growth.
Key positives include -
1. strong guidance despite furloughs, 2. pick-up in deal activity/wins, 3. robust cash generation (operating cash flow is approximately 179% of net income), and 4. buyback of Rs 95 billion (4.2% of equity, approximately 30% of net cash) at Rs 400/share.
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