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ICICI Direct Report
Wipro Ltd. reported a healthy set of Q2 FY21 numbers. Information Technology services revenues increased 2.0% QoQ in constant currency terms, above our estimate of 1.1% growth in CC terms.
Geographically, revenue growth was led by Americas, Rest of World, which grew 2.2%, 3.7% QoQ, respectively.
The IT service Ebit margin increased 30 basis points QoQ to 19.3% versus our estimate of 19.2%.
Wipro guided that its Q3 FY21E IT services revenues would be in the range of 2022-2062 million dollar, translating to 1.5-3.5% QoQ growth.
The company has declared a buyback of approximately 23.8 crore shares from its shareholders on a proportionate basis by way of a tender offer.
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