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Motilal Oswal Report
Wipro Ltd. reported a strong (8.1% QoQ constant currency) revenue growth in IT services in Q2 FY22, ahead of our estimate of 6.9%.
Organic growth (excluding Capco) of 4.5% QoQ also came in ahead of our estimate.
The management highlighted that the growth was broad based in Q2 FY22, including at Capco, which it is delivering ahead of plan.
Despite a merger and acquisition impact and wage hike, Ebit margin in IT services was flat QoQ at 17.8%, 170 basis point ahead of our estimate.
It reported a total contract value of $580 million in Q2 FY22, down 19% QoQ.
Wipro's operational metrics remain impacted by supply tightness, with attrition increasing by 500 bps QoQ to 20.5% and utilisation of 89.2%, despite adding 11,500 employees.
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