Wipro Q3 Results Review - Inline Growth, Better Operational Show: HDFC Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .HDFC Securities Institutional Equities.Wipro Ltd. delivered an in-line revenue but its operating performance was better than expected. While Wipro’s growth lagged tier-I IT peers (10.4% YoY constant currency as compared to Tata Consultancy Services Ltd., Infosys Ltd. and HCL Technologies Ltd. posting more than 13% YoY CC), its operating performance was better than peers (sequentially) in Q3. Deal bookings have been trending well, but that’s not adequately translated into revenue growth due to volatility in discretionary spending and longer time to ramp up deals. In the same vein, strong bookings in Q3 are not resulting in any acceleration in Q4 as the company guided 11.5-12.0% CC for FY23, implying down 0.5% to 1% QoQ for Q4 FY23E, partially impacted by the consulting business. Within verticals, Q3 outperformance was driven by energy and utility and healthcare verticals while banking, financial services and insurance exhibited divergent trends across geographies. The biggest positive was management commentary of strong bookings expected in Q4 which, along with Q3 bookings of $4.3 billion (including large deal bookings of $1 billion), provide visibility for FY24E..Click on the attachment to read the full report:.Wipro Q3 Results: Profit Rises 15%, Revenue Meets Estimates.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Wipro Q3 Results Review - Inline Growth, Better Operational Show: HDFC Securities

Wipro delivered an in-line revenue but its operating performance was better than expected.

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