Wipro Q3 Results Review - Inline; Management Lowers Guidance: Axis Securities

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Axis Securities Report.In Q3 FY24, Wipro Ltd.’s reported revenue stood in line with our expectations at Rs 22,231 crore, down 1.4% QoQ and 5.9% QoQ (in constant currency terms). The company reported operating profits of Rs 3,256 crore, down 1.4% on a QoQ basis. However, its operating margins expanded (above our expectations) and stood at 14.8%, largely led by cost optimisation. The company’s net profit stood at Rs 2,694 crore, registering a growth of 1.8% QoQ. .Outlook From a long-term perspective, we believe Wipro has a strong deal pipeline and superior financial structure. However, it lags in execution capabilities to capitalize on growth as compared to peers. Moreover, rising concerns over the prospects of large economies along with prevailing supply-side constraints pose uncertainties over the company’s short-term growth rates. .Valuation and recommendation Against this backdrop, we recommend a 'Sell' rating on the stock and assign a 17 times price/earning multiple to its FY26E earnings of Rs 26.5/share to arrive at a target price of Rs 450/share. The target price implies a downside of 3% from the current market price..Click on the attachment to read the full report:.Wipro Q3 Results Review - Much Better Than Worst Fears: Nirmal Bang.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Wipro Q3 Results Review - Inline; Management Lowers Guidance: Axis Securities

The company reported operating profits of Rs 3,256 crore, down 1.4% on a QoQ basis.

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