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IDBI Capital Report
Wipro Ltd.'s reported subdued Q3 FY23 results. The company has guided revenue guidance of 11.5%-12.0% in constant currency terms which we believe will lead to -0.8%-+0.9% growth in Q4 FY23E. This indicates macro led challenges.
In addition, despite robust order book of $4.3 billion in total contract value (up 26% YoY), we believe conversion of TCV wins to revenues will lag due to longer transition in vendor consolidation, macro uncertainty, lower discretionary spend and delay in decision making.
This coupled with slowdown in Europe will impact near term growth. Hence, we expect Wipro's FY24E revenue growth to be subdued (6.2% YoY) and then reviving in FY25E (up 8.3% YoY).
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