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IDBI Capital Report
Wipro Ltd.'s Q3 FY22 IT services revenue growth of 3.0% in constant currency terms was in mid of the guided range. The IT services margins also dipped 19 basis points to 17.6% and were below our expectation.
However, we believe this is quarterly aberration and Wipro's guidance of 2-4% QoQ growth in Q4 FY22 indicate 28% YoY growth for FY22.
This coupled with robust industry tailwinds, large deal total contract value of $600 million (led by 11 large deals), robust organic growth, 27% YoY growth in order book and turnaround under new Chief Executive Officer prompts us to be positive on the stock. However, recent run up in price factors in most of the positives
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