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IDBI Capital Report
Wipro Ltd.'s Q4 FY24 profits were above consensus expectation. Going forward, the company has guided -1.5%- +0.5% indicating constraint demand scenario.
Further despite green shoots in Capco's consulting clients (led by 43% YoY increase in order booking) and large deal wins (up 17.4% YoY in FY24), we expect near term growth to be muted.
We expect lower discretionary spend, volatile demand and client specific challenges will weigh on Wipro's revenue growth in short term. Hence, we have lowered our earnings per share estimates downwards by 0.8% & 2% for FY25E and FY26E.
Consequently we have lowered our target price downwards from Rs 535 to Rs 521 (20 times FY26E EPS).
However, considering the recent fall in stock price we maintain our Buy rating on the stock.
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