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Wipro Ltd ADR WIT

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Wipro’s Q3 Aided by Inorganic Growth, but EPS Falls Short; Maintaining INR 495 FVE

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Narrow-moat Wipro reported third-quarter results slightly above our top line expectations but fell short of our bottom line expectations due to weaker margins as a result of wage hikes and increased employee hiring, with over 10,000 employees added during the quarter. Wipro gave guidance of 2%-4% sequential revenue growth in its IT services segment for the quarter ahead. All in all, we are maintaining our INR 495 ($6.90 for U.S. ADR shares) fair value estimate for Wipro. We continue to believe Wipro is overvalued even with shares down 8% upon results--much like other Indian IT services giants Tata Consultancy Services and Infosys.

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Company Profile

Business Description

Wipro is a leading global IT services provider, with 175,000 employees. Based in Bengaluru, the Indian IT services firm leverages its offshore outsourcing model to derive over half of its revenue (57%) from North America. The company offers traditional IT services offerings: consulting, managed services, and cloud infrastructure services as well as business process outsourcing as a service.

Sarjapur Road, Doddakannelli
Bangalore, KA, 560 035, India
T +91 8028440011
Sector Technology
Industry Information Technology Services
Most Recent Earnings Dec 31, 2021
Fiscal Year End Mar 31, 2022
Stock Type
Employees 220,000