Buy Wipro with target Rs 302

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Total income of Wipro slipped marginally 0.05% on a sequential basis to Rs 14,304.60 crore, whereas the figures fell 4.92% on a YoY basis.

Sumit Bilgaiyan

Wipro has posted a lower-than-expected profit of 6.64% QoQ fall in net profit at Rs 1,803 crore in Q4FY18 over Rs 1,931.30 crore in Q3FY18. Total income of Wipro slipped marginally 0.05% on a sequential basis to Rs 14,304.60 crore, whereas the figures fell 4.92% on a YoY basis.

The earlier company has informed that its profit may take a hit of 65-75 basis points in the Q4FY18 as one of its telecom clients is undergoing insolvency proceedings. However, the company has hadn't named the client. Though, management is confident that the company will return to growth trajectory starting Q2FY19.

Share Market Tips

Management expects topline to be in the range of USD 2,015 million to USD 2,065 million in Q1FY19. Wipro’s revenue and earnings growth has been a laggard in over the past three years mainly due to certain client-specific issues and tremendous pressure in energy & utility vertical.

However, with digital now forming 25% of total revenue & growing strongly in past four quarters, bottoming out of energy and healthcare verticals and sustained growth in BFSI, key revenue growth concerns are weakening.

We believe that revival in EBIT margins is a key to further upside in the stock. We are recommending a buy with target price of Rs 302.

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Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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