August8 , 2022

Revenues seen at Rs215,098 million, PAT at Rs29,654 million

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Result date: 20th July, 2022
Recommendation: Reduce
Target price: Rs400

Wipro is likely to post 2.8% sequential growth in constant currency IT services revenue during the June 2022 quarter. This growth will be largely led by healthy traction in the BFSI and Consumer verticals. On the other hand, Manufacturing and Health verticals are likely to remain soft. Lack of large deals is a key constraint for the company.

Analysts at IIFL Securities expect Wipro’s EBIT margins to contract 40 basis points sequentially, amid increased travel and facility costs and impact of 1-month revenue contribution from Rizing.

The company could guide for a 2.5-4.5% sequential growth in revenues for Q2FY23 (including two months’ contribution from Rizing).

 

Important management insights to watch out for:


  • Large deal wins and deal pipeline

  • Q2FY23 guidance

  • Impact on demand from on‐going macro concerns

  • Commentary about supply side issues and attrition trends











June 2022 estimates

QoQ change

YoY change

Revenue (US$ mn)

2,745

0.8%

13.7%

Revenue (Rs. mn)

215,098

3.1%

17.8%

EBIT (Rs. mn)

34,201

0.5%

8.9%

EBIT margin

15.9%

(40) bps

(130) bps

Profit After Tax (Rs. mn)

29,654

(3.9)%

(8.3)%

EPS (Rs.)

5.4

(3.9)%

(8.4)%

Source: IIFL Research

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