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Sell Wipro; target of Rs 390: Dolat Capital Market

The four stocks they exited are Macpower CNC Machines, NDR Auto Components, Novartis India and RSWM, according to Dolat Capital.

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    Dolat Capital Market's research report on Wipro


    Wipro reported 3.4% QoQ CC revenue growth (DART estm: 3.1%) led by volume led broad-based growth across verticals (5 verticals grew 4% sequentially). Surprisingly, OPM improved by 240bps QoQ for IT services at 21.7% (DART estm: 19.1%) led by incremental off-shoring and continued cost control. Announced Dividend of Rs.1 per share. Despite encouraging "qualitative" commentary and double digit growth in order book, Quarterly guidance remained the same at 1.5% to 3.5% QoQ for Q4FY21. Implying a 2% CC decline for FY21 which does not suggest any major acceleration as such. Introduced TCV metrics as it won $1.95Bn in deal wins which included Metro AG deal worth $750mn and also includes 12 deals pf 30mn$+ in TCV. Highlighted healthy funnel which should aid large deal win traction every quarter hereon as it has put in large deal focus in place.



    Outlook


    Factoring in double digit growth in its TCV, sustained traction in Q4 (2.5% growth at mid-point), improved profitability estimates, we have scaled up our EPS estimates by ~3.5%/3.3% for 22E/23E and maintain our Sell rating on the stock with TP of Rs.390 (valued at 19x FY23E EPS).


    For all recommendations report, click here


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