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NSE : WIPROBSE : 507685ISIN CODE : INE075A01022Industry : IT - Software House : WIPRO
BSE244.20-2.7 (-1.09 %)
PREV CLOSE ( ) 246.90
OPEN PRICE ( ) 246.60
BID PRICE (QTY) 244.20 (85)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 136599
TODAY'S LOW / HIGH ( )243.70 247.40
52 WK LOW / HIGH ( )220.5 301.55
NSE244.15-2.95 (-1.19 %)
PREV CLOSE( ) 247.10
OPEN PRICE ( ) 246.95
BID PRICE (QTY) 244.15 (789)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 3164765
TODAY'S LOW / HIGH( ) 243.70 247.40
52 WK LOW / HIGH ( )222 301.6
AnalystDate18 Jul 2019
NoteDescriptionWipro had slow start for the beginning of the year. Revenue decline 0.7%QoQ in constant currency terms and margin impacted by 120bps due to lower utilization and wage hike. However PAT for the quarter came in line due to forex gain. Going forward, revenue growth in FY20 looks better than FY19 on back of continued growth in digital business (growing more than 30%YoY which is giving some visibility of better growth in FY20). However for near terms, we expect to see some challenges due to major vertical facing macro issue and company seeing deferral project. In segment like BFSI the company is seeing challenges in capital market and European banking which are impacting growth. Even manufacturing and healthcare is expected to be choppy due to macro challenges in continental Europe (major market for manufacturing) and continued uncertainty in HPS business. However growth is retail is expected to revive in 2QFY20 led by new deal wins. On margin front, we expect margin to gradually improve through better execution however drag in revenue growth and continued investment plan by the company will impact the margins in FY20. On the account of current price correction and also because of low valuation we recommend BUY rating to the stock while reducing our target price from Rs308 to Rs300


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