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WOW WIPRO ! Wipro posts best Q4 results in ten years:
Information technology services major Wipro on Thursday reported its best fourth-quarter results in ten years and showed a strong deal win in the quarter helping the company guide for sequential revenue growth of 2-4 percent in Q1 of FY22 (and an 11-13 percent growth in the quarter year-on-year). Brokerages, however, have mixed views on the stock. While Citi upgraded the stock to ‘buy’ and raised target, CLSA retained an ‘underperform’ rating. Here’s what brokerages have to say:
After best Q4 in 10 years, Wipro to roll out bonuses, promotions Information technology services major Wipro on Thursday saw its best fourth quarter results in ten years, and showed a strong deal win in the quarter helping the company guide for a sequential revenue growth of 2-4 percent in Q1 of FY22 (and a 11-13 percent growth in the quarter year-on-year). The company is also set to roll out promotions across bands, offer skill-based bonuses and salary hikes for senior employees in June this year, CEO Thierry Delaporte said today, adding that the company looks to be the ‘leader’ in the war for talent. “We recognise that we are competing for quality talent, and we are fully prepared to lead the war for good talent. We are investing in building talent at scale, we have implemented several interventions to retain diverse talent,” Delaporte said.
Citi on Wipro: The brokerage upgraded the stock to ‘buy’ after the earnings announcement and raised its target to Rs 510 per share from Rs 460 earlier. It added that valuations are at a 30 percent and 18 percent discount to TCS and Infosys.
CLSA on Wipro: The brokerage maintains an ‘underperform’ call on the stock with a target at Rs 450 per share. Given an elevated valuation, it retains the ‘wait and watch’ stance.
Jefferies on Wipro: The brokerage maintains an ‘underperform’ call on the stock with a target at Rs 380 per share. It said that revenue and margin were marginally ahead of estimates, adding that revenue growth was broad-based across markets and verticals.
UBS on Wipro: The brokerage is ‘neutral’ on the stock with a target at Rs 470 per share. It added that Q1FY22 guidance was much better than their estimate of -1 to 1 percent.
Nomura on Wipro: The brokerage upgraded the stock to ‘neutral’ and raised the target to Rs 425 per share from Rs 410 earlier. It said that the company is positioned to close some of the revenue growth gaps with peers.
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