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A ‘below par’ show, retain REDUCE |
REDUCE
CMP: Rs 450 Target Price: Rs 420
n Revenues at US$ 1,273 mn (+5.8% QoQ) missed expectations (closer to lower end of co’s revenue guidance), pales in comparision to strong revenue show from Tier 1 peers
n Wipro’s credible margin show in the recent past also face pressure both on a/c of lower growth and supply strains (attrition at 23.5% is the highest amongst peers)
n Wipro’s below par revenue performance in our view on a/c of Wipro’s inherent client mining woes( refer section/table below) despite attempts for course correction here
n Cut FY11E/FY12E EPS by 2%/1% to Rs 21.1/23.1 as we tweak US$ revenues marginally/reset currency assumptions. Retain REDUCE with an unchanged price target of Rs 420
wipro will rise upto 500+ this month end or 3-4 nov , because of new project
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