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Wipro (WIPR.BO / WIT, Neutral)
1) Move to verticalization model progressing well, hope to see recovery in 2-3
quarters – As part of the restructuring, company has moved away from the geography
based organizational structure to vertical based P&L model. Management expects to
return to the industry level growth in the next two quarters.
2) Business environment not deteriorating as yet – they are not seeing any major
impact of the macro concerns on the client budgets currently. At worst, projects may
be delayed due to slower decision making, but no clients are shelving the projects.
3) Technology trends like cloud, non linear investments – On cloud, company
continues to invest but will not go through the capex route by providing piece meal
data centers like Google. Instead, they are looking to offer end to end infra services. On
non linear initiatives, they are looking for a combination of M&A and organic
investments into manpower and software licenses to achieve growth.
4) SAIC integration on track – SAIC provides upstream selling advantage and 150
consultants in the energy and utility space. Acquisition provides synergies in winning
deals in Europe through joint marketing as well as opportunity to get more projects
from existing customers.
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