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Spark Capital: Dec Qtr results Update: Wipro




Spark Capital Advisors(India) Private Limited


05 Feb 2013





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Wipro: Inline results and guidance; No reason to upgrade Wipro reported inline results with IT Services US$ revenues growing 2.4% qoq and EBIT margins 30 bps below our expectation. 4QFY13E Revenue guidance was inline with our expectation and continues to be lower then industry average. Improvement in revenue growth is crucial for stock performance and we see no visibility for revenue growth to be inline with TCS or HCL Tech. Though the demerger increases the focus and quality of financial metrics, current prices capture all positives. We retain our Reduce recommendation with a price target of Rs. 405.

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