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    507685   INE075A01022

WIPRO LIMITED

(507685)
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Wipro surges 8% on fourth-quarter profit beat, outlook

04/16/2021 | 01:26am EDT

BENGALURU (Reuters) - Wipro Ltd's shares rose 8% on Friday, a day after the Indian IT services firm reported a quarterly profit above analysts' estimates, helped by growth across key verticals and large deal wins.

The Bengaluru-based company reported a consolidated fourth-quarter net profit of 29.72 billion rupees ($398.14 million), up 27.8% from a year earlier. Analysts had expected a profit of 28.31 billion rupees, according to Refinitiv IBES data.

March quarter IT services revenue rose 4% to 158.92 billion rupees and the company closed 12 large deal wins amounting to $1.4 billion.

Indian IT services companies which offer a range of services to clients in the banking, retail and other sectors by helping them run their business processes, have continued winning contracts and expanding over the past few months.

Wipro's large deal wins in the fourth quarter and its ability to replicate the strong performance in the third quarter was a surprise for investors, Investec analysts said.

"The guidance for Q1 of 2%-4% quarter-on-quarter growth on an organic basis was also a positive surprise considering first quarters have historically been weak for Wipro."

The company forecast June quarter IT services revenue in the range of $2,195 million to $2,238 million, a sequential growth of 2% to 4%.

"All key markets are now growing on year-on-year basis and this provides us a solid foundation to build on next year's growth rates," Thierry Delaporte, chief executive officer of Wipro said.

Larger peers Infosys and Tata Consultancy Services had lagged analysts' expectations early this week.

The Nifty IT services index rose 1.4% led by gains in Wipro, which was also one of the top boosts to the bluechip Nifty 50 index.

Wipro's shares are up 20.4% so far this year and have outperformed the IT index, which is up 9%.

($1 = 74.6475 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CAPGEMINI SE 0.15% 172.55 Real-time Quote.35.88%
INFOSYS LIMITED 0.85% 1603.9 Delayed Quote.26.65%
INVESTEC GROUP 2.68% 54.07 End-of-day quote.47.57%
NIFTY 50 -0.20% 15824.45 Delayed Quote.13.41%
NIFTY IT 0.38% 29940.4 Delayed Quote.23.27%
TATA CONSULTANCY SERVICES LTD. -0.48% 3197.55 Delayed Quote.12.23%
WIPRO LIMITED 2.59% 599.15 End-of-day quote.55.12%
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Financials
Sales 2022 774 B 10 399 M 10 399 M
Net income 2022 121 B 1 625 M 1 625 M
Net cash 2022 207 B 2 777 M 2 777 M
P/E ratio 2022 27,2x
Yield 2022 1,13%
Capitalization 3 225 B 43 324 M 43 308 M
EV / Sales 2022 3,90x
EV / Sales 2023 3,40x
Nbr of Employees 209 890
Free-Float 26,4%
Chart WIPRO LIMITED
Duration : Period :
Wipro Limited Technical Analysis Chart | 507685 | INE075A01022 | MarketScreener
Technical analysis trends WIPRO LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 35
Last Close Price 599,15 INR
Average target price 544,86 INR
Spread / Average Target -9,06%
EPS Revisions
Managers and Directors
Thierry Delaporte CEO, Executive Director & Managing Director
Jatin Pravinchandra Dalal President & Chief Financial Officer
Rishad Azim Premji Executive Chairman
Subha Tatavarti Chief Technology Officer
Harmeet Chauhan Global Head-Engineering, Research & Development
Sector and Competitors
1st jan.Capi. (M$)
WIPRO LIMITED55.12%40 319
ACCENTURE PLC21.99%186 855
TATA CONSULTANCY SERVICES LTD.12.23%168 660
INTERNATIONAL BUSINESS MACHINES CORPORATION12.28%131 205
INFOSYS LIMITED26.65%90 140
AUTOMATIC DATA PROCESSING, INC.16.96%83 980