First cut of Wipro Q3FY22 Result Update By Mr. Piyush Pandey, YES Securities
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Below is the first cut of Wipro Q3FY22 Result Update by Mr. Piyush Pandey, Lead Analyst – Institutional Equities, YES SECURITIES.
Wipro Q3FY22 Result First cut - Both revenue and EBIT margin slightly below expectation.
Reported revenue of Rs 203.1bn( up 3.3% QoQ in INR terms- below expectation ). IT services revenue grew 2.3% QoQ in USD terms to $2.64bn. The revenue growth was led by strong performance in BFSI snd consumer verticals.
EBIT margin was down 37 bos QoQ to 16.9%, mainly led by higher employee cost ( cost of revenue) that grew 4.2% sequentially.
Deal booking remained strong as it closed 11 large deals with TCV of over $600 mn.
Total number of active customers increased by 31 QoQ to 1315. Total number of headcount increased by ~10,300 QoQ to 231,671. Net utilization was down 340 bos QoQ to 85.8 %, led by higher fresher onboarding and seasonal factor.
LTM attrition increased by 220 bps QoQ to 22.7%, as demand for talent remains strong.
Declared an interim dividend of Rs 1/ share.
Guided for sequential revenue growth of 2-4% QoQ for Q4FY22.
We currently have ADD rating on the stock.
Above views are of the author and not of the website kindly read disclaimer
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