16 Jan 2023 , 11:31 AM
Analysts at IIFL Capital Services recommend Reduce on Wipro’s stock. Forecasted 12-month target price of the stock is Rs 385. Wipro has been able to do a turnaround because of strong IT spending by companies post the pandemic. But sustainability of this turnaround is now a concern.
Revenue growth in constant currency terms, and on a Q-o-Q basis, in the December quarter, stood at 0.6%. This was at the lower end of the company’s guidance. Deal wins were strong in the quarter. Wipro achieved faster growth than its competitors in the BFSI (Banking, Financial Services, and Insurance) vertical. This higher growth was on account of the acquisitions that the company made. In other verticals, the company’s performance was sub-optimal.
Compound Annual Growth Rate (CAGR) of 6.6 % is forecasted for Revenues in US dollars in the period between FY 23 and FY 25. CAGR of 12.4% is forecasted for EPS in this period.
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