Wipro (WPRO IN)

April 30, 2022 1

Rating: BUY | CMP: Rs509 | TP: Rs616

Weak revenue and margin guidance

Quick Pointers:

Revenue growth guidance between 1-3% QoQ CC for Q1FY23 (vs 2-4% QoQ

for past 2 quarters) is weaker than consensus expectations.

IT services margins likely to decline below 17-17.5% for next 2-3 quarters.

Wipro’s Q1FY23 revenue growth guidance of 1-3% QoQ CC (vs 2-4% QoQ for

past 2 quarters) is weaker than consensus expectations. Management

mentioned about robust order book ACV (up 30% YoY in FY22 and 38% YoY

in Q4FY22) and deal pipeline, then further guided for double digit growth in

FY23. Though growth in ACV is strong, TCV of $400mn (-33% QoQ) in Q4FY22

is soft. Wipro’s new strategy and investments are progressing well – 1) 60

synergy deals with Capco, 2) 16% more senior leaders closer to clients and

3) 30% YoY growth in cloud ecosystem in FY22. However, material large/mega

deal wins or increase in organic revenue guidance from 2QFY23 will be key

triggers for the stock going forward.

We cut EPS estimates by ~7.5% for FY23/24 led by cut in EBIT margin by

~120bps/110bps for FY23/24, due to margin pressures from higher manpower

costs and investments in sales & technology capabilities. We arrive at DCF

based TP of Rs. 616 (earlier 735) with implied target multiple of 23x P/E on

FY24 EPS (earlier 25x). Wipro is currently trading at attractive valuations of

21x/19x on FY23/24E earnings of Rs. 24/27 respectively with Revenue/EPS

CAGR of 11%/12% for FY22-24. Maintain Buy.

Revenue in-line with cons, above our estimates: Wipro reported IT services

revenue of $2.72 bn, 3.1% QoQ USD (Ple: 2.5%, Cons: 3.1%), 3.1% QoQ CC

(Ple: 3.1%, Cons: 3.4%). Growth was within guided range of 2-4% QoQ CC.

Strong growth in order book ACV: Order book ACV grew 30% YoY in FY22

and 38% YoY in Q4FY22, exiting at higher growth trajectory. Order book ACV

in Americas 2 grew 56% YoY and in Europe grew 22% YoY. We note that

though growth in order book ACV is strong, the company has not stated

absolute ACV amount.

Weak large deal TCV in Q4FY22: Wipro reported FY22 TCV of $2.3 Bn,

implying Q4FY22 TCV of $400 mn, -33% QoQ, much lower compared to

average TCV of ~$631 mn in last three quarters. Management mentioned that

clients are breaking down deals in shorter sprints to avoid lengthy commercial

discussion and execute faster. Deal pipeline is highest ever and large deals

(>$30mn) do exist in pipeline but are still in decision making stage.

Weak Q1FY23 guidance: Revenue growth guidance of 1% to 3% QoQ CC (vs

2-4% QoQ for past 2 quarters) is weaker than our and cons expectations.

Guidance does not include contribution from their recent Rizing acquisition, as

it is expected to close before June 22. Management guided double digit growth

for full year. We had already assumed ~12% YoY USD growth for FY23.

Wipro (WPRO IN)

April 30, 2022

Q4FY22 Result Update

☑ Change in Estimates | ☑ Target | Reco

Change in Estimates

Current Previous

FY23E FY24E FY23E FY24E

Rating BUY BUY

Target Price 616 737

Sales (Rs. m) 8,97,714 10,06,062 9,02,521 10,11,467

% Chng. (0.5) (0.5)

EBITDA (Rs. m) 1,83,153 2,08,824 1,94,712 2,21,191

% Chng. (5.9) (5.6)

EPS (Rs.) 23.8 27.3 25.8 29.7

% Chng. (7.8) (7.9)

Key Financials - Consolidated

Y/e Mar FY21 FY22 FY23E FY24E

Sales (Rs. bn) 619 791 898 1,006

EBITDA (Rs. bn) 149 167 183 209

Margin (%) 24.0 21.1 20.4 20.8

PAT (Rs. bn) 108 122 134 154

EPS (Rs.) 19.1 21.6 23.8 27.3

Gr. (%) 14.7 13.2 9.8 14.9

DPS (Rs.) 1.0 5.8 5.8 5.8

Yield (%) 0.2 1.1 1.1 1.1

RoE (%) 19.4 20.2 18.9 18.8

RoCE (%) 18.9 18.8 17.2 17.5

EV/Sales (x) 4.2 3.4 2.9 2.5

EV/EBITDA (x) 17.6 16.1 14.1 11.9

PE (x) 26.6 23.5 21.4 18.6

P/BV (x) 5.2 4.4 3.8 3.3

Key Data WIPR.BO | WPRO IN

52-W High / Low Rs.740 / Rs.478

Sensex / Nifty 57,061 / 17,103

Market Cap Rs.2,789bn/ $ 36,488m

Shares Outstanding 5,481m

3M Avg. Daily Value Rs.4618.58m

Shareholding Pattern (%)

Promoter’s 73.27

Foreign 8.11

Domestic Institution 3.25

Public & Others 15.37

Promoter Pledge (Rs bn) -

Stock Performance (%)

1M 6M 12M

Absolute (15.6) (21.3) 3.9

Relative (14.2) (18.2) (9.4)

Aditi Patil

[email protected] | 91-22-66322258

Wipro

April 30, 2022 2

Miss in margins: Consolidated EBIT margins came at 16.3%, -60bps QoQ

(Ple: 16.9%) led by 60bps decline in gross margins. IT services operating

margin is 17%, -60bps QoQ (Cons: 17.3%). Utilization dropped 250bps in 3Q

and is at same levels in 4Q given supply side ramp ups and fresher additions.

Offshore mix improved by a healthy 200bps QoQ.

IT Services EBIT margin to be lower than 17-17.5% band: Management

mentioned that medium term EBIT margin guidance band for IT services

stands at 17-17.5%, however margins may decline below this range in next 2-

3 quarters given supply side pressures due to elevated attrition levels,

investments in strengthening sales teams, near shore delivery centres and

increased frequency of promotion cycle to quarterly basis of junior employees

(70% of employees).

Fresher addition to double: Wipro did strong net headcount addition of

11,457 employees- 5% QoQ, 23% YoY. It added 19K freshers in FY22, twice

that of FY21 and has plans to further double fresher addition in FY23.

Increased frequency of promotion of junior employees: LTM attrition

inched up by 110bps QoQ to 23.8%. Quarterly annualized attrition declined by

500bps QoQ. Wipro is taking several measures to curtail attrition such as

providing 5-year career progression path to freshers and increasing frequency

of promotion cycle to quarterly basis of junior employees (70% of employees).

Strong growth in high growth areas of cloud and software engineering:

Cloud ecosystem grew 31% YoY in FY22. Currently 40% of order pipeline is

coming from cloud and market continues to expand. Growth is strong in domain

consulting and engineering as well. Engineering (~10% of revenue) has grown

at 6% CQGR in last 4 quarters. Domain consulting tripled in size in FY22.

Wipro is also closely working with partners resulting in 50% of deal wins in

partnership with larger partners (SAP, Service Now, Sales force, AWS, Azure,

GCP)

Leadership closer to client: In-line with new strategy introduced by new CEO

of being closer to clients- Wipro now has 16% senior leadership closer to

clients vs last year. 50% of leadership hires are in customer facing GAE roles,

thereby strengthening sales team.

No signs of slowdown in client spending: Wipro management mentioned

that they are not seeing any slowdown in client spending because of macro

uncertainties. IT services spends is likely not be the first budget category to be

trimmed by clients. Management is very vigilant and mentioned that

manufacturing sector could potentially suffer from pressure in Eastern Europe

if at all IT spends slowdown.

Wipro announced acquisition of Rizing, a global SAP consulting firm with

expertise in SAP for Consumer Industries, SAP Enterprise Asset Management,

SAP Human Capital Management. As one of the leading strategic partners in

world of SAP, Rizing will become a critical extension of Wipro’s SAP Cloud

practice and Wipro FullStride Cloud Services. Consideration paid for

acquisition is US$540mn valuing Rizing at 2.8x of CY21 revenue. Rizing has a

revenue CAGR of 11% over CY19-21 (Dec-Year-end). It had Revenue of

~$194mn for CY21 which is ~2% of Wipro’s CY21 revenue of $9,787 mn.

Capco acquisition is progressing well

with healthy double digit revenue

growth and 60 synergy wins in FY22.

Capco bookings in Q4 were biggest

ever.

Wipro

April 30, 2022 3

Even though acquisitions are necessary to fill gaps in the portfolio and fast

track growth, they are margin dilutive in initial 1-2 years due to integration costs

and retention bonuses and will add to already existing margin pressures.

Localization: 80%+ population in US are locals, therefore H1B pressure is

eased off compared to prior years. In Europe as well there is far more

localization.

Q4FY22: Quick View on Results

IFRS Consolidated (RS m) 4Q22 3Q22 QoQ gr. 4Q21 YoY gr. Ple % var from

est

IT Services revenue (US$ m) 2,722 2,640 3.1% 2,152 26.4% 2,707 0.6%

Consolidated Revenue (US$ m) 2,769 2,685 3.1% 2,221 24.7% 2,754 0.5%

Consolidated Sales (INR mn) 2,08,600 2,03,136 2.7% 1,62,454 28.4% 2,07,095 0.7%

EBITDA 41,381 41,793 -1.0% 41,258.0 0.3% 42,662 -3.0%

EBITDA Margin (%) 19.8% 20.6% -74 bps 25.4% -556 bps 20.6% -76 bps

EBIT 34,036 34,334 -0.9% 33,281 2.3% 34,999

EBIT Margin (%) 16.3% 16.9% -59 bps 20.5% -417 bps 16.9% -58 bps

PBT 37,324 37,786 -1.2% 37,496 -0.5% 40,556 -8.0%

Tax 6,399 8,063 -20.6% 7,755 -17.5% 8,610 -25.7%

Tax Rate 17.1% 21.3% -419 bps 20.7% -354 bps 21.2% -408 bps

PAT 30,925 29,723 4.0% 29,741 4.0% 31,946 -3.2%

EPS (Rs) 5.6 5.4 3.9% 5.4 4.7% 5.84 -3.4%

Source: Company, PL

Change in Estimates

Year to 31-Mar FY23E FY24E

IT Services revenue (US$ m)

- New 11,812 13,066

- Old 11,836 13,092

Change -0.2% -0.2%

USD Revenue growth 11.8% 10.6%

EBIT Margins (Pre forex)

- New 16.5% 16.9%

- Old 17.7% 18.0%

Change -117 bps -111 bps

EPS - Fully diluted (Rs)

- New 23.8 27.3

- Old 25.7 29.6

Change -7.5% -7.6%

Source: PL

Wipro

April 30, 2022 4

WIPRO One year forward P/E valuation chart

17.38

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P/E Mean Mean + Std Dev Mean - Std Dev

Source: Company, PL

Moderation in revenue growth

0.3%

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-7.5%

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CC revenue growth QoQ CC revenue growth YoY

Source: Company, PL

EBIT margins to remain under pressure

15.8

%

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% 16.2

%

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EBIT Margins

Source: Company, PL

Wipro

April 30, 2022 5

Moderation in BFSI growth

514

543

558

579

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613

643

654

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630 5

90

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BFSI (USD mn) BFSI Growth QoQ

Source: Company, PL

Healthy growth in consumer BU

305 316 304 319 318354

306340

418467487

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Revenues from Consumer BU (USD Mn) Growth YoY (%)

Source: Company, PL

Vertical-wise Revenues

(US$ m) 4Q22 3Q21 QoQ gr. 4Q21 YoY gr.

Banking, Financial Services and Insurance 963.5 929.2 3.7% 656.5 46.8%

Consumer 487.2 467.2 4.3% 365.9 33.1%

Healthcare, Life Sciences & Services 313.0 311.5 0.5% 279.8 11.9%

Energy & Utilities 313.0 308.8 1.3% 284.1 10.2%

Technology 323.9 314.1 3.1% 288.4 12.3%

Manufacturing & Tech 190.5 176.9 7.7% 170.0 12.0%

Communications 130.6 132.0 -1.0% 107.6 21.4%

% of Total

Banking, Financial Services and Insurance 35.4% 35.2% 20 bps 30.5% 490 bps

Consumer 17.9% 17.7% 20 bps 17.0% 90 bps

Healthcare, Life Sciences & Services 11.5% 11.8% -30 bps 13.0% -150 bps

Energy & Utilities 11.5% 11.7% -20 bps 13.2% -170 bps

Technology 11.9% 11.9% 0 bps 13.4% -150 bps

Manufacturing & Tech 7.0% 6.7% 30 bps 7.9% -90 bps

Communications 4.8% 5.0% -20 bps 5.0% -20 bps

Source: Company, PL

Wipro

April 30, 2022 6

Market-wise revenue mix


Americas 1 770.2 744.4 3.5% 628.5 22.6%

Americas 2 843.7 802.5 5.1% 630.7 33.8%

Europe 797.5 784.0 1.7% 611.3 30.5%

APMEA 310.3 308.8 0.5% 282.0 10.0%

% of Total

Americas 1 28.3% 28.2% 10 bps 29.2% -90 bps

Americas 2 31.0% 30.4% 60 bps 29.3% 170 bps

Europe 29.3% 29.7% -40 bps 28.4% 90 bps

APMEA 11.4% 11.70% -30 bps 13.10% -170 bps

Source: Company, PL

Service wise revenues


iDEAS 1694.6 1638.0 3.5% 1261.5 34.3%

iCORE 1074.3 1047.3 2.6% 959.5 12.0%

% of Total

iDEAS 61.2% 61.0% 20 bps 56.8% 440 bps

iCORE 38.8% 39.0% -20 bps 43.2% -440 bps

Source: Company, PL

Client Metrics

4Q22 3Q21 QoQ gr. 4Q21 YoY gr.

Total >1$mn 679 661 18 566 113

US$1m - US$3m 410 399 11 349 61

US$3m - US$5m 297 286 11 257 40

US$5m - US$10m 194 189 5 167 27

US$10m - US$20m 117 110 7 93 24

US$20m - US$50m 50 47 3 40 10

> US$50m 29 29 0 27 2

> US$100m 19 17 2 11 8

Source: Company, PL

Wipro

April 30, 2022 7

Revenues from Top clients


Revenue from new Customers 174.44 136.95 27.4% 79.96 118.2%

Revenue from repeat businesses 2,594 2,548 1.8% 2,141 21.2%

Number of new customers 116 129 -13 97 19

Total Number of active customers 1,284 1,229 4.5% 1,089 17.9%

Customer Concentration

Top Customer 3% 3% 0.0% 3% 3.2%

Top 2-5 Clients 9% 10% -2.1% 9% 2.2%

Top 5 13% 13% -1.6% 12% 2.5%

Top 6-10 8% 8% 0.0% 7% 2.7%

Top 10 20% 20% -1.0% 20% 2.6%

Non Top 10 customers 80% 80% 0.3% 81% -0.6%

Revenue from new Customers (%) 6.3% 5.1% 120 bps 3.6% 75.0%

Customer Concentration

Top Customer 3.2% 3.2% 0 bps 3.1% 10 bps

Top 5 12.5% 12.7% -20 bps 12.2% 30 bps

Top 10 20.0% 20.2% -20 bps 19.5% 50 bps

Source: Company, PL

Headcount Metrics


Closing HC 2,43,128 2,31,671 5% 1,97,712 23%

Gross Utilization 75.8% 75.6% 20 bps 76.7% -90 bps

Net Utilization (Excl Training) 85.2% 85.8% -60 bps 86.0% -80 bps

Attrition

IT Services excl BPO and I&ME 23.8% 22.7% 110 bps 12.1% 1170 bps

Voluntary TTM 9.0% 10.00% -100 bps 7.4% 160 bps

Source: Company, PL

Revenue contribution


Revenue from FPP 62.2% 63.2% -100 bps 63.0% -80 bps

Onsite Revenue 41.7% 43.7% -200 bps 45.5% -380 bps

Offshore Revenue 58.3% 56.3% 200 bps 54.5% 380 bps

Source: Company, PL

Wipro

April 30, 2022 8

Financials

Income Statement (Rs m)


Net Revenues 6,19,430 7,90,934 8,97,714 10,06,062

YoY gr. (%) 1.5 27.7 13.5 12.1

Employee Cost 3,94,555 5,25,094 5,97,859 6,64,010

Gross Profit 2,24,875 2,65,840 2,99,855 3,42,052

Margin (%) 36.3 33.6 33.4 34.0

SG&A Expenses - - - -

Other Expenses - - - -

EBITDA 1,48,829 1,66,680 1,83,153 2,08,824

YoY gr. (%) 21.7 12.0 9.9 14.0

Margin (%) 24.0 21.1 20.4 20.8

Depreciation and Amortization 28,637 30,778 34,727 38,918

EBIT 1,20,192 1,35,902 1,48,426 1,69,906

Margin (%) 19.4 17.2 16.5 16.9

Net Interest - - - -

Other Income 18,856 15,373 22,294 26,273

Profit Before Tax 1,39,048 1,51,275 1,70,719 1,96,179

Margin (%) 22.4 19.1 19.0 19.5

Total Tax 30,341 28,946 36,263 41,671

Effective tax rate (%) 21.8 19.1 21.2 21.2

Profit after tax 1,08,707 1,22,329 1,34,456 1,54,508

Minority interest 716 106 208 208

Share Profit from Associate 0 0 0 0

Adjusted PAT 1,07,991 1,22,223 1,34,248 1,54,300

YoY gr. (%) 11.1 13.2 9.8 14.9

Margin (%) 17.4 15.5 15.0 15.3

Extra Ord. Income / (Exp) - - - -

Reported PAT 1,07,991 1,22,223 1,34,248 1,54,300

YoY gr. (%) 11.1 13.2 9.8 14.9

Margin (%) 17.4 15.5 15.0 15.3

Other Comprehensive Income - - - -

Total Comprehensive Income 1,07,991 1,22,223 1,34,248 1,54,300

Equity Shares O/s (m) 5,649 5,649 5,649 5,649

EPS (Rs) 19.1 21.6 23.8 27.3

Source: Company Data, PL Research

Balance Sheet Abstract (Rs m)


Non-Current Assets

Gross Block 98,277 1,53,323 1,57,323 1,61,323

Tangibles 85,192 1,09,768 1,13,768 1,17,768

Intangibles 13,085 43,555 43,555 43,555

Acc: Dep / Amortization - - - -

Tangibles - - - -

Intangibles - - - -

Net fixed assets 98,277 1,53,323 1,57,323 1,61,323

Tangibles 85,192 1,09,768 1,13,768 1,17,768

Intangibles 13,085 43,555 43,555 43,555

Capital Work In Progress - - - -

Goodwill 1,39,127 2,46,989 2,46,989 2,46,989

Non-Current Investments 16,420 774 774 774

Net Deferred tax assets - - - -

Other Non-Current Assets 54,424 57,344 57,344 57,344

Current Assets

Investments 1,75,707 2,41,655 2,41,655 2,41,655

Inventories 1,064 1,334 1,501 1,683

Trade receivables 94,298 1,15,219 1,29,683 1,45,353

Cash & Bank Balance 1,69,793 1,03,836 2,08,048 3,01,559

Other Current Assets 75,799 1,53,303 1,72,549 1,93,398

Total Assets 8,31,434 10,79,182 12,21,271 13,55,483

Equity

Equity Share Capital 10,958 10,964 10,964 10,964

Other Equity 5,42,137 6,47,194 7,48,635 8,70,127

Total Networth 5,53,095 6,58,158 7,59,599 8,81,091

Non-Current Liabilities

Long Term borrowings 7,458 56,463 56,463 56,463

Provisions - - - -

Other non current liabilities 39,343 55,717 55,717 55,717

Current Liabilities

ST Debt / Current of LT Debt 75,874 95,233 95,233 95,233

Trade payables 78,870 62,522 70,371 78,874

Other current liabilities 75,296 1,50,574 1,83,165 1,87,174

Total Equity & Liabilities 8,31,434 10,79,182 12,21,271 13,55,483


Wipro

April 30, 2022 9

Cash Flow (Rs m)

Y/e Mar FY21 FY22 FY23E FY24E Year

PBT 1,39,048 1,51,275 1,70,511 1,95,971

Add. Depreciation 28,637 30,778 34,727 38,918

Add. Interest - - - -

Less Financial Other Income 18,856 15,373 22,294 26,273

Add. Other (15,742) (10,947) (18,058) (22,037)

Op. profit before WC changes 1,51,943 1,71,106 1,87,181 2,12,852

Net Changes-WC 20,522 (34,623) (26,029) (28,198)

Direct tax (24,915) (25,686) (36,263) (41,671)

Net cash from Op. activities 1,47,550 1,10,797 1,24,889 1,42,983

Capital expenditures (29,450) (10,35,639

) (38,727) (42,918)

Interest / Dividend Income - - - -

Others 37,189 8,11,144 50,649 26,046

Net Cash from Invt. activities 7,739 (2,24,495) 11,922 (16,872)

Issue of share cap. / premium - 6 208 208

Debt changes 6,212 58,580 - -

Dividend paid (5,459) (6,602) (32,808) (32,808)

Interest paid (3,335) - - -

Others (1,26,258) (5,398) - -

Net cash from Fin. activities (1,28,840) 46,586 (32,600) (32,600)

Net change in cash 26,449 (67,112) 1,04,212 93,512

Free Cash Flow 1,18,100 (9,24,842) 86,162 1,00,065


Quarterly Financials (Rs m)

Y/e Mar Q1FY22 Q2FY22 Q3FY22 Q4FY22

Net Revenue 1,82,524 1,96,674 2,03,136 2,08,600

YoY gr. (%) 22.4 30.1 29.6 28.4

Raw Material Expenses 1,19,310 1,29,845 1,35,319 1,40,620

Gross Profit 63,214 66,829 67,817 67,980

Margin (%) 34.6 34.0 33.4 32.6

EBITDA 41,817 41,689 41,793 41,381

YoY gr. (%) 31.5 20.6 1.4 0.3

Margin (%) 22.9 21.2 20.6 19.8

Depreciation / Depletion 8,257 7,717 7,459 7,345

EBIT 34,720 34,905 35,535 35,111

Margin (%) 19.0 17.7 17.5 16.8

Net Interest - - - -

Other Income 5,040 3,593 3,452 3,288

Profit before Tax 38,600 37,565 37,786 37,324

Margin (%) 21.1 19.1 18.6 17.9

Total Tax 6,225 8,259 8,063 6,399

Effective tax rate (%) 16.1 22.0 21.3 17.1

Profit after Tax 32,375 29,306 29,723 30,925

Minority interest 54 - - 52

Share Profit from Associates - - - -

Adjusted PAT 32,321 29,306 29,723 30,873

YoY gr. (%) 35.2 18.9 - 3.9

Margin (%) 17.7 14.9 14.6 14.8

Extra Ord. Income / (Exp) - - - -

Reported PAT 32,321 29,306 29,723 30,873

YoY gr. (%) 35.2 18.9 - 3.9

Margin (%) 17.7 14.9 14.6 14.8

Other Comprehensive Income - - - -

Total Comprehensive Income 32,321 29,306 29,723 30,873

Avg. Shares O/s (m) 5,463 5,465 5,468 5,468

EPS (Rs) 5.9 5.4 5.4 5.6


Key Financial Metrics


Per Share(Rs)

EPS 19.1 21.6 23.8 27.3

CEPS 24.2 27.1 29.9 34.2

BVPS 97.9 116.5 134.5 156.0

FCF 20.9 (163.7) 15.3 17.7

DPS 1.0 5.8 5.8 5.8

Return Ratio(%)

RoCE 18.9 18.8 17.2 17.5

ROIC 20.1 15.6 16.6 18.3

RoE 19.4 20.2 18.9 18.8

Balance Sheet

Net Debt : Equity (x) (0.5) (0.3) (0.4) (0.4)

Debtor (Days) 56 53 53 53

Valuation(x)

PER 26.6 23.5 21.4 18.6

P/B 5.2 4.4 3.8 3.3

P/CEPS 21.0 18.8 17.0 14.9

EV/EBITDA 17.6 16.1 14.1 11.9

EV/Sales 4.2 3.4 2.9 2.5

Dividend Yield (%) 0.2 1.1 1.1 1.1


Wipro

April 30, 2022 10

Price Chart Recommendation History

No. Date Rating TP (Rs.) Share Price (Rs.)

1 05-Apr-22 BUY 735 606

2 13-Jan-22 BUY 737 691

3 04-Jan-22 BUY 753 719

4 22-Nov-21 BUY 736 651

5 14-Oct-21 BUY 728 673

6 05-Oct-21 BUY 678 641

7 06-Aug-21 BUY 665 598

8 16-Jul-21 BUY 678 576

9 07-Jul-21 BUY 637 533

10 02-Jul-21 UR - 540

Analyst Coverage Universe

Sr. No. Company Name Rating TP (Rs) Share Price (Rs)

1 Affle (India) BUY 1,535 1,270

2 Coforge BUY 5,559 4,512

3 Cyient BUY 1,208 899

4 HCL Technologies Accumulate 1,169 1,099

5 Infosys Accumulate 1,899 1,749

6 L&T Technology Services Accumulate 4,549 4,244

7 Larsen & Toubro Infotech BUY 6,369 5,472

8 Mindtree BUY 4,778 3,958

9 Mphasis BUY 3,755 3,312

10 Persistent Systems BUY 4,915 4,309

11 Redington (India) BUY 200 150

12 Sonata Software BUY 1,065 765

13 Tata Consultancy Services BUY 4,221 3,696

14 TeamLease Services Accumulate 4,647 4,034

15 Tech Mahindra BUY 1,837 1,499

16 Wipro BUY 735 606

17 Zensar Technologies BUY 453 384

PL’s Recommendation Nomenclature (Absolute Performance)

Buy : > 15%

Accumulate : 5% to 15%

Hold : +5% to -5%

Reduce : -5% to -15%

Sell : < -15%

Not Rated (NR) : No specific call on the stock

Under Review (UR) : Rating likely to change shortly

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Wipro

April 30, 2022 11

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