For 3QFY22, Wipro’s net profit came in slightly lower than street expectations. Weakness in operating performance and lower other income impacted the company’s profitability. Revenue too came in slightly lower than street estimates, partly due to weakness in energy and utility and technology segments.
Deal pipeline, though remains robust and company added 7 new customers in $100 million revenue bracket. Company expects 4Q revenues to grow 2-4% QoQ. The stock trades at high valuations, driving neutral rating by most brokerages.
Post 3Q performance, some analysts could trim down their earnings estimates and target prices.
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