CITI on Wipro : Sell, TP Rs 145

Wipro delivered slightly better than the muted/low expectations going into Q2; ex of Mindsprint/Alpha net, revenues would have declined ~1% qoq. Forward looking indicators continue to suggest sluggish trends – (a) TCV -26% yoy TTM (-7% as of 1Q), (b) Headcount declined ~7k qoq; +0.4% qoq, (c) 3Q implies another qoq decline at the midpoint, (d) Mgmt commentary – endeavor to achieve consistent qoq organic growth

WIPRO LTD

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