Consulting exposure and muted expectation offer potential recovery play

12 Dec 2023
5 Min read 
  • Wipro's business performance has been lackluster, but there is potential for recovery.
  •  The company has consulting exposure and muted expectations.
  •  Neutral rating maintained as macro visibility is awaited.
  •  Target price set at INR460 (+10%).
  •  Weak near-term performance expected, followed by a recovery in FY25.
  •  Wipro's inorganic investments in consulting capabilities may fuel growth.
  •  The company has made improvements in leadership and decision-making.
  •  Margins are being adjusted and employee pyramid mix is being rationalized.
  •  Wipro has a strong cash payout policy and attractive valuation.
  •  Macro recovery and discretionary spends will be key factors for turning positive on the stock.
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