External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Mindtree: Mindtree (MTCL) delivered an exceptional quarter with double-digit QoQ growth and beat on margins despite wage hikes and supply side issues. The dependence on the top account is coming down and growth was broad-based across verticals/geographies/service lines. Mindtree's growth momentum will continue, supported by non-T1 accounts (+17.6% QoQ), customer success (+21.8% QoQ) and investments in Europe (manufacturing). Its sustainable structural improvement is validated by (1) the uptick in Q2 deal TCV at &gt;USD 300mn and lower dependence on non-T1 account, (2) improved cross-sell and addition of strategic logos (seven in Q2), and (3) healthy growth in the travel vertical, supported by core modernisation.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Mindtree: Mindtree (MTCL) delivered an exceptional quarter with double-digit QoQ growth and beat on margins despite wage hikes and supply side issues. The dependence on the top account is coming down and growth was broad-based across verticals/geographies/service lines. Mindtree's growth momentum will continue, supported by non-T1 accounts (+17.6% QoQ), customer success (+21.8% QoQ) and investments in Europe (manufacturing). Its sustainable structural improvement is validated by (1) the uptick in Q2 deal TCV at &gt;USD 300mn and lower dependence on non-T1 account, (2) improved cross-sell and addition of strategic logos (seven in Q2), and (3) healthy growth in the travel vertical, supported by core modernisation.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Infosys, Wipro, Mindtree

<p>Wipro: Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth of 12% QoQ CC (including Capco) was broad-based and Q2FY22 guidance of +5-7% QoQ growth (~1.5-3.5% organic) indicates that the strong momentum would sustain.</p><p>Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Wipro: Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth of 12% QoQ CC (including Capco) was broad-based and Q2FY22 guidance of +5-7% QoQ growth (~1.5-3.5% organic) indicates that the strong momentum would sustain.Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We recommend a BUY rating on the stock and assign a 26x P/E multiple to its FY23E earnings of Rs 25.4/share to arrive at a TP of Rs 655/share, implying an upside of 14% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a BUY rating on the stock and assign a 26x P/E multiple to its FY23E earnings of Rs 25.4/share to arrive at a TP of Rs 655/share, implying an upside of 14% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Wipro: Strong Performance, Robust Outlook Backed By Efficient Execution

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>What should investors do? Wipro's share price has grown by ~3x over the past five years (from ~Rs 210 in Jul 2016 to ~Rs 586 levels in July 2021). Target Price and Valuation: We value Wipro at Rs 670 i.e. 26x P/E on FY23E EPS...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

What should investors do? Wipro's share price has grown by ~3x over the past five years (from ~Rs 210 in Jul 2016 to ~Rs 586 levels in July 2021). Target Price and Valuation: We value Wipro at Rs 670 i.e. 26x P/E on FY23E EPS...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Wipro Ltd: Healthy Q1 Performance, Strong Guidance

<p>Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

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Wipro Ltd (WPRO IN)

HSIE Results Daily: Infosys, Wipro, Mindtree

Mindtree: Mindtree (MTCL) delivered an exceptional quarter with double-digit QoQ growth and beat on margins despite wage hikes and supply side...

HDFC Securities

HSIE Results Daily: Wipro, Cyient

Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth...

HDFC Securities

Wipro: Strong Performance, Robust Outlook Backed By Efficient Execution

We recommend a BUY rating on the stock and assign a 26x P/E multiple to its FY23E earnings of Rs 25.4/share to arrive at a TP of Rs 655/share,...

Axis Direct

Wipro Ltd: Healthy Q1 Performance, Strong Guidance

Wipro's share price has grown by ~3x over the past five years (from ~Rs 210 in Jul 2016 to ~Rs 586 levels in July 2021). Target Price and...

ICICI Securities Limited

HSIE Results Daily: Cyient, Wipro

Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services...

HDFC Securities

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