Add Wipro., target price Rs 410: HDFC Securities

economictimes.indiatimes.com:

Wipro with a target price of Rs 410. The current market price of Wipro is Rs 397.85.

Wipro, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 215977.00 Crore) operating in IT Software sector. Wipro key Products/Revenue Segments include Software Services, Networking, Storage equipment, Servers, Software Licenses for the year ending 31-Mar-2022.Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 23479.00 Crore, down -1.50 % from last quarter Total Income of Rs 23835.60 Crore and up 6.72 % from last year same quarter Total Income of Rs 22001.00 Crore.

Company has reported net profit after tax of Rs 2885.70 Crore in latest quarter.Investment Rationale The company’s seasonally strong H2 supplemented by Q1 large deal bookings of USD 1.1bn can put WPRO back to sequential growth but with a quarter’s lag as compared to peers. While there aren’t any near-term catalysts, improved payout following an acquisitive strategy in the prior two years and valuations at 16x FY25E limit the downside risk.Promoter/FII Holdings Promoters held 72.92 per cent stake in the company as of 31-Mar-2023, while FIIs owned 6.38 per cent, DIIs 8.01 per cent.