Tata Consultancy Services (TCS) reported a YoY rise of 17% in consolidated net profit of Q1 to Rs 11,074 crore. However, consolidated revenue increased nearly 13%, marginally lower than the estimated Rs 59,500 crore. Motilal Oswal and Nuvama retained their Buy recommendation on the IT major, while Nomura maintained a Reduce rating.
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NEW DELHI: After Tata Consultancy Services (TCS) and Infosys not-so-surprising numbers, Wipro s March quarter results surprised many, especially a lower-than-expected sequential fall in margin.
Analysts say they are liking the IT major s progress under the new management and are impressed by its strong margin management, deal wins (even as they were concentrated) and guidance for the June quarter. That said, they warned that rich valuations offer limited potential upside for Wipro shares.
The stock rose 9.62 per cent to hit a 52-week high of Rs 472.50 on BSE.
Wipro has been lagging its larger peers in the past few years, with only low single-digit organic constant currency revenue growth. But the latest quarter was a third straight three-month period in which Wipro delivered strong results on both revenue and margins fronts.