Maintain ‘buy’ on Wipro with unchanged TP of Rs 467

Wipro’s new initiatives in over a decade — showcased at its analyst meet — are exciting and reinforce our conviction on the company. The chairman’s statement of a ‘bolder, risk-taking, agile, obsessed with growth and think big’ Wipro marks a remarkable shift at the hitherto ‘introvert’ company.

The CEO outlined five key strategic priorities. Accelerate growth. Strengthen clients and partnerships. Lead with business solutions. Build talent at scale. Simplify the operating model. We believe the initiatives are in right direction and timely since the industry is accelerating, and will monitor the progress thereof. Maintain ‘buy’ with an unchanged TP of Rs 467 (25x FY22E PE).