Buy Wipro, target price Rs 402.6: ICICI Direct

ICICI Direct has buy call on Wipro with a target price of Rs 402.6. The current market price of Wipro is Rs 399.8. Time period given by analyst is Intra Day when Wipro price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 392.4.

Wipro, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 219635.11 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 31-12-2022, the company has reported a Consolidated Total Income of Rs 23867.30 Crore, up 3.55 % from last quarter Total Income of Rs 23049.40 Crore and up 14.79 % from last year same quarter Total Income of Rs 20791.50 Crore. Company has reported net profit after tax of Rs 3062.40 Crore in latest quarter.

The company’s top management includes Mr.Rishad A Premji, Mr.Azim H Premji, Mr.Thierry Delaporte, Ms.Tulsi Naidu, Mr.Deepak M Satwalekar, Dr.Patrick J Ennis, Mr.Patrick Dupuis, Mr.Ireena Vittal. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 549 Crore shares outstanding.

Investment Rationale
Price rebound after taking support at 61.8% retracement of previous up move signaling supportive efforts at lower levels.