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One of India’s leading technology services and consulting companies, Wipro Limited holds a 1.4% weightage in the Nifty50 index. The share reached a 52-week high of ₹739.85 on 14th October 2021. The share opened gap-up and is currently trading at ₹426.40 on Monday, IST 10:48.

The Share prices of the company fell after it announced its Q4 results which didn’t meet the market expectations and added to it the sell-off in the IT sector in the US, as well as India, which added further to the correction.

For FY22 the company reported consolidated net revenue of ₹79,312 crores, an increase of 28% compared to the previous financial year. Net profit for FY22 stood at ₹12,237 crores which is an increase of 12% compared to the previous financial year. 

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ICICI direct estimates the revenue for FY23 of ₹89,164 crores which is a growth of 12% compared to FY22. The profit after tax is estimated at ₹13,459 crores which is a growth of 10% compared to FY22.

ICICI direct has also given a hold rating on Wipro Ltd with a target price of ₹575 for the duration of 12 months. This is an upside of 37% from its current market price.

Prabhudas Lilladher has given a buy rating on Wipro Ltd with a target price of ₹616 for the duration of 12 months. This is an upside of 47% from its current market price.

Written By: Aaron Vas

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