Software services firm Wipro, which will announce its earnings on Wednesday, is expected to have one of the fastest growth rates in the industry in the March quarter,
They are giving conclusive proof that the firm's turnaround strategy is working.
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The company, which has undergone a dramatic makeover since chairman Azim Premji dismantled the co-chief executive model in 2011, has been showing signs of a comeback in the past two quarters and a third quarter of good growth will be taken as a sure sign of vitality returning to the company.
Unlike its peers, Wipro had given a relatively bullish forecast for the January to March quarter guiding for 1-3% growth. Analysts expect a 2-3% growth in dollar terms, over the previous three months, between $1,535-$1,545 million in the quarter. Peer Infosys missed its March quarter forecast with a 2% fall in revenues.
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Analysts expect Wipro to forecast 2-4% growth for the June quarter. Infosys has a flattish forecast of 0-1% growth. On the profitability front, analysts expect Wipro to do better than competition.
While rupee appreciation is expected to be a headwind, higher proportion of fresher hiring over the past few months is expected to help keep costs under control. Operating profit margins are expected to remain flat at around 21% for the IT services business.
"Wipro's composition of freshers addition to total gross addition in FY12F (YTD) has improved to almost 60% versus 40-45% in FY11. It expects this ratio to be maintained in FY13. In our view this change will lead to material margin improvement starting fiscal 2013," RBS analysts Sandeep Shah and Srinivas Sheshadri wrote in a report last month. "Secondly, despite regaining the efficiencies within fixed price projects to normal levels in 3QFY12, Wipro is still hopeful of pulling out further efficiencies within fixed price projects going forward," they added.
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