Good service-delivery capability. Moderate sectoral and customer diversity. Healthy but falling EBITDA margins due to revenue slowdown. Exposure to increasing protectionist policies abroad. Healthy and stable cash flows. Conservative financial policies with a net cash position. Exposure to foreign exchange fluctuations. The stable outlook on Wipro Ltd. reflects our view that the company will maintain its good competitive position and profitability, and a net cash positive position over the next 24 months. In an unlikely scenario, we may lower our rating on Wipro if: (1) its business position weakens with the loss of major clients or inability to scale up its growing digital business; or (2) the company significantly increases its leverage, with the ratio of net debt to EBITDA
