Overview Key strengths Key risks Healthy deal wins, strategic investments, and large recurring revenue base provide good earnings visibility. Smaller scale and lower profit margins than those of peers at a higher rating level. Cost advantage on offshore resources and global service delivery support healthy margins. Limited revenue growth visibility, amid lower information technology (IT) spending budgets and macroeconomic headwinds. Strong operating cash flows with low capital spending requirements provide sufficient headroom for discretionary spending. We expect a slowdown in demand for discretionary IT software and services over the next year. This is on the back of weak macroeconomic conditions and ongoing geopolitical uncertainties, resulting in budget cuts by corporates, globally. We expect Wipro's revenue to grow at a modest
