Trimming Wipro Estimates on More Cautious Revenue Outlook (at Seeking Alpha)

by: Ashish R. Thadhani posted on: July 25, 2008 | about stocks: WIT Excerpts from Gilford Securities analyst Ashish R. Thadhani's recent note to clients on Wipro Limited : WIT: Trimming Estimates Investment Conclusion. Based on a more cautious revenue outlook and significant non-operating adjustments (interest income and tax- rate) – mitigated by better near-term operating profitability – we are reducing our estimates as follows: fiscal 2009 EPADS to $0.59 on revenue of $6.056 billion (22% YoY growth) from $0.60 on revenue of $6.177 billion; and fiscal 2010 EPADS to $0.70 on revenue of $7.418 billion (23% YoY growth) from $0.73 on revenue of $7.686 billion. Our estimates imply 24%/11% compound revenue/EPS growth in calendar 2007-09 – after factoring a one-year extension in the “STPI” tax holiday to March 2010. Recent price... [read full story]