>Wipro(Citi)

 Management view: Short-term uncertain but medium-term positive — Deal
pipeline remains strong and while ramp-ups are happening, there are certain
ramp-downs as well. Management is positive over the medium term – believes
that this environment throws up opportunities for Wipro. Our view –
Uncertainty/delay in decision making will impact near-term outlook.
 Focus on "just in time" hiring — Wipro has made ~8,000 campus offers till
Sep-end (compared to ~14,000 last year till Dec-end). Wipro is focusing on
optimizing the employee supply chain, improving productivity and growing
revenues without a proportionate increase in headcount. Our view – Lower
hiring partially reflects lower visibility and partly easing supply scenario.
 Initiatives to drive higher growth — 1) Customer centricity; 2) Integrated multiservice
offering; 3) Consulting to proactively help clients cut costs; 4) Taking
existing services to new areas; and 5) “Hunting” for new customers and
focusing on emerging markets. Our view – Wipro’s strength across multiple
service lines and emerging markets should help drive better growth rates.

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