Buy call on wipro

buy Wipro for a target price of Rs 477. Wipro in 1QFY2009 recorded a decent 5.6% qoq growth in Top-line. This was driven primarily by impressive pricing-related increases, as also the Rupee depreciation witnessed during the quarter. Despite the Margin expansion witnessed this quarter, Wipro?s Bottom-line grew by 3% qoq, slower than the growth in EBITDA. This was on account of lower Other Income (down 17.9% qoq), higher Interest Costs (up by as much as 65.2% qoq) and higher Taxes paid (Effective Tax Rate of 14.5% v/s 13.8% in 4QFY2008). Wipro recorded forex losses to the tune of Rs 69.7 crore in 1QFY2009.