Where do we go from here? Wipro has a good track record of identifying new opportunities. For instance, it acquired Infocrossing, an infrastructure management services company in 2007, well before any Indian IT services company, except HCLT, was taking this opportunity seriously. However, weaknesses in account mining and inconsistent delivery have prevented it from capitalising fully on these opportunities. The company has recently started taking steps to fix these, such as by hiring Abid Neemuchwala, a veteran at TCS, as the chief operating officer in February 2015. Abid has recently verticalised the organisation structure, which we think can help. Current valuation of 14x one-year forward earnings is also appealing given that the company can grow earnings sustainably in the mid-teens over five years, if it gets its act together. The company has made an over 20% return on equity in each of the last fifteen years. However, we think things are likely to get worse before they get better.