4QFY2017 Result Update | IT
May 02, 2017
Wipro
BUY
CMP
`494
Performance Highlights
Target Price
`570
(` cr)
4QFY17
3QFY17
% chg (qoq)
4QFY16
% chg (yoy)
Investment Period
12 Months
Net revenue
13,988
13,688
2.2
13,742
1.8
EBITDA
2,818
2,731
3.2
2,914
(3.3)
Stock Info
EBITDA margin (%)
20.1
20.0
19bps
21.2
(106)bps
Sector
IT
PAT
2,261
2,109
7.2
2,235
1.2
Market Cap (` cr)
1,20,189
Source: Company, Angel Research
Net Debt (` cr)
(32,513)
For 4QFY2017, Wipro’s revenues in IT services came in at US$1,955mn (v/s
Beta
0.5
US$1,937mn expected) v/s US$1,903mn in 3QFY2017, a 2.7% qoq growth, with
52 Week High / Low
578/410
a 1.7% qoq growth in Constant Currency (CC). In Rupee terms, revenues grew by
Avg. Daily Volume
1,67,720
2.2% qoq to `13,988cr (v/s `13,561cr expected) v/s `13,688cr in 3QFY2017.
Face Value (`)
2
On the operating front, EBIT margin came in at 14.3% (v/s 16.0% expected) v/s
BSE Sensex
29,918
16.4% in 3QFY2017, a dip of 160bps qoq. Consequently, PAT came in at
Nifty
9,304
`2,261cr (v/s `2,003cr expected) v/s `2,109cr in 3QFY2017, a growth of 7.2%
Reuters Code
WIPR.BO
qoq. It terms of guidance, the company has guided for 1QFY2018 sales of
Bloomberg Code
[email protected]
US$1,915-1,955. We maintain our BUY rating.
Quarterly highlights: IT services revenues came in at US$1,955mn (US$1,937mn
Shareholding Pattern (%)
expected) v/s US$1,903mn in 3QFY2017, a 2.7% qoq growth, with a 1.7% qoq
Promoters
73.3
growth in Constant Currency (CC). In terms of geography, the CC growth was
MF / Banks / Indian Fls
8.1
USA (1.2% qoq), Europe (4.4% qoq). In terms of verticals, in CC terms, the growth
FII / NRIs / OCBs
12.9
was Manufacturing and Technology (4.7% qoq), Finance Solutions (3.2% qoq),
Indian Public / Others
5.7
Consumer Business Unit (2.6% qoq), Energy, Natural Resources & Utilities (1.9%
qoq). On the operating front, EBIT margin came in at 14.3% (16.0% expected) v/s
16.4% in 3QFY2017, a dip 160bps qoq. Consequently, PAT came in at `2,261cr
Abs.(%)
3m 1yr
3yr
(`2,003cr expected) v/s `2,109cr in 3QFY2017, a growth of 7.2% qoq.
Sensex
(1.0)
11.2
34.8
Outlook and valuation: The management has set a target of US$15bn of revenue
Wipro
(1.7)
(18.5)
(20.5)
and an EBIT margin of 23% by 2020. However, the near term guidance target
appears to be disappointing. Nevertheless, we project a moderate top-line and net
3-year price chart
profit growth for FY2017-19E. However, given the valuations, we maintain our Buy
700.0
rating on Wipro.
600.0
Key financials (Consolidated, IFRS)
500.0
Y/E March (` cr)
FY2016
FY2017
FY2018E
FY2019E
Net sales
51,631
55,421
58,536
61,858
400.0
% chg
10.0
7.3
5.6
5.7
300.0
Net profit
8,975
8,517
8,863
9,276
200.0
% chg
3.7
(5.1)
4.1
4.7
EBITDA margin (%)
21.7
20.4
20.3
20.3
EPS (`)
36.3
35.1
36.5
38.2
P/E (x)
13.6
14.1
13.5
12.9
Source: Company, Angel Research
P/BV (x)
2.6
2.4
2.1
1.8
RoE (%)
19.2
19.2
14.6
13.4
RoCE (%)
13.4
13.4
10.6
10.2
EV/Sales (x)
1.9
1.8
1.4
1.1
Sarabjit kour Nangra
EV/EBITDA (x)
8.8
8.7
6.7
5.6
+91 22-39357800 Ext: 6806
Source: Company, Angel Research; Note: CMP as of April 28, 2017
[email protected]
Please refer to important disclosures at the end of this report
1
Wipro | 4QFY2017 Result Update
Exhibit 1: 4QFY2017 performance (Consolidated, IFRS)
Y/E March (` cr)
4QFY17
3QFY17
% chg (qoq)
4QFY16
% chg (yoy)
FY2017
FY2016
% chg (yoy)
Net revenue
13,988
13,688
2.2
13,742
1.8
55,040
51,244
7.4
Cost of revenue
9,259
9,117
1.6
8,879
4.3
36,844
34,175
7.8
Gross profit
4,728
4,571
3.4
4,863
(2.8)
18,196
17,069
6.6
SGA expense
1,910
1,784
7.1
1,949
(2.0)
7,284
6,272
16.1
EBITDA
2,818
2,787
1.1
2,914
(3.3)
10,913
10,796
1.1
Dep. and
818
541
51.2
430
90.2
2,311
1,497
54.3
amortisation
EBIT
2,000
2,246
(11.0)
2,484
(19.5)
8,602
9,299
(7.5)
Other income
941
512
83.8
433
117.3
2,434
2,194
10.9
PBT
2,941
2,758
6.6
2,917
0.8
11,036
11,493
(4.0)
Income tax
674
644
4.7
663
1.7
2,521
2,537
(0.6)
PAT
2,267
2,115
7.2
2,257
0.4
8,490
8,908
(4.7)
Minority interest
-
-
-
25
49
Adj. PAT
2,267
2,115
7.2
2,257
0.4
8,514
8,957
(4.9)
Diluted EPS
9.3
8.7
6.8
9.1
2.5
34.9
36.2
(3.7)
Gross margin (%)
33.8
33.4
41bps
35.4
(158)bps
33.1
33.3
(25)bps
EBITDA margin (%)
20.1
20.4
(22)bps
21.2
(106)bps
19.8
21.1
(124)bps
EBIT margin (%)
14.3
16.4
(211)bps
18.1
(378)bps
15.6
18.1
(252)bps
PAT margin(%)
16.2
15.5
75bps
16.4
(22)bps
15.5
17.5
(201)bps
Source: Company, Angel Research
Exhibit 2: 4QFY2017 - Actual vs Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net revenue
13,988
13,561
3.1
EBIT margin (%)
14.3
16.0
(169)bps
PAT
2,267
2,003
13.2
Source: Company, Angel Research
Revenues higher than expected in $ terms
IT services revenues came in US$1,955mn (v/s US$1,937mn expected) v/s
US$1,903mn in 3QFY2017, a 2.7% qoq growth, with a 1.7% qoq growth in
constant Currency (CC). In Rupee terms, revenues grew by 1.8% qoq to `13,988cr
(v/s `13,561cr expected) v/s `13,688cr in 3QFY2017.
In terms of geography, the CC growth was USA (1.2% qoq), Europe (4.4% qoq),
India & Middle East (0.5% qoq), while APAC & Other Emerging markets de-grew
(0.7% qoq). In terms of verticals, the CC growth was Manufacturing and
Technology (4.7% qoq), Finance Solutions (3.2% qoq), Consumer Business Unit
(2.6% qoq), Energy, Natural Resources & Utilities (1.9% qoq). The verticals which
dipped was Communications (-6.6% qoq) and Healthcare, Life Sciences & Services
(-2.0% qoq).
Going into FY2018 the company is very cautious expecting a decline in the
verticals like Healthcare and Retail. Also, the ongoing restructuring in its India and
Middle East business is expected to pose pressure in FY2018.
May 2, 2017
2
Wipro | 4QFY2017 Result Update
Exhibit 3: Trend in IT Services revenue
2,000
1,882
1955
3
1,931
2.7
1,950
1903
1,916
2.4
2.6
1,900
2
1,850
1,800
1
1,750
1,700
0
1,650
1,600
(0.8)
1,550
(0.7)
-
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
IT services
qoq growth (%)
Source: Company, Angel Research
Exhibit 4: Revenue growth (Industry wise - CC basis)
% to
% growth
% growth
revenue
(QoQ)
(yoy)
Global media and telecom
6.9
(6.6)
(6.0)
Financial solutions
26.0
3.2
7.8
Manufacturing and hi-tech
22.8
4.7
2.8
Healthcare, life sciences and services
15.4
(2.0)
20.4
Consumer
15.8
2.6
1.4
Energy and utilities
13.1
1.9
0.7
Source: Company, Angel Research
Services wise, Wipro’s anchor service lines ADM (contributed 45.7% to revenue)
and Technology Infrastructure Services (contributed 28.0% to revenue) registering a
growth of 0.7% qoq and a dip of 1.1% qoq respectively. Analytics and Information
Management, which contributed
7.1% of sales, de-grew by
5.4% qoq,
while, Product Engineering and Mobility contributed 7.1% of sales and de-grew by
1.3% qoq.
Exhibit 5: Revenue growth (Service wise)
Service verticals
% to revenue
% growth (qoq)
Technology infrastructure services
28.0
(1.1)
Analytics and information management
6.9
(5.4)
BPO
12.3
(1.6)
Product engineering and mobility
7.1
(1.3)
ADM
45.7
0.7
Source: Company, Angel Research
Geography wise, the developed economies such as America and Europe grew by
1.2% qoq and 4.4% qoq in CC terms respectively. India posted a 0.5% qoq CC
growth during the period. However, APAC and other emerging markets posted a
0.7% qoq de-growth for the quarter.
May 2, 2017
3
Wipro | 4QFY2017 Result Update
Exhibit 6: Revenue growth (Geography wise, CC basis)
% to revenue
% growth (QoQ)
% growth (yoy)
America
54.9
1.2
8.4
Europe
24.4
4.4
6.2
India and Middle East
10.8
0.5
(7.3)
APAC and other emerging markets
9.9
(0.7)
(0.1)
Source: Company, Angel Research
The IT Products segment reported a 77.3% yoy de-growth in revenue to `102cr
during the quarter.
Exhibit 7: IT Products - Revenue growth (yoy)
50
900
36.3
40
30
800
20
700
770
10
(12.3)
0
600
590
-10
500
570
-20
(28.2)
-30
400
(77.3)
-40
300
449
-50
(52.5)
-60
200
-70
100
-80
4QFY16
1QFY2017
2QFY17
3QFY17
4QFY17
IT products
yoy growth (%)
Source: Company, Angel Research
Hiring and utilization
Wipro reported a net addition of 2,353 employees in its IT Services employee
base, which now stands at 1,81,482 employees. Though voluntary attritions
(annualized) in the global IT business have increased considerably, it remained
stagnant on a net basis at 16.3%. The utilization rate of the global IT business
moved up by 150bps sequentially to 73.1%. Going ahead, an improvement in
utilization level will be an important margin lever.
Exhibit 8: Employee pyramid
Employee pyramid
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
Utilization - Global IT (%)
68.1
69.9
71.2
71.6
73.1
Attrition (%)
Global IT
16.1
16.5
16.6
16.3
16.3
BPO
11.1
11.7
12.2
10.7
11.2
Net additions
2,248
951
375
4,891
2,353
Source: Company, Angel Research
May 2, 2017
4
Wipro | 4QFY2017 Result Update
Margins lower than expected
On EBIT front, the company posted EBIT of 14.3% (16.0% expected) v/s 15.9% in
3QFY2017, dip of 160bps qoq, mainly aided by losses in the product business.
Exhibit 9: Segment-wise EBIT margin trend
30
18.0
20.1
17.8
17.8
18.3
20
10
18.2
16.1
15.8
15.9
14.3
0
(3.0)
4QFY16
1QFY2017
2QFY17
3QFY17
4QFY17
-10
-20
(6.3)
-30
(22.1)
-40
(29.6)
-50
-60
(46.9)
IT services
IT products
Consolidated
Source: Company, Angel Research
Client pyramid
Wipro added 51 new clients during the quarter with its active client base now
standing at 1,323. Amongst these, 1 has been in the US$100mn+ bracket and 6
in the US$10mn+ bracket.
Exhibit 10: Client metrics
Particulars
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
US$100mn plus
9
9
8
9
9
US$75mn-$100mn
9
10
11
8
9
US$50mn-$75mn
15
14
14
16
16
US$20mn-$50mn
56
58
58
57
57
US$10mn-$20mn
71
79
80
80
72
US$5mn-$10mn
88
82
87
94
100
US$3mn-$5mn
83
84
83
85
86
US$1mn-$3mn
219
229
230
227
248
New client addition
119
50
47
108
51
Active customers
1,223
1,208
1,180
1,259
1,323
Source: Company, Angel Research
May 2, 2017
5
Wipro | 4QFY2017 Result Update
Investment highlights
Grim outlook on growth: For 1QFY2018, the company has given a revenue
guidance of US$1,915-1,955mn implying a US$ qoq growth of (2)-0% in CC
terms. The outlook factors in the decline in performance of the verticals like
Healthcare and Retail. With this, the ongoing restructuring in company’s India and
Middle East business would be an additional deterrent to the growth in FY2018.
We expect US$ and INR revenue CAGR to be at 5.6% over FY2017-19E.
Target sales CAGR of 20% and EBIT Margin of 23%: Company, as part of its vision
for 2020 is targeting to reach US$15bn revenues with 23% EBIT margin, implying
revenue CAGR of ~20% over the next four years. If the margins expand by
300bps, then it would imply an even higher CAGR for earnings. Going by the
guidance, the company’s organic growth outlook is not even closer to its peers.
However, on the acquisition front, the company has been very aggressive in
comparison to its peers. Also, given the exit in FY2016, and performance in
FY2017, the company remains well short of the run-rate implied in achieving the
aspiration, thereby making the goal difficult for the remainder period.
During the 4QFY2017, company announced the acquisition of Appirio, a leading
cloud services company in areas like Sales force and Workday implementation.
Appirio’s CY2015 revenue was US$196mn and purchase consideration for the
acquisition is US$500mn. Its customers include Virgin America, Four Seasons
Hotels & Resorts, Coca Cola, eBay, Home Depot, Honeywell, NYSE Euronext,
Toyota and Facebook, among others.
Earlier, the company had acquired HealthPlan Services from Water Street
Healthcare Partners. Since partnering with Water Street in 2008, HealthPlan
Services has grown to become the leading independent technology and Business
Process as a Service (BPaaS) provider in the US health insurance market. As part of
the agreement, Wipro will acquire 100% of HealthPlan Services' shares for a
purchase consideration of US$460mn. Headquartered in Tampa, Florida,
HealthPlan Services employs over 2,000 associates. It offers market-leading
technology platforms and a fully integrated BPaaS solution to health insurance
companies in the individual, group and ancillary markets. HealthPlan Services’
BPaaS solutions are ideal for players who want to operate in the private and public
exchanges and the off-exchange individual market in the US.
Outlook and valuation
The new CEO of the company has put in place an aggressive target of 20%
revenue CAGR over the next four years, with much improved profitability (where
the company has significant levers in the form of automation and improving
utilization levels), which looks steep in the given circumstances. Also, the company
announced a total of `2/share in dividend and bonus of 1:1. On the valuation
front, the stock is currently trading at 13.5x its FY2017E and 12.9x its FY2019E
EPS, i.e. at a discount to its peers, while we expect the gap to narrow down once
the company’s performance come in-line with its peers in terms of growth and
profitability. We recommend Accumulate rating on the stock with a Target Price of
`570.
May 2, 2017
6
Wipro | 4QFY2017 Result Update
Exhibit 11: Key assumptions
FY2018E
FY2019E
Revenue growth - IT services (USD)
6.5
6.5
USD-INR rate (realized)
67.0
67.0
Revenue growth - Consolidated (`)
5.6
5.7
EBITDA margin (%)
20.3
20.3
Tax rate (%)
22.8
22.8
EPS growth (%)
4.1
4.7
Source: Company, Angel Research
Exhibit 12: One-year forward PE chart
1100
950
800
650
500
350
200
50
Price
27x
22x
17x
12x
7x
Source: Company, Angel Research
Exhibit 13: Recommendation summary
Company
Reco
CMP
Tgt. price
Upside
FY2018E
FY2018E
FY2016-18E
FY2018E
FY2018E
(`)
(`)
(%)
EBITDA (%)
P/E (x)
EPS CAGR (%)
EV/Sales (x)
RoE (%)
HCL Tech
Buy
812
1,000
23.1
20.5
12.7
9.6
1.8
17.9
Infosys
Buy
919
1,179
28.2
26.0
14.4
4.4
2.4
19.7
TCS
Buy
2,272
2,651
16.7
27.6
15.7
8.5
3.2
29.7
Tech Mahindra
Buy
417
600
43.9
17.0
10.4
11.4
0.9
20.7
Wipro
Buy
494
570
15.4
20.3
13.5
4.0
1.4
14.6
Source: Company, Angel Research
Company background
Wipro is among the leading Indian companies, majorly offering IT services. The
company is also engaged in the IT hardware (10% of sales) business. Wipro's IT
arm is India's fourth largest IT firm, employing more than 181,482 professionals,
offering a wide portfolio of services such as ADM, consulting and package
implementation, and servicing more than 1,000 clients.
May 2, 2017
7
Wipro | 4QFY2017 Result Update
Profit & Loss account (Consolidated, IFRS)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
Net revenue
46,955
51,631
55,421
58,536
61,858
Cost of revenues
30,846
34,325
36,844
38,927
41,135
Gross profit
16,108
17,306
18,577
19,610
20,722
% of net sales
34.3
33.5
33.5
33.5
33.5
Selling and mktg exp.
3,063
3,319
4,082
4,332
4,577
% of net sales
6.5
6.4
7.4
7.4
7.4
General and admin exp.
2,585
2,788
3,202
3,395
3,588
% of net sales
5.5
5.4
5.8
5.8
5.8
Depreciation and amortization
1,282
1,496
2,310
2,459
2,598
% of net sales
2.7
2.9
4.2
4.2
4.2
EBIT
9,179
9,703
8,983
9,424
9,959
% of net sales
19.5
18.8
16.2
16.1
16.1
Other income, net
1,990
1,770
2,056
2,056
2,056
Share in profits of eq. acc. ass.
0
0
0
0
0
Profit before tax
11,168
11,473
11,039
11,480
12,015
Provision for tax
2,462
2,498
2,521
2,618
2,739
% of PBT
22.0
21.8
21.8
22.8
22.8
PAT
8,706
8,975
8,517
8,863
9,276
Share in earnings of associate
-
-
-
-
-
Minority interest
53
-
-
-
-
Adj. PAT
8,653
8,975
8,517
8,863
9,276
Diluted EPS (`)
35.1
36.3
35.1
36.5
38.2
May 2, 2017
8
Wipro | 4QFY2017 Result Update
Balance sheet (Consolidated, IFRS)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
Assets
Goodwill
6,808
10,199
12,580
12,580
12,580
Intangible assets
793
1,584
1,592
1,584
1,584
Property, plant & equipment
5,421
6,495
6,979
7,279
7,579
Investment in equ. acc. investees
387
491
710
710
710
Derivative assets
74
26
11
26
11
Non-current tax assets
1,141
1,175
1,201
1,201
1,201
Deferred tax assets
295
380
310
310
310
Other non-current assets
1,437
1,583
2,079
2,079
2,079
Total non-current assets
16,354
21,933
25,462
25,769
26,054
Inventories
485
539
392
392
392
Trade receivables
9,153
10,238
9,485
9,951
10,516
Other current assets
7,336
10,407
3,075
3,075
3,075
Unbilled revenues
4,234
4,827
4,510
4,510
4,510
Available for sale investments
5,391
13,294
29,203
37,191
45,410
Current tax assets
649
781
980
980
980
Derivative assets
508
568
975
975
975
Cash and cash equivalents
15,894
9902
5271
5688
5889
Total current assets
43,649
50,556
53,890
62,762
71,745
Total assets
60,003
72,489
79,352
88,531
97,799
Equity
Share capital
493
494
486
486
486
Share premium
1,403
1,462
47
47
47
Retained earnings
37,225
42,574
49,093
57,470
66,259
Share based payment reserve
131
223
356
356
356
Other components of equity
1,545
1,853
2,049
2,049
2,049
Shares held by controlled trust
-
-
-
-
-
Eq. attrib. to shareholders of Co.
40,789
46,606
52,030
60,407
69,197
Minority interest
165
222
239
239
239
Total equity
40,954
46,828
52,269
60,646
69,436
Liabilities
Long term loans and borrowings
1,271
1,736
1,961
1,961
1,961
Deferred tax liability
324
511
661
661
661
Derivative liabilities
16
12
0
-
0
Non-current tax liability
670
823
955
955
955
Other non-current liabilities
366
723
550
550
550
Provisions
1
-
-
-
-
Total non-current liabilities
2647
3804
4127
4127
4127
Loans and bank overdraft
6,621
10,786
12,280
12,280
12,280
Trade payables
5,875
6,819
6,549
6,890
7,281
Unearned revenues
1,655
1,808
1,615
1,878
1,879
Current tax liabilities
804
702
810
1,047
1,096
Derivative liabilities
75
234
271
234
271
Other current liabilities
1,222
1,382
1,303
1,303
1,303
Provisions
152
126
127
126
127
Total current liabilities
16,403
21,856
22,954
23,758
24,236
Total liabilities
19,050
25,661
27,082
27,885
28,363
Total equity and liabilities
60,003
72,489
79,351
88,531
97,799
May 2, 2017
9
Wipro | 4QFY2017 Result Update
Cash flow statement (Consolidated, IFRS)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
Pre tax profit from operations
11,168
11,473
11,473
11,480
12,015
Depreciation
1,282
1,496
1,496
2,459
2,598
Expenses (deferred)/written off
(13)
(13)
(13)
(13)
(13)
Pre tax cash from operations
12,438
12,956
12,956
13,926
14,600
Other income/prior period ad
1,990
1,770
2,056
2,056
2,056
Net cash from operations
14,428
14,726
15,012
15,982
16,656
Tax
(2,462)
(2,498)
(2,521)
(2,618)
(2,739)
Cash profits
11,965
12,228
12,491
13,365
13,917
(Inc)/dec in current assets
(8,181)
(6,906)
(3,334)
(8,872)
(8,983)
Inc/(dec) in current liab.
2,757
5,453
1,098
803
478
Net trade working capital
(5,423)
(1,453)
(2,236)
(8,069)
(8,505)
Cashflow from oper. actv.
6,542
10,775
10,255
5,296
5,412
(Inc)/dec in fixed assets
(276)
(1,075)
(484)
(300)
(300)
(Inc)/dec in intangibles
(600)
(791)
(8)
8
-
(Inc)/dec in investments
(119)
(104)
(220)
-
-
(Inc)/dec in net def. tax assets
-
-
-
-
-
(Inc)/dec in derivative assets
-
-
-
-
-
(Inc)/dec in non-current tax asset
7
146
496
-
-
(Inc)/dec in minority interest
9
(53)
-
-
-
Inc/(dec) in other non-current liab
273
510
(41)
-
-
(Inc)/dec in other non-current ast.
(122)
(34)
(26)
-
-
Cashflow from investing activities
(826)
(1,401)
(1,401)
(282)
(292)
Inc/(dec) in debt
180
465
-
225
-
Inc/(dec) in equity/premium
314
(14,052)
(12,999)
(4,335)
(4,434)
Dividends
(1,736)
(1,780)
(486)
(486)
(486)
Cashflow from financing activities
(1,242)
(15,367)
(13,485)
(4,596)
(4,920)
Cash generated/(utilized)
4,474
(5,992)
(4,631)
418
200
Cash at start of the year
11,420
15,894
9,902
5,271
5,688
Cash at end of the year
15,894
9,902
5,271
5,688
5,889
May 2, 2017
10
Wipro | 4QFY2017 Result Update
Key Ratios
Y/E March
FY2015
FY2016
FY2017
FY2018E
FY2019E
Valuation ratio (x)
P/E (on FDEPS)
14.1
13.6
14.1
13.5
12.9
P/CEPS
12.3
11.7
11.7
10.6
10.1
P/BVPS
3.0
2.6
2.4
2.1
1.8
Dividend yield (%)
2.4
1.2
0.4
0.4
0.4
EV/Sales
2.1
1.9
1.8
1.4
1.1
EV/EBITDA
9.6
8.8
8.7
6.7
5.6
EV/Total assets
1.7
1.4
1.2
0.9
0.7
Per share data (`)
EPS (Fully diluted)
35.1
36.3
36.3
36.5
38.2
Cash EPS
40.2
42.4
42.4
46.6
48.9
Dividend
12.0
6.0
2.0
2.0
2.0
Book value
165.7
189.4
202.0
236.5
272.7
Return ratios (%)
RoCE (pre-tax)
15.3
13.4
13.4
10.6
10.2
Angel RoIC
28.8
24.8
24.8
28.5
29.4
RoE
21.1
19.2
19.2
14.6
13.4
Turnover ratios(x)
Asset turnover (fixed assets)
8.9
8.7
7.9
8.5
8.5
Receivables days
69
69
70
71
72
Payable days
67
67
67
67
67
May 2, 2017
11
Wipro | 4QFY2017 Result Update
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Wipro
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No
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Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
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Sell (< -15)
May 2, 2017
12