2QFY2017 Result Update | IT
October 25, 2016
Wipro
BUY
CMP
`484
Performance Highlights
Target Price
`590
(` cr)
2QFY17
1QFY17
% chg (qoq)
2QFY16
% chg (yoy)
Investment Period
12 Months
Net revenue
13,766
13,599
1.2
12,238
12.5
EBITDA
2,654
2,653
0.0
2,606
1.8
Stock Info
EBITDA margin (%)
19.3
19.5
(23)bps
21.3
(202)bps
PAT
2,070
2,052
0.9
2,187
(5.3)
Sector
IT
Source: Company, Angel Research
Market Cap (` cr)
117,590
Net Debt (` cr)
(21,460)
On the sales front, Wipro posted a 0.8% sequential de-growth in its IT Services
revenues to US$1,916mn (V/s US$1,921mn expected v/s US$1,931mn in
Beta
0.6
1QFY2017). In Constant Currency (CC) terms, the company posted a qoq growth
52 Week High / Low
607/470
of 0.9%. In terms of verticals, Healthcare, Life Sciences & Services posted a
Avg. Daily Volume
182,727
CC qoq growth of 4.3%; while in terms of geography, US posted a CC qoq
Face Value (`)
2
growth of 1.8%. The EBIT margin came in at 15.8% (V/s 15.1% expected), a dip
BSE Sensex
28,179
of 32bps qoq. Consequently, the PAT came in at `2,070cr (V/s `1,968cr
Nifty
8,709
expected), a growth of 0.9% qoq. On guidance front, the company expects to post
Reuters Code
WIPR.BO
IT Services sales of US$1,916-1,955mn in 3QFY2017, which imply a qoq CC
Bloomberg Code
[email protected]
growth of 0-2%. We recommend a buy on the stock.
Quarterly highlights: On the sales front, Wipro posted a
0.8% sequential
Shareholding Pattern (%)
de-growth in its IT Services revenues to US$1,916mn (V/s US$1,921mn expected
Promoters
73.3
v/s US$1,931mn in 1QFY2017). In Constant Currency (CC) terms, the company
MF / Banks / Indian Fls
7.2
posted a qoq growth of 0.9%. In INR terms, the consolidated revenues are
FII / NRIs / OCBs
13.6
expected to come in at `13,766cr (V/s `13,428cr expected), up by 1.2% qoq. In
Indian Public / Others
5.9
terms of verticals, Healthcare, Life Sciences & Services posted a CC qoq growth of
4.3%; while in terms of geography, US posted a CC qoq growth of 1.8%. The
EBIT margin came in at 15.8% (V/s 15.1% expected), an dip of 32bp qoq.
Abs.(%)
3m 1yr
3yr
Consequently, the PAT came in at `2,070cr (V/s `1,968cr expected), a growth of
Sensex
1.4
2.6
36.0
0.9% qoq.
Wipro
(10.0)
(14.9)
2.6
Outlook and valuation: The management has set a target of US$15bn of
revenue and an EBIT margin of 23% by 2020. The company achieving the
3-year price chart
revenue target would imply a CAGR of 20% in sales over the next four years.
700.0
However, the near term guidance suggests a moderate organic growth. We
600.0
recommend a buy on the stock, given the valuations.
500.0
Key financials (Consolidated, IFRS)
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
400.0
Net sales
46,955
51,631
55,440
60,430
300.0
% chg
8.1
10.0
7.4
17.0
200.0
Net profit
8,653
8,887
9,148
9,853
% chg
11.0
2.7
2.9
7.7
EBITDA margin (%)
22.3
21.7
18.1
18.1
EPS (`)
35.1
35.9
37.0
39.9
Source: Company, Angel Research
P/E (x)
13.8
13.5
13.1
12.1
P/BV (x)
2.9
2.6
2.4
2.2
RoE (%)
21.1
19.0
19.0
17.0
RoCE (%)
15.3
13.4
13.4
13.9
Sarabjit kour Nangra
EV/Sales (x)
2.1
1.8
1.7
1.4
+91 22-39357800 Ext: 6806
EV/EBITDA (x)
9.3
8.5
8.2
6.9
[email protected]
Source: Company, Angel Research; Note: CMP as of October 24, 2016
Please refer to important disclosures at the end of this report
1
Wipro | 2QFY2017 Result Update
Exhibit 1: 2QFY2017 performance (Consolidated, IFRS)
Y/E March (` cr)
2QFY17
1QFY17
% chg (qoq)
2QFY16
% chg (yoy) 1HFY2017
1HFY2016
% chg (yoy)
Net revenue
13,766
13,599
1.2
12,238
12.5
27,365
24,751
10.6
Cost of revenue
9,296
9,172
1.3
8,142
14.2
18,469
16,372
12.8
Gross profit
4,470
4,427
1.0
4,096
9.1
8,896
8,379
6.2
SGA expense
1,816
1,774
2.4
1,490
21.9
3,590
3,053
17.6
EBITDA
2,654
2,653
0.0
2,606
1.8
5,307
5,326
(0.4)
Dep. and amortisation
485
467
3.9
337
43.8
951
689
38.0
EBIT
2,169
2,186
(0.8)
2,269
(4.4)
4,355
4,637
(6.1)
Other income
496
485
2.3
529
981
1,062
(7.7)
PBT
2,665
2,671
(0.2)
2,798
(4.8)
5,336
5,699
(6.4)
Income tax
591
612
(3.5)
595
(0.7)
1,203
1,247
(3.5)
PAT
2,077
2,059
0.9
2,203
(5.7)
4,133
4,452
(7.2)
Minority interest
7
7
16
14
21
Adj. PAT
2,070
2,052
0.9
2,187
(5.3)
4,119
4,433
(7.1)
Diluted EPS
8.6
8.4
2.4
9.1
(6.2)
16.9
18.1
(6.4)
Gross margin (%)
32.5
32.6
(8)bps
33.5
(100)bps
32.5
33.9
(134)bps
EBITDA margin (%)
19.3
19.5
(23)bps
21.3
(202)bps
19.4
21.5
(213)bps
EBIT margin (%)
15.8
16.1
(32)bps
18.5
(278)bps
15.9
18.7
(282)bps
PAT margin(%)
15.0
15.1
(5)bps
17.9
(283)bps
15.1
17.9
(286)bps
Source: Company, Angel Research
Exhibit 2: 2QFY2017 - Actual vs Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net revenue
13,766
13,428
2.5
EBIT margin (%)
15.8
15.1
62bps
PAT
2,070
1,968
5.2
Source: Company, Angel Research
Revenues higher than expected
On the sales front, Wipro posted a 0.8% sequential de-growth in its IT Services
revenues to US$1,916mn (V/s US$1,921mn expected v/s US$1,931mn in
1QFY2017). In CC terms, the company posted a qoq growth of 0.9%. In INR
terms, the consolidated revenues are expected to come in at `13,765cr (V/s
`13,428cr expected), up by 1.3% qoq.
In terms of verticals, Healthcare, Life Sciences & Services posted a CC qoq growth
of 4.3%; while in terms of geography, US posted a CC qoq growth of 1.8%.
During the quarter, revenue from the Energy vertical declined by 4.1% qoq (CC).
The pressure is expected to continue until oil prices stabilize, post which customers
would tend to resume their discretionary spends. Finance Solutions saw good
growth and the environment in Healthcare and Life sciences is now robust, post the
integration of recent acquisitions.
October 25, 2016
2
Wipro | 2QFY2017 Result Update
Exhibit 3: Trend in IT Services revenue
2,000
3
1,950
2.4
2.6
2.1
1,900
1,931
1,916
2
1,850
1,882
1,800
1,832
1,838
1
1,750
1,700
0.3
0
1,650
1,600
(0.8)
1,550
-1
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
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
7.5
1.1
8.2
Financial solutions
25.5
0.7
2.8
Manufacturing and hi-tech
22.4
(1.0)
0.5
Healthcare, life sciences and services
16.0
4.3
46.9
Retail and transportation
15.7
0.4
3.7
Energy and utilities
12.9
1.3
(1.8)
Source: Company, Angel Research
Services wise, Wipro’s anchor service lines ADM (contributed 43.8% to revenue)
and Technology Infrastructure Services (contributed 28.2% to revenue) registered a
growth of 0.4% and a dip of 2.1% qoq, respectively. Analytics and Information
Management, which contributed
7.3% of sales, de-grew by
2.6% qoq;
while Product Engineering and Mobility contributed 7.3% of sales and grew
by 0.7% qoq.
Exhibit 5: Revenue growth (Service wise)
Service verticals
% to revenue
% growth (QoQ)
Technology infrastructure services
28.2
(2.1)
Analytics and information management
7.3
(2.6)
BPO
13.4
3.3
Product engineering and mobility
7.3
0.7
ADM
43.8
0.4
Source: Company, Angel Research
Geography wise, the developed economies such as America and Europe grew by
1.8% and 0.3% qoq in CC terms, respectively. India posted a 1.1% qoq CC de-
growth, during the period. However, APAC and other emerging markets posted a
0.1% qoq de-growth for the quarter.
October 25, 2016
3
Wipro | 2QFY2017 Result Update
Exhibit 6: Revenue growth (Geography wise, CC basis)
% to revenue
% growth (QoQ)
% growth (yoy)
America
54.8
1.8
8.4
Europe
24.0
0.3
9.0
India and Middle East
10.4
(1.1)
4.3
APAC and other emerging markets
10.8
(0.1)
0.2
Source: Company, Angel Research
The IT Products segment reported a 36.3% yoy growth in revenue to `770cr,
during the quarter.
Exhibit 7: IT Products - Revenue growth (yoy)
50
900
36.3
40
800
30
20
700
770
10
600
650
0
590
(10)
500
565
(16.0)
(20)
400
(28.2)
449
(30)
300
(40)
(38.3)
(52.5)
(50)
200
(60)
100
(70)
2QFY16
3QFY16
4QFY16
1QFY2017
2QFY17
IT products
yoy growth (%)
Source: Company, Angel Research
Hiring and utilization
Wipro reported a net addition of 951 employees in its IT Services’ employee base,
which now stands at 1,74,238. Though voluntary attritions (annualized) in the
global IT business increased considerably, it remained stagnant on a net basis at
16.6%. The utilization rate of the global IT business moved up by 130bp
sequentially to 71.2%. Going ahead, an improvement in utilization level will be an
important margin lever.
Exhibit 8: Employee pyramid
Employee pyramid
2QFY16 3QFY16 4QFY16 1QFY17 2QFY17
Utilization - Global IT (%)
69.5
66.4
68.1
69.9
71.2
Attrition (%)
Global IT
16.4
16.3
16.1
16.5
16.6
BPO
10.2
9.9
11.1
11.7
12.2
Net additions
6,607
2,268
2,248
951
951
Source: Company, Angel Research
Margins better than expected
The EBIT margin came in at 15.8% (V/s 15.1% expected), an expansion of 52bp
qoq; the miss in terms of overall EBIT margins was largely on account of operating
losses in the hardware business (-22.1% EBIT margin). The EBIT margins came in
October 25, 2016
4
Wipro | 2QFY2017 Result Update
better aided by better utilization
(+310bp qoq ex-trainees), Offshore mix
(+50bp qoq) and 1% qoq depreciation in realized US $/INR.
Exhibit 9: Segment-wise EBIT margin trend
25
20.7
20.2
20.1
17.8
17.8
20
15
19.0
17.9
18.2
16.1
15.8
10
5
1.5
0
2QFY16
3QFY16
4QFY16
1QFY2017
2QFY17
(5)
(3.0)
(4.0)
(10)
(6.3)
(15)
(20)
(25)
(22.1)
IT services
IT products
Consolidated
Source: Company, Angel Research
Client pyramid
Wipro added 47 new clients during the quarter with its active client base now
standing at 1,180. Amongst these, 1 has been in the US$75mn+ bracket and 1 in
the US$20mn+ bracket. Wipro cited that there has been increasing pricing
pressure in large deals, led by growing competitive pressures. Both, deal sizes as
well as value of deals are under pressure. In such an environment, Wipro has been
trying to offset pressure by increasing the use of automation.
Exhibit 10: Client metrics
Particulars
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
US$100mn plus
10
9
9
9
8
US$75mn-$100mn
7
8
9
10
11
US$50mn-$75mn
14
15
15
14
14
US$20mn-$50mn
54
53
56
58
58
US$10mn-$20mn
69
69
71
79
80
US$5mn-$10mn
90
93
88
82
87
US$3mn-$5mn
77
78
83
84
83
US$1mn-$3mn
212
211
219
229
230
New client addition
67
39
119
50
47
Active customers
1100
1105
1223
1208
1180
Source: Company, Angel Research
Investment highlights
Moderate outlook on growth: For 3QFY2017, the company has given a revenue
guidance of US$1,916-1,955mn implying a US$ qoq growth of 0-2% on CC. after
including one month of revenues from Appirio in 3Q, WPRO’s organic guidance
will be flat at the midpoint. So after the 3QFY2017 guidance, the expected
recovery in the company looks more likely in FY2018. We expect US$ and INR
revenue CAGR to be at 8.4% and 8.2%, respectively, over FY2016-18E.
October 25, 2016
5
Wipro | 2QFY2017 Result Update
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 300bp,
then it would imply an even higher CAGR for earnings. The company sees itself
better placed than this time last year to latch on to opportunities in the market
though the same aggression and optimism is yet to reflect in its performance.
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.
During the quarter, company announced the acquisition of Appirio, a leading
cloud services company in areas like Sales force and Workday implementation.
Appirio’s CY15 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 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). Also, the company announced a total of `6/share in dividend
and up to `2,500cr through a buyback. Thus, the total payout in FY2016 amounts
to ~45% compared to 34% in FY2015. The company guided at sustaining ~40%
payout going forward, which will improve the overall returns of the shareholders.
On the valuation front, the stock is currently trading at 13.1x its FY2017E and
12.1x its FY2018E EPS, ie at a discount to its peers, while we expect the gap to
narrow down once the company’s performance comes in line with its peers in
terms of growth and profitability. We recommend a buy on the stock with a target
price of `590.
October 25, 2016
6
Wipro | 2QFY2017 Result Update
Exhibit 11: Key assumptions
FY2017E
FY2018E
Revenue growth - IT services (USD)
7.8
9.0
USD-INR rate (realized)
66.0
66.0
Revenue growth - Consolidated (`)
7.4
17.0
EBITDA margin (%)
18.1
18.1
Tax rate (%)
22.0
22.0
EPS growth (%)
2.9
7.7
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
811
1,000
23.4
20.5
12.6
9.6
1.8
17.9
Infosys
Buy
1,029
1,249
21.4
27.0
14.8
8.4
2.5
21.6
TCS
Accumulate
2,428
2,867
7.9
27.6
16.7
8.5
3.3
33.1
Tech Mahindra
Buy
428
700
38.6
17.0
10.4
13.2
0.9
20.7
Wipro
Buy
484
590
22.0
18.1
12.1
5.3
1.7
19.3
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 1,68,000 professionals,
offering a wide portfolio of services such as ADM, consulting and package
implementation, and servicing more than 1,000 clients.
October 25, 2016
7
Wipro | 2QFY2017 Result Update
Profit & Loss account (Consolidated, IFRS)
Y/E March (` cr)
FY2014 FY2015 FY2016
FY2017E
FY2018E
Net revenue
43,427
46,955
51,631
55,440
60,430
Cost of revenues
29,549
30,846
34,325
38,143
41,576
Gross profit
13,878
16,108
17,306
17,297
18,854
% of net sales
32.0
34.3
33.5
31.2
31.2
Selling and mktg exp.
2,925
3,063
3,319
3,714
4,049
% of net sales
6.7
6.5
6.4
6.7
6.7
General and admin exp.
2,354
2,585
2,788
3,548
3,867
% of net sales
5.4
5.5
5.4
6.4
6.4
Depreciation and amortization
1,111
1,282
1,496
1,608
1,752
% of net sales
2.6
2.7
2.9
2.9
2.9
EBIT
8,600
9,179
9,703
10,035
10,938
% of net sales
19.8
19.5
18.8
18.1
18.1
Other income, net
1,501
1,990
1,770
1,770
1,770
Share in profits of eq. acc. ass.
0
0
0
0
0
Profit before tax
10,101
11,168
11,473
11,804
12,708
Provision for tax
2,260
2,462
2,537
2,597
2,796
% of PBT
22.4
22.0
22.1
22.1
22.0
PAT
7,840
8,706
8,936
9,207
9,912
Share in earnings of associate
-
-
-
-
-
Minority interest
44
53
49
59
59
Adj. PAT
7,797
8,653
8,887
9,148
9,853
Diluted EPS (`)
31.5
35.1
35.9
35.9
39.9
October 25, 2016
8
Wipro | 2QFY2017 Result Update
Balance sheet (Consolidated, IFRS)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E
FY2018E
Assets
Goodwill
6,342
6,808
10,199
6,316
6,317
Intangible assets
194
793
1,584
1,584
1,584
Property, plant & equipment
5,145
5,421
6,495
6,795
6,795
Investment in equ. acc. investees
268
387
491
491
491
Derivative assets
29
74
26
26
26
Non-current tax assets
1,019
1,141
1,175
1,175
1,175
Deferred tax assets
336
295
380
380
380
Other non-current assets
1,430
1,437
1,583
1,583
1,583
Total non-current assets
14,762
16,354
21,933
18,350
18,351
Inventories
229
485
539
539
539
Trade receivables
8,539
9,153
10,238
10,063
11,778
Other current assets
3,947
7,336
10,407
10,407
10,407
Unbilled revenues
3,933
4,234
4,827
4,827
4,827
Available for sale investments
6,056
5,391
13,294
13,294
13,294
Current tax assets
977
649
781
781
781
Derivative assets
366
508
568
568
568
Cash and cash equivalents
11,420
15,894
9,902
17,852
24975
Total current assets
35,469
43,649
50,556
58,330
67,169
Total assets
50,230
60,003
72,489
72,489
85,519
Equity
Share capital
493
493
494
493
494
Share premium
1,266
1,403
1,462
1,462
1,462
Retained earnings
31,495
37,225
42,574
49,680
53,937
Share based payment reserve
102
131
223
102
103
Other components of equity
1,047
1,545
1,853
1,853
1,853
Shares held by controlled trust
(54)
-
-
-
-
Eq. attrib. to shareholders of Co.
34,350
40,789
46,606
46,606
57,849
Minority interest
139
165
222
222
222
Total equity
34,489
40,954
46,828
46,828
58,072
Liabilities
Long term loans and borrowings
1,091
1,271
1,736
1,736
1,736
Deferred tax liability
180
324
511
511
511
Derivative liabilities
63
16
12
12
12
Non-current tax liability
345
670
823
823
823
Other non-current liabilities
417
366
723
723
723
Provisions
1
1
-
-
-
Total non-current liabilities
2,096
2,647
3,804
3,804
3,804
Loans and bank overdraft
4,068
6,621
10,786
10,786
10,786
Trade payables
5,226
5,875
6,819
6,659
8,066
Unearned revenues
1,277
1,655
1,808
1,877
1,878
Current tax liabilities
1,248
804
702
1,015
1,171
Derivative liabilities
250
75
234
234
234
Other current liabilities
1,439
1,222
1,382
1,382
1,382
Provisions
137
152
126
126
126
Total current liabilities
13,646
16,403
21,856
21,856
23,643
Total liabilities
15,742
19,050
25,661
25,661
27,448
Total equity and liabilities
50,230
60,003
72,489
72,489
85,519
October 25, 2016
9
Wipro | 2QFY2017 Result Update
Cash flow statement (Consolidated, IFRS)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E
FY2018E
Pre tax profit from operations
8,935
11,168
11,473
11,473
12,708
Depreciation
1,111
1,282
1,496
1,496
1,752
Expenses (deferred)/written off
(13)
(13)
(13)
(13)
(13)
Pre tax cash from operations
10,033
12,438
12,956
12,956
14,447
Other income/prior period ad
1,165
1,990
1,770
1,770
1,770
Net cash from operations
11,198
14,428
14,726
14,726
16,217
Tax
(2,260)
(2,462)
(2,537)
(2,537)
(2,929)
Cash profits
8,938
11,965
12,189
12,189
13,289
(Inc)/dec in current assets
(2,653)
(8,181)
(6,906)
-
(9,506)
Inc/(dec) in current liab.
(828)
2,757
5,453
-
1,787
Net trade working capital
(3,482)
(5,423)
(1,453)
(1,453)
(7,719)
Cashflow from oper. actv.
5,456
6,542
10,736
10,736
5,570
(Inc)/dec in fixed assets
(1,203)
(276)
(1,075)
-
(300)
(Inc)/dec in intangibles
(889)
(600)
(791)
-
-
(Inc)/dec in investments
594
(119)
(104)
-
-
(Inc)/dec in net def. tax assets
87
-
-
-
-
(Inc)/dec in derivative assets
(24)
-
-
-
-
(Inc)/dec in non-current tax asset
12
7
146
-
-
(Inc)/dec in minority interest
22
9
(4)
-
10
Inc/(dec) in other non-current liab
90
273
510
-
-
(Inc)/dec in other non-current ast.
(122)
(122)
(34)
-
-
Cashflow from investing activities
(1,667)
(826)
(1,352)
(1,352)
(290)
Inc/(dec) in debt
1,006
180
465
-
-
Inc/(dec) in equity/premium
(123)
314
(14,062)
3,654
473
Dividends
(1,736)
(1,736)
(1,780)
(5,089)
(5,596)
Cashflow from financing activities
(853)
(1,242)
(15,377)
(1,435)
(5,123)
Cash generated/(utilized)
2,936
4,474
(5,992)
7,950
157
Cash at start of the year
8,935
11,168
11,473
11,473
12,708
Cash at end of the year
1,111
1,282
1,496
1,496
1,752
October 25, 2016
10
Wipro | 2QFY2017 Result Update
Key Ratios
Y/E March
FY2014 FY2015 FY2016
FY2017E
FY2018E
Valuation ratio (x)
P/E (on FDEPS)
15.3
13.8
13.5
13.1
12.1
P/CEPS
7.3
6.7
6.4
6.4
5.8
P/BVPS
3.5
2.9
2.6
2.4
2.2
Dividend yield (%)
1.7
2.5
1.2
4.3
4.7
EV/Sales
2.3
2.1
1.8
1.7
1.4
EV/EBITDA
10.4
9.3
8.5
8.2
6.9
EV/Total assets
2.0
1.6
1.3
1.3
1.0
Per share data (`)
EPS (Fully diluted)
31.5
35.1
35.9
35.9
39.9
Cash EPS
66.3
72.1
75.2
75.2
84.1
Dividend
8.0
12.0
6.0
20.6
22.6
Book value
139.5
165.7
189.4
200.9
218.2
Return ratios (%)
RoCE (pre-tax)
17.1
15.3
13.4
13.4
13.9
Angel RoIC
32.6
28.8
24.8
24.8
22.8
RoE
22.6
21.1
19.0
19.0
17.0
Turnover ratios(x)
Asset turnover (fixed assets)
8.5
8.9
8.7
7.9
9.0
Receivables days
68
69
69
70
71
Payable days
67
67
67
67
67
October 25, 2016
11
Wipro | 2QFY2017 Result Update
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