On sequential basis, for the quarter ended December 2018, Wipro consolidated sales grew 3% to Rs 15059.50 crore. OPM jumped 550 basis points to 21.9% which saw OP jump 38% to Rs 3293.70 crore. Other income fell 1% to Rs 627.30 crore and interest cost rose 4% to Rs 162.70 crore. After providing for depreciation (up 18% to Rs 517.10 crore), PBT jumped 34% to Rs 3241.20 crore. Provision for taxation went up 30% to Rs 696.70 crore after which PAT jumped 35% to Rs 2544.50 crore. Minority interest and share of profit/loss on associate companies stood at a loss of Rs 34.10 against a profit of Rs 3.30 crore after which net profit soared 33% to Rs 2510.40 crore. y-o-y results On y-o-y basis, consolidated sales grew 10% and OPM was up 370 basis points. OP grew 32%, PBT grew 31% and net profit was up 30%. Nine months results For the nine months, consolidated sales grew 8% to Rs 43858.00 crore. OPM fell 40 basis points to 19.0% which saw OP grow 5% to Rs 8354.40 crore. Other income fell 8% to Rs 1859.40 crore and interest cost grew 14% to Rs 848.50 crore. After providing for depreciation (down 10% to Rs 1387.40 crore), PBT grew 5% to Rs 8341.90 crore. Provision for taxation grew 2% to Rs 1817.90 crore after which PAT went up 5% to Rs 6524.00 crore. Minority interest and share of profit/loss on associate companies stood at a loss of Rs 3.80 crore against a loss of Rs 2.50 crore after which net profit went up 5% to Rs 6520.20 crore. Management comments Abidali Z. Neemuchwala, CEO and Executive Director said, Our strategic investments, backed by strong client relationships and client spends towards enterprise modernization and digital transformation have enabled us to deliver a very satisfying quarter. Jatin Dalal, Chief Financial Officer said, Relentless focus on the quality of revenues and operational improvements have led to the expansion of IT Services Operating Margins to 19.8%. Our Operating Cash flows grew by 19.5% on YoY basis and was at 142% of Net Income. Bonus Wipro also issued bonus equity shares in the proportion of 1:3. Wipro will get one bonus share for every three shares held. Guidance For March 2019 quarter, it expects revenue from IT Services business to be in the range of $2,047 million to $2,088 million. This translates to a sequential growth of 0.0% to 2.0%. Guidance is based on the following exchange rates: GBP/USD at 1.27, Euro/USD at 1.14, AUD/USD at 0.72, USD/INR at 71.11 and USD/CAD at 1.32. Valuation The stock trades at Rs 346. Wipro: Consolidated Results | 1812 (3) | 1809 (3) | Var. (%) | 1712 (3) | Var. (%) | 1812 (9) | 1712 (9) | Var. (%) | 1803 (12) | 1703 (12) | Var. (%) | | sales | 15059.50 | 14567.90 | 3 | 13669.00 | 10 | 43858.00 | 40718.50 | 8 | 54487.1 | 55829.1 | -2 | | OPM (%) | 21.9 | 16.3 | | 18.2 | | 19.0 | 19.5 | | 19.1 | 20.3 | | | OP | 3293.70 | 2378.80 | 38 | 2488.00 | 32 | 8354.40 | 7935.50 | 5 | 10388.2 | 11320.9 | -8 | | Other Inc. | 627.30 | 635.30 | -1 | 628.50 | 0 | 1859.40 | 2012.70 | -8 | 2548.7 | 2622.6 | -3 | | PBIDT | 3921.00 | 3014.10 | 30 | 3116.50 | 26 | 10213.80 | 9948.20 | 3 | 12936.9 | 13943.5 | -7 | | Interest | 162.70 | 156.90 | 4 | 123.10 | 32 | 484.50 | 426.60 | 14 | 583.00 | 594.2 | -2 | | PBDT | 3758.30 | 2857.20 | 32 | 2993.40 | 26 | 9729.30 | 9521.60 | 2 | 12353.9 | 13349.3 | -7 | | Dep. | 517.10 | 436.80 | 18 | 527.80 | -2 | 1387.40 | 1541.70 | -10 | 2111.7 | 2310 | -9 | | PBT before EO | 3241.20 | 2420.40 | 34 | 2465.60 | 31 | 8341.90 | 7979.90 | 5 | 10242.2 | 11039.3 | -7 | | EO | 0.00 | 0.00 | -- | 0.00 | -- | 0.00 | 0.00 | 0 | 0.00 | 0.00 | -- | | PBT | 3241.20 | 2420.40 | 34 | 2465.60 | 31 | 8341.90 | 7979.90 | 5 | 10242.2 | 11039.3 | -7 | | Tax | 696.70 | 534.70 | 30 | 535.50 | 30 | 1817.90 | 1777.60 | 2 | 2239.1 | 2521.4 | -11 | | PAT | 2544.50 | 1885.70 | 35 | 1930.10 | 32 | 6524.00 | 6202.30 | 5 | 8003.10 | 8517.90 | -6 | | Minority Interest | 34.10 | -3.30 | PL | -1.20 | PL | 3.80 | 2.50 | 52 | 0.3 | 24.8 | -99 | | Net Profit | 2510.40 | 1889.00 | 33 | 1931.30 | 30 | 6520.20 | 6199.80 | 5 | 8002.80 | 8493.1 | -6 | | EPS(Rs)* | 22.2 | 16.7 | | 17.1 | | 19.2 | 18.3 | | 17.7 | 18.8 | | * Paid up equity capital is Rs 905 crore, Face value Rs 2
Figures in crore PL: Profit to Loss
EO: Extraordinary items
EPS is adjusted after EO and relevant tax
Source: Capitaline Databases |
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