On consolidated basis
Quarter ended March 2024 compared
with Quarter ended December 2023.
Net sales (including other operating income) of Wipro has increased 0.01% to Rs
22208.3 crore.
Operating profit margin has jumped
from 18.91% to 19.82%, leading to 4.81% rise in operating profit to Rs 4,400.80
crore. Purchase of finished goods cost fell from 0.65% to 0.37%.
Employee cost increased from 60.28% to 61.40%. Other
expenses fell from 20.21% to 18.40%. Selling and administration
expenses fell from 3.75% to 3.29%. Software technology development
services cost fell from 11.58% to 10.96%.
Other income rose 9.20% to Rs 652.9
crore. PBIDT rose 5.36% to Rs 5053.7 crore. Provision for
interest rose 5.86% to Rs 330.8 crore. Loan funds remained
nil.
PBDT rose 5.33% to Rs 4722.9
crore. Provision for depreciation fell 9.78% to Rs 840.5
crore.
Profit before tax grew 9.29% to Rs
3,882.40 crore. Share of profit/loss was 4,950% lower at Rs -20.2
crore. Provision for tax was expense of Rs 1004 crore, compared to Rs
851.5 crore. Effective tax rate was 26.00% compared to 23.97%.
Minority interest increased 268.75%
to Rs 23.60 crore. Net profit attributable to owners of the company
increased 5.21% to Rs 2,834.60 crore.
Promoters’ stake was 72.90% as of 31
March 2024 ,compared to 72.90% as of 31 December 2023 .
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Wipro has declined 4.23% to Rs
22208.3 crore. Sales of IT Services segment has gone down 4.73% to
Rs 22,079.60 crore (accounting for 99.48% of total sales). Sales of
IT Products segment has gone up 2.48% to Rs 115.90 crore (accounting for 0.52%
of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has slumped 4.68% to Rs 4,134.90
crore. PBIT of IT Services segment fell 5.14% to Rs 4,120.60 crore
(accounting for 99.65% of total PBIT). PBIT of IT Products reported
profit of Rs 14.30 crore compared to loss of Rs 5.90 crore.
PBIT margin of IT Services segment
fell from 18.74% to 18.66%. PBIT margin of IT Products segment rose
from negative 5.22% to 12.34%. Overall PBIT margin rose from 18.63%
to 18.63%.
Operating profit margin has jumped
from 19.49% to 19.82%, leading to 2.62% decline in operating profit to Rs 4,400.80
crore. Purchase of finished goods cost rose from 0.16% to 0.37%.
Employee cost increased from 59.76% to 61.40%. Other
expenses fell from 20.53% to 18.40%. Selling and administration
expenses fell from 4.13% to 3.29%. Software technology development
services cost fell from 12.19% to 10.96%.
Other income rose 3.44% to Rs 652.9
crore. PBIDT fell 1.88% to Rs 5053.7 crore. Provision for
interest rose 15.66% to Rs 330.8 crore. Loan funds declined from Rs
17,466.60 crore as of 31 March 2023 to Rs 16,464.90 crore as of 31 March
2024. Inventories declined from Rs 118.80 crore as of 31 March 2023
to Rs 90.70 crore as of 31 March 2024. Sundry debtors were lower at
Rs 11,547.70 crore as of 31 March 2024 compared to Rs 12,635.00 crore as of 31
March 2023. Cash and bank balance rose to Rs 9,695.30 crore as of 31
March 2024 from Rs 9,188.00 crore as of 31 March 2023. Investments
rose to Rs 33,384.40 crore as of 31 March 2024 from Rs 33,073.20 crore as of 31
March 2023 .
PBDT fell 2.91% to Rs 4722.9
crore. Provision for depreciation fell 0.72% to Rs 840.5
crore. Fixed assets declined from Rs 10,720.90 crore as of 31 March
2023 to Rs 9,931.70 crore as of 31 March 2024. Intangible assets
declined from Rs 34,653.00 crore to Rs 34,419.70 crore.
Profit before tax down 3.37% to Rs
3,882.40 crore. Provision for tax was expense of Rs 1004 crore,
compared to Rs 924.9 crore. Effective tax rate was 26.00% compared
to 23.02%.
Minority interest increased 24.21%
to Rs 23.60 crore. Net profit attributable to owners of the company
decreased 7.80% to Rs 2,834.60 crore.
Equity capital decreased from Rs
1,097.60 crore as of 31 March 2023 to Rs 1,045.00 crore as of 31 March 2024
. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 72.90% as of 31
March 2024 ,compared to 72.92% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Wipro has declined 0.80% to Rs
89760.3 crore. Sales of IT Services segment has gone down 1.05% to
Rs 89,381.60 crore (accounting for 99.54% of total sales). Sales of
IT Products segment has gone down 31.75% to Rs 412.70 crore (accounting for
0.46% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 2.96% to Rs 16,412.90 crore. PBIT
of IT Services segment rose 3.08% to Rs 16,450.00 crore (accounting for 100.23%
of total PBIT). PBIT of IT Products segment fell 110.80% to Rs
-37.10 crore (accounting for -0.23% of total PBIT).
PBIT margin of IT Services segment
rose from 17.67% to 18.40%. PBIT margin of IT Products segment fell
from negative 2.91% to negative 8.99%. Overall PBIT margin rose from
17.53% to 18.28%.
Operating profit margin has jumped
from 18.62% to 18.69%, leading to 0.41% decline in operating profit to Rs 16,775.80
crore. Purchase of finished goods cost fell from 0.72% to 0.43%.
Employee cost increased from 59.43% to 61.22%. Other
expenses fell from 21.24% to 19.66%. Selling and administration
expenses fell from 4.04% to 3.69%. Software technology development
services cost fell from 12.74% to 11.48%.
Other income rose 15.66% to Rs
2630.8 crore. PBIDT rose 1.50% to Rs 19406.6
crore. Provision for interest rose 24.56% to Rs 1255.2
crore. Loan funds declined from Rs 17,466.60 crore as of 31 March 2023
to Rs 16,464.90 crore as of 31 March 2024. Inventories declined from
Rs 118.80 crore as of 31 March 2023 to Rs 90.70 crore as of 31 March
2024. Sundry debtors were lower at Rs 11,547.70 crore as of 31 March
2024 compared to Rs 12,635.00 crore as of 31 March 2023. Cash and
bank balance rose to Rs 9,695.30 crore as of 31 March 2024 from Rs 9,188.00
crore as of 31 March 2023. Investments rose to Rs 33,384.40 crore as
of 31 March 2024 from Rs 33,073.20 crore as of 31 March 2023 .
PBDT rose 0.22% to Rs 18151.4
crore. Provision for depreciation rose 2% to Rs 3407.1
crore. Fixed assets declined from Rs 10,720.90 crore as of 31 March
2023 to Rs 9,931.70 crore as of 31 March 2024. Intangible assets
declined from Rs 34,653.00 crore to Rs 34,419.70 crore.
Profit before tax down 0.18% to Rs
14,744.30 crore. Share of profit/loss was 308.77% lower at Rs -23.3
crore. Provision for tax was expense of Rs 3608.9 crore, compared to
Rs 3399.2 crore. Effective tax rate was 24.52% compared to 23.02%.
Minority interest increased 305.45%
to Rs 66.90 crore. Net profit attributable to owners of the company
decreased 2.69% to Rs 11,045.20 crore.
Equity capital decreased from Rs
1,097.60 crore as of 31 March 2023 to Rs 1,045.00 crore as of 31 March 2024
. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 72.90% as of 31
March 2024 ,compared to 72.92% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 17,621.60 crore for year ended March 2024 from Rs 13,060.10
crore for year ended March 2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 1,051.00 crore, compared to
Rs 1,483.40 crore during the year ended March 2023.
Outlook:
Guidance: The company expects revenue from its IT Services business segment to be in the
range of US $ 2,617 million to US $2,670 million which translates to a
sequential guidance of -1.5% to 0.5% in constant currency terms in Q1FY2025.
Margins are expected to be range bound around as last few
quarters.
Management
Commentary:
Srini Pallia, CEO and Managing Director, said “FY24 proved
to be a challenging year for our industry, and the macroeconomic environment
remains uncertain. However, I am optimistic about the opportunities that lie
ahead. We are on the brink of a major technological shift. Artificial
intelligence is transforming our clients’ needs as they seek to harness its
power for competitive advantage and enhanced business value. At Wipro, we have
been gearing up for this moment. We have the capabilities, leadership, and the
strength of over 230,000 Wiproites around the world to help us realize our
goals. Although there’s a considerable amount of work ahead of us, I am
confident that together, with our collective effort, we can pave the way for
the next chapter of growth.”
Aparna Iyer, Chief Financial Officer, said “We expanded our
margins by 40 basis points during the quarter resulting in EPS growth of 5.2%
QoQ in Q4. Despite a challenging macro-environment our IT services margin
expanded by 50 basis points for the full year FY24. We generated highest
operating cash flow in recent years which is at 183% of our net- income in Q4
and 159% on a full year basis.”
| Wipro : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 22,208.30 | 23,190.30 | -4.23 | 89,760.30 | 90,487.60 | -0.80 | | OPM (%) | 19.82 | 19.49 | 33 bps | 18.69 | 18.62 | 7 bps | | OP | 4,400.80 | 4,519.40 | -2.62 | 16,775.80 | 16,844.70 | -0.41 | | Other Inc. | 652.90 | 631.20 | 3.44 | 2,630.80 | 2,274.60 | 15.66 | | PBIDT | 5,053.70 | 5,150.60 | -1.88 | 19,406.60 | 19,119.30 | 1.50 | | Interest | 330.80 | 286.00 | 15.66 | 1,255.20 | 1,007.70 | 24.56 | | PBDT | 4,722.90 | 4,864.60 | -2.91 | 18,151.40 | 18,111.60 | 0.22 | | Depreciation | 840.5 | 846.6 | -0.72 | 3407.1 | 3340.2 | 2.00 | | PBT | 3,882.40 | 4,018.00 | -3.37 | 14744.3 | 14771.4 | -0.18 | | Share of Profit/(Loss) from Associates | -20.2 | 0.4 | PL | -23.3 | -5.7 | -308.77 | | PBT before EO | 3862.2 | 4018.4 | -3.89 | 14721 | 14765.7 | -0.30 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 3862.2 | 4018.4 | -3.89 | 14721 | 14765.7 | -0.30 | | Taxation | 1004 | 924.9 | 8.55 | 3608.9 | 3399.2 | 6.17 | | PAT | 2858.2 | 3093.5 | -7.61 | 11112.1 | 11366.5 | -2.24 | | Minority Interest (MI) | 23.6 | 19 | 24.21 | 66.9 | 16.5 | 305.45 | | Net profit | 2834.6 | 3074.5 | -7.80 | 11045.2 | 11350 | -2.69 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 2834.6 | 3074.5 | -7.80 | 11045.2 | 11350 | -2.69 | | EPS (Rs)* | 5.42 | 5.88 | -7.80 | 21.14 | 21.72 | -2.69 | | | * EPS is on current equity of Rs 1,045.05 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Wipro : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Global IT Services & Products | 0.00 | 0.00 | 0.00 | - | | India & Asia Pac IT Serv. & Product | 0.00 | 0.00 | 0.00 | - | | Consumer Care & Lighting | 0.00 | 0.00 | 0.00 | - | | Others | 0.00 | 0.00 | 0.00 | - | | IT Services | 99.48 | 22,079.60 | 23,176.20 | -4.73 | 99.54 | 89,381.60 | 90,330.10 | -1.05 | | IT Products | 0.52 | 115.90 | 113.10 | 2.48 | 0.46 | 412.70 | 604.70 | -31.75 | | IT Services & Products | 0.00 | 0.00 | 0.00 | - | | India State Run Enterprise | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 22,195.50 | 23,289.30 | -4.70 | 100.00 | 89,794.30 | 90,934.80 | -1.25 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 22,195.50 | 23,289.30 | -4.70 | 100.00 | 89,794.30 | 90,934.80 | -1.25 | | PBIT | | Global IT Services & Products | 0.00 | 0.00 | 0.00 | - | | India & Asia Pac IT Serv. & Product | 0.00 | 0.00 | 0.00 | - | | Consumer Care & Lighting | 0.00 | 0.00 | 0.00 | - | | Others | 0.00 | 0.00 | 0.00 | - | | IT Services | 99.65 | 4,120.60 | 4,343.90 | -5.14 | 100.23 | 16,450.00 | 15,959.20 | 3.08 | | IT Products | 0.35 | 14.30 | -5.90 | LP | -0.23 | -37.10 | -17.60 | -110.80 | | IT Services & Products | 0.00 | 0.00 | 0.00 | - | | India State Run Enterprise | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 4,134.90 | 4,338.00 | -4.68 | 100.00 | 16,412.90 | 15,941.60 | 2.96 | | Less : Interest | | 330.80 | 286.00 | 15.66 | | 1,255.20 | 1,007.70 | 24.56 | | Add: Other un-allcoable | | 58.10 | -33.60 | LP | | -436.70 | -168.20 | -159.63 | | PBIT Margin(%) | | Global IT Services & Products | | 0.00 | 0.00 | 0.00 | | India & Asia Pac IT Serv. & Product | | 0.00 | 0.00 | 0.00 | | Consumer Care & Lighting | | 0.00 | 0.00 | 0.00 | | Others | | 0.00 | 0.00 | 0.00 | | IT Services | | 18.66 | 18.74 | -8.05 | | 18.40 | 17.67 | 73.66 | | IT Products | | 12.34 | -5.22 | 1,755.48 | | -8.99 | -2.91 | -607.90 | | IT Services & Products | | 0.00 | 0.00 | 0.00 | | India State Run Enterprise | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 3,862.20 | 4,018.40 | -3.89 | 100.00 | 14,721.00 | 14,765.70 | -0.30 |
|
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