Financials Wipro Limited

Equities

WIPRO

INE075A01022

IT Services & Consulting

Market Closed - Bombay S.E. Other stock markets 03:51:58 31/05/2024 pm IST			5-day change	1st Jan Change
437.8 ^INR	+0.18%		-5.56%	-7.20%

31/05	Wipro Expands Retail Media Offering With Cisco, AT&T	MT
31/05	Wipro Expands Retail Media Offering in Collaboration with Cisco and At&T	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	11,18,451	22,60,981	32,36,060	20,00,894	25,05,134	22,86,176	-	-
Enterprise Value (EV) ¹	8,62,359	19,98,813	30,42,265	17,49,875	22,38,476	19,27,015	18,25,699	17,51,720
P/E ratio	11.8 x	21.7 x	26.6 x	17.7 x	23.1 x	19.1 x	17.2 x	15.9 x
Yield	0.51%	0.24%	1.01%	0.27%	0.21%	2.12%	2.58%	3.1%
Capitalization / Revenue	1.83 x	3.65 x	4.09 x	2.21 x	2.79 x	2.49 x	2.32 x	2.18 x
EV / Revenue	1.41 x	3.23 x	3.85 x	1.93 x	2.49 x	2.1 x	1.86 x	1.67 x
EV / EBITDA	6.99 x	13.5 x	18.5 x	10.4 x	13.2 x	10.7 x	9.36 x	8.51 x
EV / FCF	11.2 x	15.6 x	33.6 x	15.1 x	13.5 x	15.2 x	14.1 x	11.4 x
FCF Yield	8.95%	6.4%	2.98%	6.62%	7.4%	6.57%	7.08%	8.76%
Price to Book	2.01 x	4.1 x	4.93 x	2.56 x	3.38 x	2.83 x	2.63 x	2.47 x
Nbr of stocks (in thousands)	56,88,967	54,58,669	54,66,318	54,77,399	52,18,486	52,22,560	-	-
Reference price ²	196.6	414.2	592.0	365.3	480.0	437.8	437.8	437.8
Announcement Date	15/04/20	15/04/21	29/04/22	27/04/23	19/04/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	6,10,232	6,19,430	7,90,934	9,04,876	8,97,603	9,16,613	9,83,369	10,47,817
EBITDA ¹	1,23,423	1,47,795	1,64,523	1,68,479	1,69,830	1,79,334	1,94,957	2,05,810
EBIT ¹	1,05,730	1,20,139	1,35,931	1,35,134	1,35,759	1,45,037	1,58,837	1,71,253
Operating Margin	17.33%	19.4%	17.19%	14.93%	15.12%	15.82%	16.15%	16.34%
Earnings before Tax (EBT) ¹	1,22,512	1,39,007	1,51,275	1,47,657	1,47,210	1,59,703	1,76,059	1,91,767
Net income ¹	97,218	1,07,946	1,22,191	1,13,500	1,10,452	1,19,911	1,32,698	1,45,604
Net margin	15.93%	17.43%	15.45%	12.54%	12.31%	13.08%	13.49%	13.9%
EPS ²	16.62	19.07	22.29	20.68	20.82	22.91	25.39	27.57
Free Cash Flow ¹	77,146	1,27,973	90,644	1,15,767	1,65,706	1,26,633	1,29,197	1,53,498
FCF margin	12.64%	20.66%	11.46%	12.79%	18.46%	13.82%	13.14%	14.65%
FCF Conversion (EBITDA)	62.51%	86.59%	55.1%	68.71%	97.57%	70.61%	66.27%	74.58%
FCF Conversion (Net income)	79.35%	118.55%	74.18%	102%	150.03%	105.61%	97.36%	105.42%
Dividend per Share ²	1.000	1.000	6.000	1.000	1.000	9.269	11.28	13.56
Announcement Date	15/04/20	15/04/21	29/04/22	27/04/23	19/04/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	2,03,136	2,08,600	2,15,286	2,25,397	2,32,290	2,31,903	2,28,310	2,25,159	2,22,051	2,22,083	2,22,593	2,25,980	2,29,316	2,34,062	2,39,061
EBITDA ¹	41,807	41,374	38,594	39,415	45,474	45,057	41,961	42,315	41,919	43,906	43,488	43,786	43,455	44,878	47,444
EBIT ¹	34,348	34,036	30,856	36,543	42,628	36,587	34,578	33,345	32,865	35,501	35,101	35,342	35,351	36,423	39,077
Operating Margin	16.91%	16.32%	14.33%	16.21%	18.35%	15.78%	15.15%	14.81%	14.8%	15.99%	15.77%	15.64%	15.42%	15.56%	16.35%
Earnings before Tax (EBT) ¹	37,786	37,324	33,520	34,201	39,752	40,184	37,975	35,092	35,521	38,622	39,164	39,054	39,279	40,514	42,424
Net income ¹	29,690	30,873	25,636	26,590	30,529	30,745	28,701	26,463	26,942	28,346	29,320	29,457	29,427	30,470	31,147
Net margin	14.62%	14.8%	11.91%	11.8%	13.14%	13.26%	12.57%	11.75%	12.13%	12.76%	13.17%	13.04%	12.83%	13.02%	13.03%
EPS ²	5.420	5.630	4.670	4.850	5.560	5.600	5.120	5.040	5.150	5.410	5.607	5.680	5.758	5.940	6.032
Dividend per Share ²	1.000	5.000	-	-	1.000	-	-	-	-	-	-	-	-	14.00	-
Announcement Date	12/01/22	29/04/22	20/07/22	12/10/22	13/01/23	27/04/23	13/07/23	18/10/23	12/01/24	19/04/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,56,092	2,62,168	1,93,795	2,51,019	2,66,658	3,59,161	4,60,477	5,34,455
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	77,146	1,27,973	90,644	1,15,767	1,65,706	1,26,633	1,29,197	1,53,498
ROE (net income / shareholders' equity)	17.3%	19.4%	20.2%	15.8%	14.4%	15.3%	15.5%	15.5%
ROA (Net income/ Total Assets)	11.8%	13.1%	12.8%	10.1%	9.49%	9.86%	10.1%	10%
Assets ¹	8,25,119	8,24,267	9,55,289	11,27,502	11,64,135	12,15,918	13,16,313	14,54,876
Book Value Per Share ²	97.60	101.0	120.0	143.0	142.0	155.0	167.0	177.0
Cash Flow per Share ²	17.20	26.90	20.20	23.80	33.20	25.60	28.50	30.60
Capex ¹	23,497	19,577	20,153	14,834	10,510	26,815	28,696	29,230
Capex / Sales	3.85%	3.16%	2.55%	1.64%	1.17%	2.93%	2.92%	2.79%
Announcement Date	15/04/20	15/04/21	29/04/22	27/04/23	19/04/24	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Wipro Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

437.8 INR

Average target price

456.9 INR

Spread / Average Target

+4.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
WIPRO LIMITED	-7.20%	27.39B
ACCENTURE PLC	-19.53%	177B
TATA CONSULTANCY SERVICES LTD.	-3.23%	159B
IBM	+2.05%	153B
AUTOMATIC DATA PROCESSING, INC.	+5.13%	100B
RELX PLC	+9.84%	81.1B
CROWDSTRIKE HOLDINGS, INC.	+22.85%	75.87B
INFOSYS LIMITED	-8.81%	69.81B
SNOWFLAKE INC.	-31.57%	45.59B
HCL TECHNOLOGIES LIMITED	-9.69%	42.96B

Other IT Services & Consulting