Financials Wipro Limited

Equities

WIPRO

INE075A01022

IT Services & Consulting

Market Closed - Bombay S.E. Other stock markets 03:59:42 26/04/2024 pm IST			5-day change	1st Jan Change
464.6 ^INR	+0.79%		+2.61%	-1.49%

26/04	Asian Equities Traded in the US as American Depositary Receipts Trend Higher in Friday Trading, End Week Up 3.5%	MT
25/04	Tech Stocks Lead Asian Equities Traded in the US as American Depositary Receipts Lower in Thursday Trading	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,29,968	11,18,451	22,60,981	32,36,060	20,00,894	24,24,902	-	-
Enterprise Value (EV) ¹	12,50,190	8,62,359	19,98,813	30,42,265	17,49,875	22,38,476	20,72,232	19,73,563
P/E ratio	17 x	11.8 x	21.7 x	26.6 x	17.7 x	23.1 x	20.3 x	18.3 x
Yield	0.39%	0.51%	0.24%	1.01%	0.27%	0.21%	1.99%	2.43%
Capitalization / Revenue	2.61 x	1.83 x	3.65 x	4.09 x	2.21 x	2.79 x	2.65 x	2.46 x
EV / Revenue	2.13 x	1.41 x	3.23 x	3.85 x	1.93 x	2.49 x	2.26 x	2 x
EV / EBITDA	10.5 x	6.99 x	13.5 x	18.5 x	10.4 x	13.2 x	11.6 x	10.1 x
EV / FCF	13.4 x	11.2 x	15.6 x	33.6 x	15.1 x	13.5 x	16.4 x	15.3 x
FCF Yield	7.48%	8.95%	6.4%	2.98%	6.62%	7.4%	6.11%	6.55%
Price to Book	2.71 x	2.01 x	4.1 x	4.93 x	2.56 x	3.38 x	3.01 x	2.8 x
Nbr of stocks (in thousands)	60,05,763	56,88,967	54,58,669	54,66,318	54,77,399	52,18,771	-	-
Reference price ²	254.8	196.6	414.2	592.0	365.3	464.6	464.6	464.6
Announcement Date	16/04/19	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: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,85,845	6,10,232	6,19,430	7,90,934	9,04,876	8,97,603	9,15,202	9,84,689
EBITDA ¹	1,19,384	1,23,423	1,47,795	1,64,523	1,68,479	1,69,830	1,79,398	1,95,114
EBIT ¹	99,917	1,05,730	1,20,139	1,35,931	1,35,134	1,35,759	1,45,878	1,59,645
Operating Margin	17.06%	17.33%	19.4%	17.19%	14.93%	15.12%	15.94%	16.21%
Earnings before Tax (EBT) ¹	1,15,422	1,22,512	1,39,007	1,51,275	1,47,657	1,47,210	1,60,514	1,77,030
Net income ¹	90,037	97,218	1,07,946	1,22,191	1,13,500	1,10,452	1,20,504	1,33,313
Net margin	15.37%	15.93%	17.43%	15.45%	12.54%	12.31%	13.17%	13.54%
EPS ²	14.95	16.62	19.07	22.29	20.68	20.82	22.91	25.39
Free Cash Flow ¹	93,535	77,146	1,27,973	90,644	1,15,767	1,65,706	1,26,633	1,29,197
FCF margin	15.97%	12.64%	20.66%	11.46%	12.79%	18.46%	13.84%	13.12%
FCF Conversion (EBITDA)	78.35%	62.51%	86.59%	55.1%	68.71%	97.57%	70.59%	66.22%
FCF Conversion (Net income)	103.89%	79.35%	118.55%	74.18%	102%	150.03%	105.09%	96.91%
Dividend per Share ²	1.000	1.000	1.000	6.000	1.000	1.000	9.269	11.28
Announcement Date	16/04/19	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: March	2022 Q2	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
Net sales ¹	1,96,674	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
EBITDA ¹	41,689	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
EBIT ¹	33,972	34,348	34,036	30,856	36,543	42,628	36,587	34,578	33,345	32,865	35,501	35,412	36,021	36,282	37,497
Operating Margin	17.27%	16.91%	16.32%	14.33%	16.21%	18.35%	15.78%	15.15%	14.81%	14.8%	15.99%	15.91%	15.94%	15.82%	16.02%
Earnings before Tax (EBT) ¹	37,565	37,786	37,324	33,520	34,201	39,752	40,184	37,975	35,092	35,521	38,622	39,646	39,805	40,439	41,919
Net income ¹	29,307	29,690	30,873	25,636	26,590	30,529	30,745	28,701	26,463	26,942	28,346	29,376	29,728	29,878	31,099
Net margin	14.9%	14.62%	14.8%	11.91%	11.8%	13.14%	13.26%	12.57%	11.75%	12.13%	12.76%	13.2%	13.15%	13.03%	13.29%
EPS ²	5.350	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
Dividend per Share ²	-	1.000	5.000	-	-	1.000	-	-	-	-	13.62	-	-	-	14.00
Announcement Date	13/10/21	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: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,79,778	2,56,092	2,62,168	1,93,795	2,51,019	2,66,658	3,52,670	4,51,339
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	93,535	77,146	1,27,973	90,644	1,15,767	1,65,706	1,26,633	1,29,197
ROE (net income / shareholders' equity)	17.1%	17.3%	19.4%	20.2%	15.8%	14.4%	15.3%	15.5%
ROA (Net income/ Total Assets)	11.3%	11.8%	13.1%	12.8%	10.1%	9.49%	9.86%	10.5%
Assets ¹	7,96,957	8,25,119	8,24,267	9,55,289	11,27,502	11,64,135	12,21,930	12,75,617
Book Value Per Share ²	94.20	97.60	101.0	120.0	143.0	142.0	154.0	166.0
Cash Flow per Share ²	19.30	17.20	26.90	20.20	23.80	33.20	25.60	28.50
Capex ¹	22,781	23,497	19,577	20,153	14,834	10,510	26,815	28,696
Capex / Sales	3.89%	3.85%	3.16%	2.55%	1.64%	1.17%	2.93%	2.91%
Announcement Date	16/04/19	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

464.6 INR

Average target price

452.4 INR

Spread / Average Target

-2.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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