Financials Wipro Limited NSE India S.E.

Equities

WIPRO

INE075A01022

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 05:13:56 28/06/2024 pm IST			5-day change	1st Jan Change
514.8 ^INR	+0.79%		+4.95%	+9.24%

28/06	Wipro Merges Two North American Units; Liquidates Australian Subsidiary	MT
27/06	Asian Equities Traded in the US as American Depositary Receipts Flat in Thursday Trading	MT

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	26,89,845	-	-
Enterprise Value (EV) ¹	8,62,359	19,98,813	30,42,265	17,49,875	22,38,476	23,43,133	22,60,196	22,21,281
P/E ratio	11.8 x	21.7 x	26.6 x	17.7 x	23.1 x	22.5 x	20.3 x	18.7 x
Yield	0.51%	0.24%	1.01%	0.27%	0.21%	1.76%	2.15%	2.61%
Capitalization / Revenue	1.83 x	3.65 x	4.09 x	2.21 x	2.79 x	2.93 x	2.74 x	2.57 x
EV / Revenue	1.41 x	3.23 x	3.85 x	1.93 x	2.49 x	2.56 x	2.3 x	2.12 x
EV / EBITDA	6.99 x	13.5 x	18.5 x	10.4 x	13.2 x	13 x	11.6 x	10.7 x
EV / FCF	11.2 x	15.6 x	33.6 x	15.1 x	13.5 x	19.4 x	17.8 x	15 x
FCF Yield	8.95%	6.4%	2.98%	6.62%	7.4%	5.16%	5.63%	6.67%
Price to Book	2.01 x	4.1 x	4.93 x	2.56 x	3.38 x	3.32 x	3.08 x	2.95 x
Nbr of stocks (in thousands)	56,88,967	54,58,669	54,66,318	54,77,399	52,18,486	52,24,014	-	-
Reference price ²	196.6	414.2	592.0	365.3	480.0	514.9	514.9	514.9
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	9,16,601	9,83,032	10,47,549
EBITDA ¹	1,23,423	1,47,795	1,64,523	1,68,479	1,69,830	1,79,784	1,95,514	2,07,627
EBIT ¹	1,05,730	1,20,139	1,35,931	1,35,134	1,35,759	1,45,067	1,58,717	1,70,756
Operating Margin	17.33%	19.4%	17.19%	14.93%	15.12%	15.83%	16.15%	16.3%
Earnings before Tax (EBT) ¹	1,22,512	1,39,007	1,51,275	1,47,657	1,47,210	1,59,787	1,76,256	1,92,053
Net income ¹	97,218	1,07,946	1,22,191	1,13,500	1,10,452	1,19,912	1,32,773	1,45,766
Net margin	15.93%	17.43%	15.45%	12.54%	12.31%	13.08%	13.51%	13.91%
EPS ²	16.62	19.07	22.29	20.68	20.82	22.92	25.40	27.60
Free Cash Flow ¹	77,146	1,27,973	90,644	1,15,767	1,65,706	1,21,018	1,27,242	1,48,256
FCF margin	12.64%	20.66%	11.46%	12.79%	18.46%	13.2%	12.94%	14.15%
FCF Conversion (EBITDA)	62.51%	86.59%	55.1%	68.71%	97.57%	67.31%	65.08%	71.41%
FCF Conversion (Net income)	79.35%	118.55%	74.18%	102%	150.03%	100.92%	95.83%	101.71%
Dividend per Share ²	1.000	1.000	6.000	1.000	1.000	9.040	11.08	13.46
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: March	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	2,22,605	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	44,268	44,701	44,309	46,153	48,233
EBIT ¹	34,348	34,036	30,856	36,543	42,628	36,587	34,578	33,345	32,865	35,501	35,493	35,267	35,150	36,290	39,627
Operating Margin	16.91%	16.32%	14.33%	16.21%	18.35%	15.78%	15.15%	14.81%	14.8%	15.99%	15.94%	15.61%	15.33%	15.5%	16.58%
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	39,235	38,744	38,701	40,255	42,974
Net income ¹	29,690	30,873	25,636	26,590	30,529	30,745	28,701	26,463	26,942	28,346	29,469	29,288	29,057	30,309	31,555
Net margin	14.62%	14.8%	11.91%	11.8%	13.14%	13.26%	12.57%	11.75%	12.13%	12.76%	13.24%	12.96%	12.67%	12.95%	13.2%
EPS ²	5.420	5.630	4.670	4.850	5.560	5.600	5.120	5.040	5.150	5.410	5.602	5.659	5.707	5.936	6.071
Dividend per Share ²	1.000	5.000	-	-	1.000	-	-	-	-	-	-	-	-	14.38	-
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: March	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	3,46,712	4,29,648	4,68,564
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	77,146	1,27,973	90,644	1,15,767	1,65,706	1,21,018	1,27,242	1,48,256
ROE (net income / shareholders' equity)	17.3%	19.4%	20.2%	15.8%	14.4%	15.3%	15.6%	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	12,15,925	13,17,066	14,56,499
Book Value Per Share ²	97.60	101.0	120.0	143.0	142.0	155.0	167.0	175.0
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	27,238	28,894	28,658
Capex / Sales	3.85%	3.16%	2.55%	1.64%	1.17%	2.97%	2.94%	2.74%
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

HOLD

Number of Analysts

Last Close Price

514.9 INR

Average target price

459.7 INR

Spread / Average Target

-10.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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