Thursday, July 1, 2010

WIPRO = FY10 = EXCELLENT RESULTS = BONUS 2 :3 = FUTURE PROMISING



WIPRO
LIMITED
FY10 , FY09 & FY08
RESULTS
COMPARED

STAND ALONE RESULTS

Wipro Limited has performed excellently in FY10 compared to FY09 and FY08 on stand alone basis.
Net sales income has gone up to Rs.23178 Cr in FY10 compared to Rs.20987Cr(an increase of   10.4%) in FY09 and compared to Rs.17461Cr (an increase of  32.7%) in FY08.
Operating profit before interest was  Rs.5177.50 Cr in FY10, compared to Rs.3705.10Cr, an increase of 39.7%, and compared to Rs.3228.20 Cr, an increase of        60.4%.
Interest expenditure is a negative Rs.(-)82.60 Cr in FY10, compared to Rs.641.30 Cr in FY09, a decrease of 112.9%YOY, and compared to Rs.116.80 Cr, a decrease of 170.7%.
Consequently - Operating Profit after interest has gone up to Rs.5260 Cr in FY10, compared to Rs.3064 Cr in FY09, an increase of 71.7% and  Rs.3111 Cr in FY08 , an increase of 69.1%.
Net Profit in FY10 has gone up to Rs.4898 Cr compared to Rs.2974 Cr in FY09, an increase of 64.7% and compared to Rs.3063 Cr in FY08, an increase of   59.9%.Dividend has been enhanced to 300% from last year’s 200% on a face value of Rs.2.
The Basic EPS has gone up to Rs.33.61 from last year’s Rs.20.44 and its earlier Year’s (FY08) Rs.21.11. Reserves are a huge Rs.17397 Cr, against the Equity of Rs.293.60 Cr. Taking all the factors into account Wipro has decided to declare a bonus issue in the ratio of     two bonus equity shares for every three existing equity shares.
The public holding is just 18.83%. As and when the 25% comes into effect, Wipro may have to divest the promoter group stake – or issue additional shares to the public.
The share is currently quoting at Rs.380. Thus, the PE ratio as of now, comes to 11.31 - 16.06.2010 being the record date for Bonus and dividend. The Bonus issue is yet to reflect in the Equity – though the current price reflects the same. Hence, at current prices, Wipro is still a valuable BUY for medium term investors.

RESULTS
IN FIGURES

FY10(lakhs)
Dif%1
Dif%2
Net sales / services
2317760
2098730
10.4
1746120
32.7
SIT & WIP
-11100
2010
-652.2
-2720
308.1
Raw Materials
98920
173600
-43
135340
-26.9
Traded goods
311280
162060
92.1
162610
91.4
Other Expdr
1090550
1090040
0
881550
23.7
Gross Profit
828110
671020
23.4
569340
45.5
Genl.Admin
114130
108840
4.9
86100
32.6
Selling&Distrib.
138270
138300
0
114810
20.4
Depreciation
57960
53370
8.6
45610
27.1
Op.Profit
517750
370510
39.7
322820
60.4
Interest
-8260
64130
-112.9
11680
-170.7
OPT after I& EI
526010
306380
71.7
311140
69.1
Other Income
42870
48410
-11.4
35830
19.6
P B T
568880
354790
60.3
346970
64
Tax Expense
79080
57410
37.7
40640
94.6
NPTafter tax
489800
297380
64.7
306330
59.9
Net Profit
489800
297380
64.7
306330
59.9
Dividend (%)
300
200
-
Face Value (in Rs.)
2
2
0
2
0
Paid-up Equity
29360
29300
0.2
29230
0.4
Reserves
1739680
-
-
Basic EPS
33.61
20.44
64.4
21.11
59.2
Diluted EPS
33.38
20.38
63.8
21.01
58.9
Basic EPS after EI
33.61
20.44
64.4
21.11
59.2
Diluted EPS after EI
33.38
20.38
63.8
21.01
58.9
Public holding (%)
18.83
19.06
-1.2
18.96
-0.7


QUARTERLY RESULTS

Quarterly results also present a satisfactory performance in Q4. Net sales has increased by 4% in Q4 compared to Q3 and by 16% compared to Q4 of FY09.
Net profit is more or less equal to Q3, but is up by 47% compared to Q4 of FY09. The position of EPS also is equal to Q3, but is up by 47% compared to Q4 of FY09. The overall performance of Wipro is quite good – in all respects.
In recent past, Wipro has bagged some good contracts like the ESIC project – and is understood to have emerged as lowest bidder in one of the largest e-governance projects worth Rs 2,000 crore for linking police records across the country.
As per a report -Wipro will be providing Legal Process Outsourcing (LPO) services for Microsoft’s Intellectual Property.
As per another report - Wipro Ltd and TV S have signed a 10-year ‘total outsourcing contract’ deal for TVS company’s IT infrastructure including operations and maintenance in about 82 locations for ten years. There are many such deals being bagged by Wipro. Forbes has termed Azim Premji as India’s Bill Gates and praised his philosophy in building many new initiatives.
All in all – the third largest Indian IT Major is a good addition to one’s Portfolio.
Mar-10
Dec-09
Sep-09
Jun-09
Mar-09
Dif%1
Dif%2
Net Sales
614100
589290
585780
528790
529890
4
16
SIT&WIP
-3650
-7600
700
-730
3360
-52
-209
Raw Materials
32430
19150
26720
20620
32770
69
-1
Traded Goods
81780
86340
85410
57940
46370
-5
76
Other Expdr
289510
280140
261960
258940
271970
3
6
Total Expdr
400070
378030
374790
336770
354470
6
13
Gross Profit
214030
211260
210990
192020
175420
1
22
GenlAdmn.
30080
27620
30960
25460
24620
9
22
Selling and Dist.
37820
35860
33300
31270
33810
5
12
Depreciation3
14030
14510
15800
13640
14270
-3
-2
OPT bef. Int
132100
133270
130930
121650
102720
-1
29
Interest
-6210
-1690
4300
-4420
12970
267
-148
OPT
138310
134960
126630
126070
89750
2
54
Other Income
12640
8570
12140
9550
9770
47
29
P B T
150950
143530
138770
135620
99520
5
52
Tax Expenses
27280
20410
15560
15830
15310
34
78
Net Profit
123670
123120
123210
119790
84210
0
47
Face Value
2
2
2
2
2
0
0
Paid-up Equity
29360
29350
29330
29310
29300
0
0
Dividend (%)
300
-
-
-
200
50
Basic EPS
8.48
8.45
8.46
8.23
5.78
0
47
Diluted EPS
8.43
8.39
8.41
8.19
5.77
0
46


ANNOUNCEMENTS
TO THE EXCHANGE


29-06-2010        Wipro Limited has informed the Exchange that the Board of Directors vide circular resolution passed on June 17, 2010 have fixed the Book Closure date from July 19, 2010 to July 22, 2010 (both days inclusive) for the purpose of Annual General Meeting scheduled to be held on July 22, 2010. 
18-06-2010        Wipro Limited has informed the Exchange that Administrative Committee of the Board of Directors vide Circular resolution dated June 17, 2010 resolved to issue and allot 979765124 equity shares of Rs.2/- each for issue and allotment of bonus shares and issuance of share certificates/ credit in demat account in the ratio of 2:3 (two bonus equity shares for every three existing equity shares).    -
07-06-2010        Wipro Limited has informed the Exchange that the Board of Directors of the Company have vide circular resolution passed on June 04, 2010 resolved to fix June 16, 2010 as the Record Date for issue of bonus shares in the ratio of 2:3 (two new shares for three existing equity shares) and also to determine eligible shareholders who are entitled to receive Final Dividend subject to the approval of the shareholders at the Annual General Meeting scheduled to be held in July 2010.       -
07-06-2010        Wipro Limited has informed the Exchange has submitted to the Exchange a copy of the Scrutinizer's Report certifying the results on the following three Resolutions passed through Postal Ballot pursuant to Section 192A(2) of the Companies Act, 1956 read with the Companies (Passing of the Resolutions by Postal Ballot) Rules, 2001.1) Ordinary Resolution under Section 16 and 94 of the Companies Act, 1956 for increase in Authorised Share Capital and Alteration of Memorandum of Association of the Company (MOA) by altering Clause 5 of the MOA. 2) Special Resolution under Section 31 of the Companies Act, 1956 for Alteration of Article 4 and Article 152 of Articles of Association of the Company. 3) Ordinary resolution for issue of bonus share to the shareholders by capitalizing a part of the amount standing to the credit of Securities Premium Account.
31-05-2010        Wipro Limited has submitted to the Exchange a copy of Audited Consolidated Financial Results under International Financial Reporting Standards (IFRS) for the year ended March 31, 2010.
06-05-2010        Wipro Limited has informed the Exchange that pursuant to section 192A (2) of the Companies Act, 1956 read with the Companies (Passing of the resolutions by postal ballot) rules 2001. that the following resolution are proposed to be passed by postal ballot: 1) Ordinary Resolution under section 16 and 94 of the Companies Act, 1956 for increase of Authorised Share Capital and Alteration of the Memorandum of Association (MOA) of the Company by altering Clause 5 of the MOA. 2) Special Resolution under section 31 of the Companies Act, 1956 for alteration of Article 4 and Article 152 of Articles of Association of the Company. 3) Ordinary resolution for issue of bonus share to the shareholders by capitalizing a part of the amount standing to the credit of Securities Premium account.
23-04-2010        Wipro Limited has informed the Exchange that subject to the approval of the Members at an Annual General Meeting scheduled to be held on July 22, 2010, the Board of Directors of the Company at its meeting held on April 23, 2010 have recommended issue of bonus shares in the ratio of two (2) equity shares of Rs.2 each for every 3 (three) equity shares held by the shareholders of the Company (including ADS holders ), as on record date to be determined by the Board.      -
23-04-2010        Wipro Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 23, 2010 have recommended a final dividend of (300%) at Rs. 6 per equity share of par value Rs. 2/- each.       -
23-04-2010        Wipro Ltd has informed the Exchange regarding a press release dated April 23, 2010, titled "Results for the quarter and year ended March 31, 2010 under IFRS". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.      -
23-04-2010        Wipro Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 2317760 lacs for year ending on 31-MAR-2010 against Rs. 2098730 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 489800 lacs for the year ending on 31-MAR-2010 against Rs. 297380 lacs for the year ending on 31-MAR-2009.       -
23-04-2010        Wipro Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 614100 lacs for quarter ending on 31-MAR-2010 against Rs. 589290 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 123670 lacs for the quarter ending on 31-MAR-2010 against Rs. 123120 lacs for the quarter ending on 31-DEC-2009.        -
23-04-2010        Wipro Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 698290 lacs for quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 120910 lacs for the quarter ending on 31-MAR-2010.      -
29-03-2010        Wipro Ltd has informed the Exchange that "Pursuant to filing of eform 21 on March 26, 2010 along with certified copies of orders of the High Court of Karnataka with the respective Offices of the Registrar of Companies, the Indian Branch offices of the two overseas subsidiary companies of Wipro Limited namely; Wipro Networks Pte Ltd, Singapore and WMNETSERV Ltd, Cyprus stands amalgamated with Wipro Limited. The merger comes into effect from the Appointed Date i.e. April 1, 2009".

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