WIPRO LIMITED
Q1 FY 2011 RESULTS
COMPARISON
While the stand alone figures are compared below – what the company says about the results under IFRS – is also furnished below the same – which reflects a much better Position.
NON CONSOLIDATED FIGURES
The table below presents figures for June2011, March2011 and their difference(%), June2009, and its difference(%) from June 2010, FY2010 non consolidated and its Proportionate difference (%) from June 2010 (i.e., Q1FY11 x 4 – FY2010 difference in % terms). Figures are mostly in Lakhs of rupees.
As can be seen, Net sales have increased by 13.1% compared to Q1 FY10. But net profit is down by 7.3%.
Basic EPS at Rs.4.56 – compared to Rs.8.48 in Q4 FY2010 (-46.2%), - and down by 44.6% compared to Rs.8.23 for Q1 FY2010 – and down by 45.7%compared to Rs.33.61. Thus, stand alone figures are lack luster.
However, figures based on IFRS are impressive – as announced by the company below this table:
| Jun-10 | Mar-10 | dif%1 | Jun-09 | dif%2 | dif%3 | ||
| Net Sales | 598220 | 614100 | -2.6 | 528790 | 13.1 | 2317760 | 3.2 |
| SIT&WIP | -2170 | -3650 | -40.5 | -730 | 197.3 | -11100 | -21.8 |
| Raw Materials | 23710 | 32430 | -26.9 | 20620 | 15 | 98920 | -4.1 |
| Traded Goods | 66490 | 81780 | -18.7 | 57940 | 14.8 | 311280 | -14.6 |
| Other Exp | 301250 | 289510 | 4.1 | 258940 | 16.3 | 1090550 | 10.5 |
| Total Exp | 389280 | 400070 | -2.7 | 336770 | 15.6 | | |
| Gross Profit | 208940 | 214030 | -2.4 | 192020 | 8.8 | 828110 | 0.9 |
| Gen.Adm.Exp | 31190 | 30080 | 3.7 | 25460 | 22.5 | 114130 | 9.3 |
| Sel.Distrib.Exp | 38680 | 37820 | 2.3 | 31270 | 23.7 | 138270 | 11.9 |
| Depreciation3 | 13610 | 14030 | -3 | 13640 | -0.2 | 57960 | -6.1 |
| OPTGProfit B INT | 125460 | 132100 | -5 | 121650 | 3.1 | 517750 | -3.1 |
| Interest | 7550 | -6210 | -222 | -4420 | -271 | -8260 | -465.6 |
| OptgProfitA I&EI | 117910 | 138310 | -14.7 | 126070 | -6.5 | 526010 | -10.3 |
| Other Income | 12880 | 12640 | 1.9 | 9550 | 34.9 | 42870 | 20.2 |
| P B T | 130790 | 150950 | -13.4 | 135620 | -3.6 | 568880 | -8 |
| Tax Expenses | 19790 | 27280 | -27.5 | 15830 | 25 | 79080 | 0.1 |
| P A T | 111000 | 123670 | -10.2 | 119790 | -7.3 | 489800 | -9.4 |
| Net Profit | 111000 | 123670 | -10.2 | 119790 | -7.3 | 489800 | -9.4 |
| Face Value | 2 | 2 | 0 | 2 | 0 | 2 | |
| Paid-up Equity | 48990 | 29360 | 66.9 | 29310 | 67.1 | 29360 | |
| Reserves | - | - | | - | | 1739680 | |
| Dividend (%) | - | 300 | | - | | | |
| Basic EPS B EI | 4.56 | 8.48 | -46.2 | 8.23 | -44.6 | 33.61 | -45.7 |
| Diluted EPS B EI | 4.56 | 8.43 | -45.9 | 8.19 | -44.3 | 33.38 | -45.4 |
| Basic EPS A EI | 4.56 | 8.48 | -46.2 | 8.23 | -44.6 | 33.61 | -45.7 |
| Diluted EPS A EI | 4.56 | 8.43 | -45.9 | 8.19 | -44.3 | 33.38 | -45.4 |
| PublicHolding (%) | 18.9 | 18.83 | 0.4 | 19.15 | -1.3 | 18.83 |
WHAT COMPANY SAYS
WIPRO LIMITED today announced financial results under International Financial Reporting Standards (IFRS) for its first fiscal quarter ended June 30, 2010.
Highlights of the Results:
Results for the Quarter ended June 30, 2010
Ø IT Services Revenue on a Non-GAAP constant currency was $1,218 million, with a sequential increase of 4.4%. On a YoY basis, the increase in IT Services Revenue on a Non-GAAP constant currency basis was 16.6%.
Ø Total Revenues were Rs. 72.36 billion ($1.56 billion1), representing an increase of 16% over the same period last year.
Ø IT Services Revenue in dollar terms was $1,204 million, a sequential increase of 3.2% and YoY increase of 16.6%.
Ø Net Income was Rs. 13.19 billion ($284 million1), representing an increase of 31% over the same period last year.
Ø Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) was Rs. 13.06 billion ($281 million1), representing an increase of 30% over the same period last year.
Ø IT Services Revenues were Rs. 55.00 billion ($1,185 million1), representing an increase of 14% over the same period last year.
Ø IT Services Earnings Before Interest and Tax (EBIT) was Rs.13.5 billion ($291 million1), representing an increase of 26% over the same period last year.
Ø IT Services added 22 new clients in the quarter.
Ø Net addition of 4,854 employees in the current quarter.
Ø IT Products recorded a 13% growth in Revenues over the same period last year.
Ø Consumer Care and Lighting Revenue grew 23% over the same period last year and EBIT grew 11%
Performance for the quarter ended June 30, 2010 and Outlook for the quarter ending September 30, 2010
Azim Premji Chairman of Wipro, commenting on the results said –
“We are seeing strong demand environment across our industry verticals despite macro challenges.
We added the highest number of billable employees ever, in this quarter. Our guidance reflects this momentum – for the quarter ended September 30, 2010, we expect revenues from our IT Services business to be in the range of $1,253 million to $1,277 million, a sequential increase of 4.1% to 6.1%*”
Suresh Senapaty, ED & CFO of Wipro, said –
“We delivered ahead of the top end of our guidance in constant currency with a sequential growth of 4.4% and saw yet another quarter of margin expansion with a 30 basis points increase despite the head winds of wage increase and a decline in price realization. We have also given Restricted Stock Units and progressions effective July 1, 2010.”
* Guidance is based on the following constant currency exchange rates: GBP/USD at 1.48, Euro/USD at 1.27, AUD/USD at 0.87, USD/INR at 45.68
Wipro Limited
Total Revenue for the quarter ended June 30, 2010 was Rs. 72.36 billion ($1.56 billion1), representing an increase of 16% over the same period last year.
Net Income for the quarter ended June 30, 2010 was Rs.13.19 billion ($284 million1), representing an increase of 31% over the same period last year.
Non- GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) for the quarter ended June 30, 2010 was Rs. 13.06 billion ($281 million1), representing an increase of 30% over the same period last year. Earnings Per Share for the quarter ended June 30, 2010 were Rs. 5.42 ($0.121).
Non-GAAP Adjusted Earnings Per Share (excluding the impact of accelerated amortization of stock based compensation) for the quarter ended June 30, 2010 were Rs. 5.37 ($0.121), representing an increase of 29% over the same period last year.
Wipro Limited has informed the NSE regarding press release dated July 23, 2010, titled "Results for the quarter ended June 30, 2010 under IFRS-Wipro Records 31% YoY Growth in Profit After Tax in Q1 FY11".
CURRENT MP is RS.425. The company’s guidance for future is reasonably strong. Based on the same, the price may appreciate in the medium term.
ANNOUNCEMENTS
TO THE EXCHANGE
23-07-2010 Wipro Limited has informed the Exchange regarding press release dated July 23, 2010, titled "Results for the quarter ended June 30, 2010 under IFRS-Wipro Records 31% YoY Growth in Profit After Tax in Q1 FY11".
23-07-2010 Wipro Limited has submitted to the Exchange a copy of Consolidated Financial Results of the Company and its subsidiaries for the quarter ended June 30, 2010 prepared in compliance with IFRS as issued by International Accounting Standards Board.
23-07-2010 Wipro Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 598220 lacs for quarter ending on 30-JUN-2010 against Rs. 614100 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 111000 lacs for the quarter ending on 30-JUN-2010 against Rs. 123670 lacs for the quarter ending on 31-MAR-2010. -
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".
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.
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