Wipro Limited
NSE Symbol WIPRO
WIPRO has declared its stand alone and Consolidated Results RESULTS for the first quarter (Q1 FY 12) ending June 2011.
STAND ALONE RESULTS
Net Sales for Q1 FY 12 is Rs.7311.30 cr – up by 1.85% from Q4 FY11 and up by 22.22% from Q1 FY 11.
Total Expenditure for Q1 FY 12 is Rs.4965.80 cr – up by 4.63% from Q4 FY 11 and up by 27.56% from Q1 FY 11.
Gross Profit for Q1 FY 12 is Rs.2345.50 cr – down by 3.56% from Q4 FY 11 and up by 12.26% from Q1 FY 11.
Operating Profit after Interest is Rs.1287.50 cr – down by 6% from Q4 FY11 and up by 9.19% from Q1 FY 11.
Profit before tax is Rs.1497.90 cr – down by 5.22% from Q4 FY 11 and up by 14.53% from Q1 FY 11.
Net Profit for Q1 FY 12 is Rs.1219.30 cr – down by 8.84% from Q4 FY 11 and up by 9.85% from Q1 FY11.
Basic EPS on a Face value of Rs.2 is Rs.5 for Q1 FY 12; Rs.5.48 fro Q4 FY 11 and Rs.4.56 for Q1 FY 11.
STAND ALONE RESULTS TABLE
| WIPRO | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
| Net Sales | 731130 | 717840 | 598220 |
| Increase in SIT/WIP | -12610 | -7910 | -2170 |
| Raw Materials | 33170 | 36130 | 23710 |
| Traded Goods | 95710 | 75740 | 66490 |
| Other Expenditure | 380310 | 370660 | 301250 |
| Total Expenditure | 496580 | 474620 | 389280 |
| Gross Profit | 234550 | 243220 | 208940 |
| General Administration Expenses | 34110 | 42310 | 31190 |
| Selling and Distribution Expenses | 46400 | 43740 | 38680 |
| Depreciation | 17400 | 17060 | 13610 |
| Operating Profit before Interest | 136640 | 140110 | 125460 |
| Interest | 7890 | 3140 | 7550 |
| Operating Profit after Interest | 128750 | 136970 | 117910 |
| Other Income | 21040 | 21070 | 12880 |
| Profit before tax | 149790 | 158040 | 130790 |
| Tax Expenses | 27860 | 24280 | 19790 |
| Net Profit | 121930 | 133760 | 111000 |
| Face Value (in Rs.) | 2 | 2 | 2 |
| Paid-up Equity | 49110 | 49090 | 48990 |
| Basic EPS | 5 | 5.48 | 4.56 |
| Diluted EPS | 4.97 | 5.46 | 4.56 |
| Public holding (%) | 19.08 | 19.03 | 18.9 |
The consolidated Results etc as announced by the company are given below :
Highlights of the Results
Results for Q1 FY 2012 under IFRS
Ø IT Services Revenue was $1,408 million, a sequential increase of 0.5% and YoY increase of 16.9%.
Ø Total Revenues were Rs.85.64 billion ($1.92 billion1), an increase of 18% YoY.
Ø Net Income was Rs.13.35 billion ($299 million1), an increase of 1% YoY. Non-GAAP Adjusted Net
Ø Income was Rs.13.18 billion ($295 million1), an increase of 1% YoY.
Ø IT Services Revenues were Rs.64.05 billion ($1,436 million1), an increase of 16% YoY.
Ø IT Services Earnings Before Interest and Tax (EBIT) was Rs.14.07 billion ($315 million1), an increase of 4% YoY.
Ø Our Operating Income to Revenue for IT Services was 22% for the quarter
Outlook for the Quarter ending September 30, 2011
We expect Revenues from our IT Services business to be in the range of $1,436 million to $1,464 million*.
IT Services (75% of Total Revenue and 94% of Operating Income for the quarter ended June 30, 2011)
The IT Services segment had 126,490 employees as of June 30, 2011, an increase of 4,105 people this quarter. WIPRO added 49 new customers for the quarter.
IT Products (12% of Total Revenue and 3% of Operating Income for the quarter ended June 30, 2011)
Ø IT Products segment recorded Revenue of Rs.10.06 billion ($226 million1) for the quarter ended June 30, 2011 an increase of 21% YoY.
Ø EBIT was Rs.423 million ($9 million1) for the quarter, an increase of 26% YoY.
Ø The ratio of our Operating Income to Revenue for this segment was 4.2% for the quarter.
Consumer Care and Lighting (9% of Total Revenue and 6% of Operating Income for the quarter ended June 30, 2011)
Ø Consumer Care and Lighting business segment recorded Revenue of Rs.7.55 billion ($169 million1) for the quarter ended June 30, 2011, representing an increase of 18% YoY.
Ø EBIT was Rs.895 million ($20 million1) for the quarter, flat on a YoY basis.
Ø Operating Income to Revenue for this segment was 11.9% for the quarter.
Wipro Limited
Ø Total Revenue for the quarter ended June 30, 2011 was Rs.85.64 billion ($1.92 billion1) representing an increase of 18% over the same period last year.
Ø Net Income for the quarter ended June 30, 2011 was `13.35 billion ($299 million1) representing an increase of 1% over the same period last year.
Ø Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) for the quarter ended June 30, 2011 was Rs.13.18 billion ($295 million1) representing an increase of 1% over the same period last year.
CONDENSED CONSOLIDATED
INTERIM STATEMENTS OF INCOME
(in millions)
Ø ITEM :: Q1 FY 2010 :: Q1 FY 2011 :: IN US $
Ø Gross revenues : Rs.71,906 :: Rs.84,929 :: $ 1,905
Ø Cost of revenues : (48,620):: (60,021):: (1,346)
Ø Gross profit : 23,286 :: 24,908 :: 559
Ø Selling and marketing expenses : (5,387) ::(6,284) ::(141)
Ø General and Admn. expenses :: (3,864) ::(4,383):: (98)
Ø Foreign exchange gains/(losses), net : 458 ::711 :: 16
Ø Results from operating activities : 14,493 :: 14,952:: 335
Ø Finance expenses : (403) :: (760) :: (17)
Ø Finance and other income : 1,351 :: 2,192 :: 49
Ø Share of profits of equity accounted investee : 157:: 110 :: 2
Ø Profit before tax : 15,598 :: 16,494 :: 370
Ø Income tax expense : (2,345) :: (3,096) :: (69)
Ø Profit for the period : 13,253 :: 13,398 :: 300
Ø Attributable to:
Ø Equity holders of the company : 13,186 :: 13,349 :: 299
Ø Non-controlling interest : 67:: 49 ::1
Ø Profit for the period : 13,253 ::13,398 :: 300
Ø Earnings per equity share:
Ø Basic : 5.42 :: 5.47 :: 0.12
Summary :
Ø WIPRO LTD (CONSOL) had revenues of 8,564 cr of revenue in q1 with a YoY growth of 18%
Ø Profits before Interest and Tax (Consol) was Rs.1,495 cr – a YoY growth of 3%
Ø Profits after Tax (Consol) was Rs.1,335 cr - a YoY growth of 1%
Ø Margins were at 22% despite headwind of salary increases from 1st,June 2011.
Ø Gross Utilization was at 69.7% - improved by 80 bps
Ø Volume Growth of 1.8%
Ø 4 customers with Revenues greater than $ 100 mn
Ø Average Revenue of top 10 customers in excess of $ 100mn
Ø 49 new customer wins
Ø Wipro expects, for Q/E Sept 2011, the Revenue from IT Services business to be in the range $1,436 Mn* to $1,464 Mn*
* * * E N D * * *
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