Wipro Limited
NSE Symbol WIPRO
Results for the quarter ended December 31, 2011
under IFRS
Wipro Records 28% YoY Revenue Growth in the quarter
Highlights of the Results
Ø IT Services
Revenue was $1,505 million, a sequential increase of 2.2% and YoY increase of
12%.
Ø Non-GAAP
constant currency revenue growth was 4.5% sequentially, exceeds
the guidance range.
Ø Total
Revenues were Rs.99.97 billion ($1.89 billion1),
an increase of 28% YoY.
Ø Net Income
was Rs.14.56 billion ($275 million1), an increase of 10% YoY and sequential growth of
12%.
Non-GAAP Adjusted
Net Income was `14.57 billion
($275 million1), an increase of 11% YoY.
Ø IT Services
Revenues were `76.08 billion
($1,435 million1), an increase of 28% YoY.
Ø IT Services
Earnings Before Interest and Tax (EBIT) was `15.83 billion ($299 million1), an increase of 20% YoY.
Ø Our
Operating Income to Revenue for IT Services was 20.8% for the quarter.
Ø Wipro
declares an interim dividend of `2
($0.041) per share /ADS.
Performance for the quarter
ended December 31, 2011 :
Suresh Senapaty, Executive Director & Chief Financial Officer of
Wipro, said – “Our client mining strategy continues to show progress with 6
customers contributing more than $100 million of revenues. We have improved
operating margins through improved revenue productivity and currency benefits.”
T K Kurien, Executive Director & Chief Executive Officer, IT
Business, said – “We saw broad based growth with 5 of the 6 verticals growing
upwards of 4% in constant currency. Revenues in constant currency exceeded the
guidance range. We have seen positive feedback from customers and employees on
our restructuring approach.”
Outlook for the Quarter ending March 31, 2012
We expect Revenues from our IT Services business to be in the range of
$1,520 million to $1,550 million, a sequential growth of 1% to 3%*.
* Guidance is
based on the following exchange rates: GBP/USD at 1.57, Euro/USD at 1.33,
AUD/USD at 1.00, USD/INR at 51.75.
IT Services
(76% of Total Revenue and 92% of Operating Income
for the quarter ended December 31, 2011)
The IT Services
segment had 136,734 employees as of December 31, 2011, an increase of 5,004
people this quarter.
Wipro added 39 new
customers for the quarter.
To gain operational
flexibility in this uncertain environment, enterprises continue to variabilize
their IT and operations.
Wipro continues to
see growth in the Cloud enablement business, outcome based and service based
pricing models.
Wipro won a
multi-year transformational deal with a leading player in the Chemical
industry. Wipro will help the client become more agile in the chemical
transportation, logistics and warehouse management space by implementing cloud
based solutions, modernization and upgrades of legacy applications and
migrating to an on-demand model for custom applications.
Wipro has been chosen
as a partner by a large financial institution for a Digital Transformation
Program that spans across all its digital assets and channels. The objective of
the initiative is to integrate the company’s marketing and sales channels to
improve customer experience.
A company belonging
to a US based private equity firm has selected Wipro as the sole partner for
its „Process Transformation‟ initiative.
Wipro won a
multi-year total outsourcing engagement with a leading global provider of
engineering services in the manufacturing sector.
AstraZeneca, a
leading global biopharmaceutical company has selected Wipro for a multiyear
engagement to enhance its „SIAM (Service Integration and Management)‟ and „EUC (End User
Computing)‟ infrastructure.
In India, the
government vertical continued to build traction due to large planned
investments in the e-governance space under the national e-governance program
(NeGP). Wipro won a deal for supply of infrastructure and enrollment services
for UID in Karnataka. This quarter also witnessed Wipro becoming the first
Enrolment Agency across India, to achieve over one crore Aadhaar IDs within a
short time span.
Wipro also won a
strategic deal from Bharat Heavy Electrical Limited (BHEL) spread over 5 years
for refreshing the company‟s datacenter infrastructure of IBM
servers.
IT Products
(9% of
Total Revenue and
3% of
Operating Income for the quarter ended December 31, 2011)
Ø Our
IT Products segment recorded Revenue of `9
billion ($170 million1) for the quarter ended
December 31, 2011 an increase of 2% YoY.
Ø EBIT
was `475 million ($9 million1)
for the quarter, an increase of 16% YoY.
Ø The
ratio of our Operating Income to Revenue for this segment was 5.3% for the
quarter.
Consumer Care and
Lighting
(9% of
Total Revenue and 6% of Operating Income for the quarter ended December 31,
2011)
Ø Our
Consumer Care and Lighting business segment recorded Revenue of `8.79 billion ($166 million1)
for the quarter ended December 31, 2011, representing an increase of 26% YoY.
Ø EBIT
was `1.04 billion ($20 million1)
for the quarter, an increase of 22% YoY.
Ø Operating
Income to Revenue for this segment was 11.9% for the quarter.
Wipro Limited
Ø Total
Revenue for the quarter ended December 31, 2011 was `99.97 billion ($1.89 billion1)
representing an increase of 28% over the same period last year.
Ø Net
Income for the quarter ended December 31, 2011 was `14.56 billion ($275 million1)
representing an increase of 10% 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 December 31, 2011 was `14.57 billion ($275 million1)
representing an increase of 11% over the same period last year.
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WIPRO LIMITED AND SUBSIDIARIES
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CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
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(Rupees in millions, except share
and per share data, unless otherwise stated)
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Three months ended December 31,
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Nine
months ended December 31,
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2010
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2011
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2010
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2011
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2011
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Gross
revenues………………………
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78,202
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98,808
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227,827
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273,807
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5,165
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Cost
of revenues………………………
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(53,530)
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(69,704)
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(155,405)
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(194,704)
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(3,673)
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Gross
profit……………………………
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24,672
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29,104
|
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72,422
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79,103
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1,492
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Selling
and marketing expenses………
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(5,485)
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(7,459)
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(16,622)
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(20,253)
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(382)
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General
and administrative expenses….
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(4,921)
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(5,570)
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(13,055)
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(14,531)
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(274)
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Foreign
exchange gains/(losses), net…
|
91
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1,164
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136
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2,750
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52
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Results
from operating activities……
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14,357
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17,239
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42,881
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47,069
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888
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Finance
expenses……………………….
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(427)
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(1,017)
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(1,297)
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(3,027)
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(57)
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Finance
and other income…….……….
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1,751
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2,149
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4,525
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6,454
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122
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Share
of profits of equity accounted investee..
|
160
|
117
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|
509
|
326
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6
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Profit
before tax…
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15,841
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18,488
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46,618
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50,822
|
959
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-
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Income
tax expense…………
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(2,582)
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(3,810)
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(7,110)
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(9,748)
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(184)
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Profit
for the period…..
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13,259
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14,678
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39,508
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41,074
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775
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Attributable
to:
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Equity
holders of the company………
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13,188
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14,564
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39,222
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40,921
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772
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Non-controlling
interest………………
|
71
|
114
|
|
286
|
153
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3
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Profit
for the period………………….
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13,259
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14,678
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39,508
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41,074
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775
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Earnings
per equity share:
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Basic………………………………………
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5.41
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5.94
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16.10
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16.71
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0.32
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Diluted……………………………………
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5.39
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5.93
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16.03
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16.67
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0.31
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Awards and
accolades
Wipro and Diversey, a
leading global provider of commercial cleaning, sanitation and hygiene
solutions, jointly won the „IT Outsourcing Project of the Year‟ at UK‟s 8th annual National
Outsourcing Association (NOA) Awards for a transformational project wherein
technology was used to proactively address Diversey‟s future business
needs.
Wipro has been ranked
as a global leader in testing services by Ovum, an independent technology
analyst firm, in a report titled „Services Guide: Outsourced Testing –
Benchmarking Software and Systems Testing Service Vendors‟. The report
benchmarked 13 software and systems testing services providers against 20 key
criteria and rated Wipro top for its cost and value, a key differentiator for
companies looking to outsource testing services.
Wipro was the only
Indian IT company to be ranked in the prestigious Aon Hewitt 'Top Companies for
Leaders' global list.
Wipro was also
awarded the prestigious NASSCOM Award for Excellence in Diversity and
Inclusion, in the Best IT Services and Product Companies category at the
NASSCOM Diversity and Inclusion Summit 2011.
Wipro was conferred
the “People Choice Award” as the “Most Admired IT Company of the Year Amongst
CIOs” at the Bloomberg UTV – CXO Awards 2011. Wipro was chosen through a
countrywide Public Survey.
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