Financials Wipro Limited

Equities

WIPRO

INE075A01022

IT Services & Consulting

Market Closed - Bombay S.E. Other stock markets 11:29:42 26/04/2024 BST			5-day change	1st Jan Change
464.6 ^INR	+0.79%		+2.61%	-1.49%

04-26	Asian Equities Traded in the US as American Depositary Receipts Trend Higher in Friday Trading, End Week Up 3.5%	MT
04-25	Tech Stocks Lead Asian Equities Traded in the US as American Depositary Receipts Lower in Thursday Trading	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,529,968	1,118,451	2,260,981	3,236,060	2,000,894	2,424,902	-	-
Enterprise Value (EV) ¹	1,250,190	862,359	1,998,813	3,042,265	1,749,875	2,238,476	2,072,232	1,973,563
P/E ratio	17 x	11.8 x	21.7 x	26.6 x	17.7 x	23.1 x	20.3 x	18.3 x
Yield	0.39%	0.51%	0.24%	1.01%	0.27%	0.21%	1.99%	2.43%
Capitalization / Revenue	2.61 x	1.83 x	3.65 x	4.09 x	2.21 x	2.79 x	2.65 x	2.46 x
EV / Revenue	2.13 x	1.41 x	3.23 x	3.85 x	1.93 x	2.49 x	2.26 x	2 x
EV / EBITDA	10.5 x	6.99 x	13.5 x	18.5 x	10.4 x	13.2 x	11.6 x	10.1 x
EV / FCF	13.4 x	11.2 x	15.6 x	33.6 x	15.1 x	13.5 x	16.4 x	15.3 x
FCF Yield	7.48%	8.95%	6.4%	2.98%	6.62%	7.4%	6.11%	6.55%
Price to Book	2.71 x	2.01 x	4.1 x	4.93 x	2.56 x	3.38 x	3.01 x	2.8 x
Nbr of stocks (in thousands)	6,005,763	5,688,967	5,458,669	5,466,318	5,477,399	5,218,771	-	-
Reference price ²	254.8	196.6	414.2	592.0	365.3	464.6	464.6	464.6
Announcement Date	16/04/19	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	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	585,845	610,232	619,430	790,934	904,876	897,603	915,202	984,689
EBITDA ¹	119,384	123,423	147,795	164,523	168,479	169,830	179,398	195,114
EBIT ¹	99,917	105,730	120,139	135,931	135,134	135,759	145,878	159,645
Operating Margin	17.06%	17.33%	19.4%	17.19%	14.93%	15.12%	15.94%	16.21%
Earnings before Tax (EBT) ¹	115,422	122,512	139,007	151,275	147,657	147,210	160,514	177,030
Net income ¹	90,037	97,218	107,946	122,191	113,500	110,452	120,504	133,313
Net margin	15.37%	15.93%	17.43%	15.45%	12.54%	12.31%	13.17%	13.54%
EPS ²	14.95	16.62	19.07	22.29	20.68	20.82	22.91	25.39
Free Cash Flow ¹	93,535	77,146	127,973	90,644	115,767	165,706	126,633	129,197
FCF margin	15.97%	12.64%	20.66%	11.46%	12.79%	18.46%	13.84%	13.12%
FCF Conversion (EBITDA)	78.35%	62.51%	86.59%	55.1%	68.71%	97.57%	70.59%	66.22%
FCF Conversion (Net income)	103.89%	79.35%	118.55%	74.18%	102%	150.03%	105.09%	96.91%
Dividend per Share ²	1.000	1.000	1.000	6.000	1.000	1.000	9.269	11.28
Announcement Date	16/04/19	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 Q2	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
Net sales ¹	196,674	203,136	208,600	215,286	225,397	232,290	231,903	228,310	225,159	222,051	222,083	222,593	225,980	229,316	234,062
EBITDA ¹	41,689	41,807	41,374	38,594	39,415	45,474	45,057	41,961	42,315	41,919	43,906	43,488	43,786	43,455	44,878
EBIT ¹	33,972	34,348	34,036	30,856	36,543	42,628	36,587	34,578	33,345	32,865	35,501	35,412	36,021	36,282	37,497
Operating Margin	17.27%	16.91%	16.32%	14.33%	16.21%	18.35%	15.78%	15.15%	14.81%	14.8%	15.99%	15.91%	15.94%	15.82%	16.02%
Earnings before Tax (EBT) ¹	37,565	37,786	37,324	33,520	34,201	39,752	40,184	37,975	35,092	35,521	38,622	39,646	39,805	40,439	41,919
Net income ¹	29,307	29,690	30,873	25,636	26,590	30,529	30,745	28,701	26,463	26,942	28,346	29,376	29,728	29,878	31,099
Net margin	14.9%	14.62%	14.8%	11.91%	11.8%	13.14%	13.26%	12.57%	11.75%	12.13%	12.76%	13.2%	13.15%	13.03%	13.29%
EPS ²	5.350	5.420	5.630	4.670	4.850	5.560	5.600	5.120	5.040	5.150	5.410	5.607	5.680	5.758	5.940
Dividend per Share ²	-	1.000	5.000	-	-	1.000	-	-	-	-	13.62	-	-	-	14.00
Announcement Date	13/10/21	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	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	279,778	256,092	262,168	193,795	251,019	266,658	352,670	451,339
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	93,535	77,146	127,973	90,644	115,767	165,706	126,633	129,197
ROE (net income / shareholders' equity)	17.1%	17.3%	19.4%	20.2%	15.8%	14.4%	15.3%	15.5%
ROA (Net income/ Total Assets)	11.3%	11.8%	13.1%	12.8%	10.1%	9.49%	9.86%	10.5%
Assets ¹	796,957	825,119	824,267	955,289	1,127,502	1,164,135	1,221,930	1,275,617
Book Value Per Share ²	94.20	97.60	101.0	120.0	143.0	142.0	154.0	166.0
Cash Flow per Share ²	19.30	17.20	26.90	20.20	23.80	33.20	25.60	28.50
Capex ¹	22,781	23,497	19,577	20,153	14,834	10,510	26,815	28,696
Capex / Sales	3.89%	3.85%	3.16%	2.55%	1.64%	1.17%	2.93%	2.91%
Announcement Date	16/04/19	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

UNDERPERFORM

Number of Analysts

Last Close Price

464.6 INR

Average target price

452.4 INR

Spread / Average Target

-2.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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