Wipro

1QFY2011 Result Update | IT
July 29, 2010

Wipro ACCUMULATE
CMP Rs417
Performance Highlights Target Price Rs470
(Rs cr) 1QFY11 4QFY10 %chg (qoq) 1QFY10 %chg (yoy) Investment Period 12 Months
Net revenues 7,191 6,387 3.1 6,977 12.6
EBIDTA margin (%) 22.8 20.8 0.9 21.9 2.0 Stock Info
PAT 1319 1010 9.0 1,209 30.5 Sector IT
Source: Company, Angel Research; Note: IFRS Financials
Market Cap (Rs cr) 102,030
Performance marked by strong operational efficiency: Wipro recorded 3.1% qoq Beta 0.8
(12.6% yoy) top-line growth, in rupee terms (IFRS basis) to Rs7191cr. This was 52 Week High / Low 452/273
backed by 4.6% qoq (14% yoy) growth in IT services revenue. IT services revenues Avg. Daily Volume 186381
were driven by 4.7% qoq growth in volumes despite the 4.9% and 1.4% qoq
Face Value (Rs) 2
decline in price realisations onsite and offshore, respectively. In US Dollar terms,
BSE Sensex 17,992
the company clocked IT services revenues of US $1,204mn as against guidance
given in the range of US $1,190-1,215mn. Overall, the company won seven Nifty 5,409
large deals in average size of US $30mn and added 22 new clients, taking its Reuters Code WIPR.BO
total active client count to 858 during the quarter. Wipro recorded a 92bp qoq Bloomberg Code WPRO@IN
(196bp yoy) expansion in overall EBITDA margins, led by all the business
segments. This was mainly due to the positive impact of 60bp on account of
effective hedges, which restricted the impact of adverse currency movement Shareholding Pattern (%)
during the quarter. The company reported 9% qoq (30.5% yoy) increase in Promoters 79.5
bottom-line to Rs1,319cr backed by strong operational efficiency. MF / Banks / Indian Fls 5.6
FII / NRIs / OCBs 8.6
Outlook and Valuation: We expect Wipro to record 18.2% CAGR in top-line,
Indian Public / Others 6.3
while bottom-line is expected to clock 14.5% CAGR over FY2010-12E. The stock
is currently trading at 19.2x FY2011E EPS of Rs21.7 and 16.8x on its FY2012E
EPS of Rs24.7. We have valued Wipro at 19x FY2012E earnings (historical
average of 19.5x during FY2002-2010), and at 9.5% discount to our Infosys Abs. (%) 3m 1yr 3yr
target P/E multiple of 21x (historical discount of 4.5% during 2002-10). We Sensex 2.8 18.6 18.1
maintain an Accumulate on the stock, with a Target Price of Rs470, implying an Wipro 0.8 48.7 40.7
upside of 13%.

Key Financials (Consolidated IFRS)
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 25,689 27,196 31,786 37,975
% chg 28.6 5.9 16.9 19.5
Net Profit 4,109 4,716 5,426 6,183
% chg 146.5 14.8 15.0 14.0
EBITDA Margin (%) 19.6 21.8 21.7 21.3
EPS (Rs) 15.9 18.8 21.7 24.7
P/E (x) 26.2 22.2 19.2 16.8
P/BV (x) 4.1 3.1 4.3 3.5
RoE (%) 52.6 26.7 24.3 23.0
RoCE (%) 56.6 30.1 28.7 28.0
EV/Sales (x) 2.2 2.0 1.7 1.4 Vibha Salvi
EV/EBITDA (x) 11.3 9.2 7.9 6.5 022 – 4040 3800 Ext: 329
Source: Company, Angel Research; Note: *FDEPS for FY2009 and FY2010 is based on vibhas.salvi@angeltrade.com
post-bonus issue (2:3 bonus effective from July’10)

Please refer to important disclosures at the end of this report 1

Wipro | 1Q FY2011Result Update

Exhibit 1: 1QFY2011 performance (consolidated, IFRS)
Y/E March (Rs cr) 1QFY11 4QFY10 % chg 1QFY10 % chg FY2010 FY2009 % chg
(qoq) (yoy)
Net Revenues 7,191 6,977 3.1 6,387 12.6 27,196 25,689 5.9
Cost of Revenue 4,676 4,588 1.9 4,138 13.0 17,938 17,386 3.2
Gross Profit 2,514 2,390 5.2 2,249 11.8 9,258 8,303 11.5
SG&A Expenses 923 870 6.0 779 18.4 3,252 3,123 4.1
Forex Gains/Losses (net) (46) (6) 141 72 155
Operating Profit (EBITDA) 1,638 1,525 7.4 1,329 23.2 5,934 5,025 18.1
Other Income 135 185 (26.9) 100 35.8 460 357 29.0
Interest 40 24 70.0 64 (37.0) 123.2 233 (47.2)
Depreciation 188 189 (0.2) 187 0.9 783.10 694.70 12.7
Share of profits of Equity
16 18 (10.8) 11 37.7 53 36 46.4
accounted associates
Income before Income Taxes 1,560 1,515 2.9 1,189 31.1 5,541 4,490 23.4
Income Taxes 235 302 (22.2) 174 34.8 929 604 54.0
Minority Interest 7 5 45.7 5 36.7 18.500 10 86.9
Net Income 1,319 1,209 9.0 1,010 30.5 4,593 3,876 18.5
Diluted EPS (Rs) 5.4 5.0 9.0 4.1 31.0 31.2 26.5 17.9
Gross Profit Margin (%) 35.0 34.2 35.2 34.0 32.3
EBITDA Margin (%) 22.8 21.9 20.8 21.8 19.6
Net Profit Margin (%) 18.3 17.3 15.8 16.9 15.1
Source: Company, Angel Research

Exhibit 2: 1QFY2011 – Actual v/s Angel estimates
(Rs cr) Estimates Actual Variation (%)
Net revenue 7,134 7,191 0.8
EBIDTA margin (%) 21.2 22.8 0.0
PAT 1,213 1,319 8.7

Top-line growth led by strong volumes in IT services

Wipro recorded 3.1% qoq (12.6% yoy) top-line growth, in rupee terms (IFRS
basis), backed by 4.6% qoq (14% yoy) growth in IT services revenues, which were
driven by 4.7% qoq growth in volumes despite the 4.9% and 1.4% qoq decline in
price realisations onsite and offshore, respectively. Higher volumes were on
account of new project start ups during the quarter mainly onsite, which impacted
the price realisation severely there compared to offshore. In US Dollar terms, the
company clocked IT services revenues of US $1,204mn as against guidance given
in the range of US $1,190-1,215mn.

The growth in IT Services was broad-based, and mainly driven by 18.5%, 9.7%,
3.7% and 2.6% qoq growth in product engineering services (PES), package
implementation (PI), ADM and R&D services, respectively. In terms of verticals,
growth was strongly driven by communication & media services providers (CMSP),
financial services, manufacturing and retail-transportation verticals, which grew by
6.4%, 6.4%, 5.5% and 5.1% qoq, respectively. In addition to IT services segments,
the consumer care and lightning, and other businesses also grew by 5.4% and

July 29, 2010 2


1.6% qoq, respectively. The IT product business de-grew by 6.5% qoq, but was up
by 13.4% yoy.

In terms of geographies, America, India and the Middle East and APAC, and other
emerging markets witnessed growth of 4.3%, 5.4% and 5.6% qoq, respectively.
Despite the ongoing crisis in Europe, the company witnessed slight de-growth of
0.2% qoq, while it grew by 16.2% yoy. In fact, Wipro won a large deal from one
of its European client, viz. Citibank to take over the ownership and management
of its data center in Meerbusch, Germany. As per the agreement Citibank will
lease back-office and data center space from Wipro for at least 30 months and
Wipro will provide Citibank with facilities management and IMS services during
the period. The Meerbusch Germany data center will be Wipro’s first facility in
Europe and will enable it to offer full portfolio of infrastructure management
solutions (IMS) to its European and global clients.

Overall, the company won seven large deals in average size of US $30mn and
added 22 new clients, taking its total active client count to 858 during the quarter.

Exhibit 3: Segment-wise revenue breakup
Rs cr 1QFY11 4QFY10 1QFY10 chg chg
qoq % yoy %
IT services 5,500 5,260 4,827 4.6 14.0
Pure IT Services 4,945 4,686 4,339 5.5 14.0
BPO Services 556 573 487 (3.1) 14.0
IT Products 832 890 734 (6.5) 13.4
Consumer Care & Lightning 641 608 520 5.4 23.4
Others 232 229 149 1.6 56.3
Eliminations (15) (9) 158 62.4 (109.5)
Total 7,191 6,977 6,387 3.1 12.6

Effective hedges contained adverse currency impact on margins

During 1QFY2011, Wipro recorded a 92bp qoq (196bp yoy) expansion in
overall EBITDA margins, led by all the business segments. Despite the higher
employee costs (with infused freshers hiring) and decline in pricing, the
company witnessed 37bp qoq (238bp yoy) expansion in EBIT margins of IT
services segment. This was mainly due to the positive impact of 60bp on
account of effective hedges, which contained the adverse currency impact on
EBIDTA margins during the quarter. The EBIT margins in IT products and
consumer care and lighting businesses also expanded by 111bp and 44bp
qoq, respectively. The company continued to witness strong sequential
ramp up in its fixed-priced projects mix, which was up by 30bp qoq to 44.6%
in 1QFY2011.

July 29, 2010 3


Exhibit 4: EBITDA margin trend

25

24

23

22

(%)
21

20

19

1QFY08

2QFY08

3QFY08

4QFY08

1QFY09

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11
Wipro (Total) Wipro (IT Services)


Strong operational efficiency boosts bottom-line

Other income declined by 26.9% qoq mainly due to gains from exchange
fluctuation in 4QFY2010, absent in 1QFY2011. However, on a yoy basis,
other income was up 35.8% due to higher interest income. The interest cost
increased by 70% qoq with increase in debt levels during the quarter. Further,
the effective tax rate was down from 20% in 4QFY2010 to 15% in 1QFY2011.
Thus, at the net level, the company reported 9% qoq (30.5% yoy) increase in
bottom-line backed by strong operational efficiency.

Strong manpower additions aided growth

Wipro made net addition of 4,854 employees during the quarter taking total
headcount to 1,12,925. The quarterly annualised attrition rate in Global IT
services was up at 23% (17.1% in 4QFY2010); however, on TTM basis, it
stood lower at 15.8%, yet higher from 12.1% in 4QFY2010. In BPO services,
the quarterly attrition stood at 16% (17% in 4QFY2010). The company has
strong hiring plans both for laterals and freshers going forward, with the
improvement in demand environment.

2QFY2011E revenue guidance at US $1,253-1,277mn

Despite challenging macro-economic indicators Wipro has given strong
revenue guidance for the IT services segment for 2QFY2011 in the range of
US $1,253-1,277mn, a sequential growth of 4.1 - 6.1%.

To address the attrition issue, the company gave 20,000 promotions with
effect from July 1, 2010 and will also award restricted stock units (RSUs) to its
middle management staff. Thus, adverse currency movement and higher
employee costs (with strong hiring and variable spends) would remain key
headwinds impacting the margins and bottom-line in 2QFY2011.

July 29, 2010 4


Investment Arguments

Broad-based volume led growth with uptick in discretionary spends and stable
pricing environment

The strong growth witnessed in Wipro’s package implementation service
revenues during 1QFY2011 reflects the pick-up in discretionary spends of
clients. Significant spend is currently happening in social customer relationship
management (CRM), which if it grows further as expected would certainly
assure strong top-line and better profitability for the company going forward.
Further, the consumer package goods (CPG), retail & transportation, energy &
utilities and the healthcare verticals are witnessing strong demand pipeline
and are expected to grow strongly. The financial services vertical is also
witnessing steady demand pick. The company is witnessing a stable pricing
environment from most of its clients with some expected to give an upward
revision going forward.

Non-linear initiatives to drive growth

Wipro’s non-linear initiatives include implementation of shared services model
thereby executing more projects without any major employee deployment,
which would result in costs savings. Other such initiatives include its platform
oriented integrated IT and BPO offerings and intellectual property related
revenues. Such offerings help to drive better profitability in projects without
incurring of additional fixed costs. The company expects these initiatives to
contribute ~14% of its revenues in FY2011.

Outlook and Valuation

We expect Wipro to record 18.2% CAGR in top-line, while bottom-line is expected
to clock 14.5% CAGR over FY2010-12E. The stock is currently trading at 19.2x
FY2011E EPS of Rs21.7 and 16.8x on its FY2012E EPS of Rs24.7. We have valued
Wipro at 19x FY2012E earnings (historical average of 19.5x during FY2002-
2010), and at 9.5% discount to our Infosys target P/E multiple of 21x (historical
discount of 4.5% during 2002-10). We maintain an Accumulate on the stock, with
a Target Price of Rs470, implying an upside of 13%.

Exhibit 5: Key assumptions
FY2011E FY2012E
Volume growth 20.0 18.6
Pricing growth (2.6) 2.7
Revenue growth (in US $ terms) 16.2 18.1
USD-INR rate (realised) 46.5 47.0
Revenue Growth (in Re terms) 17.0 19.5
EBIDTA Margin (%) 21.7 21.3
Tax Rate (%) 18.0 20.0
EPS Growth (%) 15.4 14.1

July 29, 2010 5


Exhibit 6: Change in estimates
FY2011E FY2012E
Parameter Earlier Revised Var. Earlier Revised Var.
(Rs cr) estimates estimates (%) estimates estimates (%)
Net revenue 31,034 31,786 2.4 37,317 37,975 1.8
EBIDTA 6,620 6,901 4.2 7,741 8,094 4.6
PBT 6,028 6,590 9.3 7,194 7,696 7.0
Tax 1,085 1,164 7.3 1,439 1,513 5.1
PAT 4,988 5,426 8.8 5,805 6,183 6.5

We have upgraded our FY2011E and FY2012E top-line estimates, in line with
strong cues from management and the expected higher infusion of gross
manpower. Since the company has a strong hedge position (currently stands
at US $1.6bn), unfavourable cross-currency movement would have lesser
impact on EBIDTA margins as expected earlier. We estimate PAT to be higher
in FY2011E and FY2012E, compared to the earlier estimates, on the back of
better margins.

Exhibit 7: Angel EPS forecast v/s consensus
Bloomberg Variation
Year (%) Angel forecast
consensus (%)
FY2011E 21.7 22.2 (2.3)

FY2012E 24.7 25.2 (2.0)

Exhibit 8: One-year forward P/E band

800
30x
700

600 25x
Share Price (Rs)

500 20x

400 15x
300

200

100
Dec-05
Apr-04

Jul-05

Aug-07

Apr-09

Jul-10
Mar-07
Oct-06
Sep-04

Feb-05

Sep-09

Feb-10
Nov-08
May-06

Jun-08
Jan-08


July 29, 2010 6


Exhibit 9: Premium/discount in Wipro P/E versus Infosys P/E
130.0
110.0
90.0
70.0
50.0
30.0
10.0
(10.0)
(30.0)
(50.0)

Dec-03

Dec-08
Apr-02

Jul-03

Aug-05

Apr-07

Jul-08
Mar-05

Mar-10
Oct-04

Oct-09
Sep-02
Feb-03

Sep-07
Feb-08
Nov-06
May-04

May-09
Jun-06
Jan-06
Premium/Discount to Sensex Avg. Historical Discount


Exhibit 10: Recommendation summary
Company Reco. CMP Tgt. price Upside FY2012E FY2012E FY2010-12E FY2012E FY2012E
(Rs) (Rs) (%) P/BV (x) P/E (x) EPS CAGR (%) RoCE (%) RoE (%)
3iInfotech Buy 63 95 50.8 0.6 3.6 218.4 15.0 16.5
Educomp Buy 618 734 18.8 2.8 13.5 26.9 21.0 22.3
HCL Tech Accumulate 379 420 11.0 3.1 14.1 17.9 40.9 24.1
Infosys Accumulate 2,834 2,900 2.3 4.6 20.5 12.6 33.1 25.0
Infotech Enterprises Buy 167 192 15.0 1.4 8.6 12.1 18.1 17.0
Mphasis Buy 600 872 45.5 2.4 9.3 14.9 41.6 29.2
NIIT Buy 66 83 25.2 1.7 11.5 16.6 12.1 15.8
TCS Buy 850 920 8.2 5.3 19.4 11.7 53.2 30.4
Tech Mahindra Buy 704 950 35.0 2.0 10.5 11.8 73.4 22.0
Wipro Buy 417 470 12.8 3.5 16.8 14.7 28.0 23.0

July 29, 2010 7


Profit & Loss Statement (Consolidated IFRS)
Gross sales 25,689 27,196 31,786 37,975
Less: Excise duty - - - -
Net Sales 25,689 27,196 31,786 37,975
Other operating income - - - -
Total operating income 25,689 27,196 31,786 37,975
% chg 28.6 5.9 16.9 19.5
Total Expenditure 20,664 21,262 24,885 29,880
Cost of Equipment 3,463 3,497 3,878 4,557
SGA 1,905 1,947 2,177 2,525
Cost of IT 15,142 15,746 18,751 22,712
Other 155 72 79 86
EBITDA 5,025 5,934 6,901 8,094
(% of Net Sales) 19.6 21.8 21.7 21.3
Depreciation& Amortisation 695 783 880 993
EBIT 4,330 5,151 6,022 7,102
(% of Net Sales) 16.9 18.9 18.9 18.7
Interest & other Charges 233 123 124 132
Other Income 393 513 568 594
(% of PBT) 8.7 9.3 8.8 7.9
Recurring PBT 4,490 5,541 6,466 7,564
% chg 22.0 23.4 16.7 17.0
Extraordinary Expense/(Inc.) - - - -
PBT (reported) 4,490 5,541 6,466 7,564
Tax 604 929 1,164 1,513
(% of PBT) 13.4 16.8 18.0 20.0
PAT (reported) 3,886 4,612 5,302 6,051
Add: Share of earnings of
- - - -
associate
Less: Minority interest (MI) (9.9) (18.5) - -
Prior period items - - - -
PAT after MI (reported) 3,876 4,593 5,302 6,051
ADJ. PAT 3,876 4,593 5,302 6,051
% chg 18.8 18.5 15.4 14.1
(% of Net Sales) 15.1 16.9 16.7 15.9
Basic EPS (Rs) 26.7 31.5 21.7 24.7
Fully Diluted EPS (Rs) 26.5 31.2 21.7 24.7
% chg 18.8 18.5 15.4 14.1

July 29, 2010 8


Balance Sheet (Consolidated IFRS)
SOURCES OF FUNDS
Equity Share Capital 293 294 489 489
Reserves& Surplus 14,071 19,047 23,446 28,305
Shareholders Funds 14,364 19,341 23,935 28,794
Minority Interest 375 314 - -
Total Loans 3,323 2,563 2,713 2,913
Total Liabilities 18,061 22,218 26,648 31,707
APPLICATION OF FUNDS
Gross Block 7,421 8,561 9,561 10,561
Less: Acc. Depreciation 3,465 4,049 4,929 5,922
Net Block 3,956 4,511 4,632 4,639
Capital Work-in-Progress 1,373 1,236 1,236 1,236
Goodwill 5,614 5,380 5,530 5,530
Investments 1,365 1,276 1,626 1,676
Current Assets 16,078 20,551 24,736 30,388
Cash 4,912 6,488 6,477 8,785
Loans & Advances - - - -
Other 11,166 14,064 18,259 21,603
Current liabilities 10,324 10,737 11,112 11,762
Net Current Assets 5,753 9,814 13,624 18,626
Mis. Exp. not written off - - - -
Total Assets 18,061 22,218 26,648 31,707

Cash Flow Statement (Consolidated IFRS)
Profit before tax 4,490 5,541 6,466 7,564
Depreciation 695 783 880 993
Change in Working Capital (1,075) 731 (4,661) (2,708)
Less: Other income (287) 1,164 568 594
Direct taxes paid 786 791 1,164 1,513
Cash Flow from Operations 3,610 5,100 952 3,741
(Inc)./ Dec in Fixed Assets (1,742) (2,770) (609) (985)
(Inc)./ Dec. in Investments (375) (580) (50) (50)
(Inc)./ Dec. in loans and adv. (668) (405) -
Other income 366 374 568 594
Cash Flow from Investing (2,418) (3,382) (91) (441)
Issue of Equity 8 9 - -
Inc./(Dec.) in loans 349 614 150 200
Dividend Paid (Incl. Tax) 683 682 1,022 1,192
Others (fx effect) 155 (82) - -
Cash Flow from Financing (171) (142) (872) (992)
Inc./(Dec.) in Cash 1,020 1,576 (11) 2,308
Opening Cash balances 3,891 4,912 6,488 6,477
Closing Cash balances 4,912 6,488 6,477 8,785

July 29, 2010 9


Key Ratios
Y/E March FY2009 FY2010 FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 7.8 10.4 19.2 16.8
P/CEPS 13.3 11.4 16.5 14.5
P/BV 4.1 3.1 4.3 3.5
Dividend yield (%) 1.0 1.4 0.9 1.0
EV/Sales 2.2 2.0 1.7 1.4
EV/EBITDA 11.3 9.2 7.9 6.5
EV / Total Assets 2.0 1.7 1.4 1.2
Per Share Data (Rs)
EPS (Basic) 26.7 31.5 21.7 24.7
EPS (fully diluted) 26.5 31.2 21.7 24.7
Cash EPS 31.3 36.6 25.3 28.8
DPS 4.0 6.0 3.6 4.2
Book Value 100.8 133.7 97.8 117.7
DuPont Analysis
EBIT margin 16.9 18.9 18.9 18.7
Tax retention ratio 86.6 83.2 82.0 80.0
Asset turnover (x) 1.2 1.1 1.1 1.2
ROIC (Post-tax) 47.9 25.6 24.6 24.3
Cost of Debt (Post Tax) 12.2 3.5 3.9 3.8
Leverage (x) 0.3 0.2 0.1 0.1
Operating ROE 20.9 19.5 18.9 18.2
Returns (%)
ROCE (Pre-tax) 56.6 30.1 28.7 28.0
Angel ROIC (Pre-tax) 78.1 38.7 34.4 32.3
ROE 52.6 26.7 24.3 23.0
Turnover ratios (x)
Asset Turnover (Gross Block) 3.6 3.3 3.5 3.7
Inventory / Sales (days) 6 12 12 12
Receivables (days) 89 91 93 92
Payables (days) 54 106 90 78
Working capital cycle (ex-cash) (days) 7 45 82 95
Solvency ratios (x)
Net debt to equity 0.1 - - -
Net debt to EBITDA 0.4 - - -
Interest Coverage (EBIT / Interest) 18.6 41.8 48.6 53.7
Note: *FDEPS for FY2009 and FY2010 is based on pre-bonus issue (2:3bonus effective from July’10)

July 29, 2010 10


Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

Disclaimer
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
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Disclosure of Interest Statement Wipro
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No

Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)

July 29, 2010 11

Wipro

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