Wipro Result Update

4QFY2010 Result Update I IT
April 26, 2010

Wipro ACCUMULATE
CMP Rs699
Performance Highlights Target Price Rs790

Wipro reported a strong 4QFY2010 performance, with a 3.5% qoq growth Investment Period 12 Months
(11% yoy) in IT services at US $1,165.9m (in US Dollar terms), in-line with
our estimate of US $1,164m, and at the lower end of the company’s Stock Info
guidance range of US $1,161mn-$1,183mn. However, on account of a 1.5%
Sector IT
appreciation in the Rupee against the US Dollar and unfavorable cross
currency movements, the company reported a subdued revenue growth of Market Cap (Rs cr) 1,02,616
1.9% qoq (6.7% yoy) in Rupee terms. The company has started witnessing
Beta 0.8
strong momentum across its services and verticals; aided by improved client
IT spends and a slight revival in discretionary spends. It announced a bonus 52 WK High / Low 753/301
issue of 2:3, and a final dividend of Rs6 per share. We expect the company
to witness a strong volume-led, broad-based growth, with a focus on non- Avg. Daily Volume 2,25,779
linear initiatives, going forward. At the current levels, we maintain an Face Value (Rs) 2
Accumulate on the stock.
BSE Sensex 17,745
Broad-based growth, with recovery in challenged verticals: Wipro recorded a Nifty 5,322
0.7% qoq growth (6.9% yoy growth) in its overall Net Revenue in 4QFY2010.
In Rupee terms, IT Service Revenues clocked a 1.9% qoq growth (6.7% yoy Reuters Code WIPR.BO
growth), backed by a 4.1% qoq growth in volumes. Offshore and onsite price
Bloomberg Code WPRO@IN
realisations were up by ~0.5% and ~0.9%, respectively. The company won
two US $100mn size deals and also signed large deals, adding up to a total Shareholding Pattern (%)
contract value of US $1bn during the quarter. Wipro recorded a 28bp qoq
contraction (26bp yoy expansion) in its overall EBITDA Margin, mainly due to Promoters 79.5
higher SG&A spends and depressed margins in the products segment. MF/Banks/Indian FIs 4.5
However, inspite of lower margins, the company reported a 1.5% qoq (22.4%
yoy) jump in the Bottom-line, mainly due to higher other income (up 60% qoq FII/NRIs/OCBs 9.8
at Rs209cr)and lower depreciation. Indian Public 6.2

Outlook and Valuation: We expect Wipro to record a 17.1% CAGR in its Top- Abs. (%) 3m 1yr 3yr
line, while the Bottom-line is expected to clock an 11.9% CAGR over FY2010-
Sensex 5.7 86.6 24.7
12E. The stock is currently trading at 20.6x on its FY2011E EPS of Rs34 and
17.7x on its FY2012E EPS of Rs39.5. We have valued Wipro at 20x on its
Wipro 3.3 124.2 24.2
FY2012E Earnings (historical average of 20x during FY2005-2010), and at a
10% discount to our Infosys target P/E multiple of 22x (historical discount of
7.3%). We maintain an Accumulate on the stock, with a Target Price of
Rs790, implying an upside of 13%.

Key Financials
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 25,700 27,213 31,034 37,317
% chg 28.6 5.9 14.0 20.2
Adj. Net Profit 3,900 4,631 4,988 5,805
% chg 18.8 18.7 7.7 16.4
OPM (%) 20.2 21.9 21.3 20.7
FDEPS (Rs) 26.7 31.6 34.0 39.5
P/E (x) 26.2 22.2 20.6 17.7 Rahul Jain
Tel: 022 – 4040 3800 Ext: 345
P/BV (x) 7.5 5.6 4.6 3.8
E-mail: Rahul.j@angeltrade.com
RoE (%) 30.8 29.0 24.6 23.6
RoCE (%) 29.6 29.4 27.6 27.9
Vibha Salvi
EV/Sales (x) 3.9 3.6 3.1 2.5
Tel: 022 – 4040 3800 Ext: 329
EV/EBITDA (x) 19.5 16.6 14.4 11.8 E-mail: vibhas.salvi@angeltrade.com
Source: Company, Angel Research
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

Wipro I 4QFY2010 Result Update

Exhibit 1: 4QFY2010 Consolidated Financial Performance
Y/E March (Rs cr) 4QFY10 3QFY10 % chg 4QFY09 % chg FY2010 FY2009 % chg
(qoq) (yoy)
Net Revenues 6,978 6,927 0.7 6,528 6.9 27,213 25,700 5.9
Cost of Sales and Services 4,581 4,567 0.3 4,318 6.1 17,871 17,288 3.4
Gross Profit 2,397 2,360 1.6 2,210 8.5 9,342 8,412 11.1
SG&A Expenses 888 842 5.5 815 9.0 3,392 3,228 5.1
Operating Profit (EBITDA) 1,509 1,518 (0.6) 1,395 8.2 5,949 5,184 14.8
Other Income 209 131 60.3 29 438 262 67.0
Interest 24 24 0.4 58 (59.3) 123 240 (48.7)
Depreciation 181 192 (6.1) 187 (3.5) 754 686 9.9
Income before Income Taxes 1,514 1,433 5.7 1,178 28.5 5,510 4,520 21.9
Tax 292 229 27.6 167 75.4 916 646 41.8
Minority Interest (5) (3) 48.4 (5) (8.0) (19) (10) 86.9
Equity in Earnings of Affiliates 19 17 10.0 4 434.3 56 36 55.5
Net Income 1,236 1,217 1.5 1,010 22.4 4,631 3,900 18.7
Diluted EPS (Rs) 8.4 8.3 1.4 6.9 21.5 31.6 26.7 18.1
Gross Profit Margin (%) 34.4 34.1 33.8 34.3 32.7 187.7
EBITDA Margin (%) 21.6 21.9 21.4 21.9 20.2 250.8
Net Profit Margin (%) 17.7 17.6 15.5 17.0 15.2 318.3

Sustained volume led Top-line growth in IT services

Wipro recorded a 0.7% qoq growth (6.9% yoy growth) in its overall Net Revenue on
a consolidated Indian GAAP basis in 4QFY2010, backed by a strong growth in IT
services revenues, while the Consumer Care and Lightning, and Other businesses
also grew strongly by 7.1% and 21.2% qoq, respectively. However, the IT product
business de-grew by 11.4% qoq.

In Rupee terms, IT Service Revenues clocked a 1.9% qoq growth (6.7% yoy growth),
backed by a 4.1% qoq growth in volumes (4.7% qoq volume growth in 3QFY2010).
Offshore and onsite price realisations were up by ~0.5% and ~0.9%, respectively,
largely on the back of the improved productivity. The growth in IT Services was
broad-based, and mainly driven by a 4.8%, 3.7% and 3.4% qoq growth in BPO,
Testing and Technology Infrastructure services, respectively. The Consulting revenues
also witnessed a strong growth of 19.6% qoq (consulting revenues are collective
efforts included in other services). In terms of verticals, the growth was strongly
driven by Healthcare vertical, which grew by 7.8% qoq and sustained the growth
momentum (witnessed an 11% qoq growth in 3QFY2010). The Telecom, Technology
and Financial Services verticals delivered growth of 5.8%, 4.3% and 3.1% qoq,
respectively.

In terms of geographies, Europe and Emerging markets witnessed strong growth of
1.9% and 11.9% qoq, respectively. The company won two US $100mn size deals
and also signed large deals, adding up to a total contract value of US $1bn during
the quarter. Wipro added 27 new clients (with ~5 in Financial Services), taking its
total active client count to 845.

April 26, 2010 2


Margins Improved through productivity gains in Fixed Price projects

During 4QFY2010, Wipro recorded a 28bp qoq contraction (26bp yoy expansion)
in its overall EBITDA Margins, mainly due to lower profitability in the products
segment and higher SG&A spends. The company announced a wage hike (effective
February 1, 2010) of 8-9% offshore and 2-3% onsite. In terms of the business mix,
the EBIT margins were led by a 61bp and 85bp qoq expansion in the IT services and
Consumer care and Lightning businesses, respectively. However, the margins in the
IT product business and others were down by 284bp and 1,714bp qoq, respectively.

The company continued to witness strong sequential ramp-ups in its fixed-priced
projects mix, which was up by 180bp qoq to 44.3% in 4QFY2010. The high
proportion of fixed pricing offers room for margin enhancement through better
productivity/employee efficiency. Additionally, the company has increased its focus
on non-linear initiatives, which is expected to cushion the margins in IT services.

Exhibit 2: EBITDA Margin Trend
25

24

23

22
(%)

21

20

19
1QFY08

2QFY08

3QFY08

4QFY08

1QFY09

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10
Wipro (Total) Wipro (Combined IT Services)

Robust Other Income and lower depreciation boost Bottom-line

Wipro reported a 60.3% qoq jump in Other Income to Rs209cr, mainly on account
of forex gains of Rs62.1cr in 4QFY2010 (Rs39.4cr in 3QFY10 and a forex loss of
Rs102.6cr in 4QFY2009), and strong interest/dividend income of Rs147cr. Further,
the depreciation costs declined by 6.1% qoq (3.5% yoy), while the tax rate continued
to go up to 19.3% from 16% in 3QFY2010 (14% in 4QFY2009). Thus, the company
reported a 1.5% qoq and a 22.4% yoy jump in its Bottom-line in 4QFY2010.

Strong manpower additions to aid upcoming opportunities

Wipro added a net 5,325 employees in the quarter after making a net addition of
4,855 employees in 3QFY2010. The total headcount stood at 1,08,071 as on
4QFY2010. The company’s hiring plan is still on in 1QFY2011, exhibiting the strong
demand and improved business scenario. The quarterly attrition rate in Global IT
Services was up at 17.1% (13.4% in 3QFY2010); however, on a TTM basis it stands
lower at 12%. In BPO Services, the quarterly attrition stood at 17% (15% in
3QFY2010), and in Wipro Infotech the attrition was up at 14.9% (from 10.5% in
3QFY2010). The spurt in attrition highlights the renewed demand scenario for the
trained/lateral employees, further reinforcing our belief of a strong business revival.
In addition to the laterals, the company has hiring plans of adding 11,000-12,000
through campus offers.

April 26, 2010 3


1QFY2011E Revenue guidance at US $1,190-1,215mn

Wipro has guided for 1QFY2011E Revenues to range between US $1,190-
1,215mn, which implies a 2.5-4.2% qoq growth. The guidance on the upper band is
encouraging; however, if it achieves sales growth at the lower-end of the guidance,
the growth in the rupee terms may appear flattish. The company has provided wage
hikes during 4QFY2010 with effect from February 1, 2010; thus, the full impact of
the same would come in 1QFY2011E, while the performance-based promotions are
also expected to happen in 1QFY2011E, which would impact the margins in
1QFY2011E.

Exhibit 3: Segment-wise revenue breakup
Rs cr 4QFY10 3QFY10 4QFY09 chg chg
qoq % yoy %
IT services 5,263 5,164 4,932 1.9 6.7
Pure IT Services 4,689 4,616 4,459 1.6 5.2
BPO Services 574 547 474 4.8 21.2
IT Products 887 1,002 870 (11.4) 2.0
Consumer Care &
643 601 516 7.1 24.6
Lightning
Others 248 205 147 21.2 68.9
Eliminations 63 44 -62 45.1 (201.6)
Total 6,978 6,927 6,528 0.7 6.9

Exhibit 4: Vertical-wise revenue breakup - IT Services
qoq % yoy %
Technology 453 434 508 4.3 (10.9)
Telecom 432 408 434 5.8 (0.6)
CMSP* 463 506 404 (8.5) 14.5
Technology, Media &
1,347 1,348 1,347 0.0 0.1
Telecom
Financial Services 1,374 1,332 1,282 3.1 7.1
Manufacturing 779 780 745 (0.1) 4.6
Healthcare & Services 484 449 276 7.8 75.3
Retail & Transportation 774 764 898 1.2 (13.8)
Energy & Utilities 505 491 385 3.0 31.3
Total 5,263 5,164 4,932 1.9 6.7
Source: Company, Angel Research, * Communication-Media Service Provider

Exhibit 5: Services-wise revenue breakup - IT Services
qoq % yoy %
Technology Infrastructure
Services 1,137 1,100 1,031 3.4 10.3
Testing Services 616 594 587 3.7 4.9
Package Implementation 668 661 631 1.1 5.9
BPO 574 547 449 4.8 27.8
Product Engineering 216 212 256 1.9 (15.9)
ADM 2,053 2,050 1,978 0.1 3.8
Total 5,263 5,164 4,932 1.9 6.7
Consulting 142 119 104 19.6 37.2

April 26, 2010 4


Outlook and Valuation

Wipro has witnessed broad-based growth across its operations during the
quarter, with a strong recovery in the Telecom and Technology verticals, which
were struggling in the past few quarters. The company has consistently grown its
Fixed Price-based operation mix (up 750bp to 41.5%), which has aided it in
cushioning its margins despite of adverse currency movements. Going forward
as well, it plans to focus on such projects through its linear initiatives, which
include platform-based and output-based pricing mechanisms. One such
initiative that the company is currently focusing and investing in includes; Green
IT and Cloud Tech Solutions, which aims at delivering IT services by optimising
client costs related to Power consumption. The company has a strong deal
pipeline, while a pick-up in discretionary spends and client IT budgets is
expected to drive the company’s top-line growth.

We expect Wipro to record a 17.1% CAGR in its Top-line, while the Bottom-line is
expected to clock an 11.9% CAGR over FY2010-12E. The stock is currently trading
at 20.6x on its FY2011E EPS of Rs34 and 17.7x on its FY2012E EPS of Rs39.5. We
have valued Wipro at 20x on its FY2012E Earnings (historical average of 20x during
FY2005-2010), and at a 10% discount to our Infosys target P/E multiple of 22x
(historical discount of 7.3%). We maintain an Accumulate on the stock, with a Target
Price of Rs790, implying an upside of 13%.

Exhibit 6: P/E Band
30x

25x

20x
Share Price (Rs)

15x


Exhibit 7: Premium/Discount in Wipro P/E v/s Infosys P/E
40
30
20
10
0
(%)

(10)
(20)
(30)
(40)
Aug-05

Aug-06

Aug-07

Aug-08

Aug-09
Dec-05

Dec-06

Dec-07

Dec-08

Dec-09
Apr-06

Apr-07

Apr-08

Apr-09

Apr-10

Premium / Discount to Infosys Avg. Historical Discount to Infosys


April 26, 2010 5


Profit & Loss Statement (Consolidated) (Rs cr)
Y/E March FY2008 FY2009 FY2010E FY2011E FY2012E
Gross sales 20,145 25,805 27,297 31,034 37,317
Less: Excise duty 166 106 84 - -
Net Sales 19,980 25,700 27,213 31,034 37,317
Other operating income - - - - -
Total operating income 19,980 25,700 27,213 31,034 37,317
% chg 29.5 28.6 5.9 14.0 20.2
Total Expenditure 15,985 20,516 21,264 24,414 29,576
Cost of Equipment 1,210 1,563 1,758 1,955 2,426
SGA 2,334 2,996 3,183 3,678 4,366
Cost of IT 11,994 15,346 15,811 18,218 22,164
Other 448 611 512 564 620
EBITDA 3,994 5,184 5,949 6,620 7,741
% chg 7.1 29.8 14.8 11.3 16.9
(% of Net Sales) 20.0 20.2 21.9 21.3 20.7
Depreciation& Amortisation 536 686 754 829 900
EBIT 3,459 4,498 5,195 5,791 6,841
% chg 3.8 30.0 15.5 11.5 18.1
(% of Net Sales) 17.3 17.5 19.1 18.7 18.3
Interest & other Charges 169 240 123 288 277
Other Income 417 262 438 525 630
(% of PBT) 11.3 5.8 7.9 8.7 8.8
Share in profit of Associates - - - - -
Recurring PBT 3,707 4,520 5,510 6,028 7,194
% chg 9.6 21.9 21.9 9.4 19.3
Extraordinary Expense/(Inc.) - - - - -
PBT (reported) 3,707 4,520 5,510 6,028 7,194
Tax 455 646 916 1,085 1,439
(% of PBT) 12.3 14.3 16.6 18.0 20.0
PAT (reported) 3,252 3,874 4,593 4,943 5,755
Add: Share of earnings of
- - - - -
associate
Less: Minority interest (MI) 31 26 38 45 50
Prior period items - - - - -
PAT after MI (reported) 3,283 3,900 4,631 4,988 5,805
ADJ. PAT 3,283 3,900 4,631 4,988 5,805
% chg 12.7 18.8 18.7 7.7 16.4
(% of Net Sales) 16.4 15.2 17.0 16.1 15.6
Basic EPS (Rs) 22.6 26.8 31.8 34.0 39.6
Fully Diluted EPS (Rs) 22.5 26.7 31.6 34.0 39.5
% chg 12.7 18.8 18.7 7.7 16.4

April 26, 2010 6


Balance Sheet (Consolidated) (Rs cr)
SOURCES OF FUNDS
Equity Share Capital 292 293 293 293 293
Preference Capital - - - - -
Reserves& Surplus 11,403 13,337 17,951 21,915 26,526
Shareholders Funds 11,695 13,630 18,244 22,208 26,819
Minority Interest 12 24 44 46 48
Total Loans 4,485 5,689 6,251 6,001 5,801
Deferred Tax Liability (53) (68) (25) - -
Total Liabilities 16,139 19,274 24,514 28,255 32,668
APPLICATION OF FUNDS
Gross Block 5,628 7,535 8,625 9,425 10,225
Less: Acc. Depreciation 2,807 3,634 4,231 5,061 5,961
Net Block 2,821 3,901 4,394 4,364 4,265
Capital Work-in-Progress 1,337 1,355 1,236 936 636
Goodwill 4,221 5,652 5,335 5,335 5,335
Investments 1,602 1,810 3,406 3,606 3,806
Current Assets 11,600 15,124 18,213 22,433 27,696
Cash 3,927 4,912 6,488 9,483 13,136
Loans & Advances 200 2,751 3,610 3,910 4,360
Other 7,472 7,461 8,115 9,040 10,200
Current liabilities 5,442 8,567 8,069 8,419 9,069
Net Current Assets 6,158 6,556 10,144 14,015 18,628
Mis. Exp. not written off - - - - -
Total Assets 16,139 19,274 24,514 28,255 32,668

Cash Flow Statement (Consolidated) (Rs cr)
Profit before tax 3,707 4,520 5,510 6,028 7,194
Depreciation 652 863 886 829 900
Change in Working Capital (1,243) (8) (650) (550) (510)
Less: Other income 265 1,047 (145) 525 630
Direct taxes paid 546 718 791 1,085 1,439
Cash Flow from Operations 2,306 3,610 5,100 4,697 5,515
(Inc)./ Dec in Fixed Assets (4,654) (2,307) (1,663) (500) (500)
(Inc)./ Dec. in Investments 1,833 (103) (1,512) (200) (200)
(Inc)./ Dec. in loans and advances 15 -375 (580) (300) (450)
Other income 249 366 374 525 630
Cash Flow from Investing (2,557) (2,418) (3,382) (475) (520)
Issue of Equity 64 8 9 - -
Inc./(Dec.) in loans 2,135 402 657 (250) (200)
Dividend Paid (Incl. Tax) - 683 682 1,022 1,192
Others (fx effect) (3) 66 (126) 45 50
Cash Flow from Financing 2,196 (207) (142) (1,227) (1,342)
Inc./(Dec.) in Cash 1,945 985 1,576 2,995 3,653
Opening Cash balances 1,982 3,927 4,912 6,488 9,483
Closing Cash balances 3,927 4,912 6,488 9,483 13,136

April 26, 2010 7


Key Ratios
Valuation Ratio (x)
P/E (on FDEPS) 31.1 26.2 22.2 20.6 17.7
P/CEPS 26.7 22.3 19.1 17.6 15.3
P/BV 8.7 7.5 5.6 4.6 3.8
Dividend yield (%) 0.9 0.6 0.9 0.9 1.0
EV/Sales 5.0 3.9 3.6 3.1 2.5
EV/EBITDA 25.3 19.5 16.6 14.4 11.8
EV / Total Assets 4.7 3.6 3.0 2.6 2.2
Per Share Data (Rs)
EPS (Basic) 22.6 26.8 31.8 34.0 39.6
EPS (fully diluted) 22.5 26.7 31.6 34.0 39.5
Cash EPS 26.2 31.4 36.7 39.6 45.7
DPS 6.0 4.0 6.0 6.0 7.0
Book Value 80.3 93.6 124.6 151.6 183.0
Dupont Analysis
EBIT margin 17.3 17.5 19.1 18.7 18.3
Tax retention ratio 87.7 85.7 83.4 82.0 80.0
Asset turnover (x) 1.2 1.2 1.2 1.3 1.5
RoIC (Post-tax) 26.4 25.3 23.7 21.9 22.5
Cost of Debt (Post Tax) 6.1 4.0 1.7 3.9 3.8
Leverage (x) 0.4 0.4 0.3 0.3 0.2
Operating RoE 19.6 20.7 19.8 18.1 17.9
Returns (%)
RoCE (Pre-tax) 36.5 29.6 29.4 27.6 27.9
Angel RoIC (Pre-tax) 43.5 40.4 37.5 33.0 31.9
RoE 30.8 30.8 29.0 24.6 23.6
Turnover ratios (x)
Asset Turnover (Gross Block) 3.6 3.4 3.3 3.4 3.8
Inventory / Sales (days) 10.7 11.7 11.8 11.0 10.6
Receivables (days) 105.3 89.1 90.7 88.6 83.2
Payables (days) 38.8 46.3 54.1 50.7 45.8
Working capital cycle (ex-cash) (days) 41.4 14.1 49.2 53.3 53.7
Solvency ratios (x)
Net debt to equity 0.2 0.3 - - -
Net debt to EBITDA 0.7 0.7 - -
Interest Coverage (EBIT / Interest) 20.5 18.7 42.2 20.1 24.7

April 26, 2010 8


Research Team Tel: 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
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arrive at an independent evaluation of an investment in the securities of the companies 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.

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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.

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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 and its Group companies.

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Tel : (022) 3952 4568 / 4040 3800

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE:
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April 26, 2010 9

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