Financials Wipro Limited NSE India S.E.

Equities

WIPRO

INE075A01022

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 07:43:54 2024-05-24 am EDT			5-day change	1st Jan Change
463.6 ^INR	-0.46%		+0.57%	-1.62%

06:01am	Glass Lewis ESG Controversy Alert: Wipro	MT
03:52am	Wipro Appoints Managing Director of Northern Europe Operations	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,118,451	2,260,981	3,236,060	2,000,894	2,505,134	2,433,134	-	-
Enterprise Value (EV) ¹	862,359	1,998,813	3,042,265	1,749,875	2,238,476	2,077,376	1,980,003	1,898,679
P/E ratio	11.8 x	21.7 x	26.6 x	17.7 x	23.1 x	20.3 x	18.3 x	17 x
Yield	0.51%	0.24%	1.01%	0.27%	0.21%	1.99%	2.42%	2.91%
Capitalization / Revenue	1.83 x	3.65 x	4.09 x	2.21 x	2.79 x	2.66 x	2.47 x	2.32 x
EV / Revenue	1.41 x	3.23 x	3.85 x	1.93 x	2.49 x	2.27 x	2.01 x	1.81 x
EV / EBITDA	6.99 x	13.5 x	18.5 x	10.4 x	13.2 x	11.6 x	10.1 x	9.23 x
EV / FCF	11.2 x	15.6 x	33.6 x	15.1 x	13.5 x	16.4 x	15.3 x	12.4 x
FCF Yield	8.95%	6.4%	2.98%	6.62%	7.4%	6.1%	6.53%	8.08%
Price to Book	2.01 x	4.1 x	4.93 x	2.56 x	3.38 x	3.01 x	2.79 x	2.63 x
Nbr of stocks (in thousands)	5,688,967	5,458,669	5,466,318	5,477,399	5,218,486	5,222,439	-	-
Reference price ²	196.6	414.2	592.0	365.3	480.0	465.9	465.9	465.9
Announcement Date	4/15/20	4/15/21	4/29/22	4/27/23	4/19/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	610,232	619,430	790,934	904,876	897,603	914,622	983,783	1,046,613
EBITDA ¹	123,423	147,795	164,523	168,479	169,830	179,389	195,110	205,810
EBIT ¹	105,730	120,139	135,931	135,134	135,759	145,178	159,072	170,792
Operating Margin	17.33%	19.4%	17.19%	14.93%	15.12%	15.87%	16.17%	16.32%
Earnings before Tax (EBT) ¹	122,512	139,007	151,275	147,657	147,210	159,845	176,334	192,634
Net income ¹	97,218	107,946	122,191	113,500	110,452	120,043	132,909	145,147
Net margin	15.93%	17.43%	15.45%	12.54%	12.31%	13.12%	13.51%	13.87%
EPS ²	16.62	19.07	22.29	20.68	20.82	22.91	25.40	27.48
Free Cash Flow ¹	77,146	127,973	90,644	115,767	165,706	126,633	129,197	153,498
FCF margin	12.64%	20.66%	11.46%	12.79%	18.46%	13.85%	13.13%	14.67%
FCF Conversion (EBITDA)	62.51%	86.59%	55.1%	68.71%	97.57%	70.59%	66.22%	74.58%
FCF Conversion (Net income)	79.35%	118.55%	74.18%	102%	150.03%	105.49%	97.21%	105.75%
Dividend per Share ²	1.000	1.000	6.000	1.000	1.000	9.269	11.28	13.56
Announcement Date	4/15/20	4/15/21	4/29/22	4/27/23	4/19/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2026 Q1
Net sales ¹	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	239,061
EBITDA ¹	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	47,444
EBIT ¹	34,348	34,036	30,856	36,543	42,628	36,587	34,578	33,345	32,865	35,501	35,101	35,342	35,351	36,423	39,077
Operating Margin	16.91%	16.32%	14.33%	16.21%	18.35%	15.78%	15.15%	14.81%	14.8%	15.99%	15.77%	15.64%	15.42%	15.56%	16.35%
Earnings before Tax (EBT) ¹	37,786	37,324	33,520	34,201	39,752	40,184	37,975	35,092	35,521	38,622	39,164	39,054	39,279	40,514	42,424
Net income ¹	29,690	30,873	25,636	26,590	30,529	30,745	28,701	26,463	26,942	28,346	29,320	29,457	29,427	30,470	31,147
Net margin	14.62%	14.8%	11.91%	11.8%	13.14%	13.26%	12.57%	11.75%	12.13%	12.76%	13.17%	13.04%	12.83%	13.02%	13.03%
EPS ²	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	6.032
Dividend per Share ²	1.000	5.000	-	-	1.000	-	-	-	-	-	-	-	-	14.00	-
Announcement Date	1/12/22	4/29/22	7/20/22	10/12/22	1/13/23	4/27/23	7/13/23	10/18/23	1/12/24	4/19/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	256,092	262,168	193,795	251,019	266,658	355,759	453,131	534,455
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	77,146	127,973	90,644	115,767	165,706	126,633	129,197	153,498
ROE (net income / shareholders' equity)	17.3%	19.4%	20.2%	15.8%	14.4%	15.3%	15.5%	15.4%
ROA (Net income/ Total Assets)	11.8%	13.1%	12.8%	10.1%	9.49%	9.86%	10.1%	10%
Assets ¹	825,119	824,267	955,289	1,127,502	1,164,135	1,217,256	1,318,414	1,450,311
Book Value Per Share ²	97.60	101.0	120.0	143.0	142.0	155.0	167.0	177.0
Cash Flow per Share ²	17.20	26.90	20.20	23.80	33.20	25.60	28.50	30.60
Capex ¹	23,497	19,577	20,153	14,834	10,510	26,815	28,696	29,230
Capex / Sales	3.85%	3.16%	2.55%	1.64%	1.17%	2.93%	2.92%	2.79%
Announcement Date	4/15/20	4/15/21	4/29/22	4/27/23	4/19/24	-	-	-

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

465.9 INR

Average target price

456.9 INR

Spread / Average Target

-1.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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