wipro research report pdf

• SECTOR : SOFTWARE & SERVICES
• INDUSTRY : IT CONSULTING & SOFTWARE

NSE: WIPRO | BSE: 507685

Mid-range Performer

437.25 -13.55 ( -3.01 %)

52W Low on Oct 26, 2023

6.7M NSE+BSE Volume

NSE 30 May, 2024 2:40 PM (IST)

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High in industry

TTM PE Ratio

Below industry Median

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PEG TTM is negative

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Wipro Ltd IT - Software | NSE : WIPRO

• Target : 420.0 (9.09%)
• Target Period : 12-18 Month

29 Apr 2023

Recovery looks distant.

Wipro is an IT, consulting & BPO player catering to BFSI, health, consumer, energy & utility, technology and communication.

• With over 230000 employees, it serves clients across six continents
• Consistent payout (~70%), healthy OCF to EBITDA ratio of ~89%

Wipro reported weak Q4 results on the revenue front.

• IT services revenue declined 0.6% QoQ in CC terms and increased 0.7% QoQ in dollar terms
• IT services EBIT margins flat QoQ at 16.3%
• Reported TCV of US$4.1 billion (bn), up 29% YoY

Wipro’s share price has grown by ~1.9x over the past five years (from ~₹ 207 in April 2018 to ~₹ 385 levels in April 2023).

• We change our rating on the stock from BUY to HOLD

We value Wipro at ₹ 420 i.e. 16x P/E on FY25E EPS.

• TCV in Q4FY23 was at US$4.1 bn. Conversion of TCV to revenue will be key for revenue growth in FY24
• The company announced key leadership changes in focus areas of America 2, Middle East, Japan & Australia and will likely provide a fillip to revenue growth in the regions
• Higher penetration in Europe, client mining, acquisition of new logos and traction in digital revenues to further boost revenue growth

Besides Wipro, in our IT coverage we also like TCS.

Strong organic growth, consistent financials, industry leading margins and healthy capital allocation policy prompt us to be positive on the stock with a BUY rating and a target price of ₹ 3,720

Particulars

Shareholding pattern, price chart, recent events & key highlights.

• Buyback of 26.97 crore shares at price of |445 per share
• Key Risk: i) Higher-than-expected revenues, ii) Lower than-expected margin

Research Analyst

Sameer Pardikar [email protected]

Sujay Chavan

Key Financial Summary

Key takeaways of recent quarter & conference call highlights.

• In constant currency, IT services business reported revenue decline of 0.6% QoQ to US$2823 million (mn) while dollar growth was at 0.7%. Rupee revenues were flattish QoQ at | 23,044 crore. The company indicated that the revenue growth was impacted by uncertainty in markets, lower discretionary spending & delayed decision making. IT products business revenue reported a sharp decline of 34.3% QoQ to | 113.1 crore
• Vertical wise, in CC terms, Health & Energy reported growth of 2% & 5.9% QoQ, respectively, while BFSI, Communication, Consumer, Technology & Manufacturing reported decline of 2.4%, 4.4%, 0.9%, 2.7% & 0.3%, respectively
• Geography wise, in CC terms, all geographies except APMEA reported revenue decline. APMEA grew 0.7% QoQ while America 1, America 2 & Europe declined 1.5%, 0.3% & 0.6% QoQ, respectively
• IT services EBIT margin was flat sequentially at 16.3% due to lower SG&A spends during the quarter
• For FY23, the company reported IT services revenue of US$11,159.7 mn, up 7.8% while in CC terms growth was 11.5%. In rupee terms, Wipro reported IT services revenue of | 89,747.8 crore, up 14.5%. The company for FY23 reported IT services EBIT margin of 15.7% compared to EBIT margin of 17.7% in FY22
• The company indicated that the macro environment has deteriorated from Q3 to Q4, which had an impact on Q4 revenues. Wipro indicated that there has been a consistent rise in its bookings but macros are playing out differently in different sectors. The company is seeing headwinds in the banking and insurance industry where it is seeing slower decision making as well as cut down in discretionary spending. The company clarified that it has not seen any upright cancellation but delay in decision making is visible. The company mentioned that it is of the opinion that macros are reasonable and not worst as expected. They are hoping for a recovery in the next few quarters. The company indicated that there is always a lag between clients communicating about the pause of the program and revenue reduction, which is typically 15-20 days. The company mentioned that since they received few intimations in March, weak revenue guidance of Q1 is a reflection of the same. The company also indicated that discretionary spending cut are generally seen as a short-term blip as these cycles are not long cycles. Wipro also indicated that it is seeing interest rate cycle in the US is at peak or nearly at peak. Whenever there is a turnaround, spending is likely return from clients
• The company indicated that it continues to see healthy pipeline and booking in the last few quarters but revenue conversion is not happening due to i) there being a re-prioritisation of discretionary spending from clients, which is very common in the IT industry as per management ii) though consulting business has been growing beyond their expectation in the recent past, they are facing some headwinds. The management indicated that consulting business is the first one to receive pushbacks in the weak macros scenario as far as tech spend is concerned but also mentioned that growth is equally faster whenever cycle turns. The company also mentioned that it is not confident about the decline bottoming out in Q1 itself but it mentioned that slowdown can sustain for a few more quarters. The company indicated that the Europe market is doing well for them wherein except BFSI, all sectors are driving growth
• The company indicated that some of their client conversation suggests that clients are looking to continue their investments in new technologies such as AI, data & analytics, cloud, etc, there could be temporary pause on cloud transformation wherein clients are now looking at cost optimisation as a priority where also the company is providing solutions. The company further said that clients want their employee addition cycle to come back compared to layoff now in the medium term, which reflects their intent to continue spending in these areas
• The company indicated that it will follow the Q2 wage hike cycle in FY24 and also indicated that wage hikes would be lower compared to what it rolled out in FY23. Wipro indicated that utilisation has come down in the last three quarters as they step up fresher hiring (the company added 22,000 freshers in FY23). The company indicated that since lot of these freshers are being deployed into projects, utilisation is likely to see an upward trend in the coming quarters. Wipro also indicated that total bookings in this quarter have come down on a sequential basis. This is a reflection of a pause in a few programs and subsequently a reduction of the same from overall bookings. The company also indicated that whenever demand comes back, it will prioritise internal people for fulfilment of the same. Wipro also indicated that it expects Q1 margins to be flat QoQ. This is also a reflection of weak growth in that quarter and as an when growth comes back, margins are likely to see an upward trajectory
• The company mentioned that from Q1FY24 the India State Run Enterprise (ISRE) segment will be merged with IT services
• The company’s net employees during the quarter declined by 1800 bringing the total employee strength to 256,921 employees. LTM attrition declined by 200 bps QoQ to 19.2% while on a quarterly annualised basis it declined 330 bps QoQ to 14.1%. Utilisation excluding trainees improved 200 bps QoQ to 81.7%
• The company’s booking remains strong despite uncertain environment. Wipro during the quarter won 15 large deals with TCV of US$1.1 bn and reported a total TCV of US$4.1 bn, up 29% YoY
• Wipro for Q1FY24 has guided for revenue decline of -3% to -1% QoQ in CC terms with a revenue guidance in the range of US$2,753-2,811 mn
• The company during the quarter announced a buyback of 26,96,62,921 equity shares representing 4.91% of total paid up equity shares of the company at buyback price of | 445 per share for a total buyback amount of | 12,000 crore. The company indicated that buyback announcement is to aligned to their stated policy of 40-45% payout over a block of three years. Wipro also indicated that it believes that this is the right price and is also looking at inorganic opportunities with whatever cash is left after buyback. The company also indicated that its cash generation is very healthy i.e. US$300-350 mn every quarter

Financial Summary

Profit and loss statement ₹ crore, key ratios ₹ crore, balance sheet ₹ crore, cash flow statement ₹ crore, previous reports pdf:.

ANALYST CERTIFICATION

I/We, Sameer Pardikar, MBA, Sujay Chavan, MMS, Research Analysts Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.         

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Wipro Limited

INE075A01022

It services & consulting.

• Wipro : Integrated Annual Report 2020-21(PDF)

Bold Tomorrow

INTEGRATED REPORT 2020-21

CORPORATE OVERVIEW

• Building a Bold Tomorrow
• About Wipro
• Year at a glance
• Financial Highlights
• Performance by Capital
• Message from the Chairman
• Message from the CEO
• Board of Directors
• Wipro Executive Board

MANAGEMENT DISCUSSION & ANALYSIS

• Industry Overview
• Business Overview
• Our Business Strategy
• Operating Segment Overview
• Risk Management Framework
• Stakeholder Engagement and Materiality
• Financial Capital
• Intellectual Capital
• Social and Relationship Capital
• Natural Capital
• Human Capital

STATUTORY REPORTS AND FINANCIAL STATEMENTS

87 Board's Report

121 Corporate Governance Report

• Standalone Financials under Ind AS
• Consolidated Financials under Ind AS
• Consolidated Financials under IFRS
• Business Responsibility Report

About the Report

We are happy to present our 6th Integrated Annual Report. This Annual Report includes financial and non-financial performance of IT business and is aligned to principles of International Framework (December 2013) developed by the International Integrated Reporting Council (IIRC).

The report complies with financial and statutory data requirements of the Companies Act, 2013 (including the Rules made thereunder), Accounting Standards, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Secretarial Standards.

Reporting principles and framework

In addition, this report is aligned to GRI Standards* issued by Global Sustainability Standard Board (GSSB), Sustainability Accounting Standard Board (SASB), ISO 14064, United Nation Global Compact (UNGC) and Business Responsibility Report (BRR) requirements

of SEBI. The Natural Capital section of this report includes the recommendations set out by the Task Force on Climate-related Financial Disclosures (TCFD) and CDSB (Climate Disclosures Standards Board) framework.

Materiality

The topics covered in the report were identified through materiality determination exercise and stakeholder engagement process.

The report incorporates financial and non- financial information - governance, environmental and social - in a manner that can help stakeholders understand how a company creates and sustains value over the long term.

*Wipro ESG Dashboard is available at https://www.wipro.com/investors/annual-reports/

A tomorrow built on the promise of technology, and the progress of all.

Where we can accelerate digital transformation, while transforming the ways we create meaningful impact.

At Wipro, we're helping leaders around the world harness the power of cognitive computing, robotics, cybersecurity, the cloud, and emerging technologies to transform their companies and communities into engines of growth.

We're reimagining the role of sustainability

• making it more than just a daily business practice, but a part of the company's enduring purpose.

With more than 200,000 employees across

55 countries, We're committed to creating a more resilient world - for business, and for all.

2020 - A Year of Bold changes

Innovation has always been a focus for Wipro, and 2020 made that focus urgent, more critical. We moved quickly to help our customers, employees, and communities adapt to the pandemic.

We also looked inward. As a global company, we have teams and customers around

the world who have been sharing their experiences, helping us identify strengths and weaknesses in our operations and develop truly impactful solutions that will transform Wipro into a more supportive, inclusive, and successful organization.

The result is a bold new Wipro, driven by a powerful strategy that balances ambitious business goals with a renewed commitment to empowering people. We are setting a high bar, committing ourselves to driving meaningful change and sustained growth in everything we do going forward.

Simplicity over perfection

Integrated Annual Report 2020-21

Transforming our workforce

During one of the most difficult years in recent history, we embarked on a radical transformation of the Wipro organization. We shifted to the new operating model, and have been receiving great feedback from internal teams, clients, investors, and analysts. We are also moving away from traditional delivery models, encouraging delivery leaders to adopt more flexible, powerful methods of working.

We appointed new leaders in many roles and significantly simplified the structure at the top. This is an impressive group of people, with fresh perspectives and a lot of experience to share with our teams and our clients. We are confident that their expertise will help us advance our strategy and provide the support and leadership that is essential for long-term growth.

Over the years, our mergers and acquisitions have created a vibrant community of diverse talent around the world. We are happy to continue that growth with our recent acquisitions of IVIA, 4C, Encore Theme, Eximius, CAPCO and Ampion. Acquiring CAPCO significantly strengthens our position in the global financial services market, and Ampion will help us expand our footprint in Australia, accelerating our growth in the Asia-Pacific region.

In April 2021, we fully integrated seven of our previously acquired companies and subsets of those individual brands. We now have almost everyone united under one Wipro brand - one identity, one mindset, one shared ambition. This move allows all of us to go to market as One Wipro .

Talent is essential to our new growth strategy. We are investing heavily in our teams and nurturing top talent. We have updated our competency development programs to keep our project, delivery, and program managers equipped with the latest skills.

We are leveraging TopGear and Topcoder to enable us and our clients to tap a global talent pool of Wipro employees, as well as a highly skilled external crowd, to execute even the most challenging projects. With remote work on the rise, crowdsourcing has potential to become a key delivery model. Wipro is a front- runner in the crowdsourcing space, and we intend to use our advantage to push more innovative solutions in with this delivery model.

Respect and inclusivity are fundamental to Wipro, but last year was a reminder that we can all do more. Our new approach to talent management focuses on increasing diversity throughout our organization and providing greater support across the board

This renewed focus on acquiring, developing, and maintaining talent will increase performance across our global teams, translating to greater innovation, efficiency, and quality.

In April 2021, we fully integrated seven of our previously acquired companies. We now have almost everyone united

to empower our employees and their growth.

under one Wipro brand

Wipro is a global leader in IT services, and we intend

Empowering our clients

We now have all our colleagues from 4C, Appirio, Encore Theme, Eximius, Healthplan Services, IVIA and Opus united under #OneWipro brand.

to build on that reputation,

establishing our brand

and our clients as some of the most forward-thinking organizations in business today

Technology adoption increased significantly in 2020. As businesses responded to the pandemic, many began exploring new technologies or doubling down on earlier investments, accelerating digital transformations worldwide and driving demand

in areas like IT services. Across industries, companies are likely to continue investing in operational efficiency programs to reduce costs of operations, then reinvest the savings in transforming business models and leveraging new technologies.

Perhaps most importantly, consumers and businesses will increasingly make choices based on trust. Systems and data need to be secure,

reliable, and resilient. Similarly, customers will do business with people they trust.

Wipro is a global leader in IT services, and we intend to build on that reputation, establishing our brand and our clients as some of the most forward-thinking organizations in business today.

Guided by our new strategy, empowered leadership, and global talent, we will deliver more comprehensive digital solutions, push the envelope with better business practices and talent management, and make real progress in building a bold tomorrow.

Driven to create a humane, sustainable and resilient future for all

Since our beginning, Wipro has been ​driven by the notion that purpose fuels our business, and our business fuels purpose. ​Energized by what we call The Spirit of Wipro, we commit ourselves to be a catalyst for building a just, equitable, humane and sustainable society.​We believe the "power to do good" stems from building deliberately designed, sustainable and locally relevant programs in the communities in which we operate. We are committed to using the same level of rigor, strategic thinking and critical evaluation in our development and implementation of these programs as we would in our business initiatives.

Economic value is

sustainable only if created on a foundation of ethics and responsibility.

Azim Premji, Founder Chairman

Transforming our culture

The Five Habits is our culture transformation initiative. These habits - Being Respectful, Being Responsive, Always Communicating, Demonstrating Stewardship and Building Trust - are our values in action, and represent how we experience Wipro every day.

In a world defined by change and complexity, the Five Habits instill our commitment to each other and to the communities which we belong. They drive us towards building a growth mindset, a continued culture transformation that sets the foundation of who we are, how we behave and who we aspire to be.

At Wipro, we believe that our leaders are the most visible examples of our culture. And with this initiative, we encourage every leader to exemplify the fundamental behaviors aligned to each of the Five Habits, demonstrate them to their teams, and to embody these behaviors every day, in every aspect of their roles.

1 Being Respectful

2 Being Responsive

4 Demonstrating Stewardship

5 Building Trust

Meeting the moment

Wipro is dedicated to being a responsive and good corporate citizen in times of crisis.​The COVID-19 pandemic is taking a tremendous toll on our society, devastating lives and our global economy.​Wipro and the Azim Premji Foundation moved swiftly to help lead the response to the pandemic around​the world.

After Wipro converted its Pune campus to a COVID-19 hospital, it found that vital information from various medical stakeholders was disorganized and hard to access. This led Wipro to build the Global Coalition for COVID-19 Medical Care (GCCMC), a knowledge-sharing platform created for doctors, dedicated to education, efficiency, and improved outcomes.​Wipro also reached out to

13 million beneficiaries throughout India with supply of dry rations and hygiene kits.

Attachments

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Wipro Limited published this content on 19 June 2021 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 21 June 2021 08:36:03 UTC .

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