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Name | Symbol | Market | Type |
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Wipro Ltd | NYSE:WIT | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 5.15 | 47 | 13:18:29 |
IT services segment operating margin increases 40 bps QoQ. Net income increases 5.2% QoQ. FY 24 Large deal bookings at $4.6 billion, a YoY increase of 17.4%. Operating cash flows at 158.6% of net income for the year.
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2024.
Highlights of the Results
Results for the Quarter ended March 31, 2024:
Results for the Year ended March 31, 2024:
Outlook for the Quarter ending June 30, 2024
We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,670 million*. This translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms.
* Outlook for the Quarter ending June 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.08, AUD/USD at 0.66, USD/INR at 83.19 and CAD/USD at 0.74
Performance for the Quarter and Year ended March 31, 2024
Srini Pallia, CEO and Managing Director, said, “FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead. We are on the brink of a major technological shift. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value. At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals. Although there’s a considerable amount of work ahead of us, I am confident that together, with our collective effort, we can pave the way for the next chapter of growth.”
Aparna Iyer, Chief Financial Officer, said, “We expanded our margins by 40 basis points during the quarter resulting in EPS growth of 5.2% QoQ in Q4. Despite a challenging macro-environment our IT services margin expanded by 50 basis points for the full year FY24. We generated highest operating cash flow in recent years which is at 183% of our net- income in Q4 and 159% on a full year basis.”
Capital Allocation:
The Board of Directors confirmed the interim dividend of Rs 1 declared by the Board earlier at its meeting held on January 12th, 2024, shall be considered as the final dividend for the financial year 2023-24.
Highlights of Strategic Deal Wins
In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:
Analyst Recognition
Source & Disclaimer: *Gartner, “Magic Quadrant for Public Cloud IT Transformation Services”, Mark Ray, et al, 16 August 2023. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this [type of filing]), and the opinions expressed in the Gartner Content are subject to change without notice.
IT Products
Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
Results for the Quarter and Year ended March 31, 2024, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter and the year. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP190424
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com
Forward-Looking Statements
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
WIPRO LIMITED AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Rs in millions, except share and per share data, unless otherwise stated)
As at March 31, 2023
As at March 31, 2024
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
ASSETS
Goodwill
307,970
316,002
3,792
Intangible assets
43,045
32,748
393
Property, plant and equipment
88,659
81,608
979
Right-of-Use assets
18,702
17,955
215
Financial assets
Derivative assets
29
25
^
Investments
20,720
21,629
260
Trade receivables
863
4,045
49
Other financial assets
6,330
5,550
67
Investments accounted for using the equity method
780
1,044
13
Deferred tax assets
2,100
1,817
22
Non-current tax assets
11,922
9,043
109
Other non-current assets
13,606
10,331
124
Total non-current assets
514,726
501,797
6,023
Inventories
1,188
907
11
Financial assets
Derivative assets
1,844
1,333
16
Investments
309,232
311,171
3,734
Cash and cash equivalents
91,880
96,953
1,163
Trade receivables
126,350
115,477
1,387
Unbilled receivables
60,515
58,345
700
Other financial assets
9,096
10,536
126
Contract assets
23,001
19,854
238
Current tax assets
5,091
6,484
78
Other current assets
32,899
29,602
355
Total current assets
661,096
650,662
7,808
TOTAL ASSETS
1,175,822
1,152,459
13,831
EQUITY
Share capital
10,976
10,450
125
Share premium
3,689
3,291
39
Retained earnings
660,964
630,936
7,571
Share-based payment reserve
5,632
6,384
77
Special Economic Zone re-investment reserve
46,803
42,129
506
Other components of equity
53,100
56,693
680
Equity attributable to the equity holders of the Company
781,164
749,883
8,998
Non-controlling interests
589
1,340
16
TOTAL EQUITY
781,753
751,223
9,014
LIABILITIES
Financial liabilities
Loans and borrowings
61,272
62,300
748
Lease liabilities
15,953
13,962
168
Derivative liabilities
179
4
^
Other financial liabilities
2,649
4,985
60
Deferred tax liabilities
15,153
17,467
210
Non-current tax liabilities
21,777
37,090
445
Other non-current liabilities
9,333
12,970
156
Provisions
^
-
-
Total non-current liabilities
126,316
148,778
1,787
Financial liabilities
Loans, borrowings and bank overdrafts
88,821
79,166
950
Lease liabilities
8,620
9,221
111
Derivative liabilities
2,825
558
7
Trade payables and accrued expenses
89,054
88,566
1,062
Other financial liabilities
4,141
2,272
27
Contract liabilities
22,682
17,653
212
Current tax liabilities
18,846
21,756
261
Other current liabilities
30,215
31,295
376
Provisions
2,549
1,971
24
Total current liabilities
267,753
252,458
3,030
TOTAL LIABILITIES
394,069
401,236
4,817
TOTAL EQUITY AND LIABILITIES
1,175,822
1,152,459
13,831
^ Value is less than 1
WIPRO LIMITED AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (Rs in millions, except share and per share data, unless otherwise stated)
Three months ended March 31,
Year ended March 31,
2023
2024
2024
2023
2024
2024
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Revenues
231,903
222,083
2,665
904,876
897,603
10,770
Cost of revenues
(162,738
)
(157,219
)
(1,886
)
(645,446
)
(631,497
)
(7,577
)
Gross profit
69,165
64,864
779
259,430
266,106
3,193
Selling and marketing expenses
(16,906
)
(15,443
)
(185
)
(65,157
)
(69,972
)
(840
)
General and administrative expenses
(15,672
)
(13,920
)
(167
)
(59,139
)
(60,375
)
(724
)
Foreign exchange gains/(losses), net
990
(128
)
(2
)
4,472
340
4
Results from operating activities
37,577
35,373
425
139,606
136,099
1,633
Finance expenses
(2,860
)
(3,308
)
(40
)
(10,077
)
(12,552
)
(151
)
Finance and other income
5,463
6,759
81
18,185
23,896
287
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method
4
(202
)
(2
)
(57
)
(233
)
(3
)
Profit before tax
40,184
38,622
464
147,657
147,210
1,766
Income tax expense
(9,249
)
(10,040
)
(120
)
(33,992
)
(36,089
)
(433
)
Profit for the period
30,935
28,582
344
113,665
111,121
1,333
Profit attributable to:
Equity holders of the Company
30,745
28,346
341
113,500
110,452
1,325
Non-controlling interests
190
236
3
165
669
8
Profit for the period
30,935
28,582
344
113,665
111,121
1,333
Earnings per equity share:
Attributable to equity holders of the Company
Basic
5.61
5.43
0.07
20.73
20.89
0.25
Diluted
5.60
5.41
0.07
20.68
20.82
0.25
Weighted average number of equity shares used in computing earnings per equity share
Basic
5,481,366,536
5,222,350,323
5,222,350,323
5,477,466,573
5,288,285,555
5,288,285,555
Diluted
5,489,878,685
5,235,175,711
5,235,175,711
5,488,991,175
5,305,712,314
5,305,712,314
^ Value is less than 1
Particulars
Three months ended
Year ended
March 31, 2024
December 31, 2023
March 31, 2023
March 31, 2024
March 31, 2023
Audited
Audited
Audited
Audited
Audited
Segment revenue
IT Services
Americas 1
67,229
68,581
66,430
268,230
261,270
Americas 2
67,724
66,541
70,563
269,482
278,374
Europe
61,344
61,473
67,562
253,927
256,845
APMEA
24,499
24,913
27,207
102,177
106,812
Total of IT Services
220,796
221,508
231,762
893,816
903,301
IT Products
1,159
805
1,131
4,127
6,047
Total segment revenue
221,955
222,313
232,893
897,943
909,348
Segment result
IT Services
Americas 1
14,081
16,459
13,445
59,364
51,555
Americas 2
15,791
15,180
15,940
59,163
59,689
Europe
7,933
7,906
11,024
33,354
37,667
APMEA
3,401
3,433
3,030
12,619
10,681
Unallocated
(5,011
)
(7,552
)
(5,773
)
(20,304
)
(18,368
)
Total of IT Services
36,195
35,426
37,666
144,196
141,224
IT Products
143
114
(59
)
(371
)
(176
)
Reconciling Items
(965
)
(2,675
)
(30
)
(7,726
)
(1,442
)
Total segment result
35,373
32,865
37,577
136,099
139,606
Finance expenses
(3,308
)
(3,125
)
(2,860
)
(12,552
)
(10,077
)
Finance and other income
6,759
5,785
5,463
23,896
18,185
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method
(202
)
(4
)
4
(233
)
(57
)
Profit before tax
38,622
35,521
40,184
147,210
147,657
Additional Information:
Effective April 1, 2023, we merged our India State Run Enterprise segment (“ISRE”) with our IT Services segment. Currently, the Company is organized into the following operating segments: IT Services and IT Products.
IT Services: As announced on November 12, 2020, effective January 1, 2021, we re-organized our IT Services segment into four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).
Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, the Middle East, Southeast Asia, Japan and Africa.
IT Products: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.
Reconciliation of selected GAAP measures to Non-GAAP measures
Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
Three Months ended March 31, 2024
IT Services Revenue as per IFRS
$2,657.4
Effect of Foreign currency exchange movement
($8.5)
Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates
$2,648.9
Three Months ended March 31, 2024
IT Services Revenue as per IFRS
$2,657.4
Effect of Foreign currency exchange movement
($4.4)
Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year
$2,653.0
Year ended March 31, 2024
IT Services Revenue as per IFRS
$10,805.3
Effect of Foreign currency exchange movement
($61.0)
Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates
$10,744.4
Reconciliation of Free Cash Flow for three months and year ended March 31, 2024
Amount in INR Mn
Three months ended
Year ended
March 31, 2024
March 31, 2024
Net Income for the period [A]
28,582
111,121
Computation of Free Cash Flow
Net cash generated from operating activities [B]
52,179
176,216
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment
(4,248)
(10,510)
Proceeds from sale of property, plant and equipment
119
4,022
Free Cash Flow [C]
48,050
169,728
Operating Cash Flow as percentage of Net Income [B/A]
182.6%
158.6%
Free Cash Flow as percentage of Net Income [C/A]
168.1%
152.7%
View source version on businesswire.com: https://www.businesswire.com/news/home/20240419642626/en/
Contact for Investor Relations Dipak Kumar Bohra Phone: +91-80-6142 7201 dipak.bohra@wipro.com Abhishek Jain Phone: +91-80-6142 6143 abhishek.jain2@wipro.com Contact for Media & Press Phone: +91-80-6142 6450 media-relations@wipro.com
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