We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Wipro Ltd | NYSE:WIT | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.19% | 5.37 | 5.41 | 5.345 | 5.41 | 3,717,872 | 21:00:11 |
IT Services Revenue growth for the quarter at 3.9% QoQ
EPS for the year increased by 14.6% YoY
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the Quarter and Year ended March 31, 2021.
Highlights of the Results
Results for the Quarter ended March 31, 2021:
Results for the Year ended March 31, 2021:
Performance for the quarter and year ended March 31, 2021
Thierry Delaporte, CEO and Managing Director said, “I am delighted with the way we have finished the financial year. We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector. We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year growth rates.”
Jatin Dalal, Chief Financial Officer said, “We delivered a 340 bps expansion YoY in operating margins for the quarter after absorbing the impact of wage hike. On a full year basis we increased margins by 220 bps with a consistent improvement in operating metrics. Led by disciplined execution, we generated strong operating cash flows at 136.7% of our net income for the full year. We successfully completed the share buyback program returning $1.3Bn to our shareholders.”
Outlook for the quarter ending June 30, 2021
We expect Revenue from our IT Services business to be in the range of $2,195 million to $2,238 million*. This translates to a sequential growth of 2.0% to 4.0%. This does not include revenue from our recently announced acquisitions of Capco and Ampion.
* Outlook is based on the following exchange rates: GBP/USD at 1.39, Euro/USD at 1.20, AUD/USD at 0.78, USD/INR at 72.76 and CAD/USD at 0.78
Capital Allocation
IT Services
Wipro continued its momentum in winning large deals with our customers as described below:
Digital Services Highlights
We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:
Analyst Recognition
Disclaimer: 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 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.
IT Products
India business from State Run Enterprises (ISRE)
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 Non-GAAP Financial Measures
This press release contains 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.
This non-GAAP financial measure is 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. In addition to this non-GAAP measure, 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, 2021, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com
Quarterly Conference Call
We will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (09:45 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIPRO210415
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 global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 190,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
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, 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, 2020
As at March 31, 2021
Convenience translation into US dollar in millions Refer footnote 1
ASSETS
Goodwill
131,012
139,127
1,902
Intangible assets
16,362
13,085
179
Property, plant and equipment
81,120
85,192
1,165
Right-of-Use assets
16,748
16,420
225
Financial assets
Derivative assets
-
16
^
Investments
9,302
10,576
145
Trade receivables
6,049
4,358
60
Other financial assets
5,881
6,088
83
Investments accounted for using the equity method
1,383
1,464
20
Deferred tax assets
6,005
1,664
23
Non-current tax assets
11,414
14,323
196
Other non-current assets
11,935
15,935
217
Total non-current assets
297,211
308,248
4,215
Inventories
1,865
1,064
15
Financial assets
Derivative assets
3,025
4,064
56
Investments
189,635
175,707
2,402
Cash and cash equivalents
144,499
169,793
2,321
Trade receivables
104,474
94,298
1,289
Unbilled receivables
25,209
27,124
371
Other financial assets
8,614
7,245
99
Contract assets
17,143
16,507
226
Current tax assets
2,882
2,461
34
Other current assets
22,505
24,923
340
Total current assets
519,851
523,186
7,153
TOTAL ASSETS
817,062
831,434
11,368
EQUITY
Share capital
11,427
10,958
150
Share premium
1,275
714
10
Retained earnings
476,103
466,692
6,381
Share-based payment reserve
1,550
3,071
42
SEZ Re-investment reserve
43,804
41,154
563
Other components of equity
23,299
30,506
418
Equity attributable to the equity holders of the Company
557,458
553,095
7,564
Non-controlling interests
1,875
1,498
20
TOTAL EQUITY
559,333
554,593
7,584
LIABILITIES
Financial liabilities
Loans and borrowings
4,840
7,458
102
Derivative liabilities
138
-
-
Lease liabilities
12,638
13,513
185
Other financial liabilities
151
2,291
31
Deferred tax liabilities
2,825
4,633
63
Non-current tax liabilities
13,205
11,069
151
Other non-current liabilities
7,537
7,835
107
Provisions
2
2
^
Total non-current liabilities
41,336
46,801
639
Financial liabilities
Loans, borrowings and bank overdrafts
73,202
75,874
1,037
Derivative liabilities
7,231
1,070
15
Trade payables and accrued expenses
78,129
78,870
1,078
Lease liabilities
6,560
7,669
105
Other financial liabilities
899
1,470
20
Contract liabilities
18,775
22,535
308
Current tax liabilities
11,731
17,324
237
Other current liabilities
19,254
24,552
336
Provisions
612
676
9
Total current liabilities
216,393
230,040
3,145
TOTAL LIABILITIES
257,729
276,841
3,784
TOTAL EQUITY AND LIABILITIES
817,062
831,434
11,368
^ 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,
2020
2021
2021
2020
2021
2021
Convenience translation into US dollar in millions
Refer footnote 1
Convenience translation into US dollar in millions
Refer footnote 1
Revenues
157,110
162,454
2,221
610,232
619,430
8,469
Cost of revenues
(114,133
)
(109,805
)
(1,501
)
(436,085
)
(423,205
)
(5,786
)
Gross profit
42,977
52,649
720
174,147
196,225
2,683
Selling and marketing expenses
(10,295
)
(10,679
)
(146
)
(42,907
)
(41,400
)
(566
)
General and administrative expenses
(7,681
)
(8,689
)
(119
)
(29,823
)
(34,686
)
(474
)
Foreign exchange gains
993
886
12
3,169
2,995
41
Other operating income/(loss), net
395
-
-
1,144
(81
)
(1
)
Results from operating activities
26,389
34,167
467
105,730
123,053
1,683
Finance expenses
(1,653
)
(1,122
)
(15
)
(7,328
)
(5,088
)
(70
)
Finance and other income
4,907
4,447
61
24,081
20,912
286
Share of net profit /(loss) of associates accounted for using the equity method
13
4
^
29
130
2
Profit before tax
29,656
37,496
513
122,512
139,007
1,901
Income tax expense
(6,205
)
(7,755
)
(106
)
(24,799
)
(30,345
)
(415
)
Profit for the period
23,451
29,741
407
97,713
108,662
1,486
Profit attributable to:
Equity holders of the Company
23,260
29,721
407
97,218
107,946
1,476
Non-controlling interests
191
20
^
495
716
10
Profit for the period
23,451
29,741
407
97,713
108,662
1,486
Earnings per equity share:
Attributable to equity holders of the Company
Basic
4.09
5.39
0.07
16.67
19.11
0.26
Diluted
4.07
5.38
0.07
16.62
19.07
0.26
Weighted average number of equity shares
used in computing earnings per equity share
Basic
5,692,835,298
5,510,335,838
5,510,335,838
5,833,384,018
5,649,265,885
5,649,265,885
Diluted
5,703,378,727
5,524,619,810
5,524,619,810
5,847,823,239
5,661,657,822
5,661,657,822
^ Value is less than 1
Additional Information:
Particulars
Three months ended
Year ended
March 31, 2021
December 31, 2020
March 31, 2020
March 31, 2021
March 31, 2020
Audited
Audited
Audited
Audited
Audited
Revenue
IT Services
Americas 1
46,510
45,015
45,977
178,091
176,115
Americas 2
46,475
44,702
45,418
179,821
181,481
Europe
45,107
42,880
41,104
165,441
157,526
APMEA
20,825
20,717
20,395
82,462
78,676
Total of IT Services
158,917
153,314
152,894
605,815
593,798
IT Products
2,117
1,563
3,266
7,685
11,657
ISRE
2,302
2,388
1,931
8,912
7,950
Reconciling Items
4
1
12
13
(4)
Total Revenue
163,340
157,266
158,103
622,425
613,401
Other operating income/(loss), net
IT Services
-
-
395
(81)
1,144
Total Other operating income/(loss), net
-
-
395
(81)
1,144
Segment Result
IT Services
Americas 1
9,863
8,095
7,324
33,040
27,289
Americas 2
10,500
10,216
9,008
41,589
34,341
Europe
8,704
9,251
7,181
31,673
27,617
APMEA
3,074
2,765
2,426
11,476
9,550
Unallocated
1,257
2,944
609
5,153
7,732
Other operating income/(loss), net
-
-
395
(81)
1,144
Total of IT Services
33,398
33,271
26,943
122,850
107,673
IT Products
145
78
145
45
(323)
ISRE
587
471
(510)
1,061
(1,849)
Reconciling Items
37
(7)
(189)
(903)
229
Total
34,167
33,813
26,389
123,053
105,730
Finance Expense
(1,122)
(1,400)
(1,653)
(5,088)
(7,328)
Finance and Other Income
4,447
5,975
4,907
20,912
24,081
Share of net profit/ (loss) of associates accounted for using the equity method
4
101
13
130
29
Profit before tax
37,496
38,489
29,656
139,007
122,512
The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (ISRE).
IT Services: As announced on November 12, 2020, effective January 1, 2021, the Company re-organized IT Services segment to 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 United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East 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.
India State Run Enterprise segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by the Government of India and/ or any State Governments.
Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
Three Months ended March 31, 2021
IT Services Revenue as per IFRS
$
2,152.4
Effect of Foreign currency exchange movement
$
(18.7
)
Non-GAAP Constant Currency IT Services Revenue based on
$
2,133.7
previous quarter exchange rates
Three Months ended March 31, 2021
IT Services Revenue as per IFRS
$
2,152.4
Effect of Foreign currency exchange movement
$
(68.8
)
Non-GAAP Constant Currency IT Services Revenue based on
$
2,083.6
exchange rates of comparable period in previous year
Year ended March 31, 2021
IT Services Revenue as per IFRS
$
8,136.5
Effect of Foreign currency exchange movement
$
(72.2
)
Non-GAAP Constant Currency IT Services Revenue based on
$
8,064.4
exchange rates of comparable period in previous year
View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005601/en/
Contact for Investor Relations Aparna Iyer Phone: +91-80-6142 7139 iyer.aparna@wipro.com Abhishek Kumar Jain Phone: +91-9845791363 abhishekkumar.jain@wipro.com Contact for Media & Press Vipin Nair Phone: +91-80-6142 6450 vipin.nair1@wipro.com
1 Year Wipro Chart |
1 Month Wipro Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions