1. Research
  2. Recommendation
  3. Equity

Wipro Ltd (Q3 FY14)

India Infoline News Service | Mumbai |

Wipro reported slightly slower than expected constant currency (CC) dollar revenue growth in its IT services segment at 2.3% qoq (our estimate was 2.6% qoq).

CMP Rs552, Target Rs650, Upside 17.8%

  • Revenue growth/Q4 FY14 guidance marginally behind expectations; but growth convergence with industry continues 

  • Growth disparate within verticals/services; sustained progress on client mining

  • Material OPM expansion was heartening; longer-term outlook is positive

  • Earnings upgraded on better margin performance; 9-12 month TP raised to Rs650

Result table
(Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Net sales
113,317
109,920
3.1
95,887
18.2
Operating profit
26,527
25,038
5.9
20,501
29.4
OPM (%)
23.4
22.8
63 bps
21.4
203 bps
Depreciation
(3,109)
(2,616)
18.8
(2,472)
25.8
Interest
(898)
(656)
-
(472)
-
Other Income
3,812
3,412
11.7
2,896
31.6
PBT
26,332
25,178
4.6
20,453
28.7
Tax
(6,060)
(5,754)
5.3
(4,472)
35.5
Effective tax rate (%)
23.0
22.9
-
21.9
-
Minority Interest
(125)
(103)
-
(90)
-
Adjusted PAT
20,147
19,321
4.3
15,891
26.8
Adj. PAT margin (%)
17.8
17.6
20 bps
16.6
121 bps
Profit from Discontd Op 
-
-
-
1,273
-
Reported PAT
20,147
19,321
4.3
17,164
17.4
EPS (Rs)
8.2
7.9
4.3
7.0
17.4
Source: Company, India Infoline Research

Revenue growth/Q4 FY14 guidance marginally behind expectations; but growth convergence with industry continues 

Wipro reported slightly slow

BSE 551.15 13.25 (2.46%)
NSE 551 13.05 (2.43%)

***Note: This is a BSE Chart









article
114020505328
Wipro Ltd (Q3 FY14)
Wipro Ltd (Q3 FY14)
Wipro reported slightly slower than expected constant currency (CC) dollar revenue growth in its IT services segment at 2.3% qoq (our estimate was 2.6% qoq).
http://www.indiainfoline.com/article/research-recommendation-equity/wipro-ltd-q3-fy14-114020505328_1.html
January 01, 1970 05:30 IST
http://content.indiainfoline.com/_media/iifl/img/article/default/glo_news.jpg
Wipro Ltd (Q3 FY14)
Equity
$rawVideoFileUrl$
$videoPlayerUrl$
 

 
 
Reports
News