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Wipro: Meets expectations

Jan 17, 2003

Wipro has posted a 4% growth in consolidated net profits for 3QFY03, on a YoY basis. The consolidated revenues have grown by 27% during the same period. The revenues from the company's Global IT services business have grown by 10% QoQ. While the net profit figure is marginally below street expectations, the company has beaten revenue growth expectations by a wide margin.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Sales 8,716 10,214 17.2% 25,311 29,156 15.2%
Other Income 183 220 20.2% 527 588 11.6%
Expenditure 6,110 7,536 23.3% 17,999 21,647 20.3%
Operating Profit (EBDIT) 2,606 2,678 2.8% 7,312 7,509 2.7%
Operating Profit Margin (%) 29.9% 26.2%   28.9% 25.8%  
Interest 4 5 25.0% (192) 18 -109.4%
Depreciation 384 352 -8.3% 1,039 986 -5.1%
Profit before Tax 2,401 2,541 5.8% 6,992 7,093 1.4%
Tax 178 325 82.6% 535 834 55.9%
Extra-ordinary item - (1) - (289)
Profit after Tax/(Loss) 2,223 2,215 -0.4% 6,457 5,970 -7.5%
Net profit margin (%) 25.5% 21.7%   25.5% 20.5%  
Diluted number of shares 231.9 231.9   231.9 231.9  
Diluted Earnings per share* 38.3 38.2   37.1 34.3  
P/E (at current price)   39.5     43.1  
*(annualised)            

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