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Wipro: Good performance delivered

Jan 18, 2013

Wipro Limited (Wipro) has announced the third quarter results of financial year 2012-2013 (3QFY13). The company has reported a 2.9% QoQ growth in sales and a 6.6% QoQ growth in net profits respectively. Here is our analysis of the results.

Performance summary
  • Consolidated gross revenues grew by 2.9% QoQ during the quarter.
  • The IT Services revenues (78% of total revenue in rupee terms) witnessed a growth of 2.4% QoQ in US$ terms.
  • EBITDA margin declined by 0.3% QoQ to 19.6% during the quarter as compared to 19.9% seen during the previous quarter (ending September 2012). That was mainly due to deterioration in the gross margin by 0.23%.
  • Net profits grew by 6.6% QoQ. The growth was higher than the EBITDA growth because of a 349% rise in gains from exchange difference and a fall in effective tax rate The latter declined by 2% QoQ to 21.9% during the quarter.
  • Employee strength of the IT services business stood at 142,905 at the end of December 2012. The headcount in IT services business increased by 2,336 (on a net basis) during 3QFY13. Attrition declined to 14.2% as compared to 14.6% for the previous quarter (2QFY13).
  • IT services segment adds 50 new clients during the quarter, thereby taking the total count of active clients to 966 as compared to 939 seen at the end of 2QFY13.
  • Gross employee utilization rate was down to 64.8% during the quarter as compared to 66.8% seen in the previous quarter (2QFY13). Net employee utilization (excluding trainees) declined to 74.8% from 77.9% seen during the quarter, 2QFY13.
  • The company has declared an interim dividend of Rs 2 per share (dividend yield of 0.5%).

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