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Wipro: Muted performance - Views on News from Equitymaster
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Wipro: Muted performance
Apr 22, 2013

Wipro Limited has announced the fourth quarter results of financial year 2012-2013 (4QFY13). The company has reported a 13.6% YoY growth in sales (considering continuing operations) and a 16.7% YoY growth in net profits respectively. Here is our analysis of the results.

Performance summary
  • Consolidated gross revenues of continuing operations grew by 13.6% YoY during the quarter.
  • The IT Services revenues (78% of total revenue in rupee terms) witnessed a de-growth of 0.6% QoQ in 4QFY13
  • EBITDA margin of continuing business declined by 0.7% YoY to 20.3% during the quarter as compared to 21% seen during 4QFY12 (ending March 2012).
  • Net profits grew by 16.7% YoY. The growth was higher than the EBITDA growth because of a 25.7% YoY rise in finance and other income and an 88% YoY rise in profit from discontinued operations. A fall in effective tax rate by 1.2% YoY also contributed to the growth in net profit. The effective tax stood at 20.1% at the end of 4QFY13.
  • Employee strength of the IT services business stood at 145,812 at the end of December 2012. The headcount in IT services business increased by 2,907 (on a net basis) during 4QFY13 compared to 3QFY13.Attrition declined to 13.7% as compared to 14.2% for the previous quarter (3QFY13).
  • IT services segment adds 52 new clients during the quarter, thereby taking the total count of active clients to 978 as compared to 966 seen at the end of 3QFY13.
  • Gross employee utilization rate was marginally up to 64.9% during the quarter as compared to 64.8% seen in the previous quarter (3QFY13). Net employee utilization (excluding trainees) declined to 74.6% from 74.8% seen during the quarter, 3QFY13.
  • The company has declared a final dividend of Rs 5 per share (dividend yield of 1.5%).

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