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Wipro: Systems division boosts profits - Views on News from Equitymaster
 
 
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  • Jul 30, 1999

    Wipro: Systems division boosts profits

    Wipro has reported total income of Rs 4.25 bn (up 27% YoY) and a net profit of Rs 480 mn (up 87% YoY) for the quarter ended 30th June 1999.

    Wipro Limited, a part of the Wipro Corporation, is engaged in the businesses of information technology, financial services, health care systems, lighting and hydraulic products. Its infotech division is the premier personal computer and peripherals supplier in the country, and the second largest software service provider.

    The company's software and services division has recorded a 51% growth in terms of revenues at Rs 2 bn, while the EBIT grew at a modest 22%. The systems and services division raked in revenues of Rs 1.3 bn (up 20%) and recorded its first operating profit at Rs 21 mn. The Consumer care and lighting division, revenues fell 9% at Rs 700 mn while the operating profit jumped to Rs 100 mn.

    The jump in profits is due to the turnaround at the systems and services division and the improved performance of the other divisions. Wipro has recently launched a whole range of computers and this indicates that the company is likely to increasingly focus on this division. However, the systems and services business is extremely competitive the company might find it difficult to consistently earn higher margins.

    The operating profits at the software division have grown only 22% vis a vis the 51% growth in revenues. The consumer care division has posted higher profits on lower sales revenues, thus contributing to the remarkable rise in profits (up 87%) during the quarter.

    Market View:
    As analysts are of the view that the company is fully valued they have rated the stock as a 'HOLD'. 741

     

     

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