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					                                                                                               Regd off: Doddakannelli, Sarjapur Road, Bangalore - 560 035
WIPRO LIMITED + $                                                                              E-Mail:    ramachandran.venkatesan@wipro.com
                                                                                               Web site: www.wipro.com
                                                                                               Telephone: (080) 2844 0011 Fax: (080) 2844 0051
SOFTWARE                                                             MISCELLANEOUS             Tr agent: Karvy Computer Share, 51/2, Vanivilas Rd, TKN Complex, Bangalore-1
Chairman: Azim Hasham Premji                                                     SEC: V. Ramachandran                                     AUD: BSR & Co.
Yr of Inc   B. Code       BL. Code     F.V.         Price         % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap                Vol.             ISIN
 1945   507685            WPRO:IN       2           550.8           18.7            27.0         20.7          17.8        0.7          807,212.2             97.1          INE075A01022
SHAREHOLDING                                                       FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 79.2%                Exports (fob)           Rs m        0                 (Rs)
Foreign collaborators      :   0.0%               Imports (cif)           Rs m        0
Indian inst/Mut Fund       :   2.2%               Fx inflow               Rs m        0          750
FIIs/GDR                   :   7.9%               Fx outflow              Rs m        0                                                                         DAILY
Free float                 : 10.7%                Net fx                  Rs m        0
Shareholders               : 218,540                                                                                                                            100 DMA
                                                                                                 600
                           No. of months                   12             12            12
                             Year ending             31/03/07       31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                                 450
High                                   Rs                  690            635           535
Low                                    Rs                  383            324           180
Sales per share                        Rs                102.8          136.7         175.4
Earnings per share                     Rs                 20.2           22.5          26.6      300
Cash flow per share                    Rs                 22.7           25.9          31.0
Dividends per share                    Rs                 6.00           6.00          4.00
Dividend yield (eoy)                   %                   1.1             1.3           1.1
                                                                                                 150
Book value per share                   Rs                 65.8           80.0          93.0
Shares outstanding (eoy)               m             1,458.99        1,461.45     1,464.98        Aug-06              Jun-07            Feb-08                Nov-08            Aug-09
Bonus/Rights/Conversions                                ESOP            ESOP         ESOP
Price / Sales ratio                    x                    5.2            3.5           2.0                               No. of months                12             12             12
Avg P/E ratio                          x                  26.6           21.3          13.4                                  Year ending          31/03/07       31/03/08       31/03/09
                                                                                                CASH FLOW
P/CF ratio (eoy)                       x                  23.6           18.5          11.5
Price / Book Value ratio               x                    8.2            6.0           3.8    From Operations                         Rs   m       28,051            23,059     36,099
Dividend payout                        %                  29.8           26.7          15.0     From Investments                        Rs   m      -19,533           -25,568    -24,183
Avg Mkt Cap                            Rs m           782,748         700,765      523,730      From Financial Activity                 Rs   m        2,495            21,985     -2,732
No. of employees                       `000                 68            100           100     Net Cashflow                            Rs   m       11,013            19,476      9,184
Total wages/salary                     Rs m            62,397          82,726      107,064
Avg. sales/employee                    Rs Th           2,211.5        1,998.0       2,570.0                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th             920.1          827.3       1,070.6                                           2QFY09  3QFY09              4QFY09         1QFY10
Avg. net profit/employee               Rs Th             433.8          328.3         390.0     Net sales                    Rs   m    65,196  66,343              64,821         62,891
                                                                                                Gross profit                 Rs   m    12,802  13,100              13,476         13,429
INCOME DATA                                                                                     Gross profit margin          %           19.6     19.7               20.8           21.4
Net Sales                              Rs     m      149,982         199,796       256,995      Net profit                   Rs   m     9,782  10,039              10,100         10,155
Other income                           Rs     m        2,732           4,174         2,621      Net profit margin            %           15.0     15.1               15.6           16.1
Total revenues                         Rs     m      152,714         203,970       259,616
Gross profit                           Rs     m       34,371          39,884        51,704                                           KEY DATA
Depreciation                           Rs     m        3,696           4,965         6,367      Parameters                          Unit              FY07              FY08       FY09
Interest                               Rs     m          124           1,690         2,400      Technology Infra. Services          % of revenues      11.0              12.0       20.0
Profit before tax                      Rs     m       33,283          37,403        45,558      Package Implementation              % of revenues      11.0              11.0       12.0
Minority Interest                      Rs     m            6             -24           -99      BPO                                 % of revenues       8.0               9.0        9.0
Prior Period Items                     Rs     m            0               0             0      ADM                                 % of revenues      58.0              55.0       40.0
Extraordinary Inc (Exp)                Rs     m            0               0             0      Others                              % of revenues      12.0              13.0       19.0
Tax                                    Rs     m        3,868           4,550         6,460
                                                                                                                                       NOTES
Profit after tax                       Rs     m       29,421          32,829        38,999
Gross profit margin                    %                22.9            20.0          20.1     Wipro is India's third largest software services exporter and also has interests in the
Effective tax rate                     %                11.6            12.2          14.2     hardware and consumer care and lighting businesses. The IT Services segment
                                                                                               provides research and development services for hardware and software design to
Net profit margin                      %                19.6            16.4          15.2
                                                                                               technology and telecommunication companies and software application development
BALANCE SHEET DATA                                                                             services to corporate enterprises. The BPO services segment provides services to
                                                                                               global corporations. The India and Asia Pacific IT Services and Products segment
Current assets                         Rs m           70,433         115,997       151,235     focuses on addressing the IT and electronic commerce requirements of companies
Current liabilities                    Rs m           42,383          54,420        85,671     in India, Middle-East and Asia-Pacific regions. Over the period FY03 to FY09, Wipro's
Net working cap to sales               %                18.7            30.8          25.5     consolidated revenues and profits have grown at compounded annual rates of 35%
Current ratio                          x                  1.7             2.1           1.8    and 30% respectively.
Inventory Turnover                     Days               10              12             11
Debtors Turnover                       Days               71              74            69     Wipro's strong performance on the topline front, which grew by 29% YoY during
Net fixed assets                       Rs m           37,962          83,792       109,084     FY09, was mainly aided by robust growth in the global IT services division (31% YoY
Share capital                          Rs m            2,918           2,923         2,928     growth). Wipro recorded a marginal 0.3% YoY reduction in its operating margins
"Free" reserves                        Rs m           92,320         111,294       145,552     during FY09. While depreciation of rupee aided the margins, increase in costs
                                                                                               affected margins negatively. Wipro recorded a 19% YoY growth in net profits during
Net worth                              Rs m           95,995         116,954       136,299
                                                                                               FY09. This was mainly on account of higher operating profits and other income
Long term debt                         Rs m            2,870          43,989        56,249
                                                                                               earned on investment.
Total assets                           Rs m          151,121         258,020       334,936
Interest coverage                      x               269.4            23.1          20.0     Going forward we believe that the company will immensely benefit from the strong
Debt to equity ratio                   x                  0.0             0.4           0.4    offshoring potential particularly due to its focus on fixed price projects. A strong deal
Sales to assets ratio                  x                  1.0             0.8           0.8    pipeline gives a good visibility of future growth particularly in verticals like
Return on assets                       %                29.9            21.4          21.5     manufacturing, healthcare and retail. The company is also focusing on ecology and
Return on equity                       %                30.6            28.1          28.6     environment related markets as future drivers of growth. However, the major concern
Return on capital                      %                33.8            24.3          24.9     for Wipro will be maintaining operating margins, which the company is expected to
Exports to sales                       %                  0.0             0.0           0.0    improve on the back of initiatives like operational improvement, increased offshore
Imports to sales                       %                  0.0             0.0           0.0    contribution and higher utilisation levels.
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posted:11/6/2010
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