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Wipro Records 24% YoY Growth in Net Income in the quarter

Results for the quarter ended September 30, 2012 under IFRS

BANGALORE, India and EAST BRUNSWICK, N.J., Nov. 2, 2012 /PRNewswire/ -- Wipro Limited (NYSE: WIT) today announced financial results under International Financial Reporting Standards (IFRS) for its second quarter ended September 30, 2012.

Highlights of the Results:
Results for the Quarter ended September 30, 2012:

  • Total Revenues were rupees 106.57 billion ($2.01 billion1), an increase of 17% YoY.
  • Net Income was rupees 16.11 billion ($304 million1), an increase of 24% YoY. Non-GAAP Adjusted Net Income was rupees 15.98 billion ($302 million1), an increase of 22% YoY.
  • IT Services Revenue was $1,541 million, a sequential increase of 1.7% and YoY increase of 4.6%.
  • Non-GAAP constant currency IT Services Revenue in dollar terms was $1,535 million, within our guidance range of $1,520 million to $1,550 million.
  • IT Services Revenues in Rupee terms was rupees 83.73 billion ($1,582 million1), an increase of 23% YoY.
  • IT Services Earnings Before Interest and Tax (EBIT) was rupees17.31 billion ($327 million1), an increase of 27% YoY.
  • Operating Income to Revenue for IT Services was 20.7% for the quarter.

Performance for the quarter ended September 30, 2012
Azim Premji, Chairman of Wipro, commenting on the results said – "We have chartered a new course for Wipro by demerging our diversified Non IT businesses. I am confident that the demerger will enhance value for all our stakeholders and provide fresh momentum for growth for each of our businesses."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – "Our focus on driving significant operational improvements has helped us predominantly mitigate the incremental impact of wage increases and currency volatility."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said – "We have delivered revenues in line with our guidance and are continuing to see consistent improvement in our engagement with customers and employees. Consistent with our strategy to drive business transformation at the intersection of Cloud, Mobility, Analytics, and Social, we are continuing to invest in our Go-To-Market organization in order to engage effectively with both business and technology stakeholders."

Outlook for the Quarter ending December 31, 2012

We expect Revenues from our IT Services business to be in the range of $1,560 million to $1,590 million*.

* Guidance is based on the following exchange rates: GBP/USD at 1.59, Euro/USD at 1.26, AUD/USD at 1.05, USD/INR at 54.98.

[1] For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on September 28, 2012, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1= rupees 52.92. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2012 was US$1= rupees 54.35

IT Services (79% of Total Revenue and 93% of Operating Income for the quarter ended September 30, 2012)

The IT Services segment had 140,569 employees as of September 30, 2012, an increase of 2,017 people in the quarter. We added 53 new customers for the quarter.

Wipro has won a multi-year, multi-million IT infrastructure transformation deal from one of the largest non-profit healthcare providers in the United States. The program will help transform the client's business from the current 'fee-for-service' to a comprehensive care model.

One of the largest retail departmental store chains based in North America has awarded Wipro a multi-year transformational deal to manage all aspects of end to end quality assurance. With this engagement, Wipro will be providing Quality Assurance services, in a managed services model.

Wipro has won a large multi-year engagement for infrastructure managed services with a leading provider of renewable energy, headquartered in Germany. This will involve the replacement of their existing internal messaging platform with a hosted messaging solution to support the communication needs of a growing workforce and business.

Wipro has entered into a long term strategic partnership with Qatar Airways, one of the fastest growing airlines in the world, for developing and implementing IP for cargo management and revenue accounting.

Awards and accolades
Wipro was recognized as one of its best suppliers by Telefonica Deutschland, among more than 2,000 suppliers, in 2012.

Wipro was ranked as the top 'Global R&D Service Provider', for the third successive year by Zinnov Management Consulting Pvt. Ltd.

Wipro received the Oracle APAC CRM Partner of the Year 2012 award.

IT Products (8% of Total Revenue and 1% of Operating Income for the quarter ended September 30, 2012)

  • Our IT Products segment recorded Revenue of rupees 8.99 billion ($170 million1) for the quarter, a YoY decline of 10%.
  • EBIT was rupees 272 million ($5 million1) for the quarter.
  • Operating Income to Revenue for this segment was 3% for the quarter.

Consumer Care and Lighting (9% of Total Revenue and 6% of Operating Income for the
quarter ended September 30, 2012)

  • Our Consumer Care and Lighting business segment recorded Revenue of rupees 10.08 billion ($190 million1) for the quarter, an increase of 26% YoY.
  • EBIT was rupees 1.13 billion ($21   million1) for the quarter, an increase of 29% YoY. 
  • Operating Income to Revenue for this segment was 11.3% for the quarter.

Wipro Limited

  • Total Revenue for the quarter ended September 30, 2012 was rupees 106.57 billion ($2.01 billion1).
  • Net Income for the quarter ended September 30, 2012 was rupees 16.11 billion ($304 million1).
  • Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) for the quarter ended September 30, 2012 was rupees 15.98 billion ($302 million1).

Please see the table on page 6 for a reconciliation between (i) IFRS Net Income and non-GAAP Adjusted Net Income (excluding the impact of stock-based compensation) and (ii) IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAP financial measures
This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table on page 6 provides Adjusted Net Income for the period, which is a non-GAAP measure that excludes the impact of accelerated amortization in respect of stock options that vest in a graded manner, and IT Services Revenue on a constant currency basis, which is a non-GAAP measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We consider a stock option award with a graded vesting schedule to be in substance a single award not multiple stock option awards and accordingly believe the straight line amortization reflects the economic substance of the award. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. We believe that the presentation of this Non-GAAP Adjusted Net Income, when shown in conjunction with the corresponding IFRS measure, provides useful information to investors and management regarding financial and business trends relating to its Net Income for the period.

These Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS, and may be different from non-GAAP measures used by other companies. In addition to these non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

For internal budgeting process, our management also uses financial statements that exclude the impact of accelerated amortization relating to stock options that vest in a graded manner. Management of the Company also uses Non-GAAP Adjusted Net Income, in addition to the corresponding IFRS measure, in reviewing our financial results.

Results for the quarter ended September 30, 2012, computed under IFRS, along with individual business segment reports, are available in the Investors section of our website at www.wipro.com.

Quarterly Conference Calls
We will hold a conference call today at 02:00 p.m. Indian Standard Time (04:30 a.m. US Eastern Time) and at 6:15 p.m. Indian Standard Time (8:45 a.m. US Eastern Time) to discuss our performance for the quarter. An audio recording of the management discussions and the question and answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com.

About Wipro Limited (NYSE: WIT)
Wipro provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. Wipro also has a strong presence in niche market segments of Infrastructure Engineering and Consumer Products & Lighting. 

For more information, please visit our websites at www.wipro.com.

Forward-looking and Cautionary Statements
The forward-looking statements contained herein represent Wipro's beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro's control. Such statements include, but are not limited to, statements regarding Wipro's growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

(Tables to follow)

 



























WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME

(Rupees in millions, except share and per share data, unless otherwise stated)















Three months ended September 30, 



Six months ended September 30, 


2011


2012


2012



2011


2012


2012






Convenience translation into US $ in millions (Unaudited)







Convenience translation into US $ in millions (Unaudited)






































Gross revenues

90,070


106,397


2,011



175,000


211,229


3,991














Cost of revenues

(64,979)


(73,162)


(1,383)



(125,000)


(146,032)


(2,759)














Gross profit

25,091


33,235


628



50,000


65,197


1,232














Selling and marketing expenses

(6,510)


(8,996)


(170)



(12,794)


(17,904)


(338)

General and administrative expenses

(4,578)


(5,821)


(110)



(8,961)


(11,851)


(224)

Foreign exchange gains/(losses), net

875


169


3



1,586


1,867


35














Results from operating activities

14,878


18,587


351



29,832


37,309


705














Finance expenses

(1,250)


(537)


(10)



(2,010)


(1,904)


(36)

Finance and other income

2,113


3,234


61



4,305


5,925


112

Share of profits/(losses) of equity accounted investee

99


(35)


(1)



208


(138)


(3)














Profit before tax

15,840


21,249


402



32,335


41,192


778














Income tax expense

(2,841)


(5,079)


(96)



(5,937)


(9,124)


(172)














Profit for the period

12,998


16,170


306



26,398


32,068


606














Attributable to:













Equity holders of the company

13,009


16,106


304



26,358


31,907


603

Non-controlling interest

(10)


64


1



39


161


3














Profit for the period

12,999


16,170


305



26,398


32,068


606














Earnings per equity share: 













Basic

5.33


6.57


0.12



10.80


13.01


0.25

Diluted

5.31


6.55


0.12



10.74


12.99


0.25



























Weighted average number of equity shares used in computing
earnings per equity share













Basic

2,441,538,183


2,452,417,514


2,452,417,514



2,440,770,037


2,451,627,925


2,451,627,925

Diluted

2,452,203,157


2,457,087,246


2,457,087,246



2,454,030,952


2,456,587,623


2,456,587,623








































Additional Information













Segment Revenue













IT Services

68,294


83,732


1,582



132,341


166,875


3,153

IT Products

10,008


8,990


170



20,066


18,523


350

IT Services & Products

78,302


92,722


1,752



152,406


185,398


3,503

Consumer Care and Lighting

8,002


10,075


190



15,547


19,873


376

Others

4,641


3,769


71



8,632


7,824


148

Total

90,945


106,566


2,014



176,586


213,095


4,027














Operating Income













IT Services

13,640


17,305


327



27,708


34,748


657

IT Products

451


272


5



874


483


9

IT Services & Products

14,091


17,577


332



28,582


35,231


666

Consumer Care and Lighting

882


1,134


21



1,777


2,273


43

Others

(95)


(123)


(2)



(528)


(195)


(4)

Total

14,878


18,588


351



29,831


37,309


705














Reconciliation of adjusted Non-GAAP profit to profit as per IFRS


























Profit for the period attributable to Equity holders of the Company

13,009


16,106


304



26,358


31,907


603














Adjustments :













Accelerated amortization of stock options that vest in a graded manner

49


(123)


(2)



(124)


(182)


(3)














 Non-GAAP adjusted profit

13,058


15,983


302



26,234


31,725


600














Reconciliation  of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($MN)






















IT Services Revenue as per IFRS

1,541












Effect of Foreign currency exchange movement

(6)












Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates

1,535

























IT Services Revenue as per IFRS

1,541












Effect of Foreign currency exchange movement

43












Non-GAAP Constant Currency IT Services Revenue based on previous year exchange rates

1,584

























 









WIPRO LIMITED AND SUBSIDIARIES

AUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Rupees in millions, except share and per share data, unless otherwise stated)












As of March 31, 


As of September 30,




2012


2012


2012








Convenience translation into








US$ in millions








(Unaudited)

ASSETS








Goodwill



67,937


71,798


1,357

Intangible assets



4,229


4,693


89

Property, plant and equipment



58,988


59,389


1,122

Investment in equity accounted investee



3,232


3,161


60

Derivative assets



3,462


184


3

Non-current tax assets



-


-


201

Deferred tax assets



2,597


2,853


54

Other non-current assets



11,781


10,272


194

Total non-current assets



152,226


152,350


3,080









Inventories



10,662


12,096


229

Trade receivables



80,328


83,588


1,580

Other current assets



25,743


32,282


610

Unbilled revenues



30,025


31,197


590

Available for sale investments



41,961


66,822


1,263

Current tax assets



5,635


7,374


139

Derivative assets



1,468


7,406


140

Cash and cash equivalents



77,666


66,574


1,258

Total current assets



273,488


307,339


5,808

TOTAL ASSETS



425,714


459,689


8,887









EQUITY








Share capital



4,917


4,923


93

Share premium



30,457


31,444


594

Retained earnings



241,912


262,444


4,959

Share based payment  reserve



1,976


1,143


22

Other components of equity



6,594


10,828


205

Shares held by controlled trust



(542)


(542)


(10)

Equity attributable to the equity holders of the company



285,314


310,240


5,862

Non-controlling Interest



849


1,032


20

Total equity



286,163


311,272


5,882









LIABILITIES








Long - term loans and borrowings



22,510


564


11

Deferred tax liabilities



353


382


7

Derivative liabilities



307


46


1

Non-current tax liability



-


-


91

Other non-current liabilities



3,519


4,057


77

Provisions



61


28


1

Total non-current liabilities



26,750


5,077


187









Loans and borrowings and bank overdrafts



36,448


60,031


1,134

Trade payables and accrued expenses



47,258


49,107


928

Unearned revenues



9,569


10,651


201

Current tax liabilities



7,232


11,359


215

Derivative liabilities



6,354


5,793


109

Other current liabilities



9,703


11,035


209

Provisions



1,121


1,154


22

Total current liabilities



117,685


149,130


2,817

TOTAL LIABILITIES



144,435


154,207


3,005









TOTAL EQUITY AND LIABILITIES



430,598


465,479


8,887

 

SOURCE Wipro Limited

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