ROHAN DEY

FINANCIAL
MODELING
REPORT
(A COMPREHENSIVE DCF AND
COMPARABLE COMPS VALUATION)
Table of
Contents

Company One Page Profile 01

Historical Financial Statement 02
05
Ambitions Realized

Common Size Statement

Ratio Analysis 06
Forecasting 07
Intrinsic Growth 09
WACC 11

Beta Regression 12
DCF Valuation 13
Comparable Comps Valuation 14
Dupont Analysis 15
VAR Analysis 17
Altman Z’s Score
Thynk Unlimited 18
 WIPRO LTD - One Page Profile

Wipro Limited is an Indian multinational technology company that provides information

technology, consulting and business process services. It is one of the six leading Indian Big
Tech companies. Wipro's capabilities range across cloud computing, computer security,
digital transformation, artificial intelligence, robotics, data analytics, and other technologies,
servicing customers in 167 countries.

INR (Crores)
Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5Y
Total Sales 46951.0 51244.0 55448.4 54487.1 59018.9 800.00
Sales Growth (Y-O-Y) 3.59% 1.30% 28.06% 14.09% -0.80% 700.00
Gross Profit Margin (%) 49.11% 46.10% 57.29% 36.06% 24.72% 600.00
EBITDA Margins (%) 24.57% 24.79% 51.24% 29.62% 18.56% 500.00
EBIT Margins (%) 21.16% 20.32% 47.36% 25.93% 14.77% 400.00
Net Profit Margins (%) 15.90% 14.60% 43.04% 21.06% 9.35% 300.00
Earnings Per Share (In Rs): 17.0 16.5 62.3 34.7 16.1 200.00
EPS Growth (Y-O-Y): 12.12% -3.01% 277.20% -44.22% -53.76% 100.00
Dividend Per Share (In Rs): 1.0 1.0 6.0 1.0 1.0 -
DPS Growth (Y-O-Y): 0.00% 0.00% 500.00% -83.33% 0.00%

Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volume - 5Y

Price To Earnings 11.56x 25.09x 9.51x 10.52x 29.89x 100M
EV/EBITDA 7.17x 14.36x 8.16x 7.79x 15.46x
EV/Sales 1.76x 3.56x 4.18x 2.31x 2.87x 50M
Price To Book Value 2.03x 4.13x 4.96x 2.58x 3.37x
Return On Equity (%) 17.58% 16.47% 52.19% 24.54% 11.26% 0M

2020
2021
2021
2022
2022
2022
2023
2023
2024
2024
Return On Capital Employed (%) 19.89% 19.26% 45.26% 24.67% 14.57%

Top 10 Shareholders No. Of Shares (In Cr.) % Holding Market Value (In Cr.) Shareholding Pattern
Zash Traders 108.1 20.7 61235.7
Prazim Traders 106.6 20.4 60387.7 Public & Others 11.21%
Hasham Traders 88.4 16.9 50091.4
Azim Premji Trust 53.2 10.2 30125.4 DIIS 8.71%
Azim H Premji 21.6 4.1 12216.8
Life Insurance Corporation Of India 19.8 3.8 11218.7 FIIS 7.27%
Jp Morgan Chase Bank Na 12.1 2.3 6858.4
Azim Premji Philanthropic Initiatives Private Limited 1.4 0.3 785.6 Promoters 72.80%
Rishad Azim Premji 0.7 0.1 383.6
Tariq Azim Premji 0.7 0.1 375.1 0.00% 20.00% 40.00% 60.00% 80.00%

Managerial Remuneration Designation Remuneraion X of Median Salary Capital structure

Thierry Delaporte CEO & MD 167.6 1702.6x Current Share Price 566.7
Saurabh Govil President & CHRO 8.0 80.8x No. Of Shares O/S 523.2
Rishad A. Premji Exe. Chairman 6.4 65.1x Market Capitalization 2,96,476.0
Harish Dwarkanhalli President A&D 6.3 64.2x Less: Cash & Equivalents (9,695.3)
Tejal Patil Senior VP & GC 3.5 19.9x Add: Total Debt 16464.9
Sunita Cherian Senior VP - HR 3.5 19.7x Add: Minority Interest 180.0
Aparna C. Iyer Senior VP & CFO 3.3 18.9x Enterprise Value 3,03,425.6

Recent Updates
• Wipro met its quarterly revenue and margin growth targets for September 2024, with large deal bookings surpassing $1 billion.
• It secured major contracts in AI, digital transforma on, and opera onal op miza on with various global clients.
• Recognized as a leader in the 2024 Gartner Magic Quadrant for Public Cloud IT Transforma on Services.
• For December 2024, Wipro projected IT services revenue between $2.6 billion and $2.66 billion.
• Wipro's focus on AI capabilities continues to drive strategic investments and partnerships.
• Wipro announced an 8% salary hike for its top-performing employees for 2024.
• In its Q2 FY25 results, Wipro reported a 4.6% YoY increase in net profit, but its revenue declined by 3.8%.
• The company remains focused on enhancing large-deal bookings and cloud-based consulting growth.
• The company adopted a hybrid work model requiring employees to work three days from the office.
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Historical Financial Statement (All Values Are In Crores | Currency: INR)

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Income Statement
Sales ₹ 46,951.0 ₹ 51,244.0 ₹ 55,448.4 ₹ 54,487.1 ₹ 59,018.9 ₹ 61,137.6 ₹ 61,934.9 ₹ 79,312.0 ₹ 90,487.6 ₹ 89,760.3
Sales Growth - 9.14% 8.20% -1.73% 8.32% 3.59% 1.30% 28.06% 14.09% -0.80%
COGS ₹ 3,181.9 ₹ 31,318.3 ₹ 27,250.5 ₹ 28,702.0 ₹ 28,562.3 ₹ 31,115.6 ₹ 33,384.3 ₹ 33,873.7 ₹ 57,858.7 ₹ 67,571.8
COGS % Sales 6.78% 61.12% 49.15% 52.68% 48.40% 50.89% 53.90% 42.71% 63.94% 75.28%
Gross Profit ₹ 43,769.1 ₹ 19,925.7 ₹ 28,197.9 ₹ 25,785.1 ₹ 30,456.6 ₹ 30,022.0 ₹ 28,550.6 ₹ 45,438.3 ₹ 32,628.9 ₹ 22,188.5
Gross Margin 93.22% 38.88% 50.85% 47.32% 51.60% 49.11% 46.10% 57.29% 36.06% 24.72%
Selling & General Expenses ₹ 5,146.5 ₹ 12,899.9 ₹ 14,622.3 ₹ 14,983.8 ₹ 16,088.9 ₹ 15,000.0 ₹ 13,199.2 ₹ 4,796.9 ₹ 5,823.4 ₹ 5,525.9
S&G Exp % Sales 10.96% 25.17% 26.37% 27.50% 27.26% 24.53% 21.31% 6.05% 6.44% 6.16%
EBITDA ₹ 38,622.6 ₹ 7,025.8 ₹ 13,575.6 ₹ 10,801.3 ₹ 14,367.7 ₹ 15,022.0 ₹ 15,351.4 ₹ 40,641.4 ₹ 26,805.5 ₹ 16,662.6
EBITDA Margins 82.26% 13.71% 24.48% 19.82% 24.34% 24.57% 24.79% 51.24% 29.62% 18.56%
Interest ₹ 349.9 ₹ 558.2 ₹ 594.2 ₹ 583.0 ₹ 737.5 ₹ 732.8 ₹ 508.8 ₹ 532.5 ₹ 1,007.7 ₹ 1,255.2
Interest % Sales 0.75% 1.09% 1.07% 1.07% 1.25% 1.20% 0.82% 0.67% 1.11% 1.40%
Depreciation ₹ 1,174.9 ₹ 1,496.1 ₹ 2,310.0 ₹ 2,111.7 ₹ 1,946.7 ₹ 2,085.5 ₹ 2,763.4 ₹ 3,077.8 ₹ 3,340.2 ₹ 3,407.1
Depreciation % Sales 2.50% 2.92% 4.17% 3.88% 3.30% 3.41% 4.46% 3.88% 3.69% 3.80%
Earnings Before Tax ₹ 37,097.8 ₹ 4,971.5 ₹ 10,671.4 ₹ 8,106.6 ₹ 11,683.5 ₹ 12,203.7 ₹ 12,079.2 ₹ 37,031.1 ₹ 22,457.6 ₹ 12,000.3
EBT Margin 79.01% 9.70% 19.25% 14.88% 19.80% 19.96% 19.50% 46.69% 24.82% 13.37%
Tax ₹ 2,510.1 ₹ 2,536.6 ₹ 2,521.4 ₹ 2,239.1 ₹ 2,524.3 ₹ 2,480.1 ₹ 3,034.9 ₹ 2,897.4 ₹ 3,399.2 ₹ 3,608.9
Effective Tax Rate 6.77% 51.02% 23.63% 27.62% 21.61% 20.32% 25.13% 7.82% 15.14% 30.07%
Net Income ₹ 34,587.7 ₹ 2,434.9 ₹ 8,150.0 ₹ 5,867.5 ₹ 9,159.2 ₹ 9,723.6 ₹ 9,044.3 ₹ 34,133.7 ₹ 19,058.4 ₹ 8,391.4
Net Margins 73.67% 4.75% 14.70% 10.77% 15.52% 15.90% 14.60% 43.04% 21.06% 9.35%
No. Of Equity Shares 658.42 658.86 648.24 603.17 603.39 571.34 547.91 548.21 548.79 522.51
Earning Per Share ₹ 52.5 ₹ 3.7 ₹ 12.6 ₹ 9.7 ₹ 15.2 ₹ 17.0 ₹ 16.5 ₹ 62.3 ₹ 34.7 ₹ 16.1
EPS Growth% - -92.96% 240.20% -22.63% 56.04% 12.12% -3.01% 277.20% -44.22% -53.76%
Dividend Per Share ₹ 4.5 ₹ 2.2 ₹ 0.7 ₹ 0.8 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 6.0 ₹ 1.0 ₹ 1.0
Dividend Payout Ratio 8.56% 60.88% 5.96% 7.71% 6.59% 5.88% 6.06% 9.64% 2.88% 6.23%
Retained Earnings 91.44% 39.12% 94.04% 92.29% 93.41% 94.12% 93.94% 90.36% 97.12% 93.77%
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Historical Financial Statement (All Values Are In Crores | Currency: INR)

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Balance Sheet
Equity Share Capital ₹ 493.7 ₹ 494.1 ₹ 486.1 ₹ 904.8 ₹ 1,206.8 ₹ 1,142.7 ₹ 1,095.8 ₹ 1,096.4 ₹ 1,097.6 ₹ 1,045.0
Reserves ₹ 36,598.3 ₹ 45,650.7 ₹ 51,184.1 ₹ 47,021.5 ₹ 55,215.8 ₹ 54,179.0 ₹ 53,805.2 ₹ 64,306.6 ₹ 76,570.3 ₹ 73,488.0
Borrowings ₹ 7,891.2 ₹ 12,522.1 ₹ 14,241.2 ₹ 13,901.2 ₹ 9,946.7 ₹ 9,724.0 ₹ 10,451.4 ₹ 17,592.9 ₹ 17,466.6 ₹ 16,464.9
Other Liabilities ₹ 13,366.7 ₹ 12,923.5 ₹ 12,760.8 ₹ 13,563.3 ₹ 16,217.1 ₹ 15,953.9 ₹ 17,213.4 ₹ 24,279.7 ₹ 21,789.2 ₹ 23,611.0
Total Liabilities ₹ 58,349.9 ₹ 71,590.4 ₹ 78,672.2 ₹ 75,390.8 ₹ 82,586.4 ₹ 80,999.6 ₹ 82,565.8 ₹ 1,07,275.6 ₹ 1,16,923.7 ₹ 1,14,608.9
Fixed Assets Net Block ₹ 10,837.1 ₹ 17,279.1 ₹ 19,886.5 ₹ 18,126.7 ₹ 17,464.7 ₹ 22,062.1 ₹ 23,040.3 ₹ 37,989.6 ₹ 44,756.8 ₹ 43,628.0
Capital Work in Progress ₹ 395.1 ₹ 380.6 ₹ 737.7 ₹ 1,377.7 ₹ 2,141.8 ₹ 1,881.1 ₹ 1,853.2 ₹ 1,601.5 ₹ 617.1 ₹ 723.4
Investments ₹ 5,532.1 ₹ 20,915.1 ₹ 29,913.3 ₹ 25,796.8 ₹ 22,886.7 ₹ 20,032.0 ₹ 18,774.7 ₹ 26,153.8 ₹ 33,073.2 ₹ 33,384.4
Other Assets ₹ 15,326.9 ₹ 12,610.3 ₹ 12,987.6 ₹ 15,161.1 ₹ 13,796.3 ₹ 11,940.6 ₹ 12,382.1 ₹ 19,491.8 ₹ 16,534.8 ₹ 15,539.4
Total Non-Current Assets ₹ 32,091.2 ₹ 51,185.1 ₹ 63,525.1 ₹ 60,462.3 ₹ 56,289.5 ₹ 55,915.8 ₹ 56,050.3 ₹ 85,236.7 ₹ 94,981.9 ₹ 93,275.2
Receivables ₹ 9,154.8 ₹ 9,961.4 ₹ 9,484.6 ₹ 10,099.0 ₹ 10,048.9 ₹ 10,447.4 ₹ 9,429.8 ₹ 11,521.9 ₹ 12,635.0 ₹ 11,547.7
Inventory ₹ 484.9 ₹ 539.0 ₹ 391.5 ₹ 337.0 ₹ 395.1 ₹ 186.5 ₹ 106.4 ₹ 133.4 ₹ 118.8 ₹ 90.7
Cash & Bank ₹ 16,619.0 ₹ 9,904.9 ₹ 5,271.0 ₹ 4,492.5 ₹ 15,852.9 ₹ 14,449.9 ₹ 16,979.3 ₹ 10,383.6 ₹ 9,188.0 ₹ 9,695.3
Total Current Assets ₹ 26,258.7 ₹ 20,405.3 ₹ 15,147.1 ₹ 14,928.5 ₹ 26,296.9 ₹ 25,083.8 ₹ 26,515.5 ₹ 22,038.9 ₹ 21,941.8 ₹ 21,333.7
Total Assets ₹ 58,349.9 ₹ 71,590.4 ₹ 78,672.2 ₹ 75,390.8 ₹ 82,586.4 ₹ 80,999.6 ₹ 82,565.8 ₹ 1,07,275.6 ₹ 1,16,923.7 ₹ 1,14,608.9
Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Total Liabilities ₹ 9695.3 Total Assets

Cash & Bank
₹ 23,611.0 2023 2024 ₹ 9,188.0
Other Liabilities 2023 2024
₹ 21,789.2
₹ 90.7
Inventory
₹ 118.8

₹ 16,464.9 Receivables ₹ 11547.7

Borrowings ₹ 12,635.0
₹ 17,466.6
₹ 36873.1
Other Assets
₹ 38,476.6

₹ 73,488.0
Reserves ₹ 33384.4
₹ 76,570.3 Investments
₹ 33,073.2

₹ 723.4
Capital Work in Progress ₹ 617.1
₹ 1,045.0
Equity Share Capital
₹ 1,097.6 ₹ 43628.0
Net Block ₹ 44,756.8

₹0 ₹ 10,000 ₹ 20,000 ₹ 30,000 ₹ 40,000 ₹ 50,000 ₹ 60,000 ₹ 70,000 ₹ 80,000 ₹ 90,000 ₹0 ₹ 5,000 ₹ 10,000 ₹ 15,000 ₹ 20,000 ₹ 25,000 ₹ 30,000 ₹ 35,000 ₹ 40,000 ₹ 45,000 ₹ 50,000
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Historical Financial Statement (All Values Are In Crores | Currency: INR)

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Cash Flow Statement

Operating Activities
Profit from operations ₹ 10,990.0 ₹ 11,180.0 ₹ 11,374.0 ₹ 11,322.0 ₹ 11,430.0 ₹ 13,088.0 ₹ 14,954.0 ₹ 17,297.0 ₹ 17,538.0 ₹ 17,352.0
Receivables (₹ 888.0) (₹ 532.0) ₹ 335.0 (₹ 974.0) ₹ 139.0 (₹ 333.0) ₹ 1,285.0 (₹ 4,323.0) (₹ 98.0) ₹ 846.0
Inventory (₹ 256.0) (₹ 54.0) ₹ 148.0 ₹ 54.0 (₹ 57.0) ₹ 208.0 ₹ 80.0 (₹ 26.0) ₹ 16.0 ₹ 29.0
Payables - ₹ 468.0 (₹ 523.0) ₹ 450.0 ₹ 2,084.0 (₹ 1,240.0) ₹ 570.0 ₹ 970.0 (₹ 982.0) (₹ 44.0)
Loans Advances (₹ 363.0) - - - - - - - - -
Other WC items ₹ 783.0 (₹ 481.0) ₹ 492.0 ₹ 381.0 ₹ 550.0 (₹ 1,021.0) ₹ 357.0 (₹ 270.0) (₹ 391.0) ₹ 974.0
Working capital changes (₹ 723.0) (₹ 599.0) ₹ 451.0 (₹ 88.0) ₹ 2,716.0 (₹ 2,386.0) ₹ 2,292.0 (₹ 3,649.0) (₹ 1,456.0) ₹ 1,805.0
Direct taxes (₹ 2,427.0) (₹ 2,694.0) (₹ 2,548.0) (₹ 2,810.0) (₹ 2,515.0) (₹ 638.0) (₹ 2,492.0) (₹ 2,569.0) (₹ 3,022.0) (₹ 1,536.0)
Cash From Operating Activities ₹ 7,116.0 ₹ 7,288.0 ₹ 9,729.0 ₹ 8,335.0 ₹ 14,347.0 ₹ 7,678.0 ₹ 17,046.0 ₹ 7,430.0 ₹ 11,605.0 ₹ 19,426.0
Investing Activities
Fixed assets purchased (₹ 1,285.0) (₹ 1,395.0) (₹ 2,085.0) (₹ 2,187.0) (₹ 2,278.0) (₹ 2,350.0) (₹ 1,958.0) (₹ 2,015.0) (₹ 1,483.0) (₹ 1,051.0)
Fixed assets sold ₹ 143.0 ₹ 78.0 ₹ 558.0 ₹ 117.0 ₹ 194.0 ₹ 127.0 ₹ 75.0 ₹ 74.0 ₹ 55.0 ₹ 402.0
Investments purchased (₹ 55,128.0) (₹ 93,496.0) (₹ 81,344.0) (₹ 78,248.0) (₹ 93,061.0) (₹ 1,17,825.0) (₹ 1,17,225.0) (₹ 1,01,549.0) (₹ 80,663.0) (₹ 97,507.0)
Investments sold ₹ 56,158.0 ₹ 83,065.0 ₹ 72,976.0 ₹ 83,045.0 ₹ 95,495.0 ₹ 1,21,283.0 ₹ 1,18,906.0 ₹ 95,539.0 ₹ 74,088.0 ₹ 97,860.0
Interest received - ₹ 1,837.0 ₹ 1,707.0 ₹ 1,435.0 ₹ 2,016.0 ₹ 2,384.0 ₹ 1,962.0 ₹ 1,228.0 ₹ 1,411.0 ₹ 2,011.0
Dividends received ₹ 1,243.0 ₹ 7.0 ₹ 31.0 ₹ 61.0 ₹ 36.0 ₹ 37.0 - - ₹ 2,741.0 -
Investment in group cos - - - - - - - - - (₹ 48.0)
Redemp n Canc of Shares - - - - ₹ 2,610.0 ₹ 746.0 - - - -
Acquisition of companies (₹ 1,133.0) - - - - - - - - -
Inter corporate deposits (₹ 2,570.0) - - - - - - - - -
Other investing items ₹ 35.0 (₹ 3,856.0) (₹ 3,612.0) (₹ 628.0) ₹ 53.0 (₹ 808.0) (₹ 1,076.0) (₹ 15,597.0) (₹ 4,318.0) (₹ 523.0)
Cash From Investing Activities (₹ 2,537.0) (₹ 13,760.0) (₹ 11,769.0) ₹ 3,595.0 ₹ 5,065.0 ₹ 3,594.0 ₹ 684.0 (₹ 22,320.0) (₹ 8,169.0) ₹ 1,144.0
Financing Activities
Proceeds from shares ₹ 100.0 - - ₹ 2.0 - ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0 ₹ 1.0
Proceeds from borrowings - - - - ₹ 6,516.0 ₹ 10,634.0 ₹ 10,342.0 ₹ 26,012.0 ₹ 16,103.0 ₹ 12,050.0
Repayment of borrowings - - - - (₹ 10,404.0) (₹ 13,238.0) (₹ 9,721.0) (₹ 19,181.0) (₹ 16,891.0) (₹ 13,056.0)
Interest paid fin (₹ 92.0) (₹ 135.0) (₹ 200.0) (₹ 312.0) (₹ 480.0) (₹ 460.0) (₹ 334.0) (₹ 509.0) (₹ 871.0) (₹ 1,046.0)
Dividends paid (₹ 2,949.0) (₹ 3,549.0) (₹ 873.0) (₹ 542.0) (₹ 543.0) (₹ 828.0) (₹ 642.0) (₹ 660.0) (₹ 3,281.0) (₹ 554.0)
Financial liabilities - - - - - (₹ 678.0) (₹ 866.0) (₹ 973.0) (₹ 971.0) (₹ 1,006.0)
Other financing items ₹ 2,111.0 ₹ 3,525.0 (₹ 1,202.0) (₹ 12,146.0) (₹ 26.0) (₹ 10,531.0) (₹ 11,664.0) (₹ 31.0) (₹ 178.0) (₹ 14,647.0)
Cash From Financing Activities (₹ 830.0) (₹ 159.0) (₹ 2,275.0) (₹ 12,998.0) (₹ 4,937.0) (₹ 15,100.0) (₹ 12,884.0) ₹ 4,659.0 (₹ 6,088.0) (₹ 18,258.0)
Net Cash Flow ₹ 3,749.0 (₹ 6,631.0) (₹ 4,315.0) (₹ 1,068.0) ₹ 14,475.0 (₹ 3,828.0) ₹ 4,846.0 (₹ 10,231.0) (₹ 2,652.0) ₹ 2,312.0
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Common Size Income Statement (All Values Are In Crores | Currency: INR)
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 7.33% 5.96% 4.61% 3.38% 2.38% 1.53% 1.12% 0.85% 0.72% 0.43%
Change in Inventory 0.55% 0.12% -0.25% -0.09% 0.11% -0.33% -0.05% 0.05% -0.02% -0.03%
Power and Fuel 0.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Mfr. Exp 11.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.37% 14.80% 13.53%
Employee Cost 47.95% 47.91% 48.35% 49.96% 50.79% 53.42% 53.66% 56.75% 59.42% 61.20%
Selling and admin 8.46% 20.52% 24.84% 25.42% 25.07% 23.47% 20.22% 5.88% 6.19% 5.98%
Other Expenses 2.50% 4.65% 1.53% 2.07% 2.19% 1.06% 1.09% 0.17% 0.25% 0.18%
Other Income 5.22% 5.37% 4.73% 4.68% 4.43% 4.46% 3.88% 2.61% 2.51% 2.93%
Depreciation 2.50% 2.92% 4.17% 3.88% 3.30% 3.41% 4.46% 3.88% 3.69% 3.80%
Interest 0.75% 1.09% 1.07% 1.07% 1.25% 1.20% 0.82% 0.67% 1.11% 1.40%
Profit before tax 23.91% 22.43% 19.91% 18.80% 19.56% 20.04% 22.45% 19.09% 16.32% 16.40%
Tax 5.35% 4.95% 4.55% 4.11% 4.28% 4.06% 4.90% 3.65% 3.76% 4.02%
Net profit 18.45% 17.38% 15.32% 14.69% 15.26% 15.90% 17.43% 15.42% 12.54% 12.31%
Dividend Amount 6.31% 2.89% 0.88% 0.83% 1.02% 0.93% 0.88% 4.15% 0.61% 0.58%

Common Size Balance Sheet

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.85% 0.69% 0.62% 1.20% 1.46% 1.41% 1.33% 1.02% 0.94% 0.91%
Reserves 62.72% 63.77% 65.06% 62.37% 66.86% 66.89% 65.17% 59.95% 65.49% 64.12%
Borrowings 13.52% 17.49% 18.10% 18.44% 12.04% 12.00% 12.66% 16.40% 14.94% 14.37%
Other Liabilities 22.91% 18.05% 16.22% 17.99% 19.64% 19.70% 20.85% 22.63% 18.64% 20.60%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 12.81% 18.78% 21.20% 20.07% 16.04% 20.80% 21.12% 29.38% 32.23% 32.09%
Capital Work in Progress 0.47% 0.41% 0.79% 1.53% 1.97% 1.77% 1.70% 1.24% 0.44% 0.53%
Investments 6.54% 22.73% 31.88% 28.56% 21.02% 18.88% 17.21% 20.22% 23.82% 24.56%
Other Assets 49.15% 35.89% 29.99% 33.31% 36.82% 34.90% 35.66% 32.12% 27.71% 27.12%
Receivables 10.82% 10.83% 10.11% 11.18% 9.23% 9.85% 8.64% 8.91% 9.10% 8.49%
Inventory 0.57% 0.59% 0.42% 0.37% 0.36% 0.18% 0.10% 0.10% 0.09% 0.07%
Cash & Bank 19.64% 10.77% 5.62% 4.97% 14.56% 13.62% 15.57% 8.03% 6.62% 7.13%
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Ratio Analysis
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median
Sales Growth - 9.14% 8.20% -1.73% 8.32% 3.59% 1.30% 28.06% 14.09% -0.80% 7.02% 40.68%
EBITDA Growth - -81.81% 93.22% -20.44% 33.02% 4.55% 2.19% 164.74% -34.04% -37.84% 12.36% 46.39%
EBIT Growth - -85.23% 103.73% -22.87% 42.94% 4.15% -2.69% 198.41% -37.53% -43.51% 15.74% 47.34%
Net Profit Growth - -92.96% 234.72% -28.01% 56.10% 6.16% -6.99% 277.41% -44.17% -55.97% 34.63% 48.51%
DPS Growth - -49.99% -66.67% 0.02% 33.33% 0.00% 0.00% 500.00% -83.33% 0.00% 33.33% 51.05%

Gross Margin 93.22% 38.88% 50.85% 47.32% 51.60% 49.11% 46.10% 57.29% 36.06% 24.72% 49.52% 57.75%
EBITDA Margin 82.26% 13.71% 24.48% 19.82% 24.34% 24.57% 24.79% 51.24% 29.62% 18.56% 31.34% 64.57%
EBIT Margin 79.76% 10.79% 20.32% 15.95% 21.05% 21.16% 20.32% 47.36% 25.93% 14.77% 27.74% 78.99%
EBT Margin 79.01% 9.70% 19.25% 14.88% 19.80% 19.96% 19.50% 46.69% 24.82% 13.37% 26.70% 87.72%
Net Profit Margin 73.67% 4.75% 14.70% 10.77% 15.52% 15.90% 14.60% 43.04% 21.06% 9.35% 22.34% 93.33%

Sales Expenses % Sales 10.96% 25.17% 26.37% 27.50% 27.26% 24.53% 21.31% 6.05% 6.44% 6.16% 18.18% 95.62%
Depreciation % Sales 2.50% 2.92% 4.17% 3.88% 3.30% 3.41% 4.46% 3.88% 3.69% 3.80% 3.60% 111.20%
Operating Income % Sales 79.76% 10.79% 20.32% 15.95% 21.05% 21.16% 20.32% 47.36% 25.93% 14.77% 27.74% 119.21%

Return On Capital Employed 83.25% 9.43% 17.09% 14.05% 18.71% 19.89% 19.26% 45.26% 24.67% 14.57% 26.62% 182.64%
Retained Earnings % 91.44% 39.12% 94.04% 92.29% 93.41% 94.12% 93.94% 90.36% 97.12% 93.77% 87.96% 251.03%
Return On Equity % 93.25% 5.28% 15.77% 12.24% 16.23% 17.58% 16.47% 52.19% 24.54% 11.26% 26.48% 298.58%
Self Sustained Growth Rate 85.26% 2.06% 14.83% 11.30% 15.16% 16.54% 15.48% 47.16% 23.83% 10.56% 24.22% 473.05%
Interest Coverage Ratio 107.02x 9.91x 18.96x 14.90x 16.84x 17.65x 24.74x 70.54x 23.29x 10.56x 31.44x 5.86x

Debtor Turnover Ratio 5.13x 5.14x 5.85x 5.40x 5.87x 5.85x 6.57x 6.88x 7.16x 7.77x 6.16 4.73
Creditor Turnover Ratio 8.03x 10.45x 11.39x 10.64x 9.42x 10.47x 11.43x 12.69x 15.15x 15.57x 11.52 2.99
Inventory Turnover 96.83x 95.07x 141.63x 161.68x 149.38x 327.82x 582.09x 594.54x 761.68x 989.64x 390.04 2.51
Fixed Asset Turnover 4.33x 2.97x 2.79x 3.01x 3.38x 2.77x 2.69x 2.09x 2.02x 2.06x 2.81x 1.83x
Capital Turnover Ratio 1.27x 1.11x 1.07x 1.14x 1.05x 1.11x 1.13x 1.21x 1.17x 1.20x 1.14x 1.19x

Debtor Days 71 71 62 68 62 62 56 53 51 47 60.32 1.94

Paybale Days 45 35 32 34 39 35 32 29 24 23 32.86 0.85
Inventory Days 4 4 3 2 2 1 1 1 0 0 1.81 0.61
Cash Conversion Cycle (In Days) 29 40 33 36 26 29 24 25 27 24 29.28 0.35

CFO/ Sales 15.16% 14.22% 17.55% 15.30% 24.31% 12.56% 27.52% 9.37% 12.82% 21.64% 17.04% 17.46%
CFO/ Total Assets 12.20% 10.18% 12.37% 11.06% 17.37% 9.48% 20.65% 6.93% 9.93% 16.95% 12.71% 31.44%
CFO/ Total Debt 90.18% 58.20% 68.32% 59.96% 144.24% 78.96% 163.10% 42.23% 66.44% 117.98% 88.96% 73.64%
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Forecasting (All Values Are In Crores | Currency: INR)

Years 2024A 2025E 2026E 2027E 2028E 2029E

Income Statement Forecast (All Values Are In Crores | Currency: INR)

Sales 89,760.3 91,770.5 96,641.8 1,01,513.1 1,06,384.5 1,11,255.8

Sales Growth -0.80% 2.24% 5.31% 5.04% 4.80% 4.58%
COGS 67,571.8 61,448.8 66,388.3 71,327.7 76,267.2 81,206.6
COGS Growth 16.79% -9.06% 8.04% 7.44% 6.92% 6.48%
Operating Expenses 5,525.9 7,419.0 6,802.7 6,186.4 5,570.1 4,953.8
OPEX Growth -5.11% 34.26% -8.31% -9.06% -9.96% -11.06%
EBITDA 16,662.6 22,902.6 23,450.8 23,999.0 24,547.2 25,095.4
EBITDA Growth -37.84% 37.45% 2.39% 2.34% 2.28% 2.23%
Depreciation & Amortization 3,407.1 3,669.1 3,905.0 4,140.9 4,376.9 4,612.8
Growth Rate 2.00% 7.69% 6.43% 6.04% 5.70% 5.39%
Interest Expenses 1,255.2 1,044.6 1,109.8 1,175.0 1,240.2 1,305.4
Growth Rate 24.56% -16.78% 6.24% 5.88% 5.55% 5.26%
Taxes 3,608.9 3,446.9 3,569.0 3,691.1 3,813.3 3,935.4
Effective Tax Rate 30.07% 18.95% 19.36% 19.76% 20.14% 20.52%
Net Income 8,391.4 14,742.1 14,867.0 14,991.9 15,116.9 15,241.8
Growth Rate -55.97% 75.68% 0.85% 0.84% 0.83% 0.83%
EPS 16.06 29.35 30.32 31.28 32.25 33.22
EPS Growth -53.76% 82.75% 3.30% 3.19% 3.09% 3.00%
DPS 1.00 1.48 1.40 1.32 1.24 1.16
DPS Growth 0.00% 48.36% -5.41% -5.72% -6.06% -6.46%

Sales Forcast EBITDA Forcast

1,20,000.0 1,06,384.5
1,11,255.8 30,000.0
1,01,513.1 25,095.4
96,641.8 23,999.0 24,547.2
1,00,000.0 89,760.3 91,770.5 25,000.0 22,902.6 23,450.8

80,000.0 20,000.0 16,662.6

60,000.0 15,000.0
40,000.0 10,000.0
20,000.0 5,000.0
- -
2024A 2025E 2026E 2027E 2028E 2029E 2024A 2025E 2026E 2027E 2028E 2029E

Net Income Forcast EPS Forcast

35.00 33.22
20,000.0 31.28 32.25
29.35 30.32

14,867.0 14,991.9 15,116.9 15,241.8 30.00

14,742.1
15,000.0 25.00
20.00 16.06
10,000.0 8,391.4
15.00
10.00
5,000.0
5.00
- 0.00
2024A 2025E 2026E 2027E 2028E 2029E 2024A 2025E 2026E 2027E 2028E 2029E
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Forecasting (All Values Are In Crores | Currency: INR)

Years 2024A 2025E 2026E 2027E 2028E 2029E

Balance sheet & Cash Flow Forecast (All Values Are In Crores | Currency: INR)

Assets 64,961.7 68,560.5 72,389.4 76,218.2 80,047.0 83,875.8

Cash & Cash Equivalents 9,695.3 11,093.3 11,058.7 11,024.0 10,989.4 10,954.8
Accounts Receivable 11,547.7 12,060.7 12,356.6 12,652.5 12,948.5 13,244.4
Inventory 90.7 (11.0) (63.6) (116.2) (168.8) (221.4)
Fixed Assets 43,628.0 45,417.6 49,037.7 52,657.8 56,277.9 59,898.0
Liabilities 22,230.9 23,048.5 23,849.0 24,649.6 25,450.2 26,250.7
Accounts Payable 5,766.0 6,096.2 6,181.9 6,267.5 6,353.2 6,438.8
Debt 16,464.9 16,952.3 17,667.2 18,382.1 19,097.0 19,811.9
Equity 8,913.9 15,400.7 15,689.1 15,977.5 16,265.8 16,554.2
Retained Earnings 7,868.9 14,069.6 14,280.7 14,491.8 14,702.9 14,914.0
Shareholders Equity 1,045.0 1,331.2 1,408.4 1,485.7 1,562.9 1,640.2

Cash Flow Statement 2,312.0 (841.7) (933.9) (1,026.2) (1,118.4) (1,210.7)

Operating Cash Flow 19,426.0 15,965.9 16,868.8 17,771.7 18,674.6 19,577.5
Investing Cash Flow 1,144.0 (4,137.1) (4,080.7) (4,024.3) (3,967.8) (3,911.4)
Financing Cash Flow (18,258.0) (12,670.5) (13,722.1) (14,773.6) (15,825.2) (16,876.7)

Assets Forcast
Liabilities Forcast
90,000.0 83,875.8 27,000.0
80,047.0 26,250.7
76,218.2
80,000.0 72,389.4
68,560.5 26,000.0 25,450.2
70,000.0 64,961.7
25,000.0 24,649.6
60,000.0
23,849.0
50,000.0 24,000.0
23,048.5
40,000.0 23,000.0
22,230.9
30,000.0
22,000.0
20,000.0
10,000.0 21,000.0
- 20,000.0
2024A 2025E 2026E 2027E 2028E 2029E 2024A 2025E 2026E 2027E 2028E 2029E

Equity Forcast Cash Flow Forcast

2,500.0 2,312.0
18,000.0 16,265.8 16,554.2
15,689.1 15,977.5
15,400.7
16,000.0 2,000.0
14,000.0 1,500.0
12,000.0 1,000.0
10,000.0 8,913.9
500.0
8,000.0 -
6,000.0
(500.0)
4,000.0
(1,000.0) (841.7)
2,000.0 (933.9) (1,026.2) (1,118.4)
(1,500.0) (1,210.7)
-
2024A 2025E 2026E 2027E 2028E 2029E 2024A 2025E 2026E 2027E 2028E 2029E
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Calculation Of Return On Invested Capital (ROIC) [All Values Are In Crores | Currency: INR]
Years Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Current Assets
Inventories 1,143.0 1096.0 1096.0 1098.0 1045.0
Trade receivables 10447.0 9430.0 11522.0 12635.0 11548.0
Short term loans 135.0 52.0 155.0 153.0 94.0
Other asset items 11806.0 12330.0 19337.0 16381.0 15446.0
Total Current Assets 23531.0 22908.0 32110.0 30267.0 28133.0

Current Liabilities
Trade Payables 5840.0 5417.0 6252.0 5972.0 5766.0
Advance from Customers 146.0 36.0 63.0 64.0 119.0
Other liability items 9780.0 11610.0 17913.0 15694.0 17592.0
Total Current Liabilities 15766.0 17063.0 24228.0 21730.0 23477.0

Net Working Capital 7,765.0 5,845.0 7,882.0 8,537.0 4,656.0

Non-Current Assets
Land 576.0 590.0 609.0 614.0 572.0
Building 5194.0 5806.0 6648.0 7545.0 7528.0
Plant Machinery 8801.0 9618.0 10074.0 12023.0 10468.0
Equipments 687.0 686.0 726.0 782.0 751.0
Computers 1,684.0 1,851.0 2,516.0 - -
Furniture n fittings 1,290.0 1,373.0 1,529.0 1,799.0 1,814.0
Vehicles 163.0 134.0 122.0 103.0 88.0
Intangible Assets - 13,515.0 24,286.0 30,348.0 31,145.0
Other fixed assets 16608.0 2794.0 5479.0 6174.0 5564.0
Gross Block 35003.0 36367.0 51989.0 59388.0 57930.0
Accumulated Depreciation 12942.0 13327.0 14000.0 14631.0 14302.0
Net Non-Current Assets 22061.0 23040.0 37989.0 44757.0 43628.0

Invested Capital 29826.0 28885.0 45871.0 53294.0 48284.0

EBIT 12936.5 12588.0 37563.6 23465.3 13255.5

ROIC 43.37% 43.58% 81.89% 44.03% 27.45%

100.00% 81.89% ROIC Growth
43.37% 43.58% 44.03%
50.00% 27.45%
5 Years Average 48.07%
0.00%
5 Years Median 43.58%
2020 2021 2022 2023 2024
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Calculation Of Reinvestment Rate (All Values Are In Crores | Currency: INR)

Years Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Capex 2,223.0 1,883.0 1,941.0 1,428.0 649.0

Change In Working Capital - (1,920.0) 2,037.0 655.0 (3,881.0)

EBIT 12,936.5 12,588.0 37,563.6 23,465.3 13,255.5

Marginal Tax Rate 25% 25% 25% 25% 25%
EBIT (1-T) 9,702.4 9,441.0 28,172.7 17,599.0 9,941.6

Reinvestment - (37.0) 3,978.0 2,083.0 (3,232.0)

Reinvestment Rate - -0.39% 14.12% 11.84% -32.51%

20.00% 14.12% 11.84% Reinvestment

10.00%
-0.39%
Rate Growth
0.00%
-10.00% 4 Years Average -1.74%
-20.00%
4 Years Median 5.72%
-32.51%
-30.00%
-40.00%
2021 2022 2023 2024

Calculation Of Growth Rate

Years Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment Rate - -0.39% 14.12% 11.84% -32.51%

ROIC 43.37% 43.58% 81.89% 44.03% 27.45%

Intrinsic Growth - -0.17% 11.56% 5.21% -8.92%

15.00% 11.56% Intrinsic Growth

10.00%
5.21%
5.00%
-0.17% 4 Years Average 1.92%
0.00%
4 Years Median 2.52%
-5.00%
-8.92%
-10.00%
2021 2022 2023 2024
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Weighted Average Cost Of Capital (WACC)

All figures are in INR unless stated otherwise.

Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3

Wipro India 19,282.2 3,03,755.6 30% 6.3% 6.0% 1.13 1.08

TCS India 9,046.0 15,64,822.9 30% 0.6% 0.6% 0.73 0.72
Infosys India 8,804.0 7,98,310.9 30% 1.1% 1.1% 0.92 0.91
HCL Technologies India 5,791.0 5,13,656.1 30% 1.1% 1.1% 0.95 0.94
LTIMindtree India 2,325.6 1,84,227.8 30% 1.3% 1.2% 1.15 1.14
Tech Mahindra India 2,035.1 1,69,507.0 30% 1.2% 1.2% 0.72 0.72

Average 30.00% 1.94% 1.86% 0.93 0.92

Median 30.00% 1.16% 1.15% 0.93 0.93

Cost Of Debt Cost Of Equity

Pre-tax Cost of Debt 10.74% Risk Free Rate 5.11%

Tax Rate 30.00% Equity Risk Premium 7.81%
After Tax Cost of Debt 7.52% Levered Beta 4 0.94
Cost of Equity 12.44%

Capital Structure Levered Beta

Current Target
Total Debt 19,282.2 5.97% 1.94% Comps Median Unlevered Beta 0.93
Market Capitalization 3,03,755.6 94.03% 98.06% Target Debt/ Equity 1.97%
Total Capitalization 3,23,037.81 100% 100% Tax Rate 30.00%
Levered Beta 0.94
Debt / Equity 6.35% 1.97%

Risk Free Rate 7.50% Weighted Average Cost of Capital

Country's Default Spread 2.39%
Company Default Spread 0.85% Cost of Equity 12.44%
Tax Rate 30.00% Equity Weight 98.06%
Country Risk Premium 3.21%
US Equity Risk Premium 4.60% Cost of Debt 7.52%
Debt Weight 1.94%

WACC 12.34%
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Regression Beta - 2 Years Weekly

Wipro Weekly Returns Nifty Returns Beta Drifting

Date Price Return Price Return Levered Raw Beta 1.17

27-11-2022 412.4 18,696.1 Raw Beta Weight 75%
04-12-2022 394.1 -4.4% 18,496.6 -1.1%
11-12-2022 389.8 -1.1% 18,269.0 -1.2% Market Beta 1.00
18-12-2022 377.7 -3.1% 17,806.8 -2.5% Market Beta Weight 25%
25-12-2022 392.8 4.0% 18,105.3 1.7%
01-01-2023 382.0 -2.7% 17,859.5 -1.4% Adjusted Beta 1.13
08-01-2023 393.9 3.1% 17,956.6 0.5%
15-01-2023 403.2 2.3% 18,027.7 0.4%
22-01-2023 398.1 -1.3% 17,604.4 -2.3%
29-01-2023 407.9 2.5% 17,854.1 1.4%
05-02-2023 405.8 -0.5% 17,856.5 0.0%
12-02-2023 406.3 0.1% 17,944.2 0.5%
19-02-2023 393.3 -3.2% 17,465.8 -2.7%
26-02-2023 390.5 -0.7% 17,594.4 0.7%
05-03-2023 389.1 -0.3% 17,412.9 -1.0%
12-03-2023 376.5 -3.2% 17,100.1 -1.8%
19-03-2023 361.8 -3.9% 16,945.1 -0.9%
26-03-2023 365.3 1.0% 17,359.8 2.4%
02-04-2023 366.7 0.4% 17,599.2 1.4%
09-04-2023 368.3 0.5% 17,828.0 1.3%
16-04-2023 368.1 -0.1% 17,624.1 -1.1%
23-04-2023 385.0 4.6% 18,065.0 2.5%
30-04-2023 379.4 -1.5% 18,069.0 0.0%
07-05-2023 383.3 1.0% 18,314.8 1.4%
14-05-2023 386.2 0.8% 18,203.4 -0.6%
21-05-2023 401.7 4.0% 18,499.4 1.6%
28-05-2023 405.0 0.8% 18,534.1 0.2%
04-06-2023 397.3 -1.9% 18,563.4 0.2%
11-06-2023 381.3 -4.0% 18,826.0 1.4%
18-06-2023 380.0 -0.4% 18,665.5 -0.9%
25-06-2023 389.2 2.4% 19,189.1 2.8%
02-07-2023 395.9 1.7% 19,331.8 0.7%
09-07-2023 405.1 2.3% 19,564.5 1.2%
16-07-2023 404.7 -0.1% 19,745.0 0.9%
23-07-2023 398.8 -1.5% 19,646.1 -0.5%
30-07-2023 408.9 2.5% 19,517.0 -0.7%
06-08-2023 413.1 1.0% 19,428.3 -0.5%
13-08-2023 411.7 -0.3% 19,310.2 -0.6%
20-08-2023 409.7 -0.5% 19,265.8 -0.2%
27-08-2023 416.4 1.6% 19,435.3 0.9%
03-09-2023 430.0 3.3% 19,820.0 2.0%
10-09-2023 441.1 2.6% 20,192.4 1.9%
17-09-2023 418.5 -5.1% 19,674.3 -2.6%
24-09-2023 406.1 -3.0% 19,638.3 -0.2%
01-10-2023 407.9 0.4% 19,653.5 0.1%
08-10-2023 411.1 0.8% 19,751.1 0.5%
15-10-2023 391.9 -4.7% 19,542.7 -1.1%
22-10-2023 382.4 -2.4% 19,047.3 -2.5%
29-10-2023 383.6 0.3% 19,230.6 1.0%
05-11-2023 379.3 -1.1% 19,425.4 1.0%
12-11-2023 395.4 4.2% 19,731.8 1.6%
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Calculation Of PV Of FCFF (All Values Are In Crores | Currency: INR)

Years 2024A 2025E 2026E 2027E 2028E 2029E

EBIT 13,255.5 13,918.3 14,614.2 15,344.9 16,112.1 16,917.8

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT (1-T) 9,278.9 9,742.8 10,229.9 10,741.4 11,278.5 11,842.4
Less: Reinvestment Rate 2.52% 9.4% 16.3% 23.1% 30.0% 30%
Free Cash Flow To Firm (FCFF) 9,045.0 8,827.9 8,566.5 8,256.9 7,895.0 8,289.7
Discounting Period Year End 0.33 1.33 2.33 3.33 4.33
Present Value Factor 0.96 0.86 0.76 0.68 0.60

PV of FCFF 8,492.0 7,335.3 6,293.5 5,356.6 5,006.5

Expected Growth 5% Calculation Of Equity Value Per Share

Terminal Growth 7.34%
WACC 12.34% PV Of FCFF 32,484.1
Valuation Date 26-11-2024 PV Of Terminal Value 71,609.3
Value Of Operating Assets 1,04,093.3
Calculation Of Terminal Value
Add: Cash 9,695.3
FCFF (n+1) 8,704.18 Less: Debt 16,464.9
WACC 12.34% Value Of Equity 97,323.7
Terminal Growth Rate 7.34% No. Of Shares 523.2
Terminal Value 1,18,568.5 Equity Value Per Share 186.0

WACC
186.0 11.0% 12.3% 13.6% 14.9% 16.2%

Sensitivity 4.5% 208.1 173.8 149.2 130.8 116.4

Growth Rate
Expected

5.0% 227.1 187.1 159.1 138.4 122.6

5.5% 249.6 202.3 170.2 146.9 129.3

Analysis 6.0%
6.5%
276.5
309.4
219.9
240.6
182.7
197.0
156.3
166.8
136.6
144.7
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Comparable Company Valuation (All Values Are In Crores | Currency: INR)

Market Data Financials Valuation
Shares Enterprise
Company Ticker Share Price Outstanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E

Wipro 580.6 523.2 3,03,758.3 19,282.2 3,23,040.5 88,678.8 20,374.5 11,822.0 3.64x 15.86x 25.69x
TCS 4,325.0 361.8 15,64,828.3 9,046.0 15,73,874.3 2,48,692.0 70,655.0 47,659.0 6.33x 22.28x 32.83x
Infosys 1,922.6 415.2 7,98,302.0 8,804.0 8,07,106.0 1,57,045.0 42,235.0 26,978.0 5.14x 19.11x 29.59x
HCL Technologies 1,892.9 271.4 5,13,662.7 5,791.0 5,19,453.7 1,13,864.0 27,411.0 16,842.0 4.56x 18.95x 30.50x
LTIMindtree 6,220.1 29.6 1,84,237.9 2,325.6 1,86,563.5 36,485.0 7,379.1 4,656.7 5.11x 25.28x 39.56x
Tech Mahindra 1,732.1 97.9 1,69,503.3 2,035.1 1,71,538.4 52,291.3 6,701.8 3,310.2 3.28x 25.60x 51.21x

Wipro Wipro
3.28x 3.64x 15.86x
25.60x
TCS TCS

5.11x
High 6.33x 25.60x 51.21x
22.28x
Infosys 6.33x Infosys 75th Percentile 5.13x 24.53x 37.88x
25.28x Average 4.68x 21.18x 34.90x
HCL HCL
Technologies Technologies Median 4.84x 20.69x 31.67x
4.56x 19.11x
LTIMindtree 5.14x LTIMindtree 25th Percentile 3.87x 18.99x 29.82x
18.95x
Low 3.28x 15.86x 25.69x
Tech Mahindra Tech
EV/Revenue Mahindra EV/EBITDA

Wipro
25.69x
Wipro Comparable Valuation EV/Revenue EV/EBITDA P/E
TCS 51.21x
Implied Enterprise Value 4,29,005.1 4,21,603.1 3,93,642.1
32.83x
Infosys Net Debt 19,282.2 19,282.2 19,282.2
Implied Market Value 4,48,287.3 4,40,885.3 3,74,359.9
HCL Shares Outstanding 523.2 523.2 523.2
39.56x 29.59x
Technologies
LTIMindtree 30.50x
Implied Value per Share 856.9 842.7 715.5
Tech
Mahindra Price/Earnings Undervalued Undervalued Undervalued
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)
INR 566.7
52 Week (High - INR 583 & Low - 384)

About The Company

Wipro Limited is an Indian multinational technology company that provides information technology, consulting and business process services. It is
one of the six leading Indian Big Tech companies. Wipro's capabilities range across cloud computing, computer security, digital transformation,
artificial intelligence, robotics, data analytics, and other technologies, servicing customers in 167 countries. The company was incorporated on 29
December 1945 in Amalner by MH Hasham Premji as Western India Vegetable Products Limited, a manufacturer of cooking oils. In 1966, after
Hasham Premji's death, his son Azim Premji dropped out of Stanford University and took over as chairperson at age 21.
The company changed its name to Wipro Products Limited in 1977, followed by Wipro Limited, a syllabic abbreviation of the original name, in 1982.

Wipro operates in over 60 countries and serves clients in industries such as financial services, healthcare, manufacturing, retail, and
telecommunications. Major services provided by Wipro are:
• IT services such as software development, system integration, and IT consulting.
• Business process services including customer service, finance and accounting, and human resources.
• Consulting involves advising companies on business strategies, technology solutions, and organizational improvements.
• Engineering services including product development, research and development, and technical support.
• Cloud services such as cloud migration, management, and infrastructure services.

Financial Summary
80000 Average Shareholder 76100.5
200000 Average Total Assets
71535.5
70000 Equity 180000 170561.5 173070.8

60152.0
160000 148558.5
60000 55872.5 55111.5
52175.0
48907.5 49798.5 140000 122292.8 123065.6
120281.8
50000 114467.4 114726.9
41618.5 120000
100765.4
37266.5
40000 100000
30000 80000
57304.5
60000
20000
40000
10000
20000
0 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

90.00% 83.11% 40.00%

80.00% 34.32%
35.00%
Return On Equity (ROE) Return On Assets (ROA)
70.00%
30.00%
60.00%
47.72%
25.00%
50.00% 20.01%
20.00%
40.00% 14.64%
15.00%
30.00% 25.04%
22.52% 11.01%

20.00% 16.37% 16.39% 17.64%

15.04% 10.00% 7.10% 7.49% 7.90%
11.25% 6.09%
4.88%
10.00% 4.98% 5.00% 2.13%

0.00% 0.00%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Recent Updates
• Wipro met its quarterly revenue and margin growth targets for September 2024, with large deal bookings surpassing $1 billion.
• It secured major contracts in AI, digital transforma on, and opera onal op miza on with various global clients.
• Recognized as a leader in the 2024 Gartner Magic Quadrant for Public Cloud IT Transforma on Services.
• For December 2024, Wipro projected IT services revenue between $2.6 billion and $2.66 billion.
• Wipro's focus on AI capabilities continues to drive strategic investments and partnerships.
• In its Q2 FY25 results, Wipro reported a 4.6% YoY increase in net profit, but its revenue declined by 3.8%.
• The company remains focused on enhancing large-deal bookings and cloud-based consulting growth.
• The company adopted a hybrid work model requiring employees to work three days from the office.
• Wipro reported a 12% year-on-year drop in net profit for Q3, amounting to ₹2,700 crore. The revenue for the quarter was ₹22,205 crore,
reflecting a decline from the previous year.
• Wipro secured multiple large deals, including contracts with a US-based health insurance provider, a European automotive manufacturer,
and a global apparel leader for digital transformation and operational efficiency.
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)
INR
52 Week (High - INR 583 & Low - 384)

Dupont Analysis - Return On Equity & Return On Assets

Return On Equity (ROE)
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 34587.7 2434.9 8150 5867.5 9159.2 9723.6 9044.3 34133.7 19058.4 8391.4
Average Shareholder Equity 41618.5 48907.5 49798.5 52175 55872.5 55111.5 60152 71535.5 76100.5 37266.5
Return on Equity 83.11% 4.98% 16.37% 11.25% 16.39% 17.64% 15.04% 47.72% 25.04% 22.52%

ROE - Dupont Equation

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 34587.7 2434.9 8150.0 5867.5 9159.2 9723.6 9044.3 34133.7 19058.4 8391.4
Revenue 46951.0 51244.0 55448.4 54487.1 59018.9 61137.6 61934.9 79312.0 90487.6 89760.3
Net Profit Margin (A) 73.67% 4.75% 14.70% 10.77% 15.52% 15.90% 14.60% 43.04% 21.06% 9.35%

Revenue 46951.0 51244.0 55448.4 54487.1 59018.9 61137.6 61934.9 79312.0 90487.6 89760.3
Average Total Asset 100765.4 114467.4 114726.9 120281.8 122292.8 123065.6 148558.5 170561.5 173070.8 57304.45
Asset Turnover Ratio (B) 0.47x 0.45x 0.48x 0.45x 0.48x 0.50x 0.42x 0.47x 0.52x 1.57x

Average Total Asset 100765.4 114467.4 114726.9 120281.8 122292.8 123065.6 148558.5 170561.5 173070.8 57304.45
Average Shareholder Equity 41618.5 48907.5 49798.5 52175 55872.5 55111.5 60152 71535.5 76100.5 37266.5
Equity Multiplier (C) 2.42x 2.34x 2.30x 2.31x 2.19x 2.23x 2.47x 2.38x 2.27x 1.54x

Return on Equity (A*B*C) 83.11% 4.98% 16.37% 11.25% 16.39% 17.64% 15.04% 47.72% 25.04% 22.52%

Return On Assets (ROA)

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 34587.7 2434.9 8150.0 5867.5 9159.2 9723.6 9044.3 34133.7 19058.4 8391.4
Average Total Asset 100765.4 114467.4 114726.9 120281.8 122292.8 123065.6 148558.5 170561.5 173070.8 57304.45
Return on Asset 34.32% 2.13% 7.10% 4.88% 7.49% 7.90% 6.09% 20.01% 11.01% 14.64%

ROA - Dupont Equation

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 34587.7 2434.9 8150.0 5867.5 9159.2 9723.6 9044.3 34133.7 19058.4 8391.4
Revenue 46951.0 51244.0 55448.4 54487.1 59018.9 61137.6 61934.9 79312.0 90487.6 89760.3
Net Profit Margin (A) 73.67% 4.75% 14.70% 10.77% 15.52% 15.90% 14.60% 43.04% 21.06% 9.35%

Revenue 46951.0 51244.0 55448.4 54487.1 59018.9 61137.6 61934.9 79312.0 90487.6 89760.3
Average Total Asset 100765.4 114467.4 114726.9 120281.8 122292.8 123065.6 148558.5 170561.5 173070.8 57304.45
Asset Turnover Ratio (B) 0.47x 0.45x 0.48x 0.45x 0.48x 0.50x 0.42x 0.47x 0.52x 1.57x

Return on Asset (A*B) 34.32% 2.13% 7.10% 4.88% 7.49% 7.90% 6.09% 20.01% 11.01% 14.64%

Dupont Summary

• Return on Equity (ROE) for Wipro is approximately 16.03% as of September 2024. This marks a decline from its historical averages, which
typically range between 17.25% (median) and a high of 23.03% in the past decade. However, it still outperforms the median ROE in its
industry.
• Return on Assets (ROA) currently sits at 8.96%, reflecting efficient utilization of assets to generate profits compared to some peers in the
software and IT services sector.
• Trends: Wipro's ROE is slightly below its 10-year average of 17.38%, signaling stable but not peak performance. Comparatively, its ROE
trails key peers such as Infosys (31.58%) and Accenture (26.46%).
• ROE: As of September 2024, Wipro's ROE stood at 16.03%, which aligns with its historical performance range of 8.15% to 23.03% over the
past decade. This reflects a moderate efficiency in generating returns on shareholders' equity.
• ROA: Although specific current ROA values were not detailed, Wipro's asset efficiency is typically lower than its ROE due to the company's
leverage structure. ROA remains an important metric for understanding how well Wipro utilizes its assets.
• Performance Margins: Wipro's profit margin stands at 13.24%, and its operating margin is 16.19%, reflecting strong operational control.
WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)

Date Price Return Sorted Return Replication Simulated Returns Calculation Of Value At Risk
04-04-1995 2.20 111.54% 1 -0.49%
18-05-2004 67.63 2974.09% 23.82% 2 4.50% Historical Approach
09-04-1998 9.82 -85.48% 20.79% 3 -2.62%
24-09-2001 46.09 369.35% 19.37% 4 8.70% Mean 0.13%
09-09-2002 63.17 37.06% 18.67% 5 2.50% Standard Deviation 3.08%
15-07-2020 262.75 315.94% 16.78% 6 -2.84% Min -48.18%
16-04-2001 42.95 -83.65% 16.02% 7 -3.20% Max 111.54%
18-04-2001 54.89 27.80% 15.73% 8 3.62% CMP 523.16
06-06-1995 1.38 -97.49% 15.00% 9 -2.60%
19-10-2000 96.42 6886.96% 14.59% 10 -2.29%
25-09-2000 123.62 28.21% 14.37% 11 -4.61% Monte Carlo Simulation
22-10-1997 5.42 -95.62% 14.11% 12 0.65%
14-03-2001 69.86 1188.93% 13.74% 13 -1.65% Mean 0.15%
30-04-2001 62.26 -10.88% 13.68% 14 3.58% Standard Deviation 3.07%
04-05-2000 129.33 107.73% 11.50% 15 -0.15% Min -13.50%
06-06-2000 100.89 -21.99% 11.36% 16 -0.93% Max 12.04%
15-11-2001 54.43 -46.05% 11.35% 17 2.20% CMP 523.16
23-04-2009 82.49 51.55% 11.34% 18 6.66%
05-05-2000 143.61 74.09% 11.04% 19 1.65%
13-04-2004 70.61 -50.83% 10.69% 20 -6.71% Percentile Confidence VAR % Stock Price VAR (INR)
04-01-2001 116.79 65.40% 10.58% 21 -0.04%
05-12-2001 77.38 -33.74% 10.56% 22 2.18% 0.05 0.95 -3.80% 543.03 -19.87
04-05-2009 96.37 24.54% 10.49% 23 -0.85% 0.01 0.99 -7.99% 564.95 -41.79
17-04-2001 47.43 -50.78% 10.43% 24 0.02% 0.005 0.9905 -8.71% 568.72 -45.55
18-05-2009 109.92 131.75% 10.42% 25 6.30% 0.1 0.9 -2.51% 536.30 -13.14
20-03-2020 179.20 63.03% 10.38% 26 3.16%
19-01-2001 128.01 -28.57% 10.30% 27 -0.74%
24-08-2000 134.54 5.10% 10.18% 28 2.14% Daily Returns Distributions
15-04-1998 11.17 -91.70% 10.05% 29 0.44% 700
01-04-1998 7.15 -35.99% 10.00% 30 -0.41% 600
27-05-1998 16.39 129.23% 9.85% 31 2.88% 500
26-11-2001 64.28 292.19% 9.81% 32 2.75% 400
06-04-1998 8.12 -87.37% 9.73% 33 -0.46%
300
10-12-2008 68.89 748.40% 9.61% 34 -0.63%
200
10-07-2003 44.18 -35.87% 9.49% 35 -0.36%
100
20-10-2008 74.32 68.22% 9.47% 36 1.26%
01-12-2000 123.91 66.72% 9.40% 37 -0.45% 0

(-0.50%, 0.00% ]

(10.50% , 11.00%]

(11.50% , 12.00%]
[-13.50%, -13.00%]

(-12.50%, -12.00%]

(-11.50%, -11.00%]

(-10.50%, -10.00%]

(9.50%, 10.00%]
(0.50%, 1.00%]

(1.50%, 2.00%]

(2.50%, 3.00%]

(3.50%, 4.00%]

(4.50%, 5.00%]

(5.50%, 6.00%]

(6.50%, 7.00%]

(7.50%, 8.00%]

(8.50%, 9.00%]
(-9.50% , -9.00%]

(-8.50% , -8.00%]

(-7.50% , -7.00%]

(-6.50% , -6.00%]

(-5.50% , -5.00%]

(-4.50% , -4.00%]

(-3.50% , -3.00%]

(-2.50% , -2.00%]

(-1.50% , -1.00%]
25-03-2008 114.95 -7.23% 9.36% 38 3.70%
25-07-1996 1.64 -98.57% 9.33% 39 8.19%
05-06-2000 90.60 5424.39% 9.10% 40 3.14%
18-07-1996 1.68 -98.15% 9.09% 41 -0.19%
29-06-1998 16.67 892.26% 8.95% 42 -1.50%
21-07-1995 1.34 -91.96% 8.94% 43 -2.86%
16-04-2021 469.20 34914.93% 8.94% 44 4.12%
12-07-2001 57.82 -87.68% 8.91% 45 -3.17%
28-10-2008 63.02 8.99% 8.86% 46 -5.49%
24-04-2001 65.45 3.86% 8.81% 47 1.50%
16-06-2000 123.36 88.48% 8.66% 48 4.79%
19-11-2001 59.14 -52.06% 8.65% 49 1.28%
28-02-2001 111.71 88.89% 8.64% 50 4.40%
25-02-1998 5.18 -95.36% 8.60% 51 -2.31%
16-04-1998 12.13 134.17% 8.59% 52 -1.08%
28-12-2001 69.64 474.11% 8.59% 53 0.53%
25-07-2000 110.52 58.70% 8.54% 54 -3.44%
31-05-2000 82.07 -25.74% 8.46% 55 1.39%
24-12-2007 141.05 71.87% 8.45% 56 -2.01%
26-09-2001 50.35 -64.30% 8.35% 57 -2.87%
16-10-2001 48.46 -3.75% 8.34% 58 2.73%
10-10-2003 59.19 22.14% 8.29% 59 4.96%
23-04-1996 1.44 -97.57% 8.27% 60 6.37%
04-04-2002 77.72 5297.22% 8.20% 61 -2.37%
06-02-2002 76.33 -1.79% 8.12% 62 -1.03%
26-06-2000 124.28 62.82% 8.11% 63 1.24%
08-08-2000 104.72 -15.74% 8.10% 64 0.33%
05-05-1999 40.93 -60.91% 8.02% 65 0.74%
19-01-2006 131.30 220.79% 8.02% 66 -0.71%
16-04-1999 29.90 -77.23% 8.02% 67 7.89%
 WIPRO LTD
(NSE Code: WIPRO | BSE Code: 507685)
INR 566.7
52 Week (High - INR 583 & Low - 384)

Altman Z's Score Analysis

• Wipro's Altman Z-Score currently stands at 10.32 as of March 2024, placing the company in the "Strong Zone." This indicates strong financial
stability, with no immediate risk of bankruptcy. Historically, Wipro's Altman Z-Score has ranged between 3.28 and 14.32 over the past decade,
with a median score of 5.72. A score above 3 generally signals a healthy financial state.
• The Altman Z-Score evaluates a company's financial health using key metrics like profitability, leverage, liquidity, solvency, and activity, making
it a reliable predictor of potential financial distress within two years. Wipro's strong position reflects its stable business operations and robust
financial management practices.

90.00
10.32
80.00 Altman Z's Score Trend
8.43
70.00 13.13
60.00 14.32
50.00
40.00 8.27
10.57
30.00
5.34
20.00 3.28
3.54
10.00 7.37
0.00
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Altman Z's Score Analysis Calculation

Working Capital / Total Assets
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Working Capital 28218.9 20092.1 15373.9 16526.3 23876.1 21070.5 21684.2 17251 16687.4 13262.1
Total Assets 84608.6 91995.7 93819.3 90319.3 108883.3 106083.4 109081.3 129314.5 138865.5 135942.6
Working Capital / Total Assets (A) 33.35% 21.84% 16.39% 18.30% 21.93% 19.86% 19.88% 13.34% 12.02% 9.76%

Retained Earnings / Total Assets

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Retained Earnings 31625.5 952.6 7663.9 5415.1 8555.8 9152.25 8496.4 30844.5 18509.6 7868.9
Total Assets 84608.6 91995.7 93819.3 90319.3 108883.3 106083.4 109081.3 129314.5 138865.5 135942.6
Retained Earnings / Total Assets (B) 37.38% 1.04% 8.17% 6.00% 7.86% 8.63% 7.79% 23.85% 13.33% 5.79%

EBIT / Total Assets

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
EBIT 37447.7 5529.7 11265.6 8689.6 12421.0 12936.5 12588.0 37563.6 23465.3 13255.5
Total Assets 84608.6 91995.7 93819.3 90319.3 108883.3 106083.4 109081.3 129314.5 138865.5 135942.6
EBIT/Total Assets (C) 44.26% 6.01% 12.01% 9.62% 11.41% 12.19% 11.54% 29.05% 16.90% 9.75%

Market Cap / Long term Liabilities

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Market Cap 58225.0 52280.3 47011.2 95388.5 153744.7 112381.7 226918.5 324483.7 200446.2 250858.9
Long term Liabilities 7891.2 12522.1 14241.2 13901.2 9946.7 9724.0 10451.4 17592.9 17466.6 16464.9
Market Cap / Long term Liabilities (D) 737.85% 417.50% 330.11% 686.19% 1545.69% 1155.72% 2171.18% 1844.40% 1147.60% 1523.60%

Sales / Total Assets

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Total Sales 46951 51244 55448.4 54487.1 59018.9 61137.6 61934.9 79312 90487.6 89760.3
Total Assets 84608.6 91995.7 93819.3 90319.3 108883.3 106083.4 109081.3 129314.5 138865.5 135942.6
Return on Asset (E) 55.49% 55.70% 59.10% 60.33% 54.20% 57.63% 56.78% 61.33% 65.16% 66.03%

Altman's Z Score
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Final Score 7.37 3.54 3.28 5.34 10.57 8.27 14.32 13.13 8.43 10.32
Financial Stability Strong Strong Strong Strong Strong Strong Strong Strong Strong Strong

Disclaimer: This report is made as part of educational assignment and is meant for educational purpose only. The author of the report is not liable for any losses due to actions taken basis of this report. It is advisable to consult
SEBI registered research analyst before making any investments