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Wipro Stock Is Trading Higher On Posting Steady Q4 Earnings, Expanding Operating Margins

Wipro Stock Is Trading Higher On Posting Steady Q4 Earnings, Expanding Operating Margins
  • Wipro Ltd (NYSE: WITreported gross revenue growth of 3.4% year-on-year to $2.22 billion (₹162.5 billion) during the fourth quarter ended Mar. 31, 2021, exceeding the consensus estimate of $2.14 billion. IT Services Segment Revenue rose 3.8% to $2.15 billion.
  • Americas 1, Americas 2, Europe, and APMEA accounted for 29.4%, 29.7%, 27.3%, and 13.6% of the revenue.
  • Banking, Financial Services, and Insurance accounted for 30.7% of the revenue. Consumer accounted for 16.4% of the revenue. Health, Energy, and Technology accounted for 13% each. Manufacturing and Communications generated the rest.
  • The operating margin expanded by 344 basis points to 21%. Net income rose 27.8% to $406.4 million (₹29.7 billion).
  • EPS rose 31.8% to $0.07 (₹5.39), meeting the analyst estimates.
  • The company reported a 46.6% growth in operating cash flow to $2 billion (₹147.6 billion). It held $2.3 billion in cash and equivalents as of Mar. 31, 2021.
  • Outlook: The company estimates a 2-4% sequential growth in its IT Services business revenue, in the range of $2.195 billion to $2.238 billion, excluding the impact of the recent acquisitions of Capco and Ampion. The analyst revenue estimate was $2.23 billion.
  • Wipro concluded the stock repurchase 237.5 million shares, successfully returning the preapproved $1.3 billion to its shareholders.
  • Jan. interim dividend of ₹1 was considered as the final dividend for FY21.
  • Wipro CEO Thierry Delaporte acknowledged the third steady quarter of solid revenue growth, deal wins, and operating margins.
  • Price action: WIT shares traded higher by 3.93% at $6.34 in the premarket session on the last check Thursday.

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