WIPRO · Information Technology
Wipro Ltd. reported revenue of ₹22,504 cr for January to March 2025, +1.3% on the year and +0.8% on the quarter. Over the last four quarters revenue comes to ₹89,089 cr, −0.7% on the four before.
Operating profit (EBITDA) was ₹4,624 cr, a margin of 20.5%, +82 bps on the year and +21 bps on the quarter. It is the widest margin of the last 8 quarters (range 17.6% to 20.5%). Operating costs grew +0.3% against revenue growth of +1.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,588 cr, +25.5% on the year and +6.6% on the quarter, with earnings per share of ₹3.41. Profit before other income, one-offs and tax grew 9.9%, so 16 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹13,219 cr, +19.0% on the four before.
On earnings per share of ₹12.55 over the last four quarters, the stock at ₹184.71 trades at 14.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹722 cr, −14.0% on the year.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +25.5% on the year; profit before other income, exceptional items and tax +9.9%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹22,516 cr | ₹22,205 cr | ₹22,208 cr | ₹21,964 cr | ₹22,302 cr | ₹22,319 cr | ₹22,504 cr | ₹22,135 cr | ₹22,697 cr | ₹23,556 cr | ₹24,236 cr | ₹24,479 cr |
| YoY | — | — | — | −4% | −1% | +1% | +1% | +1% | +2% | +6% | +8% | +11% |
| EBITDA margin | 17.6% | 18.9% | 19.7% | 19.8% | 20.2% | 20.3% | 20.5% | 19.1% | 19.3% | 18.2% | 20.3% | 18.9% |
| Other income, % of PBT | 21% | 17% | 17% | 18% | 22% | 23% | 26% | 25% | 22% | 24% | 18% | 23% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 26% | 24% | 25% | 24% | 24% | 22% | 24% | 24% | 25% | 23% |
| Net profit | ₹2,667 cr | ₹2,701 cr | ₹2,858 cr | ₹3,037 cr | ₹3,227 cr | ₹3,367 cr | ₹3,588 cr | ₹3,336 cr | ₹3,262 cr | ₹3,145 cr | ₹3,522 cr | ₹3,356 cr |
| YoY | — | — | — | +5% | +21% | +25% | +26% | +10% | +1% | −7% | −2% | +1% |
| Core profit YoY | — | — | — | +4% | +20% | +17% | +10% | −3% | +0% | −9% | +8% | +5% |
| EPS | ₹2.53 | ₹2.58 | ₹2.71 | ₹2.87 | ₹3.07 | ₹3.20 | ₹3.41 | ₹3.18 | ₹3.10 | ₹2.97 | ₹3.34 | ₹3.38 |
| Flags | · | · | · | ✓ | ✓ | 1 | 2 | ✓ | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Wipro Ltd. reported revenue of ₹22,504 cr (+1.3% on the year) and net profit of ₹3,588 cr (+25.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +9.9% on the year, against +25.5% for reported profit.
2 checks raised a question: Depreciation fell while the business grew. Were asset lives changed?
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