3Q15 Wipro ITS IR

TBR

T EC H N O LO G Y B U S I N ES S R ES EAR C H , I N C .

Wipro IT Services

PROFESSIONAL SERVICES BUSINESS QUARTERLYSM

INITIAL RESPONSE

Publish Date: Oct. 21, 2015

Author: Amy McLaughlin, ([email protected]) Professional Services Research Analyst Content Editor: Ramunas Svarcas, Principal Analyst

Third Calendar Quarter 2015

Second Fiscal Quarter 2016 Ended Sept. 30, 2015

mailto:[email protected]

TBR

Wipro IT Services 3Q15 Initial Response | Professional Services Business Quarterly ©2015 Technology Business Research, Inc. 2

TBR Assessment Corporate Strategic Objectives

Citing strong momentum in global infrastructure services and open source, in 3Q15 Wipro ITS reported $1.9 billion in revenues, marking a 2.8% year-to-year growth rate compared to 11% in the year-ago quarter. Although IT services revenue growth across the industry is slowing, TBR believes Wipro can leverage its systems integrator (SI) roots and substantial regional brand equity in India to win Smart City contracts involving infrastructure modernization and applications services. Wipro will sacrifice revenue growth in the interim, as lucrative projects continue to hit their stride and Wipro aggressively attempts to unseat incumbents for multiyear, large enterprise contract renewals. TBR expects Wipro’s Holmes artificial intelligence platform to begin driving revenue as employee headcount and skills correlate more closely with anticipated project demands associated with Internet of Things (IoT) and machine-to-machine (M2M) engagements.

Secure long-term, sustainable growth through a reorganized management structure and optimized delivery capabilities

Wipro continues to synthesize COO Abid Ali Neemuchwala’s mandated go-to-market that emphasizes agile processes and real-time collaboration through services and delivery integration. The company accentuates R&D that will support its pursuit of large, end-to-end business transformation sales, helping clients balance top-line growth with cost efficiency and customer satisfaction metrics through accelerated automation and online business models. Wipro’s 2Q15 Designit acquisition will continue to generate opportunities to connect with C-level executives and put Wipro’s Digital business unit closer to realizing its target of $1 billion in annual digital revenue by 2018.

Leverage partnerships and strategic investments to extend Wipro Analytics’ service line

In 3Q15 Wipro launched two software-defined infrastructure (SDI) Centers of Excellence (CoE) to exhibit open data center technologies, located in Mountain View, Calif. and Bangalore, India. Wipro also released a cloud-based CRM migration framework with Informatica and LiVE Workspace, an analytics-embedded digital solution for workplace collaboration jointly developed with VMware. These investments reflect an industrywide trend toward complete infrastructure virtualization, and enhance Wipro’s ability to demonstrate its capacity to deliver real-time, data-driven insights that mitigate risk and cost within evolving business and technology environments.

Hyperautomation and analytics-based IoT solutions provide avenues for Wipro to deliver business agility to clients and revive revenue growth

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WIPRO ITS REVENUE, PROFITABILITY AND GROWTH

Total Revenue Gross Profit

Operating Profit Revenue Growth YTY

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SOURCE: TBR AND WIPRO

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Key Developments

Chelsea FC deal heightens Wipro’s brand awareness among sports fans worldwide, showcasing next-gen digital capabilities

In 3Q15 we have seen an increase in B2B technology companies sponsoring high-profile sporting events or teams, creating a win-win relationship in which companies provide digital transformation to promote fan engagement and tech companies broaden the scope of their brand identity. The trend underscores the impact of consumerism, where the latest technology is adopted by consumers before extending to business and government. In the past Wipro has sponsored San Francisco Tech Marathon, which caters to a technology-focused audience, and the company sponsors its own Spirit of Wipro run as part of its Corporate Social Responsibility program. However, Wipro and its peers are now recognizing that existing, well-known sports events and teams can more broadly raise brand awareness. In 2014 TCS became the title sponsor of the New York City Marathon, and HCL recently signed a three-year deal with Manchester United to improve fan experience and engagement. High-profile sponsorships are a feasible way for Wipro to expand its addressable market through real-life, cultural connections that foster recognition of the company’s ability to manage the IT infrastructure for international events, leading to opportunities to gain trust outside its traditional customer base.

IP-led managed services is a gateway for Wipro to establish itself in the business intelligence (BI) market

Wipro folds BI under its digital umbrella, with Wipro Analytics at the center, and relies on partnerships and co-innovation to drive BI-related revenue, which we believe primarily comes from operations, management and maintenance. In 3Q15 Wipro Analytics made up 7.5% of overall revenues, with an estimated 7.1% year-to-year growth rate, and the company is in the process of training 15,000 employees in analytics best practices. We believe vendors that are versed in applying analytics to derive business value from IoT data will gain an advantage in this fast-emerging market. Wipro’s ServiceNXT, Decision Management Hub and Apollo fraud detection platforms are differentiators that enable the company to present itself in a consulting/solutions partner framework. The trade-off is that spending on IP investments diluted the pace of Wipro’s revenue growth, and the movement to “as a Service” cloud models also shrinks margins. Among India-centric peers, TCS continues to outpace in BI services through strengthened advisory offerings and IP-based analytics putting Wipro in a challenging catch-up position. We see managed services as a growth driver, particularly in North America, where adoption of BI services is moving beyond consulting to include implementation and management of BI solutions, which will play to Wipro’s strengths.

Executive Summary

To capture more transformational digital engagements Wipro invests in analytics IP and uses high-profile sponsorships to raise brand awareness

TBR


Service Line Performance and Strategies

Global Infrastructure Services (GIS)

$521M, 6.2% YTY

Global Infrastructure Services revenue is driven by demand for infrastructure optimization through software-defined networking (SDN), hybrid cloud and mobility. We expect partnerships and deals won earlier in the 2015 calendar year to be growth drivers for the service line.

Application Services

$867M, -2.6% YTY

Application services revenues will be supported by demand for 24/7 application support, platform-agnostic front- and back-office integration, and vertical-specific requirements. Wipro and Informatica’s joint CRM cloud migration offering will contribute positively to service line revenues.

Business

Process Services (BPS)

$182M, 9.5% YTY

Wipro’s deep partner relationships with Salesforce and Red Hat will support BPS revenues, as both companies increasingly leverage systems integrator partners to reduce selling, general and administrative (SG&A) expenses. We expect Salesforce to build out its industry-specific clouds (public sector and healthcare), providing Wipro with opportunities in those sectors.

Product Engineering

$146M, 16% YTY

Wipro expects Product Engineering to grow as investments in connected device technology pay off into 1H16.

Wipro Analytics

$139M, 7.1% YTY

Investments in cognitive computing and automation, cloud computing and SDI IP drove Wipro growth in 3Q15, including CRM and workforce collaboration solutions, two new SDI-focused CoEs, and joining the International M2M Council.

Executive Summary

As Wipro leverages optimization through automation, partner reliance on SIs plays a vital role for service line revenue growth

Note: In 2Q15 Wipro began reporting earnings for its Wipro Analytics service line and removed Application Development & Management (ADM) from its report to coincide with its 2016 fiscal year and accurately reflect 1Q15 organizational changes.

TBR


Financial Model Strategy

Revenues

Wipro ITS reported $1.85 billion in revenue for 3Q15, generating 2.8% growth, led by product engineering and BPO service lines. We believe Wipro is positioning itself for revenue growth in the next 18 to 24 months as several large-scale deals ramp up, but its growth rate will hinge on controlling costs while monetizing investments.

Expenses

Services cost of revenue was 66.2% in 3Q15, flat from 3Q14 and up 30 basis points sequentially. IT operating expenses were reduced by 40% after implementing Oracle’s identity management solutions during the quarter, offset by regional infrastructure investments in APAC, such as Wipro’s Home to Hospital Care program to provide free ambulance services in New Delhi. Such investments lay the groundwork for future government contract consideration.

Margins

Wipro ITS’ operating margin decreased sequentially in 3Q15 from 21.7% to 21.5% and was down by 50 basis points year-to-year (22% in 3Q14) due to competitive pressures, particularly in its legacy business. In comparison with its peers: TCS’ margins rose from 26.8% to 27.1% year-to-year, HCL declined 450 basis points to 19.4% due to wage hikes and investments, and Infosys was down 60 basis points in the same time period.

Portfolio investment drives value for enterprise clients but undermines Wipro’s profit margins

(in $ Millions except EPS) Consensus Guidance Range Actual

Wipro ITS Revenue N/A $1,781-1,809 $1,853 h

Wipro ITS Operating Income N/A N/A $399

Wipro Non-GAAP EPS $0.14 N/A $0.16 h

(in $ Millions except EPS) TBR Estimate Consensus Guidance Range

Wipro ITS Revenue $1,934 N/A $1,803-$1,839

Wipro ITS Operating Income $416 N/A N/A

Wipro Non-GAAP EPS N/A 0.14 N/A

SOURCE: TBR, WIPRO AND INDUSTRY

WIPRO ITS 3Q15 PERFORMANCE VS. EXPECTATIONS

WIPRO ITS 4Q15 GUIDANCE AND EXPECTATIONS

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TBR


Go-to-market and Services Strategies

Signings and Pipeline Wipro secured three transformational deals in 3Q15, including a notable digital strategy contract with Chelsea Football Club, a high-profile professional U.K.-based soccer team. In this digital transformational contract, Wipro will provide IT services and strategy to develop a real-time digital fan engagement and experience campaign, leveraging its Customer Journey Engineering methodology. Although Wipro indicates a strong pipeline, we believe competitive pricing pressures and shared risk have potential to constrain margins and price per deal through at least the next two quarters. New Services Announcements Wipro announced the following new services in 3Q15:

• CRM modernization solution: Jointly released with Informatica, the solution complements Wipro’s business process advisory services, rendered during CRM application migration from on-premises to cloud environments.

• LiVE Workspace: Jointly released with VMware, the offering enables enterprises to create a collaborative mobile workspace and includes a five-step transformation process based on standard reference architectures.

Key 3Q15 Customer Wins

Dutch State Mines (DSM) (Netherlands): In this multiyear contract, DSM selected Wipro to deploy the company’s secure LiVe Workspace as part of its workplace optimization initiative. Wipro will provide multichannel support and user experience management, migrating select workloads to the cloud and leveraging smart systems for predictive analytics and monitoring. The engagement will optimize DSM’s costs while utilizing self-help and self-heal systems to limit service interruptions.

New Delhi Accident Government’s Centralized Accident and Trauma Services (CATS) (India): Wipro signed a six-year contract to establish and maintain an ISO-certified ambulance control center through its Home to Hospital Care program. Wipro will procure 110 life-support ambulances and provide mobile data storage and backup solutions, advanced systems and applications. Ambulances will be managed through computer-aided dispatch (CAD) using GPS.

Wipro highlights mobile workload migration and collaboration with client-centric LiVE Workspace and CRM modernization solutions

CALENDAR QUARTER 3Q14 4Q14 1Q15 2Q15 3Q15

Active Clients 1018 1062 1127 1071 1100

Added During the Quarter 50 44 45 36 67

New Business 1.4% 1.5% 3.3% 0.4% 1.5%

Top Client 3.5% 3.8% 3.8% 3.3% 3.1%

Top 5 Clients 12.9% 12.7% 12.6% 12.2% 11.7%

Top 10 Clients 21.5% 21.0% 20.6% 20.1% 19.8%


REVENUE CONTRIBUTION BY CLIENT

WIPRO ITS CLIENT DATA TBR

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Vertical Performance

Partnerships and deals made in the past six months, along with customer loyalty driven by client emphasis on mobile customer analytics and Web-based customer experiences, continue to contribute to a healthy pace of revenue growth within Wipro’s Retail, Consumer Goods and Transportation sector. We expect the 3Q15 partnership with Maxicaster to contribute positively to Wipro’s Retail, Consumer Goods and Transportation vertical, which grew 11.7% year-to-year. Wipro’s 3Q15 partnership with BlackLine, a firm offering enterprise-class software designed to automate and control the entire financial close process, broadens Wipro’s ability to address financial clients’ need for cloud-based, automated task management, and certification and compliance. Finance Solutions contributed 28.6% to Wipro ITS revenues and grew 13.1% year-to-year in 3Q15. BlackLine also partners with NetSuite, Oracle and SAP, with which Wipro shares joint solutions and industry-specific best practices.

Go-to-market and Services Strategies

BlackLine partnership strengthens Wipro’s business process automation capabilities and deepens relationships with SAP, Oracle and NetSuite

Geographic Performance

For the past eight quarters APAC and Other Emerging Markets grew revenue at a low- to middle-single-digit pace. In 3Q15 the company declined 4% year-to-year, the first year-to-year decline since TBR began coverage in 2006. In October Wipro formed a pilot consortium with TCS, Tech Mahindra, Infosys and National Information Infrastructure Testbed (NIIT) under the Confederation of Indian Industry (CII) Shanghai, to win expansive government contracts in Guizhou, China, including a cloud-based data center. The initiative earmarks $16 million to train IT professionals and is a stepping stone to compete with multinational corporations such as IBM and local vendors with relationships in the region.

TBR


Resource Management Strategy

Strategy and Investments

• During the quarter Wipro announced acquiring next-gen technology startups, similar to Vicarious and Talena, is a top priority for meeting future client demand. While specifics around timeframe and investment level remain undisclosed, we believe the company’s announced $100 million investment fund is an adjustable guideline. Similar investments in delivery scale, talent procurement and portfolio fortification by peers challenges Wipro to differentiate.

• Wipro opened a second office in Qatar, with plans to scale its nearshore delivery capabilities and expand its presence in the country over the next 12 months. Wipro has over 350 local employees serving 35 clients in the region. From this outlet Wipro meets customers’ demand for digital, mobility and analytics in verticals such as oil and gas, banking and telecommunications.

• As part of its corporate social responsibility initiative, Wipro launched the fifth iteration of its earthian sustainability education program, which reached over 100,000 India-based students in the past five years.

Wipro focuses on global diversification, expands delivery in the Middle East and invests in India to further recognition

Organizational Changes Dave Chopra, former TCS executive, was appointed vice president of global infrastructure services at Wipro and will be responsible for driving strategy, marketing and business development for the unit. Kris Denton replaced Alexis Samuel as global head of Consulting and will report to Bhanumurthy Ballapuram, Wipro’s CEO for Digital, Wipro Consulting Services and Business Application Services. Denton is based out of Chicago and has held several management positions at Wipro since 2009, most recently managing partner of the Americas. Prior to joining Wipro in 2009, Denton was partner at McKinsey (1987-2002) and Accenture (2002-2005).

3Q14 3Q15

Revenue per Employee $46,859 $45,760

Operating Income per Employee $10,818 $9,847

Utilization (Excl. Trainees) 79.4% 82.3%

Attrition 16.9% 16.6%

SOUCE: TBR AND WIPRO

WIPRO ITS EFFICIENCY METRICS TBR

TBR


Income Statement

Note: Growth rates and financial measures reported by Wipro in USD may not align with TBR calculations due to TBR exchange rate calculations. Such variances are noted only for foreign-owned companies reporting in local currencies.

WIPRO LIMITED AND SUBSIDIARIES

Consolidated Statements of Income

(in $ Thousands Except Share Data)

CALENDAR QUARTER 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Est.

FISCAL QUARTER 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Est.

Total Revenues $1,928,139 $1,935,722 $1,951,252 $1,930,663 $1,925,907 $1,974,054

Total Cost of Revenues $1,334,505 $1,337,520 $1,327,549 $1,337,641 $1,320,885 $1,357,170

Gross Profit $593,634 $598,202 $623,703 $593,022 $605,021 $616,884

SG&A $234,882 $225,161 $233,806 $235,022 $239,401 $237,962

Foreign Exchange (loss) Gains, Net $21,833 $14,882 $4,725 $20,983 $8,203 $12,455

Operating Income $380,584 $387,922 $394,621 $378,983 $373,823 $391,377

Other Income, Net $67,991 $81,429 $73,345 $102,989 $119,785 $96,332

Income before Taxes and Minority Interest $448,575 $469,351 $467,966 $481,972 $493,608 $487,708

Income Taxes $102,300 $100,523 $100,520 $93,791 $98,742 $100,330

Minority Interest $2,228 $1,662 $2,330 $2,461 $831 $1,762

Net Income from Continuing Operations $344,048 $367,166 $365,116 $385,719 $394,035 $385,617

Net Income $344,048 $367,166 $365,116 $385,719 $394,035 $385,617

Net Earnings per Equity Share $0.14 $0.15 $0.15 $0.16 $0.16 N/A

Diluted Common Shares Outstanding 2,467,151,917 2,469,323,243 2,465,876,236 2,460,584,039 2,461,507,934 N/A

AS A PERCENTAGE OF REVENUE

Total Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Total Cost of Revenues 69.2% 69.1% 68.0% 69.3% 68.6% 68.8%

Gross Margin 30.8% 30.9% 32.0% 30.7% 31.4% 31.2%

SG&A 12.2% 11.6% 12.0% 12.2% 12.4% 12.1%

Foreign Exchange Gains, Net 1.1% 0.8% 0.2% 1.1% 0.4% 0.6%

Operating Margin 19.7% 20.0% 20.2% 19.6% 19.4% 19.8%

Other Income, Net 3.5% 4.2% 3.8% 5.3% 6.2% 4.9%

Equity in Profits/(Losses) of Affiliates 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Income before Taxes and Minority Interest 23.3% 24.2% 24.0% 25.0% 25.6% 24.7%

Income Taxes 5.3% 5.2% 5.2% 4.9% 5.1% 5.1%

Net Income from Continuing Operations 17.8% 19.0% 18.7% 20.0% 20.5% 19.5%

Net Margin 17.8% 19.0% 18.7% 20.0% 20.5% 19.5%

YEAR-TO-YEAR CHANGE

Total Revenues 11.0% 6.4% 3.3% 3.6% -0.1% 2.0%

Total Cost of Revenues 11.5% 8.5% 5.4% 6.7% -1.0% 1.5%

Gross Margin 9.8% 2.0% -0.9% -2.7% 1.9% 3.1%

SG&A 9.6% 3.1% 6.6% 2.2% 1.9% 5.7%

Foreign Exchange Gains, Net -38.3% 52.7% -42.8% 14.2% -62.4% -16.3%

Operating Income 5.3% 2.7% -5.7% -4.7% -1.8% 0.9%

Other Income, Net 53.0% 73.2% 45.2% 83.7% 76.2% 18.3%

Equity in Profits/(Losses) of Affiliates

Income before Taxes and Minority Interest 10.5% 10.5% -0.2% 6.2% 10.0% 3.9%

Income Taxes 10.3% 2.8% -5.1% -5.7% -3.5% -0.2%

Net Income from Continuing Operations 10.4% 12.9% 1.2% 9.6% 14.5% 5.0%

Net Income 10.4% 12.9% 1.2% 9.6% 14.5% 5.0%


TBR

TBR


Balance Sheet

WIPRO LIMITED AND SUBSIDIARIES

Consolidated Balance Sheets

(in $ Thousands)

CALENDAR QUARTER 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

FISCAL QUARTER 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

ASSETS

Current Assets

Cash and Equivalents $1,374,066 $1,795,672 $1,970,973 $2,554,208 $2,097,278 $1,546,543

Short-term Investments $1,616,715 $1,101,173 $1,339,425 $866,316 $1,744,642 $1,897,896

Accounts Receivable (Net of Allowances) $1,442,137 $1,456,525 $1,513,291 $1,470,928 $1,447,335 $1,485,796

Unbilled Revenue $697,441 $701,017 $681,745 $680,383 $729,804 $735,764

Inventories $39,792 $45,811 $70,389 $77,925 $74,717 $85,741

Other Current Assets $1,156,183 $1,101,206 $1,063,728 $1,364,783 $1,257,165 $1,613,292

Total Current Assets $6,326,333 $6,201,405 $6,639,551 $7,014,543 $7,350,942 $7,365,032

Property, Plant, Equip., Net $870,764 $903,174 $874,302 $871,105 $879,350 $883,468

Deferred Income Taxes $59,871 $60,070 $57,767 $47,327 $57,363 $63,009

Intangible Assets, Net $30,137 $156,577 $142,005 $127,453 $125,944 $134,514

Goodwill $1,066,024 $1,131,043 $1,118,977 $1,094,032 $1,092,364 $1,158,083

Other Assets $453,688 $452,107 $454,777 $488,231 $473,515 $461,704

Total Assets $8,806,816 $8,904,377 $9,287,378 $9,642,690 $9,979,478 $10,065,811

LIABILITIES

Current Liabilities

Borrowings from Banks $608,922 $760,311 $921,368 $1,063,948 $1,089,871 $1,283,994

Accounts Payable $953,459 $893,784 $866,377 $944,048 $1,009,095 $946,755

Other Current Liabilities $760,007 $662,632 $617,570 $736,902 $640,904 $634,940

Total Current Liabilities $2,322,388 $2,316,727 $2,405,315 $2,635,990 $2,739,870 $2,865,689

LT Debt, Net of Current $180,903 $183,576 $202,112 $204,205 $200,393 $244,465

Deferred Income Taxes $31,592 $66,110 $46,178 $52,068 $50,264 $52,236

Other Noncurrent Liabilities $133,063 $144,250 $176,755 $141,145 $99,739 $176,361

Total Liabilities $2,688,361 $2,733,419 $2,854,637 $3,059,859 $3,119,090 $3,368,547

Minority Interest $20,415 $22,757 $24,275 $26,452 $28,824 $29,796

STOCKHOLDERS' EQUITY

Equity Shares 82,562$ 81,441$ 79,686$ 79,339$ 77,904$ 76,030$

Additional Paid-in Capital 234,901$ 237,259$ 243,545$ 246,566$ 249,395$ 247,958$

Accumulated Comprehensive Income/Loss 188,483$ 209,914$ 227,905$ 248,350$ 228,522$ 251,468$

Retained Earnings 5,621,579$ 5,651,289$ 5,881,606$ 5,982,125$ 6,218,727$ 6,092,012$

Total Stockholders' Equity 6,118,456$ 6,170,958$ 6,432,742$ 6,582,831$ 6,803,372$ 6,697,264$

Total Liabilities & Equity 8,806,816$ 8,904,377$ 9,287,378$ 9,642,690$ 9,922,462$ 10,065,811$


TBR

TBR


Wipro ITS Financials

CALENDAR QUARTER 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Est.

FISCAL QUARTER 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Est.

Total Revenue $1,803 $1,831 $1,807 $1,826 $1,853 $1,934

Cost of Revenues $1,194 $1,231 $1,183 $1,205 $1,227 $1,281

Gross Profit $608 $600 $624 $622 $626 $653

Total Operating Expenses $212 $226 $219 $225 $227 $237

Operating Income $396 $374 $404 $397 $399 $416

AS A PERCENTAGE OF REVENUE

Total Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cost of Revenues 66.2% 67.2% 65.5% 65.9% 66.2% 66.2%

Gross Margin 33.8% 32.8% 34.5% 34.1% 33.8% 33.8%

Total Operating Expenses 11.8% 12.3% 12.1% 12.3% 12.3% 12.3%

Operating Margin 22.0% 20.4% 22.4% 21.7% 21.5% 21.5%

SOURCE: TBR ESTIMATES AND WIPRO

WIPRO IT SERVICES INCOME (IN $ MILLIONS) TBR

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3Q15 Wipro ITS IR

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