Indian Stock Market Blog: Wipro Ltd (Q4 FY08): Valuation remain expensive: SELL

Monday, April 21, 2008

Wipro Ltd (Q4 FY08): Valuation remain expensive: SELL

Wipro Ltd (Q4 FY08): Valuation remain expensive: SELL

CMP Rs459, SELL

Target price Rs390, Downside 15%

Ã¤ Strong all-round revenue growth of 8.6% qoq beats expectations

Ã¤ EBITDA margin expand by 80 bps despite onsite salary hikes, business mix change and lower pricing

Ã¤ Net profit grows by 3% qoq due to sharp decline in other income

Ã¤ Q1 FY09 growth guidance is modest; weakness expected to persist in Q2 as well

Ã¤ Maintain SELL with a target price of Rs390 implying 15% downside

Click below for the quarterly update of Wipro Ltd.

http://www.indiainfoline.com/content/rep/Result_Analysis/2008/4/2142008/wipro_0408.pdf

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Disclaimer

RESULTS: Actuals vs Estimates - from IndiaEarnings



Punj Lloyd
Net Sales	2,346.70	2,280.00	2.93
Net Profit	117.00	105.00	11.43


Larsen
Net Sales	8,467.00	7,866.00	7.64
Net Profit	967.00	846.00	14.30


ITC
Net Sales	3,934.00	3,909.30	0.63
Net Profit	735.00	749.20	- 1.90


Bank of Baroda
Net Interest Income	1,028.50	1,080.90	- 4.85
Net Profit	276.00	346.42	- 20.33


Suzlon Energy
Net Sales	4,923.70	4,785.40	2.89
Net Profit	464.80	487.20	- 4.60


SAIL
Net Sales	13,550.00	13,497.50	0.39
Net Profit	2,376.80	2,606.10	- 8.80


Chennai Petro
Net Sales	8,399.50	7,785.00	7.89
Net Profit	343.90	201.70	70.50


PNB
Net Interest Income	1,517.00	1,455.80	4.20
Net Profit	544.00	351.20	54.90


Kotak Mahindra
Net Interest Income	636.20	445.30	42.87
Net Profit	240.00	221.30	8.45


Ashok Leyland
Net Sales	2,562.00	2,530.00	1.26
Net Profit	180.50	165.00	9.39


Shree Cements
Net Sales	650.00	624.00	4.17
Net Profit	41.00	118.00	- 65.25


Union Bank
Net Interest Income	854.39	827.68	3.23
Net Profit	521.10	280.52	85.76


DLF
Net Sales	4,372.00	3,704.60	18.02
Net Profit	2,177.00	2,039.17	6.76


Patni Computer
Total Revenue	693.35	698.00	- 0.67
Net Profit	80.12	82.70	- 3.12


Grasim
Net Sales	2,742.35	2,675.00	2.52
Net Profit	487.00	498.00	- 2.21


ICICI Bank
Net Interest Income	2,079.50	2,203.65	- 5.63
Net Profit	1,150.00	975.20	17.92


Wockhardt
Net Sales	785.70	741.00	6.03
Net Profit	50.90	87.00	- 41.49


HUL
Net Sales	3,793.90	3,623.90	4.69
Net Profit	380.90	389.50	- 2.21


Reliance Infra
Total Revenue	1,614.00	1,708.00	- 5.50
Net Profit	311.00	223.60	39.09


Andhra Bank
Net Interest Income	414.90	383.77	8.11
Net Profit	124.25	155.50	- 20.10


Bharti Airtel
Total Revenue	7,819.00	7,549.70	3.57
Net Profit	1,853.00	1,789.70	3.54


Hero Honda
Net Sales	2,788.65	2,740.00	1.78
Net Profit	298.70	250.00	19.48


Idea Cellular
Net Sales	1,985.30	1,869.10	6.22
Net Profit	278.00	259.60	7.09


HDFC Bank
Net Interest Income	1,642.10	1,613.50	1.77
Net Profit	471.10	471.90	- 0.17


Oriental Bank
Net Interest Income	437.06	414.75	5.38
Net Profit	204.50	152.58	34.03


Indian Bank
Net Interest Income	513.21	617.67	- 16.91
Net Profit	241.67	296.37	- 18.46


UltraTechCement
Net Sales	1,602.00	1,540.00	4.03
Net Profit	283.00	278.00	1.80


Ranbaxy Labs
Net Sales	1,623.10	1,731.00	- 6.23
Net Profit	153.00	139.00	10.07


TCS
Total Revenue	6,094.70	6,220.80	- 2.03
Net Profit	1,255.90	1,345.80	- 6.68


Biocon
Net Sales	266.60	284.30	- 6.23
Net Profit	65.30	64.00	2.03


Reliance
Net Sales	37,286.00	36,319.00	2.66
Net Profit	3,912.00	4,067.70	- 3.83


Axis Bank
Net Interest Income	828.40	784.20	5.64
Net Profit	361.40	300.50	20.27


Satyam
Net Sales	2,416.00	2,353.20	2.67
Net Profit	466.90	488.10	- 4.34


Wipro
Total Revenue	5,691.90	5,628.50	1.13
Net Profit	880.00	872.00	0.92


MindTree
Total Revenue	217.80	199.50	9.17
Net Profit	34.70	26.70	29.96


Power Finance
Net Interest Income	516.00	543.70	- 5.09
Net Profit	297.64	359.25	- 17.15


Aztecsoft
Net Sales	68.70	67.80	1.33
Net Profit	3.15	4.50	- 30.00


Infosys
Total Revenue	4,542.00	4,527.40	0.32
Net Profit	1,249.00	1,253.80	- 0.38

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Monday, April 21, 2008

Wipro Ltd (Q4 FY08): Valuation remain expensive: SELL

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