Wipro - 4qfy13 - HDFC Sec

RESULTSREVIEW4QFY13
21 APR2013
Wipro
UNDERPERFORM
INDUSTRY
ITSERVICES
CMP(ason18Apr2013) Rs370
TargetPrice
Rs359
Nifty
5,783
Sensex
19,016
KEYSTOCKDATA
Bloomberg/Reuters WPROIN/WIPR.BO
No.ofShares(mn)
2,463
MCap(Rsbn)/($mn)
909/16,840
6mavgtradedvalue(Rsmn)
735
STOCKPERFORMANCE(%)
52Weekhigh/lowRs463/295
3M
6M
12M
Absolute(%)
(7.1)
6.6 (13.7)
Relative(%)
(2.0)
5.4 (23.0)
SHAREHOLDINGPATTERN(%)
Promoters
78.28
FIs&LocalMFs
3.32
FIIs
7.30
Public&Others
Source:BSE
MadhuBabu
madhu.babu@hdfcsec.com
+912261717316
11.10
Growthchallengemaypersist
Wipros 4QFY13 results were a disappointment with
topline and EBIT missing our estimates. Volume
growth(up2.5%QoQ)cameasasurpriseafterfour
consecutive quarters of weakness. However, blend
pricingdroppedby2.8%QoQfor4QFY13resultingin
mutedrevenuegrowth.Webelievethepricingdrop
byWiproaswellasInfosysin4QFY13(coupledwith
their weak commentary) denotes pricing pressure in
thecommoditisedpartoftheirservicemix.
Wipro guided for weak 1QFY14 IT services revenue
growth (0.6% to 1.6% QoQ) and attributed it to
seasonality in India business and slower traction in
discretionaryspends.WeareconcernedoverWipros
performance across verticals (barring energy &
utilities)andmutedgrowthindevelopedmarkets.At
7%,ourUSDrevenuegrowthassumptionforWiproin
FY14E is significantly below its peerset (1114%).
RetainUPFwitharevisedTP(postdemerger)ofRs
359(13xFY15EEPS).
4QFY13Highlights:TotalrevenuesatUS$1,585mn(up
0.5% QoQ) were below our estimates (US$ 1,610mn).
ITservicesvolumesgrowth cameat2.5%QoQ(onsite
up2.4%QoQ,offshoreup2.5%QoQ).Blendedpricing
was down 2.8% QoQ (onsite down 3.5%, offshore
down 2%). IT services PBIT margin came at 20.2%,
down60bpsQoQandwasbelowourexpectation.PAT
for continuing operations (core business post
demerger)cameatRs15.8bn,up12.4%QoQ.
Emerging markets drive growth: Healthcare and Life

sciences (up 2.5% QoQ) and Manufacturing (up 3.7%
QoQ) shone bright on the vertical front. Technology
Infrastructure services (up 4% QoQ) drove growth
amongservicelines.GeographieswereledbyIndiaand
MiddleEast(up7.4%QoQ)andAPAC&otherEMs(up
3.1%QoQ).Top10clientrevenuesfellby1.7%QoQ.
Attritionmoderates:Exitheadcountcameat145,812
withnetadditionsof2,907employees.Utilization(ex
trainees) fell to 74.6%, down 20bps QoQ. Attrition
(LTM)moderatedto12.5%forthequarter,whichisat
athreeyearlow.
Financialsummary(consolidated)
(Rsmn)
NetSales
EBITDA
PAT
DilutedEPS(Rs)
P/E(x)
EV/EBITDA(x)
RoE(%)
4QFY13
96,078
17,067
15,838
4QFY12
84,547
15,306
14,096
YoY(%)
13.6
11.5
12.4
FY12
3,71,971
70,865
55,730
22.72
16.3
11.9
21.2
FY13
4,30,980
84,892
66,359
27.00
13.7
9.6
23.3
FY14E
4,02,213
80,957
63,705
26.03
14.2
9.9
19.5
FY15E
4,30,557
86,728
67,638
27.6
13.4
8.8
19.3
Source:Company,HDFCsecInstResearch*ProjectionsforFY14EandFY15EexcludeConsumercareandLightingandWiproInfrastructurebusiness
HDFCsecuritiesInstitutionalResearchisalsoavailableonBloombergHSLB<GO>&ThomsonReuters
WIPRO :RESULTSREVIEW4QFY13
Concallhighlights
Volume growth for the quarter was driven by ramp

up of the new deal wins. Company attributed weak
pricing in the quarter to currency volatility and
changeinbusinessmix.
Managementindicatedthat1Qistraditionallyaweak
quarter for Wipro due to softness in the India
business. Hence, the guidance for IT services (0.6%
to 1.6% QoQ) factors in the same. Wipro hinted at
acceleratedgrowthin2Qand3Q.
ITservicesrevenuesat
USD1,585mn,up0.5%QoQ
andwasbelowourexpectation
ITServicesEBITmargins
contracted60bpsona
sequentialbasis
RupeeappreciationimpactedEBITmarginsfortheIT
services business negatively by 70bps in 4QFY13.
Forex hedges as at the end of the quarter stood at
US$2.1bn.
Infrastructure Management Services is presenting

tremendous growth opportunities in the IT services
market. Wipros slower growth in IMS (relative to
peerset) is on account of India business, which has
beenregisteringweakness.
Wage hikes will be given as per schedule, effective

June2013.
Within BFSI, Retail banking growth remained strong,

whileInvestmentbankingwasweak.
Energy & Utilities and Manufacturing remained

relativelyrobustduringthequarter.
QuarterlyFinancialsSnapshot(continuingoperations)
(Rsmn)
NetSales
Costofsalesandservices
Sellingandmarketingexpenses
Generalandadministrativeexpenses
OperatingProfits
InterestCost
OtherIncome
FXGains/(Loss)
PBT
Tax
Profitattributedtocompany
4QFY13
96,078
67,008
6,183
5,820
17,067
395
3,077
62
19,811
3,973
15,838
4QFY12
84,547
59,140
4,838
5,263
15,306
375
2,448
521
17,900
4,848
13,052
YoY(%)
13.6
11.5
12.4
Source:Company,HDFCsecInstResearch
MarginAnalysis
EBITMargins(%)
ITServices
ITProducts
4QFY13
20.2
2.5
3QFY13
20.8
2.4
QoQ(bps)
(64)
10
4QFY12
20.7
4.7
YoY(bps)
(54)
(218)
Page|2
6.0
2.8
4QFY13
2QFY11
Q4FY13
Q3FY13
Q2FY13
Q1FY13
Q4FY12
Q3FY12
Q2FY12
Q1FY12
1.0
1.7
3QFY13
2.0%
6.0%
1.2
2QFY13
0.2
4.0%
Q4FY11
0.1
2.0%
1QFY13
0.8 0.8
1.2
0.7
0.0%
2.5
0.0%
Q3FY11
0.8 0.6
2.0%
1.8
1.8
3.8
2.4
4QFY12
2.0%
1.9
BlendedPricing
3QFY12
1.5
Offshore
3.0
4.0%
6.0%
4.0%
Onsite
6.0%
2QFY12
6.6
TotalVolumegrowth
1QFY12
8.0%
Offshore
BillingRates(QoQ)
3QFY11
Onsite
10.0%
4QFY11
VolumeGrowth(QoQ)
Q2FY11
Volumegrowthcameat2.5%QoQ
(onsitevolumeup2.4%QoQ,
offshorevolumeup2.5%QoQ).
Managementindicated
thatrampinnewdealwinsdrove
volumegrowth
Geographicmix
Revenuegrowthwasdrivenby
India&MiddleEastandAPAC
andotheremergingmarkets.
Developedmarketsremainweak,
whichisacauseforconcern
Geography(%)
Americas
Europe
India&MiddleEast
APACandother
EmergingMarkets
Q4FY11
53.9
28.0
9.1
Q1FY12
53.0
28.6
9.0
Q2FY12
51.7
28.8
9.3
Q3FY12
52.5
28.2
9.1
Q4FY12
52.1
27.7
9.6
Q1FY13
51.6
28.1
8.8
Q2FY13
51.5
28.2
8.6
3QFY13
49.9
29.6
8.8
4QFY13
50.1
28.5
9.4
9.0
9.4
10.2
10.2
10.6
11.5
11.5
11.7
12.0
RevenuesbyGeography
GeographicGrowth(US$mn)
Americas
Europe
India&MiddleEast
APACandotherEmergingmarkets
Q4FY13
794.1
451.7
149.0
190.2
Q3FY13
786.9
466.8
138.8
184.5
QoQgrowth(%)
0.9
(3.2)
7.4
3.1
Q4FY12
800.0
425.4
147.4
163.4
YoYgrowth(%)
(0.7)
6.2
1.1
16.4
Verticalmixofrevenues
Globalmediaandtelecomvertical
remainedweak.Volatilevertical
performanceremainsacausefor
concern
Verticals(%)
GlobalMediaandTelecom
Financesolutions
ManufacturingandHitech
HealthcareandLifeSciencesandServices
RetailandTransportation
Energy&Utilities
Total
Q4FY11
17.2
26.7
19.7
10.5
15.7
10.2
100.0
Q1FY12 Q2FY12
16.8
15.7
26.7
27.1
19.7
19.0
10.2
9.8
15.0
14.7
11.6
13.7
100.0
100.0
Q3FY12
15.4
27.3
19.0
10.0
14.9
13.4
100.0
Q4FY12
14.9
26.6
19.1
10.0
15.4
14.0
100.0
Q1FY13
14.9
26.4
19.4
10.1
15
14.2
100.0
Q2FY13
14.4
27.0
19.0
9.5
15.0
15.1
100.0
Q3FY13
14.3
26.9
18.7
9.9
15.1
15.1
100.0
Q4FY13
13.8
26.3
19.3
10.1
15.1
15.4
100.0
Page|3
Verticalwiserevenues
Vertical(US$mn)
GlobalMediaandTelecom
FinanceSolutions
ManufacturingandHitech
HealthcareandLifeSciencesandServices
RetailandTransportation
EnergyandUtilities
Q4FY13
218.7
416.9
305.9
160.1
239.3
244.1
Q3FY13
225.5
424.2
294.9
156.1
238.1
238.1
QoQgrowth(%)
(3.0)
(1.7)
3.7
2.5
0.5
2.5
Q4FY12
228.8
408.5
293.3
153.6
236.5
215.0
YoYgrowth(%)
(4.4)
2.1
4.3
4.2
1.2
13.5
TechnologyInfrastructure
servicesoutperformedonthe
servicelinefront
Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13

21.4
21.6
21.7
22.1
21.7
22.6
22.8
23.2
23.7
5.9
6.0
6.4
6.6
6.6
6.8
7.1
7.1
7.1
29.8
29.7
30.4
30.5
30.8
30.6
30.7
30.7
31.4
9.3
9.8
9.3
8.8
8.5
8.2
8.4
8.7
8.8
8.5
8.2
8.3
8.4
8.4
8.2
8.5
8.2
7.5
25.1
24.7
23.9
23.6
24.0
23.6
22.5
22.1
21.5
ServiceLines(%)
TechnologyInfrastructureServices
AnalyticsandInformationManagement
BusinessApplicationServices
BPO
ProductEngineering&Mobility
ADM
Q4FY13
24.5
7.1
31.4
8.8
7.5
20.7
Clientmetrics
Revenuesfromtopclientinched
up13%QoQ.However,revenues
fromtop10clientsdeclinedby
1.7%QoQindicatingweaknessin
thetop210clients
Companyindicatedpruningof
selecttailaccounts
ClientDetails
Topcustomer
Topfivecustomers
Top10customers
>100mn
>75mn
>50mn
>20mn
>10mn
>5mn
>3mn
>1mn
TotalNumberofCustomers
Numberofnewcustomers
Q3FY11
3.0%
10.7%
19.2%
Q4FY11
3.1%
11.4%
19.7%
1
10
21
64
113
176
254
433
3
12
22
68
117
180
255
429
880
36
904
68
Q1FY12 Q2FY12
3.3%
3.7%
11.6%
10.9%
19.4%
20.0%
4
5
12
13
24
24
69
70
118
120
195
192
258
267
438
462
937
930
49
44
Q3FY12
3.9%
11.8%
19.9%
Q4FY12
3.5%
11.5%
20.0%
Q1FY13
3.5%
12.2%
20.9%
Q2FY13
3.5%
13.0%
22.3%
Q3FY13
3.2%
13.2%
22.4%
6
14
25
73
121
197
284
462
7
16
25
75
121
208
292
475
8
14
25
73
131
213
302
478
9
16
25
71
133
218
293
475
10
16
26
73
132
214
293
484
953
39
943
41
919
37
939
53
966
50
Q4FY13
3.6%
13.1%
21.9%
10
16
26
76
133
213
291
490
978
52
Page|4
Netadditionsremainedsteadyat
2,907employees.
Voluntaryattritionmoderated
whichisanencouragingsign.
Headcount
Total
Netadditions
GlobalITservicesexclIFOX
Gross
GlobalITserviceexeclIFOXNet
GlobalITservicesexeclIFOXNet
excludingtrainees
Attritions
VoluntaryTTM
VoluntaryQuarterlyAnnualized
InvoluntaryattritionAnnualized
Q3FY11
119,491
3,591
Q4FY11
122,385
2,894
Q1FY12 Q2FY12
126,490 131,730
4,105
5,240
Q3FY12
136,734
5,004
Q4FY12
135,920
(814)
Q1FY13
138,552
2,632
Q2FY13
140,569
2,017
Q3FY13
142,905
2,336
Q4FY13
145,812
2907
68.6%
68.9%
69.7%
69.3%
67.1%
67.4%
68.3%
66.8%
64.8%
64.9%
75.6%
76.1%
76.9%
76.1%
73.5%
74.1%
75.5%
73.7%
71.7%
71.7%
79.9%
79.7%
81.0%
80.7%
77.5%
76.1%
77.9%
77.9%
74.8%
74.6%
21.6%
21.7%
2.2%
22.7%
20.9%
2.5%
22.6%
23.2%
2.0%
21.1%
18.5%
1.3%
19.0%
14.2%
1.6%
17.5%
14.4%
2.5%
15.6%
15.2%
3.2%
14.6%
14.4%
3.5%
14.2%
12.9%
4.0%
13.7%
12.5%
3.7%
Peervaluations
EPS
P/E
CMP
Mcap
(Rsbn)
FY12
FY13
FY14E FY15E
FY12
FY13
Infosys
2,281
1,310
145.6
164.9
166.3
176.9
15.8
13.9
13.8
TCS
1,456
2,855
53.2
70.5
79.4
90.5
27.4
20.7
Wipro
370
900
21.29
24.95
26.0
27.6
17.4
HCLTech
752
522
35.7
55.1
60.7
66.2
21.1
EV/EBIDTA
FY14E FY15E
FY12
FY13
13.0
10.3
9.3
8.5
18.7
16.5
19.2
15.3
14.8
14.2
13.4
11.9
13.6
12.4
11.4
13.1
ROE(%)
FY14E FY15E
FY12
FY13
FY14E
FY15E
7.9
27
26
22
21
13.1
11.4
39
42
39
37
9.6
9.9
8.9
21.3
23.3
19.4
19.2
9.1
8.1
7.2
26
32
29
27
Assumptions
CombinedITservicesrevenues(USDmn)
Growth(%)
GlobalITservices
Growth(%)
AverageExchangeRate
PBITMargin(%)ITservices
PBITMargin(%)ITproducts
EBITmarginConsolidated
Headcount(ITservices)
FY10
4,391
FY11
5,221
18.9%
3863.0
18.5%
FY12
5,921
13.4%
4442.0
15.0%
FY13
6,218
5.0%
4709.0
6.0%
FY14E
6,700
7.7%
5071.6
7.7%
FY15E
7,337
9.5%
5553.4
9.5%
46.14
23.6%
4.6%
45.01
22.7%
4.4%
1,08,071
1,22,385
47.96
20.8%
4.4%
17.7%
1,35,920
54.37
20.7%
2.5%
17.9%
1,45,812
54.00
20.3%
2.8%
17.63%
1,51,644
53.00
20.1%
2.8%
17.64%
1,57,710
3259.3
Page|5
Corebusiness(PostDemerger)
(Rsmn)
Grosssalesandservices
Growth(%)
Costofsalesandservices
Costofsalesandservices/Sales(%)
S&M/Sales
GeneralandAdministrativeexpenses
G&A/Sales
EBIT
EBITMargin(%)
Otherincome
Interest
ForeignExchangegain/(Losses)
ProfitBeforeTaxation
PBTMargin(%)
ProvisionforTax
TaxRate
ProfittoEquityholdersofthecompany
NPM(%)
DilutedEPS(inRs.)
%GrowthinEPS
FY12
3,18,747
FY13
3,74,256
17.4
2,60,665
70%
24,213.00
6.5%
22,032
5.89%
67,346
17.99%
11,317
2,693
2,626
78,596
21.0%
16,912
21.5%
61,684
16.5%
24.95
17.2%
2,25,794
71%
17,953.00
5.6%
18,416
5.78%
56,584
17.75%
8,982
3,371
3,328
65,523
20.6%
12,955
19.8%
52,568
16.5%
21.29
FY14E
4,02,213
7.4
2,81,839
70%
25,339.44
6.3%
24,133
6.00%
70,902
17.63%
12,400
2,400
1,200
82,102
20.4%
18,062
22.0%
64,039
15.9%
26
4.2%
FY15E
4,30,557
7.0
3,02,511
70%
26,686.70
6.2%
25,395
5.90%
75,964
17.64%
12,400
2,400
1,200
87,164
20.2%
19,176
22.0%
67,988
15.8%
27.6
6.2%
Page|6
IncomeStatement
(Rsmn)
NetSales
Growth(%)
CostofSoftwaredevelopment
BalanceSheet
FY11
FY12
FY13
FY14E*
FY15E*
3,10,542
3,71,971
4,30,980
4,02,213
4,30,557
19.8
15.9
(6.7)
7.0
(Rsmn)
ShareCapital
Reserves
FY12
FY13
FY14E*
FY15E*
4,908
4,917
4,926
4,926
4,926
2,34,772
2,80,397
2,78,886
3,24,200
3,72,309
2,04,597
2,53,044
2,86,329
2,71,784
2,91,747
22,172
27,777
36,065
25,339
26,687
TotalShareholdersFunds
GeneralandAdminexpenses
18,339
20,285
23,694
24,133
25,395
MinorityInterest
EBIDTAProfits
65,434
70,865
84,892
80,957
86,728
LongTermDebt
19,759
22,510
854
854
854
21.1
19.1
19.7
20.1
20.1
ShortTermDebt
33,043
36,448
62,962
62,962
62,962
TotalDebt
52,802
58,958
63,816
63,816
63,816
301
353
846
846
846
81
61
EBIDTAProfitMargin(%)
EBIDTAGrowth(%)
Others
FY11
8.3
19.8
(4.6)
7.1
OtherIncome
6,652
8,895
12,828
12,400
12,400
DeferredTaxes
Depreciation
8,211
10,130
12,374
10,055
10,764
LongTermProvisions
(1,933)
(3,491)
(2,822)
(2,400)
(2,400)
Others
445
3,277
2,626
1,200
1,200
Interest
Forexgain/(loss)
SharefromAssociates
TOTALSOURCESOFFUNDS
648
333
(105.0)
PBT
63,035
69,749
85,045
82,102
87,164
NetBlock
Tax
9,714
13,762
18,349
18,062
19,176
Intangibleassets
PAT
53,321
55,987
66,696
64,039
67,988
344
257
339
334
350
52,977
55,730
66,357
63,705
67,638
5.2
19.1
(4.0)
6.2
21.6
22.7
27.0
26.0
27.6
5.1
19.0
(3.7)
6.2
MinorityInterest
APAT
APATGrowth(%)
EPS
EPSGrowth(%)
*Demergeriseffective31March2013.HenceFY14andFY15financialsincludeonlyITservicesand
ITproductsbusiness
2,39,680
2,85,314
2,83,812
3,29,126
3,77,235
691
849
1,171
1,171
1,171
10,313
9,229
8,298
10,733
11,178
3,03,868
3,54,764
3,57,952
4,05,701
4,54,255
55,094
58,988
50,525
55,470
59,706
3,551
4,229
1,714
1,714
1,714
54,818
67,937
54,756
54,756
54,756
2,993
3,232
APPLICATIONOFFUNDS
Goodwill
Equityaccountedinvestee
Investments
49,282
41,961
69,171
69,171
69,171
Inventories
9,707
10,662
3,263
13,223
14,155
UnbilledRevenues
24,149
30,025
31,988
32,981
34,445
TradeReceivables
61,627
80,328
76,635
79,341
84,932
Cash&Equivalents
61,141
77,666
84,838
1,03,947
1,40,482
STLoans&Advances
18,887
20,852
20,798
21,177
21,377
OtherCurrentAssets
28,727
37,524
41,807
48,478
53,146
2,04,238
2,57,057
2,59,329
2,99,148
3,48,537
TotalCurrentAssets
TradePayables
44,052
47,258
48,067
48,486
51,903
OtherCurrentLiabilities
21,199
32,858
32,537
27,382
28,836
Provisions
CurrentLiabilities
NetcurrentAssets
MiscExpenses
TOTALAPPLICATIONOFFUNDS
2,324
1,121
1,174
2,924
3,124
67,575
81,237
81,778
78,792
83,863
1,36,663
1,75,820
1,77,551
2,20,356
2,64,673
1,467
2,597
4,235
4,235
4,235
3,03,868
3,54,764
3,57,952
4,05,701
4,54,255
*Demergeriseffective31March2013.HenceFY14andFY15financialsincludeonlyITservices
andITproductsbusiness
Page|7
CashFlow
(Rsmn)
KeyRatios
FY12
FY13
FY14E*
FY15E*
PATfromOperations
53,321 55,987
66,696
64,039
67,988
PROFITABILITY(%)
Interest
(5,684) (7,651)
(9,417)
(12,400)
(12,400)
8,211 10,129
10,835
10,055
10,764
EBITDAMargin
21.1
19.1
19.7
20.1
20.1
15,260 17,198
17,565
18,062
19,176
EBITMargin
18.4
16.3
16.8
17.6
17.6
(30,671) (35,587) (15,257)
Depreciation
Others
WorkingCapitalChange
OPERATINGCASHFLOW(a)
Capex
FY11
(39,323)
(26,514)
70,422
40,434
59,015
(12,221) (12,977) (10,616)
(15,000)
40,437 40,076
FreeCashFlow
28,216 27,099
Investments&Others
(5,028)
INVESTINGCASHFLOW(b)
CapitalIssuance
DebtIssuance/(paid)
Interest
GPM
FY11
FY12
FY13
FY14E*
FY15E*
34.1
32.0
33.6
32.4
32.2
APATMargin
17.1
15.0
15.4
15.8
15.7
RoE
24.3
21.2
23.3
19.5
19.3
(15,000)
RoCE
19.8
18.4
19.8
17.8
16.8
31.6
28.8
32.8
31.9
31.0
59,806
25,434
44,015
ROIC
4,921 (42,794)
12,400
12,400
EFFICIENCY
(17,249) (8,056) (53,410)
(2,600)
(2,600)
TaxRate(%)
15.4
19.7
21.6
22.0
22.0
25
22
AssetTurnover
1.06
1.09
1.24
1.16
1.13
(10,122)
712
11,394
UnbilledRevenuesdays
22.5
28.3
29.2
27.1
26.3
(696)
(902)
(1,044)
Debtors(days)
72
79
82
72
72
Dividend
(15,585) (17,229) (17,080)
(18,725)
(19,880)
Debt/EBIDTA
0.8
0.8
0.8
0.8
0.7
FINANCINGCASHFLOW(c)
(26,378) (17,397)
(6,721)
(18,725)
(19,880)
NetD/E
(0.2)
(0.2)
(0.3)
(0.3)
(0.4)
(3,190) 14,623
10,291
19,109
36,535
NETCASHFLOW(a+b+c)
*Demergeriseffective31March2013.HenceFY14andFY15financialsincludeonlyITservicesand
ITproductsbusiness
VALUATION
EPS(Rs/sh)
21.6
22.7
27.0
26.0
27.6
CEPS(Rs/sh)
25.0
26.8
32.1
30.1
32.0
BV(Rs/sh)
97.8
116.3
115.7
133.8
153.3
DPS(Rs/sh)
P/E
P/BV
EV/EBITDA
EV/Revenues
5.4
5.7
6.8
6.5
6.9
17.1
16.3
13.7
14.2
13.4
3.8
3.2
3.2
2.8
2.4
13.0
11.9
9.6
9.9
8.8
2.7
2.3
1.9
2.0
1.8
DividendYield(%)
1.5%
1.5%
1.8%
1.8%
1.9%
FreeCashFlowYield(%)
3.1%
3.0%
6.7%
2.8%
4.9%
OCF/EV
4.8%
4.7%
8.6%
5.1%
7.7%
FCF/EV
3.3%
3.2%
7.3%
3.2%
5.8%
*Demergeriseffective31March2013.HenceFY14andFY15financialsincludeonlyITservices
andITproductsbusiness
Page|8
RatingDefinitions
BUY
: Wherethestockisexpectedtodelivermorethan15%returnsoverthenext12months'period
OUTPERFORM
: Wherethestockisexpectedtodeliver0to15%returnsoverthenext12months'period
UNDERPERFORM
: Wherethestockisexpectedtodeliver()10%to0%returnsoverthenext12months'period
SELL
: Wherethestockisexpectedtodeliverlessthan()10%returnsoverthenext12months'period
Disclaimer:ThisreporthasbeenpreparedbyHDFCSecuritiesLtdandismeantforsoleusebytherecipientandnotforcirculation.Theinformationandopinionscontainedhereinhavebeencompiledorarrivedat,
baseduponinformationobtainedingoodfaithfromsourcesbelievedtobereliable.Suchinformationhasnotbeenindependentlyverifiedandnoguaranty,representationofwarranty,expressorimplied,ismade
astoitsaccuracy,completenessorcorrectness.Allsuchinformationandopinionsaresubjecttochangewithoutnotice.Thisdocumentisforinformationpurposesonly.Descriptionsofanycompanyorcompanies
ortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisdocumentisnot,andshouldnotbeconstruedasanofferorsolicitationofanoffer,tobuyorsellanysecuritiesorotherfinancial
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RESULTSREVIEW4QFY13

Emerging markets drive growth: Healthcare and Life

Volume growth for the quarter was driven by ramp

Infrastructure Management Services is presenting

Wage hikes will be given as per schedule, effective

Within BFSI, Retail banking growth remained strong,

Energy & Utilities and Manufacturing remained

Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13

(30,671) (35,587) (15,257)

(12,221) (12,977) (10,616)

(17,249) (8,056) (53,410)

(15,585) (17,229) (17,080)

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