RESULTS REVIEW 1QFY18 21 JUL 2017

Wipro NEUTRAL

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Recovery still awaitedWipro’s 1QFY18 performance was encouraging, but subdued guidance for 2Q indicates continued stress in the core legacy business. Wipro’s growth engine (ex-Digital) remains challenged, and as per management, revenue growth will return to industry level growth-rate by 4QFY18. Sustained recovery in Energy and BFSI is encouraging, but Communication (project closure) and Healthcare (HPS) will continue to face headwinds. Wipro’s focus on Digital (22.8% of revenue, +3.0% QoQ) and Automation (Holmes) will offset some pain from the Legacy business.

USD revenue increased 0.9% QoQ to USD 1,972mn (+0.3% CC), higher than our estimates of USD 1,949mn. Management guided for -0.5 to +1.5% QoQ growth in 2Q, which stood below expectations. Margin for IT services (16.8%, -150 bps QoQ) stood at a multi-year low. In view of inferior growth metrics, no near-term tailwinds and margin challenges (lowest in Tier-1), we maintain our NEUTRAL stance on Wipro, with a TP of Rs 280, at 13x FY19 EPS.

Highlights of the quarter Energy and BFSI recovery strong, margin stressed: IT

services’ EBIT margin contracted 150bps to 16.8% due to INR appreciation (-130bps) and one month impact of salary hike. Energy (+3.2% QoQ, recovered for the third consecutive quarter) while BFSI (+3.6% QoQ) supported growth. Healthcare (-3.1% QoQ) dragged revenue led by HPS. Top-10 clients growth was 4.5% QoQ, highest is the last 17 quarters.

Concall takeaways: (1) HealthPlan Services (HPS) growth will be under pressure for next 1-2 quarters, (2) Digital deal pipeline is witnessing traction (3) ~75K employees trained in Digital, (4) Client-specific issue in communication to continue, (5) ~50% localisation achieved in US and (6) Appirio seeing good deal closures and will fuel digital growth.

Near-term outlook: Wipro’s growth will be challenged in 2QFY18. Two-month salary impact will keep margin under pressure. Buyback announcement of 343mn shares (7% of total shares) at a price of Rs 320 (~19% premium to CMP) will keep the stock buoyant.

Financial Summary YE March (Rs bn) 1QFY18 1QFY17 YoY (%) 4QFY17 QoQ (%) FY15 FY16 FY17 FY18E FY19E Net Sales 136.26 135.99 0.2 139.88 (2.6) 469.55 512.44 550.40 567.49 617.91 EBIT 21.74 21.86 (0.6) 20.00 8.7 91.79 93.07 86.02 95.88 111.41 APAT 20.77 20.52 1.2 22.61 (8.2) 86.53 88.99 80.81 84.83 97.81 Diluted EPS (Rs) 8.7 9.1 (3.6) 8.6 2.1 17.5 18.1 16.7 18.8 21.7 P/E (x) 15.3 14.9 15.4 14.3 12.4 EV / EBITDA (x) 11.4 10.6 10.1 8.1 6.6 RoE (%) 23.0 20.4 16.4 15.5 16.1 Source: Company, HDFC sec Inst Research# Consolidated

INDUSTRY IT CMP (as on 20 Jul 2017) Rs 269 Target Price Rs 280 Nifty 9,873

Sensex 31,904

KEY STOCK DATA

Bloomberg WPRO IN

No. of Shares (mn) 4,866

MCap (Rs bn) / ($ mn) 1,310/20,330

6m avg traded value (Rs mn) 886

STOCK PERFORMANCE (%)

52 Week high / low Rs 284 / 204

3M 6M 12M Absolute (%) 7.7 12.6 (0.1) Relative (%) (0.7) (5.4) (14.4)

SHAREHOLDING PATTERN (%)

Promoters 73.18

FIs & Local MFs 5.93

FPIs 11.19

Public & Others 9.70

Source : BSE

Amit Chandra amit.chandra@hdfcsec.com +91-22-6171-7345 Apurva Prasad apurva.prasad@hdfcsec.com +91-22-6171-7327

WIPRO: RESULTS REVIEW 1QFY18

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QoQ USD Revenue Growth YoY USD Revenue Growth

Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research IT Services EBIT Margin Trend Revenue/Employee Trend

Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

QoQ USD revenue growth at 0.3% CC QoQ was higher than the management guided range of 0 to -2% CC growth Revenue guidance was uninspiring for 2QFY18E, and suggests challenges in the healthcare business IT services EBIT margin has been sliding downwards and is a major area of concern Employee productivity is at multi-quarter lows, will improve with automation Automation has led to release of 2,100 employees from L2 bucket

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WIPRO: RESULTS REVIEW 1QFY18

Page | 3

Quarterly Consolidated Financials Snapshot YE March (Rs bn) 1QFY18 1QFY17 YoY (%) 4QFY17 QoQ (%) IT Services Net Revenues (US $mn) 1.97 1.93 2.1 1.95 0.9 Net Revenues 136.26 135.99 0.2 139.88 (2.6) Operating Expenses 109.58 109.46 0.1 111.69 (1.9) EBITDA 26.68 26.53 0.6 28.18 (5.3) Depreciation 4.94 4.67 6.0 8.18 (39.6) EBIT 21.74 21.86 (0.6) 20.00 8.7 Other Income 6.20 5.20 19.2 5.64 10.0 Interest costs 1.47 1.34 10.3 1.05 40.0 Forex gain/(loss) 0.35 0.98 (64.1) 0.75 (52.6) PBT 26.82 26.71 0.4 25.33 5.9 Minority Interest 0.06 0.07 (16.9) 0.06 1.7 Tax 5.99 6.12 (2.1) 6.74 (11.1) RPAT 20.77 20.52 1.2 22.61 (8.2) E/o (adj for tax) 0.00 0.00 NM 4.08 NM APAT 20.77 20.52 1.2 18.53 12.1 Source: Company, HDFC sec Inst Research Margin Analysis MARGIN ANALYSIS 1QFY18 1QFY17 YoY (bps) 4QFY17 QoQ (bps) Operating Expenses % Net Revenues 80.4 80.5 (8) 79.9 57 EBITDA Margin (%) 19.6 19.5 8 20.1 (57) EBIT Margin (%) 16.0 16.1 (12) 14.3 166 Tax Rate (%) 22.4 22.9 (57) 26.6 (427) APAT Margin (%) 15.2 15.1 15 16.2 (93) Source: Company, HDFC sec Inst Research

Revenue growth will return to industry-level growth rate by 4QFY18 US$ revenue growth guidance of US$1,962/2,001 for 2QFY18E, implying a growth of -0.5/1.5% QoQ, was lower than expectation Digital grew +3.0% QoQ led by Analytics while legacy business (ex-digital) was almost flat QoQ Consolidated EBITDA margin declined 57 bps to 19.6% led by absence of one time benefits last quarter (70 bps), currency appreciation and one month salary hike impact PAT stood at Rs 20.77bn (+12.1% QoQ), higher than our estimate of 19.71bn, led by higher other income

WIPRO: RESULTS REVIEW 1QFY18

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Vertical Revenue Break-up (% of revenue) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Finance Solutions 26.2 25.4 25.6 25.5 25.5 26.0 26.7 Manufacturing & Technology 23.2 23.2 22.5 22.4 22.3 22.8 22.5 Consumer 16.5 16.4 15.8 15.7 15.8 15.8 15.8 Healthcare, Life Sciences & Services 12.0 13.3 15.3 16.0 16.0 15.4 14.8 Energy, Natural Resources & Utilities 14.4 14.0 13.2 12.9 13.0 13.1 13.4 Communications 7.7 7.7 7.6 7.5 7.4 6.9 6.8 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC sec Inst Research

Vertical-wise Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Finance Solutions (1.5) (0.7) 3.4 (1.1) (0.7) 4.7 3.6 Manufacturing & Technology (0.5) 2.4 (0.5) (1.2) (1.1) 5.0 (0.5) Consumer 2.2 1.8 (1.2) (1.4) (0.1) 2.7 0.9 Healthcare, Life Sciences & Services 5.6 13.5 18.0 3.8 (0.7) (1.1) (3.1) Energy, Natural Resources & Utilities (1.7) (0.5) (3.3) (3.0) 0.1 3.5 3.2 Communications 1.7 2.4 1.3 (2.1) (2.0) (4.2) (0.6) Total 0.3 2.4 2.6 (0.8) (0.7) 2.7 0.9 Source: Company, HDFC sec Inst Research

Energy vertical growth continues for the third consecutive quarter Healthcare and Communication continued to remain under stress Shift to cloud and hyper automation is supporting growth in Digital. Healthcare will be stressed due to uncertainty in the HPS account; recovery will take at least one-two quarters BFSI is witnessing strong traction on the digital side especially in US geography.

WIPRO: RESULTS REVIEW 1QFY18

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Service Line Break-Up (% of revenue) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Application Services 46.7 45.3 44.7 43.8 44.4 45.7 45.8 Global Infrastructure Services 28.1 28.9 27.9 28.2 28.1 28.0 28.1 BPO 7.4 10.6 12.9 13.4 13.3 12.3 12.0 Wipro Analytics 9.8 7.2 7.4 7.3 7.0 6.9 7.1 Product Engineering 8.0 8.0 7.1 7.3 7.2 7.1 7.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC sec Inst Research

Service Line Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Application Services 0.1 (0.7) 1.2 (2.7) 0.7 5.7 1.1 Global Infrastructure Services 0.7 5.3 (1.0) 0.3 (1.1) 2.4 1.2 BPO 0.3 10.7 24.9 3.1 (1.4) (5.0) (1.6) Wipro Analytics (1.0) (0.4) 5.4 (2.1) (4.8) 1.3 3.8 Product Engineering 1.6 2.4 (8.9) 2.0 (2.1) 1.3 (0.5) Total 0.3 2.4 2.6 (0.8) (0.7) 2.7 0.9 Source: Company, HDFC sec Inst Research

From a service line perspective, IMS (+1.2% QoQ), Analytics (+3.8% QoQ) and Application services (+1.1%) contributed to growth, while BPO declined 1.6% QoQ due to an issue in health plan services.

WIPRO: RESULTS REVIEW 1QFY18

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Geographic Revenue Break-up (% of revenue) 3QFY16 4QFY16 1QFY17 2QFY17 4QFY17 4QFY17 1QFY18 Americas 52.8 52.5 53.5 54.8 55.5 54.9 54.5 Europe 24.8 25.6 25.4 24.0 23.6 24.4 24.2 APAC & Other Emerging Markets 11.4 10.9 10.7 10.8 10.9 10.8 10.9 India & Middle East 11.0 11.0 10.4 10.4 10.0 9.9 10.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC sec Inst Research Geographic Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 4QFY17 4QFY17 1QFY18 Americas (0.0) 1.8 4.5 1.7 0.6 1.6 0.1 Europe (1.2) 5.7 1.8 (6.2) (2.4) 6.2 0.0 APAC & Other Emerging Markets 2.1 (2.1) 0.7 0.2 0.2 1.8 1.8 India & Middle East 4.1 2.4 (3.0) (0.8) (4.5) 1.7 6.0 Total 0.3 2.4 2.6 (0.8) (0.7) 2.7 0.9 Source: Company, HDFC sec Inst Research

Onsite-offshore Split (IT services Ex-BPO) (% of revenue) 3QFY16 4QFY16 1QFY17 2QFY17 4QFY17 4QFY17 1QFY18 Onsite revenue 53.8 54.2 54.4 53.9 53.5 52.8 53.6 Offshore revenue 46.2 45.8 45.6 46.1 46.5 47.2 46.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC sec Inst Research Onsite-offshore Growth (IT services Ex-BPO) (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 4QFY17 4QFY17 1QFY18 Onsite revenue 0.2 2.2 0.3 (2.2) (1.3) 2.5 2.8 Offshore revenue 0.6 0.6 (0.5) (0.2) 0.3 5.5 (0.5) Total 0.3 1.5 (0.0) (1.3) (0.6) 3.9 1.2 Source: Company, HDFC sec Inst Research

Americas and Europe growth was muted in the quarter India & Middle East and APAC recovered strongly due to project specific tailwinds

WIPRO: RESULTS REVIEW 1QFY18

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Headcount, Attrition And Utilisation Data (Nos.) 3QFY16 4QFY16 1QFY17 2QFY17 4QFY17 4QFY17 1QFY18 Total headcount 170,664 156,831 158,272 159,791 164,176 165,481 166,790 Net additions 2,268 NM 1,441 1,519 4,385 1,305 1,309 Voluntary TTM attrition (%) 16.3 16.1 16.5 16.6 16.3 16.3 15.9 Utilisation including trainees (%) 73.8 76.1 78.8 80.2 80.0 81.9 80.3 Utilisation excluding trainees (%) 78.0 77.5 79.7 82.8 81.9 84.8 82.1 Source: Company, HDFC sec Inst Research

Key Assumptions Particulars FY15 FY16 FY17 FY18E FY19E USD revenue growth (%) 7.0 3.7 4.9 4.8 8.4 USD/INR rate 62.1 66.3 68.6 67.0 67.5 EBIDTA Margin (%) 22.3 21.1 19.8 20.6 21.7 Source: Company, HDFC sec Inst Research

Utilisation excluding trainees dropped sharply by 270 bps to 82.1% FTE’s released from automation are in the training stage, it led to a fall in utilization. We expect it to recover gradually and will remain an important margin lever for the company

WIPRO: RESULTS REVIEW 1QFY18

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Change In Estimates

Particulars Earlier estimates FY18E Revised estimates

FY18E % change

IT revenue (US$bn) 8.00 8.07 0.9 Net revenue (Rsbn) 561.54 567.49 1.1 Cons. EBITDA (Rsbn) 115.80 116.73 0.8 EBITDA margin (%) 20.6 20.6 (5)bps EPS (Rs) 18.2 18.8 3.6

FY19E FY19E % change IT revenue (US$bn) 8.57 8.75 2.1 Net revenue (Rsbn) 605.36 617.91 2.1 Cons. EBITDA (Rsbn) 128.94 134.17 4.1 EBITDA margin (%) 21.3 21.7 41bps EPS (Rs) 20.3 21.7 6.9 Source: HDFC sec Inst Research

Peer Valuation

Company Mcap (Rs bn) CMP (Rs) Reco

TP (Rs)

EPS (Rs) P/E (x) RoE (%) FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E

TCS 4,680 2,445 NEU 2,500 133.4 134.8 147.1 18.3 18.1 16.6 33.4 30.4 31.2 Infosys 2,217 969 BUY 1,120 62.8 63.2 70.4 15.4 15.3 13.8 22.0 20.9 22.3 Wipro 1,305 269 NEU 280 16.7 18.8 21.7 15.4 14.3 12.4 16.4 15.5 16.1 HCL Tech 1,264 886 BUY 950 57.6 60.4 67.4 15.4 14.7 13.1 27.1 24.6 24.6 Tech M 348 392 NEU 406 31.6 30.4 33.9 12.4 12.9 11.6 18.1 15.8 15.9 Source: HDFC sec Inst Research

WIPRO: RESULTS REVIEW 1QFY18

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Consolidated Income Statement YE March (RS bn) FY15 FY16 FY17 FY18E FY19E IT Services Net Revenues (US $bn) 7.08 7.35 7.70 8.07 8.75 Growth (%) 7.0 3.7 4.9 4.8 8.4 Net Revenues 469.55 512.44 550.40 567.49 617.91 Growth (%) 8.1 9.1 7.4 3.1 8.9 Operating Expenses 364.94 404.40 441.28 450.76 483.74 EBITDA 104.61 108.04 109.13 116.73 134.17 EBITDA (%) 22.3 21.1 19.8 20.6 21.7 EBITDA Growth (%) 7.7 3.3 1.0 7.0 14.9 Depreciation 12.82 14.97 23.11 20.85 22.77 EBIT 91.79 93.07 86.02 95.88 111.41 Other Income 19.86 23.44 21.66 18.00 18.37 Interest 3.60 5.58 5.18 5.41 4.98 Forex gains/(losses) 3.64 3.87 3.78 1.77 2.56 PBT 111.68 114.80 106.27 110.24 127.35 Tax (incl deferred) 24.62 25.32 25.21 25.18 29.29 Minority Interest and associate profit -0.53 -0.49 -0.25 -0.23 -0.25

RPAT 86.53 88.99 84.90 84.83 97.81 EO (Loss) / Profit (Net Of Tax) 0.00 0.00 4.08 0.00 0.00 APAT 86.53 88.99 80.81 84.83 97.81 APAT Growth (%) 11.0 2.8 (9.2) 5.0 15.3 EPS 17.5 18.1 16.7 18.8 21.7 EPS Growth (%) 10.8 3.0 (7.8) 13.0 15.3 Source: Company, HDFC sec Inst Research

Consolidated Balance Sheet YE March (Rs bn) FY15 FY16 FY17 FY18E FY19E SOURCES OF FUNDS Share Capital - Equity 4.94 4.94 4.86 9.03 9.03 Reserves 403.05 460.23 515.44 568.60 629.47 Total Shareholders' Funds 407.98 465.17 520.30 577.64 638.50 Minority Interest 1.65 2.21 2.39 2.62 2.87 Total Debt 78.91 125.22 142.41 142.41 142.41 Net Deferred Taxes 0.30 0.82 3.52 3.52 3.52 Long Term Provisions & Others 10.43 15.59 15.05 15.05 15.05 TOTAL SOURCES OF FUNDS 499.27 609.02 683.68 741.24 802.35 APPLICATION OF FUNDS 0.00 0.00 0.00 0.00 0.00 Net Block 48.74 58.74 60.84 51.35 40.94 CWIP 5.47 6.21 8.95 8.95 8.95 Goodwill & Other Intangible Assets 76.01 117.83 141.72 141.72 141.72 LT Loans & Advances, Others 30.38 32.75 36.01 36.01 36.01 Total Non Current Assets 160.60 215.53 247.52 238.02 227.62 Inventories 4.85 5.39 3.92 3.97 4.33 Debtors 91.53 100.98 98.84 108.83 118.50 Cash & Equivalents 212.85 303.29 344.74 404.02 470.72 Other Current Assets 127.26 94.53 95.40 99.31 105.04 Total Current Assets 436.49 504.19 542.90 616.14 698.60 Creditors 58.75 68.19 65.49 71.10 76.22 Other Current Liabilities & Provns 39.08 42.51 41.26 41.82 47.63 Total Current Liabilities 97.82 110.70 106.74 112.92 123.86 Net Current Assets 338.67 393.49 436.15 503.22 574.74 TOTAL APPLICATION OF FUNDS 499.27 609.02 683.68 741.24 802.35 Source: Company, HDFC sec Inst Research

WIPRO: RESULTS REVIEW 1QFY18

Page | 10

Consolidated Cash Flow YE March (RS bn) FY15 FY16 FY17 FY18E FY19E Reported PBT 111.68 114.80 106.27 110.24 127.35 Non-operating & EO items -14.00 -18.10 -19.76 -18.00 -18.37 Interest expenses 3.60 5.58 5.18 5.41 4.98 Depreciation 12.82 14.97 23.11 20.85 22.77 Working Capital Change -7.98 -5.99 4.54 -7.78 -4.82 Tax paid -24.27 -26.94 -25.48 -25.18 -29.29 OPERATING CASH FLOW ( a ) 81.86 84.32 93.87 85.54 102.62 Capex -11.27 -13.17 -19.65 -11.35 -12.36 Free cash flow (FCF) 70.59 71.15 74.23 74.19 90.26 Investments -37.27 -39.11 -33.83 0.00 0.00 Non-operating income 12.43 18.43 17.38 18.00 18.37 INVESTING CASH FLOW ( b ) -36.12 -33.85 -36.10 6.65 6.01 Debt Issuance 21.88 35.25 12.98 0.00 0.00 Interest expenses -3.60 -5.58 -5.18 -5.41 -4.98 FCFE 88.87 100.82 82.03 68.78 85.28 Share capital Issuance 0.01 0.00 0.00 4.17 0.00 Dividend -29.49 -35.49 -8.73 -31.67 -36.95 FINANCING CASH FLOW ( c ) -11.20 -5.82 -0.94 -32.91 -41.93 NET CASH FLOW (a+b+c) 34.54 44.65 56.84 59.28 66.70 Non-operating and EO items 3.55 45.79 -15.39 0.00 0.00 Closing Cash & Equivalents 212.85 303.29 344.74 404.02 470.72

Source: Company, HDFC sec Inst Research

Key Ratios FY15 FY16 FY17 FY18E FY19E PROFITABILITY (%) EBITDA Margin 22.3 21.1 19.8 20.6 21.7 APAT Margin 18.4 17.4 14.7 14.9 15.8 RoE 23.0 20.4 16.4 15.5 16.1 RoIC or Core RoCE 19.6 17.8 14.7 17.8 21.6 RoCE 16.2 14.1 11.2 10.8 11.4 EFFICIENCY Tax Rate (%) 22.4 22.0 22.1 22.8 22.8 Fixed Asset Turnover (x) 3.9 3.6 3.5 3.4 3.4 Debtors (days) 72 71 72 66 70 Payables (days) 55 57 59 51 55 Cash Conversion Cycle (days) 17 14 13 14 15 Net Debt/EBITDA (x) (1.3) (1.6) (1.9) (2.2) (2.4) Net Debt/Equity (x) (0.3) (0.4) (0.4) (0.5) (0.5) Interest Coverage (x) 25.5 16.7 16.6 17.7 22.4 PER SHARE DATA EPS (Rs/sh) 17.5 18.1 16.7 18.8 21.7 CEPS (Rs/sh) 20.1 21.1 22.3 23.5 26.8 DPS (Rs/sh) 6.0 7.2 1.8 7.1 8.2 BV (Rs/sh) 82.7 94.4 107.3 128.2 141.7 VALUATION P/E 15.3 14.9 15.4 14.3 12.4 P/BV 3.3 2.8 2.5 2.1 1.9 EV/EBITDA 11.4 10.6 10.1 8.1 6.6 OCF/EV (%) 6.9 7.4 8.5 9.0 11.7 FCF/EV (%) 5.9 6.2 6.8 7.8 10.2 FCFE/mkt cap (%) 6.7 7.6 6.3 5.7 7.1 Dividend Yield (%) 1.9 2.3 0.6 2.2 2.6

Source: Company, HDFC sec Inst Research

WIPRO: RESULTS REVIEW 1QFY18

Page | 11

Rating Definitions BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Date CMP Reco Target 6-Oct-16 240 NEU 261

22-Oct-16 250 NEU 258 9-Jan-17 235 NEU 262

27-Jan-17 237 NEU 257 26-Apr-17 247 NEU 244 21-Jul-17 269 NEU 280

RECOMMENDATION HISTORY

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Wipro TP

WIPRO: RESULTS REVIEW 1QFY18

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Disclosure: We, Amit Chandra, MBA & Apurva Prasad, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. 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WIPRO: RESULTS REVIEW 1QFY18

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Recovery still awaitedHighlights of the quarterFinancial SummaryQuarterly Consolidated Financials SnapshotMargin AnalysisVertical Revenue Break-upVertical-wise Revenue GrowthService Line Break-UpService Line GrowthGeographic Revenue Break-upGeographic Revenue GrowthOnsite-offshore Split (IT services Ex-BPO)Onsite-offshore Growth (IT services Ex-BPO)Headcount, Attrition And Utilisation DataKey AssumptionsChange In EstimatesPeer Valuation