Safal Niveshak Stock Analysis Excel (V

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1. Ensure that the company whose data you are downloading has numbers at least starting from FY11 (Ma
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Safal Niveshak Stock Analysis Na
Excel (Ver. 5.0)
Analysis
www.safalniveshak.com

Basic Company Details Balance Sheet

Parameters Details
Company WIPRO LTD Income Statemen
Current Stock Price (Rs) 390
Face Value (Rs) 2.0
No. of Shares (Crore) 548.7 Cash Flow
Market Capitalization (Rs Crore) 213,838
Key Ratios
Key Financials - Trend
Parameters Details
Sales Growth (9-Year CAGR) 8.7% Charts
Profit Before Tax Growth (9-Year CAGR) 7.5%
Net Profit Growth (9-Year CAGR) 7.9% Common Size
Average Debt/Equity (5-Years, x) 0.2
Average Return on Equity (5-Years) 17.8%
Average P/E (5-Years, x) 18.4 Quarterly
TTM EPS (Rs) 11,279
Latest P/E (x) 19.0

If you have received Safal Niveshak’s Stock Analysis Excel

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 Navigation Buttons Warning! Excel can be a won
can be a deadly weapon if yo
So be very careful of what you
always equal garbage out. And
you must do with a given
Analysis Valuation a

Balance Sheet Dhandho IV

Income Statement Ben Graham Remember! Focus on de

disconfirming ev
Cash Flow DCF

Key Ratios Expected Returns Please! It's your money. Ple

excel cause you to lose it all
own thinking, but you alone ar
Charts to live peacefully ever after! I
the hard work by analyzing co
Common Size give you a compass instead of
territory and l
Quarterly

Instructions
! Excel can be a wonderful tool to analyze the past. But it
deadly weapon if you wish to use it to predict the future!
y careful of what you are getting into. Here, garbage in will
ual garbage out. And if you need the excel to tell you what
must do with a given stock, you must not use this tool
anyways.

ember! Focus on decisions, not outcomes. Look for

disconfirming evidence. Calculate. Pray!

It's your money. Please don't blame me if results of this

use you to lose it all! I've designed this excel to aid your
ing, but you alone are responsible for your actions. I want
acefully ever after! I am not a sadist who wants you to do
work by analyzing companies on your own. But I'd rather
compass instead of a map, for you can confuse map with
territory and lose it all. All the best!
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter
Consumer monopoly or commodity?

Understand how business works

Is the company conservatively
financed?
Are earnings strong and do they
show an upward trend?
Does the company stick with what it
knows?
Has the company been buying back
its shares?
Have retained earnings been
invested well?
Is the company’s return on equity
above average?
Is the company free to adjust prices
to inflation?
Does the company need to
constantly reinvest in capital?
Conclusion

Never Forget

Go to Main Sheet
 Buffett Checklist - Read, Remember, Follow!
Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that makes the product uniqu
companies will typically have high gross-and
Source operatingbyprofit
Buffettology Marymargins
Buffett because
& David Clark of their unique niche. However, don't just go on margins as hi
Try
may to invest in industries where you possess some specialized knowledge
simply highlight companies within industries with traditionally high margins. Thus,
Explanation (where you look
work) fororcompanies
can more effectively
with gross,judge a company,
operating and netits ind
profi
competitive
above industry environment
norms. Also (simple products
look for strong you
growthconsume). While
in earnings andit ishigh
difficult
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the past. filter, you should be able to identify are
You should "only" consider analyzing those companies that operate in areas that you can clearly grasp - your circle of competence. Of cours
Seeks
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seekconsistent,
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with 5/10free
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cash flows.per share growth greater than 25% (along with safe balance sheets). To help indicate that earnings growth is still stro
companies where the last 3-years earnings growth rate is higher than the last 10-years growth rate. More important than the rate of growth is
Like you should
consistency in suchstock to yourSo
growth. circle of competence,
exclude companies with a company
volatile should
earnings invest
growth its capital only in
in the past, eventhose businesses
if the "average"within
growthitshas
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been high.
difficult factor to screen for on a quantitative level. Before investing in a company, look at the company’s past pattern of acquisitions and new
Buffett
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of operations thethe
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firm. Beprovided
cautiousthat profitable opportunities
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Buffett favours shareholder-enhancing maneuvers such as share buybacks. While we do not screen for this factor, a follow-up examination o
would reveal if it has a share buyback plan in place.
Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have been employed profitably. A great w
Consider it a positiveissign
for such companies when aatcompany
by looking those thatis have
able to earn
had above-average
consistent earnings(better than competitors)
and strong return on equity returns on past.
in the equity without employing muc
Average return on equity for Indian companies over the last 10 years is approximately 16%. Thus, seek companies that earn at least this mu
more than this. Again, consistency is the key here.
Companies
That's what that is calledconsistently
"pricing need
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Companies theirmoat
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andseenprofits
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low debt etc.) are able to adjust prices to inflation without the risk of losing significant volume sales. earnings must first go toward maintaining current operations
levels, so the lower the amount needed to maintain current operations, the better. Here, more than just an absolute assessment, a compariso
Sensible
competitors investing
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lot. Seek using “folly
companies thatand discipline”generate
consistently - the discipline
positive to and
identify excellent
rising free cash businesses,
flows. and wait for the folly of the mar
down the value of these businesses to attractive levels. You will have little trouble understanding this philosophy. However, its successful im
dependent upon your dedication to learn and follow the principles, and apply them to pick stocks successfully.

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
WIPRO LTD
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 492 493 494 494 486 905 1,207 1,143 1,096 1,096
Reserves 26,072 31,636 36,598 45,651 51,184 47,022 55,216 54,179 53,805 64,307
Borrowings 6,381 5,159 7,891 12,522 14,241 13,901 9,947 9,724 10,451 17,593
Other Liabilities 10,675 12,245 13,367 12,924 12,761 13,563 16,217 15,954 17,213 24,280
Total 43,621 49,533 58,350 71,590 78,672 75,391 82,586 81,000 82,566 107,276

Net Block 9,996 10,649 10,837 17,279 19,887 18,127 17,465 22,062 23,040 37,990
Capital Work in Progress 407 369 395 381 738 1,378 2,142 1,881 1,853 1,602
Investments 6,765 6,146 5,532 20,915 29,913 25,797 22,887 20,032 18,775 26,154
Other Assets 26,454 32,368 41,586 33,016 28,135 30,090 40,093 37,024 38,898 41,531
Total 43,621 49,533 58,350 71,590 78,672 75,391 82,586 81,000 82,566 107,276

Working Capital 15,778 20,123 28,219 20,092 15,374 16,526 23,876 21,071 21,684 17,251
Debtors 7,670 8,547 9,155 9,961 9,485 10,099 10,049 10,447 9,430 11,522
Inventory 326 229 485 539 392 337 395 187 106 133
Cash & Bank** 934 2,756 3,278 2,791 6,393 2,085 6,351 6,558 2,510 3,096
** Manually enter the Cash & Bank number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

TREND OVER YEARS

Key Ratios Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 10 YEARS 7 YEARS 5 YEARS 3 YEARS
Debtor Days 75 72 71 71 62 68 62 62 56 53 65.2 62.0 60.2 57.0
Inventory Turnover 115 189 97 95 142 162 149 328 582 595 245.3 293.2 363.1 501.5
Fixed Asset Turnover 3.7 4.1 4.3 3.0 2.8 3.0 3.4 2.8 2.7 2.1 3.2 2.8 2.8 2.5
Debt/Equity 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2
Return on Equity 23% 25% 23% 19% 16% 17% 16% 18% 20% 19% 20% 18% 18% 19%
Return on Capital Employed 25% 28% 26% 21% 18% 18% 19% 20% 22% 19% 21% 19% 19% 20%
Return on Invested Capital 19% 23% 21% 16% 14% 13% 15% 17% 17% 15% 17% 15% 16% 16%

Go to Main Sheet
 Profit & Loss Account / Income Statement
WIPRO LTD TREND OVER YEARS
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Sales 37,430 43,424 46,951 51,244 55,448 54,487 59,019 61,138 61,935 79,312 85,244 8.7% 7.8% 7.4% 10.4%
% Growth YOY 16% 8% 9% 8% -2% 8% 4% 1% 28%
Expenses 29,773 33,789 36,652 40,448 44,128 44,100 47,406 48,795 47,163 62,628 69,135 8.6% 8.0% 7.3% 9.7%
Material Cost (% of Sales) 8% 7% 7% 6% 5% 3% 2% 2% 1% 1%
Power and Fuel 1% 1% 1% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 11% 12% 12% 0% 0% 0% 0% 0% 0% 0%
Employee Cost 48% 48% 48% 48% 48% 50% 51% 53% 54% 57%
Selling and Admin Cost 8% 8% 8% 21% 25% 25% 25% 23% 20% 20%
Gross Profit 34,328 40,450 43,510 48,189 52,892 52,644 57,612 60,202 61,239 78,639 9.6% 8.8% 8.3% 10.9%
Gross Profit Margin 92% 93% 93% 94% 95% 97% 98% 98% 99% 99% 95.8% 97.2% 98.1% 98.8%
Operating Profit 7,657 9,635 10,299 10,796 11,321 10,387 11,613 12,342 14,771 16,684 16,109 9.0% 7.1% 8.1% 12.8%
Operating Profit Margin 20% 22% 22% 21% 20% 19% 20% 20% 24% 21% 19% 21.0% 20.8% 20.8% 21.7%
Other Income 1,441 1,922 2,450 2,752 2,623 2,550 2,614 2,728 2,404 2,067 1,968
Other Income as % of Sales 3.8% 4.4% 5.2% 5.4% 4.7% 4.7% 4.4% 4.5% 3.9% 2.6% 2.3%
Depreciation 940 1,060 1,175 1,496 2,310 2,112 1,947 2,086 2,763 3,078 3,051
Interest 289 383 350 558 594 583 738 733 509 533 744
Interest Coverage(Times) 28 27 33 22 20 19 17 18 28 29 20
Profit before tax (PBT) 7,869 10,114 11,224 11,494 11,039 10,242 11,542 12,252 13,903 15,141 14,283 7.5% 4.4% 6.5% 9.5%
% Growth YOY 29% 11% 2% -4% -7% 13% 6% 13% 9%
PBT Margin 21% 23% 24% 22% 20% 19% 20% 20% 22% 19% 17% 21.0% 20.3% 20.0% 20.5%
Tax 1,687 2,123 2,510 2,537 2,521 2,239 2,524 2,480 3,035 2,897 3,010
Tax Rate 21.4% 21.0% 22.4% 22.1% 22.8% 21.9% 21.9% 20.2% 21.8% 19.1% 21.1%
Net profit 6,182 7,991 8,714 8,957 8,518 8,003 9,018 9,772 10,868 12,243 11,273 7.9% 5.0% 7.5% 10.7%
% Growth YOY 29% 9% 3% -5% -6% 13% 8% 11% 13%
Net Profit Margin 17% 18% 19% 17% 15% 15% 15% 16% 18% 15% 13% 16.5% 16.0% 15.8% 16.3%
EPS 9.4 12.2 13.2 13.6 13.1 13.3 14.9 17.1 19.8 22.3 20.5 10.1% 7.8% 11.2% 14.3%
% Growth YOY 29% 9% 3% -3% 1% 13% 14% 16% 13%
Price to earning 17.5 16.8 17.8 15.6 14.7 15.9 17.0 11.5 20.9 26.5 0.0 17.4 17.4 18.4 19.6
Price 164 204 236 212 193 211 255 197 414 592 390
Dividend Payout 27.9% 24.7% 34.0% 16.5% 5.7% 5.7% 6.7% 5.8% 5.0% 26.9%
Market Cap 107,965 133,969 155,269 139,415 125,363 127,184 153,744 112,383 226,917 324,485 13.0% 11.1% 20.9% 28.3%
Retained Earnings 4,459 6,019 5,752 7,475 8,032 7,551 8,414 9,200 10,320 8,954
Buffett's $1 Test 2.8

Check for long term vs short term trends here.

Check for wide fluctuations in key expense items. For
Check if the growth over past 3 or 5 years has
manufacturing firms, check their material costs etc. For
slowed down / improved compared to long term
services firms, look at employee costs.
(7 to 10 years) growth numbers.

Go to Main Sheet
 Cash Flow Statement
WIPRO LTD TREND OVER YEARS
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Total 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Cash from Operating Activity (CFO) 6,394 6,790 7,840 7,887 9,277 8,423 11,632 10,064 14,755 11,080 94,143 6.3% 5.1% 3.6% -1.6%
% Growth YoY 6% 15% 1% 18% -9% 38% -13% 47% -25%
Cash from Investing Activity -4,537 -284 -2,537 -13,761 -11,770 3,595 5,065 3,593 685 -22,321 -42,270
Cash from Financing Activity -1,140 -3,570 -830 -159 -2,275 -12,998 -4,937 -15,100 -12,884 4,659 -49,233
Net Cash Flow 717 2,936 4,474 -6,032 -4,767 -979 11,760 -1,442 2,556 -6,583 2,639
CFO/Sales 17% 16% 17% 15% 17% 15% 20% 16% 24% 14%
CFO/Net Profit 103% 85% 90% 88% 109% 105% 129% 103% 136% 90%
Capex** 163 87 488 213 253 259 191 170 87 266 5.6% -8.3% 1.0% 11.7%
FCF 6,231 6,703 7,352 7,675 9,024 8,164 11,441 9,895 14,668 10,814 91,966 6.3% 5.7% 3.7% -1.9%
Average FCF (3 Years) 11,792
FCF Growth YoY 8% 10% 4% 18% -10% 40% -14% 48% -26%
FCF/Sales 17% 15% 16% 15% 16% 15% 19% 16% 24% 14%
FCF/Net Profit 101% 84% 85% 86% 106% 102% 127% 102% 136% 88%

** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use ") Purchase of Property, Plant and Equipment
minus Sales of ) Purchase of Property, Plant and Equipment" number shown under "Cash Flow from Investing Activities" segment of Consolidated
Cash Flow Statement available in the Annual Reports

Go to Main Sheet
 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Sales Growth 16.0% 8.1% 9.1% 8.2%
Expenses Growth 13.3% 10.0% 9.1% 8.1%
Sustainable Growth Rate 16.8% 18.7% 15.5% 16.2% 15.5%
Gross Profit Growth 17.8% 7.6% 10.8% 9.8%
PBT Growth 28.5% 11.0% 2.4% -4.0%
Net Profit Growth 29.3% 9.0% 2.8% -4.9%
Dividend Growth 14.4% 50.2% -50.0% -67.2%
Dividend Payout 27.9% 24.7% 34.0% 16.5% 5.7%

Gross Margin 91.7% 93.2% 92.7% 94.0% 95.4%

Operating Margin 20.5% 22.2% 21.9% 21.1% 20.4%
PBT Margin 21.0% 23.3% 23.9% 22.4% 19.9%
Net Margin 16.5% 18.4% 18.6% 17.5% 15.4%

Debtor Days 74.8 71.8 71.2 71.0 62.4

Inventory Turnover 114.7 189.4 96.8 95.1 141.6
Fixed Asset Turnover 3.7 4.1 4.3 3.0 2.8
Total Asset Turnover 1.2 1.1 1.2 1.4 1.4
Debt/Equity 0.2 0.2 0.2 0.3 0.3
Debt/Assets 14.6% 10.4% 13.5% 17.5% 18.1%
Interest Coverage (Times) 28 27 33 22 20
Return on Equity 23.3% 24.9% 23.5% 19.4% 16.5%
Return on Capital Employed 24.8% 28.2% 25.7% 20.5% 17.7%
Return on Invested Capital 19.3% 23.1% 20.9% 16.0% 14.3%

Free Cash Flow (Rs Cr) 6,231 6,703 7,352 7,675 9,024
Operating Cash Flow Growth 6.2% 15.5% 0.6% 17.6%
Free Cash Flow Growth 7.6% 9.7% 4.4% 17.6%
FCF/Sales 17% 15% 16% 15% 16%
CFO/Total Assets 15% 14% 13% 11% 12%
CFO/Total Debt 100% 132% 99% 63% 65%
Cash Interest Coverage 28.9 24.2 30.6 19.7 20.9
CFO/Capex 39.3 78.2 16.1 37.1 36.6

Go to Main Sheet
 Key Ratios
WIPRO LTD
Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
-1.7% 8.3% 3.6% 1.3% 28.1%
0.4% 8.0% 1.8% -2.7% 33.1%
15.8% 14.9% 16.6% 18.8% 13.7%
-0.5% 9.4% 4.5% 1.7% 28.4%
-7.2% 12.7% 6.1% 13.5% 8.9%
-6.0% 12.7% 8.4% 11.2% 12.7%
-6.9% 33.4% -5.3% -4.1% 500.3%
5.7% 6.7% 5.8% 5.0% 26.9%

96.6% 97.6% 98.5% 98.9% 99.2%

19.1% 19.7% 20.2% 23.8% 21.0%
18.8% 19.6% 20.0% 22.4% 19.1%
14.7% 15.3% 16.0% 17.5% 15.4%

67.7 62.1 62.4 55.6 53.0

161.7 149.4 327.8 582.1 594.5
3.0 3.4 2.8 2.7 2.1
1.4 1.4 1.3 1.3 1.4
0.3 0.2 0.2 0.2 0.3
18.4% 12.0% 12.0% 12.7% 16.4%
19 17 18 28 29
16.7% 16.0% 17.7% 19.8% 18.7%
17.5% 18.5% 20.0% 22.1% 18.9%
13.4% 15.0% 16.7% 17.3% 15.3%

8,164 11,441 9,895 14,668 10,814

-9.2% 38.1% -13.5% 46.6% -24.9%
-9.5% 40.1% -13.5% 48.2% -26.3%
15% 19% 16% 24% 14%
11% 14% 12% 18% 10%
61% 117% 103% 141% 63%
19.3 20.2 18.1 36.0 27.2
32.5 61.0 59.4 168.9 41.6
Key Ratios
WIPRO LTD
What to look for?
Higher is better, but also look for long term stability and consistency
Lower is better, but compare with sales growth. Growth higher than sales growth suggests weakening pric
Higher is better, as it indicates the effectiveness and efficiency with which the company is managing its op
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the managemen

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also c

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)

Nil / lower than 0.5 / reducing is better

Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)

Look for positive and rising number. If the company consistently generates negative FCF over say 10 year
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
The higher the percentage, the better as it shows how profitable the company is. Check for OCF growing in
Higher is better. Show how well the company uses its assets to generate operating cash flow
Higher, and more than 100%, is better. Shows the ability of the company to use its operating cash flows to
Indicates the company's ability to make interest payments on its entire debt. A highly leveraged company w
Measures the capital available for internal reinvestment and for payments on existing debt. When this ratio
a sign of weakness and inconsistency

balance sheet will have a high multiple. Any company with a cash interest multiple less than 1.0 runs an immediate r
ble to meet its capital investment
runs an immediate risk of potential default
 Key Charts - Performance At
WIPRO LTD

Profit Margin Gross Margin Operating Margin PBT Margin Net Margin
Capital Al
1.1
1 0.3
0.9 0.25
0.8
0.7 0.2
0.6
0.5 0.15
0.4
0.3 0.1
0.2 0.05
0.1
Check for a rising trend and/or consistency. Compare with a close competitor.
0 0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

Revenue (Rs Crore) Annual G

90000 0.5
80000
70000 0.3
60000
50000
40000 0.1
30000
20000
-0.1
10000
0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651 -0.3
 20000
-0.1
10000
0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651 -0.3

Sustainable Growth Sales Growth Sustainable Growth Rate Profit Ove

0.4 800
700
0.25 600
500
400
0.1
300
200
-0.05 41729 42094 42460 42825 43190 43555 43921 44286 44651 100

-0.2

Cash Flow (Rs Crore) Operating Cash Flow Free Cash Flow Cash Flow

15000 0.4

12500
0.3
10000
7500 0.2
5000
0.1
2500
0 0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651
 0.1
2500
0 0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

Assets Distribution Fixed Assets Investments Other Assets Receivables Inventory Cash & Bank Own Vs O
1 1
7% 6% 10%
14% 0% 0% 18%
19% 23% 21% 0%
28% 1% 12% 13% 11%
1% 0% 0%
0.7518% 0% 14%
12% 13%
0%
11%
0.75
1% 17% 20% 18%
17%
16% 18% 15% 15%
17%
0.523% 24% 0.5
25% 38%
26% 34% 25% 23%
29% 28%
16%
0.25 12%
9% 0.25

0 0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

Go to Main Sheet

Data for Charts (Warning! Please don't touch any number below, as that would change the pre-designed charts. You may however
Margins
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Gross Margin 92% 93% 93% 94% 95% 97% 98% 98% 99% 99%
Operating Margin 20% 22% 22% 21% 20% 19% 20% 20% 24% 21%
PBT Margin 21% 23% 24% 22% 20% 19% 20% 20% 22% 19%
Net Margin 17% 18% 19% 17% 15% 15% 15% 16% 18% 15%

Management Effectiveness
 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
ROE 23% 25% 23% 19% 16% 17% 16% 18% 20% 19%
ROCE 25% 28% 26% 21% 18% 18% 19% 20% 22% 19%
ROIC 19% 23% 21% 16% 14% 13% 15% 17% 17% 15%

Revenue & Profit Growth

Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue Growth 16% 8% 9% 8% -2% 8% 4% 1% 28%
PBT Growth 29% 11% 2% -4% -7% 13% 6% 13% 9%
Net Profit Growth 29% 9% 3% -5% -6% 13% 8% 11% 13%

Revenue & Profit

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue 37,430 43,424 46,951 51,244 55,448 54,487 59,019 61,138 61,935 79,312
Gross Profit 34,328 40,450 43,510 48,189 52,892 52,644 57,612 60,202 61,239 78,639
Profit Before Tax 7,869 10,114 11,224 11,494 11,039 10,242 11,542 12,252 13,903 15,141
Net Profit 6,182 7,991 8,714 8,957 8,518 8,003 9,018 9,772 10,868 12,243

Cash Flows
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Operating Cash Flow 6,394 6,790 7,840 7,887 9,277 8,423 11,632 10,064 14,755 11,080
Free Cash Flow 6,231 6,703 7,352 7,675 9,024 8,164 11,441 9,895 14,668 10,814

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Equity (Own) 61% 65% 64% 64% 66% 64% 68% 68% 66% 61%
Liabilities (Owed) 39% 35% 36% 36% 34% 36% 32% 32% 34% 39%

Asset Distribution
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Fixed Assets 24% 22% 19% 25% 26% 26% 24% 30% 30% 37%
Investments 16% 12% 9% 29% 38% 34% 28% 25% 23% 24%
Other Assets 23% 25% 26% 18% 17% 20% 17% 15% 15% 18%
Receivables 18% 17% 16% 14% 12% 13% 12% 13% 11% 11%
Inventory 1% 0% 1% 1% 0% 0% 0% 0% 0% 0%
Cash & Bank 19% 23% 28% 14% 7% 6% 19% 18% 21% 10%

Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22

Sales Growth 16% 8% 9% 8% -2% 8% 4% 1% 28%
Sustainable Growth 19% 16% 16% 16% 16% 15% 17% 19% 14%

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
FCF/Sales 16.6% 15.4% 15.7% 15.0% 16.3% 15.0% 19.4% 16.2% 23.7% 13.6%
CFO/Total Assets 14.7% 13.7% 13.4% 11.0% 11.8% 11.2% 14.1% 12.4% 17.9% 10.3%
ormance At A Glance
PRO LTD

Capital Allocation Quality ROE ROCE ROIC

0.3
0.25
0.2
0.15
0.1
0.05
0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

Annual Growth (YoY) Revenue Growth PBT Growth Net Profit Growth

0.5

0.3

0.1

41729 42094 42460 42825 43190 43555 43921 44286 44651

-0.1

-0.3
 41729 42094 42460 42825 43190 43555 43921 44286 44651
-0.1

-0.3

Profit Over Time Gross Profit Profit Before Tax Net Profit

80000
70000
60000
50000
40000
30000
20000
10000
0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

Cash Flow Ratios FCF/Sales CFO/Total Assets

0.4 Check for high and rising/stable numbers. Shows how profitable a company is
and how well it uses its assets to generate cash flows
0.3

0.2

0.1

0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651
 0.1

0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

Own Vs Owed Funds Equity (Own) Liabilities (Owed)

0.75

0.5

0.25

0
41364 41729 42094 42460 42825 43190 43555 43921 44286 44651

You may however change them if you wish to change charts and/or add new ones)
 Common Size P&L
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 8% 7% 7% 6% 5% 3% 2% 2% 1% 1%
Change in Inventory 0% 0% 1% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 1% 1% 1% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 11% 12% 12% 0% 0% 0% 0% 0% 0% 0%
Employee Cost 48% 48% 48% 48% 48% 50% 51% 53% 54% 57%
Selling and Admin Cost 8% 8% 8% 21% 25% 25% 25% 23% 20% 20%
Other Expenses 3% 3% 2% 5% 2% 2% 2% 1% 1% 1%
Operating Profit 20% 22% 21% 21% 21% 19% 19% 21% 24% 21%
Other Income 4% 4% 5% 5% 5% 5% 4% 4% 4% 3%
Depreciation 3% 2% 3% 3% 4% 4% 3% 3% 4% 4%
Interest 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Profit Before Tax 21% 23% 24% 22% 20% 19% 20% 20% 22% 19%
Tax 5% 5% 5% 5% 5% 4% 4% 4% 5% 4%
Net Profit 16% 18% 18% 17% 15% 15% 15% 16% 17% 15%
Dividend Amount 5% 5% 6% 3% 1% 1% 1% 1% 1% 4%
Common Size Balance Sheet
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Reserves 60% 64% 63% 64% 65% 62% 67% 67% 65% 60%
Borrowings 15% 10% 14% 17% 18% 18% 12% 12% 13% 16%
Other Liabilities 24% 25% 23% 18% 16% 18% 20% 20% 21% 23%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 23% 21% 19% 24% 25% 24% 21% 27% 28% 35%
Capital Work in Progress 1% 1% 1% 1% 1% 2% 3% 2% 2% 1%
Investments 16% 12% 9% 29% 38% 34% 28% 25% 23% 24%
Other Assets 61% 65% 71% 46% 36% 40% 49% 46% 47% 39%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 18% 17% 16% 14% 12% 13% 12% 13% 11% 11%
Inventory 1% 0% 1% 1% 0% 0% 0% 0% 0% 0%
Cash & Bank 19% 23% 28% 14% 7% 6% 19% 18% 21% 10%

Go to Main Sheet
 A common-size financial statement is displays
line items as a percentage of one selected or
common figure. Creating common-size financial
statements makes it easier to analyze a company
over time and compare it with its peers. Using
common-size financial statements helps
investors spot trends that a raw financial
statement may not uncover.
 Valuation - Dha
Read the book - The Dha

WIPRO LTD
Dhandho IV - Lower Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3
1 FY21 13,207 11,792 Year 4-6
2 FY22 14,792 11,792 Year 7-10
3 FY23 16,567 11,792 Discount Rate
4 FY24 18,224 11,581
5 FY25 20,046 11,375 Last 5-Years' CAGR
6 FY26 22,051 11,172 Sales
7 FY27 23,153 10,473 PBT
8 FY28 24,311 9,819 FCF
9 FY29 25,526 9,205
10 FY30 26,803 8,630
10 268,026 86,297
Intrinsic Value 197,024
Current Mkt. Cap. 213,838
Premium/(Discount) to IV 9%

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normaliz
the business will earn in a normal year, without capex. Check the history of this business while arriving at
your version of reality.

Go to Main Sheet
 luation - Dhandho Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

WIPRO LTD
Dhandho IV - Higher Range
med FCF Growth Year FCF (Rs Cr) PV of FCF (Rs Cr)
12% 0 Excess Cash (Latest) 3,096
10% 1 FY21 13,561 12,108
5% 2 FY22 15,595 12,432
12% 3 FY23 17,934 12,765
4 FY24 20,086 12,765
5-Years' CAGR 5 FY25 22,497 12,765
7% 6 FY26 25,196 12,765
7% 7 FY27 27,716 12,537
4% 8 FY28 30,487 12,313
9 FY29 33,536 12,093
10 FY30 36,890 11,878
10 553,347 178,163
Intrinsic Value 305,682
Current Mkt. Cap. 213,838
Premium/(Discount) to IV -30%

u must use a normalized positive FCF as the starting number. This number is your assumption of FCF
iness while arriving at your assumption, and use your judgment wisely without twisting the model to fit
our version of reality.
 Assumed FCF Growth
Year 1-3 15%
Year 4-6 12%
Year 7-10 10%
Discount Rate 12%
 Valuation - Ben Graham Formula
Low Range High Range
Company Name WIPRO LTD Company Name
Year Ended Mar/22 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 9,980.8 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 3.8 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 159,954 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 213,838 Current Market Cap (Rs Crore)
Value as % of Market Cap 75% Value as % of Market Cap

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth rate for the next 7-10 years

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was
publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this number by today’s AAA corporate
bond rate, represented by Y in the formula above.

Note: I have used Graham's original formula in the above calculations

Go to Main Sheet
 Range
WIPRO LTD
Mar/22

9,980.8
8.5
5.6

197,512
213,838
92%

h rate for the next 7-10 years

962 when Graham was

mber by today’s AAA corporate
 Valuation - Dicounted Cash Flow
WIPRO LTD

Initial Cash Flow (Rs Cr) 11,792

Years 1-5 6-10

FCF Growth Rate 12% 10%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) 14,497

Year FCF Growth Present Value

1 13,207 12% 11,792
2 14,792 12% 11,792
3 16,567 12% 11,792
4 18,555 12% 11,792
5 20,782 12% 11,792
6 22,860 10% 11,581
7 25,146 10% 11,375
8 27,660 10% 11,172
9 30,426 10% 10,972
10 33,469 10% 10,776

Final Calculations
Terminal Year 34,138
PV of Year 1-10 Cash Flows 114,836
Terminal Value 109,916
Total PV of Cash Flows 224,752
Current Market Cap (Rs Cr) 213,838

Note: See explanation of DCF here

Go to Main Sheet
ted Cash Flow
TD

224,752 DCF Value (As calculated in cell B29)

213,838 Current Market Cap
105% DCF as % of Current Mkt Cap
 Valuation - Expected Re
WIPRO LTD
Particulars Mar/13 Mar/14 Mar/15
Net Profit (Rs Crore) 6,150 7,947 8,661
Net Profit Margin 16% 18% 18%
Return on Equity 23% 25% 23%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 10%
Estimated Net Profit after 10 years (Rs Cr) 31,720
Current P/E (x) 17.5
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 634,409
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 204,263
Current Market Cap (Rs Cr) 213,838

Note: See explanation of this model here

Go to Main Sheet
n - Expected Returns Model
WIPRO LTD
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 CAGR (9-Yr)
8,908 8,493 8,003 9,004 9,722 10,796 12,230 8%
17% 15% 15% 15% 16% 17% 15%
19% 16% 17% 16% 18% 20% 19%
CAGR (5-Yr)
8%
 Intrinsic Value Range
WIPRO LTD
Lower Higher
Dhandho 197,024 305,682
Ben Graham 159,954 197,512
DCF 224,752 Remember! Give importance to
Expected Return 204,263 value only "after" you have answ
Current Market Cap. 213,838 questions - (1) Is this business
and (2) Can I understan

Don't try to quantify everything.

non-mathematical you are, the m
Explanation: Considering the above range, we useful will be your analysis and
can say that Bajaj Auto's Intrinsic Value range is generally "back-of-t
between Rs 60,000 crore and Rs 130,000 crore.
It's a big range, but that's fine (who is looking for Also, your calculated "fair value"
precision?). Now, if the current market cap is future, so don't invest your savin
within this IV range, especially when it's near the love with it. Don't look for perfec
lower level of the range, it makes the stock on decisions, not outcomes.
reasonably/attractively priced. If the current evidenc
market cap is higher then the higher value of the
range, it makes it overpriced. But remember,
these are just numbers!

Go to Main Sheet
mber! Give importance to a stock's valuations / fair
ly "after" you have answered in "Yes" to these two
ns - (1) Is this business simple to be understood?
and (2) Can I understand this business?

y to quantify everything. In stock research, the less

thematical you are, the more simple, sensible, and
will be your analysis and results. Great analysis is
generally "back-of-the-envelope".

ur calculated "fair value" will be proven wrong in the

o don't invest your savings just because you fall in
h it. Don't look for perfection. It is overrated. Focus
ecisions, not outcomes. Look for disconfirming
evidence.
 Quarterly Performance
WIPRO LTD
Narration Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 TTM
Sales 14,923 15,097 15,670 16,245 18,467 19,669 20,315 20,861 21,529 22,540 85,244
% Growth YOY 24% 30% 30% 28% 17% 15%
Expenses 11,734 11,660 11,553 12,218 14,272 15,500 16,134 16,724 17,671 18,605 69,135
Operating Profit 3,189 3,437 4,117 4,028 4,195 4,169 4,181 4,137 3,858 3,934 16,109
Other Income 652 555 664 534 579 505 484 502 472 510 1,968
Depreciation 615 658 791 699 826 772 746 735 774 797 3,051
Interest 130 127 140 112 75 146 140 172 205 227 744
Profit before tax 3,095 3,207 3,850 3,750 3,873 3,757 3,779 3,732 3,352 3,420 14,283
PBT Margin 21% 21% 25% 23% 21% 19% 19% 18% 16% 15%
% Growth YOY 25% 17% -2% 0% -13% -9%
Tax 684 723 853 776 625 826 806 640 793 771 3,010
Net profit 2,390 2,466 2,968 2,972 3,243 2,931 2,969 3,087 2,564 2,659 11,279
% Growth YOY 36% 19% 0% 4% -21% -9%
OPM 21% 23% 26% 25% 23% 21% 21% 20% 18% 17%

Go to Main Sheet
COMPANY NAME WIPRO LTD
LATEST VERSION 2.10 PLEASE DO NOT MAK
CURRENT VERSION 2.10

META
Number of shares 548.65
Face Value 2
Current Price 389.75
Market Capitalization 213837.87

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 37430 43423.8 46951 51244 55448.4
Raw Material Cost 3101.7 2974.2 3440.7 3055.4 2556
Change in Inventory 18.3 -5.5 258.8 60.5 -141.1
Power and Fuel 273 293.5 293.2
Other Mfr. Exp 4232.3 5143.1 5518.7
Employee Cost 17994 20681.5 22511.5 24553.4 26808.1
Selling and admin 3017.1 3380.4 3974 10517.7 13775.7
Other Expenses 1172.8 1310.3 1172.5 2382.2 846.6
Other Income 1440.5 1921.9 2449.7 2752.2 2622.6
Depreciation 939.7 1059.5 1174.9 1496.1 2310
Interest 289.4 383.4 349.9 558.2 594.2
Profit before tax 7868.8 10114.3 11224.1 11493.7 11039.3
Tax 1686.5 2123.4 2510.1 2536.6 2521.4
Net profit 6150.1 7947.1 8660.9 8907.9 8493.1
Dividend Amount 1723.4 1972 2962.2 1482.3 486.1

Quarters
Report Date Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Sales 14922.8 15096.7 15670 16245.4 18467.4
Expenses 11734.1 11659.6 11552.6 12217.8 14272.4
Other Income 651.7 554.7 664.2 533.7 578.6
Depreciation 615.2 657.8 791.2 699.2 825.7
Interest 129.9 126.7 140 112.2 74.6
Profit before tax 3095.3 3207.3 3850.4 3749.9 3873.3
Tax 683.8 722.9 852.6 775.6 625.3
Net profit 2390.4 2465.7 2968 2972.3 3242.6
Operating Profit 3188.7 3437.1 4117.4 4027.6 4195

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 492.4 493 493.7 494.1 486.1
Reserves 26072.2 31635.7 36598.3 45650.7 51184.1
Borrowings 6381.3 5159.2 7891.2 12522.1 14241.2
Other Liabilities 10675.2 12245 13366.7 12923.5 12760.8
Total 43621.1 49532.9 58349.9 71590.4 78672.2
Net Block 9996.3 10649.1 10837.1 17279.1 19886.5
Capital Work in Progress 406.6 369.1 395.1 380.6 737.7
Investments 6764.6 6146.4 5532.1 20915.1 29913.3
Other Assets 26453.6 32368.3 41585.6 33015.6 28134.7
Total 43621.1 49532.9 58349.9 71590.4 78672.2
Receivables 7669.8 8546.7 9154.8 9961.4 9484.6
Inventory 326.3 229.3 484.9 539 391.5
Cash & Bank 8483.8 11420.1 16619 9904.9 5271
No. of Equity Shares 2461320059 2464506890 2469043038 2470713290 2430900565
New Bonus Shares
Face value 2 2 2 2 2

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 6394.1 6790 7840.4 7887.3 9277.3
Cash from Investing Activity -4536.5 -284.2 -2536.8 -13760.7 -11769.5
Cash from Financing Activity -1140.4 -3569.5 -829.7 -158.7 -2275.2
Net Cash Flow 717.2 2936.3 4473.9 -6032.1 -4767.4

PRICE: 164.39 203.7 235.82 211.6 193.39

DERIVED:
Adjusted Equity Shares in Cr 656.76 657.68 658.42 658.86 648.24
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

54487.1 59018.9 61137.6 61934.9 79312
1843.4 1407.3 936 695.7 673.5
-50.5 67.3 -202.2 -31.5 36.9

27222.3 29977.4 32657.1 33237.1 45007.5

13853.3 14796.3 14350.4 12523.8 16105.7
1130.5 1292.6 649.6 675.4 878
2549.8 2613.8 2727.9 2403.7 2066.9
2111.7 1946.7 2085.5 2763.4 3077.8
583 737.5 732.8 508.8 532.5
10242.2 11542.2 12251.9 13902.9 15140.8
2239.1 2524.3 2480.1 3034.9 2897.4
8002.8 9003.7 9722.3 10796.4 12229.6
452.4 603.4 571.35 547.9 3289.2

Sep-21 Dec-21 Mar-22 Jun-22 Sep-22

19668.9 20315 20860.7 21528.6 22539.7
15499.5 16134.3 16724.2 17670.7 18605.4
504.7 484.1 502.1 472.4 509.7
771.7 745.9 734.5 773.8 796.9
145.9 140.3 171.7 204.5 227
3756.5 3778.6 3732.4 3352 3420.1
825.9 806.3 639.9 793.1 771
2930.7 2969 3087.3 2563.6 2659
4169.4 4180.7 4136.5 3857.9 3934.3

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

904.8 1206.8 1142.7 1095.8 1096.4
 47021.5 55215.8 54179 53805.2 64306.6
13901.2 9946.7 9724 10451.4 17592.9
13563.3 16217.1 15953.9 17213.4 24279.7
75390.8 82586.4 80999.6 82565.8 107275.6
18126.7 17464.7 22062.1 23040.3 37989.6
1377.7 2141.8 1881.1 1853.2 1601.5
25796.8 22886.7 20032 18774.7 26153.8
30089.6 40093.2 37024.4 38897.6 41530.7
75390.8 82586.4 80999.6 82565.8 107275.6
10099 10048.9 10447.4 9429.8 11521.9
337 395.1 186.5 106.4 133.4
4492.5 15852.9 14449.9 16979.3 10383.6
4523784491 6033935388 5713357390 5479138555 5482070115
### ###
2 2 2 2 2

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

8423.3 11631.6 10064.3 14755 11079.7
3595.3 5065.2 3593.4 684.9 -22321.3
-12997.8 -4936.9 -15099.8 -12884 4658.6
-979.2 11759.9 -1442.1 2555.9 -6583

210.86 254.8 196.7 414.15 591.9

603.17 603.39 571.34 547.91 548.21

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