Nifty
:
15763.05
Sensex
:
52586.84
-15.40 (-0.10%)
-66.23 (-0.13%)
Nifty
Sensex
:
:
15763.05
52586.84
-15.40 (-0.10%)
-66.23 (-0.13%)

Wipro Ltd.

IT - Software Services

Rating :
70/99

BSE: 507685 | NSE: WIPRO

NSE BSE
587.15
30-Jul-2021
  • Open
  • High
  • Low
  • Previous Close
  •  588.85
  •  593.00
  •  585.00
  •  590.45
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  3178206
  •  18721.87
  •  601.80
  •  268.00

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 321,412.43
  • 27.59
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 312,766.33
  • 0.17%
  • 5.56

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 73.02%
  • 0.85%
  • 5.68%
  • FII
  • DII
  • Others
  • 9.83%
  • 5.65%
  • 4.97%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 5.23
  • 2.24
  • 1.62

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 7.60
  • 5.27
  • 4.72

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 6.83
  • 4.89
  • 6.18

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 16.24
  • 16.22
  • 18.60

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 3.21
  • 2.92
  • 3.15

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 10.81
  • 10.79
  • 11.45

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Jun 21
Jun 20
Var%
Mar 21
Mar 20
Var%
Dec 20
Dec 19
Var%
Sep 20
Sep 19
Var%
Net Sales
18,467.40
14,922.80
23.75%
16,245.40
15,750.50
3.14%
15,670.00
15,470.50
1.29%
15,096.70
15,130.60
-0.22%
Expenses
14,272.40
11,734.10
21.63%
12,217.80
12,631.10
-3.27%
11,552.60
12,290.40
-6.00%
11,659.00
12,034.80
-3.12%
EBITDA
4,195.00
3,188.70
31.56%
4,027.60
3,119.40
29.11%
4,117.40
3,180.10
29.47%
3,437.70
3,095.80
11.04%
EBIDTM
22.72%
21.37%
24.79%
19.81%
26.28%
20.56%
22.77%
20.46%
Other Income
577.90
648.60
-10.90%
533.30
590.00
-9.61%
654.10
609.70
7.28%
554.70
744.80
-25.52%
Interest
74.60
129.90
-42.57%
112.20
165.30
-32.12%
140.00
184.40
-24.08%
126.70
224.70
-43.61%
Depreciation
825.70
615.20
34.22%
699.20
579.60
20.63%
791.20
529.40
49.45%
657.80
481.20
36.70%
PBT
3,872.60
3,092.20
25.24%
3,749.50
2,964.50
26.48%
3,840.30
3,076.00
24.85%
3,207.90
3,134.70
2.34%
Tax
625.30
683.80
-8.56%
775.60
620.60
24.98%
852.60
616.40
38.32%
722.90
573.20
26.12%
PAT
3,247.30
2,408.40
34.83%
2,973.90
2,343.90
26.88%
2,987.70
2,459.60
21.47%
2,485.00
2,561.50
-2.99%
PATM
17.58%
16.14%
18.31%
14.88%
19.07%
15.90%
16.46%
16.93%
EPS
5.92
4.18
41.63%
5.42
4.07
33.17%
5.19
4.30
20.70%
4.31
4.47
-3.58%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Net Sales
65,479.50
61,943.00
61,137.60
59,018.90
54,487.10
55,448.40
51,244.00
46,951.00
43,423.80
37,430.00
37,187.80
Net Sales Growth
6.86%
1.32%
3.59%
8.32%
-1.73%
8.20%
9.14%
8.12%
16.01%
0.65%
 
Cost Of Goods Sold
683.50
727.20
1,138.20
1,340.00
1,893.90
2,697.10
2,994.90
3,181.90
2,979.70
3,083.40
5,787.10
Gross Profit
64,796.00
61,215.80
59,999.40
57,678.90
52,593.20
52,751.30
48,249.10
43,769.10
40,444.10
34,346.60
31,400.70
GP Margin
98.96%
98.83%
98.14%
97.73%
96.52%
95.14%
94.16%
93.22%
93.14%
91.76%
84.44%
Total Expenditure
49,701.80
47,310.40
48,795.30
47,402.00
44,110.70
44,127.50
40,448.20
36,651.90
33,788.60
29,772.60
30,155.60
Power & Fuel Cost
-
0.00
0.00
0.00
0.00
0.00
0.00
293.20
293.50
273.00
289.00
% Of Sales
-
0%
0%
0%
0%
0%
0%
0.62%
0.68%
0.73%
0.78%
Employee Cost
-
33,237.10
32,657.10
29,977.40
27,222.30
26,808.10
24,553.40
22,511.50
20,681.50
17,994.00
15,407.40
% Of Sales
-
53.66%
53.42%
50.79%
49.96%
48.35%
47.91%
47.95%
47.63%
48.07%
41.43%
Manufacturing Exp.
-
0.00
0.00
0.00
0.00
0.00
0.00
288.40
203.00
608.00
600.80
% Of Sales
-
0%
0%
0%
0%
0%
0%
0.61%
0.47%
1.62%
1.62%
General & Admin Exp.
-
4,061.80
5,045.10
5,052.40
5,095.60
5,207.40
5,159.60
3,802.70
3,823.50
2,868.30
2,252.10
% Of Sales
-
6.56%
8.25%
8.56%
9.35%
9.39%
10.07%
8.10%
8.81%
7.66%
6.06%
Selling & Distn. Exp.
-
101.10
253.20
271.40
314.00
293.60
229.20
171.30
144.90
148.80
694.60
% Of Sales
-
0.16%
0.41%
0.46%
0.58%
0.53%
0.45%
0.36%
0.33%
0.40%
1.87%
Miscellaneous Exp.
-
822.30
649.60
1,288.30
1,141.20
846.60
734.20
1,172.60
1,310.40
1,172.80
694.60
% Of Sales
-
1.33%
1.06%
2.18%
2.09%
1.53%
1.43%
2.50%
3.02%
3.13%
4.48%
EBITDA
15,777.70
14,632.60
12,342.30
11,616.90
10,376.40
11,320.90
10,795.80
10,299.10
9,635.20
7,657.40
7,032.20
EBITDA Margin
24.10%
23.62%
20.19%
19.68%
19.04%
20.42%
21.07%
21.94%
22.19%
20.46%
18.91%
Other Income
2,320.00
2,529.50
2,725.00
2,613.80
2,559.40
2,622.60
2,752.20
2,449.80
1,921.90
1,440.50
1,268.50
Interest
453.50
508.80
732.80
737.50
583.00
594.20
558.20
349.90
383.40
289.40
343.90
Depreciation
2,973.90
2,763.40
2,085.50
1,946.70
2,111.70
2,310.00
1,496.10
1,174.90
1,059.40
939.70
975.40
PBT
14,670.30
13,889.90
12,249.00
11,546.50
10,241.10
11,039.30
11,493.70
11,224.10
10,114.30
7,868.80
6,981.40
Tax
2,976.40
3,034.90
2,480.10
2,524.30
2,239.10
2,521.40
2,536.60
2,510.10
2,123.40
1,686.50
1,384.50
Tax Rate
20.29%
21.85%
20.25%
21.86%
21.86%
22.84%
22.07%
22.36%
20.99%
21.43%
19.83%
PAT
11,693.90
10,783.40
9,719.40
9,008.00
8,001.70
8,493.10
8,907.90
8,660.90
7,947.10
6,150.10
5,571.20
PAT before Minority Interest
11,638.00
10,855.00
9,768.90
9,022.20
8,002.00
8,517.90
8,957.10
8,714.00
7,990.90
6,182.30
5,596.90
Minority Interest
-55.90
-71.60
-49.50
-14.20
-0.30
-24.80
-49.20
-53.10
-43.80
-32.20
-25.70
PAT Margin
17.86%
17.41%
15.90%
15.26%
14.69%
15.32%
17.38%
18.45%
18.30%
16.43%
14.98%
PAT Growth
19.65%
10.95%
7.90%
12.58%
-5.79%
-4.66%
2.85%
8.98%
29.22%
10.39%
 
EPS
21.91
20.21
18.21
16.88
15.00
15.92
16.69
16.23
14.89
11.53
10.44

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Shareholder's Funds
54,901.00
55,321.70
56,422.60
47,926.30
51,670.20
46,144.80
37,092.00
32,128.70
26,564.60
27,017.30
Share Capital
1,095.80
1,142.70
1,206.80
904.80
486.10
494.10
493.70
493.00
492.40
491.50
Total Reserves
53,498.10
54,024.00
54,954.10
46,844.30
50,828.60
45,427.80
36,516.80
31,604.80
26,017.30
26,435.20
Non-Current Liabilities
4,511.00
3,529.90
4,243.10
5,484.50
3,814.40
3,373.30
1,588.80
1,667.50
334.60
2,623.00
Secured Loans
0.00
0.00
49.60
172.20
465.70
583.10
321.80
190.80
76.80
49.80
Unsecured Loans
745.80
484.00
2,787.20
4,354.60
1,495.40
1,153.00
948.90
900.10
8.50
2,201.20
Long Term Provisions
1,412.60
1,697.30
1,310.70
1,101.40
1,378.80
1,286.30
306.70
303.60
282.10
310.70
Current Liabilities
23,004.00
21,639.30
21,435.00
21,350.70
22,948.50
21,851.10
19,448.00
15,598.00
16,555.40
13,488.90
Trade Payables
5,417.40
5,840.00
6,266.00
5,120.30
4,867.30
4,902.10
5,848.60
5,216.10
4,835.80
4,773.60
Other Current Liabilities
8,270.10
7,887.90
6,300.70
6,358.60
4,842.70
5,271.60
2,949.40
2,729.10
4,042.70
2,330.50
Short Term Borrowings
6,036.30
5,402.00
6,808.50
7,959.80
11,674.10
10,264.80
6,444.10
3,943.30
4,223.90
3,548.00
Short Term Provisions
3,280.20
2,509.40
2,059.80
1,912.00
1,564.40
1,412.60
4,205.90
3,709.50
3,453.00
2,836.80
Total Liabilities
82,565.80
80,678.40
82,364.40
75,002.50
78,672.20
71,590.40
58,293.40
49,532.90
43,571.70
43,214.10
Net Block
23,040.30
22,062.10
17,464.70
18,126.70
19,886.50
17,279.10
10,837.10
10,649.10
9,996.30
12,435.50
Gross Block
36,367.50
35,004.20
28,672.20
27,972.50
30,525.20
26,303.60
18,305.10
17,504.60
15,835.60
18,277.30
Accumulated Depreciation
13,327.20
12,942.10
11,207.50
9,845.80
10,638.70
9,024.50
7,468.00
6,855.50
5,839.30
5,841.80
Non Current Assets
30,247.20
28,693.30
25,173.80
24,386.90
24,782.40
21,307.90
15,074.40
14,887.80
13,508.20
16,433.70
Capital Work in Progress
1,853.20
1,881.10
2,141.80
1,377.70
737.70
380.60
395.10
369.10
406.60
346.60
Non Current Investment
1,204.00
1,068.50
815.10
887.40
710.30
490.70
340.40
271.20
0.00
323.20
Long Term Loans & Adv.
3,003.10
2,444.80
2,854.40
3,009.90
1,966.50
2,152.40
2,762.90
2,851.70
2,366.40
2,104.80
Other Non Current Assets
1,146.60
1,236.80
1,897.80
985.20
1,481.40
1,005.10
738.90
746.70
738.90
1,223.60
Current Assets
52,318.60
51,985.10
57,190.60
50,615.60
53,889.80
50,282.50
43,219.00
34,645.10
30,063.50
26,780.40
Current Investments
17,570.70
18,963.50
22,071.60
24,909.40
29,203.00
20,424.40
5,191.70
5,875.20
6,764.60
4,148.30
Inventories
106.40
186.50
395.10
337.00
391.50
539.00
484.90
229.30
326.30
1,066.20
Sundry Debtors
9,429.80
10,447.40
10,048.90
10,099.00
9,484.60
9,961.40
9,154.80
8,546.70
7,669.80
8,038.70
Cash & Bank
16,979.30
14,449.90
15,852.90
4,492.50
5,271.00
9,904.90
16,619.00
11,420.10
8,483.80
7,766.60
Other Current Assets
8,232.40
1,955.10
2,038.50
4,150.90
9,539.70
9,452.80
11,768.60
8,573.80
6,819.00
5,760.60
Short Term Loans & Adv.
6,026.10
5,982.70
6,783.60
6,626.80
7,281.50
7,024.20
9,040.90
6,664.60
5,297.70
4,748.00
Net Current Assets
29,314.60
30,345.80
35,755.60
29,264.90
30,941.30
28,431.40
23,771.00
19,047.10
13,508.10
13,291.50
Total Assets
82,565.80
80,678.40
82,364.40
75,002.50
78,672.20
71,590.40
58,293.40
49,532.90
43,571.70
43,214.10

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Cash From Operating Activity
14,755.00
10,064.30
11,631.60
8,423.30
9,277.30
7,887.30
7,840.40
6,790.00
6,394.10
4,008.90
PBT
13,902.90
12,251.90
11,542.20
10,242.20
11,039.30
8,957.10
11,224.10
10,114.30
7,868.80
6,981.40
Adjustment
1,051.40
836.40
-112.20
1,079.30
334.50
2,222.50
-234.20
-137.60
106.90
418.60
Changes in Working Capital
2,292.20
-2,385.60
2,716.50
-87.70
451.10
-598.80
-722.90
-1,013.40
76.00
-1,780.60
Cash after chg. in Working capital
17,246.50
10,702.70
14,146.50
11,233.80
11,824.90
10,580.80
10,267.00
8,963.30
8,051.70
5,619.40
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-2,491.50
-638.40
-2,514.90
-2,810.50
-2,547.60
-2,693.50
-2,426.60
-2,173.30
-1,657.60
-1,610.50
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
773.90
3,401.20
5,012.60
3,557.80
-11,628.30
-13,815.60
-2,595.70
-277.30
-4,598.10
-805.60
Net Fixed Assets
-1,360.70
-2,880.50
-1,383.80
-906.30
-1,243.90
-686.10
-496.50
-620.80
411.30
-933.30
Net Investments
996.60
3,550.60
433.70
4,463.30
-8,945.50
-15,432.10
267.50
-131.80
-569.00
478.20
Others
1,138.00
2,731.10
5,962.70
0.80
-1,438.90
2,302.60
-2,366.70
475.30
-4,440.40
-350.50
Cash from Financing Activity
-12,884.00
-15,099.80
-4,936.90
-12,997.80
-2,275.20
-158.70
-829.70
-3,569.50
-1,140.40
-1,718.80
Net Cash Inflow / Outflow
2,644.90
-1,634.30
11,707.30
-1,016.70
-4,626.20
-6,087.00
4,415.00
2,943.20
655.60
1,484.50
Opening Cash & Equivalents
14,410.40
15,852.50
4,092.60
5,071.80
9,839.20
15,871.30
11,420.10
8,483.80
7,766.60
6,114.10
Closing Cash & Equivalent
16,966.30
14,410.40
15,852.50
4,092.60
5,071.80
9,839.20
15,894.00
11,420.10
8,483.80
7,766.60

Financial Ratios

Consolidated /

Standalone
Description
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Book Value (Rs.)
99.64
96.56
93.07
79.16
79.17
69.71
56.22
48.83
40.38
41.09
ROA
13.30%
11.98%
11.47%
10.41%
11.34%
13.79%
16.16%
17.17%
14.25%
13.99%
ROE
19.78%
17.55%
17.37%
16.16%
17.59%
21.60%
25.22%
27.27%
23.14%
22.67%
ROCE
22.79%
20.05%
19.16%
16.95%
18.73%
23.25%
28.14%
29.89%
24.77%
24.14%
Fixed Asset Turnover
1.74
1.92
2.08
1.86
1.95
2.30
2.62
2.61
2.19
2.22
Receivable days
58.56
61.18
62.30
65.59
64.00
68.08
68.81
68.14
76.58
69.54
Inventory Days
0.86
1.74
2.26
2.44
3.06
3.65
2.78
2.33
6.79
9.96
Payable days
55.83
61.49
61.84
57.88
55.77
66.88
72.11
71.92
75.03
68.71
Cash Conversion Cycle
3.59
1.43
2.73
10.15
11.29
4.84
-0.52
-1.44
8.34
10.79
Total Debt/Equity
0.15
0.14
0.18
0.29
0.28
0.27
0.21
0.16
0.24
0.22
Interest Cover
28.30
17.72
16.66
18.57
19.58
21.59
33.08
27.38
28.19
21.30

Annual Reports:

FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016
FY 2015
FY 2014
FY 2013
FY 2012

News Update:


  • Wipro collaborates with 4baseCare
    27th Jul 2021, 10:40 AM

    The partners will build a framework of efficient, streamlined, and well-regulated workflows for the development of advanced gene panels

    Read More
  • Wipro launches FieldX
    22nd Jul 2021, 16:58 PM

    FieldX helps manufacturers enhance their customers’ experience with omni-channel support that leverages Wipro’s process-transformation expertise and technological innovations

    Read More
  • Wipro enters into partnership with Celonis
    22nd Jul 2021, 10:17 AM

    Wipro will launch the Global Celonis Center to drive operations transformation for clients

    Read More
  • Wipro receives 2020 Google Cloud Global Specialization Partner of the Year award
    22nd Jul 2021, 09:58 AM

    The company was recognized for its achievements in the Google Cloud partner ecosystem for helping joint customers accelerate their digital transformation journey

    Read More
  • Wipro sells entire stake in IntSights Cyber Intelligence
    20th Jul 2021, 11:36 AM

    Consequent to the sale, Wipro does not hold any stake in IntSights

    Read More
  • Wipro’s arm raises $750 million from overseas bond sale
    24th Jun 2021, 14:48 PM

    A proposal for the same had been approved by the Board of Wipro IT Services on June 10

    Read More
  • Wipro’s arm planning to issue US dollar denominated notes worth $750 million
    17th Jun 2021, 15:44 PM

    The size of the issue is $750 million and the tenure is five years

    Read More
  • Wipro enters into partnership with Exaware
    17th Jun 2021, 10:16 AM

    The partnership will jointly develop advanced engineering solutions that foster innovation in the networking industry

    Read More
  • Wipro enters into strategic partnership with Aachen
    16th Jun 2021, 12:02 PM

    The partnership will benefit from advancing individual technical capabilities and research goals besides commercialization of the jointly developed services and products

    Read More
  • Wipro joins World Economic Forum’s Partnership for New Work Standards initiative
    16th Jun 2021, 10:37 AM

    The company is also undertaking initiatives to support and equip its people with dedicated programs for physical, social, financial and mental well-being

    Read More
  • Wipro expands partnership with Levi Strauss
    15th Jun 2021, 16:41 PM

    As a part of this multi-year engagement, company will help optimize the customer and user experience across all channels

    Read More
  • Wipro collaborating with Oracle to launch Wipro Zero Cost Transformation
    15th Jun 2021, 10:37 AM

    Wipro is a member of Oracle PartnerNetwork

    Read More
  • Wipro’s arm gets nod for issuing US dollar denominated notes up to $750 million
    10th Jun 2021, 13:45 PM

    The board of directors of the company, at their meeting held on June 9, 2021, granted its approval to ‘unconditionally and irrevocably’ guarantee

    Read More
  • Wipro named as Industry Leader by Zinnov for 11th Consecutive Year
    8th Jun 2021, 10:24 AM

    The company has been named as the ‘Industry Leader’ for its ER&D and IoT Services

    Read More
  • Wipro sells stake in Denim Group for $22.4 million
    3rd Jun 2021, 09:54 AM

    Consequent to the sale, Wipro does not hold any stake in Denim Group

    Read More
  • Wipro wins SAP Innovation Award 2021 in Partner Paragon category
    3rd Jun 2021, 09:31 AM

    The company has won Award for its Fashion Rental solution built on SAP Business Technology Platform

    Read More
  • Wipro, Finastra enter into partnership to help corporate banks across AsiaPacific
    2nd Jun 2021, 16:58 PM

    The partnership will help banks make this transition quickly through access to Wipro’s service portfolio, from consulting and digital to infrastructure and operations

    Read More
  • Wipro sells entire stake in Ensono Holdings
    31st May 2021, 11:23 AM

    The company has sold its entire stake in Ensono Holdings, LLC for a consideration of $ 76.24 million

    Read More
  • Wipro eyeing to arrange about one lakh doses of COVID vaccine for employees by June
    20th May 2021, 11:56 AM

    The objective is to ensure vaccination for all its employees at the earliest

    Read More
  • Wipro wins Microsoft Windows Virtual Desktop advanced specialization
    14th May 2021, 10:37 AM

    Partners with validated capabilities in implementing Windows Virtual Desktop can help customers deploy and navigate the licensing efficiencies

    Read More
  • Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies
    6th May 2021, 09:22 AM

    This alliance combines Transcell’s innovative stem cell technology with the advanced artificial intelligence capabilities of Wipro HOLMES

    Read More
  • Wipro opens Innovation Centre in London
    5th May 2021, 08:58 AM

    It will be integral to providing advanced digital, cyber security and cloud expertise to both established and upcoming enterprises

    Read More
  • Wipro revises upwards IT services revenue outlook
    30th Apr 2021, 12:50 PM

    In March, Wipro had announced the acquisition of London-headquartered Capco in a $ 1.45 billion (over Rs 10,500 crore) deal - its largest ever till date

    Read More
  • Wipro, Citrix, HPE partner to accelerate remote working solutions
    30th Apr 2021, 11:06 AM

    The partnership will provide enterprises a robust solution that will accelerate remote working and bring modernization into workspaces

    Read More
  • Wipro completes acquisition of Capco
    30th Apr 2021, 09:49 AM

    The acquisition has been completed on April 29, 2021

    Read More
  • Wipro achieves AWS mainframe migration competency status
    28th Apr 2021, 09:11 AM

    This designation recognizes that the company has proven solutions, practices, and customer success

    Read More
  • Wipro innovates new digital experiences at Bristol Water to modernise critical infrastructure
    27th Apr 2021, 10:18 AM

    This advanced platform will allow Bristol Water to stay ahead of regulatory requirements and enhance their customer and developer experience

    Read More
  • Wipro to achieve Net-Zero Greenhouse Gas emissions by 2040
    23rd Apr 2021, 10:02 AM

    The company also set an intermediate target of a 55 per cent reduction in GHG emissions by 2030

    Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.