Large deal bookings reach $1.3 billion, an
increase of 79% YoY and 6% QoQ
Total bookings of $3.8 billion, mark a 6% YoY
increase
IT services segment EBIT increases 6% YoY. EPS
increases 4.1% YoY
Operating cash flows at 145% of net income
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading
technology services and consulting company, announced financial
results under International Financial Reporting Standards (IFRS)
for the quarter-ended September 30, 2023.
Highlights of the
Results
Results for the Quarter ended September 30, 2023:
- Gross revenue reached Rs 225.2 billion ($2.7 billion1), a
decrease of 0.1% YoY.
- IT services segment revenue was at $2,713.3 million, a decrease
of 2.3% QoQ.
- Non-GAAP2 constant currency IT Services segment revenue
decreased 2.0% QoQ.
- Total bookings3 was at $3.8 billion, up by 6% YoY and large
deal bookings4 was at $1.3 billion, up by 79.0% YoY.
- IT services segment EBIT for the quarter was Rs 36.1 billion
($434.0 million1), an increase of 6% YoY.
- IT services operating margin5 for the quarter was at 16.1%, up
10 bps QoQ and 100 bps YoY.
- Earnings per share for the quarter was at Rs 5.06 ($0.061), an
increase of 4.1% YoY.
- Net income for the quarter was at Rs 26.5 billion ($318.5
million1), a decrease of 0.5% YoY.
- Operating cash flows at 145% of Net Income for the quarter was
at Rs 38.6 billion ($465.0 million1).
- Voluntary attrition6 has continued to moderate QoQ, coming in
at 9-quarter low of 13.4% in Q2’24.
Outlook for the Quarter ending December
31, 2023
We expect revenue from our IT Services business segment to be in
the range of $2,617 million to $2,672 million*. This translates to
sequential guidance of -3.5% to -1.5% in constant currency
terms.
* Outlook for the Quarter ending December 31, 2023, is based on
the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.09,
AUD/USD at 0.66, USD/INR at 82.70 and CAD/USD at 0.74
Performance for the Quarter ended
September 30, 2023
“We continue to win in the market despite the uncertain macro
environment,” said Thierry Delaporte, CEO and Managing
Director. “We ended the second quarter with 22 accounts above
the $100M range, which is double the number we had in FY’21. Our
large deal total contract value reached $1.3 billion—highest in the
last nine quarters.”
“Against a challenging environment, we continue to take the bold
decisions needed to realize our long-term ambitions. We are
investing in our technology infrastructure and streamlining our
operations and delivery to drive profitable growth. We are training
and reskilling our people so they can be ready for an AI-driven
future. The investments we made in our ai360 strategy are helping
us realize significant efficiencies across our organization and
creating an early leadership position in this fast-evolving space.
We are confident that these investments will keep us resilient and
competitive in an ever shifting business and economic
landscape.”
Aparna C. Iyer, Chief Financial Officer, said, “We remain
focused on profitable growth despite a challenging market. Our
disciplined approach to improve efficiency, productivity and
utilization has led to an increase of 100 bps YoY in our IT
services operating margins. Our absolute IT services segment EBIT
grew 6% YoY. We generated strong operating cash flow of 145% of net
income for the quarter.”
IT Products
- IT Products segment revenue for the quarter was Rs 1.47 billion
($17.7 million1)
- IT Products segment results for the quarter was a loss of Rs
0.47 billion ($5.6 million1)
Please refer to the table at the end for reconciliation between
IFRS IT Services Revenue and IT Services Revenue on a non-GAAP
constant currency basis.
1.
For the convenience of the readers, the
amounts in Indian Rupees in this release have been translated into
United States Dollars at the certified foreign exchange rate of
US$1 = Rs 83.08, as published by the Federal Reserve Board of
Governors on September 30, 2023. However, the realized exchange
rate in our IT Services business segment for the quarter ended
September 30, 2023, was US$1= Rs 82.54
2.
Constant currency for a period is the
product of volumes in that period times the average actual exchange
rate of the corresponding comparative period.
3.
Total Bookings refers to the total
contract value of all orders that were booked during the period
including new orders, renewals, and increases to existing
contracts. Bookings do not reflect subsequent terminations or
reductions related to bookings originally recorded in prior fiscal
periods. Bookings are recorded using then-existing foreign currency
exchange rates and are not subsequently adjusted for foreign
currency exchange rate fluctuations. The revenues from these
contracts accrue over the tenure of the contract. For constant
currency growth rates, refer note 2.
4.
Large deal bookings consist of deals
greater than or equal to $30 million in total contract value.
5.
IT Services Operating Margin refers to
Segment Results Total as reflected in IFRS financials.
6.
Voluntary attrition is in IT Services
computed on a quarterly annualised basis and excludes DOP.
7.
Effective April 1, 2023, we merged our
ISRE segment with our IT Services segment. The YoY growth rates for
the quarter ended September 30, 2023 were computed by rebase lining
Q2’23 numbers.
Highlights of Strategic Deal
Wins
In the second quarter, Wipro continued to win large and
strategic deals across industries. Key highlights include:
- US-based multinational clothing company has selected Wipro to
accelerate digital innovation, drive business growth, and enhance
long term profitability. Leveraging its expertise in Generative AI,
Cloud transformation, and Intelligent Automation, Wipro will help
the client optimize current global operations and provide scale for
new lines of business. The deal will include a range of services
including application support, analytics, cybersecurity,
automation, and consulting with the goal of driving improved
process maturity, faster incident resolution, and better time to
market for the client.
- A global leader in technology has selected Wipro for
comprehensive silicon engineering services from chip definition to
design verification to tapeout. Wipro will provide services for the
client’s broad portfolio of products including end point
management, observability, and cloud. This strategic partnership
will provide the client with increased speed-to-market of their
products, improve their reliability, and reduce their total cost of
ownership.
- An American food service distributor has selected Wipro to
undertake a multi-year IT transformation and modernization project.
The Wipro team worked with the client to increase cloud usage by up
to 80% through native development of several business-critical
applications. This included building a cloud enablement platform,
creating a transformation blueprint, and setting up a Project
Management Office to manage the client’s cloud and IT estate
transformation. In addition, Wipro also setup an internal academy
to perform a skill gap analysis and provide additional resource
training across the business. The client has so far seen a cost
reduction of up to 15%, as well as additional savings through
marketplace optimization, increased customer satisfaction, and a
more scalable operation.
- A multinational consumer electronics company selected Wipro to
improve their overall customer experience. To achieve this, the
Wipro team created a cross-functional customer service
transformation program with bespoke analytics and reporting. The
project also included automated visualization of performance
management, fraud prevention, and gamified learning and training
modules for client-facing staff. This program will increase Net
Promoter Scores (NPS), improve customer service agent knowledge,
and reduce average call times.
- Wipro was selected by a global leader in medical technology,
services, and solutions to enhance its service desk and improve its
employee experience. Wipro developed a bespoke Global IT Service
Desk solution, with significant AI-led automation and self-service
capabilities including self-help content development and delivery.
The solution will be integrated into existing critical systems and
will deliver a cost reduction of up to 30%.
- One of the largest energy and utilities companies in Brazil has
selected Wipro to modernize their billing process. Wipro will
implement and support this transformation covering everything from
billing to analytics, leveraging cloud infrastructure to streamline
the client’s operations. The client can expect a more resilient
billing management platform, cost reduction, as well as alignment
with their sustainability goals as the process will be
paperless.
- A video hosting platform has selected Wipro to deploy a unique
Quality-as-a-Service solution to help improve the client’s overall
end-user experience, retention, and revenue. Wipro will build a
customised assessment framework to audit and analyse the
interactions between employees and end-users. This will provide
actionable insights and recommendations that will improve audit
completion, internal and customer experience, as well as
operational efficiency.
- A global technology company has selected Wipro to deliver
high-quality digital designs to enhance their manufacturing
process. Through the Technology Excellence Center model, Wipro
Engineering Edge will implement hardware design verification for
multiple business units in a cost-effective, scalable, and
efficient manner. This will lead to a 20-25% reduction in total
cost, faster time-to-market, high-quality delivery, and the ability
to scale.
- A leading workplace pension provider in the UK has selected
Wipro to provide regulated Pensions Administration and Technology
Services to the member of its Defined Contribution (DC) Pensions
book. Through this engagement, the client will see enhanced member
experience, faster time to market for new products, and significant
cost reduction, while supporting 15% year-on-year business
growth.
- A North American financial institution has selected Wipro to
digitize and streamline its loan origination systems and deliver a
consistent omni-channel experience to its end-users. NetOxygen,
Wipro’s award-winning enterprise loan origination solution, will
improve the lending process through automation and cloud
technology. This will ensure compliance and information security,
as well as fully integrated bilingual support (in French and
English). The client will see a reduction in their cost-per-loan of
up to 30% and can expect an increase of up to 80% in digital
self-generation loan requests.
Analyst Recognition
- Wipro was positioned as a Leader in the 2023 Gartner® Magic
Quadrant™ for Public Cloud IT Transformation Services
- Wipro was rated a Leader in Everest Group's Digital Twin
Services PEAK Matrix® Assessment 2023
- Wipro was recognized as a Leader in ISG Provider Lens™ –
Cybersecurity - Solutions and Services 2023 - US, UK, France,
Nordics (multiple quadrants)
- Wipro was rated as a Leader in ISG Provider Lens™ – Google
Cloud Partner Ecosystem 2023 - US & Europe (all quadrants)
- Wipro was rated as a Leader in Avasant's High-Tech Industry
Digital Services RadarView™ 2023 - 2024
- Wipro was positioned a Leader in Everest Group's Oracle Cloud
Applications Services PEAK Matrix® Assessment 2023
- Wipro was featured as a Leader in ISG Provider Lens™ – Retail
& CPG Services 2023 - US & Europe (all quadrants)
- Wipro was recognized as a Leader in ISG Provider Lens™ –
Customer Experience Services 2023 - Europe (multiple quadrants)
& US (Digital Operations)
- Wipro was rated as a Leader in Whitelane's IT Sourcing Study
2023 - Switzerland
- Wipro was featured as a Leader in Avasant's Application
Modernization Services RadarView™ 2023
- Wipro was recognized a Leader in Everest Group's Network
Transformation and Managed Services PEAK Matrix® Assessment –
System Integrators (SIs) 2023
- Wipro was recognized as a Leader in Avasant's Canada Digital
and IT Services RadarView™ 2023 - 2024
Source & Disclaimer: *Gartner, “Magic Quadrant for Public
Cloud IT Transformation Services”, Mark Ray, et al, 16 August
2023.
GARTNER is a registered trademark and service mark of Gartner,
Inc. and/or its affiliates in the U.S. and internationally, and
MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or
its affiliates and are used herein with permission. All rights
reserved.
Gartner does not endorse any vendor, product, or service
depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner's research publications
consist of the opinions of Gartner’s research organization and
should not be construed as statements of fact. Gartner disclaims
all warranties, expressed or implied, with respect to this
research, including any warranties of merchantability or fitness
for a particular purpose.
The Gartner content described herein (the “Gartner Content”)
represents research opinion or viewpoints published, as part of a
syndicated subscription service, by Gartner, Inc. ("Gartner"), and
is not a representation of fact. Gartner Content speaks as of its
original publication date (and not as of the date of this [type of
filing]), and the opinions expressed in the Gartner Content are
subject to change without notice.
About Key Metrics and Non-GAAP
Financial Measures
This press release contains key metrics and non-GAAP financial
measures within the meaning of Regulation G and Item 10(e) of
Regulation S-K. Such non-GAAP financial measures are measures of
our historical or future performance, financial position or cash
flows that are adjusted to exclude or include amounts that are
excluded or included, as the case may be, from the most directly
comparable financial measure calculated and presented in accordance
with IFRS.
The table at the end provides IT Services Revenue on a constant
currency basis, which is a non-GAAP financial measure that is
calculated by translating IT Services Revenue from the current
reporting period into U.S. dollars based on the currency conversion
rate in effect for the prior reporting period. We refer to growth
rates in constant currency so that business results may be viewed
without the impact of fluctuations in foreign currency exchange
rates, thereby facilitating period-to-period comparisons of our
business performance. Further, in the normal course of business, we
may divest a portion of our business which may not be strategic. We
refer to the growth rates in both reported and constant currency
adjusting for such divestments in order to represent the comparable
growth rates.
Our key metrics and non-GAAP financial measures are not based on
any comprehensive set of accounting rules or principles and should
not be considered a substitute for, or superior to, the most
directly comparable financial measure calculated in accordance with
IFRS and may be different from non-GAAP measures used by other
companies. Our key metrics and non-GAAP financial measures are not
comparable to, nor should be substituted for, an analysis of our
revenue over time and involve estimates and judgments. In addition
to our non-GAAP measures, the financial statements prepared in
accordance with IFRS and the reconciliation of these non-GAAP
financial measures with the most directly comparable IFRS financial
measure should be carefully evaluated.
Results for the Quarter ended September 30, 2023, prepared
under IFRS, along with individual business segment reports, are
available in the Investors section of our website
www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m.
Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our
performance for the quarter. The audio from the conference call
will be available online through a webcast and can be accessed at
the following link -
https://links.ccwebcast.com/?EventId=WIP181023
An audio recording of the management discussions and the
question-and-answer session will be available online and will be
accessible in the Investor Relations section of our website at
www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading
technology services and consulting company focused on building
innovative solutions that address clients’ most complex digital
transformation needs. Leveraging our holistic portfolio of
capabilities in consulting, design, engineering, and operations, we
help clients realize their boldest ambitions and build
future-ready, sustainable businesses. With nearly 245,000 employees
and business partners across 65 countries, we deliver on the
promise of helping our clients, colleagues, and communities thrive
in an ever-changing world. For additional information, visit us at
www.wipro.com
Forward-Looking Statements
The forward-looking statements contained herein represent
Wipro’s beliefs regarding future events, many of which are by their
nature, inherently uncertain and outside Wipro’s control. Such
statements include, but are not limited to, statements regarding
Wipro’s growth prospects, its future financial operating results,
the benefits its customers experience and its plans, expectations
and intentions. Wipro cautions readers that the forward-looking
statements contained herein are subject to risks and uncertainties
that could cause actual results to differ materially from the
results anticipated by such statements. Such risks and
uncertainties include, but are not limited to, risks and
uncertainties regarding fluctuations in our earnings, revenue and
profits, our ability to generate and manage growth, complete
proposed corporate actions, intense competition in IT services, our
ability to maintain our cost advantage, wage increases in India,
our ability to attract and retain highly skilled professionals,
time and cost overruns on fixed-price, fixed-time frame contracts,
client concentration, restrictions on immigration, our ability to
manage our international operations, reduced demand for technology
in our key focus areas, disruptions in telecommunication networks,
our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the
success of the companies in which we make strategic investments,
withdrawal of fiscal governmental incentives, political
instability, war, legal restrictions on raising capital or
acquiring companies outside India, unauthorized use of our
intellectual property and general economic conditions affecting our
business and industry.
Additional risks that could affect our future operating results
are more fully described in our filings with the United States
Securities and Exchange Commission, including, but not limited to,
Annual Reports on Form 20-F. These filings are available at
www.sec.gov. We may, from time to time, make additional written and
oral forward-looking statements, including statements contained in
the company’s filings with the Securities and Exchange Commission
and our reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us
or on our behalf.
WIPRO LIMITED AND
SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
(Rs in millions, except share
and per share data, unless otherwise stated)
As at March 31, 2023
As at September 30,
2023
Convenience translation into
US dollar in millions Refer footnote
ASSETS
Goodwill
307,970
309,732
3,728
Intangible assets
43,045
38,109
459
Property, plant and equipment
88,659
83,086
1,000
Right-of-Use assets
18,702
17,043
205
Financial assets
Derivative assets
29
151
2
Investments
20,720
21,629
260
Trade receivables
863
872
10
Other financial assets
6,330
5,973
72
Investments accounted for using the equity
method
780
761
9
Deferred tax assets
2,100
2,219
27
Non-current tax assets
11,922
10,878
131
Other non-current assets
13,606
10,834
130
Total non-current assets
514,726
501,287
6,033
Inventories
1,188
1,281
15
Financial assets
Derivative assets
1,844
1,999
24
Investments
309,232
239,847
2,887
Cash and cash equivalents
91,880
97,896
1,178
Trade receivables
126,350
108,146
1,302
Unbilled receivables
60,515
65,292
786
Other financial assets
9,096
9,155
110
Contract assets
23,001
24,464
295
Current tax assets
5,091
5,017
60
Other current assets
32,899
31,946
385
Total current assets
661,096
585,043
7,042
TOTAL ASSETS
1,175,822
1,086,330
13,075
EQUITY
Share capital
10,976
10,444
126
Share premium
3,689
1,732
21
Retained earnings
660,964
577,487
6,951
Share-based payment reserve
5,632
6,023
72
Special Economic Zone re-investment
reserve
46,803
44,941
541
Other components of equity
53,100
58,284
702
Equity attributable to the equity
holders of the Company
781,164
698,911
8,413
Non-controlling interests
589
823
10
TOTAL EQUITY
781,753
699,734
8,423
LIABILITIES
Financial liabilities
Loans and borrowings
61,272
61,971
746
Lease liabilities
15,953
14,796
178
Derivative liabilities
179
40
^
Other financial liabilities
2,649
1,609
19
Deferred tax liabilities
15,153
15,315
184
Non-current tax liabilities
21,777
26,048
314
Other non-current liabilities
9,333
11,025
133
Provisions
^
-
-
Total non-current liabilities
126,316
130,804
1,574
Financial liabilities
Loans, borrowings and bank overdrafts
88,821
94,060
1,132
Lease liabilities
8,620
8,348
100
Derivative liabilities
2,825
1,582
19
Trade payables and accrued expenses
89,054
78,857
949
Other financial liabilities
4,141
2,712
33
Contract liabilities
22,682
16,738
201
Current tax liabilities
18,846
21,372
257
Other current liabilities
30,215
29,873
360
Provisions
2,549
2,250
27
Total current liabilities
267,753
255,792
3,078
TOTAL LIABILITIES
394,069
386,596
4,652
TOTAL EQUITY AND LIABILITIES
1,175,822
1,086,330
13,075
^ Value is less than 1
WIPRO LIMITED AND
SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENT OF INCOME
(Rs in millions, except share
and per share data, unless otherwise stated)
Three months ended September
30,
Six months ended September
30,
2022
2023
2023
2022
2023
2023
Convenience translation into
US dollar in millions
Refer footnote
Convenience translation into
US dollar in millions Refer footnote
Revenues
225,397
225,159
2,710
440,683
453,469
5,458
Cost of revenues
(163,835
)
(159,191
)
(1,916
)
(319,435
)
(320,452
)
(3,857
)
Gross profit
61,562
65,968
794
121,248
133,017
1,601
Selling and marketing expenses
(15,140
)
(18,767
)
(226
)
(30,499
)
(35,351
)
(426
)
General and administrative expenses
(14,976
)
(14,124
)
(170
)
(28,447
)
(30,011
)
(361
)
Foreign exchange gains/(losses), net
1,057
268
3
2,091
206
2
Results from operating
activities
32,503
33,345
401
64,393
67,861
816
Finance expenses
(2,270
)
(3,033
)
(37
)
(4,315
)
(6,119
)
(74
)
Finance and other income
4,040
4,810
58
7,730
11,352
137
Share of net profit/ (loss) of associates
accounted for using the equity method
(72
)
(30
)
^
(87
)
(27
)
^
Profit before tax
34,201
35,092
422
67,721
73,067
879
Income tax expense
(7,710
)
(8,419
)
(101
)
(15,641
)
(17,534
)
(211
)
Profit for the period
26,491
26,673
321
52,080
55,533
668
Profit attributable to:
Equity holders of the Company
26,590
26,463
318
52,226
55,164
664
Non-controlling interests
(99
)
210
3
(146
)
369
4
Profit for the period
26,491
26,673
321
52,080
55,533
668
Earnings per equity share:
Attributable to equity holders of the
Company
Basic
4.86
5.06
0.06
9.55
10.30
0.12
Diluted
4.85
5.04
0.06
9.52
10.27
0.12
Weighted average number of equity
shares
used in computing earnings per equity
share
Basic
5,476,167,685
5,232,867,366
5,232,867,366
5,473,962,200
5,357,394,940
5,357,394,940
Diluted
5,484,785,054
5,245,641,198
5,245,641,198
5,486,081,940
5,370,078,563
5,370,078,563
^ Value is less than 1
Additional Information:
Particulars
Three months ended
Six months ended
Year ended
September 30, 2023
June 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
March 31, 2023
Audited
Audited
Audited
Audited
Audited
Audited
Segment revenue
IT Services
Americas 1
66,813
65,607
65,350
132,420
127,052
261,270
Americas 2
66,914
68,303
70,030
135,217
136,643
278,374
Europe
63,976
67,134
62,684
131,110
122,960
256,845
APMEA
26,255
26,510
27,141
52,765
52,924
106,812
Total of IT Services
223,958
227,554
225,205
451,512
439,579
903,301
IT Products
1,469
694
1,249
2,163
3,195
6,047
Total segment revenue
225,427
228,248
226,454
453,675
442,774
909,348
Segment result
IT Services
Americas 1
15,287
13,537
12,954
28,824
24,524
51,555
Americas 2
14,023
14,169
14,959
28,192
28,183
59,689
Europe
7,547
9,968
8,454
17,515
16,440
37,667
APMEA
2,985
2,800
2,670
5,785
4,739
10,681
Unallocated
(3,784)
(3,957)
(5,090)
(7,741)
(7,934)
(18,368)
Total of IT Services
36,058
36,517
33,947
72,575
65,952
141,224
IT Products
(467)
(161)
(103)
(628)
(158)
(176)
Reconciling Items
(2,246)
(1,840)
(1,341)
(4,086)
(1,401)
(1,442)
Total segment result
33,345
34,516
32,503
67,861
64,393
139,606
Finance expenses
(3,033)
(3,086)
(2,270)
(6,119)
(4,315)
(10,077)
Finance and other Income
4,810
6,542
4,040
11,352
7,730
18,185
Share of net profit/ (loss) of associates
accounted for using the equity method
(30)
3
(72)
(27)
(87)
(57)
Profit before tax
35,092
37,975
34,201
73,067
67,721
147,657
Effective April 1, 2023, we merged our India State Run
Enterprise segment (“ISRE”) with our IT Services
segment. Currently, the Company is organized into the following
operating segments: IT Services and IT Products.
IT Services: As announced on November 12, 2020, effective
January 1, 2021, we re-organized our IT Services segment into four
Strategic Market Units (“SMUs”) - Americas 1, Americas 2,
Europe and Asia Pacific Middle East Africa (“APMEA”).
Americas 1 and Americas 2 are primarily organized by industry
sector, while Europe and APMEA are organized by countries.
Americas 1 includes Healthcare and Medical Devices,
Consumer Goods and Lifesciences, Retail, Transportation and
Services, Communications, Media and Information services,
Technology Products and Platforms, in the United States of America
and entire business of Latin America (“LATAM"). Americas 2
includes Banking, Financial Services and Insurance, Manufacturing,
Hi-tech, Energy and Utilities industry sectors in the United States
of America and entire business of Canada. Europe consists of
United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics
and Southern Europe. APMEA consists of Australia and New
Zealand, India, Middle East, South East Asia, Japan and Africa.
IT Products: The Company is a value-added reseller of
desktops, servers, notebooks, storage products, networking
solutions and packaged software for leading international brands.
In certain total outsourcing contracts of the IT Services segment,
the Company delivers hardware, software products and other related
deliverables. Revenue relating to the above items is reported as
revenue from the sale of IT Products.
Reconciliation of selected GAAP
measures to Non-GAAP measures
Reconciliation of Non-GAAP Constant
Currency IT Services Revenue to IT Services Revenue as per IFRS
($Mn)
Three Months ended September
30, 2023
IT Services Revenue as per IFRS
$
2,713.3
Effect of Foreign currency exchange
movement
$
10.0
Non-GAAP Constant Currency IT Services
Revenue based on
$
2,723.3
previous quarter exchange
rates
Three Months ended September
30, 2023
IT Services Revenue as per IFRS
$
2,713.3
Effect of Foreign currency exchange
movement
$
(29.7
)
Non-GAAP Constant Currency IT Services
Revenue based on
$
2,683.6
exchange rates of comparable period in
previous year
Reconciliation of Free Cash Flow for
three months and six months ended September 30, 2023
Amount in INR Mn
Three months ended
September 30, 2023
Six months ended
September 30, 2023
Net Income for the period
[A]
26,673
55,533
Computation of Free Cash Flow
Net cash generated from operating
activities [B]
38,633
76,146
Add/ (deduct) cash
inflow/ (outflow)on:
Purchase of property, plant and
equipment
(1,975
)
(4,184
)
Proceeds from sale of property, plant and
equipment
3,193
4,223
Free Cash Flow [C]
39,851
76,185
Operating Cash Flow as percentage of
Net Income [B/A]
144.8
%
137.1
%
Free Cash Flow as percentage of Net
Income [C/A]
149.4
%
137.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231018595964/en/
Contact for Investor Relations Dipak Kumar Bohra Phone:
+91-80-6142 7201 dipak.bohra@wipro.com
Abhishek Jain Phone: +91-80-6142 6143
abhishek.jain2@wipro.com
Contact for Media & Press Phone: +91-80-6142 6450
media-relations@wipro.com
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