IT services segment revenue near top-end of
guidance Delivers IT services operating margin at 16%, EPS
increases 2.0% QoQ $3.8 billion order booking with 14 large deal
wins
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 December 31, 2023.
Highlights of the
Results
Results for the Quarter ended December 31, 2023:
- Gross revenue reached Rs 222.1 billion ($2.7 billion1), a
decrease of 1.4% QoQ.
- IT services segment revenue was at $2,656.1 million, a decrease
of 2.1% QoQ.
- Non-GAAP2 constant currency IT Services segment revenue
decreased 1.7% QoQ.
- Total bookings3 was at $3.8 billion, up by 0.2% QoQ and large
deal bookings4 was at $0.9 billion.
- IT services segment EBIT for the quarter was Rs 35.4 billion
($425.8 million1), a decrease of 1.8% QoQ.
- IT services operating margin5 for the quarter was at 16.0%,
down by 11 bps QoQ.
- Net income for the quarter was at Rs 26.9 billion ($323.9
million1), an increase of 1.8% QoQ.
- Earnings per share for the quarter was at Rs 5.16 ($0.061), an
increase of 2.0% QoQ.
- Operating cash flows at 177.3% of Net Income for the quarter
was at Rs 47.9 billion ($575.7 million1).
- Voluntary attrition6 has continued to moderate QoQ, coming in
at 10-quarter low of 12.3% in Q3’24.
- Interim dividend declared of Rs 1 ($0.0121) per equity
share/ADS.
Outlook for the Quarter ending March
31, 2024
We expect revenue from our IT Services business segment to be in
the range of $2,615 million to $2,669 million*. This translates to
sequential guidance of -1.5% to +0.5% in constant currency
terms.
* Outlook for the Quarter ending March 31, 2024, is based on the
following exchange rates: GBP/USD at 1.24, Euro/USD at 1.08,
AUD/USD at 0.65, USD/INR at 83.54 and CAD/USD at 0.72
Performance for the Quarter ended
December 31, 2023
“Our investments in people, processes, and business operations
are continuing to pay off,” said Thierry Delaporte, CEO and
Managing Director. “In a seasonally soft quarter, deal booking
momentum remained strong. Our large deals recorded a 20 percent
year-to-date growth. Further, we are starting to see early signs of
a return to growth in Consulting, as demonstrated by the
double-digit growth in order bookings in our Capco business.
“Under our ai360 strategy, AI is now embedded across most of our
existing solutions and client offerings. We’re deploying AI
internally across all business and functional areas as well, with
the goals of efficiency, productivity, and scale. We are confident
that these investments will allow us to capitalize on emerging
opportunities, as the macro environment improves.”
Aparna C. Iyer, Chief Financial Officer, said, “I am
pleased with our rigor of execution across all financial metrics -
revenue, margin, EPS, and cash flow. We are building a more
resilient, agile, and efficient organization which has helped us
sustain our margins at 16%, a 63 basis point improvement on a
year-to-date basis despite revenue headwinds and absorbing the
impact of the investments we are making for growth and people.”
IT Products
- IT Products segment revenue for the quarter was Rs 0.8 billion
($9.7 million1)
- IT Products segment results for the quarter was a gain of Rs
0.11 billion ($1.37 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.
- 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 83.19,
as published by the Federal Reserve Board of Governors on December
31, 2023. However, the realized exchange rate in our IT Services
business segment for the quarter ended December 31, 2023, was US$1=
Rs 83.40.
- Constant currency for a period is the product of volumes in
that period times the average actual exchange rate of the
corresponding comparative period.
- 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.
- Large deal bookings consist of deals greater than or equal to
$30 million in total contract value.
- IT Services Operating Margin refers to Segment Results Total as
reflected in IFRS financials.
- Voluntary attrition is in IT Services computed on a quarterly
annualised basis and excludes DOP.
- Effective April 1, 2023, we merged our ISRE segment with our IT
Services segment. The YoY growth rates for the quarter ended
December 31, 2023, were computed by rebase lining Q3’23
numbers.
Highlights of Strategic Deal
Wins
In the third quarter, Wipro continued to win large and strategic
deals across industries. Key highlights include:
- Wipro was selected by a US-based member-governed health
insurance non-profit to deploy an integrated Business Platform as a
Service to deliver end-to-end plan administration services.
Leveraging its proprietary Individual & Family Health Insurance
Exchange platform, Wipro will help streamline the enrollment,
billing and claims process for the client. The platform will also
use AI to reconcile premiums with subsidies offered by the
government to minimize costs for members. The client will benefit
from increased satisfaction amongst providers, clinics and
pharmacies and improved compliance with evolving regulations.
- A global technology leader has chosen Wipro to develop
capabilities for their AI-driven orchestration platform. Wipro will
collaborate closely with the client to integrate various systems
involved in the process lifecycle, simplifying navigation, and
streamlining workflows for end-users. This will improve overall
productivity and accuracy, enabling tasks to be completed more
efficiently. Additionally, this partnership will allow the client
to expand the market reach of their solution.
- An American Retail Bank has chosen Wipro as the end-to-end
product development partner for the client’s Payments & Digital
Platform groups. Capco, Designit, and Wipro teams will provide
fully-staffed, cross-functional working groups to deliver on key
initiatives across the bank – including cloud migration, marketing
analytics, and relationship management modernization. The combined
teams will bring architecture, design, and tech delivery capacity,
alongside banking domain expertise, and will be underpinned by an
offshore delivery model. The resulting effort will deliver
immediate efficiencies and power the maturity of the client’s
Digital platforms.
- A Middle Eastern financial regulatory body has selected Wipro
as a technology partner to strengthen its IT applications and
infrastructure. Wipro will create a unique solution to support the
client’s business applications, infrastructure technology, service
desk, and IT operating model. Wipro will also provide a host of
value-added components, including dedicated consulting services
from Capco which is aimed at business and IT strategic
transformation including data, supervisory tech, and AI. The
resulting increased efficiency and productivity will help the
client attract both domestic and foreign investments to the
region.
- One of the world’s largest wind turbine manufacturers has
selected Wipro to transform its Enterprise Resource Planning
landscape to harmonize the Finance, Manufacturing, Sales, Supply
Chain and Customer service processes. Wipro will deliver a tailored
solution that unifies the client’s regional platforms, while
matching the individual needs of the business units. This will
empower each unit with data-driven decision-making while improving
the speed-to-market, as well as supporting the rapid addition of
new product lines. Leveraging its Controlled Global Template and
Industrialized Rollout Framework, Wipro will ensure shorter and
smoother global rollouts with increased business user satisfaction
for the client.
- A leading automotive manufacturer’s financial services
organization selected Wipro to consolidate their IT services, with
the goal of harmonizing their IT processes across the entire
enterprise, creating new synergies across functions, and a
consolidation of current supplier landscape. The project involves
the transformation towards a managed service operation model and
providing services for the client’s core infrastructure, central
platform services, and end-user computing services. The solutions
delivered by the Wipro team will help the client realize its
business transformation goals and support their evolution to a
mobility services provider.
- An international banking institution has selected Wipro to
transform its business applications portfolio. The Wipro team will
create a bespoke, automation-based solution to assess, transform,
and manage the client’s applications estate. The project will lead
to increased operational efficiency, cost reduction, and increased
cloud adoption.
- Wipro was selected by one of the world’s largest airlines to
deliver omni-channel customer services support across its
e-commerce and loyalty program. Through this engagement, Wipro will
streamline the customer service process for agents, provide
automated visualization for performance management, and track
quality through enhanced reporting and analysis. The agents will be
trained through gamified learning modules, which will quickly lead
to improved processes, reduced wait times and better end-customer
experience.
- A US-based technology services company has selected Wipro to
augment its navigation assistance offering. For the client’s end
users, the Wipro team will improve navigation and create new map
features, enhancing the search functionality of 2D and 3D mapping,
as well as improving transit, indoor and business listings. For the
client’s B2B customers, Wipro will assist in building customized
features targeting Autonomous Driving & Simulation (ADAS)
technology for the transportation, hospitality, and automotive
sectors. The client can expect to see enhanced data and product
quality, as well as monetization of their offering.
- An integrated healthcare network has selected Wipro to deliver
end-to-end managed services to transform their IT environment and
digital infrastructure. As part of this project, the Wipro team
will leverage hyper-automation to help the client improve customer
service and overall efficiency, increase speed and scalability, as
well as achieve cost optimization.
- A US-based education assistance agency has selected Wipro to
deliver digitally enabled customer care services. The Wipro team
will build a custom solution to transform the client’s end-user
journey. The solution will also ensure better contract compliance,
more profitable service delivery, improved customer satisfaction,
and enhance the client’s overall industry ranking.
- A North American banking group has selected Wipro to test and
improve their overall technology efficiency. The Wipro team will
improve the testing automation efficiency of their legacy
technology stack. This will enable the business to onboard new
applications within its infrastructure while improving year-on-year
automation efficiency across the client’s portfolio.
- A Swiss multinational corporation has selected Wipro to be its
Global Network systems integrator to refresh & transform their
600+ sites to be cloud native. The Wipro team will build a
completely customized solution that will allow for flexibility and
speed of execution in a time-bound manner using Wipro accelerators.
This integration project will align with the client’s overall cloud
strategy, increase their speed to market, and will produce cost
savings of up to 20 percent.
Analyst Recognition
- Wipro was positioned as a Leader in Avasant's Data Management
and Advanced Analytics Services RadarView™ 2023
- Wipro was rated as a Leader in ISG Provider Lens™ – Future of
Work Services and Solutions 2023 - Germany (multiple
quadrants)
- Wipro was recognized as a Leader in IDC MarketScape: Worldwide
Managed Public Cloud Services 2023 Vendor Assessment (Doc #
US49116023 Nov 2023)
- Wipro was featured as a Horizon 3 - Leader in HFS Horizons:
Generative Enterprise™ Services, 2023
- Wipro was ranked as a Leader in Avasant's Digital Talent
Capability RadarView™ 2023 – 2024
- Wipro was positioned a Leader in Everest Group's Cloud Security
Services PEAK Matrix® Assessment 2023
- Wipro was designated a Leader in Everest Group's Cloud Services
in Insurance PEAK Matrix® Assessment 2023
- Wipro was named a Leader in IDC MarketScape: Worldwide Supply
Chain All Other Ecosystems Services 2023 Vendor Assessment (Doc #
US51314123 Nov 2023)
- Wipro was recognized as a Leader in ISG Provider Lens™ – Oil
and Gas Industry Services and Solutions 2023 (all quadrants)
- Wipro was positioned as a Leader in ISG Provider Lens™ – AWS
Ecosystem Partners 2023 - Germany (all quadrants)
- Wipro was positioned as a Horizon 3 - Leader in HFS Horizons:
Retail and CPG Service Providers, 2023
- Wipro was positioned as a Leader in the 2023 Gartner® Magic
Quadrant™ for Managed Network Services
Source & Disclaimer: *Gartner, “Magic Quadrant for Managed
Network Services”, Ted Corbett, et al, 18 November 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 press
release, 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 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 December 31, 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=WIP12012024
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 240,000 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 December 31,
2023
Convenience translation into
US dollar in millions (Refer footnote)
ASSETS
Goodwill
307,970
311,251
3,741
Intangible assets
43,045
34,341
413
Property, plant and equipment
88,659
81,406
979
Right-of-Use assets
18,702
17,473
210
Financial assets
Derivative assets
29
21
^
Investments
20,720
22,666
272
Trade receivables
863
4,328
52
Other financial assets
6,330
5,653
68
Investments accounted for using the equity
method
780
759
9
Deferred tax assets
2,100
1,785
21
Non-current tax assets
11,922
9,582
115
Other non-current assets
13,606
10,544
127
Total non-current assets
514,726
499,809
6,007
Inventories
1,188
1,066
13
Financial assets
Derivative assets
1,844
1,350
16
Investments
309,232
292,170
3,512
Cash and cash equivalents
91,880
91,113
1,095
Trade receivables
126,350
120,871
1,454
Unbilled receivables
60,515
57,225
688
Other financial assets
9,096
8,120
98
Contract assets
23,001
19,559
235
Current tax assets
5,091
5,465
66
Other current assets
32,899
28,369
341
Total current assets
661,096
625,308
7,518
TOTAL ASSETS
1,175,822
1,125,117
13,525
EQUITY
Share capital
10,976
10,448
126
Share premium
3,689
2,837
34
Retained earnings
660,964
606,952
7,296
Share-based payment reserve
5,632
5,804
70
Special Economic Zone re-investment
reserve
46,803
42,726
514
Other components of equity
53,100
61,496
739
Equity attributable to the equity
holders of the Company
781,164
730,263
8,779
Non-controlling interests
589
698
8
TOTAL EQUITY
781,753
730,961
8,787
LIABILITIES
Financial liabilities
Loans and borrowings
61,272
62,126
747
Lease liabilities
15,953
15,092
181
Derivative liabilities
179
48
1
Other financial liabilities
2,649
1,504
18
Deferred tax liabilities
15,153
14,307
172
Non-current tax liabilities
21,777
31,641
380
Other non-current liabilities
9,333
12,050
145
Provisions
^
-
-
Total non-current liabilities
126,316
136,768
1,644
Financial liabilities
Loans, borrowings and bank overdrafts
88,821
93,621
1,125
Lease liabilities
8,620
8,297
100
Derivative liabilities
2,825
1,348
16
Trade payables and accrued expenses
89,054
81,571
981
Other financial liabilities
4,141
2,082
25
Contract liabilities
22,682
18,905
227
Current tax liabilities
18,846
20,138
242
Other current liabilities
30,215
29,009
349
Provisions
2,549
2,417
29
Total current liabilities
267,753
257,388
3,094
TOTAL LIABILITIES
394,069
394,156
4,738
TOTAL EQUITY AND LIABILITIES
1,175,822
1,125,117
13,525
^ 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 December
31,
Nine months ended December
31,
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
232,290
222,051
2,669
672,973
675,520
8,120
Cost of revenues
(163,273
)
(153,826
)
(1,849
)
(482,708
)
(474,278
)
(5,701
)
Gross profit
69,017
68,225
820
190,265
201,242
2,419
Selling and marketing expenses
(17,752
)
(19,178
)
(231
)
(48,251
)
(54,529
)
(655
)
General and administrative expenses
(15,020
)
(16,444
)
(198
)
(43,467
)
(46,455
)
(558
)
Foreign exchange gains/(losses), net
1,391
262
3
3,482
468
6
Results from operating
activities
37,636
32,865
394
102,029
100,726
1,212
Finance expenses
(2,902
)
(3,125
)
(38
)
(7,217
)
(9,244
)
(111
)
Finance and other income
4,992
5,785
70
12,722
17,137
205
Share of net profit/ (loss) of associates
accounted for using the equity method
26
(4
)
^
(61
)
(31
)
^
Profit before tax
39,752
35,521
426
107,473
108,588
1,306
Income tax expense
(9,102
)
(8,515
)
(102
)
(24,743
)
(26,049
)
(313
)
Profit for the period
30,650
27,006
324
82,730
82,539
993
Profit attributable to:
Equity holders of the Company
30,529
26,942
323
82,755
82,106
988
Non-controlling interests
121
64
1
(25
)
433
5
Profit for the period
30,650
27,006
324
82,730
82,539
993
Earnings per equity share:
Attributable to equity holders of the
Company
Basic
5.57
5.16
0.06
15.12
15.46
0.19
Diluted
5.56
5.15
0.06
15.08
15.42
0.19
Weighted average number of equity
shares
used in computing earnings per equity
share
Basic
5,480,138,169
5,218,470,886
5,218,470,886
5,475,982,068
5,310,985,603
5,310,985,603
Diluted
5,486,025,875
5,230,916,313
5,230,916,313
5,487,483,177
5,326,825,104
5,326,825,104
^ Value is less than 1
Additional Information:
Particulars
Three months ended
Nine months ended
Year ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
March 31, 2023
Audited
Audited
Audited
Audited
Audited
Audited
Segment revenue
IT Services
Americas 1
68,581
66,813
67,788
201,001
194,840
261,270
Americas 2
66,541
66,914
71,168
201,758
207,811
278,374
Europe
61,473
63,976
66,323
192,583
189,283
256,845
APMEA
24,913
26,255
26,681
77,678
79,605
106,812
Total of IT Services
221,508
223,958
231,960
673,020
671,539
903,301
IT Products
805
1,469
1,721
2,968
4,916
6,047
Total segment revenue
222,313
225,427
233,681
675,988
676,455
909,348
Segment result
IT Services
Americas 1
16,459
15,287
13,586
45,283
38,110
51,555
Americas 2
15,180
14,023
15,567
43,372
43,750
59,689
Europe
7,906
7,547
10,203
25,421
26,643
37,667
APMEA
3,433
2,985
2,912
9,218
7,651
10,681
Unallocated
(7,552
)
(3,784
)
(4,662
)
(15,293
)
(12,596
)
(18,368
)
Total of IT Services
35,426
36,058
37,606
108,001
103,558
141,224
IT Products
114
(467
)
41
(514
)
(117
)
(176
)
Reconciling Items
(2,675
)
(2,246
)
(11
)
(6,761
)
(1,412
)
(1,442
)
Total segment result
32,865
33,345
37,636
100,726
102,029
139,606
Finance expenses
(3,125
)
(3,033
)
(2,902
)
(9,244
)
(7,217
)
(10,077
)
Finance and other income
5,785
4,810
4,992
17,137
12,722
18,185
Share of net profit/ (loss) of associates
accounted for using the equity method
(4
)
(30
)
26
(31
)
(61
)
(57
)
Profit before tax
35,521
35,092
39,752
108,588
107,473
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 December
31, 2023
IT Services Revenue as per IFRS
$
2,656.1
Effect of Foreign currency exchange
movement
$
12.5
Non-GAAP Constant Currency IT Services
Revenue based on previous quarter exchange rates
$
2,668.6
Three Months ended December
31, 2023
IT Services Revenue as per IFRS
$
2,656.1
Effect of Foreign currency exchange
movement
$
(29.9
)
Non-GAAP Constant Currency IT Services
Revenue based on exchange rates of comparable period in previous
year
$
2,626.2
Reconciliation of Free Cash Flow for
three months and nine months ended December 31, 2023
Amount in INR Mn
Three months ended
December 31, 2023
Nine months ended
December 31, 2023
Net Income for the period
[A]
27,006
82,539
Computation of Free Cash Flow
Net cash generated from operating
activities [B]
47,891
124,037
Add/ (deduct) cash
inflow/ (outflow)on:
Purchase of property, plant and
equipment
(2,078
)
(6,262
)
Proceeds from sale of property, plant and
equipment
(320
)
3,903
Free Cash Flow [C]
45,493
121,678
Operating Cash Flow as percentage of
Net Income [B/A]
177.3
%
150.3
%
Free Cash Flow as percentage of Net
Income [C/A]
168.5
%
147.4
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240112531539/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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