UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of June 2024

Commission File Number 001-16139

 

 

Wipro Limited

(Exact name of Registrant as specified in its charter)

 

 

Not Applicable

(Translation of Registrant’s name into English)

Karnataka, India

(Jurisdiction of incorporation or organization)

Doddakannelli

Sarjapur Road

Bangalore, Karnataka 560035, India +91-80-2844-0011

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F ☒   Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  Yes ☐ No ☒

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  Yes ☐ No ☒

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 


DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Wipro Limited, a company organized under the laws of the Republic of India (the “Company”), hereby furnishes the Commission with the following information concerning its public disclosures regarding its results of operations for the quarter ended June 30, 2024. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

On July 19, 2024, the Company announced its results of operations for the quarter ended June 30, 2024. The Company issued a press release announcing its results under International Financial Reporting Standards (“IFRS”), a copy of which is attached to this Form 6-K as Item 99.1.

The Company placed advertisements in certain Indian newspapers concerning its results of operations for the quarter ended June 30, 2024, under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.2.

The Company made available on its website the Condensed Consolidated Interim Financial Statements for the quarter ended June 30, 2024, under IFRS. A copy of such financial statements is attached to this Form 6-K as Item 99.3.

The Company filed with stock exchanges in India a statement of statutorily audited consolidated financial results for the quarter ended June 30, 2024, under IFRS. A copy of such financial statements is attached to this Form 6-K as Item 99.4.

The Company filed with stock exchanges in India a datasheet containing operating metrics for the quarter ended June 30, 2024. A copy of such data sheet is attached to this Form 6-K as Item 99.5.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.

WIPRO LIMITED

 

By:

 

/s/ Aparna Chandrashekar Iyer

 

Aparna Chandrashekar Iyer

 

Chief Financial Officer

 

Dated: July 24, 2024


INDEX TO EXHIBITS

 

Item

    
99.1    IFRS Press Release
99.2    Form of Advertisement Placed in Indian Newspapers
99.3    Consolidated Interim Financial Statements under IFRS
99.4    Statutorily Audited Consolidated Financial Results filed with stock exchanges in India
99.5    Data sheet containing operating metrics filed with stock exchanges in India

Exhibit 99.1

FOR IMMEDIATE RELEASE

 

LOGO

Wipro announces results for the quarter ended June 30, 2024

Large Deal Bookings at $1.2 billion.

IT Services Margin expands 0.4% YoY. EPS increases 9.9% YoY.

Operating cash flows at 131.6% of net income.

EAST BRUNSWICK, N.J. | BANGALORE, India – July 19, 2024: 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 June 30, 2024.

Highlights of the Results

Results for the Quarter ended June 30, 2024:

 

1.

Gross revenue was at  219.6 billion ($2,635.8 million1), a decrease of 1.1% QoQ and 3.8% YoY.

 

2.

IT services segment revenue was at $2,625.9 million, a decrease of 1.2% QoQ and decrease of 5.5% YoY.

 

3.

Non-GAAP2 constant currency IT Services segment revenue decreased 1.0% QoQ, and 4.9% YoY.

 

4.

Total bookings3 was at $3,284 million. Large deal bookings4 was at $1,154 million, a decrease of 3.1% QoQ and 3.6% YoY.

 

5.

IT services operating margin5 for the quarter was at 16.5%, an increase of 0.1% QoQ and 0.4% YoY.

 

6.

Net income for the quarter was at  30.0 billion ($360.4 million1), an increase of 5.9% QoQ and 4.6% YoY.

 

7.

Earnings per share for the quarter was at  5.75 ($0.071), an increase of 5.9% QoQ and 9.9% YoY.

 

8.

Operating cash flows of  40.0 billion ($479.0 million1), an increase of 6.5% YoY and at 131.6% of Net Income for the quarter.

 

9.

Voluntary attrition was at 14.1% on a trailing 12-month basis.

Outlook for the Quarter ending September 30, 2024

We expect revenue from our IT Services business segment to be in the range of $2,600 million to $2,652 million*. This translates to sequential guidance of (-)1.0% to +1.0% in constant currency terms.

 

*

Outlook for the Quarter ending September 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.08, AUD/USD at 0.66, USD/INR at 83.27 and CAD/USD at 0.73

 

1


Performance for the Quarter ended June 30, 2024

Srini Pallia, CEO and Managing Director, said “We recorded another quarter of total large deal bookings over $1 bn, with our largest win in the recent years. Our top accounts continued to grow, accompanied by a growth in Americas1 SMU, BFSI and Consumer sectors. We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2. While we continue to build on our ai360 strategy and preparing our workforce for an AI-first future.”

Aparna Iyer, Chief Financial Officer, said “We continued to expand our margins to 16.5% in Q1’25, this is a 42-bps improvement YoY. Our margin performance is also reflected in our EPS increase of 10% YoY. Our operating cash flows continue to be strong at 131.6% of our net income which takes our current investment and cash balance to $5.4 billion.”

 

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 =  83.33, as published by the Federal Reserve Board of Governors on June 30, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2024, was US$1=  83.38

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.

 

2


Highlights of Strategic Deal Wins

In the first quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

 

1.

Wipro has been awarded a $500 million deal by a leading U.S. communications services provider. This is a five-year contract to provide managed services for select products and industry-specific solutions.

 

2.

Wipro was selected by a global leader in technology to reimagine its hyperscaler customer experience centers through AI-powered operations. Wipro will enable real-time business insights, scale talent, and reduce cost of operations for the client’s centers across the world. Additionally, the team will modernize the client’s global R&D lab infrastructure and accelerate innovation with rapid prototyping and increased speed to market of new products and services.

 

3.

A US-based health insurance company has engaged Wipro to deliver end-to-end transformation of its medical claims processing. Over this multi-year deal, Wipro will implement customized AI-based solutions, for claims processing, error prediction and agent assist. Wipro’s AI solution will deliver higher accuracy in claims processing leading to a reduction in out-of-compliance claim appeals and an overall decrease in the cost of operations. Wipro is leveraging GenAI and AI to accelerate training and optimize resource allocation for the client.

 

4.

A US-based automotive Tier 1 supplier has selected Wipro to streamline its global technology services and rationalize its applications including both Engineering and business to support its portfolio. The Wipro team will develop a solution leveraging automation and AI to improve the client’s customer experience and reduce its overall operating costs, enhance innovation as well as improve project delivery.

 

5.

A leading provider of innovative flash memory solutions has selected Wipro as its strategic partner for Product Development and Engineering. The Wipro team will establish a Center of Excellence for Solid State Drive SSD engineering by leveraging its deep domain expertise on storage firmware, embedded software, system validations and GenAI methodologies to enhance the client’s product development life cycle.

 

6.

Wipro has secured a transformational engagement with a state government organization in Australia to deliver a centralized road asset management system. This system will help the client make reliable and fast strategic decisions for the future of its road network. The ‘One Wipro’ team, with Rizing, Wipro Enterprise Futuring and Domain & Consulting, will improve management of road assets like bridges, tunnels, traffic assets, etc., through integration and automation of the road asset register. The team will also deliver new capabilities to support business needs like staff mobility, leading to improved user experience with an intuitive map driven approach.

 

7.

A US-based payment services corporation has selected Wipro to enhance its applications to provide more resilient services, improve performance and scalability to support projected business growth. In partnership with the client, the Wipro team will develop and deploy solutions utilizing proven Continuous Integration & Deployment pipelines, leveraging AI. As a result, the client will have better visibility of compliance requirements and see improved agility andproductivity.

 

3


8.

A US-based global technology company has selected Wipro to develop and enhance its Silicon IP lifecycle. The Wipro team will deploy a comprehensive end-to-end solution that includes silicon engineering services encompassing areas such as analog circuit, layout, and structural designs. The project will result in increased agility and transparency across the Silicon IP lifecycle.

 

9.

An Australian public health services organization has chosen Wipro to migrate its legacy systems and automate its workforce management process. The Wipro team will build a solution that connects the aged care community with essential providers and services. The client will see enhanced accessibility and exchange of medical data, improved quality, and safety of primary healthcare services, as well as increased innovation and efficiency through digital technologies.

 

10.

A global pharmaceutical organization has expanded its existing relationship with Wipro, selecting it to deliver persona-based services for their Service Desk and onsite Field Support Services globally. The programme includes 12 transformation initiatives to modernize the client’s operating model and improve its user experience through Gen AI use cases, including autopilot-based provisioning, and remote management of applicable devices through zero-touch remote IT services resolution. As a result of this project, the client will see enhanced employee experience and increased productivity.

 

11.

A Europe-based investment management company has selected Wipro to manage its end-to-end infrastructure. The Wipro team will consolidate vendors across the client’s IT operations and develop AI tools to simplify its operations. This project will improve the client’s operational stability and security, reduce costs, and increase its cost efficiency by up to 30%.

 

12.

One of Europe’s largest providers of holiday parks has selected Wipro to integrate its business functions into a single set of standardized technology platforms with a redesigned operating model. The Wipro team will design the business processes, build and roll out core business platforms for the client’s commerce, finance, and HR functions. The team will also build a data platform to gain better business insights and roll out a change management program to ensure a smooth transition. This project will deliver harmonized and integrated systems enabling the client’s future business growth.

 

13.

A leading US-based technology company has selected Wipro to provide end-user sales and support services for its Spanish and Portuguese-speaking customers in Latin America. Wipro will deploy its trusted digital marketing advisors to support end users’ marketing presence. The team will also help in boosting advertising revenue growth through ad campaign optimization, market planning and book management.

 

4


Analyst Recognition

 

  1.

Wipro was rated as a Leader in Avasant’s Applied AI Services 2024 RadarView

 

  2.

Wipro was designated as a Leader in Avasant’s Cybersecurity Services 2024 RadarView

 

  3.

Wipro was recognized as a Leader in IDC MarketScape: Worldwide Consulting and Digital Services Providers for the Upstream Oil and Gas Industry 2024 Vendor Assessment (Doc # US51004123 May 2024)

 

  4.

Wipro was recognized as a Leader in Everest Group’s Mainframe Services PEAK Matrix® Assessment 2024

 

  5.

Wipro was ranked as a Leader in Avasant’s Manufacturing Digital Services 2024 RadarView

 

  6.

Wipro was rated as a Leader in ISG Provider Lens - Digital Engineering Services 2024 (all quadrants)

 

  7.

Wipro was classified as a Leader in ISG Provider Lens - Microsoft Cloud Ecosystem 2024 (multiple quadrants)

 

  8.

Wipro was recognized as a Leader in ISG Provider Lens - SAP Ecosystem 2024 (multiple quadrants)

 

  9.

Wipro was featured as a Horizon 3 – Market Leader in the HFS Horizons: HCP Service Providers, 2024 report

 

  10.

Wipro was classified as a Leader in Avasant’s Banking Process Transformation 2024 RadarView

 

  11.

Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant for Finance and Accounting Business Process Outsourcing

 

  12.

Wipro was rated as a Leader in ISG Provider Lens - Procurement Services 2024 (all quadrants)

Source & Disclaimer: *Gartner, “Magic Quadrant for Finance and Accounting Business Process Outsourcing”, Jan Ambergen, et al, 21 May 2024.

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.

IT Products

 

  1.

IT Products segment revenue for the quarter was  0.5 billion ($5.6 million1)

 

  2.

IT Products segment results for the quarter were (-)  0.05 billion (-$0.56 million1)

 

5


Please refer to the table on page 12 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

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 on page 12 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 June 30, 2024, 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=WIP19072024

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 over 230,000 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

 

6


Contact for Investor Relations    Contact for Media & Press
Dipak Kumar Bohra    Abhishek Jain   
Phone: +91-80-6142 7201    Phone: +91-80-6142 6143    Phone: +91-80-6142 6450
dipak.bohra@wipro.com    abhishek.jain2@wipro.com    media-relations@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.

# # #

(Tables to follow)

 

7


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

( in millions, except share and per share data, unless otherwise stated)

 

     As at March 31, 2024      As at June 30, 2024  
    

 

    

 

     Convenience translation
into US dollar in millions

(unaudited)
 

ASSETS

        

Goodwill

     316,002      316,054      3,793

Intangible assets

     32,748      30,971      372

Property, plant and equipment

     81,608      79,957      960

Right-of-Use assets

     17,955      19,233      231

Financial assets

        

Derivative assets

     25      —       — 

Investments

     21,629      21,262      255

Trade receivables

     4,045      584      7

Other financial assets

     5,550      5,290      63

Investments accounted for using the equity method

     1,044      999      12

Deferred tax assets

     1,817      1,752      21

Non-current tax assets

     9,043      9,453      113

Other non-current assets

     10,331      11,656      140
  

 

 

    

 

 

    

 

 

 

Total non-current assets

     501,797      497,211      5,967
  

 

 

    

 

 

    

 

 

 

Inventories

     907      912      11

Financial assets

        

Derivative assets

     1,333      1,359      16

Investments

     311,171      351,917      4,223

Cash and cash equivalents

     96,953      98,304      1,180

Trade receivables

     115,477      114,071      1,369

Unbilled receivables

     58,345      61,720      741

Other financial assets

     10,536      9,050      109

Contract assets

     19,854      19,414      233

Current tax assets

     6,484      6,031      72

Other current assets

     29,602      30,827      370
  

 

 

    

 

 

    

 

 

 

Total current assets

     650,662      693,605      8,324
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     1,152,459      1,190,816      14,291
  

 

 

    

 

 

    

 

 

 

EQUITY

        

Share capital

     10,450      10,460      126

Share premium

     3,291      5,512      66

Retained earnings

     630,936      661,495      7,938

Share-based payment reserve

     6,384      5,498      66

Special Economic Zone re-investment reserve

     42,129      41,602      499

Other components of equity

     56,693      55,526      666
  

 

 

    

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

     749,883      780,093      9,361

Non-controlling interests

     1,340      1,669      20
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY

     751,223      781,762      9,381
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

Financial liabilities

        

Loans and borrowings

     62,300      62,317      748

Lease liabilities

     13,962      16,191      194

Derivative liabilities

     4      —       — 

Other financial liabilities

     4,985      5,747      69

Deferred tax liabilities

     17,467      17,231      207

Non-current tax liabilities

     37,090      37,238      447

Other non-current liabilities

     12,970      13,879      167
  

 

 

    

 

 

    

 

 

 

Total non-current liabilities

     148,778      152,603      1,832
  

 

 

    

 

 

    

 

 

 

Financial liabilities

        

Loans, borrowings and bank overdrafts

     79,166      82,283      987

Lease liabilities

     9,221      8,115      97

Derivative liabilities

     558      141      2

Trade payables and accrued expenses

     88,566      83,051      997

Other financial liabilities

     2,272      2,825      34

Contract liabilities

     17,653      17,541      211

Current tax liabilities

     21,756      26,881      323

Other current liabilities

     31,295      33,743      405

Provisions

     1,971      1,871      22
  

 

 

    

 

 

    

 

 

 

Total current liabilities

     252,458      256,451      3,078
  

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

     401,236      409,054      4,910
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     1,152,459      1,190,816      14,291
  

 

 

    

 

 

    

 

 

 

 

8


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

( in millions, except share and per share data, unless otherwise stated)

 

     Three months ended June 30,  
     2023     2024     2024  
    

 

   

 

    Convenience translation into
US dollar in millions
(unaudited)
 

Revenues

     228,310     219,638     2,636

Cost of revenues

     (161,261     (153,306     (1,840
  

 

 

   

 

 

   

 

 

 

Gross profit

     67,049     66,332     796

Selling and marketing expenses

     (16,584     (15,844     (190

General and administrative expenses

     (15,887     (14,213     (172

Foreign exchange gains/(losses), net

     (62     (206     (2
  

 

 

   

 

 

   

 

 

 

Results from operating activities

     34,516     36,069     432

Finance expenses

     (3,086     (3,288     (39

Finance and other income

     6,542     7,480     90

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

     3     (45     (1
  

 

 

   

 

 

   

 

 

 

Profit before tax

     37,975     40,216     482

Income tax expense

     (9,115     (9,850     (118
  

 

 

   

 

 

   

 

 

 

Profit for the period

     28,860     30,366     364
  

 

 

   

 

 

   

 

 

 

Profit attributable to:

      

Equity holders of the Company

     28,701     30,032     360

Non-controlling interests

     159     334     4
  

 

 

   

 

 

   

 

 

 

Profit for the period

     28,860     30,366     364
  

 

 

   

 

 

   

 

 

 

Earnings per equity share:

      

Attributable to equity holders of the Company

      

Basic

     5.23     5.75     0.07

Diluted

     5.12     5.73     0.07

Weighted average number of equity shares used in computing earnings per equity share

      

Basic

     5,482,733,329     5,225,776,256     5,225,776,256

Diluted

     5,600,307,315     5,236,768,113     5,236,768,113

 

9


Information on reportable segments for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, year ended March 31, 2024 are as follows:

 

Particulars

   Three months ended     Year ended  
   June 30,
2024
    March 31,
2024
    June 30,
2023
    March 31,
2024
 
   Audited     Audited     Audited     Audited  

Segment revenue

        

IT Services

        

Americas 1

     67,700     67,229     65,607     268,230

Americas 2

     67,338     67,724     68,303     269,482

Europe

     60,422     61,344     67,134     253,927

APMEA

     23,503     24,499     26,510     102,177
  

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     218,963     220,796     227,554     893,816

IT Products

     469     1,159     694     4,127
  

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     219,432     221,955     228,248     897,943
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

        

IT Services

        

Americas 1

     13,687     14,081     13,537     59,364

Americas 2

     15,533     15,791     14,169     59,163

Europe

     5,873     7,933     9,968     33,354

APMEA

     2,441     3,401     2,800     12,619

Unallocated

     (1,477     (5,011     (3,957     (20,304
  

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     36,057     36,195     36,517     144,196

IT Products

     (47     143     (161     (371

Reconciling Items

     59     (965     (1,840     (7,726
  

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     36,069     35,373     34,516     136,099
  

 

 

   

 

 

   

 

 

   

 

 

 

Finance expenses

     (3,288     (3,308     (3,086     (12,552

Finance and other income

     7,480     6,759     6,542     23,896

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

     (45     (202     3     (233
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     40,216     38,622     37,975     147,210
  

 

 

   

 

 

   

 

 

   

 

 

 

 

10


Additional Information:

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.

Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe.

APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

IT Products: The Company is a value-added reseller of security, packaged and SaaS 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 these items is reported as revenue from the sale of IT Products.

 

11


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 June 30, 2024  

IT Services Revenue as per IFRS

   $ 2,625.9  

Effect of Foreign currency exchange movement

   $ 5.5  
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates

   $ 2,631.4  

 

Three Months ended June 30, 2024  

IT Services Revenue as per IFRS

   $ 2,625.9  

Effect of Foreign currency exchange movement

   $ 17.0  
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year

   $ 2,642.9  

 

12


Reconciliation of Free Cash Flow for three months ended June 30, 2024

 

     Amount in INR
Mn
 
     Three months
ended
 
   30-Jun-24  

Net Income for the period [A]

     30,366  

Computation of Free Cash Flow

  

Net cash generated from operating activities [B]

     39,959  

Add/ (deduct) cash inflow/ (outflow) on:

  

Purchase of property, plant and equipment

     (2,619

Proceeds from sale of property, plant and equipment

     36  

Free Cash Flow [C]

     37,376  

Operating Cash Flow as percentage of Net Income [B/A]

     131.6

Free Cash Flow as percentage of Net Income [C/A]

     123.1

 

13

Exhibit 99.2

 

LOGO

y v v yy.i iiinii^i™.i./m , xi—oo.^wi i 0/-l UIXUHI. JULI •^?”-‘i iuit -1 ^ qfdtem $W I ft) Union Bank %^ vft^Bv ^ HJiftsR-vj * Of India (0 VYOM & *)Hh CTflfM itff M9W ft Cuve-rnipcn” of India U_nldi”^Ki-ni rAfc.-Fn1m4jS.1w tar • ? ,??*••• Hoad Office: 239, VWhan Bhavan Mara, N?3nmrin Point, Mumbai-400 021. I ? In rahh _STANDALONE__CONSOLIDATED _ QUARTER ENDEE) | YEAR EN PEP quarter ENDED I YEAfl ENDED PARTICULARS 30.06.2024 FMLMiKS-f^31.03,2024 31.03.2024 30.06,2024 I 30.06^023 I 31.032024 3103.2024 __(Unaudited) (Unfiled) (Audiled) (Audited) jUn audited) (Unaudited] (Audited) jftttjjjtejj ^Total Income from Qperalwras 30,67,352 g7,3S,1Z5 31,05,75? 1,15.&5.ei-5 31,32^7 27,82122& 31,6 U 58 1.18.1^.835 Net Profit r1 (Loss) for the period (Before T&k, ExTOptonalOTdtar 5.02,950 5,17,429 5,27,33a 21 .^3.03-9 4,95.449 &.1B,042 5,28,120 21.50.&22 EKtaortfinary items) Net Pro-fit / (Loss) for trie period before taM After Excsptionai 5.02.950 5r17.429 5,27.335 -21,43.0m 4.95r44fl &.tfl,042 5i&,120 21.50.322 snoVof Exfrgonjingry items)__’   ’   Net Profit i (Loss) for the period Consolidated Audited Financial Results ofWipro Limited under IFRS ^lT?mT M7“6 m 3**° im“1 m1” 382,827 ™™ r and/or EitratJTrJinary items) (tin millions, exccp” per share data., unless otherwise stated) Total Comprehensive Income for 1 [ 1 I |h.« period [Comprising Profit ^ Particulars Quarter ended Year ended Quarter ended ^ for ^patau After tax) ua r-,-. na na NA na Hk HA __June30,2024 March 31,2024 June 30,2023 anaother CrjmprahensEv* Revenue from operations 219h63fl 697,603 228,310 Jncome (Afar la*}}   ——Paid up Equity Share Capital 7.03.3*31 6.B3.475 7.63.301 7,63.361 7,63.361 6.83.475 r.Ga.Jo” 7.03.301 Profit before tax 40,216 147,210 37,975 -———— — ——Reserves (Ewciutfing Profit after tax 30,366 111,121 28,860 Revaluation Reserve) as shown —— m fee Audited Eala,C& Sheet **&>m Total comprehensive income forthe period 29,197 118,248 31,710 of (he previous year Paid-up equity share capital 10,460 10,450 10,978 Net Worth 93rT4,7fl6 [ 65,23,633 | 37,60,131 94.D1.48B 03,39,091 37,90,363 £7,96,363 < {Par value of ^ 2 per share) Securities Premium 25.51,318 18,34,118 25,51,318 25.51,31 fl 25.59r4&0 1 &,42.281 25r59.4B0 25.5&.4AQ Reserves excluding non-control ling interest1 739,433 739,433 770, IBS Debenture Rertemptmr; Reserve—_-J_• ? 314 314 314 314 as shown in the Audited Statement of Paid DebtCatfrdt I Financial Position Outstanding EteM 1W&0° ]*&m ™m ^m l7^°° ™m 17’S^° Earnings per equity share Debt Equity Ralia_ Q.Z7 j Q.4Q Q.3T__n^i   0_47^__031__031_ {Par value of ?Z per share) Earnings Pfer Share _’ {EPS for quarter ended periods are Basic ~^4~74~~ ~mfT~ ~^lT~ _:479~~ “IS” not annualized) Basic’(in?)’ 5.75 20.89 5.23 _I__52_2i«J_!M=J__IZiJ__1™ Diluted: (in?) 5.73 20-82 6.12 NOTES: -1-1-1-1 a) Ths stiQVB i& an eidraDi of the detailad formal erf Quarterly’’ Yaarly Financial Resulls filed with His Stock Ejtchangas under Ragulaliofi 33 fi 52 of Ihe SEEI (Lining balance forthe quarter ended June 30, 2024 and year ended March 31,2024 represent balances as perthe audited R^ifear^a.aNabi^nJh^^i^orihes^kE.nhang^) n J r r |www.n-spindn.cnm www.bsairdi-a.comland or ^heBan* swebsita iwww.unprjnban-konndla.CQ.iFi). consolidated stat&rrient of f nancial position forthe year ended March 31, 2024 and balance for the quarter ended b) For 1he clber line itaniE ishamed in RaguiarJcn GJi’-lJ c~ Ihe SEBI [Listing Obligations and Disclosure Requirements) Regulations. 2015. the rjeniren: dis&ta&ures have June 30r 2023 represent balances as per the audited consolidated statement of financial position for the year ended ^niadetoiiiBSnGkE^an^^ Ma rc h 31.2023 r as req u i red by the S EBE (Li sti ng Obi i gat Ions a n d Di sclo s u r e Req u i rements) Regu lations r 2015. _F ur arHj an ^M nf ^ a, D irac1ar!i_ The audited consolidated financial results of the Company for the quarter ended June 30, 2024 have been u “Sa~ “Stf” “Sd” . „ ~ Place: Mumbai Pankaj Dwivedi Sanjsy Ridra Famasrjhrainaniai S. Nitesti Ranjan A. mammQVlatai a p p roved by th e Boa rd of Di recto rsof the Company at its meeting held on July 19, 2024. Th e stat u t ory a ud i tors Date l 19.07 2024 ExflGulrve Direclor Executive Director Executive Director Exfic*rtive Dlrecdw lUla Jiaging Director i CEO have expressed an unmodified audit opinion. f- Do not s/iare your Internet Banking details, such asH user ID / password or Financial fteSLlltSOf WiprO Limited under Ind AS your credit / debit Card number / CVV/ OTP with anyone—either over phone or through email The financial results are prepared in accordance with Indian Accounting Standards (“Ind AS71), the provisions JT ., ^ ., , JJ1M   M, , r . , JMM -i.,p. —. . . oftheCompariesAot,!Di3(“theCompameSAct^a3aPPlicaWe3nclg:id,lir1eSis,Ued6ytKeSecu,itieSarld (Toll Free No.) 1800 20! 2244/1600 4251515/1800 425 3555 | ©9666606060 | Error! Hyperlink reference not valid. Exchange Board of India (“SEBI J. The Ind AS are prescribed under Secthon 133 of the Act read with Rule 3 of lf v — w ^ the Companies (Indian Accounting Standards) Rules, 2015 and amendment rules issued thereafter. Consolidated Audited Financial Results of Wipro Limited under Ind AS ;” I Efalkfc^irf| !LY^fc’ ItHB^gi^mBmfl (tin millionsf except per share data, unless otherwise stated) VSSSr — ? D—_j. ±. n. , ? r r -^^iM^yiiJtJii^iliiiliiiaiHUliiiiiJiaiiaajii^H Share Department, Board & Co-ordination Division -1———-1—-—-1————I Nit Ho— 174PPPCE3 -14^PPP/2023 Dated 20.07.2024 ptDt Uq. 4, Dwarka Sector-10h New Delhi-110075 Particulars , fcJ , ™, , NOTICE INVITING EXPRESSION OF INTEREST (EOI) Email Id: hosd@pnb.coJn, Tel # 011-28044857 June3Q,2024 March31,2024 June30,2023 ——— Uttar Pradesh. State Road Tran sport Corpo ration i U P5 RTC) f& p leased to PUBLIC NQTIC E Revenue from Operations 219r63& 897,603 225,310 Iwte EwnKSions of Interest (EOI) fromqusNfied cpn^lting engineerini 9iventhat Share Certificate of the Bar* menlbned 0 jl . r-;—-T—————^7^— artd, c^trfe^f ior *S ^^j^ ^ an Independent be|flW has bB>J r d |M, , misplaced , stolfln and tne Profit before tax 40r216 147,210 37,97& E^meer for the developmen of Bus Terminal cmn Commercial fstered hotder , e|aimant therelcf have rec{lie5ted tor —— -Complex, to be executed under 3 Public-Pnvate Partnership (FPP) model, jSsU& of duplicate shara certificata? Profit after taK 30T36& 111J21 23,SoO located at Avodhva Priam ^Yodhy^ Amau&i (Lucknow), Charba&h -——r—-—-r———? n. .-r——, _:__i   (U£know|,fta0bareilly. 2&roRoad(PrayagriJ)andSohfabgate(Meerut). ™ept *n^re Uistmotive No. Total comprehensive income for the period 29,198 113,130 31,717 Ejrjjfl^Ji^r^ **** °‘ %p“te Scares ShL^a ‘ For detailed- information, please refer to our official website Ma™,hhai n=*a ‘ iasm^7 ‘ ^flTc^Vrn—v- Paid-up equity share capital 10r460 10,450 10,976 httpsj/wwwupsrtc.iip.govjn Qr https-ftetendewpnicin [J™^ S^lffifflS” (Par value Of ^ 2 per share) Suhmlsslori D#ao11lne l All Interested and competent consulting Beene D^pa^ Dewi ! !~ engineering firms and corporate bodfes should submit their proposals no (claoarnO Reserves excluding non-controlling interest1 734,680 734,B80 765,703 [ |aterthanjuly2r,aoz4,bTfl=00PW I5T. Managine Director | In case any person hLs any rjaim in respect of the said shares / any as shown in the Audited Balance Sheet otjjecr-icn(&) for the issuance, or duplicate certificate^) in favour of the —— above stated shareholders) / claimarrt(sj, he / she I they should lodge Earnings per equity share Iheir claim or objecton within 15 days of the date or pubUcaiion of (hi& (Par velue of ? 2 per share) Notice. EF within 15 days from the date hereof no claim is received by the f EP<3 for n s j a rtf>r « ndpd n*»r i ndsar^ e*nk i[1 ^sp^1 of tne said certificate^), duplicate share certifK;ate(s) / l tot- q u a rrer e noeo pen oa s a re tener(s) of confirmation will be issued. The puHrc Is hereby cautioned not a n n U a I IZed J ^ ^,,, H1 ci y ^„ 1Cj , & i ^ way ivil11 i t—e a: 10^^ n-en i irjrie ri r;^r1 i’i i :,h l^r s) Basic: (in?) 5,75 20.S9 5.23 For Punjab National Bank Dtluted:{in?) 5.73 20,82 5.12 ™t cJn^lt^ _:_1_I_I_I_I I Frac&r New Dcihi_Company Secretary ‘Balance for the quarter ended June 30> 2024 and year ended March 31, 2024 represent balances as per the t audited consolidated balance sheet for the year ended March 31, 2024 and batancefor the quarter ended June OKIE Q7 f*fKAKAl IKJI/”* ATlOKIQ I IIVVIITCr^ 30,2023 represent balances as perthe audited consolidated balance sheet forthe year ended March 3112023, PflzB I III wIVI IVIU IN IL#A I IvJINO LI Ml I tIJ as required by the SEBI {Listing Obligations and Disclosure Requirements) Regulations. 2015. • C|N: 1 «2QQDL2cm»pi cioagss A B FcgtelcrodOWie^Piisli-loyi.DcvikaToiiwr.NemuPlic^MCfWDclhli^^ The audited consolidated financial results (under Ind AS) of the Company forthe quarter ended June 30, 2024 i^l^^i^-Ml^^n Tai:+si iTieisosso; w^ke: www.Paytm,com , j. n . ,. „ 1 1 1 j-irtrtrtrtj tl I vJLw IJ Corporate Of lie*: Pay tm Corporate OffJce, One £kymarkr Tower-Dr Plot No. H-10B, Sect&f-^y, have been approved by the Board of Directors of the Company at its meeting held on Julv 19, 2024. The m.wl L r JM ^ 7 ‘ r ^ Hmda 2U1304, Ultar PtadSah, India L^t-Jtutory auditors have expressed an unmodified audit opinion. Tel:-su?o 4770??o; F-meii:eflmpiianw-&fflcer^payiin.c^ Standalone Audited Financial Results of Wipro Limited under Ind AS [tin millionSr except per snare dataT unless otherwise stated) 1-,-1-1-(*m”“on5j. Quarter Ended Year Ended PflrtSnilara Quarter ended Year ended Quarter ended g Par«culars Jun^O.2^24 March^,2W4 Jun^0,W23 March^,2W4 ‘? ‘ ^’”!t ‘ yivst* Mcvchol.l-’^li June o0.1-?C’Z:< i ^^udited) Edited) ^^udited) Edited) | r-Vr;1! J-? iViV:j-i,: =V!^= J !.J ^T-I ‘1 Total i^^e from ^^^^includin^t^r hc^) 16,^1 23,988 24,642 1,05,247 K, .- _ r .^ ,—,:. ‘ ~T~- 2 Loss for the period/year before tax (8,986) (5064) (3040) (13,^4) _—_’._‘1   ’._’._’.   1_!_ 3 Loss for the ^riod/yea^ter tax (8,401) (5^05) (3^84) (14,^4) Profit aftertax 23.7A6 91,186 25,878 4 Total comprehensioe i^^^(^s) for the period/year (after tax}__(9.Q73)_(3Q2 2)__(4Q3 2)__(12,^ 8) ———- 5 Equity share capital 636 636 634 636 Total comprehensive income forthe period 24,403 94,996 29,008 6 othei-eqUity -i^^st) The audited standalone financial results (under Ind AS) of the Company for the quarter ended June 30n 2024 have BaSk°^S per Sare (? ^r Sare °f W/ eaCh) ‘ r ‘ 41 7 ^SCH. (13) (9) (6) ^3) been approved by the Board of Directors of the Company at its meeting held on July I9h 2024. The statutory *NotannuaiiSed for-quarter. (13) (9) (6) (22) auditors h,jVf;cxr;^L^:d unrr;odifJed audit ppfnlori- 1-’-1-1-1-1-1 Note: il^il^il^il^Hllinfinffm The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges (7 in millions] tr d r d * No Part^ulars June30,2024 March 31,2024 June 30,2023 March 31,2024 www,bseindia.com), trie National Stock Exchange website [URL: www,nseindia.com) and on the Company’s ‘ —— (Unaudited) (Audited) (Unaudited) (Audited) ????^ ‘?? 1 Total income from operations (including other income) 12,^0 18,^7 19,^0 81^2 2 sfrte i d/ r fretx (8, 6) (5, 3) (3, ) (14,7 ) 3 sfrte i d/ r trtx (8, 6) (5, 3) (3, ) (14,7 ) Notes: Places BengalUTU Risfl ad A. Premji V Tha-abova nru BKlracl of the Oelailad rorma( nf Unaudited Financial ffisnjlt^ (CrmSoFid^tad end Standalone) fir Ilia quarter andod June 3D, 2D2J riFeCt with lhc Date ‘Julv 19 2024 Chairman JtKX e^cJianges untfer Regulation 33 -of &EBI <listlr»g Obligations and olserosure fl«iuJriement5> n^gyiaiiortSj 2Qi5, as amended, The-‘yii format ol financial * 1 results are available on the stock exchange websilei jwww.rreeindia.com and wvjw.bselndla.com) and on tha Company^ wctHitE (www.paytm.com). ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 2. Thw .jboue Unaudiled Fi narccial Resurts have Been rawaEwed by line Audit Commiltee and approved by the Board of Directors of [ha Company in their respective mattings.nettle jyiy 19. 2024. refffW W^fl ^uti -ffiRP! 3’Tric S13’*”^111 deludes i hi^ for i he quartftf ended «ancn n, 20i4, being the balancing figure between audited ftgvnes- lh reject trie fun flriarelal year |jj^l^9UliU^|^l^^lj^j^| j£imi^JMAt ^£|UkHf £023-24 and the published u nauprted -year to dale figures up to The third quarter of the respective financial years 202 3 -24 which were subfeel to limited review. ‘ ? for One Comrnunications Limited jWjjajjjjgjjijijj Place: Hoida Vijay Stiekhar Sharma 3 , ! Dale: Jujy 19,2024 Chairman, Managing Director and CEO iinancialexp.epapwA-—-1 BENGALURU


LOGO

Exhibit 99.3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE MONTHS ENDED JUNE 30, 2024


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

( in millions, except share and per share data, unless otherwise stated)

 

     Notes      As at March 31, 2024      As at June 30, 2024  
           

 

    

 

     Convenience translation
into US dollar in millions
(unaudited) Refer to
Note 2(iii)
 

ASSETS

           

Goodwill

     6        316,002      316,054      3,793

Intangible assets

     6        32,748      30,971      372

Property, plant and equipment

     4        81,608      79,957      960

Right-of-Use assets

     5        17,955      19,233      231

Financial assets

           

Derivative assets

     17        25      —       — 

Investments

     7        21,629      21,262      255

Trade receivables

        4,045      584      7

Other financial assets

     10        5,550      5,290      63

Investments accounted for using the equity method

        1,044      999      12

Deferred tax assets

        1,817      1,752      21

Non-current tax assets

        9,043      9,453      113

Other non-current assets

     11        10,331      11,656      140
     

 

 

    

 

 

    

 

 

 

Total non-current assets

        501,797      497,211      5,967
     

 

 

    

 

 

    

 

 

 

Inventories

     8        907      912      11

Financial assets

           

Derivative assets

     17        1,333      1,359      16

Investments

     7        311,171      351,917      4,223

Cash and cash equivalents

     9        96,953      98,304      1,180

Trade receivables

        115,477      114,071      1,369

Unbilled receivables

        58,345      61,720      741

Other financial assets

     10        10,536      9,050      109

Contract assets

        19,854      19,414      233

Current tax assets

        6,484      6,031      72

Other current assets

     11        29,602      30,827      370
     

 

 

    

 

 

    

 

 

 

Total current assets

        650,662      693,605      8,324
     

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

        1,152,459      1,190,816      14,291
     

 

 

    

 

 

    

 

 

 

EQUITY

           

Share capital

        10,450      10,460      126

Share premium

        3,291      5,512      66

Retained earnings

        630,936      661,495      7,938

Share-based payment reserve

        6,384      5,498      66

Special Economic Zone re-investment reserve

        42,129      41,602      499

Other components of equity

        56,693      55,526      666
     

 

 

    

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

        749,883      780,093      9,361

Non-controlling interests

        1,340      1,669      20
     

 

 

    

 

 

    

 

 

 

TOTAL EQUITY

        751,223      781,762      9,381
     

 

 

    

 

 

    

 

 

 

LIABILITIES

           

Financial liabilities

           

Loans and borrowings

     12        62,300      62,317      748

Lease liabilities

        13,962      16,191      194

Derivative liabilities

     17        4      —       — 

Other financial liabilities

     14        4,985      5,747      69

Deferred tax liabilities

        17,467      17,231      207

Non-current tax liabilities

        37,090      37,238      447

Other non-current liabilities

     15        12,970      13,879      167
     

 

 

    

 

 

    

 

 

 

Total non-current liabilities

        148,778      152,603      1,832
     

 

 

    

 

 

    

 

 

 

Financial liabilities

           

Loans, borrowings and bank overdrafts

     12        79,166      82,283      987

Lease liabilities

        9,221      8,115      97

Derivative liabilities

     17        558      141      2

Trade payables and accrued expenses

     13        88,566      83,051      997

Other financial liabilities

     14        2,272      2,825      34

Contract liabilities

        17,653      17,541      211

Current tax liabilities

        21,756      26,881      323

Other current liabilities

     15        31,295      33,743      405

Provisions

     16        1,971      1,871      22
     

 

 

    

 

 

    

 

 

 

Total current liabilities

        252,458      256,451      3,078
     

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

        401,236      409,054      4,910
     

 

 

    

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

        1,152,459      1,190,816      14,291
     

 

 

    

 

 

    

 

 

 

The accompanying notes form an integral part of these interim condensed consolidated financial statements

 

As per our report of even date attached    For and on behalf of the Board of Directors   
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Srinivas Pallia
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
July 19, 2024         

 

1


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

( in millions, except share and per share data, unless otherwise stated)

 

            Three months ended June 30,  
     Notes      2023     2024     2024  
           

 

   

 

    Convenience
translation into
US dollar in
millions
(unaudited)
Refer to

Note 2(iii)
 

Revenues

     20        228,310     219,638     2,636

Cost of revenues

     21        (161,261     (153,306     (1,840
     

 

 

   

 

 

   

 

 

 

Gross profit

        67,049     66,332     796

Selling and marketing expenses

     21        (16,584     (15,844     (190

General and administrative expenses

     21        (15,887     (14,213     (172

Foreign exchange gains/(losses), net

     23        (62     (206     (2
     

 

 

   

 

 

   

 

 

 

Results from operating activities

        34,516     36,069     432

Finance expenses

     22        (3,086     (3,288     (39

Finance and other income

     23        6,542     7,480     90

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

        3     (45     (1
     

 

 

   

 

 

   

 

 

 

Profit before tax

        37,975     40,216     482

Income tax expense

     19        (9,115     (9,850     (118
     

 

 

   

 

 

   

 

 

 

Profit for the period

        28,860     30,366     364
     

 

 

   

 

 

   

 

 

 

Profit attributable to:

         

Equity holders of the Company

        28,701     30,032     360

Non-controlling interests

        159     334     4
     

 

 

   

 

 

   

 

 

 

Profit for the period

        28,860     30,366     364
     

 

 

   

 

 

   

 

 

 

Earnings per equity share:

     24         

Attributable to equity holders of the Company

         

Basic

        5.23     5.75     0.07

Diluted

        5.12     5.73     0.07

Weighted average number of equity shares used in computing earnings per equity share

         

Basic

        5,482,733,329     5,225,776,256     5,225,776,256

Diluted

        5,600,307,315     5,236,768,113     5,236,768,113

The accompanying notes form an integral part of these interim condensed consolidated financial statements

 

As per our report of even date attached    For and on behalf of the Board of Directors   
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Srinivas Pallia
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
July 19, 2024         

 

2


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

( in millions, except share and per share data, unless otherwise stated)

 

     Three months ended June 30,  
     2023     2024     2024  
    

 

   

 

    Convenience translation into
US dollar in millions
(unaudited) Refer to
Note 2(iii)
 

Profit for the period

     28,860     30,366     364

Other comprehensive income (OCI)

      

Items that will not be reclassified to profit or loss in subsequent periods

      

Remeasurements of the defined benefit plans, net

     (45     58     1

Net change in fair value of investment in equity instruments measured at fair value through OCI

     16     (319     (4
  

 

 

   

 

 

   

 

 

 
     (29     (261     (3
  

 

 

   

 

 

   

 

 

 

Items that will be reclassified to profit or loss in subsequent periods

      

Foreign currency translation differences

     (362     (1,399     (17

Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income

     2     ^       ^  

Net change in time value of option contracts designated as cash flow hedges, net of taxes

     40     4     ^  

Net change in intrinsic value of option contracts designated as cash flow hedges, net of taxes

     512     85     1

Net change in fair value of forward contracts designated as cash flow hedges, net of taxes

     1,648     218     3

Net change in fair value of investment in debt instruments measured at fair value through OCI, net of taxes

     1,039     184     2
  

 

 

   

 

 

   

 

 

 
     2,879     (908     (11
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income, net of taxes

     2,850     (1,169     (14
  

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

     31,710     29,197     350
  

 

 

   

 

 

   

 

 

 

Total comprehensive income attributable to:

      

Equity holders of the Company

     31,640     28,865     346

Non-controlling interests

     70     332     4
  

 

 

   

 

 

   

 

 

 
     31,710     29,197     350
  

 

 

   

 

 

   

 

 

 

^ Value is less than 0.5

      

The accompanying notes form an integral part of these interim condensed consolidated financial statements

 

As per our report of even date attached    For and on behalf of the Board of Directors   
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Srinivas Pallia
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
July 19, 2024         

 

3


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

( in millions, except share and per share data, unless otherwise stated)

 

                                            Other components of equity                     

Particulars

   Number of
shares (1)
     Share
capital,
fully
paid-up
     Share
premium
     Retained
earnings
    Share-
based
payment
reserve
    Special
Economic
Zone
re-investment
reserve
    Foreign
currency
translation
reserve (2)
    Cash
flow
hedging
reserve (3)
    Other
reserves (2)
     Equity
attributable
to the
equity
holders of
the
Company
    Non-controlling
interests
    Total
equity
 

As at April 1, 2023

     5,487,917,741      10,976      3,689      660,964     5,632     46,803     43,255     (1,403     11,248      781,164     589     781,753

Comprehensive income for the period

                            

Profit for the period

     —         —         —         28,701     —        —        —        —        —         28,701     159     28,860

Other comprehensive income

     —         —         —         —        —        —        (359     2,200     1,098      2,939     (89     2,850
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

     —         —         —         28,701     —        —        (359     2,200     1,098      31,640     70     31,710
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Issue of equity shares on exercise of options

     924,252      2      466      —        (466     —        —        —        —         2     —        2

Issue of shares by controlled trust on exercise of options (1)

     —         —         —         444     (444     —        —        —        —         —        —        —   

Compensation cost related to employee share-based payment

     —         —         —         3     1,546     —        —        —        —         1,549     —        1,549

Transferred from Special Economic Zone re-investment reserve

     —         —         —         912     —        (912     —        —        —         —        —        —   

Liability for Buyback of equity shares, including tax thereon

     —         —         —         (144,978     —        —        —        —        —         (144,978     —        (144,978

Transaction cost related to Buyback

     —         —         —         (348     —        —        —        —        —         (348     —        (348

Others

     —         —         —         —        —        —        —        —        —         —        (35     (35
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Other transactions for the period

     924,252      2      466      (143,967     636     (912     —        —        —         (143,775     (35     (143,810
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

As at June 30, 2023

     5,488,841,993      10,978      4,155      545,698     6,268     45,891     42,896     797     12,346      669,029     624     669,653
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

(1) 

Includes 8,607,941 treasury shares held as at June 30, 2023 by a controlled trust. 1,287,895 shares have been transferred by the controlled trust to eligible employees on exercise of options during the three months ended June 30, 2023.

(2) 

Refer to Note 18

(3) 

Refer to Note 17

 

4


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

( in millions, except share and per share data, unless otherwise stated)

 

                                             Other components of equity                    

Particulars

   Number of
shares (1)
     Share
capital,
fully
paid-up
     Share
premium
     Retained
earnings
     Share-
based
payment
reserve
    Special
Economic
Zone
re-investment
reserve
    Foreign
currency
translation
reserve (2)
    Cash
flow
hedging
reserve (3)
     Other
reserves (2)
    Equity
attributable
to the
equity
holders of
the
Company
    Non-controlling
interests
    Total
equity
 

As at April 1, 2024

     5,225,138,246      10,450      3,291      630,936      6,384     42,129     47,261     578      8,854     749,883     1,340     751,223

Comprehensive income for the period

                             

Profit for the period

     —         —         —         30,032      —        —        —        —         —        30,032     334     30,366

Other comprehensive income

     —         —         —         —         —        —        (1,398     307      (76     (1,167     (2     (1,169
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

     —         —         —         30,032      —        —        (1,398     307      (76     28,865     332     29,197
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Issue of equity shares on exercise of options

     5,025,959      10      2,221      —         (2,221     —        —        —         —        10     —        10

Compensation cost related to employee share-based payment

     —         —         —         —         1,335     —        —        —         —        1,335     —        1,335

Transferred from Special Economic Zone re-investment reserve

     —         —         —         527      —        (527     —        —         —        —        —        —   

Others

     —         —         —         —         —        —        —        —         —        —        (3     (3
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Other transactions for the period

     5,025,959      10      2,221      527      (886     (527     —        —         —        1,345     (3     1,342
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2024

     5,230,164,205      10,460      5,512      661,495      5,498     41,602     45,863     885      8,778     780,093     1,669     781,762
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)

        126      66      7,938      66     499     550     11      105     9,361     20     9,381
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Includes 5,952,740 treasury shares held as at June 30, 2024 by a controlled trust.

(2) 

Refer to Note 18

(3) 

Refer to Note 17

The accompanying notes form an integral part of these interim condensed consolidated financial statements

 

As per our report of even date attached    For and on behalf of the Board of Directors   
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Srinivas Pallia
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
July 19, 2024         

 

5


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

( in millions, except share and per share data, unless otherwise stated)

 

     Three months ended June 30,  
     2023     2024     2024  
    

 

   

 

    Convenience
translation into US
dollar in millions
(unaudited) Refer to
Note 2(iii)
 

Cash flows from operating activities

      

Profit for the period

     28,860     30,366     364

Adjustments to reconcile profit for the period to net cash generated from operating activities:

      

(Gain)/loss on sale of property, plant and equipment, net

     78     (23     ^  

Depreciation, amortization and impairment expense

     7,380     7,289     87

Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings

     (226     92     1

Share-based compensation expense

     1,546     1,335     16

Share of net (profit)/loss of associate and joint venture accounted for using equity method

     (3     45     1

Income tax expense

     9,115     9,850     118

Finance and other income, net of finance expenses

     (3,456     (4,192     (50

Change in fair value of contingent consideration

     (16     —        —   

Lifetime expected credit loss/ (write-back)

     300     (26     ^  

Changes in operating assets and liabilities, net of effects from acquisitions

      

(Increase)/Decrease in trade receivables

     11,633     4,529     54

(Increase)/Decrease in unbilled receivables and contract assets

     (6,047     (3,208     (38

(Increase)/Decrease in Inventories

     (182     (6     ^  

(Increase)/Decrease in other assets

     5,292     140     ^  

Increase/(Decrease) in trade payables, accrued expenses, other liabilities and provisions

     (8,052     (1,039     (12

Increase/(Decrease) in contract liabilities

     (3,072     (73     (1
  

 

 

   

 

 

   

 

 

 

Cash generated from operating activities before taxes

     43,150     45,079     540

Income taxes paid, net

     (5,637     (5,120     (61
  

 

 

   

 

 

   

 

 

 

Net cash generated from operating activities

     37,513     39,959     479
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

      

Payment for purchase of property, plant and equipment

     (2,209     (2,619     (31

Proceeds from disposal of property, plant and equipment, including advances

     1,030     36     ^  

Payment for purchase of investments

     (269,072     (197,618     (2,372

Proceeds from sale of investments

     239,800     157,683     1,892

Payment into escrow and term deposits pertaining to Buyback

     (15,230     —        —   

Interest received

     6,869     6,468     78

Dividend received

     1     —        —   
  

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (38,811     (36,050     (433
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Proceeds from issuance of equity shares and shares pending allotment

     2     10     ^  

Repayment of loans and borrowings

     (15,000     (20,750     (249

Proceeds from loans and borrowings

     15,000     23,750     285

Payment of lease liabilities

     (2,399     (2,547     (31

Payment for contingent consideration

     (1,286     —        —   

Interest and finance expenses paid

     (2,626     (2,247     (27

Payment for transaction costs related to Buyback

     (201     —        —   
  

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

     (6,510     (1,784     (22
  

 

 

   

 

 

   

 

 

 

Net increase/(decrease) in cash and cash equivalents during the period

     (7,808     2,125     26

Effect of exchange rate changes on cash and cash equivalents

     (461     (792     (10

Cash and cash equivalents at the beginning of the period

     91,861     96,951     1,163
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at the end of the period (Note 9)

     83,592     98,284     1,179
  

 

 

   

 

 

   

 

 

 

^ Value is less than 0.5

      

The accompanying notes form an integral part of these interim condensed consolidated financial statements

 

As per our report of even date attached    For and on behalf of the Board of Directors   
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Srinivas Pallia
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
July 19, 2024         

 

6


WIPRO LIMITED AND SUBSIDIARIES

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

( in millions, except share and per share data, unless otherwise stated)

1. The Company overview

Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries and controlled trusts (collectively, “we”, “us”, “our”, “the Company” or the “Group”) is a global information technology (“IT”), consulting and business process services (“BPS”) company.

Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru – 560 035, Karnataka, India. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.

The Company’s Board of Directors authorized these interim condensed consolidated financial statements for issue on July 19, 2024.

2. Basis of preparation of interim condensed consolidated financial statements

(i) Statement of compliance and basis of preparation

These interim condensed consolidated financial statements have been prepared in compliance with IAS 34, “Interim Financial Reporting”, as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2024. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”).

The interim condensed consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation of Financial Statements”. For clarity, various items are aggregated in the interim condensed consolidated statements of income, interim condensed consolidated statements of comprehensive income and interim condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the interim condensed consolidated financial statements, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for new accounting standards, amendments and interpretations adopted by the Company effective from April 1, 2024.

All amounts included in the interim condensed consolidated financial statements are reported in millions of Indian rupees ( in millions) except share and per share data, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. Previous period figures have been regrouped/rearranged, wherever necessary.

(ii) Basis of measurement

These interim condensed consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items which have been measured at fair value as required by relevant IFRS:

 

  a.

Derivative financial instruments;

 

  b.

Financial instruments classified as fair value through other comprehensive income or fair value through profit or loss;

 

  c.

The defined benefit liability/(asset) is recognized as the present value of defined benefit obligation less fair value of plan assets; and

 

  d.

Contingent consideration and liability on written put options.

(iii) Convenience translation (unaudited)

The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three months ended June 30, 2024, have been translated into United States dollars at the certified foreign exchange rate of US$1 =  83.33 as published by Federal Reserve Board of Governors on June 30, 2024. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.

(iv) Use of estimates and judgment

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires the management to make judgments, accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Accounting estimates are monetary amounts in the interim condensed consolidated financial statements that are subject to measurement uncertainty. An accounting policy may require items in the interim condensed consolidated financial statements to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available and reliable information. Actual results may differ from those accounting estimates.

 

7


Accounting estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected. In particular, information about material areas of estimation, uncertainty and critical judgments in applying accounting policies that have material effect on the amounts recognized in the interim condensed consolidated financial statements are included in the following notes:

 

  a)

Revenue recognition: The Company applies judgement to determine whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract, if not, the promised product or service is combined and accounted as a single performance obligation. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive (the “Transaction Price”). The Company allocates the Transaction Price to separately identifiable performance obligation deliverables based on their relative stand-alone selling price. In cases where the Company is unable to determine the stand-alone selling price, the Company uses expected cost-plus margin approach in estimating the stand-alone selling price. The Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, revenue recognized, profit and timing of revenue for remaining performance obligations are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. Volume discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer.

 

  b)

Impairment testing: Goodwill recognized on business combination is tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of goodwill or a cash generating unit to which goodwill pertains, is less than the carrying value. The Company assesses acquired intangible assets with finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which include turnover, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

 

  c)

Income taxes: The major tax jurisdictions for the Company are India and the United States of America.

Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.

Deferred tax is recorded on temporary differences between the tax bases of assets and liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of deferred tax assets considered realizable, however, could reduce in the near term if estimates of future taxable income during the carry-forward period are reduced.

 

  d)

Business combinations: In accounting for business combinations, judgment is required to assess whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired (including useful life estimates), liabilities assumed, and contingent consideration assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these judgments, estimates, and assumptions can materially affect the results of operations.

 

  e)

Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

 

  f)

Expected credit losses on financial assets: The impairment provisions of financial assets are based on assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the expected credit loss calculation based on the Company’s history of collections, customer’s creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.

 

  g)

Useful lives of property, plant and equipment: The Company depreciates property, plant and equipment on a straight-line basis over estimated useful lives of the assets. The charge in respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.

 

  h)

Useful lives of intangible assets: The Company amortizes intangible assets on a straight-line basis over estimated useful lives of the assets. The useful life is estimated based on a number of factors including the effects of obsolescence, demand, competition and other economic factors such as the stability of the industry and known technological advances and the level of maintenance expenditures required to obtain the expected future cash flows from the assets. The estimated useful life is reviewed at least annually.

 

8


  i)

Provisions and contingent liabilities: The Company estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting date and are adjusted to reflect the current best estimates.

The Company uses significant judgement to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.

3. Material accounting policy information

Please refer to the Company’s Annual report for the year ended March 31, 2024, for a discussion of the Company’s other material accounting policy information except for new accounting standards, amendments and interpretations adopted by the Company effective on or after April 1, 2024.

 

i.

New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2024 and have not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the interim condensed consolidated financial statements of the Company are:

Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates

On August 15, 2023, IASB issued ‘Lack of Exchangeability (Amendments to IAS 21)’ that clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. These amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of amendments to IAS 21 is not expected to have any material impact on the interim condensed consolidated financial statements.

IFRS 18 – Presentation and Disclosure in Financial Statements

On April 9, 2024, IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which supersedes IAS 1 ‘Presentation of Financial Statements’, aimed at improving comparability and transparency of communication in financial statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. These categories are complemented by the requirement to present specified totals and subtotals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financials information based on the identified ‘roles’ of the primary financial statements and the notes.

Consequent to above, a narrow-scope amendments have been made to IAS 7 ‘Statement of Cash Flows’, which include changing the starting point for determining cash flows from operations under the indirect method from ‘profit or loss’ to ‘operating profit or loss’. Further, some requirements previously included within IAS 1 have been moved to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ which has also been renamed IAS 8 ‘Basis of Preparation of Financial Statements’. IAS 34 ‘ Interim Financial Reporting’ was amended to require disclosure of management defined performance measures. Minor consequential amendments to other standards were also made.

An entity that prepares condensed interim financial statements in accordance with IAS 34 in the first year of adoption of IFRS 18, must present the heading and mandatory subtotals it expects to use in its annual financial statement. Comparative period in both the interim and annual financial statements will need to be restated and a reconciliation of the statement of profit or loss previously published will be required for the immediately preceding comparative period. IFRS 18 and the amendments to the other standards, is effective for reporting period beginning on or after January 1, 2027 and are to be applied retrospectively, with earlier application permitted.

The Company is currently assessing the impact of adopting IFRS 18 and the amendments to other standards, on the interim condensed consolidated financial statements.

 

9


IFRS 19 – Subsidiaries without Public Accountability: Disclosures

On May 9, 2024, IASB issued IFRS 19 ‘Subsidiaries without Public accountability: Disclosures’ which specifies the disclosure requirements an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. The standard allows a subsidiary which does not have public accountability and has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards, to elect IFRS 19. The Company is currently assessing the impact of adopting IFRS 19 on the interim condensed consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

On May 30, 2024, IASB issued ‘Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)’ to address matters identified during the post-implementation review of IFRS 9. The amendments relate to derecognition of a financial liability settled through electronic transfer, classification of financial assets and disclosures of certain financial assets and financial liabilities. These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the interim condensed consolidated financial statements.

 

10


4. Property, plant and equipment

 

     Land     Buildings     Plant and
equipment (1)
    Furniture and
fixtures
    Office
equipment
    Vehicles     Total  

Gross carrying value:

              

As at April 1, 2023

   4,860     47,700     117,732     18,086     7,818     161     196,357  

Additions

     —        97       1,176       446       60       1       1,780  

Disposals

     —        (1     (3,661     (38     (1     —        (3,701

Translation adjustment

     (1     26       (16     (6     (14     1       (10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2023

   4,859     47,822     115,231     18,488     7,863     163     194,426  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation/ impairment:

 

           

As at April 1, 2023

   —      10,927     85,501     11,520     5,928     145     114,021  

Depreciation and impairment

     —        358       2,993       532       162       2       4,047  

Disposals

     —        (1     (3,312     (26     (1     —        (3,340

Translation adjustment

     —        13       (14     —        (9     1       (9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2023

   —      11,297     85,168     12,026     6,080     148     114,719  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net carrying value as at June 30, 2023

   4,859     36,525     30,063     6,462     1,783     15     79,707  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Capital work-in-progress

               6,757  
              

 

 

 

Net carrying value including Capital work-in-progress as at June 30, 2023

 

        86,464  
              

 

 

 

Gross carrying value:

              

As at April 1, 2023

   4,860     47,700     117,732     18,086     7,818     161     196,357  

Additions

     —        428       6,975       1,716       354       3       9,476  

Additions through Business combinations

     —        —        373       —        1       —        374  

Disposals

     (486     (1,174     (22,815     (1,586     (663     (131     (26,855

Translation adjustment

     1       70       248       17       4       1       341  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2024

   4,375     47,024     102,513     18,233     7,514     34     179,693  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation/ impairment:

 

           

As at April 1, 2023

   —      10,927     85,501     11,520     5,928     145     114,021  

Depreciation and impairment

     —        1,490       11,856       2,193       638       7       16,184  

Disposals

     —        (683     (22,019     (1,444     (639     (130     (24,915

Translation adjustment

     —        41       211       18       5       ^       275  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2024

   —      11,775     75,549     12,287     5,932     22     105,565  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net carrying value as at March 31, 2024

   4,375     35,249     26,964     5,946     1,582     12     74,128  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Capital work-in-progress

               7,480  
              

 

 

 

Net carrying value including Capital work-in-progress as at March 31, 2024

 

        81,608  
              

 

 

 

Gross carrying value:

              

As at April 1, 2024

   4,375     47,024     102,513     18,233     7,514     34     179,693  

Additions

     —        —        1,190       187       41       4       1,422  

Disposals

     —        (9     (2,199     (119     (89     ^       (2,416

Translation adjustment

     (1     (65     (403     (51     (30     (1     (551
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2024

   4,374     46,950     101,101     18,250     7,436     37     178,148  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation/ impairment:

 

           

As at April 1, 2024

   —      11,775     75,549     12,287     5,932     22     105,565  

Depreciation and impairment

     —        380       2,937       542       148       1       4,008  

Disposals

     —        (7     (2,151     (103     (75     ^       (2,336

Translation adjustment

     —        (48     (329     (29     (23     (1     (430
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2024

   —      12,100     76,006     12,697     5,982     22     106,807  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net carrying value as at June 30, 2024

   4,374     34,850     25,095     5,553     1,454     15     71,341  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Capital work-in-progress

               8,616  
              

 

 

 

Net carrying value including Capital work-in-progress as at June 30, 2024

 

        79,957  
              

 

 

 

 

^

Value is less than 0.5

(1) 

Including net carrying value of computer equipment and software amounting to  20,495,  17,553 and  15,907, as at June 30, 2023, March 31, 2024 and June 30, 2024, respectively.

 

11


5. Right-of-Use assets

 

     Category of Right-of-Use asset    

 

 
     Land      Buildings     Plant and
equipment (1)
    Vehicles     Total  

Gross carrying value:

           

As at April 1, 2023

   1,278    27,946   2,580   865   32,669

Additions

     —         1,520     —        64     1,584

Disposals

     —         (934     (367     (42     (1,343

Translation adjustment

     —         (20     6     (3     (17
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2023

   1,278    28,512   2,219   884   32,893
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation:

           

As at April 1, 2023

   77    12,127   1,192   571   13,967

Depreciation

     5      1,361     109     48     1,523

Disposals

     —         (706     (292     (35     (1,033

Translation adjustment

     —         (10     —        (2     (12
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2023

   82    12,772   1,009   582   14,445
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net carrying value as at June 30, 2023

   1,196    15,740   1,210   302   18,448
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Gross carrying value:

           

As at April 1, 2023

   1,278    27,946   2,580   865   32,669

Additions

     65      6,505     264     251     7,085

Additions through Business combination

     —         33     —        —        33

Disposals

     —         (6,203     (636     (271     (7,110

Translation adjustment

     —         172     34     4     210
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2024

   1,343   
 

28,453
 
  2,242   849   32,887
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation:

           

As at April 1, 2023

   77    12,127   1,192   571   13,967

Depreciation

     21      5,485     444     181     6,131

Disposals

     —         (4,439     (561     (244     (5,244

Translation adjustment

     —         64     11     3     78
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2024

   98    13,237   1,086   511   14,932
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net carrying value as at March 31, 2024

   1,245    15,216   1,156   338   17,955
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Gross carrying value:

           

As at April 1, 2024

   1,343    28,453   2,242   849   32,887

Additions

     —         3,192     —        34     3,226

Disposals

     —         (1,648     (2     (44     (1,694

Translation adjustment

     —         (222     (4     (7     (233
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2024

   1,343    29,775   2,236   832   34,186
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation:

           

As at April 1, 2024

   98    13,237   1,086   511   14,932

Depreciation

     5      1,340     112     42     1,499

Disposals

     —         (1,328     (2     (43     (1,373

Translation adjustment

     —         (97     (4     (4     (105
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at June 30, 2024

   103    13,152   1,192   506   14,953
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Net carrying value as at June 30, 2024

   1,240    16,623   1,044   326   19,233
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Including net carrying value of computer equipment amounting to 4, 2 and 2 as at June 30, 2023, March 31, 2024 and June 30, 2024, respectively.

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

 

     As at  
     March 31, 2024     June 30, 2024  

Balance at the beginning of the period

   307,970   316,002

Translation adjustment

     4,206     52

Acquisition through Business combinations(1)

     4,314     —   

Disposals

     (488     —   
  

 

 

   

 

 

 

Balance at the end of the period

   316,002   316,054
  

 

 

   

 

 

 

 

(1)

Acquisition through business combination for the year ended March 31, 2024 is after considering the impact of  (503) towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2023.

 

12


The movement in intangible assets is given below:

 

     Intangible assets  
     Customer-related     Marketing-related     Total  

Gross carrying value:

      

As at April 1, 2023

   49,813   11,924   61,737

Translation adjustment

     (98     (25     (123
  

 

 

   

 

 

   

 

 

 

As at June 30, 2023

   49,715   11,899   61,614
  

 

 

   

 

 

   

 

 

 

Accumulated amortization/ impairment:

      

As at April 1, 2023

   15,417   3,275   18,692

Amortization and impairment

     1,420     390     1,810

Translation adjustment

     (34     (9     (43
  

 

 

   

 

 

   

 

 

 

As at June 30, 2023

   16,803   3,656   20,459
  

 

 

   

 

 

   

 

 

 

Net carrying value as at June 30, 2023

   32,912   8,243   41,155
  

 

 

   

 

 

   

 

 

 

Gross carrying value:

      

As at April 1, 2023

   49,813   11,924   61,737

Acquisition through Business combination

     556     390     946

Deductions/adjustments

     (7,306     (505     (7,811

Translation adjustment

     609     163     772
  

 

 

   

 

 

   

 

 

 

As at March 31, 2024

   43,672   11,972   55,644
  

 

 

   

 

 

   

 

 

 

Accumulated amortization/ impairment:

      

As at April 1, 2023

   15,417   3,275   18,692

Amortization and impairment (1) (2)

     9,961     1,795     11,756

Deductions/adjustments

     (7,306     (505     (7,811

Translation adjustment

     209     50     259
  

 

 

   

 

 

   

 

 

 

As at March 31, 2024

   18,281   4,615   22,896
  

 

 

   

 

 

   

 

 

 

Net carrying value as at March 31, 2024

   25,391   7,357   32,748
  

 

 

   

 

 

   

 

 

 

Gross carrying value:

      

As at April 1, 2024

   43,672   11,972   55,644

Deductions/adjustments

     —        (125     (125

Translation adjustment

     30     8     38
  

 

 

   

 

 

   

 

 

 

As at June 30, 2024

   43,702   11,855   55,557
  

 

 

   

 

 

   

 

 

 

Accumulated amortization/ impairment:

      

As at April 1, 2024

   18,281   4,615   22,896

Amortization and impairment

     1,386     396     1,782

Deductions/adjustments

     —        (125     (125

Translation adjustment

     25     8     33
  

 

 

   

 

 

   

 

 

 

As at June 30, 2024

   19,692   4,894   24,586
  

 

 

   

 

 

   

 

 

 

Net carrying value as at June 30, 2024

   24,010   6,961   30,971
  

 

 

   

 

 

   

 

 

 

 

(1) 

During the year ended March 31, 2024, a decline in the revenue and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge of  1,701 for the year ended March 31, 2024, as part of amortization and impairment.

(2) 

Due to change in our estimate of useful life of customer-related intangibles in an earlier business combination, the Company has recognized additional amortization charge of  2,807 for the year ended March 31, 2024, as part of amortization and impairment.

Amortization expense on intangible assets is included in selling and marketing expenses in the interim condensed consolidated statement of income.

 

13


7. Investments

 

     As at  
     March 31, 2024      June 30, 2024  

Non-current

     

Financial instruments at FVTPL

     

Equity instruments (1)

   4,404    4,354

Fixed maturity plan mutual funds

     1,395      1,136

Financial instruments at FVTOCI

     

Equity instruments (1)

     15,830      15,772

Financial instruments at amortized cost

     

Inter corporate and term deposits

         
  

 

 

    

 

 

 
   21,629    21,262
  

 

 

    

 

 

 

Current

     

Financial instruments at FVTPL

     

Short-term mutual funds (2)

   71,686    100,056

Fixed maturity plan mutual funds

     —       285

Financial instruments at FVTOCI

     

Non-convertible debentures

     154,407      177,004

Government securities

     7,030      7,078

Commercial papers

     11,845      7,195

Bonds

     28,195      23,787

Financial instruments at amortized cost

     

Inter corporate and term deposits (3)

     38,008      36,512
  

 

 

    

 

 

 
   311,171    351,917
  

 

 

    

 

 

 
   332,800    373,179
  

 

 

    

 

 

 

Financial instruments at FVTPL

   77,485    105,831

Financial instruments at FVTOCI

     217,307      230,836

Financial instruments at amortized cost

     38,008      36,512

 

^

Value is less than 0.5

(1)

Uncalled capital commitments outstanding as at March 31, 2024 and June 30, 2024, was  1,450 and  1,934, respectively.

(2) 

As at March 31, 2024 and June 30, 2024, short-term mutual funds include units lien with bank on account of margin money for currency derivatives amounting to  218 and  222, respectively.

(3) 

These deposits earn a fixed rate of interest. As at March 31, 2024 and June 30, 2024, term deposits include current deposits in lien with banks, held as margin money deposits against guarantees amounting to  117 and  73, respectively.

8. Inventories

 

     As at  
     March 31, 2024      June 30, 2024  

Stores and spare parts

   27    30

Traded goods

     880      882
  

 

 

    

 

 

 
    907     912
  

 

 

    

 

 

 

9. Cash and cash equivalents

 

     As at  
     March 31,
2024
     June 30,
2024
 

Cash and bank balances

   60,648    62,681

Demand deposits with banks (1)

     36,305      35,623
  

 

 

    

 

 

 
   96,953    98,304
  

 

 

    

 

 

 

 

(1) 

These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal.

Cash and cash equivalents consist of the following for the purpose of the statement of cash flows:

 

     As at  
     June 30, 2023      June 30, 2024  

Cash and cash equivalents

   83,616    98,304

Bank overdrafts

     (24      (20
  

 

 

    

 

 

 
   83,592    98,284
  

 

 

    

 

 

 

 

14


10. Other financial assets

 

     As at  
     March 31,
2024
     June 30,
2024
 

Non-current

     

Security deposits

   1,221    1,346

Finance lease receivables

     4,270      3,911

Dues from officers and employees

     59      33
  

 

 

    

 

 

 
   5,550    5,290
  

 

 

    

 

 

 

Current

     

Security deposits

   2,035    1,921

Dues from officers and employees

     596      547

Interest receivables

     230      576

Finance lease receivables

     5,307      5,314

Others

     2,368      692
  

 

 

    

 

 

 
   10,536    9,050
  

 

 

    

 

 

 
   16,086    14,340
  

 

 

    

 

 

 

11. Other assets

 

     As at  
     March 31, 2024      June 30, 2024  

Non-current

     

Prepaid expenses

   3,424    2,863

Costs to obtain contract (1)

     2,324      4,149

Costs to fulfil contract (2)

     205      190

Others

     4,378      4,454
  

 

 

    

 

 

 
   10,331    11,656
  

 

 

    

 

 

 

Current

     

Prepaid expenses

   17,574    18,809

Dues from officers and employees

     343      464

Advance to suppliers

     3,267      1,806

Balance with GST and other authorities

     6,029      6,196

Costs to obtain contract (1)

     867      1,794

Costs to fulfil contract (2)

     60      60

Others

     1,462      1,698
  

 

 

    

 

 

 
   29,602    30,827
  

 

 

    

 

 

 
   39,933    42,483
  

 

 

    

 

 

 

 

(1) 

Costs to obtain contract amortization of  328 and  264 during the three months ended June 30, 2023 and 2024 respectively.

(2) 

Costs to fulfil contract amortization of  15 and  15 during the three months ended June 30, 2023 and 2024 respectively.

12. Loans, borrowings and bank overdrafts

 

     As at  
     March 31, 2024      June 30, 2024  

Non-current

     

Unsecured Notes 2026 (1)

   62,300      62,317  
  

 

 

    

 

 

 
   62,300      62,317  
  

 

 

    

 

 

 

Current

     

Borrowings from banks

   79,164      82,263  

Bank overdrafts

     2        20  
  

 

 

    

 

 

 
   79,166      82,283  
  

 

 

    

 

 

 
   141,466      144,600  
  

 

 

    

 

 

 

 

(1) 

On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, issued US$ 750 million in unsecured notes 2026 (the “Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. Interest on the Notes is payable semi-annually on June 23 and December 23 of each year, commencing from December 23, 2021. The Notes are listed on Singapore Exchange Securities Trading Limited (SGX-ST).

13. Trade payables and accrued expenses

 

     As at  
     March 31, 2024      June 30, 2024  

Trade payables

   23,275      22,203  

Accrued expenses

     65,291        60,848  
  

 

 

    

 

 

 
   88,566      83,051  
  

 

 

    

 

 

 

 

15


14. Other financial liabilities

 

     As at  
     March
31,
2024
     June
30,
2024
 

Non-current

     

Contingent consideration (Refer to Note 17)

   429      —   

Liability on written put options to non-controlling interests (Refer to Note 17)

     4,303        4,366  

Deposits and others

     253        1,381  
  

 

 

    

 

 

 
   4,985      5,747  
  

 

 

    

 

 

 

Current

     

Contingent consideration (Refer to Note 17)

   —       434  

Advance from customers

     598        357  

Cash settled ADS RSUs

     3        —   

Capital creditors

     333        287  

Deposits and others

     1,338        1,747  
  

 

 

    

 

 

 
   2,272      2,825  
  

 

 

    

 

 

 
   7,257      8,572  
  

 

 

    

 

 

 

15. Other liabilities

 

     As at  
     March
31, 2024
     June 30,
2024
 

Non-current

     

Employee benefits obligations

   4,219      4,248  

Others

     8,751        9,631  
  

 

 

    

 

 

 
   12,970      13,879  
  

 

 

    

 

 

 

Current

     

Employee benefits obligations

   16,057      17,471  

Statutory and other liabilities

     13,275        14,050  

Advance from customers

     1,192        1,451  

Others

     771        771  
  

 

 

    

 

 

 
   31,295      33,743  
  

 

 

    

 

 

 
   44,265      47,622  
  

 

 

    

 

 

 

16. Provisions

 

     
     As at  
     March 31, 2024      June 30, 2024  

Current

     

Provision for onerous contracts

   1,599      1,517  

Provision for warranty

     217        200  

Others

     155        154  
  

 

 

    

 

 

 
   1,971      1,871  
  

 

 

    

 

 

 
   1,971      1,871  
  

 

 

    

 

 

 

 

17.

Financial instruments

The carrying value of financial instruments by categories as at March 31, 2024 is as follows:

 

     Fair value
through profit
or loss
     Fair value through other
comprehensive income
     Amortized cost      Total  
     Mandatory      Designated
upon initial
recognition
 

Financial Assets:

              

Cash and cash equivalents (Refer to Note 9)

   —       —       —       96,953    96,953

Investments (Refer to Note 7)

              

Equity Instruments

     4,404      —         15,830      —         20,234

Fixed maturity plan mutual funds

     1,395      —         —         —         1,395

Short-term mutual funds

     71,686      —         —         —         71,686

Non-convertible debentures

     —         154,407      —         —         154,407

Government securities

     —         7,030      —         —         7,030

Commercial papers

     —         11,845      —         —         11,845

Bonds

     —         28,195      —         —         28,195

Inter corporate and term deposits

     —         —         —         38,008      38,008

Other financial assets

              

Trade receivables

     —         —         —         119,522      119,522

Unbilled receivables

     —         —         —         58,345      58,345

Other financial assets (Refer to Note 10)

     —         —         —         16,086      16,086

Derivative assets (Refer to Note 17)

     390      —         968      —         1,358
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   77,875    201,477    16,798    328,914    625,064
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

16


Financial Liabilities:

              

Trade payables and other liabilities

              

Trade payables and accrued expenses (Refer to Note 13)

   —       —       —       88,566    88,566

Other financial liabilities (Refer to Note 14)

     —         —         —         7,257      7,257

Loans, borrowings and bank overdrafts (Refer to Note 12)

     —         —         —         141,466      141,466

Lease liabilities

     —         —         —         23,183      23,183

Derivative liabilities (Refer to Note 17)

     329      —         233      —         562
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   329    —       233    260,472    261,034
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The carrying value of financial instruments by categories as at June 30, 2024 is as follows:

 

     Fair value
through profit
or loss
     Fair value through other
comprehensive income
     Amortized
cost
     Total  
     Mandatory      Designated
upon initial
recognition
 

Financial Assets:

              

Cash and cash equivalents (Refer to Note 9)

   —       —       —       98,304    98,304

Investments (Refer to Note 7)

              

Equity Instruments

     4,354      —         15,772      —         20,126

Fixed maturity plan mutual funds

     1,421      —         —         —         1,421

Short-term mutual funds

     100,056      —         —         —         100,056

Non-convertible debentures

     —         177,004      —         —         177,004

Government securities

     —         7,078      —         —         7,078

Commercial papers

     —         7,195      —         —         7,195

Bonds

     —         23,787      —         —         23,787

Inter corporate and term deposits

     —         —         —         36,512      36,512

Other financial assets

              

Trade receivables

     —         —         —         114,655      114,655

Unbilled receivables

     —         —         —         61,720      61,720

Other financial assets (Refer to Note 10)

     —         —         —         14,340      14,340

Derivative assets (Refer to Note 17)

     124      —         1,235      —         1,359
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   105,955    215,064    17,007    325,531    663,557
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Financial Liabilities:

              

Trade payables and other liabilities

              

Trade payables and accrued expenses (Refer to Note 13)

   —       —       —       83,051    83,051

Other financial liabilities (Refer to Note 14)

     —         —         —         8,572      8,572

Loans, borrowings and bank overdrafts (Refer to Note 12)

     —         —         —         144,600      144,600

Lease liabilities

     —         —         —         24,306      24,306

Derivative liabilities (Refer to Note 17)

     98      —         43      —         141
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   98    —       43    260,529    260,670
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fair value:

Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, and eligible current liabilities and non-current liabilities.

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2024 and June 30, 2024, the carrying value of such financial assets, net of allowances, and liabilities, approximates the fair value.

The Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield of Unsecured Notes 2026 as of June 30, 2024 is 5.38%

Investments in short-term mutual funds and fixed maturity plan mutual funds, which are classified as FVTPL are measured using net asset values at the reporting date multiplied by the quantity held. Fair value of investments in non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds classified as FVTOCI is determined based on the indicative quotes of price and yields prevailing in the market at the reporting date. Fair value of investments in equity instruments classified as FVTOCI or FVTPL is determined using market approach primarily based on market multiples method.

The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves and currency volatility.

 

17


Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There were no transfer between Level 1, 2 and 3 during the year ended March 31, 2024 and three months ended June 30, 2024.

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

 

     As at  
     March 31, 2024     June 30, 2024  
     Fair value measurements at reporting date     Fair value measurements at reporting date  
     Total     Level 1      Level 2     Level 3     Total     Level 1      Level 2     Level 3  

Assets

                  

Derivative instruments:

                  

Cash flow hedges

   968   —       968   —      1,235   —       1,235   —   

Others

     390     —         390     —        124     —         124     —   

Investments:

                  

Short-term mutual funds

     71,686     71,686      —        —        100,056     100,056      —        —   

Fixed maturity plan mutual funds

     1,395     —         1,395     —        1,421     —         1,421     —   

Equity instruments

     20,234     108      —        20,126     20,126     109      —        20,017

Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds

     201,477     1,282      200,195     —        215,064     1,266      213,798     —   

Liabilities

                  

Derivative instruments:

                  

Cash flow hedges

   (233   —       (233   —      (43   —       (43   —   

Others

     (329     —         (329     —        (98     —         (98     —   

Liability on written put options to non-controlling interests

     (4,303     —         —        (4,303     (4,366     —         —        (4,366

Contingent consideration

     (429     —         —        (429     (434     —         —        (434

The following methods and assumptions were used to estimate the fair value of the level 2 financial instruments included in the above table.

 

Financial instrument

  

Method and assumptions

Derivative instruments (assets and liabilities)    The Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at June 30, 2024, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.
Investment in non-convertible debentures, government securities, commercial papers, certificate of deposits and bonds    Fair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.
Investment in fixed maturity plan mutual funds    Fair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date.

 

18


The following methods and assumptions were used to estimate the fair value of the level 3 financial instruments included in the above table.

 

Financial instrument

  

Method and assumptions

Investment in equity instruments    Fair value of these instruments is determined using market approach primarily based on market multiples method.
Contingent consideration and liability on written put options to non-controlling interest     Fair value of these instruments is determined using valuation techniques which includes inputs relating to risk-adjusted revenue and operating profit forecast.

The following table presents changes in Level 3 assets and liabilities for the year ended March 31, 2024 and three months ended June 30, 2024:

 

     As at  
Investment in equity instruments    March 31, 2024      June 30, 2024  

Balance at the beginning of the period

   19,321    20,126

Additions

     1,277      412

Disposals (1) (2)

     (416      (210

Gain/(loss) recognized in consolidated statement of income

     (136      11

Gain/(loss) recognized in other comprehensive income

     (485      (318

Translation adjustment

     565      (4
  

 

 

    

 

 

 

Balance at the end of the period

   20,126    20,017
  

 

 

    

 

 

 

 

(1) 

During the year ended March 31, 2024, the Company sold its shares in Moogsoft (Herd) Inc. at a fair value of  179 and recognized a cumulative loss of  91 in other comprehensive income.

(2) 

During the three months ended June 30, 2024, the Company sold its shares in Headspin Inc. at a fair value of  184 and recognized a cumulative loss of  236 in other comprehensive income and cumulative gain of  17 in the consolidated statement of income.

 

     As at  
Contingent consideration    March 31, 2024      June 30, 2024  

Balance at the beginning of the period

   (3,053    (429

Reversals (1)

     1,300      — 

Payouts

     1,294      — 

Finance expense (recognized)/reversed in consolidated statement of income

     55      (5

Translation adjustment

     (25     
  

 

 

    

 

 

 

Balance at the end of the period

   (429    (434
  

 

 

    

 

 

 

 

(1) 

Towards change in fair value of earn-out liability as a result of changes in estimates of revenue and earnings over the earn-out period.

^

Value is less than 0.5

 

     As at  
Liability on written put options to non-controlling interests    March 31, 2024      June 30, 2024  

Balance at the beginning of the period

   —     (4,303

Addition through Business combination

     (4,238      — 

Finance expense recognized in consolidated statement of income

     (33      (64

Translation adjustment

     (32      1
  

 

 

    

 

 

 

Balance at the end of the period

   (4,303    (4,366
  

 

 

    

 

 

 

Derivative assets and liabilities:

The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as immaterial.

 

19


The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:

(in millions)

 

     As at  
     March 31, 2024      June 30, 2024  
     Notional      Fair value      Notional      Fair value  

Designated derivative instruments

                 

Sell: Forward contracts

     USD        1,349    264      USD        1,419    564
            11    10             28    25
     £        17    16      £        31    8
     AUD        15    15      AUD        27    (1

Range forward option contracts

     USD        730    192      USD        710    264
            129    59             95    93
     £        86    (11      £        60    23
     AUD        57    10      AUD        31    (3

Interest rate swaps

     INR        4,750    (71      INR        4,750    (37
     USD        225    233      USD        225    212

Non-designated derivative instruments

                 

Sell: Forward contracts (1)

     USD        1,158    (31      USD        984    29
            195    119             133    (1
     £        72    44      £        47    (22
     AUD        55    30      AUD        52    (4
     SGD        26    12      SGD        29    3
     ZAR        97    4      ZAR        22   
     CAD        61    (1      CAD        73    15
     SAR        188    (2      SAR        188    (1
     QAR        5    (2      QAR        5   
     TRY        86    (1      TRY        86    (7
     NOK        20    2      NOK        6    (1
     OMR        2         OMR        2   
     JPY        3,975    32      JPY        4,362    43
     DKK        33    3      DKK        24   
     AED        22         AED        8   
     CNH        11    3      CNH        —     — 
     MXN        212    (35      MXN        187    49
     COP        8,120    (5      COP        8,120    10
     MYR        20    (2      MYR        30    1
     RON        80    (9      RON        80    (6
     BHD                BHD          
     HKD        80         HKD        79   
     CRC        3,380    (19      CRC        —     — 
     NZD        2    2      NZD        2    (2
     KRW        —     —       KRW        1,100    1
     TWD        —     —       TWD        40   

Buy: Forward contracts

     USD        4    1      USD        4   
            7    (5             6    (1
     £        2         £        —     — 
     AUD        2         AUD        —     — 
     CAD        49    (4      CAD        49    (3
     QAR        29    10      QAR        29   
     CNH        126    (5      CNH        127   
     RON        91    (9      RON        51   
     TWD        40    (2      TWD        —     — 
     PLN        39    (6      PLN        35    1
     SEK        39    (5      SEK        38    (4
     CHF        5    (29      CHF        10    4
     BRL        67    (5      BRL        73    (28
     RMB        25    (6      RMB        46    (6
     KWD                KWD          
        

 

 

          

 

 

 
         796          1,218
        

 

 

          

 

 

 

 

^

Value is less than 0.5

(1) 

USD 1,158 and USD 984 includes USD/PHP sell forward of USD 167 and USD 160 as at March 31, 2024 and June 30, 2024, respectively.

 

20


The Company determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in consolidated statement of income at the time of the hedge relationship rebalancing.

The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:

 

     Three months ended June 30,  
     2023      2024  

Balance as at the beginning of the period

   (1,762    773  

Changes in fair value of effective portion of derivatives

     1,846      628

Net (gain)/loss reclassified to consolidated statement of income on occurrence of hedged transactions (1)

     1,013      (243

Net (gain)/loss on ineffective portion of derivative instruments classified to consolidated statement of income

     (33      44
  

 

 

    

 

 

 

Gain/(loss) on cash flow hedging derivatives, net

   2,826      429  
  

 

 

    

 

 

 

Balance as at the end of the period

   1,064      1,202  

Deferred tax asset/(liability) thereon

     (267      (317
  

 

 

    

 

 

 

Balance as at the end of the period, net of deferred taxes

   797      885  
  

 

 

    

 

 

 

 

(1) 

Includes net (gain)/loss reclassified to revenue of  (256); net (gain)/loss reclassified to cost of revenues of  24; net (gain)/loss reclassified to finance expenses of  (47), and net (gain)/loss reclassified to finance and other income of  36 for the three months ended June 30, 2024.

The related hedge transactions for balance in cash flow hedging reserves as at June 30, 2024 are expected to occur and be reclassified to the statement of income over a period of twelve months.

As at June 30, 2023 and 2024, there were no material gains or losses on derivative transactions or portions thereof that have become ineffective as hedges or associated with an underlying exposure that did not occur.

18. Foreign currency translation reserve and Other reserves

The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:

 

     Three months ended June 30,  
     2023      2024  

Balance at the beginning of the period

   43,255    47,261

Translation difference related to foreign operations, net

     (361      (1,398

Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income

     2     
  

 

 

    

 

 

 

Balance at the end of the period

   42,896    45,863
  

 

 

    

 

 

 

 

^

Value is less than 0.5

The movement in other reserves is summarized below:

 

     Other Reserves  
Particulars    Remeasurements of
the defined benefit
plans
    Investment in debt
instruments
measured at fair
value through OCI
    Investment in equity
instruments
measured at fair
value through OCI
    Capital Redemption
Reserve
     Gross obligation to
non-controlling
interests under
put options
 

As at April 1, 2023

   (548   (119   10,793   1,122    — 

Other comprehensive income

     43     1,039     16     —       — 

As at June 30, 2023

   (505   920   10,809   1,122    — 

As at April 1, 2024

   (286   1,397   10,320   1,661    (4,238

Other comprehensive income

     59     184     (319     —       — 

As at June 30, 2024

   (227   1,581   10,001   1,661    (4,238

 

21


19. Income taxes

 

     Three months ended June 30,  
     2023      2024  

Income tax expense as per the statement of income

   9,115    9,850

Income tax included in other comprehensive income on:

     

Gains/(losses) on investment securities

     162      37

Gains/(losses) on cash flow hedging derivatives

     626      122

Remeasurements of the defined benefit plans

     33      62
  

 

 

    

 

 

 
   9,936    10,071
  

 

 

    

 

 

 

Income tax expense consists of the following:

 

     Three months ended June 30,  
     2023      2024  

Current taxes

   9,135    10,368

Deferred taxes

     (20      (518
  

 

 

    

 

 

 
   9,115    9,850
  

 

 

    

 

 

 

Income tax expenses are net of provision reversal of taxes pertaining to earlier periods, amounting to  627 and  194 for the three months ended June 30, 2023 and 2024, respectively.

20. Revenues

The tables below present disaggregated revenue from contracts with customers by business segment (Refer to Note 27 “Segment Information”), sector and nature of contract. The Company believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.

 

22


Information on disaggregation of revenues for the three months ended June 30, 2023 is as follows:

 

     IT Services      IT Products      Total  
     Americas 1      Americas 2      Europe      APMEA      Total  

A. Revenue

                    

Rendering of services

   65,622    68,321    67,155    26,518    227,616    —     227,616

Sale of products

     —       —       —       —       —       694      694
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   65,622    68,321    67,155    26,518    227,616    694    228,310
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

B. Revenue by sector

                    

Banking, Financial Services and Insurance

   784    42,015    25,522    9,041    77,362      

Health

     21,727      85      4,823      1,250      27,885      

Consumer

     26,355      1,114      10,799      4,269      42,537      

Communications

     3,486      347      3,123      3,462      10,418      

Energy, Natural Resources and Utilities

     106      10,294      11,111      5,845      27,356      

Manufacturing

     47      8,484      6,893      1,038      16,462      

Technology

     13,117      5,982      4,884      1,613      25,596      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   65,622    68,321    67,155    26,518    227,616    694    228,310
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

C. Revenue by nature of contract

                    

Fixed price and volume based

   37,524    35,450    39,723    15,942    128,639    —     128,639

Time and materials

     28,098      32,871      27,432      10,576      98,977      —       98,977

Products

     —       —       —       —       —       694      694
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   65,622    68,321    67,155    26,518    227,616    694    228,310
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Information on disaggregation of revenues for the three months ended June 30, 2024 is as follows:

 

     IT Services      IT Products      Total  
     Americas 1      Americas 2      Europe      APMEA      Total  

A. Revenue

                    

Rendering of services

   67,762    67,402    60,478    23,527    219,169    —     219,169

Sale of products

     —       —       —       —       —       469      469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   67,762    67,402    60,478    23,527    219,169    469    219,638
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

B. Revenue by sector

                    

Banking, Financial Services and Insurance

   433    41,886    23,048    8,979    74,346      

Health

     25,565      22      3,841      993      30,421      

Consumer

     25,621      1,862      10,709      3,948      42,140      

Communications

     2,999      208      2,310      2,793      8,310      

Energy, Natural Resources and Utilities

     667      10,107      9,352      4,454      24,580      

Manufacturing

     14      7,244      5,995      942      14,195      

Technology

     12,463      6,073      5,223      1,418      25,177      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   67,762    67,402    60,478    23,527    219,169    469    219,638
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

C. Revenue by nature of contract

                    

Fixed price and volume based

   35,970    34,578    35,976    13,674    120,198    —     120,198

Time and materials

     31,792      32,824      24,502      9,853      98,971      —       98,971

Products

     —       —       —       —       —       469      469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   67,762    67,402    60,478    23,527    219,169    469    219,638
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

23


21. Expenses by nature

 

     Three months ended
June 30,
 
     2023      2024  

Employee compensation

   140,276    132,293

Sub-contracting and technical fees

     26,385      24,767

Cost of hardware and software

     806      658

Travel

     4,175      3,937

Facility expenses

     3,452      4,133

Software license expense for internal use

     4,607      4,605

Depreciation, amortization and impairment

     7,380      7,289

Communication

     1,249      993

Legal and professional fees

     2,251      2,282

Rates, taxes and insurance

     1,462      1,216

Marketing and brand building

     977      804

Lifetime expected credit loss/ (write-back)

     300      (26

(Gain)/loss on sale of property, plant and equipment, net (1)

     78      (23

Miscellaneous expenses (1) (2)

     334      435
  

 

 

    

 

 

 

Total cost of revenues, selling and marketing expenses and general and administrative expenses

   193,732    183,363
  

 

 

    

 

 

 

 

(1) 

(Gain)/loss on sale of property, plant and equipment, net has been reclassified from Miscellaneous expenses and is presented separately for the three months ended June 30, 2023.

(2)

Miscellaneous expenses are net of reversals of contingent consideration (Refer to Note 17).

22. Finance expenses

 

     Three months ended
June 30,
 
     2023      2024  

Interest expense (1)

   3,086    3,288
  

 

 

    

 

 

 
   3,086    3,288
  

 

 

    

 

 

 

 

(1) 

Includes Interest expense on lease liabilities of  316 and  363 for the three months ended June 30, 2023 and 2024, respectively.

23. Finance and other income and Foreign exchange gains/(losses), net

 

     Three months
ended June 30,
 
     2023      2024  

Interest income

   5,244    5,627

Dividend income from equity investments designated as FVTOCI

     1      — 

Net gain from investments classified as FVTPL

     1,336      1,853

Net loss from investments classified as FVTOCI

     (39      — 
  

 

 

    

 

 

 

Finance and other income

   6,542    7,480
  

 

 

    

 

 

 

Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL

   881    (185

Other foreign exchange gains/(losses), net

     (943      (21
  

 

 

    

 

 

 

Foreign exchange gains/(losses), net

   (62    (206
  

 

 

    

 

 

 

24. Earnings per equity share:

A reconciliation of profit for the period and equity shares used in the computation of basic and diluted earnings per equity share is set out below:

Basic: Basic earnings per equity share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period, excluding equity shares purchased by the Company and held as treasury shares.

 

     Three months ended June 30,  
     2023      2024  

Profit attributable to equity holders of the Company

   28,701    30,032

Weighted average number of equity shares outstanding

     5,482,733,329      5,225,776,256
  

 

 

    

 

 

 

Basic earnings per equity share

   5.23    5.75
  

 

 

    

 

 

 

Diluted: Diluted earnings per equity share is calculated by adjusting the weighted average number of equity shares outstanding during the period for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company.

The calculation is performed in respect of share options to determine the number of equity shares that could have been acquired at fair value (determined as the average market price of the Company’s equity shares during the period). The number of equity shares calculated as above is compared with the number of equity shares that would have been issued assuming the exercise of the share options.

 

24


The calculation of the potential dilutive effect on earnings per share on Buyback of equity shares includes the incremental equity shares arrived as the difference between the number of ordinary shares assumed at the fair value (determined as the average market price of the Company’s shares during the period) and the number of ordinary shares received from satisfying the Buyback offer.

 

     Three months ended June 30,  
     2023      2024  

Profit attributable to equity holders of the Company

   28,701    30,032

Weighted average number of equity shares outstanding

     5,482,733,329      5,225,776,256

Effect of dilutive equivalent share options

     10,422,480      10,991,857

Dilutive effect from buyback of equity shares

     107,151,506      — 
  

 

 

    

 

 

 

Weighted average number of equity shares for diluted earnings per equity share

     5,600,307,315      5,236,768,113
  

 

 

    

 

 

 

Diluted earnings per equity share

   5.12    5.73
  

 

 

    

 

 

 

25. Employee compensation

 

     Three months ended
June 30,
 
     2023      2024  

Salaries and bonus

   133,800    126,128

Employee benefits plans

     4,932      4,836

Share-based compensation (1) 

     1,544      1,329
  

 

 

    

 

 

 
   140,276    132,293
  

 

 

    

 

 

 

 

(1) 

Includes (2) and (6) for the three months ended June 30, 2023 and 2024 respectively, towards cash settled ADS RSUs.

The employee benefit cost is recognized in the following line items in the interim condensed consolidated statement of income:

 

     Three months ended
June 30,
 
     2023      2024  

Cost of revenues

   117,733    112,171

Selling and marketing expenses

     12,612      11,964

General and administrative expenses

     9,931      8,158
  

 

 

    

 

 

 
   140,276    132,293
  

 

 

    

 

 

 

The Company has granted 3,341,675 options under RSU option plan during the three months ended June 30, 2024 (3,217,885 for the three months ended June 30, 2023); 8,167,087 options under ADS option plan during the three months ended June 30, 2024 (8,061,125 for the three months ended June 30, 2023).

The Company has also granted 2,014,993 Performance based stock options (RSU) during the three months ended June 30, 2024 (1,892,498 for the three months ended June 30, 2023); 5,297,557 Performance based stock options (ADS) during the three months ended June 30, 2024 (5,648,833 for the three months ended June 30, 2023).

The RSU grants were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and the ADS grants were issued under Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan). Performance based stock options will vest based on the performance parameters of the Company.

26. Commitments and contingencies

Capital commitments: As at March 31, 2024 and June 30, 2024 the Company had committed to spend approximately  10,322 and  8,837 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases. Refer to Note 7 for uncalled capital commitments on investment in equity instruments.

Guarantees: As at March 31, 2024 and June 30, 2024, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to  13,455 and  13,017 respectively, as part of the bank line of credit.

Contingencies and lawsuits: The Company is subject to legal proceedings and claims resulting from tax assessment orders/ penalty notices issued under the Income Tax Act, 1961, which have arisen in the ordinary course of its business. Some of the claims involve complex issues and it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of such proceedings. However, the resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

The Company’s assessments are completed for the years up to March 31, 2019. The Company has received demands on multiple tax issues. These claims are primarily arising out of denial of deduction under section 10A of the Income Tax Act, 1961 in respect of profit earned by the Company’s undertaking in Software Technology Park at Bengaluru, the appeals filed against the said demand before the Appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2008 which either has been or may be contested by the Income tax authorities before the Hon’ble Supreme Court of India. Other claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing adjustments on intercompany / inter unit transactions and other issues.

 

25


Income tax claims against the Company amounting to  95,520 and  96,881 are not acknowledged as debt as at March 31, 2024 and June 30, 2024, respectively. These matters are pending before various Appellate Authorities and the management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.

The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounting to  18,799 and  19,350 as of March 31, 2024, and June 30, 2024, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

27. Segment information

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: communications, media and information services, software and gaming, new age technology, consumer goods, medical devices and life sciences, healthcare, and technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking and financial services, energy, manufacturing and resources, capital markets and insurance, and hi-tech. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.

IT Products: The Company is a value-added reseller of security, packaged and SaaS 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 these items is reported as revenue from the sale of IT Products.

The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.

Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

 

26


Information on reportable segments for the three months ended June 30, 2023, is as follows:

 

     IT Services     IT Products     Reconciling
Items
    Total  
   Americas 1      Americas 2      Europe      APMEA      Total  

Revenue

   65,607    68,303    67,134    26,510    227,554   694   —      228,248

Segment result

     13,537      14,169      9,968      2,800      40,474     (161     (1,840     38,473

Unallocated

                 (3,957     —        —        (3,957
              

 

 

   

 

 

   

 

 

   

 

 

 

Segment result total

               36,517   (161   (1,840   34,516

Finance expenses

                       (3,086

Finance and other income

                       6,542

Share of net profit/(loss) of associate accounted for using the equity method

                       3
                    

 

 

 

Profit before tax

                     37,975

Income tax expense

                       (9,115
                    

 

 

 

Profit for the period

                     28,860
                    

 

 

 

Depreciation, amortization and impairment

                     7,380
                    

 

 

 

Information on reportable segments for the three months ended June 30, 2024, is as follows:

 

     IT Services     IT Products     Reconciling
Items
     Total  
   Americas 1      Americas 2      Europe      APMEA      Total  

Revenue

   67,700    67,338    60,422    23,503    218,963   469   —       219,432

Segment result

     13,687      15,533      5,873      2,441      37,534     (47     59      37,546

Unallocated

                 (1,477     —        —         (1,477
              

 

 

   

 

 

   

 

 

    

 

 

 

Segment result total

               36,057   (47   59    36,069

Finance expenses

                        (3,288

Finance and other income

                        7,480

Share of net profit/(loss) of associate and joint venture accounted for using the equity method

                        (45
                     

 

 

 

Profit before tax

                      40,216

Income tax expense

                        (9,850
                     

 

 

 

Profit for the period

                      30,366
                     

 

 

 

Depreciation, amortization and impairment

                      7,289
                     

 

 

 

 

27


Revenues from India, being Company’s country of domicile, is  6,007 and  4,923 for the three months ended June 30, 2023 and 2024, respectively.

Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:

 

     Three months ended June 30,  
     2023      2024  

United States of America

   126,497    129,433

United Kingdom

     29,763      25,106
  

 

 

    

 

 

 
   156,260    154,539
  

 

 

    

 

 

 

No customer individually accounted for more than 10% of the revenues during the three months ended June 30, 2023 and 2024.

Management believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.

Notes:

 

  a)

“Reconciling Items” includes elimination of inter-segment transactions and other corporate activities.

 

  b)

Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.

 

  c)

For the purpose of segment reporting, the Company has included the impact of “foreign exchange gains/(losses), net” in revenues, which is reported as a part of operating profit in the interim condensed consolidated statement of income.

 

  d)

Restructuring cost of  1,887 and  Nil for the three months ended June 30, 2023 and 2024, respectively is included under Reconciling items.

 

  e)

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of  1,810 and  1,782, for the three months ended June 30, 2023 and 2024, respectively, and change in fair value of contingent consideration of  (16) and  Nil, for the three months ended June 30, 2023 and 2024, respectively.

 

  f)

Segment results of IT Services segment are after recognition of share-based compensation expense of  1,544 and  1,329 for the three months ended June 30, 2023 and 2024, respectively.

 

  g)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of  78 and  (23) for the three months ended June 30, 2023 and 2024, respectively.

28. List of subsidiaries, associate and joint venture as at June 30, 2024 is provided below:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of

Incorporation

Attune Consulting India Private Limited       India
Capco Technologies Private Limited       India
Wipro Technology Product Services Private Limited       India
Wipro Chengdu Limited       China
Wipro Holdings (UK) Limited       U.K.
 

Wipro Financial Outsourcing Services

Limited

    U.K.
    Wipro UK Limited   U.K.
Wipro HR Services India Private Limited       India
Wipro IT Services Bangladesh Limited       Bangladesh
Wipro IT Services UK Societas       U.K.
  Designit A/S     Denmark
    Designit Denmark A/S   Denmark
    Designit Germany GmbH   Germany
    Designit Oslo A/S   Norway
    Designit Spain Digital, S.L.U   Spain
    Designit Sweden AB   Sweden
    Designit T.L.V Ltd.   Israel
  Wipro Bahrain Limited Co. W.L.L     Bahrain
  Wipro Czech Republic IT Services s.r.o.     Czech Republic
  Wipro CRM Services (formerly known as Wipro 4C NV)     Belgium
    Wipro 4C Consulting France SAS   France
    Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V)   Netherlands
    Wipro CRM Services ApS   Denmark

 

28


    Wipro CRM Services UK Limited (1)   U.K.
  Grove Holdings 2 S.á.r.l     Luxembourg
    Capco Solution Services GmbH   Germany
    The Capital Markets Company Italy Srl   Italy
    Capco Brasil Serviços E Consultoria Ltda   Brazil
    The Capital Markets Company BV (1)   Belgium
  PT. WT Indonesia     Indonesia
  Rainbow Software LLC     Iraq
  Wipro Arabia Limited (2)     Saudi Arabia
    Women’s Business Park Technologies Limited (2)   Saudi Arabia
  Wipro Doha LLC     Qatar
  Wipro Gulf LLC     Sultanate of Oman
  Wipro Holdings Hungary Korlátolt Felelősségű Társaság     Hungary
    Wipro Holdings Investment Korlátolt Felelősségű Társaság   Hungary
  Wipro Information Technology Netherlands BV.     Netherlands
    Wipro do Brasil Technologia Ltda (1)   Brazil
    Wipro Information Technology Kazakhstan LLP   Kazakhstan
    Wipro Outsourcing Services (Ireland) Limited   Ireland
    Wipro Portugal S.A. (1)   Portugal
    Wipro Solutions Canada Limited   Canada
    Wipro Technologies Limited   Russia
    Wipro Technologies Peru SAC   Peru
    Wipro Technologies W.T. Sociedad Anonima   Costa Rica
    Wipro Technology Chile SPA   Chile
  Wipro IT Service Ukraine, LLC     Ukraine
  Wipro IT Services Poland SP Z.O.O     Poland
  Wipro IT Services S.R.L.     Romania
  Wipro Regional Headquarter     Saudi Arabia
  Wipro Technologies Australia Pty Ltd     Australia
    Wipro Ampion Holdings Pty Ltd (1)   Australia
  Wipro Technologies SA     Argentina
  Wipro Technologies SA DE CV     Mexico
  Wipro Technologies South Africa (Proprietary) Limited     South Africa
    Wipro Technologies Nigeria Limited   Nigeria
  Wipro Technologies SRL     Romania
  Wipro (Thailand) Co. Limited     Thailand
Wipro Japan KK       Japan
Wipro Networks Pte Limited       Singapore
  Wipro (Dalian) Limited     China
  Wipro Technologies SDN BHD     Malaysia
Wipro Overseas IT Services Private Limited       India
Wipro Philippines, Inc.       Philippines
Wipro Shanghai Limited       China
Wipro Trademarks Holding Limited       India
Wipro Travel Services Limited       India
Wipro VLSI Design Services India Private Limited       India
Wipro, LLC       USA
  Wipro Gallagher Solutions, LLC     USA
  Wipro Insurance Solutions, LLC     USA
  Wipro IT Services, LLC     USA
    Aggne Global Inc. (3)   USA
    Cardinal US Holdings, Inc.(1)   USA
    Designit North America, Inc.   USA
    Edgile, LLC   USA
    HealthPlan Services, Inc. (1)   USA

 

29


    Infocrossing, LLC   USA
    International TechneGroup Incorporated (1)   USA
    Wipro NextGen Enterprise Inc. (1)   USA
    Rizing Intermediate Holdings, Inc. (1)   USA
    Wipro Appirio, Inc. (1)   USA
    Wipro Designit Services, Inc. (1)   USA
    Wipro Telecom Consulting LLC   USA
    Wipro VLSI Design Services, LLC   USA
Aggne Global IT Services Private Limited (3)       India

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’, ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India.

 

(2) 

All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.

 

(3) 

The company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT Services, LLC holds 60% of the equity securities of Aggne Global Inc.

 

(1) 

Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, Wipro NextGen Enterprise Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Wipro CRM Services UK Limited are as follows:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Cardinal US Holdings, Inc.       USA
  ATOM Solutions LLC     USA
  Capco Consulting Services LLC     USA
  Capco RISC Consulting LLC     USA
  The Capital Markets Company LLC     USA
HealthPlan Services, Inc.       USA
  HealthPlan Services Insurance Agency, LLC     USA
International TechneGroup Incorporated       USA
  International TechneGroup Ltd.     U.K.
  ITI Proficiency Ltd     Israel
  MechWorks S.R.L.     Italy
Wipro NextGen Enterprise Inc.       USA
  LeanSwift AB     Sweden
Rizing Intermediate Holdings, Inc.       USA
  Rizing Lanka (Private) Ltd     Sri Lanka
    Attune Netherlands B.V. (4)   Netherlands
  Rizing Solutions Canada Inc.     Canada
  Rizing LLC     USA
    Aasonn Philippines Inc.   Philippines
    Rizing B.V.   Netherlands
    Rizing Consulting Ireland Limited   Ireland
    Rizing Consulting Pty Ltd.   Australia
    Rizing Geospatial LLC   USA
    Rizing GmbH   Germany
    Rizing Limited   U.K.
    Rizing Pte Ltd. (4)   Singapore
The Capital Markets Company BV       Belgium
  CapAfric Consulting (Pty) Ltd     South Africa
  Capco Belgium BV     Belgium
  Capco Consultancy (Malaysia) Sdn. Bhd     Malaysia
  Capco Consultancy (Thailand) Ltd     Thailand
  Capco Consulting Singapore Pte. Ltd     Singapore
  Capco Greece Single Member P.C     Greece

 

30


  Capco Poland sp. z.o.o     Poland
  The Capital Markets Company (UK) Ltd     U.K.
    Capco (UK) 1, Limited   U.K.
  The Capital Markets Company BV     Netherlands
  The Capital Markets Company GmbH     Germany
    Capco Austria GmbH   Austria
  The Capital Markets Company Limited     Hong Kong
    Capco Consulting Services (Guangzhou) Company Limited   China
  The Capital Markets Company Limited     Canada
  The Capital Markets Company S.á.r.l     Switzerland
    Andrion AG   Switzerland
  The Capital Markets Company S.A.S     France
  The Capital Markets Company s.r.o     Slovakia
Wipro Ampion Holdings Pty Ltd       Australia
  Wipro Revolution IT Pty Ltd     Australia
  Crowdsprint Pty Ltd     Australia
  Wipro Shelde Australia Pty Ltd     Australia
Wipro Appirio, Inc.       USA
  Wipro Appirio (Ireland) Limited     Ireland
    Wipro Appirio UK Limited   U.K.
  Topcoder, LLC.     USA
Wipro Designit Services, Inc.       USA
  Wipro Designit Services Limited     Ireland
Wipro do Brasil Technologia Ltda       Brazil
  Wipro do Brasil Servicos Ltda     Brazil
  Wipro Do Brasil Sistemas De Informatica Ltda     Brazil
Wipro Portugal S.A.       Portugal
  Wipro Technologies GmbH     Germany
    Wipro Business Solutions GmbH (4)   Germany
    Wipro IT Services Austria GmbH   Austria
Wipro CRM Services UK Limited       U.K.
  CloudSocius DMCC     United Arab Emirates

 

(4) 

Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH are as follows:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Attune Netherlands B.V.       Netherlands
  Rizing Consulting USA, Inc.     USA
  Rizing Germany GmbH     Germany
  Attune Italia S.R.L     Italy
  Rizing Management LLC     USA
  Attune UK Ltd.     U.K.
Rizing Pte Ltd.       Singapore
  Rizing New Zealand Ltd.     New Zealand
  Rizing Philippines Inc.     Philippines
  Rizing SDN BHD     Malaysia
  Rizing Solutions Pty Ltd     Australia
Wipro Business Solutions GmbH       Germany
  Wipro Technology Solutions S.R.L     Romania

As at June 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.

 

31


The list of controlled trusts are:

 

Name of the entity

  

Country of incorporation

Wipro Equity Reward Trust    India
Wipro Foundation    India

 

 

As per our report of even date attached   For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP   Rishad A. Premji   Deepak M. Satwalekar   Srinivas Pallia
Chartered Accountants   Chairman   Director   Chief Executive Officer and
Firm Registration No: 117366W/W - 100018       Managing Director
Anand Subramanian   Aparna C. Iyer     M. Sanaulla Khan
Partner   Chief Financial Officer     Company Secretary
Membership No. 110815      
Bengaluru      
July 19, 2024      

 

32

Exhibit 99.4

WIPRO LIMITED

CIN: L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 560035, India

Website: www.wipro.com ; Email id – info@wipro.com ; Tel: +91-80-2844 0011 ; Fax: +91-80-2844 0054

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2024

UNDER IFRS (IASB)

( in millions, except share and per share data, unless otherwise stated)

 

   

Particulars

   Three months ended     Year ended  
     June 30,
2024
    March 31,
2024
    June 30,
2023
    March 31,
2024
 
  Income         
 

a) Revenue from operations

     219,638     222,083     228,310     897,603
 

b) Foreign exchange gains/(losses), net

     (206     (128     (62     340
    

 

 

   

 

 

   

 

 

   

 

 

 

I

 

Total income

     219,432     221,955     228,248     897,943
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Expenses

        
 

a) Purchases of stock-in-trade

     664     825     978     3,832
 

b) Changes in inventories of stock-in-trade

     (2     156     (182     278
 

c) Employee benefits expense

     132,293     136,255     140,276     549,301
 

d) Depreciation, amortization and impairment expense

     7,289     8,405     7,380     34,071
 

e) Sub-contracting and technical fees

     24,767     24,318     26,385     103,030
 

f) Facility expenses

     4,133     3,727     3,452     14,556
 

g) Travel

     3,937     3,349     4,175     15,102
 

h) Communication

     993     956     1,249     4,878
 

i) Legal and professional fees

     2,282     2,324     2,251     9,559
 

j) Software license expense for internal use

     4,605     4,395     4,607     18,378
 

k) Marketing and brand building

     804     667     977     3,555
 

l) Lifetime expected credit loss/ (write-back)

     (26     367     300     640
 

m) (Gain)/loss on sale of property, plant and equipment, net

     (23     102     78     (2,072
 

n) Other expenses

     1,647     736     1,806     6,736
    

 

 

   

 

 

   

 

 

   

 

 

 

II

 

Total expenses

     183,363     186,582     193,732     761,844
    

 

 

   

 

 

   

 

 

   

 

 

 

III

 

Finance expenses

     3,288     3,308     3,086     12,552

IV

 

Finance and other income

     7,480     6,759     6,542     23,896

V

 

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

     (45     (202     3     (233
    

 

 

   

 

 

   

 

 

   

 

 

 

VI

 

Profit before tax [I-II-III+IV+V]

     40,216     38,622     37,975     147,210
    

 

 

   

 

 

   

 

 

   

 

 

 

VII

 

Tax expense

     9,850     10,040     9,115     36,089
    

 

 

   

 

 

   

 

 

   

 

 

 

VIII

 

Profit for the period [VI-VII]

     30,366     28,582     28,860     111,121
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Other comprehensive income (OCI)

        
 

Items that will not be reclassified to profit or loss in subsequent periods

        
 

Remeasurements of the defined benefit plans, net

     58     (177     (45     82
 

Net change in fair value of investment in equity instruments measured at fair value through OCI

     (319     (506     16     (473
 

Items that will be reclassified to profit or loss in subsequent periods

        
 

Foreign currency translation differences

     (1,399     (844     (362     4,219
 

Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income

     ^       (2     2     (198
 

Net change in time value of option contracts designated as cash flow hedges, net of taxes

     4     271     40     198
 

Net change in intrinsic value of option contracts designated as cash flow hedges, net of taxes

     85     15     512     128
 

Net change in fair value of forward contracts designated as cash flow hedges, net of taxes

     218     355     1,648     1,655
 

Net change in fair value of investment in debt instruments measured at fair value through OCI, net of taxes

     184     261     1,039     1,516
    

 

 

   

 

 

   

 

 

   

 

 

 

IX

 

Total other comprehensive income for the period, net of taxes

     (1,169     (627     2,850     7,127
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Total comprehensive income for the period [VIII+IX]

     29,197     27,955     31,710     118,248
    

 

 

   

 

 

   

 

 

   

 

 

 

X

 

Profit for the period attributable to:

        
 

Equity holders of the Company

     30,032     28,346     28,701     110,452
 

Non-controlling interests

     334     236     159     669
    

 

 

   

 

 

   

 

 

   

 

 

 
       30,366     28,582     28,860     111,121
    

 

 

   

 

 

   

 

 

   

 

 

 

 

1


 

Total comprehensive income for the period attributable to:

           
 

Equity holders of the Company

     28,865      27,781      31,640      117,744
 

Non-controlling interests

     332      174      70      504
    

 

 

    

 

 

    

 

 

    

 

 

 
       29,197      27,955      31,710      118,248
    

 

 

    

 

 

    

 

 

    

 

 

 

XI

 

Paid up equity share capital (Par value 2 per share)

     10,460      10,450      10,978      10,450
    

 

 

    

 

 

    

 

 

    

 

 

 

XII

 

Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet

              739,433
             

 

 

 
XIII   Earnings per share (EPS)            
 

(Equity shares of par value of 2/- each)

           
 

(EPS for the three months ended periods are not annualized)

           
 

Basic (in )

     5.75      5.43      5.23      20.89
 

Diluted (in )

     5.73      5.41      5.12      20.82
    

 

 

    

 

 

    

 

 

    

 

 

 

 

  ^

Value is less than 0.5

 

1.

The audited consolidated financial results of the Company for the three months ended June 30, 2024, have been approved by the Board of Directors of the Company at its meeting held on July 19, 2024. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

 

2.

The above consolidated financial results have been prepared on the basis of the audited interim condensed consolidated financial statements which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees ( in millions) except share and per share data, unless otherwise stated.

 

3.

(Gain)/loss on sale of property, plant and equipment, net has been reclassified from Other expenses and is presented separately for the three months ended June 30, 2023. Gain on sale of property, plant and equipment for the year ended March 31, 2024, includes gain on sale of immovable properties of  (2,357).

 

4.

List of subsidiaries, associate and joint venture as at June 30, 2024 are provided in the table below:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Attune Consulting India Private Limited       India
Capco Technologies Private Limited       India
Wipro Technology Product Services Private Limited       India
Wipro Chengdu Limited       China
Wipro Holdings (UK) Limited       U.K.
  Wipro Financial Outsourcing Services Limited     U.K.
    Wipro UK Limited   U.K.
Wipro HR Services India Private Limited       India
Wipro IT Services Bangladesh Limited       Bangladesh
Wipro IT Services UK Societas       U.K.
  Designit A/S     Denmark
    Designit Denmark A/S   Denmark
    Designit Germany GmbH   Germany
    Designit Oslo A/S   Norway
    Designit Spain Digital, S.L.U   Spain
    Designit Sweden AB   Sweden
    Designit T.L.V Ltd.   Israel
  Wipro Bahrain Limited Co. W.L.L     Bahrain
  Wipro Czech Republic IT Services s.r.o.     Czech Republic
  Wipro CRM Services (formerly known as Wipro 4C NV)     Belgium
    Wipro 4C Consulting France SAS   France
    Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V)   Netherlands
    Wipro CRM Services ApS   Denmark
    Wipro CRM Services UK Limited (1)   U.K.
  Grove Holdings 2 S.á.r.l     Luxembourg
    Capco Solution Services GmbH   Germany

 

2


    The Capital Markets Company Italy Srl   Italy
    Capco Brasil Serviços E Consultoria Ltda   Brazil
    The Capital Markets Company BV (1)   Belgium
  PT. WT Indonesia     Indonesia
  Rainbow Software LLC     Iraq
  Wipro Arabia Limited (2)     Saudi Arabia
    Women’s Business Park Technologies Limited (2)   Saudi Arabia
  Wipro Doha LLC     Qatar
  Wipro Gulf LLC     Sultanate of Oman
  Wipro Holdings Hungary Korlátolt Felelősségű Társaság     Hungary
    Wipro Holdings Investment Korlátolt Felelősségű Társaság   Hungary
  Wipro Information Technology Netherlands BV.     Netherlands
    Wipro do Brasil Technologia Ltda (1)   Brazil
    Wipro Information Technology Kazakhstan LLP   Kazakhstan
    Wipro Outsourcing Services (Ireland) Limited   Ireland
    Wipro Portugal S.A. (1)   Portugal
    Wipro Solutions Canada Limited   Canada
    Wipro Technologies Limited   Russia
    Wipro Technologies Peru SAC   Peru
    Wipro Technologies W.T. Sociedad Anonima   Costa Rica
    Wipro Technology Chile SPA   Chile
  Wipro IT Service Ukraine, LLC     Ukraine
  Wipro IT Services Poland SP Z.O.O     Poland
  Wipro IT Services S.R.L.     Romania
  Wipro Regional Headquarter     Saudi Arabia
  Wipro Technologies Australia Pty Ltd     Australia
    Wipro Ampion Holdings Pty Ltd (1)   Australia
  Wipro Technologies SA     Argentina
  Wipro Technologies SA DE CV     Mexico
  Wipro Technologies South Africa (Proprietary) Limited     South Africa
    Wipro Technologies Nigeria Limited   Nigeria
  Wipro Technologies SRL     Romania
  Wipro (Thailand) Co. Limited     Thailand
Wipro Japan KK       Japan
Wipro Networks Pte Limited       Singapore
  Wipro (Dalian) Limited     China
  Wipro Technologies SDN BHD     Malaysia
Wipro Overseas IT Services Private Limited       India
Wipro Philippines, Inc.       Philippines
Wipro Shanghai Limited       China
Wipro Trademarks Holding Limited       India
Wipro Travel Services Limited       India
Wipro VLSI Design Services India Private Limited       India
Wipro, LLC       USA
  Wipro Gallagher Solutions, LLC     USA
  Wipro Insurance Solutions, LLC     USA
  Wipro IT Services, LLC     USA
    Aggne Global Inc. (3)   USA
    Cardinal US Holdings, Inc.(1)   USA
    Designit North America, Inc.   USA
    Edgile, LLC   USA
    HealthPlan Services, Inc. (1)   USA
    Infocrossing, LLC   USA
    International TechneGroup Incorporated (1)   USA
    Wipro NextGen Enterprise Inc. (1)   USA

 

3


    Rizing Intermediate Holdings, Inc. (1)   USA
    Wipro Appirio, Inc. (1)   USA
    Wipro Designit Services, Inc. (1)   USA
    Wipro Telecom Consulting LLC   USA
    Wipro VLSI Design Services, LLC   USA
Aggne Global IT Services Private Limited (3)       India

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’, ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India.

 

(2) 

All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.

 

(3) 

The company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT Services, LLC holds 60% of the equity securities of Aggne Global Inc.

 

(1) 

Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, Wipro NextGen Enterprise Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Wipro CRM Services UK Limited are as follows:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Cardinal US Holdings, Inc.       USA
  ATOM Solutions LLC     USA
  Capco Consulting Services LLC     USA
  Capco RISC Consulting LLC     USA
  The Capital Markets Company LLC     USA
HealthPlan Services, Inc.       USA
  HealthPlan Services Insurance Agency, LLC     USA
International TechneGroup Incorporated       USA
  International TechneGroup Ltd.     U.K.
  ITI Proficiency Ltd     Israel
  MechWorks S.R.L.     Italy
Wipro NextGen Enterprise Inc.       USA
  LeanSwift AB     Sweden
Rizing Intermediate Holdings, Inc.       USA
  Rizing Lanka (Private) Ltd     Sri Lanka
    Attune Netherlands B.V. (4)   Netherlands
  Rizing Solutions Canada Inc.     Canada
  Rizing LLC     USA
    Aasonn Philippines Inc.   Philippines
    Rizing B.V.   Netherlands
    Rizing Consulting Ireland Limited   Ireland
    Rizing Consulting Pty Ltd.   Australia
    Rizing Geospatial LLC   USA
    Rizing GmbH   Germany
    Rizing Limited   U.K.
    Rizing Pte Ltd. (4)   Singapore
The Capital Markets Company BV       Belgium
  CapAfric Consulting (Pty) Ltd     South Africa
  Capco Belgium BV     Belgium
  Capco Consultancy (Malaysia) Sdn. Bhd     Malaysia
  Capco Consultancy (Thailand) Ltd     Thailand
  Capco Consulting Singapore Pte. Ltd     Singapore
  Capco Greece Single Member P.C     Greece
  Capco Poland sp. z.o.o     Poland
  The Capital Markets Company (UK) Ltd     U.K.
    Capco (UK) 1, Limited   U.K.
  The Capital Markets Company BV     Netherlands

 

4


  The Capital Markets Company GmbH     Germany
    Capco Austria GmbH   Austria
  The Capital Markets Company Limited     Hong Kong
    Capco Consulting Services (Guangzhou) Company Limited   China
  The Capital Markets Company Limited     Canada
  The Capital Markets Company S.á.r.l     Switzerland
    Andrion AG   Switzerland
  The Capital Markets Company S.A.S     France
  The Capital Markets Company s.r.o     Slovakia
Wipro Ampion Holdings Pty Ltd       Australia
  Wipro Revolution IT Pty Ltd     Australia
  Crowdsprint Pty Ltd     Australia
  Wipro Shelde Australia Pty Ltd     Australia
Wipro Appirio, Inc.       USA
  Wipro Appirio (Ireland) Limited     Ireland
    Wipro Appirio UK Limited   U.K.
  Topcoder, LLC.     USA
Wipro Designit Services, Inc.       USA
  Wipro Designit Services Limited     Ireland
Wipro do Brasil Technologia Ltda       Brazil
  Wipro do Brasil Servicos Ltda     Brazil
  Wipro Do Brasil Sistemas De Informatica Ltda     Brazil
Wipro Portugal S.A.       Portugal
  Wipro Technologies GmbH     Germany
    Wipro Business Solutions GmbH (4)   Germany
    Wipro IT Services Austria GmbH   Austria
Wipro CRM Services UK Limited       U.K.
  CloudSocius DMCC     United Arab Emirates

(4)  Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH are as follows:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Attune Netherlands B.V.       Netherlands
  Rizing Consulting USA, Inc.     USA
  Rizing Germany GmbH     Germany
  Attune Italia S.R.L     Italy
  Rizing Management LLC     USA
  Attune UK Ltd.     U.K.
Rizing Pte Ltd.       Singapore
  Rizing New Zealand Ltd.     New Zealand
  Rizing Philippines Inc.     Philippines
  Rizing SDN BHD     Malaysia
  Rizing Solutions Pty Ltd     Australia
Wipro Business Solutions GmbH       Germany
  Wipro Technology Solutions S.R.L     Romania

As at June 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.

The list of controlled trusts are:

 

Name of the entity                  Country of incorporation          
Wipro Equity Reward Trust   India
Wipro Foundation   India

 

5


5.

Segment Information

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”)—Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: communications, media and information services, software and gaming, new age technology, consumer goods, medical devices and life sciences, healthcare, and technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking and financial services, energy, manufacturing and resources, capital markets and insurance, and hi-tech. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.

IT Products: The Company is a value-added reseller of security, packaged and SaaS 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 these items is reported as revenue from the sale of IT Products.

The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.

Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Information on reportable segments for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, year ended March 31, 2024 are as follows:

 

Particulars

   Three months ended     Year ended  
   June 30,
2024
    March 31,
2024
    June 30,
2023
    March 31,
2024
 
   Audited     Audited     Audited     Audited  

Segment revenue

        

IT Services

        

Americas 1

     67,700     67,229     65,607     268,230

Americas 2

     67,338     67,724     68,303     269,482

Europe

     60,422     61,344     67,134     253,927

APMEA

     23,503     24,499     26,510     102,177
  

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     218,963     220,796     227,554     893,816

IT Products

     469     1,159     694     4,127
  

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     219,432     221,955     228,248     897,943
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

        

IT Services

        

Americas 1

     13,687     14,081     13,537     59,364

Americas 2

     15,533     15,791     14,169     59,163

Europe

     5,873     7,933     9,968     33,354

APMEA

     2,441     3,401     2,800     12,619

Unallocated

     (1,477     (5,011     (3,957     (20,304
  

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     36,057     36,195     36,517     144,196

IT Products

     (47     143     (161     (371

Reconciling Items

     59     (965     (1,840     (7,726
  

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     36,069     35,373     34,516     136,099
  

 

 

   

 

 

   

 

 

   

 

 

 

Finance expenses

     (3,288     (3,308     (3,086     (12,552

Finance and other income

     7,480     6,759     6,542     23,896

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

     (45     (202     3     (233
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     40,216     38,622     37,975     147,210
  

 

 

   

 

 

   

 

 

   

 

 

 

Notes:

 

a)

“Reconciling Items” includes elimination of inter-segment transactions and other corporate activities.

 

b)

Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.

 

6


c)

For the purpose of segment reporting, the Company has included the net impact of foreign exchange gains/(losses), net in revenues amounting to  (206),  (128) and  (62) for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023 respectively and  340 for the year ended March 31, 2024, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

 

d)

Restructuring cost of  Nil,  Nil and  1,887 is included under Reconciling Items for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively and  6,814 for the year ended March 31, 2024.

 

e)

Reconciling Items for the three months and year ended March 31, 2024 includes employee costs of  921 towards outgoing CEO and Managing Director.

 

f)

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of  1,782,  2,569,  1,810 and  11,756 for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023 and year ended March 31, 2024 respectively, and change in fair value of contingent consideration of  Nil,  (792),  (16) and  (1,300) for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023 and year ended March 31, 2024 respectively.

 

g)

Segment results of IT Services segment are after recognition of share-based compensation expense  1,329,  1,293 and  1,544 for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively and  5,590 for the year ended March 31, 2024.

 

h)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of  (23),  102 and  78 for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively and  (2,072) for the year ended March 31, 2024.

 

By order of the Board,    For, Wipro Limited

Place: Bengaluru

Date: July 19, 2024

  

Rishad A. Premji

Chairman

 

7

Exhibit 99.5

 

LOGO

W ipro Limited Highlights for the Quarter ended June 30, 2024 REVENUE QoQ Constant YoY Constant Operating $2.63 Bn Currency Currency Margin 1.0% 4.9% 16.5% STRATEGIC MARKET UNITS MIX 30.9% AMERICAS 1 30.8% AMERICAS 2 27.6% EUROPE 10.7% APMEA SECTOR MIX 34.0% 19.2% 13.9% 11.5% 11.2% 6.4% 3.8% Banking, Energy, Financial Consumer Health Technology Natural Manufacturing Communication Services Resources & Insurance and Utilities TOTAL BOOKINGS LARGE DEAL TCV 11.8% YoY $1.2 Bn 3.6% YoY BOOKINGS $3.3 Bn Constant Currency Constant Currency Revenue from our IT Services business segment to be in the range of $2,600 million to OUTLOOK $2,652 million*. This translates to a sequential guidance of (-)1.0% to +1.0% in constant currency terms. for the Quarter ending * Outlook for the Quarter ending September 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at September 30, 2024 1.08, AUD/USD at 0.66, USD/INR at 83.27 and CAD/USD at 0.73 CUSTOMER CONCENTRATION TOP1 4.0% 13.6% TOP 10 22.5% TOP 5 TOTAL HEADCOUNT 234,391 ATTRITION VOL – TTM 14.1% OFFSHORE REVENUE NET UTILIZATION 87.7% 57.9% PERCENTAGE OF SERVICES EXCLUDING TRAINEES


LOGO

W ipro Limited Results for the Quarter ended June 30, 2024 FY 24-25 FY 23–24 FY 22-23 A IT Services Q1 FY Q4 Q3 Q2 Q1 FY IT Services Revenues ($Mn) 2625.9 10,805.3 2,657.4 2,656.1 2,713.3 2,778.5 11,234.4 Sequential Growth -1.2% -3.8% 0.1% -2.1% -2.3% -2.1% 7.5% Sequential Growth in Constant Currency Note 2 -1.0% -4.4% -0.3% -1.7% -2.0% -2.8% 11.2% Operating Margin % Note 3 16.5% 16.1% 16.4% 16.0% 16.1% 16.0% 15.6% Strategic Market Units Mix Americas 1 30.9% 30.0% 30.4% 31.0% 29.8% 28.8% 28.8% Americas 2 30.8% 30.1% 30.7% 30.0% 29.9% 30.0% 30.8% Europe 27.6% 28.4% 27.8% 27.7% 28.6% 29.5% 28.6% APMEA 10.7% 11.5% 11.1% 11.3% 11.7% 11.7% 11.8% Sectors Mix Banking, Financial Services and Insurance 34.0% 33.4% 33.5% 32.7% 33.6% 33.9% 35.0% Consumer 19.2% 18.8% 18.7% 18.8% 18.7% 18.7% 18.9% Health 13.9% 13.2% 14.1% 13.9% 12.7% 12.2% 11.7% Energy, Natural Resources and Utilities 11.2% 11.8% 11.9% 11.8% 11.6% 12.0% 11.5% Technology 11.5% 11.7% 11.4% 12.1% 12.1% 11.3% 11.3% Manufacturing 6.4% 6.9% 6.6% 6.7% 7.0% 7.3% 6.9% Communications 3.8% 4.2% 3.8% 4.0% 4.3% 4.6% 4.7% Total Bookings Total Bookings TCV ($Mn) Note 4 3,284 14,907 3,607 3,791 3,785 3,724 — Large deal TCV ($Mn) Note 5 1,154 4,573 1,191 909 1,275 1,198 3,897 Guidance ($Mn) Note 1 2617 – 2670 — 2615—2669 2,617-2,672 2,722-2,805 2,753-2,811 — Guidance restated based on 2612 – 2665 — 2624—2678 2,605-2,659 2,712-2,795 2,773-2,831 —actual currency realized ($Mn) Revenues performance against guidance ($Mn) 2626 — 2,657 2,656 2,713 2,779 —


LOGO

FY 24-25 FY 23–24 FY 22-23 Q1 FY Q4 Q3 Q2 Q1 FY Customer size distribution (TTM) > $100Mn 22 22 22 22 22 21 19 > $75Mn 29 32 32 31 28 28 29 > $50Mn 43 45 45 46 51 51 53 > $20Mn 117 116 116 121 122 123 117 > $10Mn 192 205 205 203 207 207 210 > $5Mn 301 301 301 305 313 319 315 > $3Mn 407 409 409 430 437 444 436 > $1Mn 735 741 741 750 774 769 766 Revenue from Existing customers % 99.7% 98.9% 97.8% 98.8% 99.1% 99.6% 97.4% 437 Number of new customers 43 229 60 55 49 65 Total Number of active customers 1,364 1,371 1,371 1,349 1,393 1,444 1,479 Customer Concentration Top customer 4.0% 3.0% 3.8% 3.0% 3.0% 3.1% 3.2% Top 5 13.6% 13.0% 13.4% 12.1% 12.3% 12.5% 12.9% Top 10 22.5% 21.4% 22.0% 20.5% 20.6% 20.5% 20.7% % of Revenue USD 61% 60% 60% 61% 60% 59% 61% GBP 11% 11% 11% 10% 11% 11% 10% EUR 10% 10% 10% 10% 10% 11% 10% INR 4% 5% 5% 5% 5% 5% 5% AUD 4% 4% 4% 4% 4% 4% 4% CAD 3% 3% 3% 3% 3% 3% 3% Others 7% 7% 7% 7% 7% 7% 7% Closing Employee Count 234,391 234,054 234,054 240,234 244,707 249,758 258,570 Sales & Support Staff (IT Services) 15,539 15,601 15,601 15,833 16,778 16,942 16,999 Utilization Note 1 & 6 Net Utilization (Excluding Trainees) 87.7% 84.8% 86.9% 84.0% 84.5% 83.7% 81.2% Attrition Voluntary TTM (IT Services excl. DOP) 14.1% 14.2% 14.2% 14.2% 15.5% 17.3% 19.4% DOP % — Post Training Quarterly 8.3% 9.1% 8.9% 8.3% 9.8% 9.2% 9.9%


LOGO

FY 24-25 FY 23–24 FY 22-23 B Q1 FY Q4 Q3 Q2 Q1 FY Revenue Mix Note 6 Revenue from FPP 57.6% 59.2% 58.9% 59.9% 58.4% 59.7% 59.4% Offshore Revenue — % of Services 57.9% 59.9% 60.4% 59.8% 59.9% 59.5% 59.3% Growth Metrics C Note 2 for the Quarter ended June 30, 2024, Q1’25 Q1’25 Q1’25 Q1’25 Reported Reported CC CC QoQ% YoY% QoQ% YoY% IT Services -1.2% -5.5% -1.0% -4.9% Strategic Market Units Americas 1 0.3% 1.3% 0.4% 1.4% Americas 2 -0.9% -3.0% -0.7% -2.5% Europe -1.9% -11.6% -1.4% -10.7% APMEA -4.4% -13.2% -4.2% -11.7% Sectors Banking, Financial Services and Insurance 0.3% -5.3% 0.5% -4.8% Consumer 1.5% -2.9% 1.6% -2.3% Health -2.9% 7.0% -2.8% 7.2% Energy, Natural Resources and Utilities -6.5% -12.0% -6.3% -11.1% Technology -0.7% -3.8% -0.5% -3.2% Manufacturing -3.4% -15.7% -3.0% -14.5% Communications -2.0% -21.9% -1.8% -20.6% D Annexure to Datasheet Segment-wise breakup of Q1 FY24-25 (INR Mn) Cost of Revenues, S&M and G&A Reconciling Particulars IT Services IT Products Total Items Cost of revenues 152,801 501 4 153,306 Selling and marketing expenses 15,831 10 3 15,844 General and administrative expenses 14,274 5 -66 14,213 Total 182,906 516 -59 183,363 Note 1: Guidance and Utilization numbers for FY24 have not been restated to include India State Run Enterprise (ISRE) business. All other numbers for the previous quarters have been restated to include ISRE business Note 2: Constant currency (CC) for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period Note 3: IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials Note 4: Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes 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 Note 5: Large deal bookings constitute of deals greater than or equal to $30 million in total contract value terms Note 6: IT Services excluding DOP (Digital Operations and Platforms) and entities which are not integrated in Wipro limited systems until that quarter.


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