Equibles

6-K

WIPRO LTD (WIT)

6-K 2022-05-03 For: 2022-05-03
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report ofForeign Private Issuer

Pursuant to Rule 13a-16 or15d-16

under the Securities Exchange Act of 1934

For the month of May 2022

Commission File Number 001-16139

Wipro Limited

(Exactname of Registrant as specified in its charter)

NotApplicable

(Translation of Registrant’s name into English)

Karnataka, India

(Jurisdiction of incorporation or organization)

Doddakannelli

SarjapurRoad

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

(Address of principal executiveoffices)

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 our public disclosures regarding our results of operations for the quarter and year ended March 31, 2022. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On April 29, 2022, we announced our results of operations for the quarter and year ended March 31, 2022. We issued a press release announcing our results under IFRS, a copy of which is attached to this Form 6-K as Item 99.1.

On April 29, 2022, we held a press conference to announce our results. The presentation made by the registrant at the press conference is attached to this Form 6-K as Item 99.2.

We placed advertisements in certain Indian newspapers concerning our results of operations for the quarter and year ended March 31, 2022 under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.3.

We made available on our website the Condensed Consolidated Interim Financial Statements as of and for the three months and year ended March 31, 2022 under IFRS. A copy of such financial statements is attached to this Form 6-K as Item 99.4.

We filed with stock exchanges in India a statement of statutorily audited consolidated financial results for the three months and year ended March 31, 2022 under IFRS. A copy of such financial statements is attached to this Form 6-K as Item 99.5.

We filed with stock exchanges in India a datasheet containing operating metrics for the quarter and year ended March 31, 2022. A copy of such data sheet is attached to this Form 6-K as Item 99.6.

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
/s/ Jatin Pravinchandra Dalal
Jatin Pravinchandra Dalal
Chief Financial Officer

Dated: May 3, 2022

INDEX TO EXHIBITS

Item
99.1 IFRS Press Release
99.2 Presentation referred by the Company at the Press Conference on April 29, 2022
99.3 Form of Advertisement Placed in Indian Newspapers
99.4 Consolidated Interim Financial Statements under IFRS
99.5 Statutorily Audited Consolidated Financial Results filed with stock exchanges in India
99.6 Data sheet containing operating metrics filed with stock exchanges in India

EX-99.1

FOR IMMEDIATE RELEASE Exhibit 99.1

LOGO

Results for the Quarter and Year ended March 31, 2022 under IFRS

IT Services delivers strong sequential revenue growth for the quarter at 3.1% in CC,

Revenue growth for the year at 27.3% YoY, and

EPS growth rate for the year of 17.0% YoY

Bangalore, India and New Jersey, USA – April 29, 2022 - Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2022.

Highlights of theResults

Results for the Quarter ended March 31, 2022:

• Gross Revenue was<br>₹208.6 billion ($2.7 billion^1^), an increase of 28.4% YoY
• IT Services Segment Revenue was at $2,721.7 million, an increase of 3.1% QoQ and 26.4% YoY<br>
--- ---
• Non-GAAP^2^ constant<br>currency IT Services segment revenue increased by 3.1% QoQ and 28.5% YoY
--- ---
• IT Services Operating Margin^3^for the quarter was at 17.0%,<br>a decrease of 60 bps QoQ
--- ---
• Net Income for the quarter was<br>₹30.9 billion ($406.9 million^1^), an increase of 4.0% QoQ and 3.9% YoY
--- ---
• Earnings Per Share for the quarter was at<br>₹5.64 ($0.07^1^), an increase of 4.6% YoY
--- ---
• Operating Cash Flow was at<br>₹23.3 billion ($307.3 million^1^), which is 75.5% of Net Income
--- ---

Results for the Year ended March 31, 2022:

• Gross Revenue was<br>₹790.9 billion ($10.4 billion^1^), an increase of 27.7% YoY
• IT Services Segment Revenue was at $10,355.9 million, an increase of 27.3% YoY
--- ---
• Non-GAAP^2^ constant<br>currency IT Services Segment Revenue increased by 26.9% YoY
--- ---
• IT Services Operating Margin^3^ for the year was at 17.7%, a<br>decrease of 254 bps YoY
--- ---
• Net Income for the year was<br>₹122.2 billion ($1,610.5 million^1^), an increase of 13.2% YoY
--- ---
• Earnings Per Share for the year was at<br>₹22.35 ($0.29^1^), an increase of 17.0% YoY
--- ---
• Operating Cash Flow was at<br>₹110.8 billion ($1,460.4 million^1^), which is 90.7% of Net Income
--- ---
• Our closing strength of employees for IT Services was at 243,128, an increase of 45,416 employees on a YoY<br>
--- ---

Performance for the Quarter and Year ended March 31, 2022

Thierry Delaporte, CEO and Managing Director said, “We have had an outstanding year, finishing with $10.4 Bn in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%. We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and Global Business Lines now growing in double-digits year on year, we have a strong foundation for next year’s growth.”

Jatin Dalal, Chief Financial Officersaid, “Our efforts on client mining have resulted in an addition of eight customers in more than $100 Mn bucket on YoY basis. We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at $1.6 Bn and delivered robust growth in EPS of 17.0% YoY.”

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into<br>United States Dollars at the certified foreign exchange rate of US$1 = ₹75.87, as published by the Federal Reserve Board of Governors on March 31, 2022. However, the<br>realized exchange rate in our IT Services business segment for the quarter ended March 31, 2022 was US$1= ₹75.91
2. Constant currency revenue for a period is the product of volumes in that period times the average actual<br>exchange rate of the corresponding comparative period
--- ---
3. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials<br>
--- ---
Public 1
--- ---

LOGO

Outlook for the quarter ending June 30, 2022

We expect Revenue from our IT Services business to be in the range of $2,748  million to $2,803 million*. This translates to a sequential growth of 1% to 3%.

* Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.12, AUD/USD at 0.73, USD/INR<br>at 75.26 and CAD/USD at 0.79

Capital Allocation

The interim dividend of ₹1 and ₹5 declared by the Board at its meetings held on January 14^th^ and March 25^th^, 2022 shall be considered as the final dividend for the financial year 2021-22.

IT Services

Wipro continued its momentum in winning large deals with our customers as described below:

• A US-based global healthcare company will leverage Wipro FullStride Cloud<br>Services to engineer products for cloud and digital technologies based on a Product Oriented Delivery (POD) model.
• A US-based multinational technology company has renewed its existing<br>contract to curate geospatial information that will enable the customer with evaluations and recommendations on map modelling processes.
--- ---
• A leading US-based global benefits and payroll administration company has<br>awarded Wipro a transformational business process services contract to optimize costs in health & wealth benefits and customer care.
--- ---
• A multinational telecommunications network company, headquartered in the Nordics, has awarded Wipro a contract to<br>drive transformation and digitalization of business processes that enhances customer value through high quality service delivery.
--- ---
• A leading Europe-based provider of transport solutions has partnered with Wipro to transform their digital<br>workplace, supporting the shift towards sustainable transport solutions.
--- ---

Digital Services Highlights

We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:

• A leading global cosmetics company has selected Wipro to rollout their SAP S/4HANA in a region that will drive<br>their business growth. This transformation will enable the customer to harmonize their business processes, accelerate time to market, innovate, and enhance user experience.
• A leading Asia-based multinational automotive electronics supplier has selected Wipro to develop the engineering<br>blueprint for their next generation software defined vehicle platform using Wipro’s Cloud Car architecture.
--- ---
• Designit has been selected by a multinational technology conglomerate to design a digital onboarding experience<br>and support hybrid working needs of employees of a large company in the mobility sector.
--- ---
• A Smart City based in the Middle East has selected Wipro to build a secure, reliable on-demand 5G network using autonomous drones for the high-bandwidth requirements of residents, businesses, and visitors.
--- ---
• A Europe based financial services company has renewed is its Data Center and cloud infrastructure management<br>contract with Wipro to support its transformation to a Hybrid Cloud model.
--- ---
• A government body based in the Middle East has selected Wipro as the digital partner to build a data-led AI marketplace that will bring the local talent, government and private sector together.
--- ---
• Wipro is engaged as the primary partner to design and develop hardware for a series of RUs (radio units) to<br>enable end to end O-RAN 5G solution deployment for service provider customers with one of the leading US based telecommunications networking provider.
--- ---

2

LOGO

Analyst Recognition

• Wipro was recognized as a Leader in the 2022 Gartner^®^<br>Magic Quadrant^™^ for Data and Analytics Service Providers
• Wipro was recognized as a Leader in the 2022 Gartner^®^<br>Magic Quadrant^™^ for Outsourced Digital Workplace Services
--- ---
• Wipro was recognized as a Leader in the 2022 Gartner^®^<br>Magic Quadrant^™^ for Customer Service BPO
--- ---
• Wipro was featured in HFS Top 10: Retail and CPG Services, Application Modernization Services and SAP S/4HANA<br>Services, 2022
--- ---
• Wipro ranks among the Top Service Providers in Whitelane Benelux IT Sourcing Study 2022 and Netherlands IT<br>Outsourcing Study 2021
--- ---
• Wipro was rated as a Leader in Everest Group’s Digital Interactive Experience (IX) and Digital Product<br>Engineering Services PEAK Matrix^®^ Assessment 2022
--- ---
• Wipro was rated as a Leader in Everest Group’s Artificial Intelligence (AI) Services and Intelligent Process<br>Automation (IPA) Solution Provider Landscape with PEAK Matrix^®^ Assessment 2022
--- ---
• Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Operations and Oracle Cloud<br>Applications (OCA) Services PEAK Matrix^®^ Assessment 2022 – Global
--- ---
• Wipro was recognized as a Leader in Avasant Healthcare Payor Digital Services and Provider Digital Services<br>RadarView^™^ 2022 – 2023
--- ---
• Wipro was rated as a Leader in Avasant Intelligent Automation Services RadarView^™^ 2021 – 2022
--- ---

Disclaimer: *Gartner, “Magic Quadrant for Data andAnalytics Service Providers “, Jorgen Heisenberg, et al, 7 February 2022. Gartner, “Magic Quadrant for Data and Analytics Service Providers”, Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, DanielBarros, et al, 22 February 2022. Gartner, “Magic Quadrant for Customer Service BPO“, Deborah Alvord, et al, 28 March 2022. GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or itsaffiliates in the U.S. and internationally and are used herein with permission. 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 withthe 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

IT Products

• IT Products segment revenue for the quarter was<br>₹1.2 billion ($15.8 million^1^)
• IT Products segment results for the quarter was a loss of ₹0.02 billion ($0.29 million^1^)
--- ---
• IT Products segment revenue for the year was<br>₹6.2 billion ($81.4 million^1^)
--- ---
• IT Products segment results for the year was a profit of ₹0.12 billion ($1.5 million^1^)
--- ---

India business from State Run Enterprises (ISRE)

• India SRE segment revenue for the quarter was<br>₹1.9 billion ($24.6 million^1^)
• India SRE segment results for the quarter was a profit of ₹0.17 billion ($2.3 million^1^)
--- ---
• India SRE segment revenue for the year was<br>₹7.3 billion ($96.2 million^1^)
--- ---
• India SRE segment results for the year was a profit of ₹1.2 billion ($15.5 million^1^)
--- ---

3

LOGO

Please refer to the table on page 9 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAPFinancial Measures

This press release contains 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 9 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.

This non-GAAP financial measure is 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. In addition to this non-GAAP measure, 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 and Year endedMarch 31, 2022, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com

Quarterly Conference Call

We will hold an earnings conference call today at 07:30 p.m. Indian Standard Time (10:00 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 web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP290422

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 WiproLimited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 240,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Contact for Investor Relations Contact for Media & Press
Aparna Iyer Abhishek Kumar Jain Purnima Burman
Phone: +91-80-6142 7139 Phone: +91-80-6142 6143 Phone: +91-80-6142 6450
iyer.aparna@wipro.com abhishekkumar.jain@wipro.com purnima.burman@wipro.com

4

LOGO

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, 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)

5

LOGO

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(₹inmillions, except share and per share data, unless otherwise stated)

As at March 31, 2021 As at March 31, 2022
Convenience translation intoUS dollar in millions<br>Refer footnote in page 1
ASSETS
Goodwill 139,127 246,989 3,255
Intangible assets 13,085 43,555 574
Property, plant and equipment 85,192 90,898 1,198
Right-of-Use<br>assets 16,420 18,870 249
Financial assets
Derivative assets 16 6 ^
Investments 10,576 19,109 252
Trade receivables 4,358 4,765 63
Other financial assets 6,088 6,084 80
Investments accounted for using the equity method 1,464 774 10
Deferred tax assets 1,664 2,298 30
Non-current tax assets 14,323 10,256 136
Other non-current assets 15,935 14,826 195
Total non-currentassets **** 308,248 **** 458,430 **** 6,042
Inventories 1,064 1,334 18
Financial assets
Derivative assets 4,064 3,032 40
Investments 175,707 241,655 3,185
Cash and cash equivalents 169,793 103,836 1,369
Trade receivables 94,298 115,219 1,519
Unbilled receivables 27,124 60,809 801
Other financial assets 7,245 42,914 566
Contract assets 16,507 20,647 272
Current tax assets 2,461 2,373 31
Other current assets 24,923 28,933 381
Total current assets **** 523,186 **** 620,752 **** 8,182
TOTAL ASSETS **** 831,434 **** 1,079,182 **** 14,224
EQUITY
Share capital 10,958 10,964 145
Share premium 714 1,566 21
Retained earnings 466,692 551,252 7,266
Share-based payment reserve 3,071 5,258 69
Special Economic Zone Re-investment reserve 41,154 47,061 620
Other components of equity 30,506 42,057 554
Equity attributable to the equity holders of theCompany **** 553,095 **** 658,158 **** 8,675
Non-controlling interests 1,498 515 7
TOTAL EQUITY **** 554,593 **** 658,673 **** 8,682
LIABILITIES
Financial liabilities
Loans and borrowings 7,458 56,463 744
Lease liabilities 13,513 15,177 200
Derivative liabilities — 48 1
Other financial liabilities 2,291 2,961 39
Deferred tax liabilities 4,633 12,141 160
Non-current tax liabilities 11,069 17,818 235
Other non-current liabilities 7,835 7,571 100
Provisions 2 1 ^
Total non-currentliabilities **** 46,801 **** 112,180 **** 1,479
Financial liabilities
Loans, borrowings and bank overdrafts 75,874 95,233 1,255
Lease liabilities 7,669 9,056 119
Derivative liabilities 1,070 585 8
Trade payables and accrued expenses 76,512 99,034 1,305
Other financial liabilities 1,470 33,110 436
Contract liabilities 22,535 27,915 368
Current tax liabilities 17,324 13,231 174
Other current liabilities 24,552 27,394 361
Provisions 3,034 2,771 37
Total current liabilities **** 230,040 **** 308,329 **** 4,063
TOTAL LIABILITIES **** 276,841 **** 420,509 **** 5,542
TOTAL EQUITY AND LIABILITIES **** 831,434 **** 1,079,182 **** 14,224
^ Value is less than 1
--- ---

6

LOGO

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

(₹inmillions, except share and per share data, unless otherwise stated)

Three months ended March 31, Year ended March 31,
2021 2022 2022 2021 2022 2022
Conveniencetranslation intoUS dollar inmillions<br>Refer footnotein page 1 Conveniencetranslation intoUS dollar inmillions<br>Refer footnotein page 1
Revenues 162,454 208,600 2,749 619,430 790,934 10,425
Cost of revenues (109,805 ) (147,965 ) (1,950 ) (423,205 ) (555,872 ) (7,327 )
Gross profit **** 52,649 **** 60,635 **** 799 **** 196,225 **** 235,062 **** 3,098
Selling and marketing expenses (10,679 ) (14,078 ) (185 ) (41,400 ) (54,935 ) (724 )
General and administrative expenses (8,689 ) (12,528 ) (165 ) (34,686 ) (46,382 ) (611 )
Foreign exchange gains/(losses), net 886 1,075 14 2,995 4,355 57
Other operating income/(loss), net — 7 ^ (81 ) 2,186 29
Results from operating activities **** 34,167 **** 35,111 **** 463 **** 123,053 **** 140,286 **** 1,849
Finance expenses (1,122 ) (1,717 ) (23 ) (5,088 ) (5,325 ) (70 )
Finance and other income 4,447 3,946 52 20,912 16,257 214
Share of net profit/ (loss) of associates accounted for using the equity method 4 (16 ) ^ 130 57 1
Profit before tax **** 37,496 **** 37,324 **** 492 **** 139,007 **** 151,275 **** 1,994
Income tax expense (7,755 ) (6,399 ) (84 ) (30,345 ) (28,946 ) (382 )
Profit for the period **** 29,741 **** 30,925 **** 408 **** 108,662 **** 122,329 **** 1,612
Profit attributable to:
Equity holders of the Company 29,721 30,873 407 107,946 122,191 1,610
Non-controlling interests 20 52 1 716 138 2
Profit for the period **** 29,741 **** 30,925 **** 408 **** 108,662 **** 122,329 **** 1,612
Earnings per equity share:
Attributable to equity holders of the Company
Basic 5.39 5.64 0.07 19.11 22.35 0.29
Diluted 5.38 5.63 0.07 19.07 22.29 0.29
Weighted average number of equity shares used in computing earnings per equityshare
Basic 5,510,335,838 5,470,020,412 5,470,020,412 5,649,265,885 5,466,705,840 5,466,705,840
Diluted 5,524,619,810 5,486,955,729 5,486,955,729 5,661,657,822 5,482,083,438 5,482,083,438
^ Value is less than 1
--- ---

7

LOGO

Additional Information:

Particulars Three months ended Year ended
March 31,2022 December 31,2021 March 31,2021 March 31,2022 March 31,2021
Audited Audited Audited Audited Audited
Revenue
IT Services
Americas 1 58,342 56,644 46,510 217,874 178,091
Americas 2 63,963 61,076 46,475 239,404 179,821
Europe 60,743 59,620 45,107 233,443 165,441
APMEA 23,560 23,596 20,825 91,103 82,462
Total of IT Services **** 206,608 **** 200,936 **** 158,917 **** 781,824 **** 605,815
IT Products 1,201 1,767 2,117 6,173 7,685
ISRE 1,868 1,623 2,302 7,295 8,912
Reconciling Items (2 ) (3 ) 4 (3 ) 13
Total Revenue **** 209,675 **** 204,323 **** 163,340 **** 795,289 **** 622,425
Other operating income/(loss), net
IT Services 7 14 — 2,186 (81 )
Total Other operating income/(loss), net **** 7 **** 14 **** — **** 2,186 **** (81 )
Segment Result
IT Services
Americas 1 11,530 11,390 9,863 42,820 33,040
Americas 2 12,150 12,057 10,500 47,376 41,589
Europe 9,056 9,172 8,704 35,739 31,673
APMEA 1,946 2,483 3,074 10,523 11,476
Unallocated 361 173 1,257 434 5,153
Other operating income/(loss), net 7 14 — 2,186 (81 )
Total of IT Services **** 35,050 **** 35,289 **** 33,398 **** 139,078 **** 122,850
IT Products (22 ) 96 145 115 45
ISRE 171 134 587 1,173 1,061
Reconciling Items (88 ) 16 37 (80 ) (903 )
Total Segment result **** 35,111 **** 35,535 **** 34,167 **** 140,286 **** 123,053
Finance expenses (1,717 ) (1,403 ) (1,122 ) (5,325 ) (5,088 )
Finance and Other Income 3,946 3,578 4,447 16,257 20,912
Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 76 4 57 130
Profit before tax **** 37,324 **** 37,786 **** 37,496 **** 151,275 **** 139,007

8

LOGO

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (ISRE).

IT Services: As announced on November 12, 2020, effective January 1, 2021, the Company re-organized IT Services segment.to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM”). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

ITProducts: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

India State Run Enterprise segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by the Government of India and/ or any State Governments.

Reconciliation of Non-GAAP Constant Currency IT ServicesRevenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended March 31, 2022
IT Services Revenue as per IFRS $ 2,721.7
Effect of Foreign currency exchange movement $ (1.3 )
Non-GAAP Constant Currency IT Services Revenue based<br>on $ 2,720.4
previous quarter exchange rates
Three Months ended March 31, 2022
IT Services Revenue as per IFRS $ 2,721.7
Effect of Foreign currency exchange movement $ 43.2
Non-GAAP Constant Currency IT Services Revenue based<br>on $ 2,764.9
exchange rates of comparable period in previous year
Year ended March 31, 2022
IT Services Revenue as per IFRS $ 10,355.9
Effect of Foreign currency exchange movement $ (33.0 )
Non-GAAP Constant Currency IT Services Revenue based<br>on $ 10,322.9
exchange rates of comparable period in previous year

9

EX-99.2

Slide 1

Financial Performance for the Quarter and Year ended March 31, 2022 Jatin Dalal Chief Financial Officer Wipro Limited Exhibit 99.2

Slide 2

Revenue for the Quarter $ 2.72 Bn IT services Growth on Constant Currency Basis: QoQ: 3.1% YoY: 28.5% ₹ 208.6 Bn IT Services Revenue | USD Gross Revenue | INR $ Mn INR Mn

Slide 3

Revenue for the Year $ Mn $ 10.4 Bn IT services Growth on Constant Currency Basis: YoY: 26.9% ₹ 790.9 Bn IT Services Revenue | USD Gross Revenue | INR INR Mn

Slide 4

Operating Margin for the Quarter 17.0 % Operating Profit growth (Wipro Ltd.) QoQ: -1.2% YoY: 2.8% ₹35.1 Bn IT Services Operating Margin Operating Profit (Wipro Ltd.) in INR IT Services Operating Margin refers to our segment results INR Mn

Slide 5

Operating Margin for the Year 17.7 % Operating Profit growth (Wipro Ltd.) YoY: 14.0% ₹140.3 Bn IT Services Operating Margin Operating Profit (Wipro Ltd.) in INR IT Services Operating Margin refers to our segment results INR Mn

Slide 6

Net Income for the Quarter YoY growth Net Income: 3.9% EPS: 4.6% Net income refers to the profit attributable to equity share holders of the company ₹ 30.9 Bn ₹ 5.64 Net Income | INR Earnings Per Share | INR INR Mn INR

Slide 7

Net Income for the Year YoY growth Net Income: 13.2% EPS: 17.0% Net income refers to the profit attributable to equity share holders of the company ₹ 122.2 Bn ₹ 22.35 Net Income | INR Earnings Per Share | INR INR Mn INR

Slide 8

Other highlights Customer count in >$100 Mn account moved from 11 to 19 and > $50Mn account moved from 40 to 50 YoY in FY’22 Order book in ACV terms grew 30% YoY in FY22 Closed 37 large deals resulting in a TCV of over $2.3 billion in FY22 Recently announced acquisition of CAS (Convergence Acceleration Solutions) and Rizing Net headcount add of 45,416 employees YoY in FY’22 Operating cash flow to Net income in FY’22 was at 90.7% The interim dividend of ₹1 and ₹5 declared by the Board at its meetings held on January 14th and March 25th, 2022 shall be considered as the final dividend for the financial year 2021-22

Slide 9

QoQ growth 1.0% to 3.0% We expect the revenue from our IT Services business to be in the range of $2,748 million to $2,803 million* Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.12, AUD/USD at 0.73, USD/INR at 75.26 and CAD/USD at 0.79

Slide 10

Thank You

Slide 11

Reconciliation of selected GAAP measures to Non-GAAP measures (1/2) Reconciliation of Gross Cash and Net Cash as of March 31, 2022 Reconciliation of Free Cash Flow for three months and year ended March 31, 2022 Notes: 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 = ₹75.87, as published by the Federal Reserve Board of Governors on March 31, 2022.

Slide 12

Reconciliation of selected GAAP measures to Non-GAAP measures (2/2) Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn): Three Months ended March 31, 2022 IT Services Revenue as per IFRS $2,721.7 Effect of Foreign currency exchange movement $ (1.3) Non-GAAP Constant Currency IT Services Revenue based on $2,720.4 previous quarter exchange rates Three Months ended March 31, 2022 IT Services Revenue as per IFRS $2,721.7 Effect of Foreign currency exchange movement $ 43.2 Non-GAAP Constant Currency IT Services Revenue based on $2,764.9 exchange rates of comparable period in previous year Year Months ended March 31, 2022 IT Services Revenue as per IFRS $ 10,355.9 Effect of Foreign currency exchange movement $ (33.0) Non-GAAP Constant Currency IT Services Revenue based on $ 10,322.9 exchange rates of comparable period in previous year

Slide 13

Segment Information As announced on November 12, 2020, in order to broad base our growth, effective January 1, 2021, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).   Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.   Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM") Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa The two Global Business Lines: iDEAS (Integrated Digital, Engineering & Application Services) will include the following Service Lines - Domain and Consulting, Applications & Data, Engineering and R&D and Wipro Digital iCORE (Cloud Infrastructure, Digital Operations, Risk & Enterprise Cyber Security Services) will include Integrated Cloud Infrastructure (CIS),Digital Operations (DOP) and Risk and Enterprise Cybersecurity Services (CRS)

EX-99.3

Exhibit 99.3

Wipro Limited

Extract of auditedfinancial results of Wipro Limited and its subsidiaries for the quarter ended March 31, 2022

Consolidated Audited Financial Results of WiproLimited under IFRS

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

Particulars Year ended<br>March 31, 2022 Quarter ended<br>March 31, 2021
Total income from operations (net) 209,682 **** 797,475 **** 163,340
Net Profit / (Loss) before tax and exceptional items 37,324 **** 151,275 **** 37,496
Net Profit / (Loss) before tax but after exceptional items 37,324 **** 151,275 **** 37,496
Net Profit / (Loss) after tax and exceptional items 30,925 **** 122,329 **** 29,741
Total Comprehensive Income after tax 35,396 **** 133,929 **** 29,125
Equity Share Capital 10,964 **** 10,964 **** 10,958
Reserves (excluding Revaluation Reserve)1 as<br>shown in the Audited Statement of Financial Position 647,194 **** 647,194 **** 542,137
Earnings Per Share (of<br> 2/- each) Basic:<br>Diluted: 5.64<br> <br>5.63 **** 22.35<br> <br>22.29 **** 5.39<br> <br>5.38

All values are in Indian Rupees.

^1^ Balance for the three months and year ended March 31, 2022 represent balances as per the audited interim<br>condensed statement of financial position for the year ended March 31, 2022 and balance for the three months ended March 31, 2021 represent balances as per the audited interim condensed statement of financial position for the year ended<br>March 31, 2021, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The audited consolidated financial results of the Company for the three months and year ended March 31, 2022 have been approved by the Board of Directors of the Company at its meeting held on April 29, 2022. The statutory auditors have expressed an unmodified audit opinion.

Financial Results of Wipro Limited under Ind AS

The financial results are prepared in accordance with Indian Accounting Standards (“Ind AS”), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendment rules issued thereafter.

Consolidated Audited Financial Results of Wipro Limited under Ind AS

Particulars Quarter ended<br>March 31, 2022 Year ended<br>March 31, 2022 Quarter ended<br>March 31, 2021
Total income from operations (net) **** 208,607 **** 793,120 **** 162,454
Net Profit / (Loss) before tax and exceptional items **** 37,324 **** 151,408 **** 37,499
Net Profit / (Loss) before tax but after exceptional items **** 37,324 **** 151,408 **** 37,499
Net Profit / (Loss) after tax and exceptional items **** 30,925 **** 122,434 **** 29,743
Total Comprehensive Income after tax **** 35,317 **** 133,886 **** 29,120
Equity Share Capital **** 10,964 **** 10,964 **** 10,958

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

Reserves (excluding Revaluation Reserve)^1^as<br>shown in the Audited Balance Sheet 643,066 643,066 538,052
Earnings Per Share (of<br>₹ 2/- each)<br> <br>Basic:<br><br><br>Diluted: 5.64<br> <br>5.63 22.37<br> <br>22.31 5.39<br> <br>5.38
^1^ Balance for the three months and year ended March 31, 2022 represent balances as per the audited interim<br>condensed consolidated balance sheet for the year ended March 31, 2022 and balance for the three months ended March 31, 2021 represent balances as per the audited interim condensed consolidated balance sheet for the year ended<br>March 31, 2021, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
--- ---

The audited consolidated financial results (under Ind AS) of the Company for the three months and year ended March 31, 2022 have been approved by the Board of Directors of the Company at its meeting held on April 29, 2022. The statutory auditors have expressed an unmodified audit opinion.

Standalone Audited Financial Results of Wipro Limited under Ind AS

Particulars Quarter ended<br>March 31, 2022 Year ended<br>March 31, 2022 Quarter ended<br>March 31, 2021
Total income from operations (net) **** 155,856 **** 595,744 **** 132,600
Net Profit / (Loss) before tax and exceptional items **** 60,895 **** 152,642 **** 36,814
Net Profit / (Loss) before tax but after exceptional items **** 60,895 **** 152,642 **** 36,814
Net Profit / (Loss) after tax and exceptional items **** 54,788 **** 121,353 **** 30,130
Total Comprehensive Income after tax **** 54,076 **** 119,866 **** 30,353

The audited standalone financial results (under Ind AS) of the Company for the three months and year ended March 31, 2022 have been approved by the Board of Directors of the Company at its meeting held on April 29, 2022. The statutory auditors have expressed an unmodified audit opinion.

Note:

1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges<br>under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange<br>website (URL: www.nseindia.com) and on the Company’s website (URL: www.wipro.com).
By Order of the Board,
--- ---
For Wipro Limited
Place: Bengaluru Rishad A. Premji
Date: April 29, 2022 Chairman

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

EX-99.4

Exhibit 99.4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2022

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, 2021 As at March 31, 2022
Conveniencetranslationinto USdollar inmillions(unaudited)Refer toNote 2(iii)
ASSETS
Goodwill 6 139,127 246,989 3,255
Intangible assets 6 13,085 43,555 574
Property, plant and equipment 4 85,192 90,898 1,198
Right-of-Use<br>assets 5 16,420 18,870 249
Financial assets
Derivative assets 17 16 6 ^
Investments 8 10,576 19,109 252
Trade receivables 4,358 4,765 63
Other financial assets 11 6,088 6,084 80
Investments accounted for using the equity method 1,464 774 10
Deferred tax assets 1,664 2,298 30
Non-current tax assets 14,323 10,256 136
Other non-current assets 12 15,935 14,826 195
Total non-current assets **** 308,248 **** 458,430 **** 6,042
Inventories 9 1,064 1,334 18
Financial assets
Derivative assets 17 4,064 3,032 40
Investments 8 175,707 241,655 3,185
Cash and cash equivalents 10 169,793 103,836 1,369
Trade receivables 94,298 115,219 1,519
Unbilled receivables 27,124 60,809 801
Other financial assets 11 7,245 42,914 566
Contract assets 16,507 20,647 272
Current tax assets 2,461 2,373 31
Other current assets 12 24,923 28,933 381
Total current assets **** 523,186 **** 620,752 **** 8,182
TOTAL ASSETS **** 831,434 **** 1,079,182 **** 14,224
EQUITY
Share capital 10,958 10,964 145
Share premium 714 1,566 21
Retained earnings 466,692 551,252 7,266
Share-based payment reserve 3,071 5,258 69
Special Economic Zone Re-investment reserve 41,154 47,061 620
Other components of equity 30,506 42,057 554
Equity attributable to the equity holders of the Company **** 553,095 **** 658,158 **** 8,675
Non-controlling interests 1,498 515 7
TOTAL EQUITY **** 554,593 **** 658,673 **** 8,682
LIABILITIES
Financial liabilities
Loans and borrowings 13 7,458 56,463 744
Lease liabilities 13,513 15,177 200
Derivative liabilities 17 — 48 1
Other financial liabilities 14 2,291 2,961 39
Deferred tax liabilities 4,633 12,141 160
Non-current tax liabilities 11,069 17,818 235
Other non-current liabilities 15 7,835 7,571 100
Provisions 16 2 1 ^
Total non-current liabilities **** 46,801 **** 112,180 **** 1,479
Financial liabilities
Loans, borrowings and bank overdrafts 13 75,874 95,233 1,255
Lease liabilities 7,669 9,056 119
Derivative liabilities 17 1,070 585 8
Trade payables and accrued expenses 76,512 99,034 1,305
Other financial liabilities 14 1,470 33,110 436
Contract liabilities 22,535 27,915 368
Current tax liabilities 17,324 13,231 174
Other current liabilities 15 24,552 27,394 361
Provisions 16 3,034 2,771 37
Total current liabilities **** 230,040 **** 308,329 **** 4,063
TOTAL LIABILITIES **** 276,841 **** 420,509 **** 5,542
TOTAL EQUITY AND LIABILITIES **** 831,434 **** 1,079,182 **** 14,224
^ Value is less than 1
--- ---

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 Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Vikas Bagaria Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 60408
Bengaluru
April 29, 2022

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 March 31, Year ended March 31,
Notes 2021 2022 2022 2021 2022 2022
Conveniencetranslation intoUS dollar inmillions(unaudited)Refer toNote 2(iii) Conveniencetranslation intoUS dollar inmillions(unaudited)Refer toNote 2(iii)
Revenues 20 162,454 208,600 2,749 619,430 790,934 10,425
Cost of revenues 21 (109,805 ) (147,965 ) (1,950 ) (423,205 ) (555,872 ) (7,327 )
Gross profit **** 52,649 **** 60,635 **** 799 **** 196,225 **** 235,062 **** 3,098
Selling and marketing expenses 21 (10,679 ) (14,078 ) (185 ) (41,400 ) (54,935 ) (724 )
General and administrative expenses 21 (8,689 ) (12,528 ) (165 ) (34,686 ) (46,382 ) (611 )
Foreign exchange gains/(losses), net 23 886 1,075 14 2,995 4,355 57
Other operating income/(loss), net 26 — 7 ^ (81 ) 2,186 29
Results from operating activities **** 34,167 **** 35,111 **** 463 **** 123,053 **** 140,286 **** 1,849
Finance expenses 22 (1,122 ) (1,717 ) (23 ) (5,088 ) (5,325 ) (70 )
Finance and other income 23 4,447 3,946 52 20,912 16,257 214
Share of net profit/ (loss) of associates accounted for using the equity method 4 (16 ) ^ 130 57 1
Profit before tax **** 37,496 **** 37,324 **** 492 **** 139,007 **** 151,275 **** 1,994
Income tax expense 19 (7,755 ) (6,399 ) (84 ) (30,345 ) (28,946 ) (382 )
Profit for the period **** 29,741 **** 30,925 **** 408 **** 108,662 **** 122,329 **** 1,612
Profit attributable to:
Equity holders of the Company 29,721 30,873 407 107,946 122,191 1,610
Non-controlling interests 20 52 1 716 138 2
Profit for the period **** 29,741 **** 30,925 **** 408 **** 108,662 **** 122,329 **** 1,612
Earnings per equity share: **** 24
Attributable to equity holders of the Company
Basic 5.39 5.64 0.07 19.11 22.35 0.29
Diluted 5.38 5.63 0.07 19.07 22.29 0.29
Weighted average number of equity shares used in computing earnings per equityshare
Basic 5,510,335,838 5,470,020,412 5,470,020,412 5,649,265,885 5,466,705,840 5,466,705,840
Diluted 5,524,619,810 5,486,955,729 5,486,955,729 5,661,657,822 5,482,083,438 5,482,083,438
^ Value is less than 1
--- ---

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 Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Vikas Bagaria Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 60408
Bengaluru
April 29, 2022

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 March 31, Year ended March 31,
2021 2022 2022 2021 2022 2022
Conveniencetranslationinto USdollar inmillions(unaudited)Refer toNote 2(iii) Conveniencetranslationinto USdollar inmillions(unaudited)Refer toNote 2(iii)
Profit for the period **** 29,741 **** 30,925 **** 408 **** 108,662 **** 122,329 **** 1,612
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net 436 1,074 14 223 399 5
Net change in fair value of investment in equity instruments measured at fair value through<br>OCI 751 462 6 1,216 8,710 115
**** 1,187 **** 1,536 **** 20 **** 1,439 **** 9,109 **** 120
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences (1,454 ) 4,284 56 (656 ) 4,121 54
Reclassification of foreign currency translation differences on sale of investment in associates<br>and liquidation of subsidiaries to statement of income — (7 ) ^ — (158 ) (2 )
Net change in time value of option contracts designated as cash flow hedges 9 (26 ) ^ 52 139 2
Net change in intrinsic value of option contracts designated as cash flow hedges (110 ) (23 ) ^ 958 (100 ) (1 )
Net change in fair value of forward contracts designated as cash flow hedges 769 (1,069 ) (14 ) 3,035 (292 ) (4 )
Net change in fair value of investment in debt instruments measured at fair value through<br>OCI (1,017 ) (224 ) (3 ) 1,851 (1,219 ) (16 )
**** (1,803 ) **** 2,935 **** 39 **** 5,240 **** 2,491 **** 33
Total other comprehensive income, net of taxes (616 ) 4,471 59 6,679 11,600 153
Total comprehensive income for the period **** 29,125 **** 35,396 **** 467 **** 115,341 **** 133,929 **** 1,765
Total comprehensive income attributable to:
Equity holders of the Company 29,105 35,321 466 114,678 133,742 1,763
Non-controlling interests 20 75 1 663 187 2
**** 29,125 **** 35,396 **** 467 **** 115,341 **** 133,929 **** 1,765

^ Value is less than 1

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 Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Vikas Bagaria Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 60408
Bengaluru
April 29, 2022

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 ofshares* Sharecapital,fullypaid-up Sharepremium Retainedearnings Share-basedpaymentreserve SpecialEconomicZoneRe-investmentreserve Foreigncurrencytranslationreserve ** Cashflowhedgingreserve Otherreserves^**^ Equityattributableto theequityholders oftheCompany Non-controllinginterests Totalequity
As at April 1, 2020 5,713,357,390 11,427 1,275 476,103 1,550 43,804 23,539 (2,315 ) 2,075 **** 557,458 1,875 **** 559,333
Comprehensive income for the year
Profit for the year — — — 107,946 — — — — — **** 107,946 716 **** 108,662
Other comprehensive income — — — — — — (603 ) 4,045 3,290 **** 6,732 (53 ) **** 6,679
Total comprehensive income for the year **** — **** **** — **** **** — **** **** 107,946 **** — **** **** — **** **** (603 ) **** 4,045 **** 3,290 **** 114,678 **** 663 **** 115,341
Issue of equity shares on exercise of options 3,281,165 6 866 — (866 ) — — — — **** 6 — **** 6
Buyback of equity shares, including tax thereon (Refer to Note 31) (237,500,000 ) (475 ) (1,427 ) (115,018 ) — — — — 475 **** (116,445 ) — **** (116,445 )
Transaction cost related to buyback of equity shares — — — (199 ) — — — — — **** (199 ) — **** (199 )
Issue of shares by controlled trust on exercise of options* — — — 662 (662 ) — — — — **** — **** — **** — ****
Effect of modification of ADS RSUs from cash settled to equity settled — — — — 739 — — — — **** 739 — **** 739
Compensation cost related to employee share-based payment — — — 7 2,310 — — — — **** 2,317 — **** 2,317
Transferred from Special economic zone re-investment<br>reserve — — — 2,650 — (2,650 ) — — — **** — **** — **** — ****
Dividend — — — (5,459 ) — — — — — **** (5,459 ) (960 ) **** (6,419 )
Others — — — — — — — — — **** — **** (80 ) **** (80 )
Other transactions for the year **** (234,218,835 ) **** (469 ) **** (561 ) **** (117,357 ) **** 1,521 **** (2,650 ) **** — **** **** — **** **** 475 **** (119,041 ) **** (1,040 ) **** (120,081 )
As at March 31, 2021 **** 5,479,138,555 **** 10,958 **** 714 **** 466,692 **** 3,071 **** 41,154 **** 22,936 **** 1,730 **** 5,840 **** 553,095 **** 1,498 **** 554,593
* Includes 19,401,215 treasury shares held as at March 31, 2021 by a controlled trust. 3,344,866 shares have<br>been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2021.
--- ---
** Refer to Note 18
--- ---

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 ofshares* Sharecapital,fullypaid-up Sharepremium Retainedearnings Share-basedpaymentreserve SpecialEconomicZoneRe-investmentreserve Foreigncurrencytranslationreserve ** Cashflowhedgingreserve Otherreserves^**^ Equityattributableto theequityholders oftheCompany Non-controllinginterests Totalequity
As at April 1, 2021 **** 5,479,138,555 **** 10,958 **** 714 **** 466,692 **** 3,071 **** 41,154 **** 22,936 **** 1,730 **** 5,840 **** 553,095 **** 1,498 **** 554,593
Comprehensive income for the year
Profit for the year — — — 122,191 — — — — — **** 122,191 138 **** 122,329
Other comprehensive income — — — — — — 3,914 (253 ) 7,890 **** 11,551 49 **** 11,600
Total comprehensive income for the year **** — **** — **** — **** 122,191 **** — **** **** — **** 3,914 **** (253 ) **** 7,890 **** 133,742 **** 187 **** 133,929
Issue of equity shares on exercise of options 2,931,560 6 852 — (852 ) — — — — **** 6 — **** 6
Issue of shares by controlled trust on exercise of options * — — 1,071 (1,071 ) — — — — **** — **** — **** — ****
Compensation cost related to employee share-based payment — — — 9 4,110 — — — — **** 4,119 — **** 4,119
Transferred to Special economic zone re-investment<br>reserve — — — (5,907 ) — 5,907 — — — **** — **** — **** — ****
Dividend — — — (32,804 ) — — — — — **** (32,804 ) (1,135 ) **** (33,939 )
Others — — — — — — — — — **** — **** (35 ) **** (35 )
Other transactions for the year **** 2,931,560 **** 6 **** 852 **** (37,631 ) **** 2,187 **** 5,907 **** — **** — **** **** — **** (28,679 ) **** (1,170 ) **** (29,849 )
As at March 31, 2022 **** 5,482,070,115 **** 10,964 **** 1,566 **** 551,252 **** 5,258 **** 47,061 **** 26,850 **** 1,477 **** 13,730 **** 658,158 **** 515 **** 658,673
Convenience translation into US dollar in millions (unaudited) Refer toNote 2(iii) **** 145 **** 21 **** 7,266 **** 69 **** 620 **** 354 **** 19 **** 181 **** 8,675 **** 7 **** 8,682
* Includes 14,689,729 treasury shares held as at March 31, 2022 by a controlled trust. 4,711,486 shares have<br>been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2022.
--- ---
** Refer to Note 18
--- ---

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 Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Vikas Bagaria Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 60408
Bengaluru
April 29, 2022

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(₹inmillions, except share and per share data, unless otherwise stated)

Year ended March 31,
2021 2022 2022
Convenience translationinto US dollar inmillions (unaudited)Refer to Note 2(iii)
Cash flows from operating activities
Profit for the year 108,662 122,329 1,612
Adjustments to reconcile profit for the year to net cash generated from operatingactivities
Gain on sale of property, plant and equipment, net (516 ) (313 ) (4 )
Depreciation, amortization and impairment expense 27,656 30,911 407
Unrealized exchange gain, net and exchange gain on borrowings (2,251 ) (1,021 ) (13 )
Share-based compensation expense 2,310 4,110 54
Share of net profit of associates accounted for using equity method (130 ) (57 ) (1 )
Income tax expense 30,345 28,946 382
Finance and other income, net of finance expenses (16,614 ) (9,447 ) (125 )
(Gain)/loss from sale of business and investment accounted for using the equity method 81 (2,186 ) (29 )
Gain on derecognition of contingent consideration payable — (301 ) (4 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables 12,848 (11,833 ) (156 )
Unbilled receivables and contract assets (1,062 ) (31,396 ) (414 )
Inventories 803 (256 ) (3 )
Other assets 931 (6,530 ) (86 )
Trade payables, accrued expenses, other liabilities and provisions 5,698 9,695 128
Contract liabilities 3,704 3,832 51
Cash generated from operating activities before taxes **** 172,465 **** 136,483 **** 1,799
Income taxes paid, net (24,915 ) (25,686 ) (339 )
Net cash generated from operating activities **** 147,550 **** 110,797 **** 1,460
Cash flows from investing activities
Payment for purchase of property, plant and equipment (19,577 ) (20,153 ) (266 )
Proceeds from disposal of property, plant and equipment 753 736 10
Payment for purchase of investments (1,172,251 ) (1,015,486 ) (13,385 )
Proceeds from sale of investments 1,189,059 953,735 12,571
Payment into interim dividend account — (27,410 ) (361 )
Payment for business acquisitions including deposits and escrow, net of cash acquired (9,873 ) (129,846 ) (1,711 )
Proceeds from sale of investment accounted for using the equity method — 1,652 22
Interest received 19,624 12,275 162
Dividend received 4 2 ^
Net cash generated from/(used in) investing activities **** 7,739 **** (224,495 ) **** (2,958 )
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment 6 6 ^
Repayment of loans and borrowings (97,206 ) (191,810 ) (2,528 )
Proceeds from loans and borrowings 103,418 260,120 3,428
Payment of lease liabilities (8,660 ) (9,730 ) (128 )
Payment for buyback of equity shares, including transaction cost (95,199 ) — —
Payment of tax on buyback of equity shares (21,445 ) — —
Payment for deferred contingent consideration — (309 ) (4 )
Interest and finance expenses paid (3,335 ) (5,089 ) (67 )
Payment of dividend (5,459 ) (5,467 ) (72 )
Payment of dividend to Non-controlling interests<br>holders (960 ) (1,135 ) (15 )
Net cash generated from/(used in) financing activities **** (128,840 ) **** 46,586 **** 614
Net increase/(decrease) in cash and cash equivalents during the year 26,449 (67,112 ) (884 )
Effect of exchange rate changes on cash and cash equivalents (890 ) 1,282 17
Cash and cash equivalents at the beginning of the year 144,104 169,663 2,236
Cash and cash equivalents at the end of the year (Note 10) **** 169,663 **** 103,833 **** 1,369
^ Value is less than 1
--- ---

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 Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Vikas Bagaria Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 60408
Bengaluru
April 29, 2022

6

WIPRO LIMITED AND SUBSIDIARIES

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(₹inmillions, 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 Ltd. 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 April 29, 2022.

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, 2021. 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 statements of income and statements of financial position. These items are disaggregated separately in the notes to the financial statement, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for the adoption of new accounting standards, amendments and interpretations effective from April 1, 2021.

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.

(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<br>or loss;
--- ---
c. The defined benefit liability/(asset) recognized as the present value of defined benefit obligation less fair<br>value of plan assets; and
--- ---
d. Contingent consideration.
--- ---

(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 and year ended March 31, 2022, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 75.87 as published by Federal Reserve Board of Governors on March 31, 2022. 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 consolidated financial statements that are subject to measurement uncertainty. An accounting policy may require items in 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.

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:

7

a) Revenue recognition: The Company applies judgement to determine whether each product or service promised<br>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. The Company allocates the arrangement consideration to<br>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<br>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<br>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<br>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<br>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<br>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.<br>
b) Impairment testing: Goodwill and intangible assets with indefinite useful life recognized on business<br>combination are tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of an asset or a cash generating unit to which an asset pertains is less than the carrying value. The<br>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<br>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<br>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<br>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<br>resolved over extended time periods.
--- ---
d) Deferred taxes: Deferred tax is recorded on temporary differences between the tax bases of assets and<br>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<br>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<br>considered realizable, however, could reduce in the near term if estimates of future taxable income during the carry-forward period are reduced.
--- ---
e) Business combinations: In accounting for business combinations, judgment is required to assess whether<br>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<br>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<br>judgments, estimates, and assumptions can materially affect the results of operations.
--- ---
f) Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated<br>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<br>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<br>these assumptions. All assumptions are reviewed at each reporting date.
--- ---
g) Expected credit losses on financial assets: The impairment provisions of financial assets are based on<br>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,<br>customer’s creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.
--- ---
h) **Measurement of fair value of non-marketable equity investments:**These instruments are initially recorded at cost and subsequently measured at fair value. Fair value of investments is determined using the market and income approaches. The market approach includes the use of financial metrics and ratios of<br>comparable companies, such as revenue, earnings, comparable performance multiples, recent financial rounds and the level of marketability of the investments. The selection of comparable companies requires management judgment and is based on a number<br>of factors, including comparable company sizes, growth rates, and development stages. The income approach includes the use of discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount<br>rates based on the risk profile of comparable companies. Estimates of revenue and costs are developed using available historical and forecast data.
--- ---
i) Useful lives of property, plant and equipment: The Company depreciates property, plant and equipment on<br>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<br>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.
--- ---

8

j) Useful lives of intangible assets: The Company amortizes intangible assets on a straight-line basis over<br>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<br>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.
k) Leases: IFRS 16 defines a lease term as the<br>non-cancellable period for which the lessee has the right to use an underlying asset including optional periods, when an entity is reasonably certain to exercise an option to extend (or not to terminate) a<br>lease. The Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option when determining the lease term. The option to extend lease is included in the lease term, if it is reasonably<br>certain that the lessee will exercise the option. The Company reassesses the option upon occurrence of either a significant event or change in circumstances that are within the control of the lessee. The discount rate is based on the interest rate<br>implicit in the lease, if that rate is readily determined, if that rate is not readily determined, the lease payments are discounted using the incremental borrowing rate that the Company would have to pay to borrow funds, including the consideration<br>of factors such as the nature of the asset and location, collateral, market terms and conditions, as applicable in a similar economic environment.
--- ---
l) Provisions and contingent liabilities: The Company estimates the provisions that have present<br>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.<br>
--- ---

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.

m) Other estimates: The share-based compensation expense is determined based on the Company’s estimate<br>of equity instruments that will eventually vest. Fair valuation of derivative hedging instruments designated as cash flow hedges involves significant estimates relating to the occurrence of forecasted transactions.
n) Uncertainty relating to the global health pandemic on COVID-19:In assessing the recoverability of receivables including unbilled receivables, contract assets and contract costs, goodwill, intangible assets, and certain investments, the Company has considered internal and external information up to<br>the date of approval of these interim condensed consolidated financial statements including credit reports and economic forecasts. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of<br>these assets.
--- ---

The Company bases its assessment on the belief that the probability of occurrence of forecasted transactions is not impacted by COVID-19. The Company has considered the effect of changes, if any, in both counterparty credit risk and its own credit risk while assessing hedge effectiveness and measuring hedge ineffectiveness and continues to believe that COVID-19 has no impact on effectiveness of its hedges.

The impact of COVID-19 may be different from what we have estimated as of the date of approval of these interim condensed consolidated financial statements and the Company will continue to closely monitor any material changes to future economic conditions.

3. Material accounting policy information

Please refer to the Company’s Annual report for the year ended March 31, 2021, for a discussion of the Company’s other material accounting policy information except for the adoption of new accounting standards, amendments and interpretations effective on or after April 1, 2021.

New Accounting standards, amendments and interpretations adopted by the Company effective from April 1,2021:

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest Rate Benchmark Reform (Phase 2)

The IASB issued Interest Rate Benchmark Reform (Phase 2), which amends IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The amendments in this final phase relate to the modification of financial assets, financial liabilities and lease liabilities, specific hedge accounting requirements, and disclosure requirements applying IFRS 7 to accompany the amendments regarding modifications and hedge accounting. The adoption of the amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 did not have any material impact on the interim condensed consolidated financial statements.

IFRS 9 –Annual Improvements to IFRS Standards - 2018-2020

On May 14, 2020, IASB amended IFRS 9 as part of its Annual Improvements to IFRS Standards 2018-2020. The amendment clarifies which fees an entity includes when it applies the ‘10 percent’ test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognize a financial liability. The early adoption of amendments to IFRS 9 did not have any material impact on the interim condensed consolidated financial statements.

9

Amendments to IAS 1 – Presentation of Financial Statements

On February 12, 2021, the IASB amended IAS 1 “Presentation of Financial Statements”. The amendments require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments clarify that accounting policy information may be material because of its nature, even if the related amounts are immaterial. The amendments also clarified that accounting policy information is material if users of an entity’s financial statements would need it to understand other material information in the financial statements; and the amendments clarify that if an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information. The early adoption of amendments to IAS 1 did not have any material impact on the interim condensed consolidated financial statements.

Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

On February 12, 2021, the IASB amended IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The early adoption of amendments to IAS 8 did not have any material impact on the interim condensed consolidated financial statements.

New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2021 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 37 – Onerous Contracts – Cost of Fulfilling a Contract

On May 14, 2020, the IASB issued “Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)”, amending the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. The amendment specifies that the “cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. These amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The adoption of amendments to IAS 37 is not expected to have any material impact on the consolidated financial statements.

Amendments to IAS 1 – Presentation of Financial Statements

On January 23, 2020, the IASB issued “Classification of liabilities as Current or Non-Current (Amendments to IAS 1)” providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangement in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies to determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments also clarified the classification requirements for debt a company might settle by converting it into equity. These amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IAS 1 is not expected to have any material impact on the consolidated financial statements.

Amendments to IAS 12 – “Income Taxes”

On May 7, 2021, the IASB amended IAS 12 “Income Taxes” and published ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)’ that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. The amendments clarify that this exemption does not apply to transactions such as leases and decommissioning obligations and companies are required to recognize deferred tax on such transactions. These amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively, with earlier application permitted. The Company is currently evaluating the impact of amendments to IAS 12 on the consolidated financial statements.

10

4. Property, plant and equipment

Land Buildings Plant andequipment * Furniturefixtures andequipment Vehicles Total
Gross carrying value:
As at April 1, 2020 ₹ 3,761 ₹ 36,510 ₹ 100,695 ₹ 19,870 ₹ 808 ₹ 161,644
Additions 107 3,569 14,362 1,958 9 20,005
Additions through Business combinations — — 27 57 — 84
Disposals (58 ) (765 ) (4,532 ) (1,218 ) (398 ) (6,971 )
Translation adjustment 5 100 303 25 (1 ) 432
As at March 31, 2021 ₹ 3,815 ₹ 39,414 ₹ 110,855 ₹ 20,692 ₹ 418 ₹ 175,194
Accumulated depreciation/ impairment: ****
As at April 1, 2020 ₹ — ₹ 7,948 ₹ 78,056 ₹ 14,141 ₹ 727 ₹ 100,872
Depreciation and impairment ** — 1,500 11,123 1,845 61 14,529
Disposals — (695 ) (4,313 ) (908 ) (391 ) (6,307 )
Translation adjustment — 32 174 11 — 217
As at March 31, 2021 ₹ — **** ₹ 8,785 ₹ 85,040 ₹ 15,089 ₹ 397 ₹ 109,311
Capital<br>work-in-progress ₹ 19,309
Net carrying value including Capital work-in-progress as at March 31, 2021 **** ₹ 85,192
Gross carrying value:
As at April 1, 2021 ₹ 3,815 ₹ 39,414 ₹ 110,855 ₹ 20,692 ₹ 418 ₹ 175,194
Additions 1,031 1,676 19,411 2,384 7 24,509
Additions through Business combinations — — 370 335 3 708
Disposals (30 ) (440 ) (7,863 ) (826 ) (115 ) (9,274 )
Translation adjustment (3 ) 36 698 60 4 795
As at March 31, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 22,645 ₹ 317 ₹ 191,932
Accumulated depreciation/ impairment: ****
As at April 1, 2021 ₹ — ₹ 8,785 ₹ 85,040 ₹ 15,089 ₹ 397 ₹ 109,311
Depreciation and impairment — 1,536 12,305 2,141 10 15,992
Disposals — (346 ) (7,451 ) (725 ) (112 ) (8,634 )
Translation adjustment — 28 571 52 2 653
As at March 31, 2022 ₹ — **** ₹ 10,003 ₹ 90,465 ₹ 16,557 ₹ 297 ₹ 117,322
Capital<br>work-in-progress ₹ 16,288
Net carrying value including Capital work-in-progress as at March 31, 2022 **** ₹ 90,898
* Includes computer equipment and software.
--- ---
** Includes impairment charge on certain software platforms amounting to ₹ Nil and ₹ 285 for the three months and year ended March 31, 2021, respectively.
--- ---

5. Right-of-Use assets

Category of Right-of-Use asset
Land Buildings Plant andequipment * Vehicles Total
Gross carrying value:
As at April 1, 2020 ₹ 2,003 ₹ 15,624 ₹ 4,236 ₹ 826 ₹ 22,689
Additions 79 5,323 770 162 6,334
Additions through Business combinations — 352 — 84 436
Disposals — (2,503 ) (1,103 ) (154 ) (3,760 )
Translation adjustment — 48 15 8 71
As at March 31, 2021 ₹ 2,082 ₹ 18,844 ₹ 3,918 ₹ 926 ₹ 25,770
Accumulated depreciation:
As at April 1, 2020 ₹ 27 ₹ 3,928 ₹ 1,721 ₹ 265 ₹ 5,941
Depreciation 28 4,487 1,465 285 6,265
Disposals — (1,703 ) (1,023 ) (119 ) (2,845 )
Translation adjustment — (9 ) (6 ) 4 (11 )
As at March 31, 2021 ₹ 55 ₹ 6,703 ₹ 2,157 ₹ 435 ₹ 9,350
Net carrying value as at March 31, 2021 ₹ 16,420
Gross carrying value:
As at April 1, 2021 ₹ 2,082 ₹ 18,844 ₹ 3,918 ₹ 926 ₹ 25,770
Additions 15 7,517 429 105 8,066

11

Additions through Business combinations — 2,920 — 36 2,956
Disposals (819 ) (3,360 ) (1,861 ) (149 ) (6,189 )
Translation adjustment — 72 25 (14 ) 83
As at March 31, 2022 ₹ 1,278 ₹ 25,993 ₹ 2,511 ₹ 904 ₹ 30,686
Accumulated depreciation:
As at April 1, 2021 ₹ 55 ₹ 6,703 ₹ 2,157 ₹ 435 ₹ 9,350
Depreciation 24 5,572 849 264 6,709
Disposals (21 ) (2,667 ) (1,518 ) (121 ) (4,327 )
Translation adjustment — 68 24 (8 ) 84
As at March 31, 2022 ₹ 58 ₹ 9,676 ₹ 1,512 ₹ 570 ₹ 11,816
Net carrying value as at March 31, 2022 ₹ 18,870
* Includes computer equipment.
--- ---

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

For the year ended
March 31,2021 March 31,2022
Balance at the beginning of the year ₹ 131,012 ₹ 139,127
Translation adjustment (1,357 ) 5,293
Acquisition through business combinations* (Refer to Note 7) 9,472 102,569
Balance at the end of the year ₹ 139,127 ₹ 246,989
* Acquisition through business combinations for the year ended March 31, 2021 and 2022 is after considering<br>the impact of ₹ (72) and ₹ 116 towards changes in purchase price allocation<br>of acquisitions made during the year ended March 31, 2020 and 2021, respectively.
--- ---

The movement in intangible assets is given below:

Intangible assets
Customer-related Marketing-related Total
Gross carrying value:
As at April 1, 2020 ₹ 32,490 ₹ 6,698 ₹ 39,188
Acquisition through business combinations 2,460 828 3,288
Deductions/Adjustments (8,568 ) (5,756 ) (14,324 )
Translation adjustment (56 ) (159 ) (215 )
As at March 31, 2021 ₹ 26,326 ₹ 1,611 ₹ 27,937
Accumulated amortization/ impairment:
As at April 1, 2020 ₹ 17,898 ₹ 4,928 ₹ 22,826
Amortization and impairment * 5,060 1,548 6,608
Deductions/Adjustments (8,568 ) (5,756 ) (14,324 )
Translation adjustment (142 ) (116 ) (258 )
As at March 31, 2021 ₹ 14,248 ₹ 604 ₹ 14,852
Net carrying value as at March 31, 2021 ₹ 12,078 ₹ 1,007 ₹ 13,085
Gross carrying value:
As at April 1, 2021 ₹ 26,326 ₹ 1,611 ₹ 27,937
Acquisition through business combinations (Refer to Note 7) 27,834 9,814 37,648
Deductions/Adjustments (11,984 ) (215 ) (12,199 )
Translation adjustment 1,190 218 1,408
As at March 31, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
Accumulated amortization/ impairment:
As at April 1, 2021 ₹ 14,248 ₹ 604 ₹ 14,852
Amortization and impairment 6,872 1,338 8,210
Deductions/Adjustments (11,984 ) (215 ) (12,199 )
Translation adjustment 347 29 376
As at March 31, 2022 ₹ 9,483 ₹ 1,756 ₹ 11,239
Net carrying value as at As at March 31, 2022 ₹ 33,883 ₹ 9,672 ₹ 43,555
^*^ During the year ended March 31, 2021, change in business strategy of a customer led to a significant<br>decline in the revenue and earnings estimates, resulting in revision of recoverable value of customer-relationship intangible assets recognized on business combination. Further, the Company integrated certain brands acquired as part of a business<br>combination, resulting in discontinuance of the acquired brands. Consequently, the
--- ---

12

Company has recognized impairment charge of ₹ Nil and ₹ 1,879 for the three months and year ended March 31, 2021 respectively, as part of amortization and impairment.
^*^ Due to change in our estimate of useful life of customer-related intangibles in an earlier business<br>combination, the Company has recognized additional amortization charge of ₹ 795 for the year ended March 31, 2021, as part of amortization and impairment.<br>
--- ---

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

7. Business combinations

Summary ofacquisitions during the year ended March 31, 2022 is given below:

During the year ended March 31, 2022, the Company has completed four business combinations by acquiring 100% equity interest in:

(a) Capco and its subsidiaries (“Capco”), a global management and technology consultancy company providing digital, consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific. This acquisition will make the Company one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry. By combining our capabilities in strategic design, digital transformation, cloud, cybersecurity, IT and operations services with Capco’s domain and consulting strength, our market units (SMUs) will be able to provide our clients the access to a partner who can deliver integrated, bespoke solutions to help fuel growth and achieve their transformation objectives. The acquisition was consummated on April 29, 2021 for total cash consideration of ₹ 109,530.

(b) Ampion Holdings PtyLtd and its subsidiaries (“Ampion”), an Australia-based provider of cyber security, DevOps and quality engineering services. This acquisition is an important step in the direction of our new operating model which emphasizes strategic investments in focus geographies, proximity to customers, agility, scale and localization. It reinstates the commitment towards clients and stakeholders in Australia and New Zealand (ANZ), under APMEA SMU. Further, our and Ampion’s combined offerings, powered by engineering transformation, DevOps and security consulting services will bring scale and market agility to respond to the growing demands of customers. The acquisition was consummated on August 6, 2021 for total cash consideration of ₹ 9,102.

(c) Edgile, LLC (“Edgile”), a USA based transformational cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. This acquisition will address the fast-growing demand for transformational cybersecurity consulting among Global 2000 enterprises. Together, Wipro and Edgile will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security in action. In collaboration with an extensive roster of alliance partners from Wipro and Edgile, we will enable organizations to accelerate their digital transformation and operate in virtual and digital supply chains. The acquisition was consummated on December 31, 2021 for total consideration (upfront cash payout to acquire control and contingent consideration) of ₹ 17,176.

(d) LeanSwift SolutionsInc. and its subsidiaries (“LeanSwift”), a system integrator of Infor products for customers across the Americas and Europe. This acquisition aligns with our strategic investments in cloud transformation. The combined entity will provide Wipro an edge in key transformation deals, especially in the manufacturing and distribution sectors, by combining LeanSwift’s expertise in the Infor CloudSuites with our broader cloud-native digital capabilities. The acquisition was consummated on December 31, 2021 for total cash consideration of ₹ 1,606.

The following table presents the purchase price allocation:

Description Capco Ampion Edgile LeanSwift
Net assets ₹ 4,667 ₹ 1,235 ₹ 1,306 ₹ 199
Fair value of Customer-related intangibles 24,273 1,748 1,754 59
Fair value of Marketing-related intangibles 8,083 460 1,160 111
Deferred tax liabilities on intangible assets (9,383 ) (663 ) — (48 )
Total ₹ 27,640 ₹ 2,780 ₹ 4,220 ₹ 321
Goodwill 81,890 6,322 12,956 1,285
Total purchase price ₹ 109,530 ₹ 9,102 ₹ 17,176 ₹ 1,606
Net Assets include:
Cash and cash equivalents ₹ 4,278 ₹ 855 ₹ 907 ₹ 139
Fair value of acquired trade receivables included in net assets ₹ 6,167 ₹ 1,074 ₹ 819 ₹ 205
Gross contractual amount of acquired trade receivables 6,181 1,074 819 221
Less: Allowance for lifetime expected credit loss (14 ) — — (16 )
Transaction costs included in general and administrative expenses ₹ 358 ₹ 49 ₹ 152 ₹ 88

The purchase price allocation for Edgile and LeanSwift is provisional and will be finalized as soon as practicable within the measurement period, but in no event later than one year following the date of acquisition.

13

The acquisition of Capco contributed revenues of ₹ 66,616 and profit after taxes of ₹ 4,336 for the Company during the year ended March 31, 2022. The other acquisitions completed during the year ended March 31, 2022 contributed revenues of ₹ 6,114 and profit after taxes of ₹ 55.

If all the acquisitions during the year ended March 31, 2022, had been consummated on April 1, 2021, management estimates that consolidated revenues for the Company would have been ₹ 802,835 and the profit after taxes would have been ₹ 122,900 for the year ended March 31, 2022. The pro-forma amounts are not necessarily indicative of the actual or future results if the acquisition had been consummated on April 1, 2021.

The goodwill of ₹ 102,453 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes except for Edgile, LLC in the United States.

The total consideration of Edgile includes a contingent consideration linked to achievement of revenues and earnings over a period of 2 years ending December 31, 2023, and range of contingent consideration payable is between ₹ Nil and ₹ 2,230. The fair value of the contingent consideration is estimated by applying the discounted cash-flow approach considering discount rate of 2.9% and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is ₹ 1,531 as at the date of acquisition. The discounted fair value of contingent consideration of ₹ 1,462 is recorded as part of provisional purchase price allocation.

8. Investments

As at
March 31, 2021 March 31, 2022
Non-current
Financial instruments at FVTPL
Equity instruments ₹ — ₹ 1,976
Fixed maturity plan mutual funds — 513
Financial instruments at FVTOCI
Equity instruments 10,572 14,963
Financial instruments at amortized cost
Inter corporate and term deposits * 4 1,657
₹ 10,576 ₹ 19,109
Current
Financial instruments at FVTPL
Short-term mutual funds ₹ 23,502 ₹ 15,550
Financial instruments at FVTOCI
Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds 131,382 204,839
Financial instruments at amortized cost
Inter corporate and term deposits * 20,823 21,266
₹ 175,707 ₹ 241,655
₹ 186,283 ₹ 260,764
* These deposits earn a fixed rate of interest. Term deposits include<br>non-current and current deposits in lien with banks primarily on account of term deposits held as margin money deposits against guarantees amounting to ₹ Nil and ₹ 654, respectively (March 31, 2021: Term deposits<br>non-current of ₹ 4 and Term deposits current of<br>₹ 615).
--- ---

9. Inventories

As at
March 31, 2021 March 31, 2022
Stores and spare parts ₹ 127 ₹ 28
Finished and traded goods 937 1,306
₹ 1,064 ₹ 1,334

10. Cash and cash equivalents

As at
March 31, 2021 March 31, 2022
Cash and bank balances ₹ 68,842 ₹ 61,882
Demand deposits with banks * 100,951 41,954
₹ 169,793 ₹ 103,836
* These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the<br>principal.
--- ---

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

As at
March 31, 2021 March 31, 2022
Cash and cash equivalents ₹ 169,793 ₹ 103,836
Bank overdrafts (130 ) (3 )
₹ 169,663 ₹ 103,833

14

11. Other financial assets

As at
March 31, 2021 March 31, 2022
Non-current
Security deposits ₹ 1,477 ₹ 1,396
Interest receivables 1,139 —
Finance lease receivables 3,144 4,262
Others 328 426
₹ 6,088 ₹ 6,084
Current
Security deposits ₹ 1,149 ₹ 1,513
Dues from officers and employees 411 1,301
Interest receivables 1,628 1,835
Finance lease receivables 3,438 5,065
Deposit in interim dividend account — 27,410
Others 619 5,790
₹ 7,245 ₹ 42,914
₹ 13,333 ₹ 48,998

12. Other assets

As at
March 31, 2021 March 31, 2022
Non-current
Prepaid expenses ₹ 3,417 ₹ 7,079
Costs to obtain contract* 3,413 3,128
Costs to fulfil contract** 337 295
Others (Refer to Note 32) 8,768 4,324
₹ 15,935 ₹ 14,826
Current
Prepaid expenses ₹ 12,121 ₹ 15,839
Dues from officers and employees 105 251
Advance to suppliers 3,199 3,179
Balance with GST and other authorities 7,903 7,566
Costs to obtain contract* 759 820
Costs to fulfil contract** 53 55
Others 783 1,223
₹ 24,923 ₹ 28,933
₹ 40,858 ₹ 43,759
* Costs to obtain contract amortization of<br>₹ 226 and ₹ 228 during the three months ended March 31, 2021 and 2022<br>respectively, ₹ 1,257 and ₹ 902 during the year ended March 31, 2021<br>and 2022 respectively.
--- ---
** Costs to fulfil contract amortization of<br>₹ Nil and ₹ 14 during the three months ended March 31, 2021 and 2022<br>respectively, ₹ Nil and ₹ 54 during the year ended March 31, 2021 and<br>2022 respectively.
--- ---

13. Loans, borrowings and bank overdrafts

As at
March 31, 2021 March 31, 2022
Borrowings from banks ₹ 82,895 ₹ 95,143
Unsecured Notes 2026 — 56,403
Loans from institutions other than banks 307 147
Bank overdrafts 130 3
₹ 83,332 ₹ 151,696
Non-current 7,458 56,463
Current 75,874 95,233

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. The notes were issued at the discounted price of 99.636% against par value and have an effective interest rate of 1.6939% after considering the issue expenses and discount of ₹ 501 (US$6.7 million). 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).

15

14. Other financial liabilities

As at
March 31, 2021 March 31, 2022
Non-current
Contingent consideration ₹ 2,158 ₹ 2,423
Advance from customers 123 —
Cash Settled ADS RSUs 7 2
Deposits and others 3 536
₹ 2,291 ₹ 2,961
Current
Contingent consideration ₹ 135 ₹ 1,906
Advance from customers 496 1,582
Cash Settled ADS RSUs 24 18
Interim dividend payable — 27,337
Deposits and others 815 2,267
₹ 1,470 ₹ 33,110
₹ 3,761 ₹ 36,071

15. Other liabilities

As at
March 31, 2021 March 31, 2022
Non-current
Employee benefits obligations ₹ 3,055 ₹ 2,720
Others 4,780 4,851
₹ 7,835 ₹ 7,571
Current
Statutory and other liabilities ₹ 9,266 ₹ 10,933
Employee benefits obligations 14,401 15,310
Advance from customers 362 629
Others 523 522
₹ 24,552 ₹ 27,394
₹ 32,387 ₹ 34,965

16. Provisions

As at
March 31, 2021 March 31, 2022
Non-current
Provision for warranty ₹ 2 ₹ 1
₹ 2 ₹ 1
Current
Provision for warranty ₹ 213 ₹ 294
Provision for onerous contracts* 2,358 1,946
Others 463 531
₹ 3,034 ₹ 2,771
₹ 3,036 ₹ 2,772
* For the year ended March 31, 2021, provision for onerous contracts was included under Trade payables and<br>accrued expenses in the statement of financial position and has been reclassified under Provisions.
--- ---

Provision for warranty represents cost associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 to 2 years.

Provision for onerous contracts is recognized when the expected benefit by the company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract.

Other provisions primarily include provisions for compliance related contingencies. The timing of cash outflows in respect of such provision cannot be reasonably determined.

17. Financial instruments:

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 follows established risk management policies, including the use of derivatives to hedge

16

foreign currency assets / liabilities, 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 non-material.

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

(in millions)
As at
March 31, 2021 March 31, 2022
Notional Fair value Notional Fair value
Designated derivative instruments
Sell: Forward contracts USD 1,577 ₹ 2,293 USD 1,413 ₹ 509
€ 109 ₹ 114 € 191 ₹ 668
£ 96 ₹ (254 ) £ 173 ₹ 645
AUD 103 ₹ (246 ) AUD 170 ₹ (217 )
Range forward option contracts USD 138 ₹ 385 USD 493 ₹ 217
€ 20 ₹ 24 € 6 ₹ 8
£ 55 ₹ (116 ) £ 28 ₹ 119
AUD 34 ₹ (18 ) AUD 11 ₹ (6 )
Non-designated derivative instruments
Sell: Forward contracts * USD 1,638 ₹ 480 USD 1,452 ₹ 536
€ 99 ₹ 202 € 109 ₹ 1
£ 104 ₹ 98 £ 91 ₹ 81
AUD 29 ₹ 11 AUD 47 ₹ (122 )
SGD 9 ₹ 5 SGD 4 ₹ (1 )
ZAR 22 ₹ (1 ) ZAR 8 ₹ ^
CAD 30 ₹ 3 CAD 47 ₹ (25 )
SAR 137 ₹ (1 ) SAR 33 ₹ (1 )
PLN 8 ₹ 2 PLN 14 ₹ (2 )
CHF 10 ₹ 13 CHF 5 ₹ (5 )
QAR 15 ₹ (6 ) QAR 11 ₹ (4 )
TRY 47 ₹ 42 TRY 30 ₹ 6
NOK 4 ₹ ^ NOK 13 ₹ (3 )
OMR 2 ₹ (1 ) OMR 2 ₹ ^
SEK 42 ₹ 10 SEK 17 ₹ (2 )
JPY 370 ₹ 6 JPY 513 ₹ 20
DKK — ₹ — DKK 2 ₹ ^
Buy: Forward contracts SEK 37 ₹ (15 ) SEK 22 ₹ 2
DKK 45 ₹ (12 ) DKK 16 ₹ (2 )
CHF 2 ₹ (6 ) CHF 2 ₹ (1 )
RMB 30 ₹ (2 ) RMB — ₹ —
AED 9 ₹ ^ AED 26 ₹ ^
JPY — ₹ — JPY 447 ₹ (18 )
CNH — ₹ — CNH 11 ₹ ^
NOK — ₹ — NOK 12 ₹ (1 )
Interest Rate Swaps INR — ₹ — INR 4,750 ₹ 3
₹ 3,010 ₹ 2,405
^ Value is less than ₹ 1.<br>
--- ---
* USD 1,638 and USD 1,452 includes USD/PHP sell forward of USD 244 and USD 86 as at March 31, 2021 and 2022,<br>respectively.
--- ---

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.

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

Year ended March 31,
2021 2022
Balance as at the beginning of the year ₹ (2,876 ) ₹ 2,182
Changes in fair value of effective portion of derivatives 4,753 3,943

17

Net (gain)/loss reclassified to statement of income on occurrence of hedged transactions<br>* 305 (4,182 )
Gain/(loss) on cash flow hedging derivatives, net ₹ 5,058 ₹ (239 )
Balance as at the end of the year ₹ 2,182 **** ₹ 1,943 ****
Deferred tax thereon (452 ) (466 )
Balance as at the end of the year, net of deferred tax ₹ 1,730 **** ₹ 1,477 ****
* Includes net (gain)/loss reclassified to revenue of<br>₹ 58 and ₹ (4,979) for the year ended March 31, 2021 and 2022,<br>respectively and net (gain)/loss reclassified to cost of revenues of ₹ 247 and<br>₹ 797 for the year ended March 31, 2021 and 2022, respectively.
--- ---

As at March 31, 2021 and 2022, there were no significant 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.

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, 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, loans, borrowings and bank overdrafts, 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. The Company’s long-term debt has been contracted at market rates of interest. Accordingly, the carrying value of such long-term debt approximates fair value. Further, finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated losses on these receivables. As at March 31, 2021 and 2022, the carrying value of such receivables, net of allowances approximates the fair value.

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 multiples method.

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

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).

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

As at March 31, 2021 As at March 31, 2022
Particular 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 ₹ 2,998 ₹ — ₹ 2,998 ₹ — ₹ 2,242 ₹ — ₹ 2,242 ₹ —
Others 1,082 — 1,082 — 796 — 796 —
Investments:
Short-term mutual funds 23,502 23,502 — — 15,550 15,550 — —
Fixed maturity plan mutual funds — — — — 513 — 513 —
Equity instruments 10,572 26 319 10,227 16,939 41 574 16,324
Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds 131,382 2,217 129,165 — 204,839 1,251 203,588 —
Liabilities

18

Derivative instruments:
Cash flow hedges ₹ (816 ) ₹ — ₹ (816 ) ₹ — ₹ (299 ) ₹ — ₹ (299 ) ₹ —
Others (254 ) — (254 ) — (334 ) — (334 ) —
Contingent consideration (2,293 ) — — (2,293 ) (4,329 ) — — (4,329 )

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

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 March 31, 2022, 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 deposit 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 equity instruments and 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.

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

Investment in equity instruments: Fair value of these instruments is determined using market multiples method.

Details of assets and liabilities considered under Level 3 classification

As at
Investment in equity instruments March 31, 2021 March 31, 2022
Balance at the beginning of the year ₹ 9,178 ₹ 10,227
Additions 1,575 3,973
Disposals (1,256 ) (7,697 )
Transfers out of Level 3 (27 ) —
Unrealized gain recognized in statement of income (Refer to Note 23) — 40
Gain recognized in other comprehensive income 1,009 9,423
Translation adjustment (252 ) 358
Balance at the end of the year ₹ 10,227 ₹ 16,324
As at
Contingent consideration March 31, 2021 March 31, 2022
Balance at the beginning of the year ₹ — ₹ (2,293 )
Additions (2,293 ) (2,533 )
Reversals — 468
Payouts — 309
Finance expense recognized in statement of income (25 ) (117 )
Translation adjustment 25 (163 )
Balance at the end of the year ₹ (2,293 ) ₹ (4,329 )

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:

Year ended March 31,
2021 2022
Balance at the beginning of the year ₹ 23,539 ₹ 22,936
Translation difference related to foreign operations, net (603 ) 4,072
Reclassification of foreign currency translation differences on sale of investment in associates<br>and liquidation of subsidiaries to statement of income — (158 )
Balance at the end of the year ₹ 22,936 ₹ 26,850

19

The movement in other reserves is summarized below:

Other Reserves
Particulars Remeasurementsof the definedbenefit plans Investment in debtinstrumentsmeasured at fairvalue through OCI Investment inequity instrumentsmeasured at fairvalue through OCI Capital RedemptionReserve
As at April 1, 2020 ₹ (1,120 ) ₹ 2,386 ₹ 162 ₹ 647
Other comprehensive income 223 1,851 1,216 —
Buyback of equity shares — — — 475
As at March 31, 2021 ₹ (897 ) ₹ 4,237 ₹ 1,378 ₹ 1,122
As at April 1, 2021 ₹ (897 ) ₹ 4,237 ₹ 1,378 ₹ 1,122
Other comprehensive income 399 (1,219 ) 8,710 —
As at March 31, 2022 ₹ (498 ) ₹ 3,018 ₹ 10,088 ₹ 1,122

19. Income taxes

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Income tax expense as per the interim condensed consolidated statement of income ₹ 7,755 ₹ 6,399 ₹ 30,345 ₹ 28,946
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities (360 ) (416 ) 226 242
Gains/(losses) on cash flow hedging derivatives 159 (375 ) 1,013 14
Remeasurements of the defined benefit plans 172 219 111 3
₹ 7,726 ₹ 5,827 ₹ 31,695 ₹ 29,205

Income tax expense consists of the following:

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Current taxes
Domestic ₹ 7,257 ₹ 6,463 ₹ 19,773 ₹ 29,862
Foreign 941 2,802 6,292 2,553
₹ 8,198 ₹ 9,265 ₹ 26,065 **** 32,415
Deferred taxes
Domestic ₹ (1,401 ) ₹ (1,954 ) ₹ 3,982 ₹ (635 )
Foreign 958 (912 ) 298 (2,834 )
₹ (443 ) ₹ (2,866 ) ₹ 4,280 ₹ (3,469 )
₹ 7,755 ₹ 6,399 ₹ 30,345 ₹ 28,946

Income tax expenses are net of (provision recorded)/reversal of taxes pertaining to earlier periods, amounting to ₹ 1,731 and ₹ 5,499 for the three months and year ended March 31, 2022. The reversal of ₹ 5,499 includes a reversal on account of closure of tax assessments of the Company for earlier years.

20. Revenues

The tables below present disaggregated revenue from contracts with customers by business segment, 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.

20

Information on disaggregation of revenues for the three months ended March 31, 2021 is as follows:

IT Services IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 46,312 ₹ 46,207 ₹ 44,825 ₹ 20,691 ₹ 158,035 ₹ — ₹ 2,302 ₹ 160,337
Sale of products — — — — — 2,117 — **** 2,117
₹ 46,312 ₹ 46,207 ₹ 44,825 ₹ 20,691 ₹ 158,035 ₹ 2,117 ₹ 2,302 ₹ 162,454
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 805 ₹ 25,819 ₹ 15,261 ₹ 6,317 ₹ 48,202
Health 16,371 7 3,233 902 20,513
Consumer 18,449 600 5,199 2,711 26,959
Communications 1,629 276 2,299 3,775 7,979
Energy, Natural Resources and Utilities 126 7,750 8,324 4,585 20,785
Manufacturing 70 5,822 5,859 743 12,494
Technology 8,862 5,933 4,650 1,658 21,103
₹ 46,312 ₹ 46,207 ₹ 44,825 ₹ 20,691 ₹ 158,035 ₹ 2,117 ₹ 2,302 ₹ 162,454
C. Revenue by nature of contract
Fixed price and volume based ₹ 25,397 ₹ 28,818 ₹ 30,045 ₹ 13,635 ₹ 97,895 ₹ — ₹ 1,904 ₹ 99,799
Time and material 20,915 17,389 14,780 7,056 60,140 — 398 **** 60,538
Products — — — — — 2,117 — **** 2,117
₹ 46,312 ₹ 46,207 ₹ 44,825 ₹ 20,691 ₹ 158,035 ₹ 2,117 ₹ 2,302 ₹ 162,454

Information on disaggregation of revenues for the three months ended March 31, 2022 is as follows:

IT Services IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 58,079 ₹ 63,654 ₹ 60,397 ₹ 23,403 ₹ 205,533 ₹ — ₹ 1,868 ₹ 207,401
Sale of products — — — — — ₹ 1,199 **** 1,199
₹ 58,079 ₹ 63,654 ₹ 60,397 ₹ 23,403 ₹ 205,533 ₹ 1,199 ₹ 1,868 ₹ 208,600
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 944 ₹ 38,558 ₹ 25,005 ₹ 8,015 ₹ 72,522
Health 19,096 45 3,610 897 23,648
Consumer 24,315 737 8,388 3,274 36,714
Communications 2,446 309 3,301 3,759 9,815
Energy, Natural Resources and Utilities 214 9,550 9,417 4,679 23,860
Manufacturing 29 7,608 5,829 894 14,360
Technology 11,035 6,847 4,847 1,885 24,614
₹ 58,079 ₹ 63,654 ₹ 60,397 ₹ 23,403 ₹ 205,533 ₹ 1,199 ₹ 1,868 ₹ 208,600
C. Revenue by nature of contract
Fixed price and volume based ₹ 34,868 ₹ 33,418 ₹ 35,064 ₹ 14,057 ₹ 117,407 ₹ — ₹ 1,484 ₹ 118,891
Time and material 23,211 30,236 25,333 9,346 88,126 — 384 **** 88,510
Products — — — — — 1,199 **** 1,199
₹ 58,079 ₹ 63,654 ₹ 60,397 ₹ 23,403 ₹ 205,533 ₹ 1,199 ₹ 1,868 ₹ 208,600

21

Information on disaggregation of revenues for the year ended March 31, 2021 is as follows:

IT Services IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 177,387 ₹ 178,920 ₹ 164,498 ₹ 82,050 ₹ 602,855 ₹ — ₹ 8,912 ₹ 611,767
Sale of products — — — — — 7,663 — **** 7,663
₹ 177,387 ₹ 178,920 ₹ 164,498 ₹ 82,050 ₹ 602,855 ₹ 7,663 ₹ 8,912 ₹ 619,430
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 2,609 ₹ 103,040 ₹ 56,275 ₹ 23,228 ₹ 185,152
Health 64,397 18 12,390 4,789 81,594
Consumer 68,258 2,306 17,731 10,544 98,839
Communications 6,252 1,112 8,247 15,512 31,123
Energy, Natural Resources and Utilities 426 27,405 31,271 19,717 78,819
Manufacturing 265 23,350 22,339 3,024 48,978
Technology 35,180 21,689 16,245 5,236 78,350
₹ 177,387 ₹ 178,920 ₹ 164,498 ₹ 82,050 ₹ 602,855 ₹ 7,663 ₹ 8,912 ₹ 619,430
C. Revenue by nature of contract
Fixed price and volume based ₹ 98,868 ₹ 110,143 ₹ 108,591 ₹ 54,519 ₹ 372,121 ₹ — ₹ 7,166 ₹ 379,287
Time and material 78,519 68,777 55,907 27,531 230,734 — 1,746 **** 232,480
Products — — — — — 7,663 — **** 7,663
₹ 177,387 ₹ 178,920 ₹ 164,498 ₹ 82,050 ₹ 602,855 ₹ 7,663 ₹ 8,912 ₹ 619,430

Information on disaggregation of revenues for the year ended March 31, 2022 is as follows:

IT Services IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 216,843 ₹ 238,123 ₹ 232,021 ₹ 90,479 ₹ 777,466 ₹ — ₹ 7,295 ₹ 784,761
Sale of products — — — — — 6,173 — **** 6,173
₹ 216,843 ₹ 238,123 ₹ 232,021 ₹ 90,479 ₹ 777,466 ₹ 6,173 ₹ 7,295 ₹ 790,934
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 2,609 ₹ 144,076 ₹ 93,039 ₹ 30,048 ₹ 269,772
Health 73,542 127 13,975 3,407 91,051
Consumer 89,824 2,589 31,718 12,310 136,441
Communications 9,387 1,207 12,952 15,035 38,581
Energy, Natural Resources and Utilities 712 36,413 38,421 19,038 94,584
Manufacturing 199 26,662 23,220 3,197 53,278
Technology 40,570 27,049 18,696 7,444 93,759
₹ 216,843 ₹ 238,123 ₹ 232,021 ₹ 90,479 ₹ 777,466 ₹ 6,173 ₹ 7,295 ₹ 790,934
C. Revenue by nature of contract
Fixed price and volume based ₹ 121,656 ₹ 131,975 ₹ 139,031 ₹ 56,104 ₹ 448,766 ₹ — ₹ 5,789 ₹ 454,555
Time and material 95,187 106,148 92,990 34,375 328,700 — 1,506 **** 330,206
Products — — — — — 6,173 — **** 6,173
₹ 216,843 ₹ 238,123 ₹ 232,021 ₹ 90,479 ₹ 777,466 ₹ 6,173 ₹ 7,295 ₹ 790,934

22

21. Expenses by nature

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Employee compensation ₹ 86,172 ₹ 121,302 ₹ 332,371 ₹ 450,075
Sub-contracting and technical fees 21,494 28,503 83,609 108,589
Cost of hardware and software 2,219 1,348 7,684 6,431
Travel 1,310 1,959 5,258 7,320
Facility expenses 5,288 7,047 20,255 25,269
Depreciation, amortization and impairment* 6,995 7,345 27,656 30,911
Communication 1,452 1,389 6,069 5,760
Legal and professional fees 1,589 1,619 5,561 7,561
Rates, taxes and insurance 935 1,340 3,475 4,548
Marketing and brand building 332 576 1,011 2,010
Lifetime expected credit loss/ (write-back) (109 ) (389 ) 1,506 (797 )
Miscellaneous expenses** 1,496 2,532 4,836 9,512
Total cost of revenues, selling and marketing expenses and general and administrativeexpenses ₹ 129,173 ₹ 174,571 ₹ 499,291 ₹ 657,189
* Depreciation, amortization and impairment includes an impairment charge on certain software platforms, capital work-in-progress and intangible assets amounting to ₹ Nil and ₹ 2,418, for the three months and year ended March 31, 2021, respectively.
--- ---
** Miscellaneous expenses for the three months and year ended March 31, 2021, includes an amount of ₹ Nil and ₹ 991, respectively towards<br>COVID-19 contributions.
--- ---

22. Finance expenses

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Interest expense ₹ 983 ₹ 1,717 ₹ 4,298 ₹ 5,325
Exchange fluctuation loss on foreign currency borrowings 139 — 790 —
₹ 1,122 ₹ 1,717 ₹ 5,088 ₹ 5,325

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

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Interest income ₹ 3,732 ₹ 3,621 ₹ 18,442 ₹ 13,114
Dividend income 3 — 4 2
Exchange fluctuation gain on foreign currency borrowings — — — 1,485
Net gain from investments classified as FVTPL 307 305 1,478 1,270
Net gain from investments classified as FVTOCI 405 20 988 386
Finance and other income ₹ 4,447 ₹ 3,946 ₹ 20,912 ₹ 16,257
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL ₹ 961 ₹ (741 ) ₹ 4,383 ₹ 808
Other foreign exchange gains/(losses), net (75 ) 1,816 (1,388 ) 3,547
Foreign exchange gains/(losses), net ₹ 886 ₹ 1,075 ₹ 2,995 ₹ 4,355

24. Earnings per 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 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 March 31, Year ended March 31,
2021 2022 2021 2022
Profit attributable to equity holders of the Company ₹ 29,721 ₹ 30,873 ₹ 107,946 ₹ 122,191
Weighted average number of equity shares outstanding 5,510,335,838 5,470,020,412 5,649,265,885 5,466,705,840
Basic earnings per share ₹ 5.39 ₹ 5.64 ₹ 19.11 ₹ 22.35

Diluted: Diluted earnings per 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.

23

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

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Profit attributable to equity holders of the Company ₹ 29,721 ₹ 30,873 ₹ 107,946 ₹ 122,191
Weighted average number of equity shares outstanding 5,510,335,838 5,470,020,412 5,649,265,885 5,466,705,840
Effect of dilutive equivalent share options 14,283,972 16,935,317 12,391,937 15,377,598
Weighted average number of equity shares for diluted earnings per share 5,524,619,810 5,486,955,729 5,661,657,822 5,482,083,438
Diluted earnings per share ₹ 5.38 ₹ 5.63 ₹ 19.07 ₹ 22.29

Earnings per share for each of the three months ended June 30, September 30, December 31 and March 31 will not add up to earnings per share for the year ended March 31, 2021, on account of buyback of equity shares.

25. Employee compensation

Three months ended March 31, Year ended March 31,
2021 2022 2021 2022
Salaries and bonus ₹ 81,919 ₹ 115,083 ₹ 318,043 ₹ 429,837
Employee benefits plans 3,162 4,489 11,431 16,074
Share-based compensation* 1,091 1,730 2,897 4,164
₹ 86,172 ₹ 121,302 ₹ 332,371 ₹ 450,075
* Includes ₹ 4 and ₹ 18 for the three months ended March 31, 2021 and 2022 respectively, ₹ 587<br>and ₹ 54 for the year ended March 31, 2021, and 2022 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 March 31, Year ended March 31,
2021 2022 2021 2022
Cost of revenues ₹ 73,443 ₹ 103,327 ₹ 282,983 ₹ 382,446
Selling and marketing expenses 8,073 10,798 31,236 41,339
General and administrative expenses 4,656 7,177 18,152 26,290
₹ 86,172 ₹ 121,302 ₹ 332,371 ₹ 450,075

The Company has granted 47,633 and 1,364,532 options under RSU option plan during the three months and year ended March 31, 2022 (832,990 and 3,305,430 for the three months and year ended March 31, 2021); 3,879,089 and 7,528,480 options under ADS option plan during the three months and year ended March 31, 2022 (955,248 and 2,656,668 for the three months and year ended March 31, 2021).

The Company has also granted 1,776 and 1,135,949 Performance based stock options (RSU) during the three months and year ended March 31, 2022, respectively (Nil and 2,969,860 for the three months and year ended March 31, 2021); 820,217 and 2,941,546 Performance based stock options (ADS) during the three months and year ended March 31, 2022, respectively (Nil and 2,376,980 for three months and year ended March 31, 2021).

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).

26. Otheroperating income/(loss), net

The Company has partially met the first and second-year business targets pertaining to sale of hosted data center business concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement of cumulative business targets amounting to ₹ Nil and ₹ (81) for the three months and year ended March 31, 2021 respectively has been recognized under other operating income/(loss), net.

During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its investment in Ensono Holdings, LLC for a consideration of ₹ 5,628 and recognized a cumulative gain of ₹ 1,252 (net of tax ₹ 430) in other comprehensive income being profit on sale of investment designated as FVTOCI. The Company also recognized ₹ 1,233 for the year ended March 31, 2022 under other operating income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.

During the year ended March 31, 2022, as a result of acquisition of by another investor, the Company sold its investment in Denim Group, Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method, for a consideration of ₹ 1,652 and recognized a cumulative gain of ₹ 953 in other operating income/(loss), net including reclassification of exchange differences on foreign currency translation.

27. Commitments and contingencies

Capital commitments: As at March 31, 2021 and 2022 the Company had committed to spend ₹ 7,490 and ₹ 11,376 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases.

24

Guarantees: As at March 31, 2021 and 2022, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 17,128 and ₹ 17,094 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, 2018. 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 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.

Income tax claims against the Company amounting to ₹ 80,032 and ₹ 92,476 are not acknowledged as debt as at March 31, 2021 and 2022, 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 ₹ 11,413 and ₹ 12,092 as of March 31, 2021 and 2022, 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.

The Hon’ble Supreme Court of India, through a ruling in February 2019, provided interpretation on the components of Salary on which the Company and its employees are to contribute towards Provident Fund under the Employee’s Provident Fund Act. Based on the current evaluation, the Company believes it is not probable that certain components of Salary paid by the Company will be subject to contribution towards Provident Fund due to the Supreme Court order. The Company will continue to monitor and evaluate its position based on future events and developments.

28. Segment information

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (“ISRE”).

IT Services: During the year ended March 31, 2021, in order to broad base our growth, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. 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.

Prior to the Company’s re-organization of its IT services segment, the IT services segment was organized by seven industry verticals: Banking, Financial Services and Insurance (“BFSI”), Health Business unit (“Health BU”), Consumer Business unit (“CBU”), Energy, Natural Resources & Utilities (“ENU”), Manufacturing (“MFG”), Technology (“TECH”) and Communications (“COMM”).

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.

ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India and/or any State Governments.

25

The Chairman of the Company has been identified as the Chief Operating Decision Maker (“CODM”) as defined by IFRS 8, “Operating Segments”. The Chairman 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 March 31, 2021, is as follows:

IT Services ITProducts ISRE ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 46,510 ₹ 46,475 ₹ 45,107 ₹ 20,825 ₹ 158,917 ₹ 2,117 ₹ 2,302 ₹ 4 ₹ 163,340
Other operating income/(loss), net — — — — **** — — — — —
Segment Result 9,863 10,500 8,704 3,074 **** 32,141 145 587 37 32,910
Unallocated **** 1,257 — — — 1,257
Segment Result Total ₹ 33,398 ₹ 145 ₹ 587 ₹ 37 ₹ 34,167
Finance expenses (1,122 )
Finance and other income 4,447
Share of net profit/(loss) of associates accounted for using the equity method 4
Profit before tax ₹ 37,496
Income tax expense (7,755 )
Profit for the period ₹ 29,741
Depreciation, amortization and impairment ₹ 6,995

Information on reportable segments for the three months ended March 31, 2022, is as follows:

IT Services IT Products ISRE ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 58,342 ₹ 63,963 ₹ 60,743 ₹ 23,560 ₹ 206,608 ₹ 1,201 ₹ 1,868 ₹ (2 ) ₹ 209,675
Other operating income/(loss), net **** 7 — — — 7
Segment Result 11,530 12,150 9,056 1,946 **** 34,682 (22 ) 171 (88 ) 34,743
Unallocated **** 361 — — — 361
Segment Result Total ₹ 35,050 ₹ (22 ) ₹ 171 ₹ (88 ) ₹ 35,111
Finance expenses (1,717 )
Finance and other income 3,946
Share of net profit/(loss) of associates accounted for using the equity method (16 )
Profit before tax ₹ 37,324
Income tax expense (6,399 )
Profit for the period ₹ 30,925
Depreciation, amortization and impairment ₹ 7,345

27

Information on reportable segments for the year ended March 31, 2021, is as follows:

IT Services IT Products ISRE ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 178,091 ₹ 179,821 ₹ 165,441 ₹ 82,462 ₹ 605,815 ₹ 7,685 ₹ 8,912 ₹ 13 ₹ 622,425
Other operating income/(loss), net — — — — **** (81 ) — — — (81 )
Segment Result 33,040 41,589 31,673 11,476 **** 117,778 45 1,061 (903 ) 117,981
Unallocated **** 5,153 — — — 5,153
Segment Result Total ₹ 122,850 ₹ 45 ₹ 1,061 ₹ (903 ) ₹ 123,053
Finance expense (5,088 )
Finance and other income 20,912
Share of net profit/(loss) of associates accounted for using the equity method 130
Profit before tax ₹ 139,007
Income tax expense (30,345 )
Profit for the year ₹ 108,662
Depreciation, amortization and impairment ₹ 27,656

Information on reportable segments for the year ended March 31, 2022, is as follows:

IT Services IT Products ISRE ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 217,874 ₹ 239,404 ₹ 233,443 ₹ 91,103 ₹ 781,824 ₹ 6,173 ₹ 7,295 ₹ (3 ) ₹ 795,289
Other operating income/(loss), net — — — — **** 2,186 — — — 2,186
Segment Result 42,820 47,376 35,739 10,523 **** 136,458 115 1,173 (80 ) 137,666
Unallocated **** 434 — — — 434
Segment Result Total ₹ 139,078 ₹ 115 ₹ 1,173 ₹ (80 ) ₹ 140,286
Finance expense (5,325 )
Finance and other income 16,257
Share of net profit/(loss) of associates accounted for using the equity method 57
Profit before tax ₹ 151,275
Income tax expense (28,946 )
Profit for the year ₹ 122,329
Depreciation, amortization and impairment ₹ 30,911

28

Revenues from India, being Company’s country of domicile, is ₹ 7,211 and ₹ 6,796 for three months ended March 31, 2021 and 2022, respectively and ₹ 27,156 and ₹ 25,939 for year ended March 31, 2021 and 2022, 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 March 31, Year ended March 31,
2021 2022 2021 2022
United States of America ₹ 86,232 ₹ 114,641 ₹ 336,009 ₹ 427,021
United Kingdom 19,093 26,923 67,852 101,437
₹ 105,325 ₹ 141,564 ₹ 403,861 ₹ 528,458

No customer individually accounted for more than 10% of the revenues during the three months and year ended March 31, 2021 and 2022.

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<br>activities.
b) Revenue from sale of company owned intellectual properties is reported as part of IT Services revenues.<br>
--- ---
c) For the purpose of segment reporting, the Company has included the impact of foreign exchange gains/(losses),<br>net in revenues (which is reported as a part of operating profit in the interim condensed consolidated statement of income).
--- ---
d) During the three months and year ended March 31, 2021, the Company has contributed ₹ Nil and ₹ 991 respectively towards<br>COVID-19 and is reported in Reconciling items.
--- ---
e) Other operating income/(loss) of<br>₹ Nil and ₹ 7 is included as part of IT Services segment results for three<br>months ended March 31, 2021 and 2022 respectively and ₹ (81) and<br>₹ 2,186 is included as part of IT Services segment results for year ended March 31, 2021 and 2022 respectively. Refer to Note 26.
--- ---
f) Segment results for the three months and year ended March 31,2021, are after considering the impact of<br>impairment charge of ₹ Nil and ₹ 1,250 in Americas 1 and ₹ Nil and ₹ 192 in Europe, respectively. Further, an impairment charge of ₹ Nil and ₹ 674 for the three months and year ended March 31, 2021<br>respectively, towards certain marketing-related intangible assets and software platform recognized on acquisitions is allocated to all IT Services SMUs. The remaining impairment charge of<br>₹ Nil and ₹ 302 for the three months and year ended March 31, 2021,<br>respectively is included under unallocated. (Refer to Note 4, 6 and 21).
--- ---
g) Segment results for the three months and year ended March 31, 2021, are after considering additional<br>amortization of ₹ 795 in Americas 2 due to change in our estimate of useful life of the customer-related intangibles in an earlier business combination (Refer to<br>Note 6).
--- ---
h) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,091 and ₹ 1,730 for the three months ended March 31, 2021 and 2022,<br>respectively and ₹ 2,897 and ₹ 4,164 for the year ended March 31, 2021<br>and 2022, respectively.
--- ---

29. List of subsidiaries and investments accounted for using equity method as at March 31, 2022 isprovided below:

Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
Wipro, LLC USA
Wipro Gallagher Solutions, LLC USA
Wipro Opus Risk Solutions LLC (formerly known as Wipro Opus Mortgage Solutions LLC) USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
HealthPlan Services, Inc. ** USA
Wipro Appirio, Inc. ** USA
Designit North America, Inc. USA
Infocrossing, LLC USA
Wipro US Foundation USA
International TechneGroup Incorporated ** USA
Wipro Designit Services, Inc. ** USA
Wipro VLSI Design Services, LLC USA
Cardinal US Holdings, Inc.** USA
LeanSwift Solutions, Inc.** USA
Edgile, LLC USA
Wipro Overseas IT Services Private Limited India
Wipro Japan KK Japan
Designit Tokyo Ltd. Japan
Wipro Shanghai Limited China
Wipro Trademarks Holding Limited India
Wipro Travel Services Limited India

29

Wipro Holdings (UK) Limited U.K.
Designit A/S Denmark
Designit Denmark A/S Denmark
Designit Germany GmbH Germany
Designit Oslo A/S Norway
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
Designit Spain Digital, S.L.U Spain
Wipro Europe Limited U.K.
Wipro UK Limited U.K.
Wipro Financial Services UK Limited U.K.
Wipro IT Services S.R.L. Romania
Wipro Gulf LLC Sultanate of Oman
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro 4C NV Belgium
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V (formerly known as 4C Nederland B.V) Netherlands
Wipro Weare4C UK Limited ** U.K.
Wipro 4C Consulting France SAS France
Wipro IT Services UK Societas U.K.
Wipro Doha LLC # Qatar
Wipro Technologies SA DE CV Mexico
Wipro Holdings Hungary Korlátolt Felelősségű Társaság Hungary
Wipro Holdings Investment <br>Korlátolt Felelősségű Társaság Hungary
Wipro Information Technology Egypt SAE Egypt
Wipro Arabia Co. Limited * Saudi Arabia
Women’s Business Park Technologies Limited * Saudi Arabia
Wipro Poland SP Z.O.O Poland
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Ampion Holdings Pty Ltd** Australia
Wipro Technologies South Africa (Proprietary) Limited South Africa
Wipro Technologies Nigeria Limited Nigeria
Wipro IT Service Ukraine, LLC Ukraine
Wipro Information Technology Netherlands BV. Netherlands
Wipro Portugal S.A. ** Portugal
Wipro Technologies Limited Russia
Wipro Technology Chile SPA Chile
Wipro Solutions Canada Limited Canada
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Technologies Peru SAC Peru
Wipro do Brasil Technologia Ltda ** Brazil
Wipro Technologies SA Argentina
Wipro Technologies SRL Romania
PT. WT Indonesia Indonesia
Wipro (Thailand) Co. Limited Thailand
Rainbow Software LLC Iraq
Cardinal Foreign Holdings S.á.r.l Luxembourg
Cardinal Foreign Holdings 2 S.á.r.l ** Luxembourg
Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China

30

Wipro Technologies SDN BHD Malaysia
Wipro Chengdu Limited China
Wipro Philippines, Inc. Philippines
Wipro IT Services Bangladesh Limited Bangladesh
Wipro HR Services India Private Limited India
Encore Theme Technologies Private Limited * India
Wipro VLSI Design Services India Private Limited (Formerly known as Eximius Design India Private Limited) India
Capco Technologies Private Limited India
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the<br>equity securities of Encore Theme Technologies Private Limited, 66.67% of the equity securities of Wipro Arabia Co. Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Co. Limited. The<br>remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory approvals/confirmations.
--- ---

51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in these holdings is with the Company.

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.

** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc,<br>International TechneGroup Incorporated, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty Ltd, and LeanSwift Solutions, Inc. are<br>as follows:
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro IT Services Austria GmbH Austria
Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH)*** Germany
Wipro do Brasil Technologia Ltda Brazil
Wipro Do Brasil Sistemetas De Informatica Ltd Brazil
Wipro do Brasil Servicos Ltda Brazil
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, LLC USA
International TechneGroup Incorporated USA
International TechneGroup Ltd. U.K.
ITI Proficiency Ltd Israel
Wipro Italia S.R.L. (formerly known as International TechneGroup S.R.L.) Italy
MechWorks S.R.L. Italy
Wipro Appirio, Inc. USA
Wipro Appirio, K.K. (formerly known as Appirio, K.K) Japan
Topcoder, LLC. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited U.K.
Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro Weare4C UK Limited U.K.
CloudSocius DMCC UAE

31

Cardinal Foreign Holdings 2 S.á.r.l Luxembourg
Grove Holdings 2 S.á.r.l Luxembourg
The Capital Markets Company BV*** Belgium
Capco Brasil Serviços E Consultoria Em Informática Ltda Brazil
Cardinal US Holdings, Inc. USA
The Capital Markets Company LLC USA
CAPCO (US) LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
ATOM Solutions LLC USA
NEOS Holdings LLC USA
NEOS LLC USA
NEOS Software LLC USA
Ampion Holdings Pty Ltd Australia
Ampion Pty Ltd Australia
Crowdsprint Pty Ltd Australia
Revolution IT Pty Ltd Australia
Iris Holdco Pty Ltd*** Australia
LeanSwift Solutions, Inc. USA
LeanSwift Solutions, LLC USA
LeanSwift AB Sweden
*** Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) and Iris Holdco Pty Ltd are as follows:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
The Capital Markets Company BV Belgium
Capco Belgium BV Belgium
The Capital Markets Company (UK) Ltd UK
Capco (UK) 1, Limited UK
The Capital Markets Company Limited Canada
Capco (US) GP LLC**** USA
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) Company Limited China
The Capital Markets Company s.r.o Slovakia
The Capital Markets Company S.A.S France
Capco Poland sp. z.o.o Poland
The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company BV Netherlands
CapAfric Consulting (Pty) Ltd South Africa
Capco Consulting Singapore Pte. Ltd Singapore
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria
Capco Consultancy (Malaysia) Sdn. Bhd Malaysia
Capco Greece Single Member P.C Greece
Capco Consultancy (Thailand) Ltd Thailand
Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) Germany
Wipro Technology Solutions S.R.L (formerly known as Metro Systems Romania S.R.L) Romania
Iris Holdco Pty Ltd Australia
Iris Bidco Pty Ltd Australia
Shelde Pty Ltd Australia
**** Step Subsidiary details of Capco (US) GP LLC is as follows:
--- ---

32

Subsidiaries Subsidiaries Subsidiaries Country of Incorporation
Capco (US) GP LLC USA
Capco (Canada) GP ULC Canada

As at March 31, 2022, the Company held 43.7% interest in Drivestream Inc., 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
Capco (Canada) LP^@^ Canada
^@^ The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners,<br>respectively.
--- ---
30. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the<br>contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which<br>are under active consideration by the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian subsidiaries is not expected to be<br>material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are<br>notified and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
--- ---
31. Buyback of equity shares during the year ended March 31, 2021
--- ---

During the year ended March 31, 2021, the Company concluded the buyback of 237,500,000 equity shares (at a price of ₹ 400 per equity share) as approved by the Board of Directors on October 13, 2020. This resulted in a total cash outflow of ₹ 116,445 (including tax on buyback of ₹ 21,445). In line with the requirement of the Companies Act 2013, an amount of ₹ 1,427 and ₹ 115,018 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 475 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹ 475.

32. As part of customer contract with Metro AG, the Company has acquired<br>Metro-nom GmbH (currently known as Wipro Business Solutions GmbH) and Metro Systems Romania S.R.L. (currently known as Wipro Technology Solutions S.R.L.), the IT units of Metro AG in Germany and Romania,<br>respectively, for a consideration of ₹ 5,096. Considering the terms and conditions of the agreement, the Company has concluded that this transaction does not meet<br>the definition of Business under IFRS 3*“Business Combinations”*. The transaction was consummated on April 1, 2021. The fair value of net assets acquired aggregating to<br>₹ 4,691 is allocated to respective assets and liabilities. The excess of consideration paid, and net assets taken over is accounted as ‘costs to obtain<br>contract’, which will be amortized over the tenure of the contract as reduction in revenues.
33. The Board of Directors in their meeting held on March 25, 2022, declared an interim dividend of ₹ 5/- (US$ 0.07) per equity share and ADR (250% on an equity share of par value of<br>₹ 2/-). Consequently, the Company has recorded a liability of ₹ 27,337 as<br>at March 31, 2022 and this has been paid subsequently on April 19, 2022.
--- ---
34. Events after reporting period
--- ---
(a) On April 11, 2022, the Company acquired Convergence Acceleration Solutions, LLC (CAS Group), a USA based<br>consulting and program management company that specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers, for a total consideration (upfront cash payout to acquire control and<br>contingent consideration) of US$ 80 million. The provisional purchase price allocation is in progress.
--- ---
(b) On April 26, 2022, the Company entered into a definitive agreement to acquire Rizing Intermediate<br>Holdings, Inc and its subsidiaries (“Rizing”) for a total consideration of US$ 540 million. Rizing is a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer<br>industries, and human experience management. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be concluded in the quarter ending June 30, 2022.
--- ---
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 Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Vikas Bagaria Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 60408
Bengaluru
April 29, 2022

33

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 AND YEAR ENDED MARCH 31, 2022

UNDER IFRS (IASB)

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

Particulars Three months ended Year ended
March31, 2022 December31, 2021 March31, 2021 March31, 2022 March31, 2021
Income from operations
a) Revenue 208,600 203,136 162,454 790,934 619,430
b) Other operating income/(loss), net 7 14 — 2,186 (81 )
c) Foreign exchange gains/(loss), net 1,075 1,187 886 4,355 2,995
I Total income from operations **** 209,682 **** 204,337 **** 163,340 **** 797,475 **** 622,344
Expenses
a) Purchase of<br>stock-in-trade 1,639 2,031 2,064 6,735 6,957
b) Changes in inventories of finished goods and stock-in-trade (300 ) (285 ) 36 (369 ) 315
c) Employee benefit expense 121,302 114,860 86,172 450,075 332,371
d) Depreciation, amortization and impairment 7,345 7,459 6,995 30,911 27,656
e) Sub-contracting and technical fees 28,503 28,190 21,494 108,589 83,609
f) Facility expenses 7,047 6,352 5,288 25,269 20,255
g) Travel 1,959 2,281 1,310 7,320 5,258
h) Communication 1,389 1,391 1,452 5,760 6,069
i) Legal and professional fees 1,619 2,015 1,589 7,561 5,561
j) Marketing and brand building 576 499 332 2,010 1,011
k) Lifetime expected credit loss/ (write-back) (389 ) (203 ) (109 ) (797 ) 1,506
l) Other expenses 3,881 4,212 2,550 14,125 8,723
II Total expenses **** 174,571 **** 168,802 **** 129,173 **** 657,189 **** 499,291
III Finance expenses 1,717 1,403 1,122 5,325 5,088
IV Finance and Other Income 3,946 3,578 4,447 16,257 20,912
V Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 76 4 57 130
VI Profit before tax[I-II-III+IV+V] **** 37,324 **** 37,786 **** 37,496 **** 151,275 **** 139,007
VII Tax expense 6,399 8,063 7,755 28,946 30,345
VIII Profit for the period [VI-VII] **** 30,925 **** 29,723 **** 29,741 **** 122,329 **** 108,662
IX Total Other comprehensive income for the period 4,471 1,772 (616 ) 11,600 6,679
Total comprehensive income for the period [VIII+IX] **** 35,396 **** 31,495 **** 29,125 **** 133,929 **** 115,341
X Profit for the period attributable to:
Equity holders of the Company 30,873 29,690 29,721 122,191 107,946
Non-controlling Interests 52 33 20 138 716
**** 30,925 **** 29,723 **** 29,741 **** 122,329 **** 108,662
Total comprehensive income for the period attributable to:
Equity holders of the Company 35,321 31,459 29,105 133,742 114,678
Non-controlling Interests 75 36 20 187 663
**** 35,396 **** 31,495 **** 29,125 **** 133,929 **** 115,341

34

XI Paid up equity share capital (Par value 2 per share) 10,962 10,958 10,964 10,958
XII Reserves excluding revaluation reserves and<br>Non-controlling Interests as per balance sheet 647,194 542,137
XIII Earnings per share (EPS)
(Equity shares of par value of<br> 2/- each)
(EPS for the three months ended periods is not annualized)
Basic (in<br>) 5.43 5.39 22.35 19.11
Diluted (in<br>) 5.42 5.38 22.29 19.07

All values are in Indian Rupees.

1. The audited consolidated financial results of the Company for the three months and year ended<br>March 31, 2022, have been approved by the Board of Directors of the Company at its meeting held on April 29, 2022. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with<br>unmodified opinion on the consolidated financial results.
2. The above consolidated financial results have been prepared on the basis of the audited interim<br>condensed consolidated financial statements for the year ended March 31, 2022 and the audited interim condensed consolidated financial statements for the nine months ended December 31, 2021, which are prepared in accordance with<br>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<br>reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.
--- ---
3. Estimation uncertainty relating to the global health pandemic onCOVID-19
--- ---

In assessing the recoverability of receivables including unbilled receivables, contract assets and contract costs, goodwill, intangible assets, and certain investments, the Company has considered internal and external information up to the date of approval of these consolidated financial results including credit reports and economic forecasts. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets.

The Company basis its assessment believes that the probability of the occurrence of forecasted transactions is not impacted by COVID-19. The Company has also considered the effect of changes, if any, in both counterparty credit risk and own credit risk while assessing hedge effectiveness and measuring hedge ineffectiveness and continues to believe that there is no impact on effectiveness of its hedges.

The impact of COVID-19 may be different from what we have estimated as of the date of approval of these consolidated financial results and the Company will continue to closely monitor any material changes to future economic conditions.

4. List of subsidiaries and investments accounted for using equity method as at March 31, 2022 areprovided in the table below:
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Wipro, LLC USA
Wipro Gallagher Solutions, LLC USA
Wipro Opus Risk Solutions LLC (formerly known as Wipro Opus Mortgage Solutions LLC) USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
HealthPlan Services, Inc. ** USA
Wipro Appirio, Inc. ** USA
Designit North America, Inc. USA
Infocrossing, LLC USA
Wipro US Foundation USA
International TechneGroup Incorporated ** USA
Wipro Designit Services, Inc. ** USA
Wipro VLSI Design Services, LLC USA
Cardinal US Holdings, Inc.** USA
LeanSwift Solutions, Inc.** USA
Edgile, LLC USA
Wipro Overseas IT Services Private Limited India
Wipro Japan KK Japan
Designit Tokyo Ltd. Japan
Wipro Shanghai Limited China

35

Wipro Trademarks Holding Limited India
Wipro Travel Services Limited India
Wipro Holdings (UK) Limited U.K.
Designit A/S Denmark
Designit Denmark A/S Denmark
Designit Germany GmbH Germany
Designit Oslo A/S Norway
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
Designit Spain Digital, S.L.U Spain
Wipro Europe Limited U.K.
Wipro UK Limited U.K.
Wipro Financial Services UK Limited U.K.
Wipro IT Services S.R.L. Romania
Wipro Gulf LLC Sultanate of Oman
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro 4C NV Belgium
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V (formerly known as 4C Nederland B.V) Netherlands
Wipro Weare4C UK Limited ** U.K.
Wipro 4C Consulting France SAS France
Wipro IT Services UK Societas U.K.
Wipro Doha LLC # Qatar
Wipro Technologies SA DE CV Mexico
Wipro Holdings Hungary Korlátolt Felelősségű Társaság Hungary
Wipro Holdings Investment <br>Korlátolt Felelősségű Társaság Hungary
Wipro Information Technology Egypt SAE Egypt
Wipro Arabia Co. Limited * Saudi Arabia
Women’s Business Park Technologies Limited * Saudi Arabia
Wipro Poland SP Z.O.O Poland
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Ampion Holdings Pty Ltd** Australia
Wipro Technologies South Africa (Proprietary) Limited South Africa
Wipro Technologies Nigeria Limited Nigeria
Wipro IT Service Ukraine, LLC Ukraine
Wipro Information Technology Netherlands BV. Netherlands
Wipro Portugal S.A. ** Portugal
Wipro Technologies Limited Russia
Wipro Technology Chile SPA Chile
Wipro Solutions Canada Limited Canada
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Technologies Peru SAC Peru
Wipro do Brasil Technologia Ltda ** Brazil
Wipro Technologies SA Argentina
Wipro Technologies SRL Romania
PT. WT Indonesia Indonesia
Wipro (Thailand) Co. Limited Thailand
Rainbow Software LLC Iraq
Cardinal Foreign Holdings S.á.r.l Luxembourg
Cardinal Foreign Holdings 2 S.á.r.l ** Luxembourg

36

Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China
Wipro Technologies SDN BHD Malaysia
Wipro Chengdu Limited China
Wipro Philippines, Inc. Philippines
Wipro IT Services Bangladesh Limited Bangladesh
Wipro HR Services India Private Limited India
Encore Theme Technologies Private Limited * India
Wipro VLSI Design Services India Private Limited (Formerly known as Eximius Design India Private Limited) India
Capco Technologies Private Limited India
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the<br>equity securities of Encore Theme Technologies Private Limited, 66.67% of the equity securities of Wipro Arabia Co. Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Co. Limited. The<br>remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory approvals/confirmations.
--- ---
# 51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in<br>these holdings is with the Company.
--- ---

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.

** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc,<br>International TechneGroup Incorporated, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty Ltd, and LeanSwift Solutions, Inc. are<br>as follows:
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro IT Services Austria GmbH Austria
Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH)*** Germany
Wipro do Brasil Technologia Ltda Brazil
Wipro Do Brasil Sistemetas De Informatica Ltd Brazil
Wipro do Brasil Servicos Ltda Brazil
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, LLC USA
International TechneGroup Incorporated USA
International TechneGroup Ltd. U.K.
ITI Proficiency Ltd Israel
Wipro Italia S.R.L. (formerly known as International TechneGroup S.R.L.) Italy
MechWorks S.R.L. Italy
Wipro Appirio, Inc. USA
Wipro Appirio, K.K. (formerly known as Appirio, K.K) Japan
Topcoder, LLC. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited U.K.

37

Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro Weare4C UK Limited U.K.
CloudSocius DMCC UAE
Cardinal Foreign Holdings 2 S.á.r.l Luxembourg
Grove Holdings 2 S.á.r.l Luxembourg
The Capital Markets Company BV*** Belgium
Capco Brasil Serviços E Consultoria Em Informática Ltda Brazil
Cardinal US Holdings, Inc. USA
The Capital Markets Company LLC USA
CAPCO (US) LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
ATOM Solutions LLC USA
NEOS Holdings LLC USA
NEOS LLC USA
NEOS Software LLC USA
Ampion Holdings Pty Ltd Australia
Ampion Pty Ltd Australia
Crowdsprint Pty Ltd Australia
Revolution IT Pty Ltd Australia
Iris Holdco Pty Ltd*** Australia
LeanSwift Solutions, Inc. USA
LeanSwift Solutions, LLC USA
LeanSwift AB Sweden
*** Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) and Iris Holdco Pty Ltd are as follows:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
The Capital Markets Company BV Belgium
Capco Belgium BV Belgium
The Capital Markets Company (UK) Ltd UK
Capco (UK) 1, Limited UK
The Capital Markets Company Limited Canada
Capco (US) GP LLC**** USA
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) Company Limited China
The Capital Markets Company s.r.o Slovakia
The Capital Markets Company S.A.S France
Capco Poland sp. z.o.o Poland
The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company BV Netherlands
CapAfric Consulting (Pty) Ltd South Africa
Capco Consulting Singapore Pte. Ltd Singapore
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria
Capco Consultancy (Malaysia) Sdn. Bhd Malaysia
Capco Greece Single Member P.C Greece
Capco Consultancy (Thailand) Ltd Thailand

38

Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) Germany
Wipro Technology Solutions S.R.L (formerly known as Metro Systems Romania S.R.L) Romania
Iris Holdco Pty Ltd Australia
Iris Bidco Pty Ltd Australia
Shelde Pty Ltd Australia
**** Step Subsidiary details of Capco (US) GP LLC is as follows:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country of<br><br><br>Incorporation
--- --- --- ---
Capco (US) GP LLC USA
Capco (Canada) GP ULC Canada

As at March 31, 2022, the Company held 43.7% interest in Drivestream Inc., 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
Capco (Canada) LP@ Canada
@ The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners,<br>respectively.
--- ---
5. Segment Information
--- ---

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (“ISRE”).

IT Services: During the year ended March 31, 2021, in order to broad base our growth, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. 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.

Prior to the Company’s re-organization of its IT services segment, the IT services segment was organized by seven industry verticals: Banking, Financial Services and Insurance (“BFSI”), Health Business unit (“Health BU”), Consumer Business unit (“CBU”), Energy, Natural Resources & Utilities (“ENU”), Manufacturing (“MFG”), Technology (“TECH”) and Communications (“COMM”).

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.

ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India and/or any State Governments.

The Chairman of the Company has been identified as the Chief Operating Decision Maker (“CODM”) as defined by IFRS 8, “Operating Segments”. The Chairman 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.

39

Information on reportable segments for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, year ended March 31, 2022 and March 31, 2021 are as follows:

Particulars Three months ended Year ended
March31, 2022 December31, 2021 March31, 2021 March31, 2022 March31, 2021
Audited Audited Audited Audited Audited
Revenue
IT Services
Americas 1 58,342 56,644 46,510 217,874 178,091
Americas 2 63,963 61,076 46,475 239,404 179,821
Europe 60,743 59,620 45,107 233,443 165,441
APMEA 23,560 23,596 20,825 91,103 82,462
Total of IT Services **** 206,608 **** 200,936 **** 158,917 **** 781,824 **** 605,815
IT Products 1,201 1,767 2,117 6,173 7,685
ISRE 1,868 1,623 2,302 7,295 8,912
Reconciling Items (2 ) (3 ) 4 (3 ) 13
Total Revenue **** 209,675 **** 204,323 **** 163,340 **** 795,289 **** 622,425
Other operating income/(loss), net
IT Services 7 14 — 2,186 (81 )
Total Other operating income/(loss), net **** 7 **** 14 **** — **** 2,186 **** (81 )
Segment Result
IT Services
Americas 1 11,530 11,390 9,863 42,820 33,040
Americas 2 12,150 12,057 10,500 47,376 41,589
Europe 9,056 9,172 8,704 35,739 31,673
APMEA 1,946 2,483 3,074 10,523 11,476
Unallocated 361 173 1,257 434 5,153
Other operating income/(loss), net 7 14 — 2,186 (81 )
Total of IT Services **** 35,050 **** 35,289 **** 33,398 **** 139,078 **** 122,850
IT Products (22 ) 96 145 115 45
ISRE 171 134 587 1,173 1,061
Reconciling Items (88 ) 16 37 (80 ) (903 )
Total Segment result **** 35,111 **** 35,535 **** 34,167 **** 140,286 **** 123,053
Finance expenses (1,717 ) (1,403 ) (1,122 ) (5,325 ) (5,088 )
Finance and Other Income 3,946 3,578 4,447 16,257 20,912
Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 76 4 57 130
Profit before tax **** 37,324 **** 37,786 **** 37,496 **** 151,275 **** 139,007

Notes

a) “Reconciling items” includes elimination of inter-segment transactions and other corporate<br>activities.
b) Revenue from sale of company owned intellectual properties is reported as part of IT Services revenues.<br>
--- ---
c) For the purpose of segment reporting, the Company has included the net impact of foreign exchange in revenues<br>amounting to ₹ 1,075, ₹ 1,187 and ₹ 886 for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021 respectively,<br>₹ 4,355, and ₹ 2,995 for the year ended March 31, 2022, and<br>March 31, 2021 respectively, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.
--- ---
d) During the three months and year ended March 31, 2021 the Company has contributed ₹ Nil and ₹ 991 respectively towards<br>COVID-19 and is reported in Reconciling items.
--- ---
e) Segment results for the three months and year ended March 31, 2021, are after considering the impact<br>of impairment charge of ₹ Nil and ₹ 1,250 in Americas 1 and ₹ Nil and ₹ 192 in Europe, respectively. Further, an impairment charge of ₹ Nil and ₹ 674 for the three months and year ended March 31, 2021<br>respectively, towards certain marketing-related intangible assets and software platform recognized on acquisitions is allocated to all IT Services SMUs. The remaining impairment charge of<br>₹ Nil and ₹ 302 for the three months and year ended March 31, 2021,<br>respectively is included under unallocated.
--- ---

40

f) Segment results for the three months and year ended March 31, 2021, are after considering additional<br>amortization of ₹ 795 in Americas 2 due to change in our estimate of useful life of the customer-related intangibles in an earlier business combination.<br>
g) Other operating income/(loss) of<br>₹ 7, ₹ 14 and<br>₹ Nil is included as part of IT Services segment results for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021<br>respectively and ₹ 2,186 and ₹ (81) is included as part of IT Services<br>segment for the year ended March 31, 2022 and March 31, 2021. Refer to Note 8.
--- ---
h) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,730, ₹ 805 and<br>₹ 1,091 for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021 respectively, ₹ 4,164 and ₹ 2,897 for the year ended March 31, 2022 and March 31, 2021 respectively.<br>
--- ---
6. Consolidated Balance Sheet:
--- ---
As at March 31, 2021 As at March 31, 2022
--- --- --- --- ---
ASSETS
Goodwill 139,127 246,989
Intangible assets 13,085 43,555
Property, plant and equipment 85,192 90,898
Right-of-use<br>assets 16,420 18,870
Financial assets
Derivative assets 16 6
Investments 10,576 19,109
Trade receivables 4,358 4,765
Other financial assets 6,088 6,084
Investments accounted for using the equity method 1,464 774
Deferred tax assets 1,664 2,298
Non-current tax assets 14,323 10,256
Other non-current assets 15,935 14,826
Total non-current assets **** 308,248 **** 458,430
Inventories 1,064 1,334
Financial assets
Derivative assets 4,064 3,032
Investments 175,707 241,655
Cash and cash equivalents 169,793 103,836
Trade receivables 94,298 115,219
Unbilled receivables 27,124 60,809
Other financial assets 7,245 42,914
Contract assets 16,507 20,647
Current tax assets 2,461 2,373
Other current assets 24,923 28,933
Total current assets **** 523,186 **** 620,752
TOTAL ASSETS **** 831,434 **** 1,079,182
EQUITY
Share capital 10,958 10,964
Share premium 714 1,566
Retained earnings 466,692 551,252
Share-based payment reserve 3,071 5,258
Special Economic Zone Re-investment reserve 41,154 47,061
Other components of equity 30,506 42,057
Equity attributable to the equity holders of the Company **** 553,095 **** 658,158
Non-controlling interests 1,498 515
TOTAL EQUITY **** 554,593 **** 658,673
LIABILITIES
Financial liabilities
Loans and borrowings 7,458 56,463
Lease liabilities 13,513 15,177
Derivative liabilities — 48
Other financial liabilities 2,291 2,961
Deferred tax liabilities 4,633 12,141
Non-current tax liabilities 11,069 17,818
Other non-current liabilities 7,835 7,571
Provisions 2 1
Total non-current liabilities **** 46,801 **** 112,180
Financial liabilities
Loans, borrowings and bank overdrafts 75,874 95,233
Lease liabilities 7,669 9,056
Derivative liabilities 1,070 585
Trade payables and accrued expenses 76,512 99,034
Other financial liabilities 1,470 33,110
Contract liabilities 22,535 27,915
Current tax liabilities 17,324 13,231
Other current liabilities 24,552 27,394
Provisions 3,034 2,771
Total current liabilities **** 230,040 **** 308,329
TOTAL LIABILITIES **** 276,841 **** 420,509
TOTAL EQUITY AND LIABILITIES **** 831,434 **** 1,079,182

41

7. Consolidated statement of cash flows:
Year ended March 31,
--- --- --- --- --- --- ---
2021 2022
Cash flows from operating activities
Profit for the year 108,662 122,329
Adjustments to reconcile profit for the year to net cash generated from operatingactivities
Gain on sale of property, plant and equipment, net (516 ) (313 )
Depreciation, amortization and impairment expense 27,656 30,911
Unrealized exchange gain, net and exchange gain on borrowings (2,251 ) (1,021 )
Share-based compensation expense 2,310 4,110
Share of net profit of associates accounted for using equity method (130 ) (57 )
Income tax expense 30,345 28,946
Finance and other income, net of finance expenses (16,614 ) (9,447 )
(Gain)/loss from sale of business and investment accounted for using the equity method 81 (2,186 )
Gain on derecognition of contingent consideration payable — (301 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables 12,848 (11,833 )
Unbilled receivables and contract assets (1,062 ) (31,396 )
Inventories 803 (256 )
Other assets 931 (6,530 )
Trade payables, accrued expenses, other liabilities and provisions 5,698 9,695
Contract liabilities 3,704 3,832
Cash generated from operating activities before taxes 172,465 136,483
Income taxes paid, net (24,915 ) (25,686 )
Net cash generated from operating activities **** 147,550 **** 110,797
Cash flows from investing activities
Payment for purchase of property, plant and equipment (19,577 ) (20,153 )
Proceeds from disposal of property, plant and equipment 753 736
Payment for purchase of investments (1,172,251 ) (1,015,486 )
Proceeds from sale of investments 1,189,059 953,735
Payment into interim dividend account — (27,410 )
Payment for business acquisitions including deposits and escrow, net of cash acquired (9,873 ) (129,846 )
Proceeds from sale of investment accounted for using the equity method — 1,652
Interest received 19,624 12,275
Dividend received 4 2
Net cash generated from/(used in) investing activities **** 7,739 **** (224,495 )
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment 6 6
Repayment of loans and borrowings (97,206 ) (191,810 )
Proceeds from loans and borrowings 103,418 260,120
Payment of lease liabilities (8,660 ) (9,730 )
Payment for buyback of equity shares, including transaction cost (95,199 ) —
Payment of tax on buyback of equity shares (21,445 ) —
Payment for deferred contingent consideration — (309 )
Interest and finance expenses paid (3,335 ) (5,089 )
Payment of dividend (5,459 ) (5,467 )
Payment of dividend to Non-controlling interests<br>holders (960 ) (1,135 )
Net cash generated from/(used in) financing activities **** (128,840 ) **** 46,586
Net increase/(decrease) in cash and cash equivalents during the year 26,449 (67,112 )
Effect of exchange rate changes on cash and cash equivalents (890 ) 1,282
Cash and cash equivalents at the beginning of the year 144,104 169,663
Cash and cash equivalents at the end of the year **** 169,663 **** 103,833
8. Other operating income/(loss), net
--- ---

The Company has partially met the first and second-year business targets pertaining to sale of hosted data center business concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement of cumulative business targets amounting to ₹ Nil and ₹ (81) for the three months and year ended March 31, 2021 respectively has been recognized under other operating income/(loss), net.

During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its investment in Ensono Holdings, LLC for a consideration of ₹ 5,628 and recognized a cumulative gain of ₹ 1,252 (net of tax ₹ 430) in other comprehensive income being profit on sale of investment designated as FVTOCI. The Company also recognized ₹ 1,233 for the year ended March 31, 2022 under other operating income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.

During the year ended March 31, 2022, as a result of acquisition of by another investor, the Company sold its investment in Denim Group, Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method, for a consideration of ₹ 1,652 and recognized a cumulative gain of ₹ 953 in other operating income/(loss), net including reclassification of exchange differences on foreign currency translation.

9. Business combinations

Summary of acquisitions during the year ended March 31, 2022 is given below:

During the year ended March 31, 2022, the Company has completed four business combinations by acquiring 100% equity interest in:

(a)    Capco and its subsidiaries (“Capco”), a global management and technology consultancy company providing digital, consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific. The acquisition was consummated on April 29, 2021 for total cash consideration of ₹ 109,530.

(b)    Ampion Holdings Pty Ltd and its subsidiaries(“Ampion”), an Australia-based provider of cyber security, DevOps and quality engineering services. The acquisition was consummated on August 6, 2021 for total cash consideration of ₹ 9,102.

42

(c)    Edgile, LLC (“Edgile”), a USA based transformational cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. The acquisition was consummated on December 31, 2021 for total consideration (upfront cash payout to acquire control and contingent consideration) of ₹ 17,176.

(d)    LeanSwift Solutions Inc. and its subsidiaries (“LeanSwift”), a system integrator of Infor products for customers across the Americas and Europe. The acquisition was consummated on December 31, 2021 for total cash consideration of ₹ 1,606.

The following table presents the purchase price allocation:

Description Capco Ampion Edgile LeanSwift
Net assets ₹ 4,667 ₹ 1,235 ₹ 1,306 ₹ 199
Fair value of Customer-related intangibles 24,273 1,748 1,754 59
Fair value of Marketing-related intangibles 8,083 460 1,160 111
Deferred tax liabilities on intangible assets (9,383 ) (663 ) — (48 )
Total ₹ 27,640 ₹ 2,780 ₹ 4,220 ₹ 321
Goodwill 81,890 6,322 12,956 1,285
Total purchase price ₹ 109,530 ₹ 9,102 ₹ 17,176 ₹ 1,606

The purchase price allocation for Edgile and LeanSwift is provisional and will be finalized as soon as practicable within the measurement period, but in no event later than one year following the date of acquisition.

10. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the<br>contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which<br>are under active consideration by the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian subsidiaries is not expected to be<br>material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are<br>notified and will give appropriate impact in the financial results in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
11. As part of customer contract with Metro AG, the Company has acquired<br>Metro-nom GmbH (currently known as Wipro Business Solutions GmbH) and Metro Systems Romania S.R.L. (currently known as Wipro Technology Solutions S.R.L.), the IT units of Metro AG in Germany and Romania,<br>respectively, for a consideration of ₹ 5,096. Considering the terms and conditions of the agreement, the Company has concluded that this transaction does not meet<br>the definition of Business under IFRS 3 “Business Combinations”. The transaction was consummated on April 1, 2021. The fair value of net assets acquired aggregating to<br>₹ 4,691 is allocated to respective assets and liabilities. The excess of consideration paid, and net assets taken over is accounted as ‘costs to obtain<br>contract’, which will be amortized over the tenure of the contract as reduction in revenues.
--- ---
12. On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited,<br>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. The notes were issued at the discounted price of 99.636% against par<br>value and have an effective interest rate of 1.6939% after considering the issue expenses and discount of ₹ 501 (US$ 6.7 million). Interest on the Notes is<br>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).<br>
--- ---
13. The Board of Directors in their meeting held on March 25, 2022, declared an interim dividend of ₹ 5/- (US$ 0.07) per equity share and ADR (250% on an equity share of par value of<br>₹ 2/-). Consequently, the Company has recorded a liability of ₹ 27,337 as<br>at March 31, 2022 and this has been paid subsequently on April 19, 2022.
--- ---
14. Events after reporting period
--- ---
(a) On April 11, 2022, the Company acquired Convergence Acceleration Solutions, LLC (CAS Group), a USA based<br>consulting and program management company that specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers, for a total consideration (upfront cash payout to acquire control and<br>contingent consideration) of US$ 80 million.
--- ---
(b) On April 26, 2022, the Company entered into a definitive agreement to acquire Rizing Intermediate<br>Holdings, Inc. and its subsidiaries (“Rizing”) for a total consideration of US$ 540 million. Rizing is a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer<br>industries, and human experience management. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be concluded in the quarter ending June 30, 2022.
--- ---
By order of the Board, For, Wipro Limited
--- ---
Place: Bengaluru<br> <br>Date: April 29,<br>2022 Rishad A. Premji<br><br><br>Chairman

43

EX-99.5

Exhibit 99.5

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: +91-80-28440054

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2022

UNDER IFRS (IASB)

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

Particulars Year ended
December31, 2021 March31, 2021 March31, 2022 March31, 2021
Income from operations
a) Revenue 208,600 203,136 162,454 790,934 619,430
b) Other operating income/(loss), net 7 14 — 2,186 (81 )
c) Foreign exchange gains/(loss), net 1,075 1,187 886 4,355 2,995
I Total income from operations 209,682 **** 204,337 **** 163,340 **** 797,475 **** 622,344
Expenses
a) Purchase of<br>stock-in-trade 1,639 2,031 2,064 6,735 6,957
b) Changes in inventories of finished goods and stock-in-trade (300 ) (285 ) 36 (369 ) 315
c) Employee benefit expense 121,302 114,860 86,172 450,075 332,371
d) Depreciation, amortization and impairment 7,345 7,459 6,995 30,911 27,656
e) Sub-contracting and technical fees 28,503 28,190 21,494 108,589 83,609
f) Facility expenses 7,047 6,352 5,288 25,269 20,255
g) Travel 1,959 2,281 1,310 7,320 5,258
h) Communication 1,389 1,391 1,452 5,760 6,069
i) Legal and professional fees 1,619 2,015 1,589 7,561 5,561
j) Marketing and brand building 576 499 332 2,010 1,011
k) Lifetime expected credit loss/ (write-back) (389 ) (203 ) (109 ) (797 ) 1,506
l) Other expenses 3,881 4,212 2,550 14,125 8,723
II Total expenses 174,571 **** 168,802 **** 129,173 **** 657,189 **** 499,291
III Finance expenses 1,717 1,403 1,122 5,325 5,088
IV Finance and Other Income 3,946 3,578 4,447 16,257 20,912
V Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 76 4 57 130
VI Profit before tax<br>[I-II-III+IV+V] 37,324 **** 37,786 **** 37,496 **** 151,275 **** 139,007
VII Tax expense 6,399 8,063 7,755 28,946 30,345
VIII Profit for the period [VI-VII] 30,925 **** 29,723 **** 29,741 **** 122,329 **** 108,662
IX Total Other comprehensive income for the period 4,471 1,772 (616 ) 11,600 6,679
Total comprehensive income for the period [VIII+IX] 35,396 **** 31,495 **** 29,125 **** 133,929 **** 115,341
X Profit for the period attributable to:
Equity holders of the Company 30,873 29,690 29,721 122,191 107,946
Non-controlling Interests 52 33 20 138 716
30,925 **** 29,723 **** 29,741 **** 122,329 **** 108,662
Total comprehensive income for the period attributable to:
Equity holders of the Company 35,321 31,459 29,105 133,742 114,678
Non-controlling Interests 75 36 20 187 663
35,396 **** 31,495 **** 29,125 **** 133,929 **** 115,341
XI Paid up equity share capital (Par value 2 per share) 10,964 10,962 10,958 10,964 10,958

All values are in Indian Rupees.

1

XII Reserves excluding revaluation reserves and<br>Non-controlling Interests as per balance sheet 647,194 542,137
XIII Earnings per share (EPS)
(Equity shares of par value of<br> 2/- each)
(EPS for the three months ended periods is not annualized)
Basic (in<br>) 5.43 5.39 22.35 19.11
Diluted (in<br>) 5.42 5.38 22.29 19.07

All values are in Indian Rupees.

1. The audited consolidated financial results of the Company for the three months and year ended<br>March 31, 2022, have been approved by the Board of Directors of the Company at its meeting held on April 29, 2022. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with<br>unmodified opinion on the consolidated financial results.
2. The above consolidated financial results have been prepared on the basis of the audited interim<br>condensed consolidated financial statements for the year ended March 31, 2022 and the audited interim condensed consolidated financial statements for the nine months ended December 31, 2021, which are prepared in accordance with<br>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<br>reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.
--- ---
3. Estimation uncertainty relating to the global health pandemic onCOVID-19
--- ---

In assessing the recoverability of receivables including unbilled receivables, contract assets and contract costs, goodwill, intangible assets, and certain investments, the Company has considered internal and external information up to the date of approval of these consolidated financial results including credit reports and economic forecasts. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets.

The Company basis its assessment believes that the probability of the occurrence of forecasted transactions is not impacted by COVID-19. The Company has also considered the effect of changes, if any, in both counterparty credit risk and own credit risk while assessing hedge effectiveness and measuring hedge ineffectiveness and continues to believe that there is no impact on effectiveness of its hedges.

The impact of COVID-19 may be different from what we have estimated as of the date of approval of these consolidated financial results and the Company will continue to closely monitor any material changes to future economic conditions.

4. List of subsidiaries and investments accounted for using equity method as at March 31, 2022 areprovided in the table below:
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Wipro, LLC USA
Wipro Gallagher Solutions, LLC USA
Wipro Opus Risk Solutions LLC (formerly known as Wipro Opus Mortgage Solutions LLC) USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
HealthPlan Services, Inc. ** USA
Wipro Appirio, Inc. ** USA
Designit North America, Inc. USA
Infocrossing, LLC USA
Wipro US Foundation USA
International TechneGroup Incorporated ** USA
Wipro Designit Services, Inc. ** USA
Wipro VLSI Design Services, LLC USA
Cardinal US Holdings, Inc.** USA
LeanSwift Solutions, Inc.** USA
Edgile, LLC USA
Wipro Overseas IT Services Private Limited India
Wipro Japan KK Japan
Designit Tokyo Ltd. Japan
Wipro Shanghai Limited China
Wipro Trademarks Holding Limited India
Wipro Travel Services Limited India

2

Wipro Holdings (UK) Limited U.K.
Designit A/S Denmark
Designit Denmark A/S Denmark
Designit Germany GmbH Germany
Designit Oslo A/S Norway
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
Designit Spain Digital, S.L.U Spain
Wipro Europe Limited U.K.
Wipro UK Limited U.K.
Wipro Financial Services UK Limited U.K.
Wipro IT Services S.R.L. Romania
Wipro Gulf LLC Sultanate of Oman
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro 4C NV Belgium
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V (formerly known as 4C Nederland B.V) Netherlands
Wipro Weare4C UK Limited ** U.K.
Wipro 4C Consulting France SAS France
Wipro IT Services UK Societas U.K.
Wipro Doha LLC # Qatar
Wipro Technologies SA DE CV Mexico
Wipro Holdings Hungary Korlátolt Felelősségű Társaság Hungary
Wipro Holdings Investment <br>Korlátolt Felelősségű Társaság Hungary
Wipro Information Technology Egypt SAE Egypt
Wipro Arabia Co. Limited * Saudi Arabia
Women’s Business Park Technologies Limited * Saudi Arabia
Wipro Poland SP Z.O.O Poland
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Ampion Holdings Pty Ltd** Australia
Wipro Technologies South Africa (Proprietary) Limited South Africa
Wipro Technologies Nigeria Limited Nigeria
Wipro IT Service Ukraine, LLC Ukraine
Wipro Information Technology Netherlands BV. Netherlands
Wipro Portugal S.A. ** Portugal
Wipro Technologies Limited Russia
Wipro Technology Chile SPA Chile
Wipro Solutions Canada Limited Canada
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Technologies Peru SAC Peru
Wipro do Brasil Technologia Ltda ** Brazil
Wipro Technologies SA Argentina
Wipro Technologies SRL Romania
PT. WT Indonesia Indonesia
Wipro (Thailand) Co. Limited Thailand
Rainbow Software LLC Iraq
Cardinal Foreign Holdings S.á.r.l Luxembourg
Cardinal Foreign Holdings 2 S.á.r.l ** Luxembourg
Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China
Wipro Technologies SDN BHD Malaysia

3

Wipro Chengdu Limited China
Wipro Philippines, Inc. Philippines
Wipro IT Services Bangladesh Limited Bangladesh
Wipro HR Services India Private Limited India
Encore Theme Technologies Private Limited * India
Wipro VLSI Design Services India Private Limited (Formerly known as Eximius Design India Private Limited) India
Capco Technologies Private Limited India
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the<br>equity securities of Encore Theme Technologies Private Limited, 66.67% of the equity securities of Wipro Arabia Co. Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Co. Limited. The<br>remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory approvals/confirmations.
--- ---
# 51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in<br>these holdings is with the Company.
--- ---

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.

** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc,<br>International TechneGroup Incorporated, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty Ltd, and LeanSwift Solutions, Inc. are<br>as follows:
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro IT Services Austria GmbH Austria
Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH)*** Germany
Wipro do Brasil Technologia Ltda Brazil
Wipro Do Brasil Sistemetas De Informatica Ltd Brazil
Wipro do Brasil Servicos Ltda Brazil
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, LLC USA
International TechneGroup Incorporated USA
International TechneGroup Ltd. U.K.
ITI Proficiency Ltd Israel
Wipro Italia S.R.L. (formerly known as International TechneGroup S.R.L.) Italy
MechWorks S.R.L. Italy
Wipro Appirio, Inc. USA
Wipro Appirio, K.K. (formerly known as Appirio, K.K) Japan
Topcoder, LLC. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited U.K.
Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro Weare4C UK Limited U.K.
CloudSocius DMCC UAE

4

Cardinal Foreign Holdings 2 S.á.r.l Luxembourg
Grove Holdings 2 S.á.r.l Luxembourg
The Capital Markets Company BV*** Belgium
Capco Brasil Serviços E Consultoria Em Informática Ltda Brazil
Cardinal US Holdings, Inc. USA
The Capital Markets Company LLC USA
CAPCO (US) LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
ATOM Solutions LLC USA
NEOS Holdings LLC USA
NEOS LLC USA
NEOS Software LLC USA
Ampion Holdings Pty Ltd Australia
Ampion Pty Ltd Australia
Crowdsprint Pty Ltd Australia
Revolution IT Pty Ltd Australia
Iris Holdco Pty Ltd*** Australia
LeanSwift Solutions, Inc. USA
LeanSwift Solutions, LLC USA
LeanSwift AB Sweden
*** Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) and Iris Holdco Pty Ltd are as follows:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
The Capital Markets Company BV Belgium
Capco Belgium BV Belgium
The Capital Markets Company (UK) Ltd UK
Capco (UK) 1, Limited UK
The Capital Markets Company Limited Canada
Capco (US) GP LLC**** USA
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) Company Limited China
The Capital Markets Company s.r.o Slovakia
The Capital Markets Company S.A.S France
Capco Poland sp. z.o.o Poland
The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company BV Netherlands
CapAfric Consulting (Pty) Ltd South Africa
Capco Consulting Singapore Pte. Ltd Singapore
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria
Capco Consultancy (Malaysia) Sdn. Bhd Malaysia
Capco Greece Single Member P.C Greece
Capco Consultancy (Thailand) Ltd Thailand
Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) Germany
Wipro Technology Solutions S.R.L (formerly known as Metro Systems Romania S.R.L) Romania
Iris Holdco Pty Ltd Australia
Iris Bidco Pty Ltd Australia
Shelde Pty Ltd Australia

5

**** Step Subsidiary details of Capco (US) GP LLC is as follows:
Subsidiaries Subsidiaries Subsidiaries Country of<br><br><br>Incorporation
--- --- --- ---
Capco (US) GP LLC USA
Capco (Canada) GP ULC Canada

As at March 31, 2022, the Company held 43.7% interest in Drivestream Inc., 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
Capco (Canada) LP@ Canada
@ The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners,<br>respectively.
--- ---
5. Segment Information
--- ---

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (“ISRE”).

IT Services: During the year ended March 31, 2021, in order to broad base our growth, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. 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.

Prior to the Company’s re-organization of its IT services segment, the IT services segment was organized by seven industry verticals: Banking, Financial Services and Insurance (“BFSI”), Health Business unit (“Health BU”), Consumer Business unit (“CBU”), Energy, Natural Resources & Utilities (“ENU”), Manufacturing (“MFG”), Technology (“TECH”) and Communications (“COMM”).

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.

ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India and/or any State Governments.

The Chairman of the Company has been identified as the Chief Operating Decision Maker (“CODM”) as defined by IFRS 8, “Operating Segments”. The Chairman 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.

6

Information on reportable segments for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, year ended March 31, 2022 and March 31, 2021 are as follows:

Particulars Three months ended Year ended
March31, 2022 December31, 2021 March31, 2021 March31, 2022 March31, 2021
Audited Audited Audited Audited Audited
Revenue
IT Services
Americas 1 58,342 56,644 46,510 217,874 178,091
Americas 2 63,963 61,076 46,475 239,404 179,821
Europe 60,743 59,620 45,107 233,443 165,441
APMEA 23,560 23,596 20,825 91,103 82,462
Total of IT Services **** 206,608 **** 200,936 **** 158,917 **** 781,824 **** 605,815
IT Products 1,201 1,767 2,117 6,173 7,685
ISRE 1,868 1,623 2,302 7,295 8,912
Reconciling Items (2 ) (3 ) 4 (3 ) 13
Total Revenue **** 209,675 **** 204,323 **** 163,340 **** 795,289 **** 622,425
Other operating income/(loss), net
IT Services 7 14 — 2,186 (81 )
Total Other operating income/(loss), net **** 7 **** 14 **** — **** 2,186 **** (81 )
Segment Result
IT Services
Americas 1 11,530 11,390 9,863 42,820 33,040
Americas 2 12,150 12,057 10,500 47,376 41,589
Europe 9,056 9,172 8,704 35,739 31,673
APMEA 1,946 2,483 3,074 10,523 11,476
Unallocated 361 173 1,257 434 5,153
Other operating income/(loss), net 7 14 — 2,186 (81 )
Total of IT Services **** 35,050 **** 35,289 **** 33,398 **** 139,078 **** 122,850
IT Products (22 ) 96 145 115 45
ISRE 171 134 587 1,173 1,061
Reconciling Items (88 ) 16 37 (80 ) (903 )
Total Segment result **** 35,111 **** 35,535 **** 34,167 **** 140,286 **** 123,053
Finance expenses (1,717 ) (1,403 ) (1,122 ) (5,325 ) (5,088 )
Finance and Other Income 3,946 3,578 4,447 16,257 20,912
Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 76 4 57 130
Profit before tax **** 37,324 **** 37,786 **** 37,496 **** 151,275 **** 139,007

Notes

a) “Reconciling items” includes elimination of inter-segment transactions and other corporate<br>activities.
b) Revenue from sale of company owned intellectual properties is reported as part of IT Services revenues.<br>
--- ---
c) For the purpose of segment reporting, the Company has included the net impact of foreign exchange in revenues<br>amounting to ₹ 1,075, ₹ 1,187 and ₹ 886 for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021 respectively,<br>₹ 4,355, and ₹ 2,995 for the year ended March 31, 2022, and<br>March 31, 2021 respectively, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.
--- ---
d) During the three months and year ended March 31, 2021 the Company has contributed ₹ Nil and ₹ 991 respectively towards<br>COVID-19 and is reported in Reconciling items.
--- ---
e) Segment results for the three months and year ended March 31, 2021, are after considering the impact<br>of impairment charge of ₹ Nil and ₹ 1,250 in Americas 1 and ₹ Nil and ₹ 192 in Europe, respectively. Further, an impairment charge of ₹ Nil and ₹ 674 for the three months and year ended March 31, 2021<br>respectively, towards certain marketing-related intangible assets and software platform recognized on acquisitions is allocated to all IT Services SMUs. The remaining impairment charge of<br>₹ Nil and ₹ 302 for the three months and year ended March 31, 2021,<br>respectively is included under unallocated.
--- ---

7

f) Segment results for the three months and year ended March 31, 2021, are after considering additional<br>amortization of ₹ 795 in Americas 2 due to change in our estimate of useful life of the customer-related intangibles in an earlier business combination.<br>
g) Other operating income/(loss) of<br>₹ 7, ₹ 14 and<br>₹ Nil is included as part of IT Services segment results for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021<br>respectively and ₹ 2,186 and ₹ (81) is included as part of IT Services<br>segment for the year ended March 31, 2022 and March 31, 2021. Refer to Note 8.
--- ---
h) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,730, ₹ 805 and<br>₹ 1,091 for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021 respectively, ₹ 4,164 and ₹ 2,897 for the year ended March 31, 2022 and March 31, 2021 respectively.<br>
--- ---
6. Consolidated Balance Sheet:
--- ---
As at March 31, 2021 As at March 31, 2022
--- --- --- --- ---
ASSETS
Goodwill 139,127 246,989
Intangible assets 13,085 43,555
Property, plant and equipment 85,192 90,898
Right-of-use<br>assets 16,420 18,870
Financial assets
Derivative assets 16 6
Investments 10,576 19,109
Trade receivables 4,358 4,765
Other financial assets 6,088 6,084
Investments accounted for using the equity method 1,464 774
Deferred tax assets 1,664 2,298
Non-current tax assets 14,323 10,256
Other non-current assets 15,935 14,826
Total non-current assets **** 308,248 **** 458,430
Inventories 1,064 1,334
Financial assets
Derivative assets 4,064 3,032
Investments 175,707 241,655
Cash and cash equivalents 169,793 103,836
Trade receivables 94,298 115,219
Unbilled receivables 27,124 60,809
Other financial assets 7,245 42,914
Contract assets 16,507 20,647
Current tax assets 2,461 2,373
Other current assets 24,923 28,933
Total current assets **** 523,186 **** 620,752
TOTAL ASSETS **** 831,434 **** 1,079,182
EQUITY
Share capital 10,958 10,964
Share premium 714 1,566
Retained earnings 466,692 551,252
Share-based payment reserve 3,071 5,258
Special Economic Zone Re-investment reserve 41,154 47,061
Other components of equity 30,506 42,057
Equity attributable to the equity holders of the Company **** 553,095 **** 658,158
Non-controlling interests 1,498 515
TOTAL EQUITY **** 554,593 **** 658,673
LIABILITIES
Financial liabilities
Loans and borrowings 7,458 56,463
Lease liabilities 13,513 15,177
Derivative liabilities — 48
Other financial liabilities 2,291 2,961
Deferred tax liabilities 4,633 12,141
Non-current tax liabilities 11,069 17,818
Other non-current liabilities 7,835 7,571
Provisions 2 1
Total non-current liabilities **** 46,801 **** 112,180
Financial liabilities
Loans, borrowings and bank overdrafts 75,874 95,233
Lease liabilities 7,669 9,056
Derivative liabilities 1,070 585
Trade payables and accrued expenses 76,512 99,034
Other financial liabilities 1,470 33,110
Contract liabilities 22,535 27,915
Current tax liabilities 17,324 13,231
Other current liabilities 24,552 27,394
Provisions 3,034 2,771
Total current liabilities **** 230,040 **** 308,329
TOTAL LIABILITIES **** 276,841 **** 420,509
TOTAL EQUITY AND LIABILITIES **** 831,434 **** 1,079,182

8

7. Consolidated statement of cash flows:
Year ended March 31,
--- --- --- --- --- --- ---
2021 2022
Cash flows from operating activities
Profit for the year 108,662 122,329
Adjustments to reconcile profit for the year to net cash generated from operatingactivities
Gain on sale of property, plant and equipment, net (516 ) (313 )
Depreciation, amortization and impairment expense 27,656 30,911
Unrealized exchange gain, net and exchange gain on borrowings (2,251 ) (1,021 )
Share-based compensation expense 2,310 4,110
Share of net profit of associates accounted for using equity method (130 ) (57 )
Income tax expense 30,345 28,946
Finance and other income, net of finance expenses (16,614 ) (9,447 )
(Gain)/loss from sale of business and investment accounted for using the equity method 81 (2,186 )
Gain on derecognition of contingent consideration payable — (301 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables 12,848 (11,833 )
Unbilled receivables and contract assets (1,062 ) (31,396 )
Inventories 803 (256 )
Other assets 931 (6,530 )
Trade payables, accrued expenses, other liabilities and provisions 5,698 9,695
Contract liabilities 3,704 3,832
Cash generated from operating activities before taxes 172,465 136,483
Income taxes paid, net (24,915 ) (25,686 )
Net cash generated from operating activities **** 147,550 **** 110,797
Cash flows from investing activities
Payment for purchase of property, plant and equipment (19,577 ) (20,153 )
Proceeds from disposal of property, plant and equipment 753 736
Payment for purchase of investments (1,172,251 ) (1,015,486 )
Proceeds from sale of investments 1,189,059 953,735
Payment into interim dividend account — (27,410 )
Payment for business acquisitions including deposits and escrow, net of cash acquired (9,873 ) (129,846 )
Proceeds from sale of investment accounted for using the equity method — 1,652
Interest received 19,624 12,275
Dividend received 4 2
Net cash generated from/(used in) investing activities **** 7,739 **** (224,495 )
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment 6 6
Repayment of loans and borrowings (97,206 ) (191,810 )
Proceeds from loans and borrowings 103,418 260,120
Payment of lease liabilities (8,660 ) (9,730 )
Payment for buyback of equity shares, including transaction cost (95,199 ) —
Payment of tax on buyback of equity shares (21,445 ) —
Payment for deferred contingent consideration — (309 )
Interest and finance expenses paid (3,335 ) (5,089 )
Payment of dividend (5,459 ) (5,467 )
Payment of dividend to Non-controlling interests<br>holders (960 ) (1,135 )
Net cash generated from/(used in) financing activities **** (128,840 ) **** 46,586
Net increase/(decrease) in cash and cash equivalents during the year 26,449 (67,112 )
Effect of exchange rate changes on cash and cash equivalents (890 ) 1,282
Cash and cash equivalents at the beginning of the year 144,104 169,663
Cash and cash equivalents at the end of the year **** 169,663 **** 103,833
8. Other operating income/(loss), net
--- ---

The Company has partially met the first and second-year business targets pertaining to sale of hosted data center business concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement of cumulative business targets amounting to ₹ Nil and ₹ (81) for the three months and year ended March 31, 2021 respectively has been recognized under other operating income/(loss), net.

During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its investment in Ensono Holdings, LLC for a consideration of ₹ 5,628 and recognized a cumulative gain of ₹ 1,252 (net of tax ₹ 430) in other comprehensive income being profit on sale of investment designated as FVTOCI. The Company also recognized ₹ 1,233 for the year ended March 31, 2022 under other operating income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.

During the year ended March 31, 2022, as a result of acquisition of by another investor, the Company sold its investment in Denim Group, Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method, for a consideration of ₹ 1,652 and recognized a cumulative gain of ₹ 953 in other operating income/(loss), net including reclassification of exchange differences on foreign currency translation.

9. Business combinations

Summary of acquisitions during the year ended March 31, 2022 is given below:

During the year ended March 31, 2022, the Company has completed four business combinations by acquiring 100% equity interest in:

(a)    Capco and its subsidiaries (“Capco”), a global management and technology consultancy company providing digital, consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific. The acquisition was consummated on April 29, 2021 for total cash consideration of ₹ 109,530.

(b)    Ampion Holdings Pty Ltd and its subsidiaries(“Ampion”), an Australia-based provider of cyber security, DevOps and quality engineering services. The acquisition was consummated on August 6, 2021 for total cash consideration of ₹ 9,102.

9

(c)    Edgile, LLC (“Edgile”), a USA based transformational cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. The acquisition was consummated on December 31, 2021 for total consideration (upfront cash payout to acquire control and contingent consideration) of ₹ 17,176.

(d)    LeanSwift Solutions Inc. and its subsidiaries (“LeanSwift”), a system integrator of Infor products for customers across the Americas and Europe. The acquisition was consummated on December 31, 2021 for total cash consideration of ₹ 1,606.

The following table presents the purchase price allocation:

Description Capco Ampion Edgile LeanSwift
Net assets ₹ 4,667 ₹ 1,235 ₹ 1,306 ₹ 199
Fair value of Customer-related intangibles 24,273 1,748 1,754 59
Fair value of Marketing-related intangibles 8,083 460 1,160 111
Deferred tax liabilities on intangible assets (9,383 ) (663 ) — (48 )
Total ₹ 27,640 ₹ 2,780 ₹ 4,220 ₹ 321
Goodwill 81,890 6,322 12,956 1,285
Total purchase price ₹ 109,530 ₹ 9,102 ₹ 17,176 ₹ 1,606

The purchase price allocation for Edgile and LeanSwift is provisional and will be finalized as soon as practicable within the measurement period, but in no event later than one year following the date of acquisition.

10. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the<br>contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which<br>are under active consideration by the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian subsidiaries is not expected to be<br>material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are<br>notified and will give appropriate impact in the financial results in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
11. As part of customer contract with Metro AG, the Company has acquired<br>Metro-nom GmbH (currently known as Wipro Business Solutions GmbH) and Metro Systems Romania S.R.L. (currently known as Wipro Technology Solutions S.R.L.), the IT units of Metro AG in Germany and Romania,<br>respectively, for a consideration of ₹ 5,096. Considering the terms and conditions of the agreement, the Company has concluded that this transaction does not meet<br>the definition of Business under IFRS 3 “Business Combinations”. The transaction was consummated on April 1, 2021. The fair value of net assets acquired aggregating to<br>₹ 4,691 is allocated to respective assets and liabilities. The excess of consideration paid, and net assets taken over is accounted as ‘costs to obtain<br>contract’, which will be amortized over the tenure of the contract as reduction in revenues.
--- ---
12. On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited,<br>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. The notes were issued at the discounted price of 99.636% against par<br>value and have an effective interest rate of 1.6939% after considering the issue expenses and discount of ₹ 501 (US$ 6.7 million). Interest on the Notes is<br>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).<br>
--- ---
13. The Board of Directors in their meeting held on March 25, 2022, declared an interim dividend of ₹ 5/- (US$ 0.07) per equity share and ADR (250% on an equity share of par value of<br>₹ 2/-). Consequently, the Company has recorded a liability of ₹ 27,337 as<br>at March 31, 2022 and this has been paid subsequently on April 19, 2022.
--- ---
14. Events after reporting period
--- ---
(a) On April 11, 2022, the Company acquired Convergence Acceleration Solutions, LLC (CAS Group), a USA based<br>consulting and program management company that specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers, for a total consideration (upfront cash payout to acquire control and<br>contingent consideration) of US$ 80 million.
--- ---
(b) On April 26, 2022, the Company entered into a definitive agreement to acquire Rizing Intermediate<br>Holdings, Inc. and its subsidiaries (“Rizing”) for a total consideration of US$ 540 million. Rizing is a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer<br>industries, and human experience management. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be concluded in the quarter ending June 30, 2022.
--- ---
By order of the Board, For, Wipro Limited
--- ---
Place: Bengaluru<br> <br>Date: April 29,<br>2022 Rishad A. Premji<br><br><br>Chairman

10

EX-99.6

Exhibit 99.6

LOGO

Wipro Limited Highlights for the Quarter ended March 31, 2022 REVENUE Sequential QoQ Constant Operating $2.72 Bn Growth Currency 17. Margin 3.1% 3.1% 0% STRATEGIC MARKET UNITS MIX 28.3% AMERICAS 1 31.0% AMERICAS 2 29.3% EUROPE 11.4% APMEA SECTOR MIX 35.4% 17.9% 11.5% 11.5% 11.9% 7.0% 4.8% Banking, Energy, Financial Consumer Health Natural Technology Manufacturing Communication Services Resources & Insurance and Utilities GLOBAL BUSINESS LINES MIX 61.2% iDEAS 38.8% iCORE Integrated Digital, Cloud Infrastructure, Digital Engineering & Operations, Risk & Enterprise Application Services Cyber Security Services OUTLOOK Revenue from our IT Services business to be in the range of $2,748 million to $2,803 million*. This translates to a sequential growth of 1.0% to 3.0%. For Quarter ended June 30, 2022 * Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.12, AUD/USD at 0.73, USD/INR at 75.26 and CAD/USD at 0.79 CUSTOMER 1 TOP CONCENTRATION TOP 3.2% TOP 5 12.9% 10 20.5% TOTALHEADCOUNT 243,128 ATTRITION VOL – TTM 23.8% GROSSUTILIZATION 75.8% OFFSHORE REVENUE 58.3% PERCENTAGE OF SERVICES

LOGO

Wipro Limited Highlights for the Year ended March 31, 2022 REVENUE YoY YoY Constant Operating $10.4 Bn Growth Currency 17. Margin 27.3% 26.9% 7% STRATEGIC MARKET UNITS MIX 27.9% AMERICAS 1 30.6% AMERICAS 2 29.9% EUROPE 11.6% APMEA SECTOR MIX 34.7% 17.5% 11.7% 12.2% 12.1% 6.8% 5.0% Banking, Energy, Financial Consumer Health Natural Technology Manufacturing Communication Services Resources & Insurance and Utilities GLOBAL BUSINESS LINES MIX 60.9% iDEA^3^⁄8S 39.1% iCORE Integrated Digital, Cloud Infrastructure, Digital Engineering & Operations, Risk & Enterprise Application Services Cyber Security Services CAPITAL ALLOCATION The interim dividend of ₹1 and ₹5 declared by the Board at its meetings held on January 14th and March 25th, 2022 shall be considered as the final dividend for the financial year For Year ended 2021-22 March 31, 2022 CUSTOMER 1 TOP CONCENTRATION TOP 3.2% TOP 5 12.5% 10 20.0% TOTALHEADCOUNT 243,128 ATTRITION VOL – TTM 23.8% GROSSUTILIZATION 76.8% OFFSHORE REVENUE 56.1% PERCENT OF SERVICES

LOGO

FY 21 – 22 FY 20 – 21 A IT Services FY Q4 Q3 Q2 Q1 FY Q4 IT Services Revenues ($Mn) Note 1 10,355.9 2,721.7 2,639.7 2,580.0 2,414.5 8,136.5 2,152.4 Sequential Growth 27.3% 3.1% 2.3% 6.9% 12.2% -1.4% 3.9% Sequential Growth in Constant Currency Note 2 26.9% 3.1% 3.0% 8.1% 12.0% -2.3% 3.0% Operating Margin % Note 3 17.7% 17.0% 17.6% 17.8% 18.8% 20.3% 21.0% Strategic Market Units Mix Americas 1 27.9% 28.3% 28.2% 27.5% 27.6% 29.4% 29.2% Americas 2 30.6% 31.0% 30.4% 30.6% 30.5% 29.7% 29.3% Europe 29.9% 29.3% 29.7% 30.2% 30.2% 27.3% 28.4% APMEA 11.6% 11.4% 11.7% 11.7% 11.7% 13.6% 13.1% Sectors Mix Banking, Financial Services and Insurance 34.7% 35.4% 35.2% 34.8% 33.4% 30.7% 30.5% Consumer 17.5% 17.9% 17.7% 17.3% 17.3% 16.4% 17.0% Health 11.7% 11.5% 11.8% 11.7% 11.9% 13.5% 13.0% Energy, Natural Resources and Utilities 12.2% 11.5% 11.7% 12.3% 13.1% 13.1% 13.2% Technology 12.1% 11.9% 11.9% 12.2% 12.2% 13.0% 13.4% Manufacturing 6.8% 7.0% 6.7% 6.7% 7.0% 8.1% 7.9% Communications 5.0% 4.8% 5.0% 5.0% 5.1% 5.2% 5.0% Global Business Lines Mix iDEAS 60.9% 61.2% 61.0% 61.3% 60.1% 57.4% 56.8% iCORE 39.1% 38.8% 39.0% 38.7% 39.9% 42.6% 43.2% Guidance ($Mn) — 2,692-2,745 2,631-2,683 2,535-2,583 2,324-2,367 — 2,102-2,143 Guidance restated based on — 2,694-2,747 2,614-2,666 2,504-2,553 2,328-2,371 — 2,121- 2,162 actual currency realized ($Mn) Revenues performance against guidance — 2,721.7 2,639.7 2,580.0 2,414.5 — 2,152.4 ($Mn) Note 1: The revenue from prior period has been restated due to change in revenue segment policy. For details, please refer the segment notes in IFRS financials Note 2: Constant currency (CC) revenue 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

LOGO

FY 21 – 22 FY 20 – 21 FY Q4 Q3 Q2 Q1 FY Q4 Customer size distribution (TTM) > $100Mn 19 19 17 15 13 11 11 > $75Mn 29 29 29 28 27 27 27 > $50Mn 50 50 47 44 42 40 40 > $20Mn 117 117 110 100 95 93 93 > $10Mn 194 194 189 182 176 167 167 > $5Mn 297 297 286 279 273 257 257 > $3Mn 410 410 399 390 361 349 349 > $1Mn 679 679 661 623 601 566 566 Revenue from Existing customers % 95.2% 93.7% 94.9% 95.1% 97.2% 98.0% 96.4% Number of new customers 428 116 67 116 129 280 52 Total Number of active customers 1,369 1,369 1,315 1,284 1,229 1,120 1,120 Customer Concentration Top customer 3.2% 3.2% 3.2% 3.1% 3.1% 3.1% 3.1% Top 5 12.5% 12.9% 12.7% 12.5% 12.1% 12.1% 12.2% Top 10 20.0% 20.5% 20.2% 20.1% 19.8% 19.5% 19.5% % of Revenue USD 59% 60% 60% 59% 58% 61% 60% GBP 11% 11% 11% 12% 12% 10% 11% EUR 10% 9% 10% 10% 10% 8% 8% INR 5% 5% 5% 4% 4% 5% 5% AUD 5% 5% 5% 5% 5% 5% 5% CAD 3% 3% 3% 4% 4% 3% 3% Others 7% 7% 6% 6% 7% 8% 8% Closing Employee Count 243,128 243,128 231,671 221,365 209,890 197,712 197,712 Sales & Support Staff (IT Services) 17,691 17,691 17,595 17,051 16,689 15,368 15,368 Utilization (IT Services excl. DOP, Designit, Cellent, Cooper, Topcoder, Rational, ITI, IVIA, 4C, Eximius, Encore, Capco, Ampion, Edgile & LeanSwift) Gross Utilization 76.8% 75.8% 75.6% 78.1% 77.7% 75.7% 76.7% Net Utilization (Excluding Trainees) 86.8% 85.2% 85.8% 89.2% 86.8% 85.9% 86.0% Attrition Voluntary TTM (IT Services excl. DOP) 23.8% 23.8% 22.7% 20.5% 15.5% 12.1% 12.1 7.4% DOP % — Post Training Quarterly 9.0% 9.0% 10.0% 8.7% 8.0% 6.3% 7.4%

LOGO

B IT Services (Excluding DOP, Designit, Cellent, Appirio, Cooper, Topcoder, Rational, ITI, IVIA, 4C, Eximius, Encore, Capco, Ampion, Edgile & LeanSw ift) Revenue from FPP 62.8% 62.2% 63.2% 62.6% 63.1% 62.0% 63.0% Offshore Revenue — % of Services 56.1% 58.3% 56.3% 55.6% 54.0% 52.6% 54.5% C Growth Metrics for the Quarter and Year ended March 31, 2022 Note 2 Q4’22 Q4’22 Q4’22 Q4’22 FY’22 FY’22 Reported Reported CC CC Reported CC QoQ% YoY% QoQ% YoY% YoY% YoY% IT Services 3.1% 26.4% 3.1% 28.5% 27.3% 26.9% Strategic Market Units Americas 1 3.4% 22.5% 3.1% 22.2% 20.9% 20.7% Americas 2 5.1% 33.7% 5.1% 33.8% 31.2% 30.4% Europe 1.9% 30.7% 2.3% 36.0% 39.1% 38.6% APMEA 0.0% 9.8% -0.3% 14.0% 8.8% 8.9% Sectors Banking, Financial Services and Insurance 3.6% 46.6% 3.4% 48.7% 43.8% 42.8% Consumer 4.5% 32.9% 4.2% 34.6% 36.1% 36.0% Health 0.3% 12.3% 0.3% 12.8% 10.4% 10.3% Energy, Natural Resources and Utilities 1.8% 11.0% 1.8% 13.5% 18.3% 16.7% Technology 3.4% 13.0% 3.6% 14.5% 18.1% 18.5% Manufacturing 7.2% 11.4% 7.4% 14.0% 7.2% 7.6% Communications -1.8% 19.2% -1.2% 24.4% 22.4% 23.4% Global Business Lines iDEAS 3.4% 36.1% 3.4% 38.5% 35.0% 34.6% iCORE 2.7% 13.7% 2.6% 15.2% 16.8% 16.5%

Report a Problem

Category
Description
Email (optional, for follow-up)