Skip to main content
Equibles

6-K

Wipro Ltd (WIT)

6-K 2023-10-24 For: 2023-10-23
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 October 2023

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 ended September 30, 2023. 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 October 18, 2023, we announced our results of operations for the quarter ended September 30, 2023. 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.

We placed advertisements in certain Indian newspapers concerning our results of operations for the quarter ended September 30, 2023, under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.2.

We made available on our website the Condensed Consolidated Interim Financial Statements as of and for the three months ended September 30, 2023, under IFRS. A copy of such financial statements is attached to this Form 6K as Item 99.3.

We filed with stock exchanges in India a statement of statutorily audited consolidated financial results for the three months ended September 30, 2023, under IFRS. A copy of such financial statements is attached to this Form 6K as Item 99.4.

We filed with stock exchanges in India a datasheet containing operating metrics for the quarter ended September 30, 2023. A copy of such data sheet is attached to this Form 6-K as Item 99.5.

SIGNATURES

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

WIPRO LIMITED
By: /s/ Aparna Chandrashekar Iyer
Aparna Chandrashekar Iyer
Chief Financial Officer
Dated: October 23, 2023

INDEX TO EXHIBITS

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

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

LOGO

Wipro Announces Results for the Quarter-Ended September 30, 2023

Large deal bookings reach $1.3 billion, an increase of 79% YoY and 6% QoQ

Total bookings of $3.8 billion, mark a 6% YoY increase

IT services segment EBIT increases 6% YoY. EPS increases 4.1% YoY

Operating cash flows at 145**%** of net income

EAST BRUNSWICK, N.J. | BANGALORE, India – October 18, 2023: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter-ended September 30, 2023.

Highlights of the Results

Results for theQuarter ended September 30, 2023:

1. Gross revenue reached<br>₹225.2 billion ($2.7 billion^1^), a decrease of 0.1% YoY.
2. IT services segment revenue was at $2,713.3 million, a decrease of 2.3% QoQ.
--- ---
3. Non-GAAP^2^ constant<br>currency IT Services segment revenue decreased 2.0% QoQ.
--- ---
4. Total bookings^3^ was at $3.8 billion, up by 6% YoY and<br>large deal bookings^4^ was at $1.3 billion, up by 79.0% YoY.
--- ---
5. IT services segment EBIT for the quarter was<br>₹36.1 billion ($434.0 million^1^), an increase of 6% YoY.
--- ---
6. IT services operating margin^5^ for the quarter was at<br>16.1%, up 10 bps QoQ and 100 bps YoY.
--- ---
7. Earnings per share for the quarter was at<br>₹5.06 ($0.06^1^), an increase of 4.1% YoY.
--- ---
8. Net income for the quarter was at<br>₹26.5 billion ($318.5 million^1^), a decrease of 0.5% YoY.
--- ---
9. Operating cash flows at 145% of Net Income for the quarter was at ₹38.6 billion ($465.0 million^1^).
--- ---
10. Voluntary attrition^6^ has continued to moderate QoQ, coming<br>in at 9-quarter low of 13.4% in Q2’24.
--- ---

Outlook for the Quarter endingDecember 31, 2023

We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,672 million*. This translates to sequential guidance of -3.5% to -1.5% in constant currency terms.

* Outlook for the Quarter ending December 31, 2023, is based on the following exchange rates: GBP/USD at<br>1.26, Euro/USD at 1.09, AUD/USD at 0.66, USD/INR at 82.70 and CAD/USD at 0.74

1

Performance for the Quarter ended September 30, 2023

“We continue to win in the market despite the uncertain macro environment,” said Thierry Delaporte, CEO and Managing Director. “We ended the second quarter with 22 accounts above the $100M range, which is double the number we had in FY’21. Our large deal total contract value reached $1.3 billion—highest in the last nine quarters.”

“Against a challenging environment, we continue to take the bold decisions needed to realize our long-term ambitions. We are investing in our technology infrastructure and streamlining our operations and delivery to drive profitable growth. We are training and reskilling our people so they can be ready for an AI-driven future. The investments we made in our ai360 strategy are helping us realize significant efficiencies across our organization and creating an early leadership position in this fast-evolving space. We are confident that these investments will keep us resilient and competitive in an ever shifting business and economic landscape.”

Aparna C. Iyer, Chief Financial Officer, said, **** “We remain focused on profitable growth despite a challenging market. Our disciplined approach to improve efficiency, productivity and utilization has led to an increase of 100 bps YoY in our IT services operating margins. Our absolute IT services segment EBIT grew 6% YoY. We generated strong operating cash flow of 145% of net income for the quarter.”

IT Products

1. IT Products segment revenue for the quarter was<br>₹1.47 billion ($17.7 million^1^)
2. IT Products segment results for the quarter was a loss of ₹0.47 billion ($5.6 million^1^)
--- ---

Please refer to the table on page 11 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into<br>United States Dollars at the certified foreign exchange rate of US$1 = ₹83.08, as published by the Federal Reserve Board of Governors on September 30, 2023.<br>However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2023, was US$1= ₹82.54
2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate<br>of the corresponding comparative period.
--- ---
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new<br>orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange<br>rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
--- ---
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.<br>
--- ---
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.<br>
--- ---
6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.<br>
--- ---
7. Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The YoY growth rates for<br>the quarter ended September 30, 2023 were computed by rebase lining Q2’23 numbers.
--- ---

2

Highlights of Strategic Deal Wins

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

1. US-based multinational clothing company has selected Wipro to<br>accelerate digital innovation, drive business growth, and enhance long term profitability. Leveraging its expertise in Generative AI, Cloud transformation, and Intelligent Automation, Wipro will help the client optimize current global operations and<br>provide scale for new lines of business. The deal will include a range of services including application support, analytics, cybersecurity, automation, and consulting with the goal of driving improved process maturity, faster incident resolution,<br>and better time to market for the client.
2. A global leader in technology has selected Wipro for comprehensive silicon engineering services from chip<br>definition to design verification to tapeout. Wipro will provide services for the client’s broad portfolio of products including end point management, observability, and cloud. This strategic partnership will provide the client with increased speed-to-market of their products, improve their reliability, and reduce their total cost of ownership.
--- ---
3. An American food service distributor has selected Wipro to undertake a multi-year IT transformation and<br>modernization project. The Wipro team worked with the client to increase cloud usage by up to 80% through native development of several business-critical applications. This included building a cloud enablement platform, creating a transformation<br>blueprint, and setting up a Project Management Office to manage the client’s cloud and IT estate transformation. In addition, Wipro also setup an internal academy to perform a skill gap analysis and provide additional resource training across<br>the business. The client has so far seen a cost reduction of up to 15%, as well as additional savings through marketplace optimization, increased customer satisfaction, and a more scalable operation.
--- ---
4. A multinational consumer electronics company selected Wipro to improve their overall customer experience. To<br>achieve this, the Wipro team created a cross-functional customer service transformation program with bespoke analytics and reporting. The project also included automated visualization of performance management, fraud prevention, and gamified<br>learning and training modules for client-facing staff. This program will increase Net Promoter Scores (NPS), improve customer service agent knowledge, and reduce average call times.
--- ---
5. Wipro was selected by a global leader in medical technology, services, and solutions to enhance its service<br>desk and improve its employee experience. Wipro developed a bespoke Global IT Service Desk solution, with significant AI-led automation and self-service capabilities including self-help content development and<br>delivery. The solution will be integrated into existing critical systems and will deliver a cost reduction of up to 30%.
--- ---
6. One of the largest energy and utilities companies in Brazil has selected Wipro to modernize their billing<br>process. Wipro will implement and support this transformation covering everything from billing to analytics, leveraging cloud infrastructure to streamline the client’s operations. The client can expect a more resilient billing management<br>platform, cost reduction, as well as alignment with their sustainability goals as the process will be paperless.
--- ---

3

7. A video hosting platform has selected Wipro to deploy a unique Quality-as-a-Service solution to help improve the client’s overall end-user experience, retention, and revenue. Wipro will<br>build a customised assessment framework to audit and analyse the interactions between employees and end-users. This will provide actionable insights and recommendations that will improve audit completion,<br>internal and customer experience, as well as operational efficiency.
8. A global technology company has selected Wipro to deliver high-quality digital designs to enhance their<br>manufacturing process. Through the Technology Excellence Center model, Wipro Engineering Edge will implement hardware design verification for multiple business units in a cost-effective, scalable, and efficient manner. This will lead to a 20-25% reduction in total cost, faster time-to-market, high-quality delivery, and the ability to scale.
--- ---
9. A leading workplace pension provider in the UK has selected Wipro to provide regulated Pensions Administration<br>and Technology Services to the member of its Defined Contribution (DC) Pensions book. Through this engagement, the client will see enhanced member experience, faster time to market for new products, and significant cost reduction, while<br>supporting 15% year-on-year business growth.
--- ---
10. A North American financial institution has selected Wipro to digitize and streamline its loan origination<br>systems and deliver a consistent omni-channel experience to its end-users. NetOxygen, Wipro’s award-winning enterprise loan origination solution, will improve the lending process through automation and<br>cloud technology. This will ensure compliance and information security, as well as fully integrated bilingual support (in French and English). The client will see a reduction in their<br>cost-per-loan of up to 30% and can expect an increase of up to 80% in digital self-generation loan requests.
--- ---

Analyst Recognition

1. Wipro was positioned as a Leader in the 2023 Gartner^®^<br>Magic Quadrant^™^ for Public Cloud IT Transformation Services
2. Wipro was rated a Leader in Everest Group’s Digital Twin Services PEAK Matrix^®^ Assessment 2023
--- ---
3. Wipro was recognized as a Leader in ISG Provider<br>Lens^™^ – Cybersecurity—Solutions and Services 2023—US, UK, France, Nordics (multiple quadrants)
--- ---
4. Wipro was rated as a Leader in ISG Provider Lens^™^<br>– Google Cloud Partner Ecosystem 2023—US & Europe (all quadrants)
--- ---
5. Wipro was rated as a Leader in Avasant’s High-Tech Industry Digital Services RadarView^™^ 2023—2024
--- ---
6. Wipro was positioned a Leader in Everest Group’s Oracle Cloud Applications Services PEAK Matrix^®^ Assessment 2023
--- ---
7. Wipro was featured as a Leader in ISG Provider Lens^™^<br>– Retail & CPG Services 2023—US & Europe (all quadrants)
--- ---
8. Wipro was recognized as a Leader in ISG Provider<br>Lens^™^ – Customer Experience Services 2023—Europe (multiple quadrants) & US (Digital Operations)
--- ---
9. Wipro was rated as a Leader in Whitelane’s IT Sourcing Study 2023—Switzerland
--- ---
10. Wipro was featured as a Leader in Avasant’s Application Modernization Services RadarView^™^ 2023
--- ---
11. Wipro was recognized a Leader in Everest Group’s Network Transformation and Managed Services PEAK Matrix^®^ Assessment – System Integrators (SIs) 2023
--- ---

4

12. Wipro was recognized as a Leader in Avasant’s Canada Digital and IT Services RadarView^™^ 2023—2024

Source & Disclaimer: *Gartner,“Magic Quadrant for Public Cloud IT Transformation Services”, Mark Ray, et al, 16 August 2023.

GARTNER is aregistered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rightsreserved.

Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advisetechnology users to select only those vendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact.Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of asyndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this [type of filing]), and the opinions expressed inthe Gartner Content are subject to change without notice.

About Key Metrics and Non-GAAP FinancialMeasures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table on page 11 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the Quarter ended September 30, 2023, prepared under IFRS, along with individual business segment reports, are available in the Investorssection of our website www.wipro.com/investors/

5

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP181023

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With nearly 245,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

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

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

#

(Tables to follow)

6

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

As atMarch 31,2023 As at September 30, 2023
Convenience translation intoUS dollar in millions<br>Refer footnote in page 2
ASSETS
Goodwill 307,970 309,732 3,728
Intangible assets 43,045 38,109 459
Property, plant and equipment 88,659 83,086 1,000
Right-of-Use<br>assets 18,702 17,043 205
Financial assets
Derivative assets 29 151 2
Investments 20,720 21,629 260
Trade receivables 863 872 10
Other financial assets 6,330 5,973 72
Investments accounted for using the equity method 780 761 9
Deferred tax assets 2,100 2,219 27
Non-current tax assets 11,922 10,878 131
Other non-current assets 13,606 10,834 130
Total non-current assets **** 514,726 **** 501,287 **** 6,033
Inventories 1,188 1,281 15
Financial assets
Derivative assets 1,844 1,999 24
Investments 309,232 239,847 2,887
Cash and cash equivalents 91,880 97,896 1,178
Trade receivables 126,350 108,146 1,302
Unbilled receivables 60,515 65,292 786
Other financial assets 9,096 9,155 110
Contract assets 23,001 24,464 295
Current tax assets 5,091 5,017 60
Other current assets 32,899 31,946 385
Total current assets **** 661,096 **** 585,043 **** 7,042
TOTAL ASSETS **** 1,175,822 **** 1,086,330 **** 13,075
EQUITY
Share capital 10,976 10,444 126
Share premium 3,689 1,732 21
Retained earnings 660,964 577,487 6,951
Share-based payment reserve 5,632 6,023 72
Special Economic Zone re-investment reserve 46,803 44,941 541
Other components of equity 53,100 58,284 702
Equity attributable to the equity holders of the Company **** 781,164 **** 698,911 **** 8,413
Non-controlling interests 589 823 10
TOTAL EQUITY **** 781,753 **** 699,734 **** 8,423
LIABILITIES
Financial liabilities
Loans and borrowings 61,272 61,971 746
Lease liabilities 15,953 14,796 178
Derivative liabilities 179 40 ^
Other financial liabilities 2,649 1,609 19
Deferred tax liabilities 15,153 15,315 184
Non-current tax liabilities 21,777 26,048 314
Other non-current liabilities 9,333 11,025 133
Provisions ^ — —
Total non-current liabilities **** 126,316 **** 130,804 **** 1,574
Financial liabilities
Loans, borrowings and bank overdrafts 88,821 94,060 1,132
Lease liabilities 8,620 8,348 100
Derivative liabilities 2,825 1,582 19
Trade payables and accrued expenses 89,054 78,857 949
Other financial liabilities 4,141 2,712 33
Contract liabilities 22,682 16,738 201
Current tax liabilities 18,846 21,372 257
Other current liabilities 30,215 29,873 360
Provisions 2,549 2,250 27
Total current liabilities **** 267,753 **** 255,792 **** 3,078
TOTAL LIABILITIES **** 394,069 **** 386,596 **** 4,652
TOTAL EQUITY AND LIABILITIES **** 1,175,822 **** 1,086,330 **** 13,075
^ Value is less than 1
--- ---

7

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

Three months ended September 30, Six months ended September 30,
2022 2023 2023 2022 2023 2023
Conveniencetranslation intoUS dollar inmillions<br>Refer footnote inpage 2 Conveniencetranslation intoUS dollar inmillions<br>Refer footnote inpage 2
Revenues 225,397 225,159 2,710 440,683 453,469 5,458
Cost of revenues (163,835 ) (159,191 ) (1,916 ) (319,435 ) (320,452 ) (3,857 )
Gross profit **** 61,562 **** 65,968 **** 794 **** 121,248 **** 133,017 **** 1,601
Selling and marketing expenses (15,140 ) (18,767 ) (226 ) (30,499 ) (35,351 ) (426 )
General and administrative expenses (14,976 ) (14,124 ) (170 ) (28,447 ) (30,011 ) (361 )
Foreign exchange gains/(losses), net 1,057 268 3 2,091 206 2
Results from operating activities **** 32,503 **** 33,345 **** 401 **** 64,393 **** 67,861 **** 816
Finance expenses (2,270 ) (3,033 ) (37 ) (4,315 ) (6,119 ) (74 )
Finance and other income 4,040 4,810 58 7,730 11,352 137
Share of net profit/ (loss) of associates accounted for using the equity method (72 ) (30 ) ^ (87 ) (27 ) ^
Profit before tax **** 34,201 **** 35,092 **** 422 **** 67,721 **** 73,067 **** 879
Income tax expense (7,710 ) (8,419 ) (101 ) (15,641 ) (17,534 ) (211 )
Profit for the period **** 26,491 **** 26,673 **** 321 **** 52,080 **** 55,533 **** 668
Profit attributable to:
Equity holders of the Company 26,590 26,463 318 52,226 55,164 664
Non-controlling interests (99 ) 210 3 (146 ) 369 4
Profit for the period **** 26,491 **** 26,673 **** 321 **** 52,080 **** 55,533 **** 668
Earnings per equity share:
Attributable to equity holders of the Company
Basic 4.86 5.06 0.06 9.55 10.30 0.12
Diluted 4.85 5.04 0.06 9.52 10.27 0.12
Weighted average number of equity shares used in computing earnings per equityshare
Basic 5,476,167,685 5,232,867,366 5,232,867,366 5,473,962,200 5,357,394,940 5,357,394,940
Diluted 5,484,785,054 5,245,641,198 5,245,641,198 5,486,081,940 5,370,078,563 5,370,078,563
^ Value is less than 1
--- ---

8

Additional Information:

Particulars Three months ended Six months ended Year ended
September30, 2023 June30, 2023 September30, 2022 September30, 2023 September30, 2022 March31, 2023
Audited Audited Audited Audited Audited Audited
Segment revenue
IT Services
Americas 1 66,813 65,607 65,350 132,420 127,052 261,270
Americas 2 66,914 68,303 70,030 135,217 136,643 278,374
Europe 63,976 67,134 62,684 131,110 122,960 256,845
APMEA 26,255 26,510 27,141 52,765 52,924 106,812
Total of IT Services **** 223,958 **** 227,554 **** 225,205 **** 451,512 **** 439,579 **** 903,301
IT Products 1,469 694 1,249 2,163 3,195 6,047
Total segment revenue **** 225,427 **** 228,248 **** 226,454 **** 453,675 **** 442,774 **** 909,348
Segment result
IT Services
Americas 1 15,287 13,537 12,954 28,824 24,524 51,555
Americas 2 14,023 14,169 14,959 28,192 28,183 59,689
Europe 7,547 9,968 8,454 17,515 16,440 37,667
APMEA 2,985 2,800 2,670 5,785 4,739 10,681
Unallocated (3,784 ) (3,957 ) (5,090 ) (7,741 ) (7,934 ) (18,368 )
Total of IT Services **** 36,058 **** 36,517 **** 33,947 **** 72,575 **** 65,952 **** 141,224
IT Products (467 ) (161 ) (103 ) (628 ) (158 ) (176 )
Reconciling Items (2,246 ) (1,840 ) (1,341 ) (4,086 ) (1,401 ) (1,442 )
Total segment result **** 33,345 **** 34,516 **** 32,503 **** 67,861 **** 64,393 **** 139,606
Finance expenses (3,033 ) (3,086 ) (2,270 ) (6,119 ) (4,315 ) (10,077 )
Finance and other Income 4,810 6,542 4,040 11,352 7,730 18,185
Share of net profit/ (loss) of associates accounted for using the equity method (30 ) 3 (72 ) (27 ) (87 ) (57 )
Profit before tax **** 35,092 **** 37,975 **** 34,201 **** 73,067 **** 67,721 **** 147,657

9

Effective April 1, 2023, we merged our India State Run Enterprise segment (“ISRE”) with our IT Services segment. Currently, the Company is organized into the following operating segments: IT Services and IT Products.

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

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

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

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

10

Reconciliation of selected GAAP measures to Non-GAAP measures

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

Three Months ended September 30, 2023

IT Services Revenue as per IFRS $ 2,713.3
Effect of Foreign currency exchange movement $ 10.0
Non-GAAP Constant Currency IT Services Revenue based on<br>previous quarter exchange rates $ 2,723.3

Three Months ended September 30, 2023

IT Services Revenue as per IFRS $ 2,713.3
Effect of Foreign currency exchange movement $ (29.7 )
Non-GAAP Constant Currency IT Services Revenue based on<br>exchange rates of comparable period in previous year $ 2,683.6

Reconciliation of Free Cash Flow for three months and six months ended September 30, 2023

Amount in Mn
Three months endedSeptember 30, 2023 Six months ended<br>September 30, 2023
Net Income for the period [A] 55,533
Computation of Free Cash Flow
Net cash generated from operating activities [B] 76,146
Add/ (deduct) cash inflow/ (outflow) on:
Purchase of property, plant and equipment ) (4,184 )
Proceeds from sale of property, plant and equipment 4,223
Free Cash Flow [C] 76,185
Operating Cash Flow as percentage of Net Income [B/A] % 137.1 %
Free Cash Flow as percentage of Net Income [C/A] % 137.2 %

All values are in Indian Rupees.

11

EX-99.2

LOGO

WWW.FINANCIALEXPRESS.COM BENGALURU THURSDAY, OCTOBER 19, 2023 FINANCIAL EXPRESS COMPANIES 5 Bajaj Auto profit jumps 20% in Q2 Ebitda surpasses 2,000-crore mark for the first time GROWTH DRIVERS GEETA NAIR Pune, October 18 BAJAJ AUTO ON Wednesday reported a 20%year-on-year increase in profit to 1,836 crore and a 6% rise in revenue to 10,777 crore for the September quarter, despite difficult international market conditions. Bajaj Auto has, for the first time, crossed the 2,000- crore Ebitda mark, Rakesh Sharma, executive director, BajajAuto,said. The Q2FY23 Ebitda grewby 21% to 2,133 crore and Ebitda margins were up 80 basis points sequentially at 19.8%. The margin growth was achieved despite a fall in volumes by 8% and was largely driven by the product mix,pre- miumisation and higher realisation, Sharma said. The margins were up 260 bps year-on-year and this covered the drag arising from investments in growing electric scooters business. Growth in domestic motorcycle sales, increasing share of 125-cc-plus-segment bikes, which was 65% of the business, Growth in domestic motorcycle sales and an increasing share of 125-cc-plus-segment bikes, which was 65% ofthe business Record sales ofthe highly-profitable three-wheeler business to 132,000 units, had contributed to the margin growth NeoLiv eyes projects in NCR, MMR; to raise $150 mn BINDU D MENON New Delhi, October 18 wiproyj . wvwv. I Li rti i nd tr ee.Co rn Bajaj Auto gained a 2% market share in Q2 in the motorcycle segment which was growing at 36% and record sales of the highly- profitable three-wheeler business to 1,32,000 units,had contributed to the margin growth, Sharma said. The company gained a 2% market share in the second quarter in the motorcycle segment,whichwas growingat36%. The company delivered 8,000 units of the Triumph bikes duringthe second quarter and will start exporting the bikes from October end. The company had received 18,000 bookings bythe end ofAugust. Bajaj is looking to scale up manufacturing from 5,000-7,000 units to 10,000 units during Q4FY2 3 andwill depend on the network expansion from 20 to 100 cities, Sharma said.There is awaiting list for the Triumph motorcycles priced between ^2,33,0000 (Speed 400) and ^2,63,000 (Scrambler400x). However,exports continued to be weak and fell by 9% but were limpingbackand improving sequentially, he said. The African marketswere downbut they were doing well in Latin America.The recent geopolitical tensions were a concern and were not good for the trade, though West Asia was not a big factor in the two-wheeler segment for the company. RESIDENTIAL INVESTMENT AND development platform NeoLiv has initiated a fund raise of $150 million, with a green shoe option of $60 mn. The company plans to develop 12 residential and plotted development projects in Delhi-NCR and Mumbai Metropolitan Region (MMR). “We have identified 12 land parcels for our residential projects and our first launch will commence operation by 2024. For investors, the platform provides an opportunity to invest at land stage. For customers, our aim is to provide security of timely delivery,” Mohit Malhotra, founder and CEO, NeoLiv, said. Malhotra added that the company is targeting a topline of ^10,000 crore from its projects. He said NeoLivhas been designed to manage every facet of real estate pro- jects.”We expect to make the first close from the AIF by the end of this year,” he said. Malhotra added the com- panyiswillingto partnerwith land owners for joint developments to create an asset-light model for the company. Extract of audited financial results of Wipro Limited and its subsidiaries for the quarter ended and half year ended September 30,2023 Consolidated Audited Financial Results of Wipro Limited under IFRS (Tin millions, except per share data, unless otherwise stated) Particulars Quarter ended September 30h 2023 Half ye ar ended September 30,2023 Quarter ended September 30,2022 Revenue from operations 225,15& 453,469 225,397 Profit before tax 35,092 73,067 34,201 Profit after tax 25,673 55,533 26,491 Total comprehensive income for the period 28,376 60,086 29,425 Paid-up equity share capital (Par value of 2 per share) 10.444 10,444 10,971 Reserves excluding non-controlling interest1 as shown in the Audited Statement of Financial Position 770,188 770,188 647,194 Earnings per equity share (Par value of 2 per share) (EPS for quarter ended and half year ended periods is not annualized) Basic: Diluted: 5.06 5.04 10.30 10.27 4.86 4.85 LTIMindtree LTIMindtree Limited (Formerly Larsen & Toubro Infotech Limited) Req stored Office; L£T House. Ballard Estate, Mu mt 3- 400 001; Tel: (91 22) 6752 5656; Fax: (91 22) 6752 5S93P E-mail Tivestor :i mi nd tree, corn; Weuyte www.ltim ndtree com, Corporate Identity Number’ L72900MH1996PLC104693 ‘Balance for the quarter ended September 30, 2023 and half year ended September 30, 2023 represent balances as per the audited consoSi dated statement of financial position for the year ended March 31, 2023 and balance for the quarter ended September 30, 2022 represent balances as per the audited statement of financial position for the year ended March 31, 2022, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results of the Company for the quarter ended and half year ended September 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023. The statutory auditors have expressed art unmodified audit opinion. EXTRACT OF FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2023 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 Soard 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. Particulars ConsclicFaigd Quarter ended Six months ended Yean ended September 30, 2tK23 Jone 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022* March 31, 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total income 38,33 7 88,889 178,823 162,107 337,399 Net profit before tax 15,193 15,364 15,690 30,557 30,367 57,915 Net profit after tax 11.G23 11,523 1 1,890 23,146 22,955 44,103 Total comprehensive income 10,208 15.495 7,503 25,703 15,165 37.S52 Equity share capital 296 296 296 296 296 296 Earning per Share (not annualized) (Face value of 1/- each) a) Eaic (in 89.27 48.92 40.16 78 19 77.59 149.07 b) Diluted (in $ 29.17 88.8S 40 11 78 02 //.4B 148.33 in million, except per share data Consolidated Audited Financial Results of Wipro Limited under Ind AS ftin millions, except per share data, unless otherwise stated) Particulars Standalone Quarter ended Six months ended Year ended September 3-Q, 2023 June 30, 2023 September 30, 2022* September 30, 2023 September 30, 2022** March 31. 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total in Lome 87,161 85,1 40 80,695 172,301 155,626 324.771 Net profit before tax 14,778 14,921 14,933 29,699 29,184 55,786 Net profit after tax 1 1,336 1 1,234 11,272 22,570 21.955 42,482 Total comprehensive income 9,960 15,123 7.134 25,083 14,449 35,648 in miHitjn * Refer note 4 A Refer note 5 Notes: Particulars Quarter ended September 30T 2023 Half year ended September 30,2023 Quarterended September 30,2022 Revenue from operations 225,159 453,469 225,397 Profit before tax 35.092 73,067 34,201 Profit after tax 26,673 55,533 26,491 Total comprehensive income for the period 28.322 60,039 29.293 Paid-up equity share capital (Par value of f 2 per share) 10,444 10,444 10,971 Reserves excluding non-ccntrclting interest1 as shown in the Audited Balance Sheet 765,703 765,703 643,066 Earnings per equity share (Par value of 2 per share) (EPS for quarter ended and half year ended periods is not annualized) Basic: Diluted; 5.06 5.04 10.30 10.27 4.86 4.85 ‘Balance for the quarter ended September 30, 2023 and half year ended September 30, 2023 represent balances as per the audited consolidated balance sheet for the year ended March 31,2023 and balance for the quarter ended September 30, 2022 represent balances as per the audited consolidated balance sheet for the year ended March 31, 2022, 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 quarter ended and half year ended September 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023, The statutory auditors have expressed an unmodified audit opinion. k ne consolidated and standalone fmanc al results of L-lMmctree Limited (‘the Company) fei the quarter ar.d six months ended September 30, 2023 have been subjected to limited review by the statutory auditors. The results have beer- reviewed by the Audit Committee of the Board and approved bythe Board of Directors at its meeting held on October IS, 2023. 2 Thet adove is an extract of the detailed format of the financial results fifed with the Stodk Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requunnierits: Regulations, 201’j Th ful- format of the cunjci idated financial results and lf’H standalone financial insults ‘or th quarter and six months ended Septembei 30, 2023 a-e availaoe or the Stock Exchanges website of BSE (www.bsemcna.com), NSE (www.nseindia.tpm) and Company’s website at www.ltimindtiM com/iivestors. | Results for the quarter and six months ended September 30. 2023 are in compliance with the Indian Accounting Standards (:rd AS) notilic-d by the Ministry of Corporate Affairs as prescribed Ltnder section 133 ofthe sbrripanieS Act, 201B 4. During the previous year, the Scheme of Amalgamation and Arrangement under Sections 230 - 232 and other applicable provisions of the Companies Ar I, 7D13 fur aria gamatton of Mind! tee l mil nd (‘Amalga mat ng C uinpany’) wfi l fa Company (‘S: iiemej was sanctioned liyHon’iiie National Company Law fi.bunal (NCLT) Murnba Bench vide o*der dared September 19, 2022 and Bengalmu Bench vice cider dated November 04, 2022 and November 10, 2022. The Scheme has become effective on November 14, 2022 upon M ro of the certified copy of the orders passed by NCLT with the relevant Registrar of Companies In terms of the Scheme, the name of the Company nas been changed from ‘Larsen Toi .bro Infr iter i Lim td’ r I.TI Mi nd I re limited’ w e. f Noventip 15, 7022 and all : fie asset s, I abi h ties. eserves and su’ pl JS O’”1 I ie ArralgarT-ai ing Company have been transferred to and vested in the Company. Consequent on the Scheme coming into effect anu in accordance with the Shafe Exchange Ratio enshrined in the Scheme, on November 25, 2022 the Company has allotted its 120,417,607 equity shares of 1/- each (fully paid-up) to the equity shareholders of erstwhi e M^dtree Limited as on the ‘Record Date’ fined for the said purpose The amalgamation has been accounted under the ‘poohrg of interests’ method m accordance with Appendix C of Indiar Accounting Standard {‘Ind AS’) 103 ‘Business Combinations’ al if p carrying va.up of th assets anti liati lities of it Amalgamating Company as included m the financial stafements of the Amalgams ng Company. Accordingly, lhe compa-alives have been restated to give effect of the amalgamation. 5 During the previous quarter, the Scheme of Arrangement (‘the Scheme’) for a malqamation between Poweruadoud ‘echnologies Private Limited, Lymbyc Solutions Private Limited and Cucogic Technologies Private L mited ( Transferor Companies), wholly owned subsidiaries, with the Company (‘Transferee Company’) was approver by the Mumbai Sen ch of National Company Law Tn bun al and the Company received the certified true copy of theord’ on Inly 06, 2023. The Company has filed th same with Registrar of CpinpaiiHs, Mumbai on July 1 I. 2D23 wfirrh i$ the f fet. live riafe of amaiqamation. lhe appointed date of lhe Scheme s April 01, 2029. ‘he amalgamation has been accounted under the ‘pooling of interests method in accordance with Appendix C of Ind AS 102 ‘Business Combinations at the carrying value of the assets and hao lities of the Transferor Companies as included in the consolidatec balance sheet of the Company as at th beginning of the previous year Accordingly, comparatives in the Standalone Finance Results have been restated to g-ve effect of the dmalgarratian ftgrn Ui beginning of lire previous yp^i and goodwill of J 1,531 mil ion has bn rrogni7pd m the standalone balance sf’net of tfie Company. The sa d transact on has no Impact in the Consolidated Financial ResulLs of rhe Company. 6. The Board of U lectors had recommended a final dividend of 40V- per equity share of face value 7 1/ - each- tor the financial year ended March 31 r 2023 which was approved by the shareholders at the Annual General Meeting held on July 17, 2023 “he aforesaid divioenc was paid dur rg the per-txi. 7. The Board; ol Directors al its meeli.ig held on October 13. 2023 have declared a i interim div-dond 20/- pei equity share of par value 1/- each. 8 Figures for the previous periods have been regrouped ar.o recrassihed wherever necessary, to conform to tne classification of me current period For LTIMindtree Limited Standalone Audited Financial Results of Wipro Limited under Ind AS (tin mittions, except per share data, unless otherwise stated) Particulars Quarter ended September 30,2023 Half year ended September 30,2023 Quarter ended September 30,2022 Revenue from operations 166,807 338,835 169,418 Profit before tax 28,481 62,692 29,556 Profit after tax 20.613 46,491 22,829 Total comprehensive income for the period 20,814 49,822 22,458 The audited standalone financial results (under ind AS) of the Company for the quarter ended and half year ended September 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023. The statutory auditors have expressed an unmodified audit opinion. Note: 1. The above is an extract ofthe detailed format of Quarterly Financial Results filed with the Stock Exchanges 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 website (URL; www.nseindia.com) and on the Company’s website (URL: www.wipro.com). 2. The Board of Directors of the Company at its meeting held over October 17-18, 2023, have approved a scheme of amalgamation for merger of Wipro HR Services India Private Limited, Wipro Overseas IT Service Private Limited, Wipro Technology Product Services Private Limited, Wipro Trademarks Holding Limited and Wipro VLSI Design Services India Private Limited (wholly-owned subsidiaries), with and into Wipro Limited. The Scheme is subject to necessary statutory and regulatory approvals under applicable laws. By Order of the Board, For Wipro Limited Place: Bengaluru Date: October 18, 2023 Rishad A. Premji Chairman Place : Mumbai, lad a f inSnfici^eixpliepeip’r. In Debashis Chatterjee Ch ef Executive Officer Sc Maragmg Director Registered Office; Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 6B0 035, India Website; wipro.com I Email Id: mfo@wipro.com Tel; 4-91 -80-2844 0011; Fax: +91-80-2844 0054 CIN: L32102KA1945PLC020800

EX-99.3

Exhibit 99.3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2023

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

Notes As atMarch 31,2023 As at September 30, 2023
Convenience translation into USdollar in millions (unaudited)Refer to Note 2(iii)
ASSETS
Goodwill 6 307,970 309,732 3,728
Intangible assets 6 43,045 38,109 459
Property, plant and equipment 4 88,659 83,086 1,000
Right-of-Use<br>assets 5 18,702 17,043 205
Financial assets
Derivative assets 17 29 151 2
Investments 8 20,720 21,629 260
Trade receivables 863 872 10
Other financial assets 11 6,330 5,973 72
Investments accounted for using the equity method 780 761 9
Deferred tax assets 2,100 2,219 27
Non-current tax assets 11,922 10,878 131
Other non-current assets 12 13,606 10,834 130
Total non-current assets **** 514,726 **** 501,287 **** 6,033
Inventories 9 1,188 1,281 15
Financial assets
Derivative assets 17 1,844 1,999 24
Investments 8 309,232 239,847 2,887
Cash and cash equivalents 10 91,880 97,896 1,178
Trade receivables 126,350 108,146 1,302
Unbilled receivables 60,515 65,292 786
Other financial assets 11 9,096 9,155 110
Contract assets 23,001 24,464 295
Current tax assets 5,091 5,017 60
Other current assets 12 32,899 31,946 385
Total current assets **** 661,096 **** 585,043 **** 7,042
TOTAL ASSETS **** 1,175,822 **** 1,086,330 **** 13,075
EQUITY
Share capital 10,976 10,444 126
Share premium 3,689 1,732 21
Retained earnings 660,964 577,487 6,951
Share-based payment reserve 5,632 6,023 72
Special Economic Zone re-investment reserve 46,803 44,941 541
Other components of equity 53,100 58,284 702
Equity attributable to the equity holders of the Company **** 781,164 **** 698,911 **** 8,413
Non-controlling interests 589 823 10
TOTAL EQUITY **** 781,753 **** 699,734 **** 8,423
LIABILITIES
Financial liabilities
Loans and borrowings 13 61,272 61,971 746
Lease liabilities 15,953 14,796 178
Derivative liabilities 17 179 40 ^
Other financial liabilities 14 2,649 1,609 19
Deferred tax liabilities 15,153 15,315 184
Non-current tax liabilities 21,777 26,048 314
Other non-current liabilities 15 9,333 11,025 133
Provisions 16 ^ — —
Total non-current liabilities **** 126,316 **** 130,804 **** 1,574
Financial liabilities
Loans, borrowings and bank overdrafts 13 88,821 94,060 1,132
Lease liabilities 8,620 8,348 100
Derivative liabilities 17 2,825 1,582 19
Trade payables and accrued expenses 89,054 78,857 949
Other financial liabilities 14 4,141 2,712 33
Contract liabilities 22,682 16,738 201
Current tax liabilities 18,846 21,372 257
Other current liabilities 15 30,215 29,873 360
Provisions 16 2,549 2,250 27
Total current liabilities **** 267,753 **** 255,792 **** 3,078
TOTAL LIABILITIES **** 394,069 **** 386,596 **** 4,652
TOTAL EQUITY AND LIABILITIES **** 1,175,822 **** 1,086,330 **** 13,075
^ Value is less than 1
--- ---

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’s Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Aparna C. Iyer M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No.: 110815
Bengaluru
October 18, 2023

1

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

Three months ended September 30, Six months ended September 30,
Notes 2022 2023 2023 2022 2023 2023
Conveniencetranslation intoUS dollar inmillions(unaudited) Referto Note 2(iii) Conveniencetranslation intoUS dollar inmillions(unaudited) Referto Note 2(iii)
Revenues 20 225,397 225,159 2,710 440,683 453,469 5,458
Cost of revenues 21 (163,835 ) (159,191 ) (1,916 ) (319,435 ) (320,452 ) (3,857 )
Gross profit **** 61,562 **** 65,968 **** 794 **** 121,248 **** 133,017 **** 1,601
Selling and marketing expenses 21 (15,140 ) (18,767 ) (226 ) (30,499 ) (35,351 ) (426 )
General and administrative expenses 21 (14,976 ) (14,124 ) (170 ) (28,447 ) (30,011 ) (361 )
Foreign exchange gains/(losses), net 23 1,057 268 3 2,091 206 2
Results from operating activities **** 32,503 **** 33,345 **** 401 **** 64,393 **** 67,861 **** 816
Finance expenses 22 (2,270 ) (3,033 ) (37 ) (4,315 ) (6,119 ) (74 )
Finance and other income 23 4,040 4,810 58 7,730 11,352 137
Share of net profit/ (loss) of associates accounted for using the equity method (72 ) (30 ) ^ (87 ) (27 ) ^
Profit before tax **** 34,201 **** 35,092 **** 422 **** 67,721 **** 73,067 **** 879
Income tax expense 19 (7,710 ) (8,419 ) (101 ) (15,641 ) (17,534 ) (211 )
Profit for the period **** 26,491 **** 26,673 **** 321 **** 52,080 **** 55,533 **** 668
Profit attributable to:
Equity holders of the Company 26,590 26,463 318 52,226 55,164 664
Non-controlling interests (99 ) 210 3 (146 ) 369 4
Profit for the period **** 26,491 **** 26,673 **** 321 **** 52,080 **** 55,533 **** 668
Earnings per equity share: 24
Attributable to equity holders of the Company
Basic 4.86 5.06 0.06 9.55 10.30 0.12
Diluted 4.85 5.04 0.06 9.52 10.27 0.12
Weighted average number of equity shares used in computing earnings per equityshare
Basic 5,476,167,685 5,232,867,366 5,232,867,366 5,473,962,200 5,357,394,940 5,357,394,940
Diluted 5,484,785,054 5,245,641,198 5,245,641,198 5,486,081,940 5,370,078,563 5,370,078,563
^ Value is less than 1
--- ---

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’s Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Aparna C. Iyer M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No.: 110815
Bengaluru
October 18, 2023

2

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

Three months ended September 30, Six months ended September 30,
2022 2023 2023 2022 2023 2023
Conveniencetranslation intoUS dollar inmillions(unaudited) Referto Note 2(iii) Conveniencetranslation intoUS dollar inmillions(unaudited) Referto Note 2(iii)
Profit for the period **** 26,491 **** 26,673 **** 321 **** 52,080 **** 55,533 **** 668
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net 295 51 ^ 607 6 ^
Net change in fair value of investment in equity instruments measured at fair value through<br>OCI 180 (124 ) (1 ) 1,513 (108 ) (1 )
**** 475 **** (73 ) **** (1 ) **** 2,120 **** (102 ) **** (1 )
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences 3,027 1,824 22 8,658 1,462 18
Reclassification of foreign currency translation differences on liquidation of subsidiaries to<br>statement of income (23 ) (183 ) (2 ) (23 ) (181 ) (2 )
Net change in time value of option contracts designated as cash flow hedges (55 ) 211 3 (301 ) 251 3
Net change in intrinsic value of option contracts designated as cash flow hedges (121 ) (311 ) (4 ) (327 ) 201 2
Net change in fair value of forward contracts designated as cash flow hedges (517 ) (62 ) (1 ) (1,500 ) 1,586 19
Net change in fair value of investment in debt instruments measured at fair value through<br>OCI 148 297 4 (3,954 ) 1,336 16
**** 2,459 **** 1,776 **** 22 **** 2,553 **** 4,655 **** 56
Total other comprehensive income, net of taxes 2,934 1,703 21 4,673 4,553 56
Total comprehensive income for the period **** 29,425 **** 28,376 **** 342 **** 56,753 **** 60,086 **** 724
Total comprehensive income attributable to:
Equity holders of the Company 29,512 28,169 340 56,863 59,809 721
Non-controlling interests (87 ) 207 2 (110 ) 277 3
**** 29,425 **** 28,376 **** 342 **** 56,753 **** 60,086 **** 724
^ 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’s Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Aparna C. Iyer M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No.: 110815
Bengaluru
October 18, 2023

3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

SpecialEconomicZonere-investmentreserve Other components of equity Equityattributableto theequityholders oftheCompany Non-<br>controllinginterests Total equity
Particulars Number ofshares^(1)^ Sharecapital,fullypaid-up Sharepremium Retainedearnings Share-basedpaymentreserve Foreigncurrencytranslationreserve^(2)^ Cash flowhedgingreserve^(3)^ Otherreserves^(2)^
As at April 1, 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
Adjustment on adoption of amendments to IAS 37 — — — (51 ) — — — — — (51 ) — (51 )
Adjusted balance as at April 1, 2022 **** 5,482,070,115 **** 10,964 **** 1,566 **** 551,201 **** 5,258 **** 47,061 **** 26,850 1,477 13,730 **** 658,107 **** 515 **** 658,622
Comprehensive income for the period
Profit for the period — — 52,226 — — — — — 52,226 (146 ) 52,080
Other comprehensive income — — — — — 8,599 (2,128 ) (1,834 ) 4,637 36 4,673
Total comprehensive income for the period **** — **** — **** 52,226 **** — **** **** — **** 8,599 (2,128 ) (1,834 ) **** 56,863 **** (110 ) **** 56,753
Issue of equity shares on exercise of options 3,471,525 7 1,101 — (1,101 ) — — — — **** 7 — **** 7
Issue of shares by controlled trust on exercise of options^(1)^ — — 912 (912 ) — — — — **** — **** — **** — ****
Compensation cost related to employee share-based payment — — 6 2,574 — — — — **** 2,580 — **** 2,580
Transferred to Special Economic Zone re-investment<br>reserve — — (1,343 ) — 1,343 — — — **** — **** — **** — ****
Others — — — — — — — — **** — **** (77 ) **** (77 )
Other transactions for the period **** 3,471,525 **** 7 **** 1,101 **** (425 ) **** 561 **** 1,343 **** — — **** — **** **** 2,587 **** (77 ) **** 2,510
As at September 30, 2022 **** 5,485,541,640 **** 10,971 **** 2,667 **** 603,002 **** 5,819 **** 48,404 **** 35,449 (651 ) 11,896 **** 717,557 **** 328 **** 717,885
^(1)^ Includes 11,573,848 treasury shares held as at September 30, 2022 by a controlled trust. 3,115,881 shares<br>have been transferred by the controlled trust to eligible employees on exercise of options during the six months ended September 30, 2022.
--- ---
^(2)^ Refer to Note 18
--- ---
^(3)^ Refer to Note 17
--- ---

4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

SpecialEconomicZonere-investmentreserve Other components of equity Equityattributable tothe equityholders of theCompany Non-<br>controllinginterests Totalequity
Particulars Number ofshares^(1)^ Sharecapital,fullypaid-up Sharepremium Retainedearnings Share-basedpaymentreserve Foreigncurrencytranslationreserve^(2)^ Cash flowhedgingreserve^(3)^ Otherreserves^(2)^
As at April 1, 2023 **** 5,487,917,741 **** 10,976 **** 3,689 **** 660,964 **** 5,632 **** 46,803 **** 43,255 (1,403 ) 11,248 **** 781,164 **** 589 **** 781,753
Comprehensive income for the period
Profit for the period — — — 55,164 — — — — — 55,164 369 55,533
Other comprehensive income — — — — — — 1,271 2,038 1,336 4,645 (92 ) 4,553
Total comprehensive income for the period **** — **** **** — **** **** — **** **** 55,164 **** — **** **** — **** **** 1,271 2,038 1,336 **** 59,809 **** 277 **** 60,086
Issue of equity shares on exercise of options 3,545,482 7 1,811 — (1,811 ) — — — — **** 7 — **** 7
Issue of shares by controlled trust on exercise of options^(1)^ — — — 897 (897 ) — — — — **** — **** — **** — ****
Compensation cost related to employee share-based payment — — — 5 3,099 — — — — **** 3,104 — **** 3,104
Transferred from Special Economic Zone re-investment<br>reserve — — — 1,862 — (1,862 ) — — — **** — **** — **** — ****
Buyback of equity shares, including tax<br>thereon^(4)^ (269,662,921 ) (539 ) (3,768 ) (141,015 ) — — — — 539 **** (144,783 ) — **** (144,783 )
Transaction cost related to buyback of equity shares^(4)^ — — — (390 ) — — — — — **** (390 ) — **** (390 )
Others — — — — — — — — — **** — **** (43 ) **** (43 )
Other transactions for the period **** (266,117,439 ) **** (532 ) **** (1,957 ) **** (138,641 ) **** 391 **** (1,862 ) **** — — **** 539 **** (142,062 ) **** (43 ) **** (142,105 )
As at September 30, 2023 **** 5,221,800,302 **** 10,444 **** 1,732 **** 577,487 **** 6,023 **** 44,941 **** 44,526 635 13,123 **** 698,911 **** 823 **** 699,734
Convenience translation into US dollar in millions (unaudited) Refer to Note2(iii) **** 126 **** 21 **** 6,951 **** 72 **** 541 **** 536 8 158 **** 8,413 **** 10 **** 8,423
^(1)^ Includes 7,310,222 treasury shares held as at September 30, 2023 by a controlled trust. 2,585,614 shares<br>have been transferred by the controlled trust to eligible employees on exercise of options during the six months ended September 30, 2023.
--- ---
^(2)^ Refer to Note 18
--- ---
^(3)^ Refer to Note 17
--- ---
^(4)^ Refer to Note 29
--- ---

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’s Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Aparna C. Iyer M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No.: 110815
Bengaluru
October 18, 2023

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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

Six months ended September 30,
2022 2023 2023
Convenience translation<br>into US dollar in millions<br>(unaudited) Refer to<br>Note 2(iii)
Cash flows from operating activities
Profit for the period 52,080 55,533 668
Adjustments to reconcile profit for the period to net cash generated from operatingactivities:
Gain on sale of property, plant and equipment, net (148 ) (2,242 ) (27 )
Depreciation, amortization and impairment expense 15,707 16,350 197
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings 1,406 836 10
Share-based compensation expense 2,574 3,099 37
Share of net loss of associates accounted for using equity method 87 27 ^
Income tax expense 15,641 17,534 211
Finance and other income, net of finance expenses (3,415 ) (5,233 ) (63 )
Gain on derecognition of contingent consideration payable (271 ) (506 ) (6 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables (4,971 ) 18,352 221
Unbilled receivables and contract assets (3,861 ) (5,937 ) (71 )
Inventories (664 ) (92 ) (1 )
Other assets (3,242 ) 6,498 78
Trade payables, accrued expenses, other liabilities and provisions (2,783 ) (11,260 ) (136 )
Contract liabilities (2,929 ) (5,928 ) (71 )
Cash generated from operating activities before taxes **** 65,211 **** 87,031 **** 1,047
Income taxes paid, net (15,418 ) (10,885 ) (131 )
Net cash generated from operating activities **** 49,793 **** 76,146 **** 916
Cash flows from investing activities:
Payment for purchase of property, plant and equipment (8,737 ) (4,184 ) (50 )
Proceeds from disposal of property, plant and equipment 181 4,223 51
Payment for purchase of investments (382,779 ) (465,185 ) (5,599 )
Proceeds from sale of investments 347,617 535,473 6,445
Proceeds from restricted interim dividend account 27,410 — —
Payment for business acquisitions including deposits and escrow, net of cash acquired (46,341 ) — —
Interest received 6,151 11,274 136
Dividend received 2 2 ^
Net cash generated from/(used in) investing activities **** (56,496 ) **** 81,603 **** 983
Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending allotment 7 7 ^
Repayment of loans and borrowings (79,298 ) (43,750 ) (527 )
Proceeds from loans and borrowings 91,617 48,750 587
Payment of lease liabilities (4,927 ) (5,172 ) (62 )
Payment for deferred contingent consideration (1,169 ) (1,289 ) (16 )
Interest and finance expenses paid (3,458 ) (4,850 ) (58 )
Payment of dividend (27,337 ) — —
Payment for buyback of equity shares, including tax and transaction cost — (145,173 ) (1,747 )
Net cash used in financing activities **** (24,565 ) **** (151,477 ) **** (1,823 )
Net increase/(decrease) in cash and cash equivalents during the period (31,268 ) 6,272 75
Effect of exchange rate changes on cash and cash equivalents 456 (259 ) (3 )
Cash and cash equivalents at the beginning of the period 103,833 91,861 1,106
Cash and cash equivalents at the end of the period (Note 10) **** 73,021 **** 97,874 **** 1,178
^ 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’s Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Aparna C. Iyer M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No.: 110815
Bengaluru
October 18, 2023

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 Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.

The Company’s Board of Directors authorized these interim condensed consolidated financial statements for issue on October 18, 2023.

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, 2023. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”).

The interim condensed consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation of Financial Statements”. For clarity, various items are aggregated in the interim condensed consolidated statements of income, interim condensed consolidated statements of comprehensive income and interim condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the interim condensed consolidated financial statements, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for the adoption of new accounting standards, amendments and interpretations effective from April 1, 2023.

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

(ii) Basis of measurement

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

a. Derivative financial instruments;
b. Financial instruments classified as fair value through other comprehensive income or fair value through profit<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 and six months ended September 30, 2023, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 83.08 as published by Federal Reserve Board of Governors on September 30, 2023. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.

(iv) Use of estimates and judgment

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

7

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

a) Revenue recognition: The Company applies judgement to determine whether each product or service promised<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. Revenue is recognized upon transfer of control of<br>promised products or services to customers in an amount that reflects the consideration the Company expects to receive (the “Transaction Price”). The Company allocates the Transaction Price to separately identifiable performance obligation<br>deliverables based on their relative stand-alone selling price. In cases where the Company is unable to determine the stand-alone selling price the Company uses expected cost-plus margin approach in estimating the stand-alone selling price. The<br>Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method accounting relies on estimates of total expected<br>contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete<br>include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, revenue recognized, profit and timing of<br>revenue for remaining performance obligations are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. Volume<br>discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer.
b) Impairment testing: Goodwill recognized on business combination is tested for impairment at least<br>annually and when events occur or changes in circumstances indicate that the recoverable amount of goodwill or a cash generating unit to which goodwill pertains, is less than the carrying value. The Company assesses acquired intangible assets with<br>finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which include turnover, growth<br>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 resolved over extended time periods.

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

d) Business combinations: In accounting for business combinations, judgment is required to assess whether<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.
e) 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.
--- ---
f) 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.
--- ---
g) 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

h) 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.
i) 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.

3. Material accounting policy information

Please refer to the Company’s Annual report for the year ended March 31, 2023, 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, 2023.

i. New amendment adopted by the Company effective from April 1, 2023:

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 did not have any material impact on the interim condensed consolidated financial statements.

Amendments to IAS 1 – Presentation of Financial Statements

On October 31, 2022, IASB issued ‘Non-current Liabilities with Covenants (Amendments to IAS 1)’. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. The amendments are effective for reporting periods beginning on or after January 1, 2024, with earlier application permitted. The adoption of these amendments to IAS 1 did not have any material impact on the interim condensed consolidated financial statements.

Amendments to IAS 12 – IncomeTaxes

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 adoption of these amendments to IAS 12 did not have any material impact on the interim condensed consolidated financial statements.

Amendments to IFRS 16 – Leases

On September 22, 2022, IASB issued ‘Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)’ that specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16 and will not change the accounting for leases unrelated to sale and leaseback transactions. These amendments are effective for annual reporting periods beginning on or after January 1, 2024, and are to be applied retrospectively, with earlier application permitted. The adoption of these amendments to IFRS 16 did not have any material impact on the interim condensed consolidated financial statements.

9

ii. New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2023 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 12 – Income Taxes

On 23 May 2023, the IASB issued International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 “Income Taxes” to clarify the application of IAS 12 to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The Amendments introduced:

• a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional<br>implementation of the Pillar Two model rules; and
• disclosure requirements for affected entities to help users of the financial statements better understand an<br>entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.
--- ---

The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. The Company is currently evaluating the impact of these amendments on the interim condensed consolidated financial statements.

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

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

Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments

On 25 May 2023, IASB issued ‘Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)’, that require companies to disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the companies liabilities and cash flows and on the companies exposure to liquidity risk. These amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The Company is currently evaluating the impact of these amendments on the interim condensed consolidated financial statements.

10

4. Property, plant and equipment

Land Buildings Plant andequipment ^(1)^ Furniturefixtures Officeequipment Vehicles Total
Gross carrying value:
As at April 1, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 15,386 ₹ 7,259 ₹ 317 ₹ 191,932
Additions — 54 6,390 674 181 3 7,302
Additions through Business combinations — 7 357 6 — 3 373
Disposals (3 ) (47 ) (1,361 ) (71 ) (8 ) (1 ) (1,491 )
Translation adjustment (9 ) (60 ) 307 (6 ) (19 ) — 213
As at September 30, 2022 ₹ 4,801 ₹ 40,640 ₹ 129,164 ₹ 15,989 ₹ 7,413 ₹ 322 ₹ 198,329
Accumulated depreciation/ impairment: ****
As at April 1, 2022 ₹ — ₹ 10,003 ₹ 90,465 ₹ 10,814 ₹ 5,743 ₹ 297 ₹ 117,322
Depreciation and impairment — 618 6,777 804 293 4 8,496
Disposals — (40 ) (1,298 ) (70 ) (7 ) (1 ) (1,416 )
Translation adjustment — (9 ) 353 9 (13 ) — 340
As at September 30, 2022 ₹ — **** ₹ 10,572 ₹ 96,297 ₹ 11,557 ₹ 6,016 ₹ 300 ₹ 124,742
Capital work-in-progress ₹ 17,666
Net carrying value including Capital work-in-progress as at September 30,2022 **** ₹ 91,253
Gross carrying value:
As at April 1, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 15,386 ₹ 7,259 ₹ 317 ₹ 191,932
Additions 40 7,269 12,191 3,917 964 7 24,388
Additions through Business combinations — 7 357 6 — 3 373
Disposals (3 ) (435 ) (20,016 ) (1,325 ) (474 ) (168 ) (22,421 )
Translation adjustment 10 173 1,729 102 69 2 2,085
As at March 31, 2023 ₹ 4,860 ₹ 47,700 ₹ 117,732 ₹ 18,086 ₹ 7,818 ₹ 161 ₹ 196,357
Accumulated depreciation/ impairment: ****
As at April 1, 2022 ₹ — ₹ 10,003 ₹ 90,465 ₹ 10,814 ₹ 5,743 ₹ 297 ₹ 117,322
Depreciation and impairment — 1,217 13,305 1,794 600 10 16,926
Disposals — (395 ) (19,655 ) (1,158 ) (463 ) (163 ) (21,834 )
Translation adjustment — 102 1,386 70 48 1 1,607
As at March 31, 2023 ₹ — **** ₹ 10,927 ₹ 85,501 ₹ 11,520 ₹ 5,928 ₹ 145 ₹ 114,021
Capital work-in-progress ₹ 6,323
Net carrying value including Capital work-in-progress as at March 31,2023 **** ₹ 88,659
Gross carrying value:
As at April 1, 2023 ₹ 4,860 ₹ 47,700 ₹ 117,732 ₹ 18,086 ₹ 7,818 ₹ 161 ₹ 196,357
Additions — 392 2,070 705 125 2 3,294
Disposals (486 ) (805 ) (5,922 ) (886 ) (236 ) (122 ) (8,457 )
Translation adjustment (3 ) (1 ) (38 ) (13 ) (18 ) ^ (73 )
As at September 30, 2023 ₹ 4,371 ₹ 47,286 ₹ 113,842 ₹ 17,892 ₹ 7,689 ₹ 41 ₹ 191,121
Accumulated depreciation/ impairment: ****
As at April 1, 2023 ₹ — ₹ 10,927 ₹ 85,501 ₹ 11,520 ₹ 5,928 ₹ 145 ₹ 114,021
Depreciation and impairment — 726 5,902 1,071 322 4 8,025
Disposals — (342 ) (5,003 ) (852 ) (230 ) (122 ) (6,549 )
Translation adjustment — 1 (12 ) (4 ) (12 ) ^ (27 )
As at September 30, 2023 ₹ — **** ₹ 11,312 ₹ 86,388 ₹ 11,735 ₹ 6,008 ₹ 27 ₹ 115,470
Capital work-in-progress ₹ 7,435
Net carrying value including Capital work-in-progress as at September 30,2023 **** ₹ 83,086
^ Value is less than 1
--- ---
^(1)^ Including net carrying value of computer equipment and software amounting to ₹24,873, ₹22,425 and ₹18,177, as at<br>September 30, 2022, March 31, 2023 and September 30, 2023, respectively.
--- ---

11

5. Right-of-Use assets

Category of Right-of-Use asset
Land Buildings Plant andequipment^(1)^ Vehicles Total
Gross carrying value:
As at April 1, 2022 ₹ 1,278 ₹ 25,993 ₹ 2,511 ₹ 904 ₹ 30,686
Additions — 3,433 314 88 3,835
Additions through Business combinations — 201 — — 201
Disposals — (1,962 ) — (152 ) (2,114 )
Translation adjustment — (101 ) (35 ) (33 ) (169 )
As at September 30, 2022 ₹ 1,278 ₹ 27,564 ₹ 2,790 ₹ 807 ₹ 32,439
Accumulated depreciation:
As at April 1, 2022 ₹ 58 ₹ 9,676 ₹ 1,512 ₹ 570 ₹ 11,816
Depreciation 9 2,786 273 124 3,192
Disposals — (1,713 ) — (122 ) (1,835 )
Translation adjustment — (27 ) 4 (19 ) (42 )
As at September 30, 2022 ₹ 67 ₹ 10,722 ₹ 1,789 ₹ 553 ₹ 13,131
Net carrying value as at September 30, 2022 ₹ 19,308
Gross carrying value:
As at April 1, 2022 ₹ 1,278 ₹ 25,993 ₹ 2,511 ₹ 904 ₹ 30,686
Additions — 6,015 1,109 236 7,360
Additions through Business combinations — 201 — — 201
Disposals — (5,085 ) (1,160 ) (317 ) (6,562 )
Translation adjustment — 822 120 42 984
As at March 31, 2023 ₹ 1,278 ₹ 27,946 ₹ 2,580 ₹ 865 ₹ 32,669
Accumulated depreciation:
As at April 1, 2022 ₹ 58 ₹ 9,676 ₹ 1,512 ₹ 570 ₹ 11,816
Depreciation 19 5,651 614 238 6,522
Disposals — (3,564 ) (1,003 ) (263 ) (4,830 )
Translation adjustment — 364 69 26 459
As at March 31, 2023 ₹ 77 ₹ 12,127 ₹ 1,192 ₹ 571 ₹ 13,967
Net carrying value as at March 31, 2023 ₹ 18,702
Gross carrying value:
As at April 1, 2023 ₹ 1,278 ₹ 27,946 ₹ 2,580 ₹ 865 ₹ 32,669
Additions — 2,408 233 113 2,754
Disposals — (2,442 ) (629 ) (158 ) (3,229 )
Translation adjustment — (73 ) ^ (12 ) (85 )
As at September 30, 2023 ₹ 1,278 ₹ 27,839 ₹ 2,184 ₹ 808 ₹ 32,109
Accumulated depreciation:
As at April 1, 2023 ₹ 77 ₹ 12,127 ₹ 1,192 ₹ 571 ₹ 13,967
Depreciation 9 2,708 221 93 3,031
Disposals — (1,179 ) (554 ) (136 ) (1,869 )
Translation adjustment — (49 ) (7 ) (7 ) (63 )
As at September 30, 2023 ₹ 86 ₹ 13,607 ₹ 852 ₹ 521 ₹ 15,066
Net carrying value as at September 30, 2023 ₹ 17,043
^ Value is less than 1 ****
--- ---
^(1)^ Comprised of net carrying value of computer equipment.
--- ---

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

For the period ended
March 31, 2023 September 30, 2023
Balance at the beginning of the period ₹ 246,989 ₹ 307,970
Translation adjustment 20,335 2,251
Acquisition through Business<br>combinations^(1)^ 40,687 (489 )
Disposals (41 ) —
Balance at the end of the period ₹ 307,970 ₹ 309,732
^(1)^ Acquisition through business combinations for the year ended March 31, 2023 and six months ended<br>September 30, 2023 is after considering the impact of ₹ 57 and ₹ 489<br>towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2022 and 2023, respectively.
--- ---

12

The movement in intangible assets is given below:

Intangible assets
Customer-related Marketing-related Total
Gross carrying value:
As at April 1, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
Acquisition through Business combinations 5,480 482 5,962
Deductions/adjustments^(1)^ (39 ) — (39 )
Translation adjustment 2,713 720 3,433
As at September 30, 2022 ₹ 51,520 ₹ 12,630 ₹ 64,150
Accumulated amortization/ impairment:
As at April 1, 2022 ₹ 9,483 ₹ 1,756 ₹ 11,239
Amortization and impairment 3,111 908 4,019
Translation adjustment 486 99 585
As at September 30, 2022 ₹ 13,080 ₹ 2,763 ₹ 15,843
Net carrying value as at September 30, 2022 ₹ 38,440 ₹ 9,867 ₹ 48,307
Gross carrying value:
As at April 1, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
Acquisition through Business combinations 5,602 482 6,084
Deductions/adjustments^(1)^ (2,555 ) (862 ) (3,417 )
Translation adjustment 3,400 876 4,276
As at March 31, 2023 ₹ 49,813 ₹ 11,924 ₹ 61,737
Accumulated amortization/ impairment:
As at April 1, 2022 ₹ 9,483 ₹ 1,756 ₹ 11,239
Amortization and impairment^(2)^ 7,718 2,236 9,954
Deductions/adjustments (2,519 ) (862 ) (3,381 )
Translation adjustment 735 145 880
As at March 31, 2023 ₹ 15,417 ₹ 3,275 ₹ 18,692
Net carrying value as at March 31, 2023 ₹ 34,396 ₹ 8,649 ₹ 43,045
Gross carrying value:
As at April 1, 2023 ₹ 49,813 ₹ 11,924 ₹ 61,737
Translation adjustment 431 111 542
As at September 30, 2023 ₹ 50,244 ₹ 12,035 ₹ 62,279
Accumulated amortization/ impairment:
As at April 1, 2023 ₹ 15,417 ₹ 3,275 ₹ 18,692
Amortization and impairment^(2) (3)^ 4,393 901 5,294
Translation adjustment 152 32 184
As at September 30, 2023 ₹ 19,962 ₹ 4,208 ₹ 24,170
Net carrying value as at September 30, 2023 ₹ 30,282 ₹ 7,827 ₹ 38,109
^(1)^ Includes ₹ 39 and ₹ 36 for the period ended September 30, 2022 and March 31, 2023 respectively, towards measurement period adjustment in customer-related intangible in an<br>acquisition completed during the year ended March 31, 2022.
--- ---
^(2)^ During the year ended March 31, 2023, and six months ended September 30, 2023, decline in the revenue<br>and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge of ₹ 1,816 for the year ended March 31, 2023 and ₹ 437 for the three and six<br>months ended September 30, 2023, as part of amortization and impairment.
--- ---
^(3)^ 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 ₹ 1,211 for the three and six months ended September 30, 2023, as part of<br>amortization and impairment.
--- ---

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

7. Business combinations

Rizing Intermediate Holdings, Inc. and its subsidiaries (“Rizing”), a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer industries, and human experience management. Rizing complements the Company in capabilities (EAM, HCM and S/4HANA), in industries such as Energy and Utilities, Retail and Consumer Products, Manufacturing and Hi Tech in geographies across North America, Europe, Asia, and Australia. The acquisition was consummated on May 20, 2022, for total cash consideration of ₹ 43,845. During the six months ended September 30, 2023, the Company finalized the purchase price allocation as below.

13

Description Amount
Net assets ₹ 4,425
Fair value of customer-related intangibles 3,894
Fair value of marketing-related intangibles 482
Deferred tax liabilities on intangible assets (1,750 )
Total ₹ 7,051
Goodwill 36,794
Total purchase price ₹ 43,845
Net Assets include:
Cash and cash equivalents ₹ 2,114
Fair value of acquired trade receivables included in net assets ₹ 3,220
Gross contractual amount of acquired trade receivables ₹ 3,233
Less: Allowance for lifetime expected credit loss (13 )

The goodwill of ₹ 36,794 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.

8. Investments

As at
March 31, 2023 September 30, 2023
Non-current
Financial instruments at FVTPL
Equity instruments ₹ 3,773 ₹ 4,040
Fixed maturity plan mutual funds 1,300 1,342
Financial instruments at FVTOCI
Equity instruments 15,647 15,745
Financial instruments at amortized cost
Inter corporate and term deposits ^ 502
₹ 20,720 ₹ 21,629
Current
Financial instruments at FVTPL
Short-term mutual funds ₹ 40,262 ₹ 54,790
Financial instruments at FVTOCI
Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds 245,195 165,391
Financial instruments at amortized cost
Inter corporate and term deposits^(1)^ 23,775 19,666
₹ 309,232 ₹ 239,847
₹ 329,952 ₹ 261,476
^ Value is less than 1
--- ---
^(1)^ These deposits earn a fixed rate of interest. Term deposits include current deposits in lien with banks<br>primarily on account of term deposits held as margin money deposits against guarantees amounting to ₹ 123 (March 31, 2023: ₹ 653).
--- ---

9. Inventories

As at
March 31, 2023 September 30, 2023
Stores and spare parts ₹ 30 ₹ 30
Finished and traded goods 1,158 1,251
₹ 1,188 ₹ 1,281

10. Cash and cash equivalents

As at
March 31, 2023 September 30, 2023
Cash and bank balances ₹ 60,417 ₹ 65,595
Demand deposits with banks^(1)^ 31,463 32,301
₹ 91,880 ₹ 97,896
^(1)^ These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the<br>principal.
--- ---

14

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

As at
September 30, 2022 September 30, 2023
Cash and cash equivalents ₹ 73,023 ₹ 97,896
Bank overdrafts (2 ) (22 )
₹ 73,021 ₹ 97,874

11. Other financial assets

As at
March 31, 2023 September 30, 2023
Non-current
Security deposits ₹ 1,566 ₹ 1,170
Finance lease receivables 4,742 4,801
Others 22 2
₹ 6,330 ₹ 5,973
Current
Security deposits ₹ 1,549 ₹ 1,895
Dues from officers and employees 735 737
Interest receivables 386 927
Finance lease receivables 5,672 5,354
Others 754 242
₹ 9,096 ₹ 9,155
₹ 15,426 ₹ 15,128

12. Other assets

As at
March 31, 2023 September 30, 2023
Non-current
Prepaid expenses ₹ 5,375 ₹ 3,590
Costs to obtain contract^(1)^ 2,936 2,667
Costs to fulfil contract^(2)^ 261 234
Others 5,034 4,343
₹ 13,606 ₹ 10,834
Current
Prepaid expenses ₹ 19,164 ₹ 21,084
Dues from officers and employees 799 460
Advance to suppliers 2,506 1,667
Balance with GST and other authorities 7,929 6,078
Costs to obtain contract^(1)^ 978 931
Costs to fulfil contract^(2)^ 59 60
Others 1,464 1,666
₹ 32,899 ₹ 31,946
₹ 46,505 ₹ 42,780
^(1)^ Costs to obtain contract amortization of<br>₹ 226 and ₹ 244 during the three months ended September 30, 2022 and<br>2023 respectively, ₹ 440 and ₹ 572 during the six months ended<br>September 30, 2022 and 2023 respectively.
--- ---
^(2)^ Costs to fulfil contract amortization of<br>₹ 14 and ₹ 15 during the three months ended September 30, 2022 and<br>2023 respectively, ₹ 28 and ₹ 30 during the six months ended<br>September 30, 2022 and 2023 respectively
--- ---

13. Loans, borrowings and bank overdrafts

As at
March 31, 2023 September 30, 2023
Non-current
Unsecured Notes 2026 ₹ 61,272 ₹ 61,971
₹ 61,272 ₹ 61,971
Current
Borrowings from banks ₹ 88,745 ₹ 93,981
Loans from institutions other than banks 57 57
Bank overdrafts 19 22
₹ 88,821 ₹ 94,060
₹ 150,093 ₹ 156,031

15

14. Other financial liabilities

As at
March 31, 2023 September 30, 2023
Non-current
Contingent consideration (Refer to Note 17) ₹ 1,545 ₹ 548
Deposits and others 1,104 1,061
₹ 2,649 ₹ 1,609
Current
Contingent consideration (Refer to Note 17) ₹ 1,508 ₹ 719
Advance from customers 1,373 403
Cash settled ADS RSUs 6 3
Capital creditors 215 432
Deposits and others 1,039 1,155
₹ 4,141 ₹ 2,712
₹ 6,790 ₹ 4,321

15. Other liabilities

As at
March 31, 2023 September 30, 2023
Non-current
Employee benefits obligations ₹ 2,947 ₹ 3,354
Others 6,386 7,671
₹ 9,333 ₹ 11,025
Current
Employee benefits obligations ₹ 15,885 ₹ 16,632
Statutory and other liabilities 13,155 12,104
Advance from customers and others 645 461
Others 530 676
₹ 30,215 ₹ 29,873
₹ 39,548 ₹ 40,898

16. Provisions

As at
March 31, 2023 September 30, 2023
Non-current
Provision for warranty ₹ ^ ₹ —
₹ ^ ₹ —
Current
Provision for onerous contracts ₹ 1,590 ₹ 1,663
Provision for warranty 456 228
Others 503 359
₹ 2,549 ₹ 2,250
₹ 2,549 ₹ 2,250
^ Value is less than 1
--- ---
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 is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as immaterial.

16

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

(in million)
As at
March 31, 2023 September 30, 2023
Notional Fair value Notional Fair value
Designated derivative instruments
Sell: Forward contracts USD 977 ₹ (262 ) USD 1,255 ₹ 2
€ 94 ₹ (497 ) € 47 ₹ 154
£ 138 ₹ (728 ) £ 89 ₹ (1 )
AUD 89 ₹ 9 AUD 41 ₹ 92
Range forward option contracts USD 1,157 ₹ (19 ) USD 896 ₹ 160
€ 49 ₹ (112 ) € 131 ₹ 162
£ 60 ₹ (69 ) £ 66 ₹ 70
AUD 34 ₹ 29 AUD 68 ₹ 28
Interest rate swaps INR 4,750 ₹ (113 ) INR 5,000 ₹ (114 )
USD — ₹ — USD 225 ₹ 379
Non-designated derivative instruments
Sell: Forward contracts^(1)^ USD 1,550 ₹ 736 USD 1,607 ₹ (574 )
€ 171 ₹ (176 ) € 193 ₹ 120
£ 129 ₹ (100 ) £ 129 ₹ 109
AUD 56 ₹ 69 AUD 52 ₹ 9
SGD 14 ₹ 1 SGD 9 ₹ 9
ZAR 43 ₹ (7 ) ZAR 142 ₹ (12 )
CAD 69 ₹ (25 ) CAD 29 ₹ (3 )
SAR 147 ₹ (6 ) SAR 238 ₹ (4 )
CHF 9 ₹ 5 CHF 2 ₹ 4
QAR 4 ₹ (2 ) QAR — ₹ —
TRY 30 ₹ (1 ) TRY 86 ₹ 1
NOK 13 ₹ 6 NOK — ₹ —
OMR 1 ₹ ^ OMR 3 ₹ (1 )
SEK 3 ₹ ^ SEK — ₹ —
JPY 784 ₹ 6 JPY 1,489 ₹ 19
DKK 33 ₹ (4 ) DKK 33 ₹ 2
AED 20 ₹ ^ AED 24 ₹ ^
CNH 1 ₹ ^ CNH 1 ₹ ^
PLN — ₹ — PLN 9 ₹ 1
BDT — ₹ — BDT 757 ₹ (34 )
MXN — ₹ — MXN 33 ₹ 1
COP — ₹ — COP 10,339 ₹ (5 )
Buy: Forward contracts AED 5 ₹ ^ AED — ₹ —
NOK 12 ₹ ^ NOK 12 ₹ 2
QAR 4 ₹ 2 QAR 11 ₹ 4
ZAR 7 ₹ 1 ZAR 51 ₹ (2 )
PLN 26 ₹ 13 PLN 30 ₹ (34 )
SEK — ₹ — SEK 39 ₹ 5
JPY — ₹ — JPY 261 ₹ (3 )
USD — ₹ — USD 86 ₹ 6
CHF — ₹ — CHF 2 ₹ (8 )
TWD — ₹ — TWD 67 ₹ (2 )
BRL — ₹ — BRL 11 ₹ (1 )
RON — ₹ — RON 60 ₹ (7 )
CAD — ₹ — CAD 15 ₹ (5 )
€ — ₹ — € 13 ₹ (1 )
Range forward option contracts USD 30 ₹ 31 USD — ₹ —
Interest rate swaps USD 200 ₹ 82 USD — ₹ —
₹ (1,131 ) ₹ 528
^ Value is less than 1
--- ---
^(1)^ USD 1,550 and USD 1607 includes USD/PHP sell forward of USD 77 and USD 137 as at March 31, 2023 and<br>September 30, 2023, respectively.
--- ---

17

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:

Six months endedSeptember 30,
2022 2023
Balance as at the beginning of the period ₹ 1,943 **** ₹ (1,762 )
Changes in fair value of effective portion of derivatives (1,569 ) 1,206
Deferred cancellation gain/(loss), net — 12
Net (gain)/loss reclassified to consolidated statement of income on occurrence of hedged<br>transactions^(1)^ (1,160 ) 1,488
Ineffective portion of derivative instruments classified to consolidated statement of<br>income — (86 )
Gain/(loss) on cash flow hedging derivatives, net ₹ (2,729 ) ₹ 2,620 ****
Translation (gain)/loss (6 ) (2 )
Balance as at the end of the period ₹ (792 ) ₹ 856 ****
Deferred tax thereon 141 (221 )
Balance as at the end of the period, net of deferred tax ₹ (651 ) ₹ 635 ****
^(1)^ Includes net (gain)/loss reclassified to revenue of<br>₹ (640) and ₹ 1291 for the six months ended September 30, 2022, and<br>2023, respectively and net (gain)/loss reclassified to cost of revenues of ₹ (520) and<br>₹ 197 for the six months ended September 30, 2022, and 2023, respectively.
--- ---

As at September 30, 2022 and 2023, 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, short-term 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. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2023 and September 30, 2023, the carrying value of such receivables, net of allowances approximates the fair value. The Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield of Unsecured Notes 2026 as of September 30, 2023 is 5.749%.

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

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

Fair value hierarchy

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

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

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

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

There were no transfer between Level 1, 2 and 3 during the year ended March 31, 2023 and six months ended September 30, 2023.

18

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

As at
March 31, 2023 September 30, 2023
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 ₹ 772 ₹ — ₹ 772 ₹ — ₹ 1,439 ₹ — ₹ 1,439 ₹ —
Others 1,101 — 1,101 — 711 — 711 —
Investments:
Short-term mutual funds 40,262 40,262 — — 54,790 54,790 —
Fixed maturity plan mutual funds 1,300 — 1,300 — 1,342 — 1,342 —
Equity instruments 19,420 99 — 19,321 19,785 83 — 19,702
Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds 245,195 1,256 243,939 — 165,391 1,263 164,128 —
Liabilities
Derivative instruments:
Cash flow hedges ₹ (2,534 ) ₹ — ₹ (2,534 ) ₹ — ₹ (593 ) ₹ — ₹ (593 ) ₹ —
Others (470 ) — (470 ) — (1,029 ) — (1,029 ) —
Contingent consideration (3,053 ) — — (3,053 ) (1,267 ) — — (1,267 )

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 September 30, 2023, 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 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 approach primarily based on market multiples method.

Details of assets and liabilities considered under Level 3classification

As at
Investment in equity instruments March 31, 2023 September 30, 2023
Balance at the beginning of the period ₹ 16,324 ₹ 19,321
Additions 2,093 592
Disposals^(1)^ (632 ) (268 )
Unrealized gain/(loss) recognized in statement of income (2 ) (4 )
Gain/(loss) recognized in other comprehensive income 291 (113 )
Translation adjustment 1,247 174
Balance at the end of the period ₹ 19,321 ₹ 19,702
^(1)^ During the year ended March 31, 2023, the Company sold its shares in Vicarious FPC, Inc. and Harte Hanks<br>Inc. at a fair value of ₹ 1,150 and recognized a cumulative gain of ₹ 30 in<br>other comprehensive income.
--- ---

During the period ended September 30, 2023, the Company sold its shares in Moogsoft (Herd) Inc. at a fair value of ₹ 152 and recognized a cumulative gain of ₹ 8 in other comprehensive income.

19

As at
Contingent consideration March 31, 2023 September 30, 2023
Balance at the beginning of the period ₹ (4,329 ) ₹ (3,053 )
Additions (1,662 ) —
Reversals^(1)^ 1,671 506
Payouts 1,784 1,289
Finance (expense)/writeback recognized in statement of income (131 ) 9
Translation adjustment (386 ) (18 )
Balance at the end of the period ₹ (3,053 ) ₹ (1,267 )
^(1)^ Towards change in fair value of earn-out liability as a result of<br>changes in estimates of revenue and earnings over the earn-out period.
--- ---

18. Foreign currencytranslation reserve and Other reserves

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

Six months ended September 30,
2022 2023
Balance at the beginning of the period ₹ 26,850 ₹ 43,255
Translation difference related to foreign operations, net 8,622 1,452
Reclassification of foreign currency translation differences on liquidation of subsidiaries to<br>statement of income (23 ) (181 )
Balance at the end of the period ₹ 35,449 ₹ 44,526

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 CapitalRedemptionReserve
As at April 1, 2022 ₹ (498 ) ₹ 3,018 ₹ 10,088 ₹ 1,122
Other comprehensive income 607 (3,954 ) 1,513 —
As at September 30, 2022 ₹ 109 ₹ (936 ) ₹ 11,601 ₹ 1,122
As at April 1, 2023 ₹ (548 ) ₹ (119 ) ₹ 10,793 ₹ 1,122
Other comprehensive income 108 1,336 (108 ) —
Buyback of equity shares — — — 539
As at September 30, 2023 ₹ (440 ) ₹ 1,217 ₹ 10,685 ₹ 1,661

19. Income taxes

Three months ended September 30, Six months ended September 30,
2022 2023 2022 2023
Income tax expense as per the interim condensed consolidated statement of income ₹ 7,710 ₹ 8,419 ₹ 15,641 ₹ 17,534
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities (14 ) 34 (407 ) 196
Gains/(losses) on cash flow hedging derivatives (154 ) (46 ) (607 ) 580
Remeasurements of the defined benefit plans 54 10 149 43
₹ 7,596 ₹ 8,417 ₹ 14,776 ₹ 18,353

Income tax expense consists of the following:

Three months ended September 30, Six months ended September 30,
2022 2023 2022 2023
Current taxes ₹ 8,570 ₹ 9,286 ₹ 17,599 ₹ 18,421
Deferred taxes (860 ) (867 ) (1,958 ) (887 )
₹ 7,710 ₹ 8,419 ₹ 15,641 ₹ 17,534

Income tax expenses are net of reversal of taxes pertaining to earlier periods, amounting to ₹ 224 and ₹ 109 for the three months ended September 30, 2022 and 2023, and ₹ 292 and ₹ 736 for the six months ended September 30, 2022 and 2023, respectively.

For the three and six months ended September 30, 2023, the Company has applied mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules under International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12.

20

20. Revenues

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

Effective April 1, 2023, the Company has reorganized its segments by merging India State Run Enterprises (“ISRE”) segment as part of its APMEA SMU within IT Services segment. Comparative period disaggregated revenue information has been restated to give effect to this change.

21

Information on disaggregation of revenues for the three months ended September 30, 2022 is as follows:

IT Services IT Products Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 65,080 ₹ 69,710 ₹ 62,358 ₹ 27,000 ₹ 224,148 ₹ — ₹ 224,148
Sale of products — — — — — 1,249 1,249
₹ 65,080 ₹ 69,710 ₹ 62,358 ₹ 27,000 ₹ 224,148 ₹ 1,249 ₹ 225,397
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 1,301 ₹ 43,158 ₹ 25,201 ₹ 9,334 ₹ 78,994
Health 20,004 69 4,495 1,029 25,597
Consumer 27,732 996 9,158 4,676 42,562
Communications 3,481 363 3,366 3,622 10,832
Energy, Natural Resources and Utilities 195 9,668 9,576 5,518 24,957
Manufacturing 50 8,500 5,975 929 15,454
Technology 12,317 6,956 4,587 1,892 25,752
₹ 65,080 ₹ 69,710 ₹ 62,358 ₹ 27,000 ₹ 224,148 ₹ 1,249 ₹ 225,397
C. Revenue by nature of contract
Fixed price and volume based ₹ 37,312 ₹ 35,121 ₹ 34,876 ₹ 15,908 ₹ 123,217 ₹ — ₹ 123,217
Time and materials 27,768 34,589 27,482 11,092 100,931 — 100,931
Products — — — — — 1,249 1,249
₹ 65,080 ₹ 69,710 ₹ 62,358 ₹ 27,000 ₹ 224,148 ₹ 1,249 ₹ 225,397

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

IT Services IT Products Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 66,735 ₹ 66,837 ₹ 63,892 ₹ 26,226 ₹ 223,690 ₹ — ₹ 223,690
Sale of products — — — — — 1,469 1,469
₹ 66,735 ₹ 66,837 ₹ 63,892 ₹ 26,226 ₹ 223,690 ₹ 1,469 ₹ 225,159
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 676 ₹ 41,155 ₹ 24,408 ₹ 8,886 ₹ 75,125
Health 22,813 26 4,281 1,347 28,467
Consumer 25,503 1,220 10,782 4,251 41,756
Communications 3,065 314 2,953 3,323 9,655
Energy, Natural Resources and Utilities 193 10,232 9,993 5,466 25,884
Manufacturing 17 7,937 6,619 1,085 15,658
Technology 14,468 5,953 4,856 1,868 27,145
₹ 66,735 ₹ 66,837 ₹ 63,892 ₹ 26,226 ₹ 223,690 ₹ 1,469 ₹ 225,159
C. Revenue by nature of contract
Fixed price and volume based ₹ 37,936 ₹ 34,331 ₹ 36,929 ₹ 15,770 ₹ 124,966 ₹ — ₹ 124,966
Time and materials 28,799 32,506 26,963 10,456 98,724 — 98,724
Products — — — — — 1,469 1,469
₹ 66,735 ₹ 66,837 ₹ 63,892 ₹ 26,226 ₹ 223,690 ₹ 1,469 ₹ 225,159

22

Information on disaggregation of revenues for the six months ended September 30, 2022 is as follows:

IT Services IT Products Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 126,520 ₹ 136,010 ₹ 122,315 ₹ 52,643 ₹ 437,488 ₹ — ₹ 437,488
Sale of products — — — — — 3,195 3,195
₹ 126,520 ₹ 136,010 ₹ 122,315 ₹ 52,643 ₹ 437,488 ₹ 3,195 ₹ 440,683
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 2,386 ₹ 84,146 ₹ 49,737 ₹ 18,428 ₹ 154,697
Health 39,448 111 8,424 1,913 49,896
Consumer 53,453 1,892 17,978 8,869 82,192
Communications 6,673 704 6,500 7,505 21,382
Energy, Natural Resources and Utilities 412 18,941 18,880 10,504 48,737
Manufacturing 67 16,343 11,558 1,833 29,801
Technology 24,081 13,873 9,238 3,591 50,783
₹ 126,520 ₹ 136,010 ₹ 122,315 ₹ 52,643 ₹ 437,488 ₹ 3,195 ₹ 440,683
C. Revenue by nature of contract
Fixed price and volume based ₹ 73,196 ₹ 68,980 ₹ 68,853 ₹ 31,132 ₹ 242,161 ₹ — ₹ 242,161
Time and material 53,324 67,030 53,462 21,511 195,327 — 195,327
Products — — — — — 3,195 3,195
₹ 126,520 ₹ 136,010 ₹ 122,315 ₹ 52,643 ₹ 437,488 ₹ 3,195 ₹ 440,683

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

IT Services IT Products Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 132,357 ₹ 135,158 ₹ 131,047 ₹ 52,744 ₹ 451,306 ₹ — ₹ 451,306
Sale of products — — — — — 2,163 2,163
₹ 132,357 ₹ 135,158 ₹ 131,047 ₹ 52,744 ₹ 451,306 ₹ 2,163 ₹ 453,469
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 1,460 ₹ 83,170 ₹ 49,930 ₹ 17,927 ₹ 152,487
Health 44,540 111 9,104 2,597 56,352
Consumer 51,858 2,334 21,581 8,520 84,293
Communications 6,551 661 6,076 6,785 20,073
Energy, Natural Resources and Utilities 299 20,526 21,104 11,311 53,240
Manufacturing 64 16,421 13,512 2,123 32,120
Technology 27,585 11,935 9,740 3,481 52,741
₹ 132,357 ₹ 135,158 ₹ 131,047 ₹ 52,744 ₹ 451,306 ₹ 2,163 ₹ 453,469
C. Revenue by nature of contract
Fixed price and volume based ₹ 75,460 ₹ 69,781 ₹ 76,652 ₹ 31,712 ₹ 253,605 ₹ — ₹ 253,605
Time and materials 56,897 65,377 54,395 21,032 197,701 — 197,701
Products — — — — — 2,163 2,163
₹ 132,357 ₹ 135,158 ₹ 131,047 ₹ 52,744 ₹ 451,306 ₹ 2,163 ₹ 453,469

23

21. Expenses by nature

Three months ended September 30, Six months ended September 30,
2022 2023 2022 2023
Employee compensation ₹ 137,261 ₹ 138,536 ₹ 263,395 ₹ 278,812
Sub-contracting and technical fees 29,131 26,547 58,585 52,932
Cost of hardware and software 1,328 1,501 3,471 2,307
Travel 3,037 4,049 6,107 8,224
Facility expenses^(1)^ 3,300 3,815 6,599 7,267
Software license expense for internal use^(1)^ 4,878 4,701 9,455 9,308
Depreciation, amortization and<br>impairment^(5)^^^ 7,969 8,970 15,707 16,350
Communication 1,496 1,360 3,039 2,609
Legal and professional fees^(2)^ 3,378 2,507 7,271 4,758
Rates, taxes and insurance 1,202 1,641 2,699 3,103
Marketing and brand building 644 880 1,544 1,857
Lifetime expected credit loss/ (write-back) (79 ) 139 (101 ) 439
(Gain)/loss on sale of property, plant and equipment, net^(3)^ (26 ) (2,320 ) (148 ) (2,242 )
Miscellaneous expenses^(2) (3) (4)^ 432 (244 ) 758 90
Total cost of revenues, selling and marketing expenses and general and administrativeexpenses ₹ 193,951 ₹ 192,082 ₹ 378,381 ₹ 385,814
^(1)^ Software license expense for internal use has been reclassified from Facility expenses to a separate nature of<br>expense for the three and six months ended September 30, 2022.
--- ---
^(2)^ Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and professional fees for<br>the three and six months ended September 30, 2022.
--- ---
^(3)^ (Gain)/loss on sale of property, plant and equipment, net has been reclassified from Miscellaneous expenses and<br>is presented separately for the three and six months ended September 30, 2023. Previous period figures have been reclassified accordingly. (Gain)/loss on sale of property, plant and equipment, net for the three and six months ended<br>September 30, 2023, includes gain on sale of immovable properties of ₹ (2,368).^^
--- ---
^(4)^ Miscellaneous expenses are net of reversals of contingent consideration (Refer to Note 17).<br>
--- ---
^(5)^ Depreciation, amortization and impairment includes an impairment charge on intangible assets amounting to ₹ 437 for the three and six months ended September 30, 2023 (Refer to Note 6).
--- ---

22. Finance expenses

Three months ended September 30, Six months ended September 30,
2022 2023 2022 2023
Interest expense ₹ 2,270 ₹ 3,033 ₹ 4,315 ₹ 6,119
₹ 2,270 ₹ 3,033 ₹ 4,315 ₹ 6,119

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

Three months ended September 30, Six months ended September 30,
2022 2023 2022 2023
Interest income ₹ 3,751 ₹ 4,158 ₹ 7,330 ₹ 9,402
Dividend income — 1 2 2
Net gain from investments classified as FVTPL 298 737 414 2,073
Net loss from investments classified as FVTOCI (9 ) (86 ) (16 ) (125 )
Finance and other income ₹ 4,040 ₹ 4,810 ₹ 7,730 ₹ 11,352
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL ₹ (569 ) ₹ (350 ) ₹ (2,320 ) ₹ 531
Other foreign exchange gains/(losses), net 1,626 618 4,411 (325 )
Foreign exchange gains/(losses), net ₹ 1,057 ₹ 268 ₹ 2,091 ₹ 206

24

24. Earnings per equity share:

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

Basic: Basic earnings per 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 September 30, Six months ended September 30,
2022 2023 2022 2023
Profit attributable to equity holders of the Company ₹ 26,590 ₹ 26,463 ₹ 52,226 ₹ 55,164
Weighted average number of equity shares outstanding 5,476,167,685 5,232,867,366 5,473,962,200 5,357,394,940
Basic earnings per equity share ₹ 4.86 ₹ 5.06 ₹ 9.55 ₹ 10.30

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.

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 September 30, Six months ended September 30,
2022 2023 2022 2023
Profit attributable to equity holders of the Company ₹ 26,590 ₹ 26,463 ₹ 52,226 ₹ 55,164
Weighted average number of equity shares outstanding 5,476,167,685 5,232,867,366 5,473,962,200 5,357,394,940
Effect of dilutive equivalent share options 8,617,369 12,773,832 12,119,740 12,683,623
Weighted average number of equity shares for diluted earnings per equity share 5,484,785,054 5,245,641,198 5,486,081,940 5,370,078,563
Diluted earnings per equity share ₹ 4.85 ₹ 5.04 ₹ 9.52 ₹ 10.27

Earnings per share for each of the three months ended June 30, 2023 and September 30, 2023 will not add up to earnings per share for the six months ended September 30, 2023, on account of buyback of equity shares.

25. Employee compensation

Three months ended September 30, Six months ended September 30,
2022 2023 2022 2023
Salaries and bonus ₹ 131,301 ₹ 132,179 ₹ 251,442 ₹ 265,979
Employee benefits plans 4,838 4,794 9,386 9,726
Share-based compensation^(1)^ 1,122 1,563 2,567 3,107
₹ 137,261 ₹ 138,536 ₹ 263,395 ₹ 278,812
^(1)^ Includes ₹ (7) and ₹ 8 for the six months ended September 30, 2022, and 2023 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 September 30, Six months ended September 30,
2022 2023 2022 2023
Cost of revenues ₹ 116,518 ₹ 114,844 ₹ 224,382 ₹ 232,577
Selling and marketing expenses 11,396 12,996 22,518 25,608
General and administrative expenses 9,347 10,696 16,495 20,627
₹ 137,261 ₹ 138,536 ₹ 263,395 ₹ 278,812

The Company has granted 56,015 and 3,273,900 options under RSU option plan during the three and six months ended September 30, 2023 (109,746 and 283,015 for the three and six months ended September 30, 2022); 292,127 and 8,353,252 options under ADS option plan during the three and six months ended September 30, 2023 (529,271 and 1,642,613 for the three and six months ended September 30, 2022).

The Company has also granted Nil and 1,892,498 Performance based stock options (RSU) during the three and six months ended September 30, 2023, respectively (Nil for the three and six months ended September 30, 2022); Nil and 5,648,833 Performance based stock options (ADS) during the three and six months ended September 30, 2023, respectively (Nil for three and six months ended September 30, 2022).

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

25

26. Commitments and contingencies

Capital commitments: As at March 31, 2023 and September 30, 2023 the Company had committed to spend approximately ₹ 7,675 and ₹ 8,400 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases.

Guarantees: As at March 31, 2023 and September 30, 2023, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 16,076 and ₹ 13,717 respectively, as part of the bank line of credit.

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

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

Income tax claims against the Company amounting to ₹ 91,465 and ₹ 93,484 are not acknowledged as debt as at March 31, 2023 and September 30, 2023, 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 ₹ 15,240 and ₹ 17,720 as of March 31, 2023, and September 30, 2023, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

27. Segment information

Effective April 1, 2023, the Company has reorganized its segments by merging ISRE segment as part of its APMEA SMU within IT Services segment. Comparative period segment information has been restated to give effect to this change.

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

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

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: 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.

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

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

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

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

26

Information on reportable segments for the three months ended September 30, 2022, is as follows:

IT Services IT Products ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 65,350 ₹ 70,030 ₹ 62,684 ₹ 27,141 ₹ 225,205 ₹ 1,249 ₹ — ₹ 226,454
Segment Result 12,954 14,959 8,454 2,670 **** 39,037 (103 ) (1,341 ) 37,593
Unallocated **** (5,090 ) — — (5,090 )
Segment result total ₹ 33,947 ₹ (103 ) ₹ (1,341 ) ₹ 32,503
Finance expenses (2,270 )
Finance and other income 4,040
Share of net profit/(loss) of associates accounted for using the equity method (72 )
Profit before tax ₹ 34,201
Income tax expense (7,710 )
Profit for the period ₹ 26,491
Depreciation, amortization and impairment ₹ 7,969

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

IT Services IT Products ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 66,813 ₹ 66,914 ₹ 63,976 ₹ 26,255 ₹ 223,958 ₹ 1,469 ₹ — ₹ 225,427
Segment Result 15,287 14,023 7,547 2,985 **** 39,842 (467 ) (2,246 ) 37,129
Unallocated **** (3,784 ) — — (3,784 )
Segment result total ₹ 36,058 ₹ (467 ) ₹ (2,246 ) ₹ 33,345
Finance expenses (3,033 )
Finance and other income 4,810
Share of net profit/(loss) of associates accounted for using the equity method (30 )
Profit before tax ₹ 35,092
Income tax expense (8,419 )
Profit for the period ₹ 26,673
Depreciation, amortization and impairment ₹ 8,970

27

Information on reportable segments for the six months ended September 30, 2022, is as follows:

IT Services IT Products Reconciling Items Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 127,052 ₹ 136,643 ₹ 122,960 ₹ 52,924 ₹ 439,579 ₹ 3,195 ₹ — ₹ 442,774
Segment Result 24,524 28,183 16,440 4,739 **** 73,886 (158 ) (1,401 ) 72,327
Unallocated **** (7,934 ) — — (7,934 )
Segment Result Total ₹ 65,952 ₹ (158 ) ₹ (1,401 ) ₹ 64,393
Finance expense (4,315 )
Finance and other income 7,730
Share of net profit/(loss) of associates accounted for using the equity method (87 )
Profit before tax ₹ 67,721
Income tax expense (15,641 )
Profit for the period ₹ 52,080
Depreciation, amortization and impairment ₹ 15,707

Information on reportable segments for the six months ended September 30, 2023, is as follows:

IT Services IT Products Reconciling Items Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 132,420 ₹ 135,217 ₹ 131,110 ₹ 52,765 ₹ 451,512 ₹ 2,163 ₹ — ₹ 453,675
Segment Result 28,824 28,192 17,515 5,785 **** 80,316 (628 ) (4,086 ) 75,602
Unallocated **** (7,741 ) — — (7,741 )
Segment Result Total ₹ 72,575 ₹ (628 ) ₹ (4,086 ) ₹ 67,861
Finance expense (6,119 )
Finance and other income 11,352
Share of net profit/(loss) of associates accounted for using the equity method (27 )
Profit before tax ₹ 73,067
Income tax expense (17,534 )
Profit for the period ₹ 55,533
Depreciation, amortization and impairment ₹ 16,350

28

Revenues from India, being Company’s country of domicile, is ₹ 6,162 and ₹ 6,039 for the three months ended September 30, 2022, and 2023, respectively and ₹ 12,669 and ₹ 12,046 for the six months ended September 30, 2022, and 2023, 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 endedSeptember 30, Six months endedSeptember 30,
2022 2023 2022 2023
United States of America ₹ 127,308 ₹ 128,301 ₹ 247,799 ₹ 254,798
United Kingdom 27,753 27,455 54,359 ₹ 57,218
₹ 155,061 ₹ 155,756 ₹ 302,158 ₹ 312,016

No customer individually accounted for more than 10% of the revenues during the three and six months ended September 30, 2022, and 2023.

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) Restructuring cost of<br>₹ 1,360 and ₹ 2,249 for the three months ended September 30, 2022 and<br>2023, respectively and ₹ 1,360 and ₹ 4,136 for the six months ended<br>September 30, 2022 and 2023 respectively, is included under Reconciling items.
--- ---
e) Effective April 1, 2023, amortization and impairment of intangibles assets arising from business<br>combination and change in fair value of contingent consideration due to change in estimates is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes.<br>
--- ---
Segment results of IT Services segment for the three and six months ended September 30, 2023 are after<br>considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination. (Refer to Note 6)
---
Accordingly, ₹ 3,484 and<br>₹ (490) for the three months ended September 30, 2023, ₹ 5,294 and ₹ (506) for the six months ended September 30, 2023, towards amortization and impairment of intangible assets and change in fair value of contingent consideration,<br>respectively, is included under “Unallocated” within IT Services segment (₹ 2,126 and<br>₹ (185) for the three months ended September 30, 2022 and ₹ 4,019 and ₹ (271) for the six months ended September 30, 2022).
---
f) Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and<br>equipment of ₹ (26) and ₹ (2,320) for the three months ended<br>September 30, 2022 and 2023, respectively and ₹ (148) and ₹ (2,242)<br>for the six months ended September 30, 2022 and 2023 respectively.
--- ---
g) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,122 and ₹ 1,563 for the three months ended September 30, 2022 and 2023,<br>respectively and ₹ 2,567 and ₹ 3,107 for the six months ended<br>September 30, 2022 and 2023 respectively.
--- ---

28. List of subsidiaries and investments accounted for using equity method as atSeptember 30, 2023 is provided below:

Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
Attune Consulting India Private Limited India
Capco Technologies Private Limited India
Wipro Technology Product Services Private Limited (formerly known as Encore Theme Technologies Private Limited) India
Wipro Chengdu Limited China
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 Spain Digital, S.L.U Spain
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
Wipro Bahrain Limited Co. W.L.L Bahrain

29

Wipro Financial Outsourcing Services Limited U.K.
Wipro UK Limited U.K.
Wipro Gulf LLC Sultanate of Oman
Wipro IT Services S.R.L. Romania
Wipro HR Services India Private Limited India
Wipro IT Services Bangladesh Limited Bangladesh
Wipro IT Services UK Societas U.K.
Wipro 4C NV Belgium
Wipro 4C Consulting France SAS France
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V Netherlands
Wipro Weare4C UK Limited^(1)^ U.K.
Grove Holdings 2 S.á.r.l Luxembourg
Capco Solution Services GmbH Germany
The Capital Markets Company Italy Srl Italy
Capco Brasil Serviços E Consultoria Ltda (formerly known as Capco Brasil Serviços E Consultoria Em Informática Ltda) Brazil
The Capital Markets Company BV^(1)^ Belgium
PT. WT Indonesia Indonesia
Rainbow Software LLC Iraq
Wipro Arabia Limited^(2)^ Saudi Arabia
Women’s Business Park Technologies Limited^(2)^ Saudi Arabia
Wipro Doha LLC Qatar
Wipro Holdings Hungary Korlátolt Felelősségű Társaság Hungary
Wipro Holdings Investment Korlátolt Felelősségű Társaság Hungary
Wipro Information Technology Netherlands BV. Netherlands
Wipro do Brasil Technologia Ltda^(1)^ Brazil
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Portugal S.A.^(1)^ Portugal
Wipro Solutions Canada Limited Canada
Wipro Technologies Limited Russia
Wipro Technologies Peru SAC Peru
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Technology Chile SPA Chile
Wipro IT Service Ukraine, LLC Ukaine
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Wipro Ampion Holdings Pty Ltd^(1)^ Australia
Wipro Technologies SA Argentina
Wipro Technologies SA DE CV Mexico
Wipro Technologies South Africa (Proprietary) Limited South Africa
Wipro Technologies Nigeria Limited Nigeria
Wipro Technologies SRL Romania
Wipro (Thailand) Co. Limited Thailand
Wipro Japan KK Japan
Designit Tokyo Co., Ltd. Japan
Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China
Wipro Technologies SDN BHD Malaysia
Wipro Overseas IT Services Private Limited India
Wipro Philippines, Inc. Philippines
Wipro Shanghai Limited China

30

Wipro Trademarks Holding Limited India
Wipro Travel Services Limited India
Wipro VLSI Design Services India Private Limited India
Wipro, LLC USA
Wipro Gallagher Solutions, LLC USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
Cardinal US Holdings, Inc.^(1)^ USA
Convergence Acceleration Solutions, LLC USA
Designit North America, Inc. USA
Edgile, LLC USA
HealthPlan Services, Inc.^(1)^ USA
Infocrossing, LLC USA
International TechneGroup Incorporated^(1)^ USA
LeanSwift Solutions, Inc.^(1)^ USA
Rizing Intermediate Holdings, Inc.^(1)^ USA
Wipro Appirio, Inc.^(1)^ USA
Wipro Designit Services, Inc.^(1)^ USA
Wipro VLSI Design Services, LLC USA

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

^(2)^ All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.

^(1)^ Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, LeanSwift Solutions, Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Wipro Weare4C UK Limited are as follows:

Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
Cardinal US Holdings, Inc. USA
ATOM Solutions LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
The Capital Markets Company LLC USA
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, LLC USA
International TechneGroup Incorporated USA
International TechneGroup Ltd. U.K.
ITI Proficiency Ltd Israel
MechWorks S.R.L. Italy
LeanSwift Solutions, Inc. USA
LeanSwift AB Sweden
Rizing Intermediate Holdings, Inc. USA
Rizing Lanka (Private) Ltd Sri Lanka
Attune Netherlands B.V.^(3)^ Netherlands
Rizing Solutions Canada Inc. Canada
Rizing LLC USA
Aasonn Philippines Inc. Philippines
Rizing B.V. Netherlands
Rizing Consulting Ireland Limited Ireland
Rizing Consulting Pty Ltd. Australia
Rizing Geospatial LLC USA
Rizing GmbH Germany
Rizing Limited U.K.
Rizing Middle East DMCC United Arab Emirates
Rizing Pte Ltd.^(3)^ Singapore

31

The Capital Markets Company BV Belgium
CapAfric Consulting (Pty) Ltd South Africa
Capco Belgium BV Belgium
Capco Consultancy (Malaysia) Sdn. Bhd Malaysia
Capco Consultancy (Thailand) Ltd Thailand
Capco Consulting Singapore Pte. Ltd Singapore
Capco Greece Single Member P.C Greece
Capco Poland sp. z.o.o Poland
The Capital Markets Company (UK) Ltd U.K.
Capco (UK) 1, Limited U.K.
The Capital Markets Company BV Netherlands
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) Company Limited China
The Capital Markets Company Limited Canada
The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company S.A.S France
The Capital Markets Company s.r.o Slovakia
Wipro Ampion Holdings Pty Ltd Australia
Wipro Ampion Pty Ltd Australia
Wipro Iris Holdco Pty Ltd^(3)^ Australia
Wipro Revolution IT Pty Ltd Australia
Crowdsprint Pty Ltd Australia
Wipro Shelde Australia Pty Ltd Australia
Wipro Appirio, Inc. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited U.K.
Topcoder, LLC. USA
Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro do Brasil Technologia Ltda Brazil
Wipro do Brasil Servicos Ltda Brazil
Wipro Do Brasil Sistemas De Informatica Ltda Brazil
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro Business Solutions GmbH^(3)^ Germany
Wipro IT Services Austria GmbH Austria
Wipro Weare4C UK Limited U.K.
CloudSocius DMCC United Arab Emirates

^(3)^ Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH and Wipro Iris Holdco Pty Ltd are as follows:

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

32

As at September 30, 2023, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.

The list of controlled trusts and firms are:

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

29. Buyback of equity shares

During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 539 (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 ₹ 539.

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
Anand Subramanian Aparna C. Iyer M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
October 18, 2023

33

EX-99.4

Exhibit 99.4

WIPRO LIMITED

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

Website:www.wipro.com ; Email id – info@wipro.com ; Tel: +91-80-2844 0011 ; Fax: +91-80-28440054

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2023

UNDER IFRS (IASB)

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

Particulars Three months ended Six months ended Year ended
September30, 2023 June30, 2023 September30, 2022 September30, 2023 September30, 2022 March31, 2023
Income
a) Revenue from operations 225,159 228,310 225,397 453,469 440,683 904,876
b) Foreign exchange gains/(losses), net 268 (62 ) 1,057 206 2,091 4,472
I Total income **** 225,427 **** 228,248 **** 226,454 **** 453,675 **** 442,774 **** 909,348
Expenses
a) Purchases of<br>stock-in-trade 576 978 1,678 1,554 4,165 6,494
b) Changes in inventories of finished goods and stock-in-trade 920 (182 ) (333 ) 738 (679 ) 150
c) Employee benefits expense 138,536 140,276 137,261 278,812 263,395 537,644
d) Depreciation, amortization and impairment expense 8,970 7,380 7,969 16,350 15,707 33,402
e) Sub-contracting and technical fees 26,547 26,385 29,131 52,932 58,585 115,247
f) Facility expenses 3,815 3,452 3,300 7,267 6,599 13,492
g) Travel 4,049 4,175 3,037 8,224 6,107 14,445
h) Communication 1,360 1,249 1,496 2,609 3,039 5,911
i) Legal and professional fees 2,507 2,251 3,378 4,758 7,271 13,288
j) Software license expense for internal use 4,701 4,607 4,878 9,308 9,455 18,717
k) Marketing and brand building 880 977 644 1,857 1,544 2,951
l) Lifetime expected credit loss/ (write-back) 139 300 (79 ) 439 (101 ) (604 )
m) (Gain)/loss on sale of property, plant and equipment, net (2,320 ) 78 (26 ) (2,242 ) (148 ) (89 )
n) Other expenses 1,402 1,806 1,617 3,208 3,442 8,694
II Total expenses **** 192,082 **** 193,732 **** 193,951 **** 385,814 **** 378,381 **** 769,742
III Finance expenses 3,033 3,086 2,270 6,119 4,315 10,077
IV Finance and other Income 4,810 6,542 4,040 11,352 7,730 18,185
V Share of net profit/ (loss) of associates accounted for using the equity method (30 ) 3 (72 ) (27 ) (87 ) (57 )
VI Profit before tax[I-II-III+IV+V] **** 35,092 **** 37,975 **** 34,201 **** 73,067 **** 67,721 **** 147,657
VII Tax expense 8,419 9,115 7,710 17,534 15,641 33,992
VIII Profit for the period [VI-VII] **** 26,673 **** 28,860 **** 26,491 **** 55,533 **** 52,080 **** 113,665
Other comprehensive income (OCI) for the period
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net 51 (45 ) 295 6 607 (50 )
Net change in fair value of investment in equity instruments measured at fair value through<br>OCI (124 ) 16 180 (108 ) 1,513 705
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences 1,824 (362 ) 3,027 1,462 8,658 16,590
Reclassification of foreign currency translation differences on liquidation of subsidiaries to<br>statement of income (183 ) 2 (23 ) (181 ) (23 ) (133 )
Net change in time value of option contracts designated as cash flow hedges 211 40 (55 ) 251 (301 ) (180 )
Net change in intrinsic value of option contracts designated as cash flow hedges (311 ) 512 (121 ) 201 (327 ) (212 )
Net change in fair value of forward contracts designated as cash flow hedges (62 ) 1,648 (517 ) 1,586 (1,500 ) (2,488 )

1

Net change in fair value of investment in debt instruments measured at fair value through<br>OCI 1,039 148 1,336 (3,954 ) (3,137 )
IX Total other comprehensive income for the period, net of taxes 2,850 2,934 4,553 4,673 11,095
Total comprehensive income for the period [VIII+IX] 31,710 29,425 60,086 56,753 124,760
X Profit for the period attributable to:
Equity holders of the Company 28,701 26,590 55,164 52,226 113,500
Non-controlling interests 159 (99 ) 369 (146 ) 165
28,860 26,491 55,533 52,080 113,665
Total comprehensive income for the period attributable to:
Equity holders of the Company 31,640 29,512 59,809 56,863 124,543
Non-controlling interests 70 (87 ) 277 (110 ) 217
31,710 29,425 60,086 56,753 124,760
XI Paid up equity share capital (Par value 2 per share) 10,978 10,971 10,444 10,971 10,976
XII Reserves excluding revaluation reserves and<br>Non-controlling interests as per balance sheet 770,188
XIII Earnings per share (EPS)
(Equity shares of par value of 2/- each)
(EPS for the three and six months ended periods is not annualized)
Basic (in<br>) 5.23 4.86 10.30 9.55 20.73
Diluted (in<br>) 5.12 4.85 10.27 9.52 20.68

All values are in Indian Rupees.

1. The audited consolidated financial results of the Company for the three and six months ended September 30,<br>2023, have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified<br>opinion on the consolidated financial results.
2. The above consolidated financial results have been prepared on the basis of the audited interim condensed<br>consolidated financial statements which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board<br>(“IASB”). All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions)<br>except share and per share data, unless otherwise stated.
--- ---
3. Software license expense for internal use has been reclassified from Facility expenses to a separate nature of<br>expense for the three and six months ended September 30, 2022. Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and Professional fees for the three and six months ended September 30, 2022.<br>
--- ---
4. (Gain)/loss on sale of property, plant and equipment, net has been reclassified from Other expenses and is<br>presented separately for the three months ended September 30, 2023, June 30, 2023 and six months ended September 30, 2023. Previous period figures have been reclassified accordingly. (Gain)/loss on sale of property, plant and<br>equipment, net for the three and six months ended September 30, 2023, includes gain on sale of immovable properties of ₹ (2,368).
--- ---
5. List of subsidiaries and investments accounted for using equity method as atSeptember 30, 2023 are provided in the table below:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Attune Consulting India Private Limited India
Capco Technologies Private Limited India
Wipro Technology Product Services Private Limited (formerly known as Encore Theme Technologies Private Limited) India
Wipro Chengdu Limited China

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 Spain Digital, S.L.U Spain
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro Financial Outsourcing Services Limited U.K.
Wipro UK Limited U.K.
Wipro Gulf LLC Sultanate of Oman
Wipro IT Services S.R.L. Romania
Wipro HR Services India Private Limited India
Wipro IT Services Bangladesh Limited Bangladesh
Wipro IT Services UK Societas U.K.
Wipro 4C NV Belgium
Wipro 4C Consulting France SAS France
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V Netherlands
Wipro Weare4C UK Limited^(1)^ U.K.
Grove Holdings 2 S.á.r.l Luxembourg
Capco Solution Services GmbH Germany
The Capital Markets Company Italy Srl Italy
Capco Brasil Serviços E Consultoria Ltda (formerly known as Capco Brasil Serviços E Consultoria Em Informática Ltda) Brazil
The Capital Markets Company BV^(1)^ Belgium
PT. WT Indonesia Indonesia
Rainbow Software LLC Iraq
Wipro Arabia Limited^(2)^ Saudi Arabia
Women’s Business Park Technologies Limited^(2)^ Saudi Arabia
Wipro Doha LLC Qatar
Wipro Holdings Hungary Korlátolt Felelősségű Társaság Hungary
Wipro Holdings Investment Korlátolt Felelősségű Társaság Hungary
Wipro Information Technology Netherlands BV. Netherlands
Wipro do Brasil Technologia Ltda^(1)^ Brazil
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Portugal S.A.^(1)^ Portugal
Wipro Solutions Canada Limited Canada
Wipro Technologies Limited Russia
Wipro Technologies Peru SAC Peru
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Technology Chile SPA Chile
Wipro IT Service Ukraine, LLC Ukaine
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Wipro Ampion Holdings Pty Ltd^(1)^ Australia
Wipro Technologies SA Argentina
Wipro Technologies SA DE CV Mexico
Wipro Technologies South Africa (Proprietary) Limited South Africa
Wipro Technologies Nigeria Limited Nigeria
Wipro Technologies SRL Romania
Wipro (Thailand) Co. Limited Thailand
Wipro Japan KK Japan
Designit Tokyo Co., Ltd. Japan
Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China
Wipro Technologies SDN BHD Malaysia

3

Wipro Overseas IT Services Private Limited India
Wipro Philippines, Inc. Philippines
Wipro Shanghai Limited China
Wipro Trademarks Holding Limited India
Wipro Travel Services Limited India
Wipro VLSI Design Services India Private Limited India
Wipro, LLC USA
Wipro Gallagher Solutions, LLC USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
Cardinal US Holdings, Inc.^(1)^ USA
Convergence Acceleration Solutions, LLC USA
Designit North America, Inc. USA
Edgile, LLC USA
HealthPlan Services, Inc.^(1)^ USA
Infocrossing, LLC USA
International TechneGroup Incorporated^(1)^ USA
LeanSwift Solutions, Inc.^(1)^ USA
Rizing Intermediate Holdings, Inc.^(1)^ USA
Wipro Appirio, Inc.^(1)^ USA
Wipro Designit Services, Inc.^(1)^ USA
Wipro VLSI Design Services, LLC USA

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

^(2)^ All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the<br>equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.
^(1)^ Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup<br>Incorporated, LeanSwift Solutions, Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and<br>Wipro Weare4C UK Limited are as follows:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Cardinal US Holdings, Inc. USA
ATOM Solutions LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
The Capital Markets Company LLC USA
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, LLC USA
International TechneGroup Incorporated USA
International TechneGroup Ltd. U.K.
ITI Proficiency Ltd Israel
MechWorks S.R.L. Italy
LeanSwift Solutions, Inc. USA
LeanSwift AB Sweden
Rizing Intermediate Holdings, Inc. USA
Rizing Lanka (Private) Ltd Sri Lanka
Attune Netherlands B.V.^(3)^ Netherlands
Rizing Solutions Canada Inc. Canada
Rizing LLC USA
Aasonn Philippines Inc. Philippines
Rizing B.V. Netherlands
Rizing Consulting Ireland Limited Ireland
Rizing Consulting Pty Ltd. Australia
Rizing Geospatial LLC USA
Rizing GmbH Germany
Rizing Limited U.K.
Rizing Middle East DMCC United Arab Emirates
Rizing Pte Ltd.^(3)^ Singapore

4

The Capital Markets Company BV Belgium
CapAfric Consulting (Pty) Ltd South Africa
Capco Belgium BV Belgium
Capco Consultancy (Malaysia) Sdn. Bhd Malaysia
Capco Consultancy (Thailand) Ltd Thailand
Capco Consulting Singapore Pte. Ltd Singapore
Capco Greece Single Member P.C Greece
Capco Poland sp. z.o.o Poland
The Capital Markets Company (UK) Ltd U.K.
Capco (UK) 1, Limited U.K.
The Capital Markets Company BV Netherlands
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) Company Limited China
The Capital Markets Company Limited Canada
The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company S.A.S France
The Capital Markets Company s.r.o Slovakia
Wipro Ampion Holdings Pty Ltd Australia
Wipro Ampion Pty Ltd Australia
Wipro Iris Holdco Pty Ltd^(3)^ Australia
Wipro Revolution IT Pty Ltd Australia
Crowdsprint Pty Ltd Australia
Wipro Shelde Australia Pty Ltd Australia
Wipro Appirio, Inc. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited U.K.
Topcoder, LLC. USA
Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro do Brasil Technologia Ltda Brazil
Wipro do Brasil Servicos Ltda Brazil
Wipro Do Brasil Sistemas De Informatica Ltda Brazil
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro Business Solutions GmbH^(3)^ Germany
Wipro IT Services Austria GmbH Austria
Wipro Weare4C UK Limited U.K.
CloudSocius DMCC United Arab Emirates

5

^(3)^ Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH and Wipro<br>Iris Holdco Pty Ltd are as follows:
Subsidiaries Subsidiaries Subsidiaries Country of<br><br><br>Incorporation
--- --- --- ---
Attune Netherlands B.V. Netherlands
Attune Australia Pty Ltd Australia
Rizing Consulting USA, Inc. USA
Rizing Germany GmbH Germany
Attune Italia S.R.L Italy
Rizing Management LLC USA
Attune UK Ltd. U.K.
Rizing Pte Ltd. Singapore
Rizing New Zealand Ltd. New Zealand
Rizing Philippines Inc. Philippines
Rizing SDN BHD Malaysia
Rizing Solutions Pty Ltd Australia
Synchrony Global SDN BHD Malaysia
Wipro Business Solutions GmbH Germany
Wipro Technology Solutions S.R.L Romania
Wipro Iris Holdco Pty Ltd Australia
Wipro Iris Bidco Pty Ltd Australia

As at September 30, 2023, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.

The list of controlled trusts and firms are:

Name of the entity Country of incorporation
Wipro Equity Reward Trust India
Wipro Foundation India
6. Segment Information
--- ---

Effective April 1, 2023, the Company has reorganized its segments by merging India State Run Enterprises (“ISRE”) segment as part of its APMEA SMU within IT Services segment. Comparative period segment information has been restated to give effect to this change.

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

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

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: 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.

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.

6

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

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

Information on reportable segments for the three months ended September 30, 2023, June 30, 2023, September 30, 2022, six months ended September 30, 2023, September 30, 2022 and year ended March 31, 2023 are as follows:

Particulars Three months ended Six months ended Year ended
September30, 2023 June30, 2023 September30, 2022 September30, 2023 September30, 2022 March31, 2023
Audited Audited Audited Audited Audited Audited
Segment revenue
IT Services
Americas 1 66,813 65,607 65,350 132,420 127,052 261,270
Americas 2 66,914 68,303 70,030 135,217 136,643 278,374
Europe 63,976 67,134 62,684 131,110 122,960 256,845
APMEA 26,255 26,510 27,141 52,765 52,924 106,812
Total of IT Services **** 223,958 **** 227,554 **** 225,205 **** 451,512 **** 439,579 **** 903,301
IT Products 1,469 694 1,249 2,163 3,195 6,047
Total segment revenue **** 225,427 **** 228,248 **** 226,454 **** 453,675 **** 442,774 **** 909,348
Segment result
IT Services
Americas 1 15,287 13,537 12,954 28,824 24,524 51,555
Americas 2 14,023 14,169 14,959 28,192 28,183 59,689
Europe 7,547 9,968 8,454 17,515 16,440 37,667
APMEA 2,985 2,800 2,670 5,785 4,739 10,681
Unallocated (3,784 ) (3,957 ) (5,090 ) (7,741 ) (7,934 ) (18,368 )
Total of IT Services **** 36,058 **** 36,517 **** 33,947 **** 72,575 **** 65,952 **** 141,224
IT Products (467 ) (161 ) (103 ) (628 ) (158 ) (176 )
Reconciling Items (2,246 ) (1,840 ) (1,341 ) (4,086 ) (1,401 ) (1,442 )
Total segment result **** 33,345 **** 34,516 **** 32,503 **** 67,861 **** 64,393 **** 139,606
Finance expenses (3,033 ) (3,086 ) (2,270 ) (6,119 ) (4,315 ) (10,077 )
Finance and other Income 4,810 6,542 4,040 11,352 7,730 18,185
Share of net profit/ (loss) of associates accounted for using the equity method (30 ) 3 (72 ) (27 ) (87 ) (57 )
Profit before tax **** 35,092 **** 37,975 **** 34,201 **** 73,067 **** 67,721 **** 147,657

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 ₹ 268, ₹ (62) and ₹ 1,057 for the three months ended September 30, 2023, June 30, 2023, and September 30, 2022 respectively,<br>₹ 206 and ₹ 2,091 for the six months ended September 30, 2023,<br>September 30, 2022, and ₹ 4,472 for the year ended March 31, 2023, which is reported under foreign exchange gains/(losses), net in the consolidated<br>financial results.
--- ---
d) Restructuring cost of<br>₹ 2,249, ₹ 1,887 and ₹ 1,360 is included under Reconciling items for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively, ₹ 4,136 and ₹ 1,360 for the six months ended September 30, 2023, September 30, 2022, and ₹ 1,355 for the year ended March 31, 2023 respectively.
--- ---
e) Effective April 1, 2023, amortization and impairment of intangibles assets arising from business<br>combination and change in fair value of contingent consideration is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes.
--- ---

Segment results of IT Services segment for the three and six months ended September 30, 2023 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination.

Accordingly, for the three months ended September 30, 2023, June 30, 2023, September 30, 2022, six months ended September 30, 2023, September 30, 2022 and year ended March 31, 2023, ₹ 3,484, ₹ 1,810, ₹ 2,126, ₹ 5,294, ₹ 4,019 and ₹ 9,954 towards amortization and impairment of intangible assets, respectively, and for the three months ended September 30, 2023, June 30, 2023, September 30, 2022, six months ended September 30, 2023, September 30, 2022 and year ended March 31, 2023, ₹ (490), ₹ (16), ₹ (185), ₹ (506), ₹ (271) and ₹ (1,671) towards change in fair value of contingent consideration, respectively, is included under “Unallocated” within IT Services segment.

7

f) Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and<br>equipment of ₹ (2,320), ₹ 78 and ₹ (26) for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively and<br>₹ (2,242) and ₹ (148) for the six months ended September 30, 2023,<br>September 30, 2022, and ₹ (89) for the year ended March 31, 2023 respectively. (Refer to Note 4)
g) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,563, ₹ 1,544 and<br>₹ 1,122 for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively, ₹ 3,107 and ₹ 2,567 for the six months ended September 30, 2023, September 30, 2022, and ₹ 3,958 for the year ended March 31, 2023 respectively.
--- ---
7. Buyback of equity shares
--- ---

During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 539 (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 ₹ 539.

8. Earnings per share for each of the three months ended September 30, 2023 and June 30, 2023 will not<br>add up to earnings per share for the six months ended September 30, 2023, on account of buyback of equity shares.

8

9. Audited Consolidated Balance Sheet
As at March 31, 2023 As at September 30, 2023
--- --- --- --- ---
ASSETS
Goodwill 307,970 309,732
Intangible assets 43,045 38,109
Property, plant and equipment 88,659 83,086
Right-of-Use<br>assets 18,702 17,043
Financial assets
Derivative assets 29 151
Investments 20,720 21,629
Trade receivables 863 872
Other financial assets 6,330 5,973
Investments accounted for using the equity method 780 761
Deferred tax assets 2,100 2,219
Non-current tax assets 11,922 10,878
Other non-current assets 13,606 10,834
Total non-current assets **** 514,726 **** 501,287
Inventories 1,188 1,281
Financial assets
Derivative assets 1,844 1,999
Investments 309,232 239,847
Cash and cash equivalents 91,880 97,896
Trade receivables 126,350 108,146
Unbilled receivables 60,515 65,292
Other financial assets 9,096 9,155
Contract assets 23,001 24,464
Current tax assets 5,091 5,017
Other current assets 32,899 31,946
Total current assets **** 661,096 **** 585,043
TOTAL ASSETS **** 1,175,822 **** 1,086,330
EQUITY
Share capital 10,976 10,444
Share premium 3,689 1,732
Retained earnings 660,964 577,487
Share-based payment reserve 5,632 6,023
Special Economic Zone Re-investment reserve 46,803 44,941
Other components of equity 53,100 58,284
Equity attributable to the equity holders of the Company **** 781,164 **** 698,911
Non-controlling interests 589 823
TOTAL EQUITY **** 781,753 **** 699,734
LIABILITIES
Financial liabilities
Loans and borrowings 61,272 61,971
Lease liabilities 15,953 14,796
Derivative liabilities 179 40
Other financial liabilities 2,649 1,609
Deferred tax liabilities 15,153 15,315
Non-current tax liabilities 21,777 26,048
Other non-current liabilities 9,333 11,025
Provisions ^ —
Total non-current liabilities **** 126,316 **** 130,804
Financial liabilities
Loans, borrowings and bank overdrafts 88,821 94,060
Lease liabilities 8,620 8,348
Derivative liabilities 2,825 1,582
Trade payables and accrued expenses 89,054 78,857
Other financial liabilities 4,141 2,712
Contract liabilities 22,682 16,738
Current tax liabilities 18,846 21,372
Other current liabilities 30,215 29,873
Provisions 2,549 2,250
Total current liabilities **** 267,753 **** 255,792
TOTAL LIABILITIES **** 394,069 **** 386,596
TOTAL EQUITY AND LIABILITIES **** 1,175,822 **** 1,086,330
^ Value is less than 1
--- ---

9

10. Audited Consolidated Statement of Cash flows
Six months ended September 30,
--- --- --- --- --- --- ---
2022 2023
Cash flows from operating activities
Profit for the period 52,080 55,533
Adjustments to reconcile profit for the period to net cash generated from operatingactivities:
Gain on sale of property, plant and equipment, net (148 ) (2,242 )
Depreciation, amortization and impairment expense 15,707 16,350
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings 1,406 836
Share-based compensation expense 2,574 3,099
Share of net loss of associates accounted for using equity method 87 27
Income tax expense 15,641 17,534
Finance and other income, net of finance expenses (3,415 ) (5,233 )
Gain on derecognition of contingent consideration payable (271 ) (506 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables (4,971 ) 18,352
Unbilled receivables and contract assets (3,861 ) (5,937 )
Inventories (664 ) (92 )
Other assets (3,242 ) 6,498
Trade payables, accrued expenses, other liabilities and provisions (2,783 ) (11,260 )
Contract liabilities (2,929 ) (5,928 )
Cash generated from operating activities before taxes 65,211 87,031
Income taxes paid, net (15,418 ) (10,885 )
Net cash generated from operating activities **** 49,793 **** 76,146
Cash flows from investing activities:
Payment for purchase of property, plant and equipment (8,737 ) (4,184 )
Proceeds from disposal of property, plant and equipment 181 4,223
Payment for purchase of investments (382,779 ) (465,185 )
Proceeds from sale of investments 347,617 535,473
Proceeds from restricted interim dividend account 27,410 —
Payment for business acquisitions including deposits and escrow, net of cash acquired (46,341 ) —
Interest received 6,151 11,274
Dividend received 2 2
Net cash generated from/(used in) investing activities **** (56,496 ) **** 81,603
Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending allotment 7 7
Repayment of loans and borrowings (79,298 ) (43,750 )
Proceeds from loans and borrowings 91,617 48,750
Payment of lease liabilities (4,927 ) (5,172 )
Payment for deferred contingent consideration (1,169 ) (1,289 )
Interest and finance expenses paid (3,458 ) (4,850 )
Payment of dividend (27,337 ) —
Payment for buyback of equity shares, including tax and transaction cost — (145,173 )
Net cash used in financing activities **** (24,565 ) **** (151,477 )
Net increase/(decrease) in cash and cash equivalents during the period (31,268 ) 6,272
Effect of exchange rate changes on cash and cash equivalents 456 (259 )
Cash and cash equivalents at the beginning of the period 103,833 91,861
Cash and cash equivalents at the end of the period **** 73,021 **** 97,874
By order of the Board, For, Wipro Limited
--- ---
Place: Bengaluru<br> <br>Date: October 18,<br>2023 Rishad A. Premji<br> <br>Chairman

10

EX-99.5

Exhibit 99.5

LOGO

W ipro Limited Highlights for the Quarter ended September 30, 2023 REVENUE QoQ Constant YoY Constant Operating $2.71 Bn Currency Currency Margin -2.0% -4.8% 16.1% STRATEGIC MARKET UNITS MIX 29.8% AMERICAS 1 29.9% AMERICAS 2 28.6% EUROPE 11.7% APMEA SECTOR MIX 33.6% 18.7% 12.7% 11.6% 12.1% 7.0% 4.3% Banking, Energy, Financial Consumer Health Natural Technology Manufacturing Communication Services Resources & Insurance and Utilities TOTAL BOOKINGS LARGE DEALS TCV 7% YoY Constant 79% YoY Constant BOOKINGS $3.8 Bn $1.3 Bn Currency Currency Revenue from our IT Services business segment to be in the range of $2,617 million to OUTLOOK $2,672 million*. This translates to a sequential guidance of -3.5% to -1.5% in constant currency terms. for the Quarter ending December 31, 2023 * Outlook for the Quarter ending December 31, 2023, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.09, AUD/USD at 0.66, USD/INR at 82.70 and CAD/USD at 0.74 CUSTOMER CONCENTRATION TOP1 3.0% 12.3% TOP 10 20.6% TOP 5 TOTAL HEADCOUNT 244,707 ATTRITION VOL – TTM 15.5% OFFSHORE REVENUE NET UTILIZATION 84.5% 59.9% PERCENTAGE OF SERVICES EXCLUDING TRAINEES P a g e 1

LOGO

W ipro Limited Results for the Quarter ended September 30, 2023 FY 23 – 24 FY 22 – 23 A IT Services Q2 Q1 FY Q4 Q3 Q2 Q1 IT Services Revenues ($Mn) 2,713.3 2,778.5 11,234.4 2,839.5 2,821.4 2,817.4 2,756.1 Sequential Growth -2.3% -2.1% 7.5% 0.6% 0.1% 2.2% 0.3% Sequential Growth in Constant Currency Note 2 -2.0% -2.8% 11.2% -0.7% 0.6% 4.1% 1.9% Operating Margin % Note 3 16.1% 16.0% 15.6% 16.3% 16.2% 15.1% 14.9% Strategic Market Units Mix Americas 1 29.8% 28.8% 28.8% 28.5% 29.1% 28.8% 28.7% Americas 2 29.9% 30.0% 30.8% 30.5% 30.6% 31.1% 31.1% Europe 28.6% 29.5% 28.6% 29.3% 28.8% 28.0% 28.2% APMEA 11.7% 11.7% 11.8% 11.7% 11.5% 12.1% 12.0% Sectors Mix Banking, Financial Services and Insurance 33.6% 33.9% 35.0% 34.4% 35.0% 35.3% 35.5% Consumer 18.7% 18.7% 18.9% 18.9% 19.0% 19.0% 18.6% Health 12.7% 12.2% 11.7% 12.1% 11.9% 11.4% 11.4% Energy, Natural Resources and Utilities 11.6% 12.0% 11.5% 12.2% 11.4% 11.2% 11.1% Technology 12.1% 11.3% 11.3% 10.9% 11.2% 11.5% 11.7% Manufacturing 7.0% 7.3% 6.9% 7.0% 6.9% 6.9% 6.7% Communications 4.3% 4.6% 4.7% 4.5% 4.6% 4.8% 4.9% Total Bookings TCV ($Mn) Note 4 3,785 3,724 — 4,172 4,333 — — Large deal TCV ($Mn) Note 5 1,275 1,198 3,897 1,083 978 713 1,123 Guidance ($Mn) Note 1 2,722-2,805 2,753-2,811 — 2,785-2,831 2,811-2,853 2,817-2,872 2,748-2,803 Guidance restated based on 2,712-2,795 2,773-2,831 — 2,823-2,869 2,799-2,841 2,766-2,821 2,704-2,759 actual currency realized ($Mn) Revenues performance against guidance ($Mn) 2,713 2,779 — 2,823 2,803 2,798 2,736 P a g e 2

LOGO

FY 23 – 24 FY 22 – 23 Q2 Q1 FY Q4 Q3 Q2 Q1 Customer size distribution (TTM) > $100Mn 22 21 19 19 19 19 20 > $75Mn 28 28 29 29 29 29 30 > $50Mn 51 51 53 53 52 52 50 > $20Mn 122 123 117 117 119 122 120 > $10Mn 207 207 210 210 204 199 196 > $5Mn 313 319 315 315 312 314 313 > $3Mn 437 444 436 436 440 434 427 > $1Mn 774 769 766 766 755 745 719 Revenue from Existing customers % 99.1% 99.6% 97.4% 96.6% 96.9% 97.4% 98.7% Number of new customers 49 65 437 63 82 128 164 Total Number of active customers 1,393 1,444 1,479 1,479 1,530 1,514 1,475 Customer Concentration Top customer 3.0% 3.1% 3.2% 3.2% 3.2% 3.2% 3.2% Top 5 12.3% 12.5% 12.9% 12.5% 13.3% 13.0% 12.9% Top 10 20.6% 20.5% 20.7% 20.2% 21.2% 20.8% 20.8% % of Revenue USD 60% 59% 61% 60% 62% 61% 61% GBP 11% 11% 10% 11% 10% 10% 10% EUR 10% 11% 10% 11% 9% 9% 9% INR 5% 5% 5% 5% 5% 5% 5% AUD 4% 4% 4% 4% 4% 5% 5% CAD 3% 3% 3% 3% 3% 3% 3% Others 7% 7% 7% 6% 7% 7% 7% Closing Employee Count 244,707 249,758 258,570 258,570 262,109 262,626 262,049 Sales & Support Staff (IT Services) 16,778 16,942 16,999 16,999 17,089 16,664 17,831 Utilization Note 1 & 6 Net Utilization (Excluding Trainees) 84.5% 83.7% 81.2% 81.7% 79.7% 79.8% 83.8% Attrition Voluntary TTM (IT Services excl. DOP) 15.5% 17.3% 19.4% 19.4% 21.2% 22.9% 23.0% DOP % — Post Training Quarterly 9.8% 9.2% 9.9% 9.0% 8.7% 10.3% 11.4% P a g e 3

LOGO

FY 23 – 24 FY 22 – 23 Q2 Q1 FY Q4 Q3 Q2 Q1 Revenue Mix Note 6 Revenue from FPP 58.4% 59.7% 59.4% 59.6% 59.4% 58.7% 59.9% Offshore Revenue — % of Services 59.9% 59.5% 59.3% 59.9% 59.2% 59.1% 58.9% B Growth Metrics for the Quarter ended September 30, 2023 Note 2 Q2’24 Q2’24 Q2’24 Q2’24 Reported Reported CC CC QoQ% YoY% QoQ% YoY% IT Services -2.3% -3.7% -2.0% -4.8% Strategic Market Units Americas 1 0.9% -0.4% 1.0% -0.5% Americas 2 -2.6% -7.5% -2.3% -7.7% Europe -5.4% -1.6% -5.1% -6.4% APMEA -2.0% -6.4% -0.5% -3.5% Sectors Banking, Financial Services and Insurance -3.1% -8.2% -3.0% -9.5% Consumer -2.6% -5.3% -2.3% -6.7% Health 1.3% 7.6% 1.4% 7.1% Energy, Natural Resources and Utilities -6.1% -0.2% -5.3% -1.6% Technology 5.1% 1.6% 5.8% 1.7% Manufacturing -5.8% -2.4% -5.4% -3.6% Communications -8.1% -14.1% -7.2% -14.6% C Annexure to Datasheet Segment-wise breakup of Q2 FY23-24 (INR Mn) Cost of Revenues, S&M and G&A Reconciling Particulars IT Services IT Products Total Items Cost of revenues 156,451 1,878 862 159,191 Selling and marketing expenses 18,531 32 204 18,767 General and administrative expenses 12,918 26 1,180 14,124 Total 187,900 1,936 2,246 192,082 Note 1: Guidance and Utilization numbers for FY23 have not been restated to include India State Run Enterprise (ISRE) business. All other numbers for the previous quarters have been restated to include ISRE business Note 2: Constant currency (CC) for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period Note 3: IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials Note 4: Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2 Note 5: Large deal bookings constitute of deals greater than or equal to $30 million in total contract value terms Note 6: IT Services excluding DOP, Infocrossing, Designit, Topcoder, Rational, ITI, Capco, Ampion, Edgile, LeanSwift, CAS and Rizing P a g e 4

Report a Problem

Category
Description
Email (optional, for follow-up)