Equibles

6-K

WIPRO LTD (WIT)

6-K 2023-05-02 For: 2023-05-01
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 April 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 and year ended March 31, 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 April 27, 2023, we announced our results of operations for the quarter and year ended March 31, 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.

On April 27, 2023, we held a press conference to announce our results. The presentation made by the registrant at the press conference is attached to this Form 6-K as Item 99.2.

We placed advertisements in certain Indian newspapers concerning our results of operations for the quarter and year ended March 31, 2023, under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.3.

We made available on our website the Condensed Consolidated Interim Financial Statements as of and for the three months ended March 31, 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 statement of statutorily audited consolidated financial results for the three months ended March 31, 2023, under IFRS. A copy of such financial statements is attached to this Form 6K as Item 99.5.

We filed with stock exchanges in India a datasheet containing operating metrics for the quarter and year ended March 31, 2023. A copy of such data sheet is attached to this Form 6-K as Item 99.6.

SIGNATURES

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

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

Dated: May 01, 2023

INDEX TO EXHIBITS

Item
99.1 IFRS Press Release
99.2 Presentation referred by the Company at the Press Conference on April 27, 2023
99.3 Form of Advertisement Placed in Indian Newspapers
99.4 Consolidated Interim Financial Statements under IFRS
99.5 Statutorily Audited Consolidated Financial Results filed with stock exchanges in India
99.6 Data sheet containing operating metrics filed with stock exchanges in India

EX-99.1

FOR IMMEDIATE RELEASE Exhibit 99.1

‘

LOGO

Wipro Announces Fourth Quarter and Year end Results, Delivers Record Total Bookings

IT Services Revenue for the year increased by 11.5% YoY

Total Bookings up by 28% YoY for the Year

Operating Cash Flows at 115% of Net Income for the Year

Board approves Buy-Back for the value of ₹120 billion

EAST BRUNSWICK, N.J. | BANGALORE, India – April 27, 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 and year ended March 31, 2023.

Highlights of the Results

Results for theQuarter ended March 31, 2023:

1. Gross Revenue reached<br>₹231.9 billion ($2.8 billion^1^), a decrease of 0.2% QoQ, increased 11.2% YoY
2. IT Services Segment Revenue increased to $2,823.0 million, an increase of 0.7% QoQ and 3.7% YoY<br>
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3. Non-GAAP^2^ constant<br>currency IT Services segment revenue decreased 0.6% QoQ, increased 6.5% YoY
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4. Total Bookings^4^ were up by 29**%** and large deal<br>bookings^5^ were up by 155% YoY
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5. IT Services Operating Margin^3^ for the quarter was at<br>16.3%, flat QoQ
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6. Net Income for the quarter was at<br>₹30.7 billion ($374.1 million^1^), an increase of 0.7% QoQ and decrease of 0.4% YoY
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7. Earnings Per Share for the quarter was at<br>₹5.61 ($0.07^1^), an increase of 0.7% QoQ and decrease of 0.5% YoY
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8. Operating Cash Flows at 120.6% of Net Income for the quarter was at ₹37.3 billion ($453.8 million^1^), an increase of 60.0% YoY
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9. Voluntary attrition^6^ decreased 330 bps from the previous<br>quarter, landing at 14.1% on a quarterly annualised basis and at 19.2% on a trailing twelve months basis
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Results for the Year endedMarch 31, 2023:

1. Gross Revenue reached<br>₹904.9 billion ($11.0 billion^1^), an increase of 14.4% YoY
2. IT Services Segment Revenue increased to $11,159.7 million, an improvement of 7.8% YoY<br>
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3. Non-GAAP^2^ constant<br>currency IT Services segment revenue was up 11.5% YoY
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4. IT Services Operating Margin^3^ for the year was at 15.7%, a<br>decrease of 205bps YoY
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5. IT Services Operating profit was higher than any previous period at ₹140.8 billion, an improvement of 1.2% YoY
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6. Earnings Per Share for the year was at<br>₹20.73 ($0.25^1^), a decrease of 7.2% YoY
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7. Operating Cash Flows at 114.9% of Net Income for the year was at ₹130.6 billion ($1,589.0 million^1^), an increase of 17.9% YoY
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1

Performance for the Quarter and Year ended March 31, 2023

Thierry Delaporte, CEO and Managing Director, said, “We closed FY23 with the strongest-ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders.

“Compared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients.”

“We have built a strong foundation to sustain through this period of increased uncertainty. We have the growth mindset, right organizational structure, and the talent for long-term success.”

Jatin Dalal, Chief Financial Officer, said, “We continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3% in Q4 despite macro headwinds. We generated strong operating cash flows at 121% of our net income for the Quarter.”

Outlook for the Quarter ending June 30, 2023

We expect Revenue from our IT Services business including India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million*. This translates to sequential guidance of -3.0% to -1.0% in constant currency terms.

* Outlook for the Quarter ending June 30, 2023, is based on the following exchange rates: GBP/USD at 1.22,<br>Euro/USD at 1.07, AUD/USD at 0.68, USD/INR at 81.74 and CAD/USD at 0.74

Capital Allocation

The Board of Directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 269,662,921 equity shares of ₹2 each (being 4.91% of total paid-up equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹445 ($5.41^1^) per equity share for an aggregate amount not exceeding ₹120 billion ($1.5 billion^1^) , in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.

The interim dividend of ₹1 declared by the Board at its meetings held on January 13^th^, 2023, shall be considered as the final dividend for the financial year 2022-23.

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 = ₹82.19, as published by the Federal Reserve Board of Governors on March 31, 2023. However,<br>the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2023 was US$1= ₹81.63
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
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3. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials<br>
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4. Total Bookings refers to the total contract value of all orders that were booked during the period including<br>new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency<br>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
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5. Large deal bookings consist of deals greater than or equal to $30 million in total contract value<br>
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6. Voluntary attrition is in IT Services and excludes DOP measured for the trailing twelve months<br>
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2

Highlights of Strategic Deal Wins

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

• A US-based healthcare company selected Wipro to transform its<br>technology-enabled health services business and supercharge growth. Wipro will help reshape the end-to-end member, patient, and provider journey by building a<br>standardized, interoperable, and integrated care delivery platform. The project will improve talent allocation as well as care coordination, reducing costs, increasing effectiveness and, ultimately, improving the quality of healthcare.<br>
• A US-based multinational apparel and fashion major selected Wipro to<br>spearhead end-to-end automation across its applications and infrastructure landscape globally. Wipro will offer a range of services including business and technical<br>support to manage various business process areas, data center operations, and network and voice services. This will help the client achieve 30% automation, cost optimization, and improve end-user experience.<br>
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• Wipro was selected in a strategic, multi-year engagement by a global personal care and home products distribution<br>company to deliver enhanced business experience to the client. An integrated delivery model powered by SmartOps will provide round the clock proactive and preventative support for business-critical applications. This will help the client drive<br>higher application stability and minimize related problems that hinder business operations.
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• Wipro won a multi-year engagement with a leading Europe-based communications group to accelerate global<br>deployment of their enterprise software platform for business operations. The goal of this program is to rollout a core model template, localize, integrate, and conduct change management for a consistent process across front office and operations in<br>Finance, Procurement, Projects, Analytics, and Reporting. This will enable the client to synchronize their business processes, decommission existing local systems, innovate, and enhance user experience across regions.
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• A UK-based health insurer selected Wipro to consolidate and transform the<br>business process services for its international private medical insurance business. Wipro will set up a global servicing hub to provide experience and support services to clients, while driving operational efficiencies and maintaining compliance.<br>
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• A large, US-based life and annuities insurance firm selected Wipro to<br>modernize their business, migrate existing workloads to cloud and offer infrastructure-as-a-service for their entire data center<br>infrastructure. Wipro will also deliver enhanced employee experience through an integrated service desk, mainframe services while enhancing service levels, providing a secured environment through their identity and access managed services, as well<br>as business continuity through disaster recovery services.
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• A US-based multinational bank has selected Wipro to provide engineering<br>and operations services to modernize its infrastructure across the globe. Wipro will deliver a simple, easy-to-access services platform that will enhance the user<br>experience and maximize the technology solutions used across the company. The end-to-end platform management will drive new efficiencies and better productivity through<br>automation and standardization of processes.
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• Wipro signed a second eight-year large deal with a leading European outsourcing & facilities management<br>company to digitise its core Finance & Accounting systems and processes. Wipro will leverage Lab45 as a strategic technology & innovation hub to foster and accelerate automation, digitisation, and transformation of client’s<br>service propositions and delivery models.
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3

• A US-based sports entertainment company selected Wipro to digitize its<br>nation-wide network and monetize the centers of a recreational sports chain, resulting in the creation of a new Digital Out-of-Home (DOOH) ad network. Leveraging Wipro<br>VisionEDGE, a dynamic digital signage and omni channel advertising platform, Wipro, in partnership with Cisco, will deliver immersive client experiences with high-quality, interactive displays that are adaptive and easy to deploy.<br>
• Wipro was awarded a contract by a global apparel and fashion company to create a unified, omnichannel experience<br>across more than 2,000 retail stores and ecommerce platforms in over 37 countries. The client will benefit from the increased supply chain efficiency and compliance with applicable international and local standards. Wipro will also deliver an<br>uninterrupted, flexible, and personalised service that will allow end-users to transact seamlessly across devices and channels.
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Analyst Recognition

1. Wipro was recognized as a Leader in the 2023 Gartner^®^<br>Magic Quadrant^™^ for Outsourced Digital Workplace Services
2. Wipro was positioned as a Leader in IDC MarketScape: Worldwide Manufacturing Intelligence Transformation<br>Strategic Consulting 2023 Vendor Assessment (Doc# US50247922 Feb 2023)
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3. Wipro was positioned as a Leader in IDC MarketScape: Asia/Pacific Intelligent Digital Workplace Services 2023<br>Vendor Assessment (Doc # AP49091222 March 2023)
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4. Wipro was recognized as a Leader in Everest Group’s Capital Markets Operations – Services PEAK Matrix^®^ Assessment 2023 and Advanced Analytics and Insights (AA&I) Services PEAK Matrix^®^ Assessment 2023
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5. Wipro was positioned as a Leader in ISG Provider<br>Lens^™^ – AWS Ecosystem Partners 2022 – Germany, US
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6. Wipro was positioned as a Leader in ISG Provider<br>Lens^™^ – Digital Business Enablement and ESG Services 2022 – UK, US
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7. Wipro was listed in the top 10 with a customer satisfaction score of 75% in Whitelane’s IT Sourcing Study<br>2022 – Europe
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8. Wipro was positioned as a Leader in Avasant Blockchain Services RadarView^™^ 2022 – 2023 and Intelligent Automation Services RadarView^™^ 2022 – 2023
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9. Wipro was rated as a Leader in Avasant Hybrid Enterprise Cloud Services RadarView^™^ 2022 – 2023 and SAP S/4HANA Services RadarView^™^ 2022 – 2023
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10. Wipro was featured in HFS Horizons: The Best Service Providers for Retail Banks, 2023 and Metaverse Services<br>Providers 2023
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Source & Disclaimer: *Gartner, “Magic Quadrant for Outsourced Digital Workplace Services “, DanielBarros, et al, 13 March 2023. GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. Gartner does not endorse anyvendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions ofGartner’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 particularpurpose.

4

IT Products

• IT Products segment revenue for the quarter was<br>₹1.1 billion ($13.8 million^1^)
• IT Products segment results for the quarter was a loss of ₹0.06 billion ($0.7 million^1^)
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• IT Products segment revenue for the year was<br>₹6.0 billion ($73.6 million^1^)
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• IT Products segment results for the year was a loss of ₹0.18 billion ($2.1 million^1^)
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India business from State Run Enterprises (ISRE)

• India SRE segment revenue for the quarter was<br>₹1.3 billion ($16.0 million^1^)
• India SRE segment results for the quarter was a profit of ₹0.02 billion ($0.2 million^1^)
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• India SRE segment revenue for the year was<br>₹5.8 billion ($70.8 million^1^)
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• India SRE segment results for the year was a profit of ₹0.4 billion ($5.4 million^1^)
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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.

About Key Metrics and Non-GAAPFinancial Measures

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

The table on page 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 and Year ended March 31, 2023, prepared under IFRS, along with individual business segment reports, are available in theInvestors section of our website www.wipro.com/investors/

5

Quarterly Conference Call

We will hold an earnings conference call today at 07:30 p.m. Indian Standard Time (10:00 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP270423

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

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 250,000 employees and business partners across 66 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 Kumar Jain Purnima Burman
Phone: +91-80-6142 7201 Phone: +91-80-6142 6143 Phone: +91-80-6142 6450
dipak.bohra@wipro.com abhishekkumar.jain@wipro.com purnima.burman@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, 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

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

As at March 31, 2022 As at March 31, 2023
Convenience translation intoUS dollar in millions<br>Refer footnote in page 2
ASSETS
Goodwill 246,989 307,970 3,747
Intangible assets 43,555 43,045 524
Property, plant and equipment 90,898 88,659 1,079
Right-of-Use<br>assets 18,870 18,702 228
Financial assets
Derivative assets 6 29 ^
Investments 19,109 20,720 252
Trade receivables 4,765 863 11
Other financial assets 6,084 6,330 77
Investments accounted for using the equity method 774 780 9
Deferred tax assets 2,298 2,100 26
Non-current tax assets 10,256 11,922 145
Other non-current assets 14,826 13,606 166
Total non-currentassets **** 458,430 **** 514,726 **** 6,264
Inventories 1,334 1,188 14
Financial assets
Derivative assets 3,032 1,844 22
Investments 241,655 309,232 3,762
Cash and cash equivalents 103,836 91,880 1,118
Trade receivables 115,219 126,350 1,537
Unbilled receivables 60,809 60,515 736
Other financial assets 42,914 9,096 111
Contract assets 20,647 23,001 280
Current tax assets 2,373 5,091 62
Other current assets 28,933 32,899 400
Total current assets **** 620,752 **** 661,096 **** 8,042
TOTAL ASSETS **** 1,079,182 **** 1,175,822 **** 14,306
EQUITY
Share capital 10,964 10,976 134
Share premium 1,566 3,689 45
Retained earnings 551,252 660,964 8,042
Share-based payment reserve 5,258 5,632 69
Special Economic Zone re-investment reserve 47,061 46,803 569
Other components of equity 42,057 53,100 646
Equity attributable to the equity holders of theCompany **** 658,158 **** 781,164 **** 9,505
Non-controlling interests 515 589 7
TOTAL EQUITY **** 658,673 **** 781,753 **** 9,512
LIABILITIES
Financial liabilities
Loans and borrowings 56,463 61,272 745
Lease liabilities 15,177 15,953 194
Derivative liabilities 48 179 2
Other financial liabilities 2,961 2,649 32
Deferred tax liabilities 12,141 15,153 184
Non-current tax liabilities 17,818 21,777 265
Other non-current liabilities 7,571 9,333 114
Provisions 1 ^ ^
Total non-currentliabilities **** 112,180 **** 126,316 **** 1,536
Financial liabilities
Loans, borrowings and bank overdrafts 95,233 88,821 1,081
Lease liabilities 9,056 8,620 105
Derivative liabilities 585 2,825 34
Trade payables and accrued expenses 94,477 89,054 1,084
Other financial liabilities 33,110 4,141 50
Contract liabilities 27,915 22,682 276
Current tax liabilities 13,231 18,846 229
Other current liabilities 31,951 30,215 368
Provisions 2,771 2,549 31
Total current liabilities **** 308,329 **** 267,753 **** 3,258
TOTAL LIABILITIES **** 420,509 **** 394,069 **** 4,794
TOTAL EQUITY AND LIABILITIES **** 1,079,182 **** 1,175,822 **** 14,306

^ Value is less than 1

7

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

Three months ended March 31, Year ended March 31,
2022 2023 2023 2022 2023 2023
Conveniencetranslation intoUS dollar inmillions<br>Refer footnotein page 2 Conveniencetranslation intoUS dollar inmillions<br>Refer footnotein page 2
Revenues 208,600 231,903 2,822 790,934 904,876 11,011
Cost of revenues (147,965 ) (162,738 ) (1,980 ) (555,872 ) (645,446 ) (7,853 )
Gross profit **** 60,635 **** 69,165 **** 842 **** 235,062 **** 259,430 **** 3,158
Selling and marketing expenses (14,078 ) (16,906 ) (206 ) (54,935 ) (65,157 ) (793 )
General and administrative expenses (12,528 ) (15,672 ) (191 ) (46,382 ) (59,139 ) (720 )
Foreign exchange gains/(losses), net 1,075 990 12 4,355 4,472 54
Other operating income 7 — — 2,186 — —
Results from operating activities **** 35,111 **** 37,577 **** 457 **** 140,286 **** 139,606 **** 1,699
Finance expenses (1,717 ) (2,860 ) (35 ) (5,325 ) (10,077 ) (123 )
Finance and other income 3,946 5,463 67 16,257 18,185 222
Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 4 ^ 57 (57 ) (1 )
Profit before tax **** 37,324 **** 40,184 **** 489 **** 151,275 **** 147,657 **** 1,797
Income tax expense (6,399 ) (9,249 ) (113 ) (28,946 ) (33,992 ) (414 )
Profit for the period **** 30,925 **** 30,935 **** 376 **** 122,329 **** 113,665 **** 1,383
Profit attributable to:
Equity holders of the Company 30,873 30,745 374 122,191 113,500 1,381
Non-controlling interests 52 190 2 138 165 2
Profit for the period **** 30,925 **** 30,935 **** 376 **** 122,329 **** 113,665 **** 1,383
Earnings per equity share:
Attributable to equity holders of the Company
Basic 5.64 5.61 0.07 22.35 20.73 0.25
Diluted 5.63 5.60 0.07 22.29 20.68 0.25
Weighted average number of equity shares used in computing earnings per equityshare
Basic 5,470,020,412 5,481,366,536 5,481,366,536 5,466,705,840 5,477,466,573 5,477,466,573
Diluted 5,486,955,729 5,489,878,685 5,489,878,685 5,482,083,438 5,488,991,175 5,488,991,175
^ Value is less than 1
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8

Additional Information:

Particulars Three months ended Year ended
March 31,2023 December 31,2022 March 31,2022 March 31,2023 March 31,2022
Audited Audited Audited Audited Audited
Revenue
IT Services
Americas 1 66,430 67,788 58,342 261,270 217,874
Americas 2 70,563 71,168 63,963 278,374 239,404
Europe 67,562 66,323 60,743 256,845 233,443
APMEA 25,889 25,278 23,560 100,989 91,103
Total of IT Services **** 230,444 **** 230,557 **** 206,608 **** 897,478 **** 781,824
IT Products 1,131 1,721 1,201 6,047 6,173
ISRE 1,318 1,403 1,868 5,823 7,295
Reconciling Items — — (2 ) — (3 )
Total Revenue **** 232,893 **** 233,681 **** 209,675 **** 909,348 **** 795,289
Other operating income
IT Services — — 7 — 2,186
Total Other operating income **** — **** — **** 7 **** — **** 2,186
Segment Result
IT Services
Americas 1 12,890 12,986 11,530 49,264 42,820
Americas 2 15,118 14,776 12,150 56,567 47,376
Europe 10,314 9,485 9,056 35,048 35,739
APMEA 2,671 2,476 1,946 8,945 10,523
Unallocated (3,347 ) (2,219 ) 361 (9,041 ) 434
Other operating income — — 7 — 2,186
Total of IT Services **** 37,646 **** 37,504 **** 35,050 **** 140,783 **** 139,078
IT Products (59 ) 41 (22 ) (176 ) 115
ISRE 20 102 171 441 1,173
Reconciling Items (30 ) (11 ) (88 ) (1,442 ) (80 )
Total Segment result **** 37,577 **** 37,636 **** 35,111 **** 139,606 **** 140,286
Finance expenses (2,860 ) (2,902 ) (1,717 ) (10,077 ) (5,325 )
Finance and Other Income 5,463 4,992 3,946 18,185 16,257
Share of net profit/ (loss) of associates accounted for using the equity method 4 26 (16 ) (57 ) 57
Profit before tax **** 40,184 **** 39,752 **** 37,324 **** 147,657 **** 151,275

9

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

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

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

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

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.

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

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 March 31, 2023
IT Services Revenue as per IFRS $ 2,823.0
Effect of Foreign currency exchange movement $ (37.6 )
Non-GAAP Constant Currency IT Services Revenue based<br>on $ 2,785.4
previous quarter exchange rates
Three Months ended March 31, 2023
IT Services Revenue as per IFRS $ 2,823.0
Effect of Foreign currency exchange movement $ 74.4
Non-GAAP Constant Currency IT Services Revenue based<br>on $ 2,897.4
exchange rates of comparable period in previous year
Year ended March 31, 2023
IT Services Revenue as per IFRS $ 11,159.7
Effect of Foreign currency exchange movement $ 391.3
Non-GAAP Constant Currency IT Services Revenue based<br>on $ 11,551.0
exchange rates of comparable period in previous year

Reconciliation of Free Cash Flow for three months and year ended March 31, 2023

Amount in Mn
Three months endedMarch 31, 2023 Year ended March 31,2023
Net Income for the period [A] 113,665
Computation of Free Cash Flow
Net cash generated from operating activities [B] 130,601
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment ) (14,834 )
Proceeds from sale of property, plant and equipment 546
Free Cash Flow [C] 116,313
Operating Cash Flow as percentage of Net Income [B/A] % **** 114.9 %
Free Cash Flow as percentage of Net Income [C/A] % **** 102.3 %

All values are in Indian Rupees.

11

EX-99.2

Exhibit 99.2 Financial Performance for the Quarter and Year ended March 31, 2023 Jatin Dalal Chief Financial Officer Wipro Limited

Revenue for the Quarter $ 2.82 Bn IT Services Revenue | USD IT services Growth on Constant Currency Basis: QoQ: -0.6% ₹ 231.9 Bn YoY: 6.5% Gross Revenue | INR 2 © INR Mn $ Mn

Revenue for the Year $ 11.2 Bn IT Services Revenue | USD IT services Growth on Constant Currency Basis: ₹ 904.9 Bn YoY: 11.5% Gross Revenue | INR 3 © $ Mn INR Mn

Operating Margin for the Quarter IT Services Operating Margin refers to our segment results 16.3 % IT Services Operating Margin Operating Profit growth (Wipro Limited.) QoQ: -0.2% ₹37.6 Bn YoY: 7.0% Operating Profit (Wipro Ltd.) in INR 4 © INR Mn

Operating Margin for the Year IT Services Operating Margin refers to our segment results 15.7 % IT Services Operating Margin Operating Profit growth (Wipro Limited.) YoY: -0.5% ₹139.6 Bn Operating Profit (Wipro Ltd.) in INR 5 © INR Mn

Net Income for the Quarter Net income refers to the profit attributable to equity share holders of the company ₹ 30.7 Bn Net Income | INR QoQ growth Net Income: 0.7% EPS: 0.7% ₹ 5.61 Earnings Per Share | INR 6 © INR INR Mn

Net Income for the Year Net income refers to the profit attributable to equity share holders of the company ₹ 113.5 Bn Net Income | INR YoY growth Net Income: -7.1% EPS: -7.2% ₹ 20.73 Earnings Per Share | INR 7 © INR INR Mn

Cash Flow Metrics for the Quarter Operating Cash ₹ 37.3 Bn Flow is at 120.6% Operating Cash Flow | INR of Net Income Free Cash Flow is at 111.1% of ₹ 34.4 Bn Net Income Free Cash Flow | INR 8 Refer annexure for Non-GAAP measures w alk © FCF to Net Income OCF to Net Income

Cash Flow Metrics for the Year Operating Cash ₹ 130.6 Bn Flow is at 114.9% Operating Cash Flow | INR of Net Income Free Cash Flow is at 102.3% of ₹ 116.3 Bn Net Income Free Cash Flow | INR 9 Refer annexure for Non-GAAP measures w alk © FCF to Net Income OCF to Net Income

Other highlights 1. Total bookings of over $4.1 billion in TCV terms, grew 29% YoY CC for the quarter 2. Closed 15 large deals resulting in a TCV of over $1.1 billion, grew by 155% YoY CC in Q4’23 3. Voluntary attrition decreased 330 bps from previous quarter, landing at 14.1% on a quarterly annualized basis 4. Onboarded over 22,000 Next Gen Associates in FY23 5. Board approves buyback for the value of ₹120 billion ($1.5 1 billion ) at the buyback price of ₹445 per equity share Notes: 1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 =₹82.19, as published by the Federal Reserve Board of Governors on March 31, 2023. 10 ©

Outlook for Quarter ending June 30, 2023 QoQ CC -3.0% to -1.0% We expect the revenue from our IT Services business including India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million* * Outlook for the Quarter ending June 30, 2023, is based on the following exchange rates: GBP/USD at 1.22, Euro/USD at 1.07, AUD/USD at 0.68, USD/INR at 81.74 and CAD/USD at 0.74 11 ©

Annexures

Reconciliation of selected GAAP measures to Non-GAAP measures (1/2) Reconciliation of Gross Cash and Net Cash as of March 31, 2023 1 Amount in INR Mn Amount in $Mn Computation of Gross Cash and Net Cash Cash & Cash Equivalents 91,880 1, 118 Investments - Current 309,232 3, 762 Gross Cash 401,112 4, 880 Less: Long term and short term borrowings 150,093 1, 826 Net Cash 251,019 3, 054 Reconciliation of Free Cash Flow for three months and year ended March 31, 2023 Amount in INR Mn Three months ended Year ended March March 31, 2023 31, 2023 Net Income for the period [A] 30,935 113,665 Computation of Free Cash Flow Net cash generated from operating activities [B] 37,298 130,601 Add/ (deduct) cash inflow/ (outflow)on: Notes: Purchase of property, plant and equipment (3,015) (14,834) 1. For the convenience of the readers, the Proceeds from sale of property, plant and equipment 97 546 amounts in Indian Rupees in this release have been translated into United States Free Cash Flow [C] 34,380 116,313 Dollars at the certified foreign exchange rate of US$1 =₹82.19, as published by the Operating Cash Flow as percentage of Net Income [B/A] 120.6% 114.9% Federal Reserve Board of Governors on Free Cash Flow as percentage of Net Income [C/A] 111.1% 102.3% March 31, 2023. 13 ©

Reconciliation of selected GAAP measures to Non-GAAP measures (2/2) Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn): Three Months ended March 31, 2023 IT Services Revenue as per IFRS $ 2,823.0 Effect of Foreign currency exchange movement $ (37.6) Non-GAAP Constant Currency IT Services Revenue based on $ 2,785.4 previous quarter exchange rates Three Months ended March 31, 2023 IT Services Revenue as per IFRS $ 2,823.0 Effect of Foreign currency exchange movement $ 74.4 Non-GAAP Constant Currency IT Services Revenue based on $ 2,897.4 exchange rates of comparable period in previous year Year ended March 31, 2023 IT Services Revenue as per IFRS $ 11,159.7 Effect of Foreign currency exchange movement $ 391.3 Non-GAAP Constant Currency IT Services Revenue based on $ 11,551.0 exchange rates of comparable period in previous year 14 ©

Segment Information As announced on November 12, 2020, in order to broad base our growth, effective January 1, 2021, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries. 1. 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 ) 2. 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 3. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe 4. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa The two Global Business Lines: 1. iDEAS (Integrated Digital, Engineering & Application Services) will include the following Service Lines - Domain and Consulting, Applications & Data, Wipro Engineering and Wipro Digital 2. iCORE (Cloud Infrastructure, Digital Operations, Risk & Enterprise Cyber Security Services) will include Integrated Cloud Infrastructure (CIS),Digital Operations (DOP) and Risk and Enterprise Cybersecurity Services (CRS) st Details of the revised GBL structure effective from April 1 2023 can be accessed here. 15 ©

EX-99.3

Exhibit 99.3

LOGO

EX-99.4

Exhibit 99.4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2023

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

Notes As at March 31, 2022 As at March 31, 2023
Conveniencetranslationinto USdollar inmillions(unaudited)Refer toNote 2(iii)
ASSETS
Goodwill 6 246,989 307,970 3,747
Intangible assets 6 43,555 43,045 524
Property, plant and equipment 4 90,898 88,659 1,079
Right-of-Use<br>assets 5 18,870 18,702 228
Financial assets
Derivative assets 17 6 29 ^
Investments 8 19,109 20,720 252
Trade receivables 4,765 863 11
Other financial assets 11 6,084 6,330 77
Investments accounted for using the equity method 774 780 9
Deferred tax assets 2,298 2,100 26
Non-current tax assets 10,256 11,922 145
Other non-current assets 12 14,826 13,606 166
Total non-current assets **** 458,430 **** 514,726 **** 6,264
Inventories 9 1,334 1,188 14
Financial assets
Derivative assets 17 3,032 1,844 22
Investments 8 241,655 309,232 3,762
Cash and cash equivalents 10 103,836 91,880 1,118
Trade receivables 115,219 126,350 1,537
Unbilled receivables 60,809 60,515 736
Other financial assets 11 42,914 9,096 111
Contract assets 20,647 23,001 280
Current tax assets 2,373 5,091 62
Other current assets 12 28,933 32,899 400
Total current assets **** 620,752 **** 661,096 **** 8,042
TOTAL ASSETS **** 1,079,182 **** 1,175,822 **** 14,306
EQUITY
Share capital 10,964 10,976 134
Share premium 1,566 3,689 45
Retained earnings 551,252 660,964 8,042
Share-based payment reserve 5,258 5,632 69
Special Economic Zone re-investment reserve 47,061 46,803 569
Other components of equity 42,057 53,100 646
Equity attributable to the equity holders of the Company **** 658,158 **** 781,164 **** 9,505
Non-controlling interests 515 589 7
TOTAL EQUITY **** 658,673 **** 781,753 **** 9,512
LIABILITIES
Financial liabilities
Loans and borrowings 13 56,463 61,272 745
Lease liabilities 15,177 15,953 194
Derivative liabilities 17 48 179 2
Other financial liabilities 14 2,961 2,649 32
Deferred tax liabilities 12,141 15,153 184
Non-current tax liabilities 17,818 21,777 265
Other non-current liabilities 15 7,571 9,333 114
Provisions 16 1 ^ ^
Total non-current liabilities **** 112,180 **** 126,316 **** 1,536
Financial liabilities
Loans, borrowings and bank overdrafts 13 95,233 88,821 1,081
Lease liabilities 9,056 8,620 105
Derivative liabilities 17 585 2,825 34
Trade payables and accrued expenses 94,477 89,054 1,084
Other financial liabilities 14 33,110 4,141 50
Contract liabilities 27,915 22,682 276
Current tax liabilities 13,231 18,846 229
Other current liabilities 15 31,951 30,215 368
Provisions 16 2,771 2,549 31
Total current liabilities **** 308,329 **** 267,753 **** 3,258
TOTAL LIABILITIES **** 420,509 **** 394,069 **** 4,794
TOTAL EQUITY AND LIABILITIES **** 1,079,182 **** 1,175,822 **** 14,306

^ Value is less than 1

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

As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
April 27, 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 March 31, Year ended March 31,
Notes 2022 2023 2023 2022 2023 2023
Conveniencetranslation intoUS dollar inmillions(unaudited)Refer to<br>Note 2(iii) Conveniencetranslation intoUS dollar inmillions(unaudited)Refer to<br>Note 2(iii)
Revenues 20 208,600 231,903 2,822 790,934 904,876 11,011
Cost of revenues 21 (147,965 ) (162,738 ) (1,980 ) (555,872 ) (645,446 ) (7,853 )
Gross profit **** 60,635 **** 69,165 **** 842 **** 235,062 **** 259,430 **** 3,158
Selling and marketing expenses 21 (14,078 ) (16,906 ) (206 ) (54,935 ) (65,157 ) (793 )
General and administrative expenses 21 (12,528 ) (15,672 ) (191 ) (46,382 ) (59,139 ) (720 )
Foreign exchange gains/(losses), net 23 1,075 990 12 4,355 4,472 54
Other operating income 26 7 — — 2,186 — —
Results from operating activities **** 35,111 **** 37,577 **** 457 **** 140,286 **** 139,606 **** 1,699
Finance expenses 22 (1,717 ) (2,860 ) (35 ) (5,325 ) (10,077 ) (123 )
Finance and other income 23 3,946 5,463 67 16,257 18,185 222
Share of net profit/ (loss) of associates accounted for using the equity method (16 ) 4 ^ 57 (57 ) (1 )
Profit before tax **** 37,324 **** 40,184 **** 489 **** 151,275 **** 147,657 **** 1,797
Income tax expense 19 (6,399 ) (9,249 ) (113 ) (28,946 ) (33,992 ) (414 )
Profit for the period **** 30,925 **** 30,935 **** 376 **** 122,329 **** 113,665 **** 1,383
Profit attributable to:
Equity holders of the Company 30,873 30,745 374 122,191 113,500 1,381
Non-controlling interests 52 190 2 138 165 2
Profit for the period **** 30,925 **** 30,935 **** 376 **** 122,329 **** 113,665 **** 1,383
Earnings per equity share: **** 24
Attributable to equity holders of the Company
Basic 5.64 5.61 0.07 22.35 20.73 0.25
Diluted 5.63 5.60 0.07 22.29 20.68 0.25
Weighted average number of equity shares used in computing earnings per equityshare
Basic 5,470,020,412 5,481,366,536 5,481,366,536 5,466,705,840 5,477,466,573 5,477,466,573
Diluted 5,486,955,729 5,489,878,685 5,489,878,685 5,482,083,438 5,488,991,175 5,488,991,175
^ Value is less than 1
--- ---

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

As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
April 27, 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 March 31, Year ended March 31,
2022 2023 2023 2022 2023 2023
Conveniencetranslationinto USdollar inmillions(unaudited)Refer toNote 2(iii) Conveniencetranslationinto USdollar inmillions(unaudited)Refer toNote 2(iii)
Profit for the period **** 30,925 **** 30,935 **** 376 **** 122,329 **** 113,665 **** 1,383
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net 1,074 (427 ) (5 ) 399 (50 ) (1 )
Net change in fair value of investment in equity instruments measured at fair value through<br>OCI 462 (305 ) (4 ) 8,710 705 9
**** 1,536 **** (732 ) **** (9 ) **** 9,109 **** 655 **** 8
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences 4,284 (833 ) (10 ) 4,121 16,590 202
Reclassification of foreign currency translation differences on sale of investment in associates<br>and liquidation of subsidiaries to statement of income (7 ) (17 ) ^ (158 ) (133 ) (2 )
Net change in time value of option contracts designated as cash flow hedges (26 ) 839 10 139 (180 ) (2 )
Net change in intrinsic value of option contracts designated as cash flow hedges (23 ) (117 ) (1 ) (100 ) (212 ) (3 )
Net change in fair value of forward contracts designated as cash flow hedges (1,069 ) 1,362 17 (292 ) (2,488 ) (30 )
Net change in fair value of investment in debt instruments measured at fair value through<br>OCI (224 ) 218 3 (1,219 ) (3,137 ) (38 )
**** 2,935 **** 1,452 **** 19 **** 2,491 **** 10,440 **** 127
Total other comprehensive income, net of taxes 4,471 720 10 11,600 11,095 135
Total comprehensive income for the period **** 35,396 **** 31,655 **** 386 **** 133,929 **** 124,760 **** 1,518
Total comprehensive income attributable to:
Equity holders of the Company 35,321 31,463 384 133,742 124,543 1,515
Non-controlling interests 75 192 2 187 217 3
**** 35,396 **** 31,655 **** 386 **** 133,929 **** 124,760 **** 1,518
^ Value is less than 1
--- ---

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

As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
April 27, 2023

3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

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

4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

Other components of equity
Particulars Number ofshares^(1)^ Sharecapital,fullypaid-up Sharepremium Retainedearnings Share-basedpaymentreserve SpecialEconomicZonere-investmentreserve Foreigncurrencytranslationreserve^(2)^ Cashflowhedgingreserve Otherreserves^(2)^ Equityattributableto theequityholders oftheCompany Non-controllinginterests Totalequity
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 year
Profit for the year — — — 113,500 — — — — — **** 113,500 165 **** 113,665
Other comprehensive income — — — — — — 16,405 (2,880 ) (2,482 ) **** 11,043 52 **** 11,095
Total comprehensive income for the year **** — **** — **** — **** 113,500 **** — **** **** — **** **** 16,405 **** (2,880 ) **** (2,482 ) **** 124,543 **** 217 **** 124,760
Issue of equity shares on exercise of options 5,847,626 12 2,123 — (2,123 ) — — — — **** 12 — **** 12
Dividend — — — (5,477 ) — — — — — **** (5,477 ) — **** (5,477 )
Issue of shares by controlled trust on exercise of options^(1)^ — — — 1,472 (1,472 ) — — — — **** — **** — **** — ****
Compensation cost related to employee share-based payment — — — 10 3,969 — — — — **** 3,979 — **** 3,979
Transferred from special economic zone re-investment<br>reserve — — — 258 — (258 ) — — — **** — **** — **** — ****
Others — — — — — — — — — **** — **** (143 ) **** (143 )
Other transactions for the year **** 5,847,626 **** 12 **** 2,123 **** (3,737 ) **** 374 **** (258 ) **** — **** — **** **** — **** **** (1,486 ) **** (143 ) **** (1,629 )
As at March 31, 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
Convenience translation into US dollar in millions (unaudited) Refer toNote 2(iii) **** 134 **** 45 **** 8,042 **** 69 **** 569 **** 526 **** (17 ) **** 137 **** 9,505 **** 7 **** 9,512
^(1)^ Includes 9,895,836 treasury shares held as at March 31, 2023 by a controlled trust. 4,793,893 shares<br>have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2023.
--- ---
^(2)^ Refer to Note 18
--- ---

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

As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
April 27, 2023

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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

Year ended March 31,
2022 2023 2023
Convenience translation<br>into US dollar in<br>millions (unaudited)<br>Refer to Note 2(iii)
Cash flows from operating activities
Profit for the year 122,329 113,665 1,383
Adjustments to reconcile profit for the year to net cash generated from operatingactivities
Gain on sale of property, plant and equipment, net (313 ) (89 ) (1 )
Depreciation, amortization and impairment expense 30,911 33,402 406
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings (1,021 ) 152 2
Share-based compensation expense 4,110 3,969 48
Share of net (profit)/loss of associates accounted for using equity method (57 ) 57 1
Income tax expense 28,946 33,992 414
Finance and other income, net of finance expenses (9,447 ) (8,108 ) (99 )
(Gain)/loss from sale of business and investment accounted for using the equity method (2,186 ) 6 ^
Gain on derecognition of contingent consideration payable (301 ) (1,671 ) (20 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables (11,833 ) (985 ) (12 )
Unbilled receivables and contract assets (31,396 ) 1,558 19
Inventories (256 ) 162 2
Other assets (6,530 ) 1,055 13
Trade payables, accrued expenses, other liabilities and provisions 9,695 (9,824 ) (120 )
Contract liabilities 3,832 (6,522 ) (79 )
Cash generated from operating activities before taxes **** 136,483 **** 160,819 **** 1,957
Income taxes paid, net (25,686 ) (30,218 ) (368 )
Net cash generated from operating activities **** 110,797 **** 130,601 **** 1,589
Cash flows from investing activities
Payment for purchase of property, plant and equipment (20,153 ) (14,834 ) (180 )
Proceeds from disposal of property, plant and equipment 736 546 7
Payment for purchase of investments (1,015,486 ) (806,632 ) (9,814 )
Proceeds from sale of investments 953,735 740,885 9,014
Proceeds from/(payment into) restricted interim dividend account (27,410 ) 27,410 333
Payment for business acquisitions including deposits and escrow, net of cash acquired (129,846 ) (45,566 ) (554 )
Proceeds from sale of investment accounted for using the equity method 1,652 — —
Proceeds from sale of business, net of cash — 11 ^
Interest received 12,275 14,112 172
Dividend received 2 3 ^
Net cash used in investing activities **** (224,495 ) **** (84,065 ) **** (1,022 )
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment 6 12 ^
Repayment of loans and borrowings (191,810 ) (168,910 ) (2,055 )
Proceeds from loans and borrowings 260,120 161,034 1,959
Payment of lease liabilities (9,730 ) (9,711 ) (118 )
Payment for deferred contingent consideration (309 ) (1,784 ) (22 )
Interest and finance expenses paid (5,089 ) (8,708 ) (106 )
Payment of dividend (5,467 ) (32,814 ) (399 )
Payment of dividend to non-controlling interests<br>holders (1,135 ) — —
Net cash generated from/(used in) financing activities **** 46,586 **** (60,881 ) **** (741 )
Net decrease in cash and cash equivalents during the year (67,112 ) (14,345 ) (174 )
Effect of exchange rate changes on cash and cash equivalents 1,282 2,373 29
Cash and cash equivalents at the beginning of the year 169,663 103,833 1,263
Cash and cash equivalents at the end of the year (Note 10) **** 103,833 **** 91,861 **** 1,118

^ Value is less than 1

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

As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
April 27, 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 April 27, 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, 2022. 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 and interim condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the financial statement, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for the adoption of new accounting standards, amendments and interpretations effective from April 1, 2022.

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 months and year ended March 31, 2023, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 82.19 as published by Federal Reserve Board of Governors on March 31, 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.

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

7

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

8

3. Material accounting policy information

Please refer to the Company’s Annual report for the year ended March 31, 2022, 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, 2022.

Newamendment adopted by the Company effective from April 1, 2022:

Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling aContract

On May 14, 2020, the IASB issued “Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)”, amending the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. The amendment specifies that the “cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The adoption of this amendment has resulted in a reduction of ₹ 51 in opening retained earnings, primarily due to allocation of other costs that relate directly to fulfilling contracts.

New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2022 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 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 amendments to IAS 12 is not expected to have any material impact on the interim condensed consolidated financial statements.

Amendments to IAS 1 – Presentation of Financial Statements

On January 23, 2020, the IASB issued “Classification of liabilities as Current or Non-Current (Amendments to IAS 1)” providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangement in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies to determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments also clarified the classification requirements for debt a company might settle by converting it into equity. These amendments are effective for annual reporting periods beginning on or after January 1, 2023, and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IAS 1 is not expected to have any material impact on the 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 are not expected to 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 amendments to IFRS 16 is not expected to have any material impact on the interim condensed consolidated financial statements.

9

4. Property, plant and equipment

Land Buildings Plant andequipment * Furniture<br>fixtures andequipment Vehicles Total
Gross carrying value:
As at April 1, 2021 ₹ 3,815 ₹ 39,414 ₹ 110,855 ₹ 20,692 ₹ 418 ₹ 175,194
Additions 1,031 1,676 19,411 2,384 7 24,509
Additions through business combinations — — 370 335 3 708
Disposals (30 ) (440 ) (7,863 ) (826 ) (115 ) (9,274 )
Translation adjustment (3 ) 36 698 60 4 795
As at March 31, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 22,645 ₹ 317 ₹ 191,932
Accumulated depreciation/ impairment:
As at April 1, 2021 ₹ — ₹ 8,785 ₹ 85,040 ₹ 15,089 ₹ 397 ₹ 109,311
Depreciation and impairment — 1,536 12,305 2,141 10 15,992
Disposals — (346 ) (7,451 ) (725 ) (112 ) (8,634 )
Translation adjustment — 28 571 52 2 653
As at March 31, 2022 ₹ — **** ₹ 10,003 ₹ 90,465 ₹ 16,557 ₹ 297 ₹ 117,322
Capital<br>work-in-progress ₹ 16,288
Net carrying value including Capital work-in-progress as at March 31, 2022 **** ₹ 90,898
Gross carrying value:
As at April 1, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 22,645 ₹ 317 ₹ 191,932
Additions 40 7,269 12,191 4,881 7 24,388
Additions through business combinations — 7 357 6 3 373
Disposals (3 ) (435 ) (20,016 ) (1,799 ) (168 ) (22,421 )
Translation adjustment 10 173 1,729 171 2 2,085
As at March 31, 2023 ₹ 4,860 ₹ 47,700 ₹ 117,732 ₹ 25,904 ₹ 161 ₹ 196,357
Accumulated depreciation/ impairment: ****
As at April 1, 2022 ₹ — ₹ 10,003 ₹ 90,465 ₹ 16,557 ₹ 297 ₹ 117,322
Depreciation and impairment — 1,217 13,305 2,394 10 16,926
Disposals — (395 ) (19,655 ) (1,621 ) (163 ) (21,834 )
Translation adjustment — 102 1,386 118 1 1,607
As at March 31, 2023 ₹ — **** ₹ 10,927 ₹ 85,501 ₹ 17,448 ₹ 145 ₹ 114,021
Capital<br>work-in-progress ₹ 6,323
Net carrying value including Capital work-in-progress as at March 31, 2023 **** ₹ 88,659
* Including net carrying value of computer equipment and software amounting to ₹ 25,162 and ₹ 22,425, as at March 31, 2022 and March 31, 2023, respectively.
--- ---

5. Right-of-Use assets

Category of Right-of-Use asset
Land Buildings Plant and<br>equipment * Vehicles Total
Gross carrying value:
As at April 1, 2021 ₹ 2,082 ₹ 18,844 ₹ 3,918 ₹ 926 ₹ 25,770
Additions 15 7,517 429 105 8,066
Additions through business combinations — 2,920 — 36 2,956
Disposals (819 ) (3,360 ) (1,861 ) (149 ) (6,189 )
Translation adjustment — 72 25 (14 ) 83
As at March 31, 2022 ₹ 1,278 ₹ 25,993 ₹ 2,511 ₹ 904 ₹ 30,686
Accumulated depreciation:
As at April 1, 2021 ₹ 55 ₹ 6,703 ₹ 2,157 ₹ 435 ₹ 9,350
Depreciation 24 5,572 849 264 6,709
Disposals (21 ) (2,667 ) (1,518 ) (121 ) (4,327 )
Translation adjustment — 68 24 (8 ) 84
As at March 31, 2022 ₹ 58 ₹ 9,676 ₹ 1,512 ₹ 570 ₹ 11,816
Net carrying value as at March 31, 2022 ₹ 18,870
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

10

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
* Including net carrying value of computer equipment and software amounting to ₹ 6 and ₹ 4, as at March 31, 2022 and March 31, 2023, respectively
--- ---

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

For the year ended
March 31,2022 March 31,2023
Balance at the beginning of the year ₹ 139,127 ₹ 246,989
Translation adjustment 5,293 20,335
Acquisition through business combinations^(1)^<br>(Refer to Note 7) 102,569 40,687
Disposals (Refer to Note 31) — (41 )
Balance at the end of the year ₹ 246,989 ₹ 307,970
^(1)^ Acquisition through business combinations for the year ended March 31, 2022 and 2023 is after considering<br>the impact of ₹ 116 and ₹ 57 towards measurement period changes in purchase<br>price allocation of acquisitions made during the year ended March 31, 2021 and 2022, respectively.
--- ---

The movement in intangible assets is given below:

Intangible assets
Customer-related Marketing-related Total
Gross carrying value:
As at April 1, 2021 ₹ 26,326 ₹ 1,611 ₹ 27,937
Acquisition through business combinations 27,834 9,814 37,648
Deductions/adjustments (11,984 ) (215 ) (12,199 )
Translation adjustment 1,190 218 1,408
As at March 31, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
Accumulated amortization/ impairment:
As at April 1, 2021 ₹ 14,248 ₹ 604 ₹ 14,852
Amortization and impairment 6,872 1,338 8,210
Deductions/adjustments (11,984 ) (215 ) (12,199 )
Translation adjustment 347 29 376
As at March 31, 2022 ₹ 9,483 ₹ 1,756 ₹ 11,239
Net carrying value as at March 31, 2022 ₹ 33,883 ₹ 9,672 ₹ 43,555
Gross carrying value:
As at April 1, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
Acquisition through business combinations (Refer to Note 7) 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 As at March 31, 2023 ₹ 34,396 ₹ 8,649 ₹ 43,045
^(1)^ Includes ₹ 36 towards<br>measurement period adjustment in customer-related intangible in an acquisition completed during the year ended March 31, 2022.
--- ---

11

^(2)^ During the year ended March 31, 2023, decline in the revenue and earnings estimates led to revision of<br>recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge ₹ 650 and ₹ 1,816 for the three months and year ended March 31, 2023, as part of amortization and<br>impairment.

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

7. Business combinations

Summary of acquisitions during the year ended March 31, 2023 is given below:

During the year ended March 31, 2023, the Company has completed two business combinations by acquiring 100% equity interest in:

(a) Convergence Acceleration Solutions, LLC (“CAS Group”), a US-based consulting and program management company that specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers. The acquisition advances the Company’s strategic consulting capabilities as we help our clients drive large scale business and technology transformation. The acquisition was consummated on April 11, 2022, for total consideration (upfront cash to acquire control and contingent consideration) of ₹ 5,587.

(b) Rizing IntermediateHoldings, 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 a total cash consideration of ₹ 43,845.

The following table presents the purchase price allocation:

Description CAS Group Rizing
Net assets ₹ 532 ₹ 3,936
Fair value of customer-related intangibles 1,708 3,894
Fair value of marketing-related intangibles — 482
Deferred tax liabilities on intangible assets — (1,750 )
Total ₹ 2,240 ₹ 6,562
Goodwill 3,347 37,283
Total purchase price ₹ 5,587 ₹ 43,845
Net Assets include:
Cash and cash equivalents ₹ 127 ₹ 2,114
Fair value of acquired trade receivables included in net assets ₹ 452 ₹ 3,220
Gross contractual amount of acquired trade receivables ₹ 452 ₹ 3,233
Less: Allowance for lifetime expected credit loss — (13 )
Transaction costs included in general and administrative expenses ₹ 19 ₹ 99

The purchase price allocation for Rizing is provisional and will be finalized as soon as practicable within the measurement period.

The goodwill of ₹ 40,630 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes except for CAS group in the United States of America.

The total consideration of CAS Group includes a contingent consideration linked to achievement of revenues and earnings over a period of 3 years ending December 31, 2024, and range of contingent consideration payable is between ₹ Nil and ₹ 2,277. The fair value of the contingent consideration is estimated by applying the discounted cash-flow approach considering discount rate of 4.58% and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is ₹ 1,804 as at the date of acquisition. The discounted fair value of contingent consideration of ₹ 1,662 is recorded as part of purchase price allocation.

The pro-forma effects of acquisition during the three months and year ended March 31, 2023, on the Company’s results were not material.

8. Investments

As at
March 31, 2022 March 31, 2023
Non-current
Financial instruments at FVTPL
Equity instruments ₹ 1,976 ₹ 3,773
Fixed maturity plan mutual funds 513 1,300
Financial instruments at FVTOCI
Equity instruments 14,963 15,647
Financial instruments at amortized cost
Inter corporate and term deposits 1,657 ^
₹ 19,109 ₹ 20,720

12

Current **** **** **** ****
Financial instruments at FVTPL
Short-term mutual funds ₹ 15,550 ₹ 40,262
Financial instruments at FVTOCI
Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds 204,839 245,195
Financial instruments at amortized cost
Inter corporate and term<br>deposits^(1)^ 21,266 23,775
₹ 241,655 ₹ 309,232
₹ 260,764 ₹ 329,952
^ Value is less than ₹1<br>
--- ---
^(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 ₹ 653 (March 31, 2022: Term deposits current of ₹ 654).
--- ---

9. Inventories

As at
March 31, 2022 March 31, 2023
Stores and spare parts ₹ 28 ₹ 30
Finished and traded goods 1,306 1,158
₹ 1,334 ₹ 1,188

10. Cash and cash equivalents

As at
March 31, 2022 March 31, 2023
Cash and bank balances ₹ 61,882 ₹ 60,417
Demand deposits with banks^(1)^ 41,954 31,463
₹ 103,836 ₹ 91,880
^(1)^ These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the<br>principal.
--- ---

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

As at
March 31, 2022 March 31, 2023
Cash and cash equivalents ₹ 103,836 ₹ 91,880
Bank overdrafts (3 ) (19 )
₹ 103,833 ₹ 91,861

11. Other financial assets

As at
March 31, 2022 March 31, 2023
Non-current
Security deposits ₹ 1,396 ₹ 1,566
Finance lease receivables 4,262 4,742
Others 426 22
₹ 6,084 ₹ 6,330
Current
Security deposits ₹ 1,513 ₹ 1,549
Dues from officers and employees 1,301 735
Interest receivables 1,835 386
Finance lease receivables 5,065 5,672
Deposit in interim dividend account 27,410 —
Others 5,790 754
₹ 42,914 ₹ 9,096
₹ 48,998 ₹ 15,426

12. Otherassets

As at
March 31, 2022 March 31, 2023
Non-current
Prepaid expenses ₹ 7,079 ₹ 5,375
Costs to obtain contract^(1)^ 3,128 2,936
Costs to fulfil contract^(2)^ 295 261
Others 4,324 5,034
₹ 14,826 ₹ 13,606

13

Current **** **** **** ****
Prepaid expenses ₹ 15,839 ₹ 19,164
Dues from officers and employees 251 799
Advance to suppliers 3,179 2,506
Balance with GST and other authorities 7,566 7,929
Costs to obtain contract^(1)^ 820 978
Costs to fulfil contract^(2)^ 55 59
Others 1,223 1,464
₹ 28,933 ₹ 32,899
₹ 43,759 ₹ 46,505
^(1)^ Costs to obtain contract amortization is<br>₹ 228 and ₹ 228 during the three months ended March 31, 2022 and 2023<br>respectively, ₹ 902 and ₹ 892 during the year ended March 31, 2022 and<br>2023, respectively.
--- ---
^(2)^ Costs to fulfil contract amortization is<br>₹ 14 and ₹ 15 during the three months ended March 31, 2022 and 2023<br>respectively, ₹ 54 and ₹ 58 during the year ended March 31, 2022 and<br>2023, respectively.
--- ---

13. Loans, borrowings and bank overdrafts

As at
March 31, 2022 March 31, 2023
Non-current
Unsecured Notes 2026 ₹ 56,403 ₹ 61,272
Loans from institutions other than Banks 60 —
₹ 56,463 ₹ 61,272
Current
Borrowings from Banks ₹ 95,143 ₹ 88,745
Loans from institutions other than Banks 87 57
Bank overdrafts 3 19
₹ 95,233 ₹ 88,821
₹ 151,696 ₹ 150,093

14. Other financial liabilities

As at
March 31, 2022 March 31, 2023
Non-current
Contingent consideration (Refer to Note 17) ₹ 2,423 ₹ 1,545
Cash settled ADS RSUs 2 —
Deposits and others 536 1,104
₹ 2,961 ₹ 2,649
Current
Contingent consideration (Refer to Note 17) ₹ 1,906 ₹ 1,508
Advance from customers 1,582 1,373
Cash settled ADS RSUs 18 6
Interim dividend payable 27,337 —
Capital Creditors 626 215
Deposits and others 1,641 1,039
₹ 33,110 ₹ 4,141
₹ 36,071 ₹ 6,790

15. Other liabilities

As at
March 31, 2022 March 31, 2023
Non-current
Employee benefits obligations ₹ 2,720 ₹ 2,947
Others 4,851 6,386
₹ 7,571 ₹ 9,333
Current
Employee benefits obligations ₹ 15,310 ₹ 15,885
Statutory and other<br>liabilities^(1)^ 15,490 13,155
Advance from customers 629 645
Others 522 530
₹ 31,951 ₹ 30,215
₹ 39,522 ₹ 39,548
^(1)^ For the year ended March 31, 2022, payroll tax liability was included under Trade payables and accrued<br>expenses in the statement of financial position and has been reclassified to Other current liabilities.
--- ---

14

16. Provisions

As at
March 31, 2022 March 31, 2023
Non-current
Provision for warranty ₹ 1 ₹ ^
₹ 1 ₹ ^
Current
Provision for warranty ₹ 294 ₹ 456
Provision for onerous contracts 1,946 1,590
Others 531 503
₹ 2,771 ₹ 2,549
₹ 2,772 ₹ 2,549
^ Value is less than ₹ 1<br>
--- ---
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. 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.

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

(in millions)
As at
March 31, 2022 March 31, 2023
Notional Fair value Notional Fair value
Designated derivative instruments
Sell: Forward contracts USD 1,413 ₹ 509 USD 977 ₹ (262 )
€ 191 ₹ 668 € 94 ₹ (497 )
£ 173 ₹ 645 £ 138 ₹ (728 )
AUD 170 ₹ (217 ) AUD 89 ₹ 9
Range forward option contracts USD 493 ₹ 217 USD 1,157 ₹ (19 )
€ 6 ₹ 8 € 49 ₹ (112 )
£ 28 ₹ 119 £ 60 ₹ (69 )
AUD 11 ₹ (6 ) AUD 34 ₹ 29
Interest Rate Swaps INR — ₹ — INR 4,750 ₹ (113 )
Non-designated derivative instruments
Sell: Forward contracts * USD 1,452 ₹ 536 USD 1,550 ₹ 736
€ 109 ₹ 1 € 171 ₹ (176 )
£ 91 ₹ 81 £ 129 ₹ (100 )
AUD 47 ₹ (122 ) AUD 56 ₹ 69
SGD 4 ₹ (1 ) SGD 14 ₹ 1
ZAR 8 ₹ ^ ZAR 43 ₹ (7 )
CAD 47 ₹ (25 ) CAD 69 ₹ (25 )
SAR 33 ₹ (1 ) SAR 147 ₹ (6 )
PLN 14 ₹ (2 ) PLN — ₹ —
CHF 5 ₹ (5 ) CHF 9 ₹ 5
QAR 11 ₹ (4 ) QAR 4 ₹ (2 )
TRY 30 ₹ 6 TRY 30 ₹ (1 )
NOK 13 ₹ (3 ) NOK 13 ₹ 6
OMR 2 ₹ ^ OMR 1 ₹ ^
SEK 17 ₹ (2 ) SEK 3 ₹ ^
JPY 513 ₹ 20 JPY 784 ₹ 6
DKK 2 ₹ ^ DKK 33 ₹ (4 )
AED — ₹ — AED 20 ₹ ^
CNH — ₹ — CNH 1 ₹ ^
Buy: Forward contracts SEK 22 ₹ 2 SEK — ₹ —

15

DKK 16 ₹ (2 ) DKK — ₹ —
CHF 2 ₹ (1 ) CHF — ₹ —
AED 26 ₹ ^ AED 5 ₹ ^
JPY 447 ₹ (18 ) JPY — ₹ —
CNH 11 ₹ ^ CNH — ₹ —
NOK 12 ₹ (1 ) NOK 12 ₹ ^
QAR — ₹ — QAR 4 ₹ 2
ZAR — ₹ — ZAR 7 ₹ 1
PLN — ₹ — PLN 26 ₹ 13
Range forward option contracts USD — ₹ — USD 30 ₹ 31
Interest Rate Swaps INR 4,750 ₹ 3 INR — ₹ —
USD — ₹ — USD 200 ₹ 82
₹ 2,405 ₹ (1,131 )
^ Value is less than ₹ 1<br>
--- ---
* USD 1,452 and USD 1,550 includes USD/PHP sell forward of USD 86 and USD 77 as at March 31, 2022 and<br>March 31, 2023, respectively.
--- ---

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

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

Year ended March 31,
2022 2023
Balance as at the beginning of the year ₹ 2,182 **** ₹ 1,943 ****
Changes in fair value of effective portion of derivatives 3,943 (4,839 )
Net (gain)/loss reclassified to statement of income on occurrence of hedged transactions^(1)^ (4,182 ) 1,134
Gain/(loss) on cash flow hedging derivatives, net ₹ (239 ) ₹ (3,705 )
Balance as at the end of the year ₹ 1,943 **** ₹ (1,762 )
Deferred tax thereon (466 ) 359
Balance as at the end of the year, net of deferred tax ₹ 1,477 **** ₹ (1,403 )
^(1)^ Includes net (gain)/loss reclassified to revenue of<br>₹ (4,979) and ₹ 2,471 for the year ended March 31, 2022, and 2023, respectively<br>and net (gain)/loss reclassified to cost of revenues of ₹ 797 and ₹ (1,337) for the<br>year ended March 31, 2022, and 2023, respectively.
--- ---

As at March 31, 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. Further, 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, 2022 and 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 on these loans as of 31^st^ March 2023 is 4.915%.

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

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

16

Fair value hierarchy

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

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

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

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

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

As at
March 31, 2022 March 31, 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 ₹ 2,242 ₹ — ₹ 2,242 ₹ — ₹ 772 ₹ — ₹ 772 ₹ —
Others 796 — 796 — 1,101 — 1,101 —
Investments:
Short-term mutual funds 15,550 15,550 — — 40,262 40,262 — —
Fixed maturity plan mutual funds 513 — 513 — 1,300 1,300 —
Equity instruments 16,939 41 574 16,324 19,420 99 — 19,321
Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds 204,839 1,251 203,588 — 245,195 1,256 243,939 —
Liabilities
Derivative instruments:
Cash flow hedges ₹ (299 ) ₹ — ₹ (299 ) ₹ — ₹ (2,534 ) ₹ — ₹ (2,534 ) ₹ —
Others (334 ) — (334 ) — (470 ) — (470 ) —
Contingent consideration (4,329 ) — — (4,329 ) (3,053 ) — — (3,053 )

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

Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at March 31, 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 multiples method.

17

Details of assets and liabilities considered under Level 3 classification:

As at
Investment in equity instruments March 31, 2022 March 31, 2023
Balance at the beginning of the year ₹ 10,227 ₹ 16,324
Additions 3,973 2,093
Disposals (7,697 ) (632 )
Unrealized gain/(loss) recognized in statement of income 40 (2 )
Gain recognized in other comprehensive income 9,423 291
Translation adjustment 358 1,247
Balance at the end of the year ₹ 16,324 ₹ 19,321
As at
Contingent consideration March 31, 2022 March 31, 2023
Balance at the beginning of the year ₹ (2,293 ) ₹ (4,329 )
Additions (2,533 ) (1,662 )
Reversals^(1)^ 468 1,671
Payouts 309 1,784
Finance expense recognized in statement of income (117 ) (131 )
Translation adjustment (163 ) (386 )
Balance at the end of the year ₹ (4,329 ) ₹ (3,053 )
^(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:

Year ended March 31,
2022 2023
Balance at the beginning of the year ₹ 22,936 ₹ 26,850
Translation difference related to foreign operations, net 4,072 16,538
Reclassification of foreign currency translation differences on sale of investment in associates<br>and liquidation of subsidiaries to statement of income (158 ) (133 )
Balance at the end of the year ₹ 26,850 ₹ 43,255

The movement in other reserves is summarized below:

Other Reserves
Particulars Remeasurements<br>of the defined<br>benefit plans Investment in debt<br>instruments<br>measured at fair<br>value through OCI Investment in<br>equity instruments<br>measured at fair<br>value through OCI Capital Redemption<br>Reserve
As at April 1, 2021 ₹ (897 ) ₹ 4,237 ₹ 1,378 ₹ 1,122
Other comprehensive income 399 (1,219 ) 8,710 —
As at March 31, 2022 ₹ (498 ) ₹ 3,018 ₹ 10,088 ₹ 1,122
As at April 1, 2022 ₹ (498 ) ₹ 3,018 ₹ 10,088 ₹ 1,122
Other comprehensive income (50 ) (3,137 ) 705 —
As at March 31, 2023 ₹ (548 ) ₹ (119 ) ₹ 10,793 ₹ 1,122

19. Income taxes

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Income tax expense as per the interim condensed consolidated statement of income ₹ 6,399 ₹ 9,249 ₹ 28,946 ₹ 33,992
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities (416 ) 66 242 (275 )
Gains/(losses) on cash flow hedging derivatives (375 ) 558 14 (825 )
Remeasurements of the defined benefit plans 219 (115 ) 3 (16 )
₹ 5,827 ₹ 9,758 ₹ 29,205 ₹ 32,876

18

Income tax expense consists of the following:

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Current taxes ₹ 9,265 ₹ 5,882 ₹ 32,415 ₹ 32,198
Deferred taxes (2,866 ) 3,367 ₹ (3,469 ) 1,794
₹ 6,399 ₹ 9,249 ₹ 28,946 ₹ 33,992

Income tax expenses are net of (provision recorded)/reversal of taxes pertaining to earlier periods, amounting to ₹ 1,731 and ₹ (219) for the three months ended March 31, 2022 and 2023, and ₹ 5,499 and ₹ 536 for the year ended March 31, 2022 and 2023.

20. Revenues

The tables below present disaggregated revenue from contracts with customers by business segment, sector and nature of contract. The Company believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.

19

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

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

Information on disaggregation of revenues for the three months ended March 31, 2023 is as follows:

IT Services IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 66,187 ₹ 70,268 ₹ 67,238 ₹ 25,761 ₹ 229,454 ₹ — ₹ 1,318 ₹ 230,772
Sale of products — — — — — 1,131 — **** 1,131
₹ 66,187 ₹ 70,268 ₹ 67,238 ₹ 25,761 ₹ 229,454 ₹ 1,131 ₹ 1,318 ₹ 231,903
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 865 ₹ 43,160 ₹ 26,198 ₹ 8,304 ₹ 78,527
Health 22,083 37 4,716 1,092 27,928
Consumer 27,389 1,163 10,494 4,276 43,322
Communications 2,969 337 3,553 3,498 10,357
Energy, Natural Resources and Utilities 168 10,994 10,663 6,247 28,072
Manufacturing 31 8,274 6,873 864 16,042
Technology 12,682 6,303 4,741 1,480 25,206
₹ 66,187 ₹ 70,268 ₹ 67,238 ₹ 25,761 ₹ 229,454 ₹ 1,131 ₹ 1,318 ₹ 231,903
C. Revenue by nature of contract
Fixed price and volume based ₹ 38,121 ₹ 36,083 ₹ 39,744 ₹ 15,239 ₹ 129,187 ₹ — ₹ 1,188 ₹ 130,375
Time and materials 28,066 34,185 27,494 10,522 100,267 — 130 **** 100,397
Products — — — — — 1,131 — **** 1,131
₹ 66,187 ₹ 70,268 ₹ 67,238 ₹ 25,761 ₹ 229,454 ₹ 1,131 ₹ 1,318 ₹ 231,903

20

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

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

Information on disaggregation of revenues for the year ended March 31, 2023 is as follows:

IT Services IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 260,143 ₹ 277,024 ₹ 255,435 ₹ 100,404 ₹ 893,006 ₹ — ₹ 5,823 ₹ 898,829
Sale of products — — — — — 6,047 — **** 6,047
₹ 260,143 ₹ 277,024 ₹ 255,435 ₹ 100,404 ₹ 893,006 ₹ 6,047 ₹ 5,823 ₹ 904,876
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 4,611 ₹ 171,085 ₹ 102,741 ₹ 33,406 ₹ 311,843
Health 82,992 213 17,896 4,089 105,190
Consumer 109,398 4,087 38,010 16,149 167,644
Communications 13,059 1,399 13,510 14,405 42,373
Energy, Natural Resources and Utilities 739 39,949 39,767 22,280 102,735
Manufacturing 163 33,148 24,732 3,424 61,467
Technology 49,181 27,143 18,779 6,651 101,754
₹ 260,143 ₹ 277,024 ₹ 255,435 ₹ 100,404 ₹ 893,006 ₹ 6,047 ₹ 5,823 ₹ 904,876
C. Revenue by nature of contract
Fixed price and volume based ₹ 150,188 ₹ 141,397 ₹ 146,280 ₹ 58,667 ₹ 496,532 ₹ — ₹ 4,672 ₹ 501,204
Time and materials 109,955 135,627 109,155 41,737 396,474 — 1,151 **** 397,625
Products — — — — — 6,047 — **** 6,047
₹ 260,143 ₹ 277,024 ₹ 255,435 ₹ 100,404 ₹ 893,006 ₹ 6,047 ₹ 5,823 ₹ 904,876

21

21. Expenses by nature

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Employee compensation ₹ 121,302 ₹ 138,076 ₹ 450,075 ₹ 537,644
Sub-contracting and technical fees ₹ 28,503 ₹ 28,176 ₹ 108,589 ₹ 115,247
Cost of hardware and software ₹ 1,348 ₹ 1,189 ₹ 6,431 ₹ 6,627
Travel ₹ 1,959 ₹ 4,565 ₹ 7,320 ₹ 14,445
Facility expenses ^(1)^ ₹ 3,269 ₹ 3,693 ₹ 11,990 ₹ 13,492
Software license expense for internal use<br>^(1)^ ₹ 3,778 ₹ 4,444 ₹ 13,279 ₹ 18,717
Depreciation, amortization and impairment<br>^(2)^ ₹ 7,345 ₹ 8,466 ₹ 30,911 ₹ 33,402
Communication ₹ 1,389 ₹ 1,405 ₹ 5,760 ₹ 5,911
Legal and professional fees ^(3)^ ₹ 3,729 ₹ 2,856 ₹ 15,026 ₹ 13,288
Rates, taxes and insurance ₹ 1,340 ₹ 1,465 ₹ 4,548 ₹ 5,905
Marketing and brand building ₹ 576 ₹ 728 ₹ 2,010 ₹ 2,951
Lifetime expected credit loss/ (write-back) ₹ (389 ) ₹ (604 ) ₹ (797 ) ₹ (604 )
Miscellaneous expenses ^(3)^ ₹ 422 ₹ 857 ₹ 2,047 ₹ 2,717
Total cost of revenues, selling and marketing expenses and general and administrativeexpenses ₹ 174,571 **** ₹ 195,316 **** ₹ 657,189 **** ₹ 769,742 ****
^(1)^ Software license expense for internal use has been reclassified from Facility expenses to a separate nature of<br>expense for the three months and year ended March 31, 2023. Previous period figures have been reclassified accordingly.
--- ---
^(2)^ Includes impairment charge of<br>₹ 650 and ₹ 1,816 for the three months and year ended March 31, 2023,<br>on account of revision in recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations, due to decline in revenue and earnings estimates. (Refer to Note 6)<br>
--- ---
^(3)^ Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and Professional fees for<br>the three months and year ended March 31, 2023. Previous period figures have been reclassified accordingly.
--- ---

22. Financeexpenses

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Interest expense ₹ 1,717 ₹ 2,860 ₹ 5,325 ₹ 10,077
₹ 1,717 ₹ 2,860 ₹ 5,325 ₹ 10,077

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

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Interest income ₹ 3,621 ₹ 4,989 ₹ 13,114 ₹ 16,889
Dividend income — — 2 3
Exchange fluctuation gain on foreign currency borrowings — — 1,485 —
Net gain from investments classified as FVTPL 305 508 1,270 1,344
Net gain/(loss) from investments classified as FVTOCI 20 (34 ) 386 (51 )
Finance and other income ₹ 3,946 ₹ 5,463 ₹ 16,257 ₹ 18,185
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL ₹ (741 ) ₹ 1,374 ₹ 808 ₹ (4,342 )
Other foreign exchange gains/(losses), net 1,816 (384 ) 3,547 8,814
Foreign exchange gains/(losses), net ₹ 1,075 ₹ 990 ₹ 4,355 ₹ 4,472
24. Earnings per share:
--- ---

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

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

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Profit attributable to equity holders of the Company ₹ 30,873 ₹ 30,745 ₹ 122,191 ₹ 113,500
Weighted average number of equity shares outstanding 5,470,020,412 5,481,366,536 5,466,705,840 5,477,466,573
Basic earnings per share ₹ 5.64 ₹ 5.61 ₹ 22.35 ₹ 20.73

22

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 March 31, Year ended March 31,
2022 2023 2022 2023
Profit attributable to equity holders of the Company ₹ 30,873 ₹ 30,745 ₹ 122,191 ₹ 113,500
Weighted average number of equity shares outstanding 5,470,020,412 5,481,366,536 5,466,705,840 5,477,466,573
Effect of dilutive equivalent share options 16,935,317 8,512,149 15,377,598 11,524,602
Weighted average number of equity shares for diluted earnings per share 5,486,955,729 5,489,878,685 5,482,083,438 5,488,991,175
Diluted earnings per share ₹ 5.63 ₹ 5.60 ₹ 22.29 ₹ 20.68

25. Employee compensation

Three months ended March 31, Year ended March 31,
2022 2023 2022 2023
Salaries and bonus ₹ 115,083 ₹ 134,296 ₹ 429,837 ₹ 516,063
Employee benefits plans 4,489 3,483 16,074 17,623
Share-based compensation* 1,730 297 4,164 3,958
₹ 121,302 ₹ 138,076 ₹ 450,075 ₹ 537,644
* Includes ₹ 54 and ₹ (11) for the year ended March 31, 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 March 31, Year ended March 31,
2022 2023 2022 2023
Cost of revenues ₹ 103,327 ₹ 116,298 ₹ 382,446 ₹ 456,759
Selling and marketing expenses 10,798 12,033 41,339 46,840
General and administrative expenses 7,177 9,745 26,290 34,045
₹ 121,302 ₹ 138,076 ₹ 450,075 ₹ 537,644

The Company has granted 249,960 and 2,756,820 options under RSU option plan during the three months and year ended March 31, 2023 (47,633 and 1,364,532 for the three months and year ended March 31, 2022); 563,890 and 8,440,980 options under ADS option plan during the three months and year ended March 31, 2023 (3,879,089 and 7,528,480 for the three months and year ended March 31, 2022).

The Company has also granted Nil Performance based stock options (RSU) during the three months and year ended March 31, 2023, respectively (1,776 and 1,135,949 for the three months and year ended March 31, 2022); Nil Performance based stock options (ADS) during the three and year ended March 31, 2023, respectively (820,217 and 2,941,546 for three months and year ended March 31, 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).

26. Other operating income

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

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

27. Commitments and contingencies

Capitalcommitments: As at March 31, 2022 and 2023 the Company had committed to spend ₹ 11,376 and ₹ 7,675 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, 2022 and 2023, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 17,094 and ₹ 16,076 respectively, as part of the bank line of credit.

23

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 ₹ 92,476 and ₹ 91,465 are not acknowledged as debt as at March 31, 2022 and 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 ₹ 12,092 and ₹ 15,240 as of March 31, 2022, and 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.

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

28. Segment information

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

IT Services: 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 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.

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

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

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

24

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

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

Information on reportable segments for the three months ended March 31, 2023, is as follows:

IT Services ITProducts ISRE ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 66,430 ₹ 70,563 ₹ 67,562 ₹ 25,889 ₹ 230,444 ₹ 1,131 ₹ 1,318 ₹ — ₹ 232,893
Other operating income — — — — **** — — — — —
Segment Result 12,890 15,118 10,314 2,671 **** 40,993 (59 ) 20 (30 ) 40,924
Unallocated **** (3,347 ) — — — (3,347 )
Segment Result Total ₹ 37,646 ₹ (59 ) ₹ 20 ₹ (30 ) ₹ 37,577
Finance expenses (2,860 )
Finance and other income 5,463
Share of net profit/(loss) of associates accounted for using the equity method 4
Profit before tax ₹ 40,184
Income tax expense (9,249 )
Profit for the period ₹ 30,935
Depreciation, amortization and impairment ₹ 8,466

25

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

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

Information on reportable segments for the year ended March 31, 2023, is as follows:

IT Services ITProducts ISRE ReconcilingItems Total
Americas 1 Americas 2 Europe APMEA Total
Revenue ₹ 261,270 ₹ 278,374 ₹ 256,845 ₹ 100,989 ₹ 897,478 ₹ 6,047 ₹ 5,823 ₹ — ₹ 909,348
Other operating income — — — — **** — — — — —
Segment Result 49,264 56,567 35,048 8,945 **** 149,824 (176 ) 441 (1,442 ) 148,647
Unallocated **** (9,041 ) — — — (9,041 )
Segment Result Total ₹ 140,783 ₹ (176 ) ₹ 441 ₹ (1,442 ) ₹ 139,606
Finance expense (10,077 )
Finance and other income 18,185
Share of net profit/(loss) of associates accounted for using the equity method (57 )
Profit before tax ₹ 147,657
Income tax expense (33,992 )
Profit for the year ₹ 113,665
Depreciation, amortization and impairment ₹ 33,402

26

Revenues from India, being Company’s country of domicile, is ₹ 6,796 and ₹ 6,179 for the three months ended March 31, 2022, and 2023, respectively and ₹ 25,939 and ₹ 25,115 for the year ended March 31, 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 ended March 31, Year ended March 31,
2022 2023 2022 2023
United States of America ₹ 114,641 ₹ 128,243 ₹ 427,021 ₹ 506,690
United Kingdom 26,923 29,386 101,437 ₹ 113,023
₹ 141,564 ₹ 157,629 ₹ 528,458 ₹ 619,713

No customer individually accounted for more than 10% of the revenues during the three months and year ended March 31, 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) Other operating income of<br>₹ 7 and ₹ Nil is included as part of IT Services segment results for three<br>months ended March 31, 2022 and 2023 respectively and ₹ 2,186 and<br>₹ Nil is included as part of IT Services segment results for the year ended March 31, 2022 and 2023 respectively. (Refer to Note 26)
--- ---
e) Restructuring cost of<br>₹ Nil and ₹ (34) is included under Reconciling items for the three months<br>ended March 31, 2022 and 2023 respectively and ₹ Nil and ₹ 1,355 for<br>the year ended March 31, 2022 and 2023 respectively.
--- ---
f) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,730 and ₹ 297 for the three months ended March 31, 2022 and 2023,<br>respectively and ₹ 4,164 and ₹ 3,958 for the year ended March 31, 2022<br>and 2023 respectively.
--- ---

29. List of subsidiaries and investments accounted for using equity method as at March 31, 2023 isprovided below:

Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
Attune Consulting India Private Limited India
Capco Technologies Private Limited India
Encore Theme Technologies Private Limited India
Wipro Chengdu Limited China
Wipro Holdings (UK) Limited UK
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 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)^ UK
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro Financial Outsourcing Services Limited (Formerly known as Wipro Europe Limited) UK
Wipro UK Limited UK
Wipro Financial Services UK Limited UK
Wipro Gulf LLC Sultanate of Oman
Wipro IT Services S.R.L. Romania
Wipro HR Services India Private Limited India

27

Wipro IT Services Bangladesh Limited Bangladesh
Wipro IT Services UK Societas UK
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 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 Egypt SAE Egypt
Wipro Information Technology Netherlands BV. Netherlands
Wipro do Brasil Technologia Ltda^(1)^ Brazil
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Portugal S.A.^(1)^ Portugal
Wipro Solutions Canada Limited Canada
Wipro Technologies Limited Russia
Wipro Technologies Peru SAC Peru
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Technology Chile SPA Chile
Wipro IT Service Ukraine, LLC Ukraine
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Wipro Ampion Holdings Pty Ltd^(1)^ (Formerly known as Ampion Holdings Pty Ltd) 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
Wipro Trademarks Holding Limited India
Wipro Travel Services Limited India
Wipro VLSI Design Services India Private Limited India

28

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. UK
ITI Proficiency Ltd Israel
MechWorks S.R.L. Italy
LeanSwift Solutions, Inc. USA
LeanSwift AB Sweden
LeanSwift Solutions, LLC USA
Rizing Intermediate Holdings, Inc. USA
Rizing Lanka (Pvt) Ltd (Formerly known as Attune Lanka (Pvt) 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 UK
Rizing Middle East DMCC United Arab Emirates
Rizing Pte Ltd.^(3)^ Singapore
Vesta Middle East FZE United Arab Emirates

29

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 UK
Capco (UK) 1, Limited UK
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 (Formerly known as Ampion Holdings Pty Ltd) Australia
Wipro Ampion Pty Ltd (Formerly known as Ampion Pty Ltd) Australia
Wipro Iris Holdco Pty Ltd^(3)^ (Formerly known as Iris Holdco Pty Ltd) Australia
Wipro Revolution IT Pty Ltd (Formerly known as Revolution IT Pty Ltd) Australia
Crowdsprint Pty Ltd Australia
Wipro Shelde Australia Pty Ltd (Formerly known as Shelde Pty Ltd) Australia
Wipro Appirio, Inc. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited UK
Wipro Appirio, K.K. Japan
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 Sistemetas De Informatica Ltd 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 UK
CloudSocius DMCC United Arab Emirates

30

^(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. (Formerly known as Attune Consulting USA, Inc.) USA
Rizing Germany GmbH (Formerly<br> <br>known as<br>Attune Germany GmbH) Germany
Attune Italia S.R.L Italy
Rizing Management LLC (Formerly<br> <br>known as<br>Attune Management LLC) USA
Attune UK Ltd. UK
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<br> <br>(Formerly known as<br>Iris Holdco Pty Ltd) Australia
Wipro Iris Bidco Pty Ltd (Formerly<br> <br>known as<br>Iris Bidco Pty Ltd) Australia

As at March 31, 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
30. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the<br>contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which<br>are under active consideration by the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian subsidiaries is not expected to be<br>material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are<br>notified and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
--- ---
31. On December 21, 2022, the Company sold 100% membership interests in Wipro Opus Risk Solutions LLC<br>for a cash consideration of ₹ 52 and recognized a loss of ₹ 6 on disposal.<br>
--- ---

31

32. Events after the reporting period

On April 27, 2023, the Board of Directors approved buyback of equity shares, subject to the approval of shareholders, for purchase by the Company of up to 269,662,921 equity shares of ₹ 2 each (being 4.91% of total number of equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹ 445 per equity share for an aggregate amount not exceeding ₹ 120,000, in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.

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 Jatin Pravinchandra Dalal M. Sanaulla Khan
Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
April 27, 2023

32

EX-99.5

Exhibit 99.5

WIPRO LIMITED

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

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

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2023

UNDER IFRS (IASB)

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

Particulars Year ended
December31, 2022 March31, 2022 March31, 2023 March31, 2022
Income from operations
a) Revenue 231,903 232,290 208,600 904,876 790,934
b) Other operating income — — 7 — 2,186
c) Foreign exchange gains/(losses), net 990 1,391 1,075 4,472 4,355
I Total income from operations 232,893 **** 233,681 **** 209,682 **** 909,348 **** 797,475
Expenses
a) Purchases of<br>stock-in-trade 361 1,968 1,639 6,494 6,735
b) Changes in inventories of finished goods and stock-in-trade 835 (6 ) (300 ) 150 (369 )
c) Employee benefits expense 138,076 136,173 121,302 537,644 450,075
d) Depreciation, amortization and impairment expense 8,466 9,229 7,345 33,402 30,911
e) Sub-contracting and technical fees 28,176 28,486 28,503 115,247 108,589
f) Facility expenses 3,693 3,200 3,269 13,492 11,990
g) Travel 4,565 3,773 1,959 14,445 7,320
h) Communication 1,405 1,467 1,389 5,911 5,760
i) Legal and professional fees 2,856 3,160 3,729 13,288 15,026
j) Software license expense for internal use 4,444 4,818 3,778 18,717 13,279
k) Marketing and brand building 728 679 576 2,951 2,010
l) Lifetime expected credit loss/ (write-back) (604 ) 101 (389 ) (604 ) (797 )
m) Other expenses 2,315 2,997 1,771 8,605 6,660
II Total expenses 195,316 **** 196,045 **** 174,571 **** 769,742 **** 657,189
III Finance expenses 2,860 2,902 1,717 10,077 5,325
IV Finance and other Income 5,463 4,992 3,946 18,185 16,257
V Share of net profit/ (loss) of associates accounted for using the equity method 4 26 (16 ) (57 ) 57
VI Profit before tax<br>[I-II-III+IV+V] 40,184 **** 39,752 **** 37,324 **** 147,657 **** 151,275
VII Tax expense 9,249 9,102 6,399 33,992 28,946
VIII Profit for the period [VI-VII] 30,935 **** 30,650 **** 30,925 **** 113,665 **** 122,329
IX Total other comprehensive income for the period 720 5,702 4,471 11,095 11,600
Total comprehensive income for the period [VIII+IX] 31,655 **** 36,352 **** 35,396 **** 124,760 **** 133,929
X Profit for the period attributable to:
Equity holders of the Company 30,745 30,529 30,873 113,500 122,191
Non-controlling interests 190 121 52 165 138
30,935 **** 30,650 **** 30,925 **** 113,665 **** 122,329
Total comprehensive income for the period attributable to:
Equity holders of the Company 31,463 36,217 35,321 124,543 133,742
Non-controlling interests 192 135 75 217 187
31,655 **** 36,352 **** 35,396 **** 124,760 **** 133,929
XI Paid up equity share capital(Par value 2 per share) 10,976 10,974 10,964 10,976 10,964
XII Reserves excluding revaluation reserves and<br>Non-controlling interests as per balance sheet 770,188 647,194
XIII Earnings per share (EPS)
(Equity shares of par value of<br> 2/- each)
(EPS for the three months ended periods is not annualized)
Basic (in<br>) 5.61 5.57 5.64 20.73 22.35
Diluted (in<br>) 5.60 5.56 5.63 20.68 22.29

All values are in Indian Rupees.

1

1. The audited consolidated financial results of the Company for the three months and year ended<br>March 31, 2023, have been approved by the Board of Directors of the Company at its meeting held on April 27, 2023. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with<br>unmodified opinion on the consolidated financial results.
2. The above consolidated financial results have been prepared on the basis of the audited interim<br>condensed consolidated financial statements for the year ended March 31, 2023 and the audited interim condensed consolidated financial statements for the nine months ended December 31, 2022, which are prepared in accordance with<br>International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The figures of last quarter are the balancing figures between audited<br>figures in respect of the full financial year and the published year-to-date figures up to the third quarter of the current financial year. All amounts included in the<br>consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise<br>stated.
--- ---
3. Software license expense for internal use has been reclassified from Facility expenses to a separate<br>nature of expense for the three months ended March 31, 2023, December 31, 2022 and year ended March 31, 2023. Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and Professional fees for the three<br>months ended March 31, 2023, December 31, 2022 and year ended March 31, 2023. Previous period figures have been reclassified accordingly.
--- ---
4. List of subsidiaries and investments accounted for using equity method as at March 31, 2023 areprovided in the table below:
--- ---
Subsidiaries Subsidiaries Subsidiaries Country ofIncorporation
--- --- --- ---
Attune Consulting India Private Limited India
Capco Technologies Private Limited India
Encore Theme Technologies Private Limited India
Wipro Chengdu Limited China
Wipro Holdings (UK) Limited UK
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 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)^ UK
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro Financial Outsourcing Services Limited (Formerly known as Wipro Europe Limited) UK
Wipro UK Limited UK
Wipro Financial Services UK Limited UK
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 UK
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 Em Informática Ltda Brazil
The Capital Markets Company BV^(1)^ Belgium
PT. WT Indonesia Indonesia
Rainbow Software LLC Iraq

2

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 Egypt SAE Egypt
Wipro Information Technology Netherlands BV. Netherlands
Wipro do Brasil Technologia Ltda^(1)^ Brazil
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Portugal S.A.^(1)^ Portugal
Wipro Solutions Canada Limited Canada
Wipro Technologies Limited Russia
Wipro Technologies Peru SAC Peru
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Technology Chile SPA Chile
Wipro IT Service Ukraine, LLC Ukraine
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Wipro Ampion Holdings Pty Ltd^(1)^<br>(Formerly known as Ampion Holdings Pty Ltd) 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
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

3

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. UK
ITI Proficiency Ltd Israel
MechWorks S.R.L. Italy
LeanSwift Solutions, Inc. USA
LeanSwift AB Sweden
LeanSwift Solutions, LLC USA
Rizing Intermediate Holdings, Inc. USA
Rizing Lanka (Pvt) Ltd (Formerly known as Attune Lanka (Pvt) 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 UK
Rizing Middle East DMCC United Arab Emirates
Rizing Pte Ltd.^(3)^ Singapore
Vesta Middle East FZE United Arab Emirates
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

4

Capco Poland sp. z.o.o Poland
The Capital Markets Company (UK) Ltd UK
Capco (UK) 1, Limited UK
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 (Formerly known as Ampion Holdings Pty Ltd) Australia
Wipro Ampion Pty Ltd (Formerly known as Ampion Pty Ltd) Australia
Wipro Iris Holdco Pty Ltd^(3)^ (Formerly known as Iris Holdco Pty Ltd) Australia
Wipro Revolution IT Pty Ltd (Formerly known as Revolution IT Pty Ltd) Australia
Crowdsprint Pty Ltd Australia
Wipro Shelde Australia Pty Ltd (Formerly known as Shelde Pty Ltd) Australia
Wipro Appirio, Inc. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited UK
Wipro Appirio, K.K. Japan
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 Sistemetas De Informatica Ltd 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 UK
CloudSocius DMCC United Arab Emirates
(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 ofIncorporation
--- --- --- ---
Attune Netherlands B.V. Netherlands
Attune Australia Pty Ltd Australia
Rizing Consulting USA, Inc. (Formerly known as Attune Consulting USA, Inc.) USA

5

Rizing Germany GmbH (Formerly known as Attune Germany GmbH) Germany
Attune Italia S.R.L Italy
Rizing Management LLC (Formerly known as Attune Management LLC) USA
Attune UK Ltd. UK
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 (Formerly known as Iris Holdco Pty Ltd) Australia
Wipro Iris Bidco Pty Ltd (Formerly known as Iris Bidco Pty Ltd) Australia

As at March 31, 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
5. Segment Information
--- ---

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

IT Services: 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 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.

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

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

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

6

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

Particulars Three months ended Year ended
March31, 2023 December31, 2022 March31, 2022 March31, 2023 March31, 2022
Audited Audited Audited Audited Audited
Revenue
IT Services
Americas 1 66,430 67,788 58,342 261,270 217,874
Americas 2 70,563 71,168 63,963 278,374 239,404
Europe 67,562 66,323 60,743 256,845 233,443
APMEA 25,889 25,278 23,560 100,989 91,103
Total of IT Services **** 230,444 **** 230,557 **** 206,608 **** 897,478 **** 781,824
IT Products 1,131 1,721 1,201 6,047 6,173
ISRE 1,318 1,403 1,868 5,823 7,295
Reconciling Items — — (2 ) — (3 )
Total Revenue **** 232,893 **** 233,681 **** 209,675 **** 909,348 **** 795,289
Other operating income
IT Services — — 7 — 2,186
Total Other operating income **** — **** — **** 7 **** — **** 2,186
Segment Result
IT Services
Americas 1 12,890 12,986 11,530 49,264 42,820
Americas 2 15,118 14,776 12,150 56,567 47,376
Europe 10,314 9,485 9,056 35,048 35,739
APMEA 2,671 2,476 1,946 8,945 10,523
Unallocated (3,347 ) (2,219 ) 361 (9,041 ) 434
Other operating income — — 7 — 2,186
Total of IT Services **** 37,646 **** 37,504 **** 35,050 **** 140,783 **** 139,078
IT Products (59 ) 41 (22 ) (176 ) 115
ISRE 20 102 171 441 1,173
Reconciling Items (30 ) (11 ) (88 ) (1,442 ) (80 )
Total Segment result **** 37,577 **** 37,636 **** 35,111 **** 139,606 **** 140,286
Finance expenses (2,860 ) (2,902 ) (1,717 ) (10,077 ) (5,325 )
Finance and Other Income 5,463 4,992 3,946 18,185 16,257
Share of net profit/ (loss) of associates accounted for using the equity method 4 26 (16 ) (57 ) 57
Profit before tax **** 40,184 **** 39,752 **** 37,324 **** 147,657 **** 151,275

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 ₹ 990, ₹ 1,391 and ₹ 1,075 for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022 respectively,<br>₹ 4,472 and ₹ 4,355 for the year ended March 31, 2023 and<br>March 31, 2022 respectively, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.
--- ---
d) Other operating income of<br>₹ Nil, ₹ Nil and ₹ 7 is included as part of IT Services segment results for three months ended March 31, 2023, December 31, 2022, and March 31, 2022 respectively, ₹ Nil and ₹ 2,186 is included as part of IT Services segment results for year ended March 31, 2023 and<br>March 31, 2022 respectively.
--- ---
e) Restructuring cost of<br>₹ (34), ₹ 29 and ₹ Nil is included under Reconciling items for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022 respectively, ₹ 1,355 and ₹ Nil for the year ended March 31, 2023 and March 31, 2022 respectively.<br>
--- ---
f) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 297, ₹ 1,094 and<br>₹ 1,730 for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively, ₹ 3,958 and ₹ 4,164 for the year ended March 31, 2023 and March 31, 2022 respectively.<br>
--- ---
6. During the year ended March 31, 2023, decline in the revenue and earnings estimates led to revision<br>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 ₹ 650 and ₹ 1,166 for the three months ended March 31, 2023 and December 31, 2022, and ₹ 1,816 for the year ended March 31, 2023, as part of amortization and impairment.
--- ---

7

7. Consolidated Balance sheet:
As at March 31, 2022 As at March 31, 2023
--- --- --- --- ---
ASSETS
Goodwill 246,989 307,970
Intangible assets 43,555 43,045
Property, plant and equipment 90,898 88,659
Right-of-use<br>assets 18,870 18,702
Financial assets
Derivative assets 6 29
Investments 19,109 20,720
Trade receivables 4,765 863
Other financial assets 6,084 6,330
Investments accounted for using the equity method 774 780
Deferred tax assets 2,298 2,100
Non-current tax assets 10,256 11,922
Other non-current assets 14,826 13,606
Total non-current assets **** 458,430 **** 514,726
Inventories 1,334 1,188
Financial assets
Derivative assets 3,032 1,844
Investments 241,655 309,232
Cash and cash equivalents 103,836 91,880
Trade receivables 115,219 126,350
Unbilled receivables 60,809 60,515
Other financial assets 42,914 9,096
Contract assets 20,647 23,001
Current tax assets 2,373 5,091
Other current assets 28,933 32,899
Total current assets **** 620,752 **** 661,096
TOTAL ASSETS **** 1,079,182 **** 1,175,822
EQUITY
Share capital 10,964 10,976
Share premium 1,566 3,689
Retained earnings 551,252 660,964
Share-based payment reserve 5,258 5,632
Special Economic Zone Re-investment reserve 47,061 46,803
Other components of equity 42,057 53,100
Equity attributable to the equity holders of the Company **** 658,158 **** 781,164
Non-controlling interests 515 589
TOTAL EQUITY **** 658,673 **** 781,753
LIABILITIES
Financial liabilities
Loans and borrowings 56,463 61,272
Lease liabilities 15,177 15,953
Derivative liabilities 48 179
Other financial liabilities 2,961 2,649
Deferred tax liabilities 12,141 15,153
Non-current tax liabilities 17,818 21,777
Other non-current liabilities 7,571 9,333
Provisions 1 ^
Total non-current liabilities **** 112,180 **** 126,316
Financial liabilities
Loans, borrowings and bank overdrafts 95,233 88,821
Lease liabilities 9,056 8,620
Derivative liabilities 585 2,825
Trade payables and accrued expenses 94,477 89,054
Other financial liabilities 33,110 4,141
Contract liabilities 27,915 22,682
Current tax liabilities 13,231 18,846
Other current liabilities 31,951 30,215
Provisions 2,771 2,549
Total current liabilities **** 308,329 **** 267,753
TOTAL LIABILITIES **** 420,509 **** 394,069
TOTAL EQUITY AND LIABILITIES **** 1,079,182 **** 1,175,822
^ Value is less than 1
--- ---

8

8. Consolidated statement of cash flows:
Year ended March 31,
--- --- --- --- --- --- ---
2022 2023
Cash flows from operating activities
Profit for the year 122,329 113,665
Adjustments to reconcile profit for the year to net cash generated from operatingactivities
Gain on sale of property, plant and equipment, net (313 ) (89 )
Depreciation, amortization and impairment expense 30,911 33,402
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings (1,021 ) 152
Share-based compensation expense 4,110 3,969
Share of net (profit)/loss of associates accounted for using equity method (57 ) 57
Income tax expense 28,946 33,992
Finance and other income, net of finance expenses (9,447 ) (8,108 )
(Gain)/loss from sale of business and investment accounted for using the equity method (2,186 ) 6
Gain on derecognition of contingent consideration payable (301 ) (1,671 )
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables (11,833 ) (985 )
Unbilled receivables and contract assets (31,396 ) 1,558
Inventories (256 ) 162
Other assets (6,530 ) 1,055
Trade payables, accrued expenses, other liabilities and provisions 9,695 (9,824 )
Contract liabilities 3,832 (6,522 )
Cash generated from operating activities before taxes 136,483 160,819
Income taxes paid, net (25,686 ) (30,218 )
Net cash generated from operating activities **** 110,797 **** 130,601
Cash flows from investing activities
Payment for purchase of property, plant and equipment (20,153 ) (14,834 )
Proceeds from disposal of property, plant and equipment 736 546
Payment for purchase of investments (1,015,486 ) (806,632 )
Proceeds from sale of investments 953,735 740,885
Proceeds from/(payment into) restricted interim dividend account (27,410 ) 27,410
Payment for business acquisitions including deposits and escrow, net of cash acquired (129,846 ) (45,566 )
Proceeds from sale of investment accounted for using the equity method 1,652 —
Proceeds from sale of business, net of cash — 11
Interest received 12,275 14,112
Dividend received 2 3
Net cash used in investing activities **** (224,495 ) **** (84,065 )
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment 6 12
Repayment of loans and borrowings (191,810 ) (168,910 )
Proceeds from loans and borrowings 260,120 161,034
Payment of lease liabilities (9,730 ) (9,711 )
Payment for deferred contingent consideration (309 ) (1,784 )
Interest and finance expenses paid (5,089 ) (8,708 )
Payment of dividend (5,467 ) (32,814 )
Payment of dividend to non-controlling interests<br>holders (1,135 ) —
Net cash generated from/(used in) financing activities **** 46,586 **** (60,881 )
Net decrease in cash and cash equivalents during the year (67,112 ) (14,345 )
Effect of exchange rate changes on cash and cash equivalents 1,282 2,373
Cash and cash equivalents at the beginning of the year 169,663 103,833
Cash and cash equivalents at the end of the year **** 103,833 **** 91,861
9. Business combinations
--- ---

Summary of acquisitions during the year ended March 31, 2023 is given below:

During the year ended March 31, 2023, the Company has completed two business combinations by acquiring 100% equity interest in:

(a) Convergence Acceleration Solutions, LLC (“CAS Group”), **** a US based consulting and program management company that specialises in driving large-scale business and technology transformation for Fortune 100 communications service providers. The acquisition advances the Company’s strategic consulting capabilities as we help our clients drive large scale business and technology transformation. The acquisition was consummated on April 11, 2022, for a total consideration (upfront cash to acquire control and contingent consideration) of ₹ 5,587.

(b) 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

9

in geographies across North America, Europe, Asia, and Australia. The acquisition was consummated on May 20, 2022, for a total cash consideration of ₹ 43,845.

10. On December 21, 2022, the Company sold 100% membership interests in Wipro Opus Risk Solutions LLC<br>for a cash consideration of ₹ 52 and recognized a loss of ₹ 6 on disposal.<br>
11. Events after the reporting period
--- ---

On April 27, 2023, the Board of Directors approved buyback of equity shares, subject to the approval of shareholders, for purchase by the Company of up to 269,662,921 equity shares of ₹ 2 each (being 4.91% of total number of equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹ 445 per equity share for an aggregate amount not exceeding ₹ 120,000, in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.

By order of the Board, For, Wipro Limited
Place: Bengaluru<br> <br>Date: April 27,<br>2023 Rishad A. Premji<br><br><br>Chairman

10

EX-99.6

Exhibit 99.6

LOGO

Wipro Limited Highlights for the Quarter ended March 31, 2023 REVENUE QoQ Constant YoY Constant Operating $2.82 Bn Currency Currency Margin -0.6% 6.5% 16.3% STRATEGIC MARKET UNITS MIX

28.8% AMERICAS 1 30.7% AMERICAS 2 29.3% EUROPE 11.2% APMEA SECTOR MIX

34.2% 18.8% 12.2% 12.3% 11.0% 7.0% 4.5% Banking, Energy, Financial Consumer Health Natural Technology Manufacturing Communication Services Resources

& Insurance and Utilities GLOBAL BUSINESS LINES MIX TOTAL BOOKINGS LARGE DEAL TCV 61.4% 38.6% $4.1 Bn $1.1 Bn iDEAS iCORE 29% YoY    155% YoY Integrated Digital, Engineering Cloud Infrastructure, Digital Constant Currency Constant Currency & Application Services Operations, Risk & Enterprise Cyber Security Services

Revenue from our IT Services business including India State Run Enterprise (ISRE) OUTLOOK segment to be in the range of $2,753 million to $2,811 million*. This translates to a sequential guidance of -3.0% to -1.0% in constant currency terms. for the Quarter ending * Outlook for the Quarter ending June 30, 2023, is based on the following exchange rates: GBP/USD at 1.22, Euro/USD at 1.07, June 30, 2023 AUD/USD at 0.68, USD/INR at 81.74 and CAD/USD at 0.74 CUSTOMER CONCENTRATION TOP1 3.3% 12.6% TOP 10 20.3% TOP 5 TOTALHEADCOUNT 256,921 ATTRITION VOL – TTM 19.2% GROSSUTILIZATION 74.0% OFFSHORE REVENUE 59.7% PERCENTAGE OF SERVICES

Note 1: 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 2: Large deal bookings constitute of deals greater than or equal to $30 million in total contract value terms Page 1

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Wipro Limited Highlights for the Year ended March 31, 2023 REVENUE YoY YoY Constant Operating $11.2 Bn Growth Currency Margin 7.8% 11.5% 15.7% STRATEGIC MARKET UNITS MIX 29.1% AMERICAS 1 31.0% AMERICAS 2 28.6% EUROPE 11.3% APMEA

SECTOR MIX 34.9% 18.8% 11.8% 11.5% 11.4% 6.9% 4.7% Banking, Energy, Financial Consumer Health Natural Technology Manufacturing Communication Services Resources & Insurance and Utilities GLOBAL BUSINESS LINES MIX

61.8% iDEAS 38.2% iCORE Integrated Digital, Cloud Infrastructure, Digital Engineering & Operations, Risk & Enterprise Application Services Cyber Security Services CAPITAL ALLOCATION

  1. Board approves Buy-Back for the value of ₹ 120 billion
  2. The interim dividend of ₹ 1 declared by the Board at its meetings held on January 13th, 2023 shall be considered as the final dividend for the financial year 2022-23 CUSTOMER CONCENTRATION TOP1 3.2% 13.0% TOP 10 20.8% TOP 5 TOTALHEADCOUNT 256,921 ATTRITION VOL – TTM 19.2% GROSSUTILIZATION 72.8% OFFSHORE REVENUE 59.1% PERCENTAGE OF SERVICES Page 2

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Wipro Limited Results for the Quarter and Year ended March 31, 2023 FY 22 – 23 FY 21 – 22 A IT Services

FY Q4 Q3 Q2 Q1 FY Q4 IT Services Revenues ($Mn) 11,159.7 2,823.0 2,803.5 2,797.7 2,735.5 10,355.9 2,721.7 Sequential Growth 7.8% 0.7% 0.2% 2.3% 0.5% 27.3% 3.1% Sequential Growth in Constant Currency Note 3 11.5% -0.6% 0.6% 4.1% 2.1% 26.9% 3.1% Operating Margin % Note 4 15.7% 16.3% 16.3% 15.1% 15.0% 17.7% 17.0% Strategic Market Units Mix

Americas 1 29.1% 28.8% 29.4% 29.2% 29.1% 27.9% 28.3% Americas 2 31.0% 30.7% 30.8% 31.3% 31.3% 30.6% 31.0% Europe 28.6% 29.3% 28.8% 28.1% 28.3% 29.9% 29.3% APMEA 11.3% 11.2% 11.0% 11.4% 11.3% 11.6% 11.4% Sectors Mix Banking, Financial Services and Insurance 34.9% 34.2% 34.9% 35.2% 35.4% 34.7% 35.4% Consumer 18.8% 18.8% 18.9% 18.8% 18.5% 17.5% 17.9% Health 11.8% 12.2% 12.0% 11.4% 11.5% 11.7% 11.5% Energy, Natural Resources and Utilities 11.5% 12.3% 11.4% 11.2% 11.1% 12.2% 11.5% Technology 11.4% 11.0% 11.3% 11.6% 11.8% 12.1% 11.9% Manufacturing 6.9% 7.0% 6.9% 6.9% 6.7% 6.8% 7.0% Communications 4.7% 4.5% 4.6% 4.9% 5.0% 5.0% 4.8% Global Business Lines Mix iDEAS 61.8% 61.4% 61.7% 62.3% 61.9% 60.9% 61.2% iCORE 38.2% 38.6% 38.3% 37.7% 38.1% 39.1% 38.8% Guidance ($Mn) 11,551-11,599 2,785-2,831 2,811-2,853 2,817-2,872 2,748-2,803 — 2,692-2,745 Guidance restated based on 11,160-11,207 2,823-2,869 2,799-2,841 2,766-2,821 2,704-2,759 — 2,694-2,747 actual currency realized ($Mn) Revenues performance against guidance 11,160 2,823 2,803 2,798 2,736 — 2,722 ($Mn) Note 3: 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 4: IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials Page 3

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FY 22 – 23 FY 21 – 22 FY Q4 Q3 Q2 Q1 FY Q4 Customer size distribution (TTM) > $100Mn 19 19 19 19 20 19 19

> $75Mn 29 29 29 29 30 29 29 > $50Mn 53 53 52 52 50 50 50 > $20Mn 117 117 119 122 120 117 117 > $10Mn 208 208 202 198 195 194 194 > $5Mn 311 311 307 308 306 297 297 > $3Mn 427 427 431 425 417 410 410 > $1Mn 750 750 739 729 703 679 679 Revenue from Existing customers % 97.4% 96.5% 96.9% 97.4% 98.7% 95.2% 93.7% Number of new customers 435 63 80 128 164 428 116 Total Number of active customers 1,441 1,441 1,484 1,471 1,433 1,369 1,369 Customer Concentration Top customer 3.2% 3.3% 3.2% 3.2% 3.2% 3.2% 3.2% Top 5 13.0% 12.6% 13.3% 13.1% 13.0% 12.5% 12.9% Top 10 20.8% 20.3% 21.3% 21.0% 20.9% 20.0% 20.5%

% of Revenue USD 61% 60% 62% 62% 62% 59% 60% GBP 10% 11% 10% 10% 10% 11% 11% EUR 10% 11% 10% 9% 9% 10% 9% INR 4% 4% 4% 4% 4% 5% 5% AUD 5% 4% 4% 5% 5% 5% 5% CAD 3% 3% 3% 3% 3% 3% 3% Others 7% 7% 7% 7% 7% 7% 7% Closing Employee Count 256,921 256,921 258,744 259,179 258,574 243,128 243,128 Sales & Support Staff (IT Services) 16,986 16,986 17,076 16,647 17,806 17,691 17,691 Utilization Note 5 Gross Utilization 72.8% 74.0% 72.3% 72.3% 72.7% 76.8% 75.8% Net Utilization (Excluding Trainees) 81.2% 81.7% 79.7% 79.8% 83.8% 86.8% 85.2% Attrition

Voluntary TTM (IT Services excl. DOP) 19.2% 19.2% 21.2% 23.0% 23.3% 23.8% 23.8% DOP % — Post Training Quarterly 9.9% 9.0% 8.7% 10.3% 11.4% 9.0% 9.0%

Note 5: IT Services excl. DOP, Designit, Cellent, Cooper, Topcoder, Rational, ITI, IVIA, 4C, Eximius, Encore, Capco, Ampion, Edgile, LeanSwift, CAS and Rizing

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B IT Services (Excluding DOP, Designit, Cellent, Appirio, Cooper, Topcoder, Rational, ITI, IVIA, 4C, Eximius, Encore, Capco, Ampion, Edgile, LeanSw ift, CAS & Rizing) Revenue from FPP 59.4% 59.5% 59.4% 58.7% 59.8% 62.8% 62.2% Offshore Revenue — % of Services 59.1% 59.7% 59.0% 58.9% 58.7% 56.1% 58.3% C Growth Metrics for the Quarter and Year ended March 31, 2023 Note 3 Q4’23 Q4’23 Q4’23 Q4’23 FY’23 FY’23 Reported Reported CC CC Reported CC QoQ% YoY% QoQ% YoY% YoY% YoY% IT Services 0.7% 3.7% -0.6% 6.5% 7.8% 11.5% Strategic Market Units Americas 1 -1.4% 5.6% -1.5% 5.9% 12.5% 12.7% Americas 2 0.1% 2.6% -0.3% 3.8% 9.2% 10.5% Europe 2.6% 3.6% -0.6% 9.2% 3.3% 12.1% APMEA 3.0% 2.3% 0.7% 7.9% 4.2% 10.1% Sectors Banking, Financial Services and Insurance -1.2% 0.4% -2.4% 3.6% 8.4% 12.5% Consumer 0.4% 9.2% -0.9% 11.1% 15.3% 18.3% Health 2.5% 9.6% 2.0% 10.8% 8.1% 9.6% Energy, Natural Resources and Utilities 8.2% 10.0% 5.9% 14.6% 1.9% 7.6% Technology -2.0% -4.5% -2.7% -3.0% 2.0% 4.7% Manufacturing 1.9% 4.3% -0.3% 7.0% 8.6% 12.7% Communications -2.5% -1.8% -4.4% 3.1% 3.3% 10.3% Global Business Lines iDEAS 0.2% 4.0% -1.3% 7.0% 9.4% 13.5% iCORE 1.6% 3.3% 0.4% 5.6% 5.2% 8.4% D Annexure to Datasheet Segment-wise breakup of

Q4 FY22-23 (INR Mn) Cost of Revenues, S&M and G&A Reconciling Particulars IT Services IT Products ISRE Total Items Cost of revenues 160,311 1,180 1,275 (28) 162,738 Selling and marketing expenses 16,866 23 19 (2) 16,906 General and administrative expenses 15,621 (13) 4 60 15,672 Total 192,798 1,190 1,298 30 195,316 P a g e 5

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