6-K
Wipro Ltd (WIT)
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 September 2024
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 its public disclosures regarding its results of operations for the quarter ended September 30, 2024. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
On October 17, 2024, the Company announced its results of operations for the quarter ended September 30, 2024. The Company issued a press release announcing its results under International Financial Reporting Standards (“IFRS”), a copy of which is attached to this Form 6-K as Item 99.1.
The Company placed advertisements in certain Indian newspapers concerning its results of operations for the quarter ended September 30, 2024, under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.2.
The Company made available on its website the Condensed Consolidated Interim Financial Statements for the quarter ended September 30, 2024, under IFRS. A copy of such financial statements is attached to this Form 6-K as Item 99.3.
The Company filed with stock exchanges in India a statement of statutorily audited consolidated financial results for the quarter ended September 30, 2024, under IFRS. A copy of such financial statements is attached to this Form 6-K as Item 99.4.
The Company filed with stock exchanges in India a datasheet containing operating metrics for the quarter ended September 30, 2024. A copy of such data sheet is attached to this Form 6-K as Item 99.5.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.
| WIPRO LIMITED | |
|---|---|
| By: | /s/ Aparna Chandrashekar Iyer |
| Aparna Chandrashekar Iyer | |
| Chief Financial Officer | |
| Dated: October 22, 2024 |
INDEX TO EXHIBITS
| Item | |
|---|---|
| 99.1 | IFRS Press Release |
| 99.2 | Form of Advertisement Placed in Indian Newspapers |
| 99.3 | Consolidated Interim Financial Statements under IFRS |
| 99.4 | Statutorily Audited Consolidated Financial Results filed with stock exchanges in India |
| 99.5 | Data sheet containing operating metrics filed with stock exchanges in India |
EX-99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE ****
Wipro announces results for the quarter ended September 30, 2024
Net income grew 6.8% QoQ and 21.3% YoY.
IT Services revenue grew 1.3% QoQ. Margin expands 35 basis points QoQ.
Large Deal Bookings at $1.5 billion, highest in 10 quarters.
Operating cash flows at 132.3% of net income.
EAST BRUNSWICK, N.J. | BANGALORE, India – October 17, 2024: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended September 30, 2024.
Highlights of the Results
Results for theQuarter ended September 30, 2024:
| 1. | Gross revenue was at<br>₹223.0 billion ($2,662.6 million^1^), an increase of 1.5% QoQ and decrease of 1.0% YoY. |
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| 2. | IT services segment revenue was at $2,660.1 million, an increase of 1.3% QoQ and decrease of 2.0% YoY.<br> |
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| 3. | Non-GAAP^2^constant<br>currency IT Services segment revenue increased 0.6% QoQ and decreased 2.3% YoY. |
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| 4. | Total bookings^3^was at $3,561 million. Large deal<br>bookings^4^was at $1,489 million, an increase of 28.8% QoQ and 16.8% YoY in constant currency^2^. |
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| 5. | IT services operating margin^5^for the quarter was at<br>16.8%, an increase of 0.3% QoQ and 0.7% YoY. |
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| 6. | Net income for the quarter was at<br>₹32.1 billion ($383.1 million^1^), an increase of 6.8% QoQ and 21.3% YoY. |
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| 7. | Earnings per share for the quarter was at<br>₹6.14 ($0.07^1^), an increase of 6.8% QoQ and 21.3% YoY. |
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| 8. | Operating cash flows of<br>₹42.7 billion ($509.7 million^1^), an increase of 10.5% YoY and at 132.3% of Net Income for the quarter.<br> |
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| 9. | Voluntary attrition^6^was at 14.5% on a trailing 12-month basis. |
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| 10. | Wipro’s Board of Directors recommended issue of bonus shares to shareholders (including stock dividend to<br>ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held), subject to approval of shareholders. |
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Outlook for the Quarter ending December 31, 2024
We expect revenue from our IT Services business segment to be in the range of $2,607 million to $2,660 million*. This translates to sequential guidance of (-) 2.0% to 0.0% in constant currency terms.
| * | Outlook for the Quarter ending December 31, 2024, is based on the following exchange rates: GBP/USD at1.32, Euro/USD at 1.10, AUD/USD at 0.68, USD/INR at 83.65 and CAD/USD at 0.74 |
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Performance for the Quarter endedSeptember 30, 2024
Srini Pallia, CEO and Managing Director, said ***“***Based on strong execution in Q2, we met ourexpectations for revenue growth, bookings, and margins. We continued to expand our top accounts, large deal bookings surpassed $1 Bn once again, and Capco maintained its momentum for another consecutive quarter. We grew in three out of four markets,as well as, in BFSI, Consumer and Technology and Communications sectors. We will continue to invest in our clients, our strategic priorities, and building a strong AI powered Wipro”
**Aparna Iyer, Chief Financial Officer, said “**I am pleased with our performance across all parameters including Revenue, Bookings, Operatingmargin, cash flow and EPS. On the back of operational improvements, we further expanded our margins by 35 basis points and our EPS grew 6.8% QoQ. Our operating cash flow continues to be robust at 132.3% of net income in Q2. As a result, cumulativelyin the first half of this year we generated nearly $1B in operating cash flow.”
| 1. | For the convenience of the readers, the amounts in Indian Rupees in this release have been translated intoUnited States Dollars at the certified foreign exchange rate of US$1 = ₹83.76, as published by the Federal Reserve Board of Governors onSeptember 30, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2024, was US$1=₹83.44 |
|---|---|
| 2. | Constant currency for a period is the product of volumes in that period times the average actual exchangerate of the corresponding comparative period. |
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| 3. | Total Bookings refers to the total contract value of all orders that were booked during the period includingnew 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 currencyexchange 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 to note 2. |
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| 4. | Large deal bookings consist of deals greater than or equal to $30 million in total contract value. |
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| 5. | IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials. |
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| 6. | Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP. |
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Highlights of Strategic Deal Wins
In the second quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:
| 1. | A US-based health insurance provider has selected Wipro to streamline<br>its operations. By consolidating the client vendor landscape, Wipro will mitigate the risks associated with relying on multiple providers. The Wipro team will leverage its varied expertise to drive efficiency and innovation, optimize costs, as well<br>as provide the tools and expertise to ensure the accuracy, integrity and security of the customer’s data. This project will ensure better care coordination and health outcomes. |
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| 2. | A global apparel leader has selected Wipro to enhance its direct-to-consumer strategy and digital footprint. Wipro will transform the client’s IT operations and improve overall product development. Wipro will also deploy artificial intelligence in key areas.<br>The project will drive innovation, optimize operations and create a seamless customer experience across both physical and online platforms. |
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| 3. | A US-based health insurance company has selected Wipro to improve its<br>operations. The Wipro team will consolidate the client’s vendor landscape and provide services with innovative solutions & accelerators to improve overall operational efficiency. This work will enhance customer and employee experience<br>as well as ensure smooth service delivery. Wipro’s deep domain knowledge and consultative and innovative approach, as well as its track record of flawless delivery were key factors contributing to this win. |
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| 4. | A US-based wholesale food distributor has selected Wipro to reimagine<br>its business operations. Leveraging AI and process transformation tools, Wipro will create a centralized system across key support functions including Human Resources, Financial Planning & Analysis and Data Management. This will help the<br>client enhance efficiency, standardize processes, and achieve cost-effectiveness across its organization. |
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| 5. | A US-based Free Space Optics Communications pioneer has selected Wipro<br>to engineer their next-generation product & provide global operations and manufacturing support. Wipro will deliver integrated services across hardware, manufacturing, and operational support. Wipro will provide engineering support by<br>leveraging its experience in AI-based silicon and Smart Network Applications, coupled with Field Operations capabilities. This strategic program will deliver enhanced customer experience with high economic<br>value and support the client in rapid product evolution across global markets. |
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| 6. | Wipro was selected by an American health insurance provider for a workforce management and business process<br>transformation project. The project incorporates AI capabilities to improve efficiency and reduce operation turn-around time by 20%. Wipro will also upskill and equip associates with advanced AI and data analytics skills, providing value-added<br>services to business stakeholders and end-users. |
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| 7. | A US-based independent health solutions and pharmacy benefit company<br>has selected Wipro to implement the “Payer-in-a-box” Medicare Prescription Payment Plan (MPPP360) platform in<br>compliance with the Centre for Medicare & Medicaid Services’ (CMS) guidance. Wipro will help streamline the client’s member opt in/opt out and billing and delinquency processes, seamlessly integrate the new CMS provisions, and<br>simplify prescription cost management for enrolled beneficiaries. |
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| 8. | A European automotive manufacturer has selected Wipro to modernize its IT infrastructure. Wipro will centralize<br>the client’s operations to provide a more stable ecosystem. The team will also develop innovative employee experience solutions, as well as vulnerability management and application maintenance services. This project will improve the<br>client’s time-to-market, significantly reduce their technical debt, and future- proof their business. |
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| 9. | A UK-based wealth management firm has selected Wipro to provide end-to-end administration service. The team will transform and modernize the client’s technology infrastructure as well as manage their entire middle and back-office<br>functions. This transformation will enable the client to be more agile, drive growth and continue to provide market-leading proposition to its customers. |
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| 10. | Following its acquisition by a private equity firm, a France-based leader in digital & consulting<br>services has selected Wipro to re-imagine the Finance & Procurement Services into a digital, agile and cost-efficient organization. The Wipro team will deploy tailored solutions to streamline and<br>automate the client’s Order to Cash, General Accounting, Controlling, Source to Pay and end-to-end Procurement processes. A new dedicated business process<br>outsourcing center will also be created in Spain. This project will deliver a cost reduction of up to 30% and establish an innovation fund, to future- proof the client’s business. |
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| 11. | A global financial technology company has selected Wipro to support their growth. The Wipro team will provide<br>talent and technology to enhance the client’s transaction monitoring and customer lifecycle management processes. Wipro will also implement best-in-class AI and<br>automation solutions to optimize operations and increase overall efficiency. This project will enable the client to scale their business while ensuring regulatory compliance. |
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| 12. | A global food and drink processing conglomerate has selected Wipro to enhance their delivery quality,<br>governance, and employee experience. Wipro will implement automation technology to reduce manual intervention and monitoring in order to improve service delivery quality. Wipro will also leverage its AI and Gen AI capabilities to support the<br>implementation of AI productivity platforms and an employee Centre of Excellence. From this engagement, the customer will see improved customer satisfaction and increased overall quality of delivery. |
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| 13. | A leading Indian private bank has extended its engagement with Wipro to enhance its technology infrastructure<br>and deliver support services for critical ‘Run the Bank’ applications. Aimed at creating a resilient, high-performing, and scalable technology environment, the Wipro team will strengthen end-user<br>services and technology infrastructure, focusing on Cloud, Data and Analytics, and Security. This project will boost operational efficiency and support the bank’s growth ambitions across various functions including Retail, Corporate Banking,<br>Credit, Treasury, and Loans. |
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| 14. | A Middle East based manufacturing company has selected Wipro to transform its business forecasting and<br>operational efficiency by integrating Wipro’s Smart Forecast and Working Capital Insights initiatives in their day-to-day functions. Wipro will deploy AI and big<br>data analytics to improve decision-making, revenue optimization, forecasting accuracy, and overall transparency across functions. The combination of Wipro’s initiatives will enhance the client’s predictive abilities, analytics,<br>decision-making, risk mitigation, and capability to realize opportunities. |
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| 15. | An American financial services company has selected Wipro to provide<br>in-depth customer analytics and insights. Wipro will implement AI and GenAI-based solutions to provide a unified and comprehensive 360-degree view of client activity to<br>better serve their needs. These insights will also be the basis of recommendations for discount pricing, deposit levels, and trading volumes. Subsequent phases of this project will expand to a strategic<br>AI-powered data lake that encompasses more of the client’s services. |
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Analyst Recognition
| 1. | Wipro was positioned as a Leader in the 2024Gartner^®^ Magic Quadrant^™^ for Public Cloud IT Transformation Services |
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| 2. | Wipro was featured as a Leader in Avasant’s Advanced Network Services 2024 RadarView^™^ |
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| 3. | Wipro was designated as a Leader in Everest Group’s Open Banking IT Services PEAK Matrix^®^ Assessment 2024 |
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| 4. | Wipro was recognized as a Leader in Everest Group’s Salesforce Services PEAK Matrix^®^ Assessment 2024 |
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| 5. | Wipro was rated as a Leader in Everest Group’s Digital Workplace Services PEAK Matrix^®^ Assessment 2024 – North America & Europe |
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| 6. | Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Business Process as a Service(BPaaS) – Solutions PEAK Matrix^®^ Assessment 2024 |
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| 7. | Wipro was recognized as a Leader in ISG ProviderLens^™^—Google Cloud Partner Ecosystem 2024 (all quadrants) |
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| 8. | Wipro was rated as a Leader in ISG ProviderLens^™^—Network—Software Defined Solutions and Services 2024 (all quadrants) |
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| 9. | Wipro was positioned as a Leader in ISG ProviderLens^™^—Cybersecurity – Solutions and Services 2024 (multiple quadrants) |
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| 10. | Wipro was recognized as a Leader in IDC MarketScape: Worldwide Professional Services Providers for Retailers2024 Vendor Assessment (Doc # US51168224 Sep 2024) |
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| 11. | Wipro was positioned as a Leader in Everest Group’s Lending Services Operations PEAK Matrix^®^ Assessment 2024 |
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Source & Disclaimer: *Gartner, “MagicQuadrant for Public Cloud IT Transformation Services”, Mark Ray, et al, 5 August 2024.
GARTNER is a registered trademark and servicemark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only thosevendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties,expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartnercontent described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. GartnerContent speaks as of its original publication date (and not as of the date of this press release, and the opinions expressed in the Gartner Content are subject to change without notice.
IT Products
| 1. | IT Products segment revenue for the quarter was<br>₹0.7 billion ($7.9 million^1^) |
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| 2. | IT Products segment results for the quarter were (-) ₹0.2 billion ((-) $2.2 million^1^) |
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Please refer to the table on page 13 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
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About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table on page 13 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
Results for the Quarter ended September 30, 2024, prepared under IFRS, along with individual business segment reports, are available inthe Investors section of our website www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link-https://links.ccwebcast.com/?EventId=WIP171024
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com
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| Contact for Investor Relations | Contact for Media & Press | |
|---|---|---|
| Dipak Kumar Bohra | Abhishek Jain | Dinesh Joshi |
| Phone: +91-80-6142 7201 | Phone: +91-80-6142 6143 | Phone: +91 92052-64001 |
| dipak.bohra@wipro.com | abhishek.jain2@wipro.com | media-relations@wipro.com |
Forward-Looking Statements
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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(Tables to follow)
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WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(₹inmillions, except share and per share data, unless otherwise stated)
| As at March 31, 2024 | As at September 30, 2024 | |||||
|---|---|---|---|---|---|---|
| Convenience translation intoUS dollar in millions(unaudited) | ||||||
| ASSETS | ||||||
| Goodwill | 316,002 | 319,207 | 3,811 | |||
| Intangible assets | 32,748 | 28,195 | 336 | |||
| Property, plant and equipment | 81,608 | 78,822 | 941 | |||
| Right-of-Use<br>assets | 17,955 | 21,854 | 261 | |||
| Financial assets | ||||||
| Derivative assets | 25 | — | — | |||
| Investments | 21,629 | 31,385 | 375 | |||
| Trade receivables | 4,045 | 587 | 7 | |||
| Other financial assets | 5,550 | 5,148 | 61 | |||
| Investments accounted for using the equity method | 1,044 | 1,008 | 12 | |||
| Deferred tax assets | 1,817 | 1,922 | 23 | |||
| Non-current tax assets | 9,043 | 7,782 | 93 | |||
| Other non-current assets | 10,331 | 7,744 | 92 | |||
| Total non-current assets | **** | 501,797 | **** | 503,654 | **** | 6,012 |
| Inventories | 907 | 1,052 | 13 | |||
| Financial assets | ||||||
| Derivative assets | 1,333 | 651 | 8 | |||
| Investments | 311,171 | 407,309 | 4,863 | |||
| Cash and cash equivalents | 96,953 | 104,592 | 1,249 | |||
| Trade receivables | 115,477 | 112,655 | 1,345 | |||
| Unbilled receivables | 58,345 | 64,776 | 773 | |||
| Other financial assets | 10,536 | 8,973 | 107 | |||
| Contract assets | 19,854 | 17,788 | 212 | |||
| Current tax assets | 6,484 | 6,086 | 73 | |||
| Other current assets | 29,602 | 32,561 | 389 | |||
| Total current assets | **** | 650,662 | **** | 756,443 | **** | 9,032 |
| TOTAL ASSETS | **** | 1,152,459 | **** | 1,260,097 | **** | 15,044 |
| EQUITY | ||||||
| Share capital | 10,450 | 10,463 | 125 | |||
| Share premium | 3,291 | 6,000 | 72 | |||
| Retained earnings | 630,936 | 693,688 | 8,282 | |||
| Share-based payment reserve | 6,384 | 6,315 | 75 | |||
| Special Economic Zone re-investment reserve | 42,129 | 41,497 | 495 | |||
| Other components of equity | 56,693 | 60,380 | 721 | |||
| Equity attributable to the equity holders of the Company | **** | 749,883 | **** | 818,343 | **** | 9,770 |
| Non-controlling interests | 1,340 | 1,798 | 21 | |||
| TOTAL EQUITY | **** | 751,223 | **** | 820,141 | **** | 9,791 |
| LIABILITIES | ||||||
| Financial liabilities | ||||||
| Loans and borrowings | 62,300 | 62,653 | 748 | |||
| Lease liabilities | 13,962 | 18,965 | 226 | |||
| Derivative liabilities | 4 | 1 | ^ | |||
| Other financial liabilities | 4,985 | 5,862 | 70 | |||
| Deferred tax liabilities | 17,467 | 16,625 | 198 | |||
| Non-current tax liabilities | 37,090 | 40,122 | 479 | |||
| Other non-current liabilities | 12,970 | 14,823 | 177 | |||
| Total non-current liabilities | **** | 148,778 | **** | 159,051 | **** | 1,898 |
| Financial liabilities | ||||||
| Loans, borrowings and bank overdrafts | 79,166 | 103,157 | 1,232 | |||
| Lease liabilities | 9,221 | 8,047 | 96 | |||
| Derivative liabilities | 558 | 1,064 | 13 | |||
| Trade payables and accrued expenses | 88,566 | 82,810 | 989 | |||
| Other financial liabilities | 2,272 | 2,976 | 36 | |||
| Contract liabilities | 17,653 | 18,439 | 220 | |||
| Current tax liabilities | 21,756 | 30,599 | 365 | |||
| Other current liabilities | 31,295 | 32,004 | 382 | |||
| Provisions | 1,971 | 1,809 | 22 | |||
| Total current liabilities | **** | 252,458 | **** | 280,905 | **** | 3,355 |
| TOTAL LIABILITIES | **** | 401,236 | **** | 439,956 | **** | 5,253 |
| TOTAL EQUITY AND LIABILITIES | **** | 1,152,459 | **** | 1,260,097 | **** | 15,044 |
| ^ Value is less than 0.5 |
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WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(₹inmillions, except share and per share data, unless otherwise stated)
| Three months ended September 30, | Six months ended September 30, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||||||||
| Conveniencetranslation intoUS dollar inmillions(unaudited) | Conveniencetranslation intoUS dollar inmillions(unaudited)) | |||||||||||||||||
| Revenues | 225,159 | 223,016 | 2,663 | 453,469 | 442,654 | 5,285 | ||||||||||||
| Cost of revenues | (159,191 | ) | (155,049 | ) | (1,851 | ) | (320,452 | ) | (308,355 | ) | (3,681 | ) | ||||||
| Gross profit | **** | 65,968 | **** | **** | 67,967 | **** | **** | 812 | **** | **** | 133,017 | **** | **** | 134,299 | **** | **** | 1,604 | **** |
| Selling and marketing expenses | (18,767 | ) | (17,388 | ) | (207 | ) | (35,351 | ) | (33,232 | ) | (397 | ) | ||||||
| General and administrative expenses | (14,124 | ) | (13,034 | ) | (156 | ) | (30,011 | ) | (27,247 | ) | (325 | ) | ||||||
| Foreign exchange gains/(losses), net | 268 | (396 | ) | (5 | ) | 206 | (602 | ) | (7 | ) | ||||||||
| Results from operating activities | **** | 33,345 | **** | **** | 37,149 | **** | **** | 444 | **** | **** | 67,861 | **** | **** | 73,218 | **** | **** | 875 | **** |
| Finance expenses | (3,033 | ) | (3,569 | ) | (43 | ) | (6,119 | ) | (6,857 | ) | (82 | ) | ||||||
| Finance and other income | 4,810 | 9,195 | 110 | 11,352 | 16,675 | 199 | ||||||||||||
| Share of net profit/ (loss) of associate and joint venture accounted for using the equity<br>method | (30 | ) | 3 | ^ | (27 | ) | (42 | ) | (1 | ) | ||||||||
| Profit before tax | **** | 35,092 | **** | **** | 42,778 | **** | **** | 511 | **** | **** | 73,067 | **** | **** | 82,994 | **** | **** | 991 | **** |
| Income tax expense | (8,419 | ) | (10,512 | ) | (126 | ) | (17,534 | ) | (20,362 | ) | (243 | ) | ||||||
| Profit for the period | **** | 26,673 | **** | **** | 32,266 | **** | **** | 385 | **** | **** | 55,533 | **** | **** | 62,632 | **** | **** | 748 | **** |
| Profit attributable to: | ||||||||||||||||||
| Equity holders of the Company | 26,463 | 32,088 | 383 | 55,164 | 62,120 | 742 | ||||||||||||
| Non-controlling interests | 210 | 178 | 2 | 369 | 512 | 6 | ||||||||||||
| Profit for the period | **** | 26,673 | **** | **** | 32,266 | **** | **** | 385 | **** | **** | 55,533 | **** | **** | 62,632 | **** | **** | 748 | **** |
| Earnings per equity share: | ||||||||||||||||||
| Attributable to equity holders of the Company | ||||||||||||||||||
| Basic | 5.06 | 6.14 | 0.07 | 10.30 | 11.89 | 0.14 | ||||||||||||
| Diluted | 5.04 | 6.12 | 0.07 | 10.27 | 11.85 | 0.14 | ||||||||||||
| Weighted average number of equity shares used in computing earnings per equityshare | ||||||||||||||||||
| Basic | 5,232,867,366 | 5,226,755,635 | 5,226,755,635 | 5,357,394,940 | 5,226,444,619 | 5,226,444,619 | ||||||||||||
| Diluted | 5,245,641,198 | 5,241,078,937 | 5,241,078,937 | 5,370,078,563 | 5,239,886,408 | 5,239,886,408 | ||||||||||||
| ^ Value is less than 0.5 |
10
Information on reportable segments for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months ended September 30, 2024, September 30, 2023, and year ended March 31, 2024 are as follows:
| Three months ended | Six months ended | Yearended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Particulars | September30, 2024 | June 30,2024 | September30, 2023 | September30, 2024 | September30, 2023 | March31, 2024 | ||||||||||||
| Audited | Audited | Audited | Audited | Audited | Audited | |||||||||||||
| Segment revenue | ||||||||||||||||||
| IT Services | ||||||||||||||||||
| Americas 1 | 68,393 | 67,700 | 66,813 | 136,093 | 132,420 | 268,230 | ||||||||||||
| Americas 2 | 67,932 | 67,338 | 66,914 | 135,270 | 135,217 | 269,482 | ||||||||||||
| Europe | 61,821 | 60,422 | 63,976 | 122,243 | 131,110 | 253,927 | ||||||||||||
| APMEA | 23,811 | 23,503 | 26,255 | 47,314 | 52,765 | 102,177 | ||||||||||||
| Total of IT Services | **** | 221,957 | **** | **** | 218,963 | **** | **** | 223,958 | **** | **** | 440,920 | **** | **** | 451,512 | **** | **** | 893,816 | **** |
| IT Products | 663 | 469 | 1,469 | 1,132 | 2,163 | 4,127 | ||||||||||||
| Total segment revenue | **** | 222,620 | **** | **** | 219,432 | **** | **** | 225,427 | **** | **** | 442,052 | **** | **** | 453,675 | **** | **** | 897,943 | **** |
| Segment result | ||||||||||||||||||
| IT Services | ||||||||||||||||||
| Americas 1 | 13,338 | 13,687 | 15,287 | 27,025 | 28,824 | 59,364 | ||||||||||||
| Americas 2 | 15,005 | 15,533 | 14,023 | 30,538 | 28,192 | 59,163 | ||||||||||||
| Europe | 7,821 | 5,873 | 7,547 | 13,694 | 17,515 | 33,354 | ||||||||||||
| APMEA | 3,070 | 2,441 | 2,985 | 5,511 | 5,785 | 12,619 | ||||||||||||
| Unallocated | (1,912 | ) | (1,477 | ) | (3,784 | ) | (3,389 | ) | (7,741 | ) | (20,304 | ) | ||||||
| Total of IT Services | **** | 37,322 | **** | **** | 36,057 | **** | **** | 36,058 | **** | **** | 73,379 | **** | **** | 72,575 | **** | **** | 144,196 | **** |
| IT Products | (183 | ) | (47 | ) | (467 | ) | (230 | ) | (628 | ) | (371 | ) | ||||||
| Reconciling Items | 10 | 59 | (2,246 | ) | 69 | (4,086 | ) | (7,726 | ) | |||||||||
| Total segment result | **** | 37,149 | **** | **** | 36,069 | **** | **** | 33,345 | **** | **** | 73,218 | **** | **** | 67,861 | **** | **** | 136,099 | **** |
| Finance expenses | (3,569 | ) | (3,288 | ) | (3,033 | ) | (6,857 | ) | (6,119 | ) | (12,552 | ) | ||||||
| Finance and other income | 9,195 | 7,480 | 4,810 | 16,675 | 11,352 | 23,896 | ||||||||||||
| Share of net profit/ (loss) of associate and joint venture accounted for using the equity<br>method | 3 | (45 | ) | (30 | ) | (42 | ) | (27 | ) | (233 | ) | |||||||
| Profit before tax | **** | 42,778 | **** | **** | 40,216 | **** | **** | 35,092 | **** | **** | 82,994 | **** | **** | 73,067 | **** | **** | 147,210 | **** |
Additional Information:
The Company is organized into the following operating segments: IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.
Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe.
11
APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
12
Reconciliation of selected GAAP measures to Non-GAAP measures
| 1. | Reconciliation of Non-GAAP Constant Currency IT Services Revenue toIT Services Revenue as per IFRS ($Mn) | |||
|---|---|---|---|---|
| Three Months ended September 30, 2024 | ||||
| --- | --- | --- | --- | |
| IT Services Revenue as per IFRS | $ | 2,660.1 | ||
| Effect of Foreign currency exchange movement | ($ | 18.0 | ) | |
| Non-GAAP Constant Currency IT Services Revenue basedon previous quarter exchange rates | $ | 2,642.0 | **** | |
| Three Months ended September 30, 2024 | ||||
| --- | --- | --- | --- | |
| IT Services Revenue as per IFRS | $ | 2,660.1 | ||
| Effect of Foreign currency exchange movement | ($ | 10.1 | ) | |
| Non-GAAP Constant Currency IT Services Revenue basedon exchange rates of comparable period in previous year | $ | 2,650.0 | **** | |
| 2. | Reconciliation of Free Cash Flow for three months and six months ended September 30, 2024 | |||
| --- | --- | |||
| Amount in Mn | Amount in Mn | |||
| --- | --- | --- | --- | --- |
| Three | ||||
| monthsended | Six monthsended | |||
| 30-Sep-24 | 30-Sep-24 | |||
| Net Income for the period [A] | ||||
| Computation of Free Cash Flow | ||||
| Net cash generated from operating activities [B] | ||||
| Add/ (deduct) cash inflow/ (outflow)on: | ||||
| Purchase of property, plant and equipment | ) | ) | ||
| Proceeds from sale of property, plant and equipment | ||||
| Free Cash Flow [C] | ||||
| Operating Cash Flow as percentage of Net Income [B/A] | % | % | ||
| Free Cash Flow as percentage of Net Income [C/A] | % | % |
All values are in Indian Rupees.
13
EX-99.2
Exhibit 99.2
FRIDAY, OCTOBER 18, 2024 WWW.FINANCIALEXPRESS.COM KERALA WATER AUTHORITY ffl^nHI^ Tender No : Re 61,62,63/2024-25/SE/PHC/MVPA JJM-PHASE II-RWSS TO PAIPRA-PROVIDING FULL COVERAGE IN PAIPRA PANCHAYATH-PACKAGE -2(61) LAYING CLEAR WATER PUMPING MAIN (62) CONSTRUCTION OF 11 LAKHS LITRE CAPACITY O.H. TANK AT THAT TUPARAMBU—Pipeline Work, Pampakuda GP-(63) Providing dedicated feeder line from Methipara to existing Pampakuda line part 2-Pipeline Work. EMD : Rs. Rs.1,00,000 to 2,00,000/- Tender fee : Rs. 8270 to 11025/- Last Date for submitting Tender : 01-11-2024 04:00:pm Phone : 0485 2835687 Website : www.kwa.kerala.gov.inwww.etenders.kerala.gov.in Superintending Engineer KWA-JB-GL-6-723-2024-25 PH Circle Muvattupuzha NMDC Steel Limited C/o NMDC Iron & Steel Plant Fest-Nagarnur (Bastar) Chat tisgarh-494001 CUV ; 027110012015601001618 FORM G INVITATION FOR EXPRESSION OF INTEREST GVK Power & Infrastructure Ltd Holding Investments and Assets at Hyderabad (Under sub-regulation (1)of regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) CONTRACTS DEPARTMENT NMDC STEEL LIMITED, A Public Sector Company under Ministry of Steel Govt. of India, Invites Offline bids From experienced domestic bidders for the followings tender enquiry with start and end date as below For MTPA Integrated Steel Plant at Nltjmrna*, ^Fiir J Jaipur, (hhiflr rarlk’.l*1i Name of the work: BF Ge; Flare Stack Control Valve By-pm Arrange merit In Blast Furnace Complex In 3 MT PA integrated Steel Plan! at Nagarnar Turnkey belli. Tender no & Date NSl{CONTRACTS^39/BF/CV By pass rrangement/ 202 4/98 2 Dtd: 18.10 2024 last dale of submission: 01. It 2024. The de la । led hl and Bid deep merit s can be vic wed and/or dawnioaded from NMDC website http://www.nmdc.co.irv and Central Public Procurement pOftal [CPF PORTAL) htLpy/www.upracuTsf gav. I p/e p UD Lahr/ app- the Bidders, on regular tams are required to visit the NMDCs website / CPP Portal websites for corrigendum, if any, at a tutu re date. For further clarification, please contact HOD (Contracts) Email is contracist? nmdc .co. in, esn @ nm de. co. in, p a n kajkum ars@ nmdc. co. i n HOD (Contra ds) Extract of audited financial results of Wipro Limited and its subsidiaries for the quarter ended and half year ended September 30, 2024 RELEVANT PARTICULARS 1. Name of the corporate debtor along with PAN & CIN/ LLP No. GVK Power and Infrastructure Ltd. CIN: L74999TG2005PLC059013 PAN: AAACJ5599A 2. Address ofthe registered office Darshak Chambers, Plot No 32, Ground Floor, H.No 1-8-303/48/32 Street No 1, Penderghast Road, Secunderabad, Hyderabad—500003 Telangana, India 3. URLofwebsite www.gvk.com 4. Details of place where majority of fixed assets are located Hyderabad, Telangana 5. Installed capacity of main products/ services NA 6. Quantity and value of main products/ services sold in last financial year FY 2023-24 Revenue from operations: Rs 760 lakhs 7. Number of employees/ workmen Nil 8. Further details including last available financial statements (with schedules) of two years, lists of creditors are available at URL: Please refer website of GVKPIL www. gvk.com and CIRP Section GVKPIL CIRP 9. Eligibility for resolution applicants under section 25(2)(h) of the Code is available at URL: Please refer website of GVKPIL www. gvk.com and CIRP Section GVKPIL CIRP> Process Documentfor Invitation for EOI dated 18October2024 10. Last date for receipt of expression of interest 02 November 2024 11. Date of issue of provisional list of prospective resolution applicants 12 November2024 12. Last date for submission of objections to provisional list 17 November2024 13. Date of issue offinal list of prospective resolution applicants 25 November 2024 14. Date of issue of information memorandum, evaluation matrix and request for resolution plans to prospective resolution applicants 30 November 2024 15. Last date for submission of resolution plans 30 December 2024 16. Process email id to submit Expression of Interest gvkpilcirp@gmail.com Date: 18 October 2024 For GVK Power and Infrastructure Ltd. Place: Hyderabad, India Sd/- Satish Kumar Gupta Resolution Professional IP Regn. No.—IBBI/IPA-001/IP-P00023/2016-17/10056 AFA No. AA1/10056/02/300625/106924 AFAValidityDate-30 June 2025 17012, Building No. 17, Phase 2, KohinoorCity, Kurla, Mumbai-400070 Satishg 19@outlook.com INVITATION FOR EXPRESSION OF LIMITED OPERATING IN PRODUCTI TRICITYAT (Under sub-regulation (1) ofregulation (Insolvency Resolution Proces INTEREST FOR GACTEL TURNKEY PROJECTS ON, COLLECTION AND DISTRIBUTION OF ELEC- MUMBAI, MAHARASHTRA 36A of the Insolvency and Bankruptcy Board of India s for Corporate Persons) Regulations, 2016) SI. RELEVANT PARTICULARS 1. Name of the Corporate Debtor along with PAN & CIN/LLP No. Gactel Turnkey Projects Limited CIN—U40101MH1995PLC088439 PAN-AABCG2826L1ZI 2. Address of the registered office Floor 3rd, Plot No—3/8, Hamilton House J.N. Heredia Marg, Ballard Estate, Mumbai, Maharashtra 400038—India. 3. URLofwebsite N/A 4. Details of place where majority of fixed assets are located N/A 5. Installed capacity of main products/ services N/A 6. Quantity and value of main products/ services sold in last financial year The Business of the Corporate Debtor is non-opera- tional from the Fiscal Year 2021-22. 7. Number of employees/ workmen N/A 8. Further details including last available financial statements (with schedules) of two years, lists of creditors are available at URL: Mail to: cirp.gactel@gmail.com rkumar56.ip@gmail.com 9. Eligibility for resolution applicants under section 25(2)(h) of the Code is available at URL: Website: http://saarvi.com/running- cases.php E-mail: cirp.gactel@gmail.com rkumar56.ip@gmail.com 10. Last date for receipt of expression of interest 02-11-2024 11. Date of issue of provisional list of prospective resolution applicants 06-11-2024 12. Last date for submission of objections to provisional list 11-11-2024 13. Date of issue of final list of prospective resolution applicants 14-11-2024 14. Date of issue of information memo-randum, evaluation matrix and request for resolution plans to prospective resolution applicants 14-11-2024 15. Last date for submission of resolution plans 14-12-2024 16. Process email id to submit EOI Mail to: cirp.gactel@gmail.com, rkumar56.ip@gmail.com And in the manner mentioned in detailed EOI. Date: 18/10/2024 Mr.KumarRaghavan Resolution Professional of Gactel Turnkey Projects Limited Regd. No. IBBI/IPA-001/IP-P-01433/2018-2019/12336) Regd. Add: A15 Windmill Village Sr. no. 61-75,Paud Road, Bavdhan Budruk, Pune, Maharashtra ,411021 Correspondence Address: B610, BSEL Tech Park, Sector 30A, Opposite Vashi Railway Station, Vashi, Navi Mumbai -400703 Email Id: cirp.gactel@gmail.com, rkumar56.ip@gmail.com Consolidated Audited Financial Results of Wipro Limited under IFRS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended September 30,2024 Ha If year ended September 30,2024 Quarter ended September 30, 2023 Revenue from operations 223,016 442,664 225,159 Profit before tax 42,770 82,994 35.092 Profit aftertax 32,266 62,632 26,673 Total comprehensive income for the period 37,116 66,313 28.376 Paid-up equity share capital (Par value of ?2 per share) 10,463 10,463 10,444 Reserves excluding non-controlling interest1 as shown in the Audited Statement of Financial Position 739,433 739,433 770,183 Earnings per equity share (Par value of ? 2 per share) (EPS for quarter ended and half year ended periods are not annualized) Basic: (in ?) Diluted: (in ?) 6,14 6.12 11.89 11.85 5,06 5.04 Balance for the quarter ended September 30, 2024 and half year ended September 30, 2024 represent balances as per the audited consolidated statement of financial position for the year ended March 31, 2024 and balance for the quarter ended September 30, 2023 represent balances as per the audited consolidated statement of financial position for the yearended March 31, 2023, as required by the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015. The audited consolidated financial results of the Company for the quarter ended and half yearended September 30, 2024 have been approved by the Beard of Directors of the Company at its meeting held on October 17, 2024,The statutory auditors have expressed an unmodified audit opinion. Financial Results of Wipro Limited under Ind AS The financial results are prepared in accordance with Indian Accounting Standards (“Ind AS’1}, the previsions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”}. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendment rules issued thereafter. Consolidated Audited Financial Results of Wipro Limited under Ind AS FRIDAY, OCTOBER 18, 2024 (Tin millions, except per share data, unless otherwise stated) LTIMindtree Limited (Formerly Larsen & Ton bro Infotech Limited) Registered Office: L®T House. Bal a rd Estate. Mumba 400 DOL Tel (91 22) 6752 5656; Fax: (91 22) 67 5 2 589 3. E-mail: iny^toiWimiridtree.com; Website, www lr mindtnee.com. Corporate Identity Number L729O0MH1996PLCIQ4693 EXTRACT OF FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2024 ? in million Particulars Standalone Quarter ended Six months ended Year ended September 30, 2024 June 30, 2024 Septamber 30, 2023 Septamber 30, 2024 September 30, 2023 March 31, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total income 94.072 90,957 87,161 185,029 1 72301 340,033 Net profit before tax 16,361 14,821 14.778 31,182 29,699 58,794 Net profit after tax 12,202 11,062 1 1,336 23,264 22,570 44,859 Total comprehensive Income 10,323 12.349 9,960 22.672 25.083 49.708 Notes: 1. Iha cDriiojidatod and Stairtdakwie finance rebuffs df LTlMindtFE^L m ted (‘the Company’! “or Ihe IJ uar?£r arid Sis months, ended September 30, 2024 have been subjected to limited review by rhe statutory auditors. The results have beer renewed by the Audit Committee of the Board and approved by the Board of Directors al its, meeting held on October 17. 2024 ? The above IS an FXIMCT of the detailed formal cjf me financial results fi er! with the Slock Exchanges under Regulation 33 of the 5FEI (Lisi ng Obligations and Disclosure Requirements) Regulations, 2015 The full format of the consolidated Imari1 al results and the standalone financial results for the quarter and six monEhs ended September 30. 2024 are available or the Stock Exchanges website of BSE (www.bseiridia.com}, NSE fwww nseindia com) and Company’s website at www Himindtree.com/ nwstors 3 Results for the quarter and six months entwo September 30. 2024 are in compliance with the Indian Account ng Standards (ind AS) notified by the Ministry of Corporate Affairs as prescribed under section 133 of the Companies Act 2C13 4 The Board of Directors at its meeting held on October 17, 2024 have declared an interim dividend ? ZEV- per equity share of par value ¥ V- each 5. Figures for the earlier period(s) have been regrouped, wherever necessary. Fpt LTIMindtree Limited Dabashis Chatterjee Chief Executive Officer 3 Manag rig Director Balance for the quarter ended September 30, 2024 and half year ended September 3 0, 2 0 2 4 represent balances as per the audited consolidated balance sheet for the year ended March 31.2024 and balance for the quarter ended September 30, 2023 represent balances as per the audited consolidated balance sheet for the year ended March 31, 2023, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. Standalone Audited Financial Results of Wipro Limited under Ind AS {^in millions, except per share data, unless otherwise stated) Particulars Quarter ended September 30,2024 Half year ended September 30, 2024 Quarter ended September 30, 2023 Revenue from operations 168,958 333,771 166,307 Profit before tax 37,081 69,890 28.481 Profit after tax 27,135 50,881 20,613 Total comprehensive income for the period 26,819 51,227 20,814 The audited standalone financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. Notes: 1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company’s website (URL: www.wipro.com). 2. The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 11, i.e. 1 (one) bonus equity share of T2 each for every 1 (one) fully paid-up equity shares held (including ADS holders} as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of *2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively. By Order of the Board, For Wipro Limited Place: Bengaluru Rishad A. Premjl Date: October 17, 2024 Chairman Registered Office; Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru—560 035, India Website! wipro.com | Email Id; mfo@wipro.com I Tel: +91-80-2844 0011; Fax; +91-80-2844 0054 CIN: L3 2 W2KA19 46PLC02 0800 flnanclaiexp BENGALURU
toatod* do: 8800909649 ^/” «W ©Qseartsb 04 aatfoa^j ^JpiSSd 18.10.2024 toori^tobo c5aR3u)&J PUBLIC NOTICE &C&53<£ (&d€2&6 ^c3d(0^ ^£)0&3C3®. (kod ®^^x* a^on* &^ O^dt^ ©oto Pdoioait^ eJjwonao^ ^eO: 5& ®w ^do* 3, ©on* a, ^SON^ ^ SRO*, iisSoeiiao* S?W, adseo* d^ $^r (^ ^0^-400070. 395® tide© ©^aS:—746, &s®jorrto 4 & t®^, dort^A-560034. ’ Extract of audited financial results of Wipro Limited and its subsidiaries for the quarter ended and half year ended September 30, 2024 FOR LOST DOCUMENT My Client Sri. Raghu Jadhav S/o Anand Arer Aged about 48 years Residing at No.19, OM Mansion, Pampa Extension, Hebbal Kempapura, Bangalore 560024 has irretrievable lost Original Sale Deed dated 188-1999 Document No.BNG(U)-YLNK-2275/ 1999-2000 executed by Mr.A.Anand S/o Sri. Basappa in favour of my client’s Vendor Mr. Girish Naganur S/o Sri.Krishna Rao G Naganur with respect to residential House property, all that piece and parcel of the 1st House at 1st Floor, (Southern Portion) constructed on Site No.19, Byatarayanapura CMC Kata No.262/19 situated at Kempanna Village, Yelahanka Hobli, Bangalore North Taluk My Client has Lodged a Police Complaint for lost article on 16-10-2024 under acknowledgment issued by Police Unit: Bangalore City, Lost Report No.1289434/2024 dated 16-10-2024 If any person/s found the said document please come forward within a period of 7 days from the date of publication of this notice and hand over the same to the undersigned and you will be suitably rewarded. Else there won’t be any further claims from thereon. Address:- Srikantham. V.R, Advocate No. 310,60 feet Road, Talakaveri Layout, Sahakar Nagar Post, Bangalore-560 092. Phone No. 9845104859 SPj^otojtoeto®6’ ssioydx^ (G^to-s^Ftoo^) ©oitort^o, 2002d ©toto Skaototof®®^ oP®H3,P x* o^ to^®^© toe? ©S^ to* J J Gx^^iaeXFtoo^ w?f SS^QW <sioudx£ ©^ 2002d «atoo si-dcaso toasts tosto® ** ‘ ton ©tor? torerto ^®a®^ ©StoiScs*’ (koto «3d^ to^xcrr ^CTOFF Stoto^ Goto Pbcto©sto^to) (<a®^ stood ’©toae’ Goto eroPffitoitoPto) ddroA ©totoro® ^yddd ©xctoto xatosS^A sa®Fzs©Pori toto ©QF^STOA swrad(to), xk xaonad(to) toto ssatoetorodori ^^b^de^odde “GO aadctof a^e”, “^ den^oto? roMe” sterol itectoife. xb^d ^ro^i> ds ^ a^d xbdSd eyt,^^ x^ca^^oan^. 3. xroonadd/ <Sl-aoO9to QXBOp tods So. xfd—xroorodds wdtoerod isa toad toeSto toto tod: ^boa toad Stoto sroasetonadd dSds a 23 ^roto rood TB^ do. LBAN0HL0000086866 do. toa.81,27,807/- (toaareoto 12.11.2024 atari 11:00 (roonsddo) 84,2 2,95 5.75 (djaasaod GO^^ 559 05* Odd Goto^oto wid ‘s.S^to xa^dd Sod totp^aoj 12:00 d dz^ xods ‘Sddds XB©0® a-oz^toad sodded: tods Goto toad a«b toadj ^^08: ddri ^ 5 ©totori^ (xld xrooTOdds) GS^to toS doad,) djadrt ©®aoP: 17-10-2024 0^.8,12,780/- (toaaoaoto Goto odd »©o±>©oS dod
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GC?©) a^dc^x?” ©oto ^dctooatodd. dxiato dc^djadFrtto, zsa^rtto, Sdto, Loto sato ajaSorrY ^d toadri xsadaad^ ^dedd ©tosrodd awto* ^toaodod 435 ddd*©a toaaaoto ©aspazSd ajaeto^ toaoad. “ rttoaa:-1) doa&a toaoawdto^ ds^d^ https://sarfaesi.auctiontiger.net touao^ ©todjtodcO ddxioatodd toto to3«|s33d ‘gtoeo*, soa a^oad toto ^etoae 4rod, aro^ ea^r toaoSdod z^c^nadcb d®^ ^eaoaodd^ DEMAND DRAFT/NEFT/RTGS dajao^ doctoaA 5uadS d3addeeazt5d)d3 / ^dto “©F^d^ ‘a-aooaddg” zparidkxioo ©droaAdoaad. ‘ Consolidated Audited Financial Results of Wipro Limited under IFRS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended Half year ended Quarter ended September 30,2024 September 30,2024 September 30,2023 Revenue from operations 223,016 442,654 225,159 Profit before tax 42,778 82,994 35,092 Profit aftertax 32,266 62,632 26,673 Total comprehensive income for the period 37,116 66,313 28,376 Paid-up equity share capital (Par value of ?2 per 10,463 10,463 10,444 share) Reserves excluding non-controlling interest1 as 739,433 739,433 770,188 shown in the Audited Statement of Financial Position Earnings per equity share (Par value of ?2 per share) (EPS for quarter ended and half year ended periods are not annualized) Basic: (in ?) 6.14 11.89 5.06 Diluted: (in ?) 6.12 11.85 5.04 1Balance for the quarter ended September 30, 2024 and half year ended September 30, 2024 represent balances as per the audited consolidated statement of financial position for the year ended March 31, 2024 and balance for the quarter ended September 30, 2023 represent balances as per the audited consolidated statement of financial position forthe year ended March 31,2023, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. ®SF^6ri & dxaoS ^^oddSsb^derfodd 5^ Sgsadoad Be ^san® .& zbs® & ^^ stab?* <*5*acb 38 star, ssad do. 3, 7de zb sass®, an®eso®£) deSd®, 2de ataS, Sdd, ^addoa^;, dortebacb-560 043 gdcb S^Sod staba^e® R^ eadd cbeebetajrtwd 1) BectaS tf.fi. dead tfjaeo defo® an®. decarijaeaaej®, dab?* <*5*ac* 53 ddf, 2) Be asodos® .a ^ ded® an®. decartjaeaae^, dab?* dodoado 34 ddr, 3) Be ddn® a. zbn® ded® das®. decarijeeaaeA dob?* ?*®*acb 30 ddfd aexba ssad Ide d^n®, 3de esddd, ag^ z£®£to deSd®, Sdri, doriVracb-560016, gdcbri«od &eoc*&e^ex> gzJ&dbsad. obadjde d^rWri aids d&d Szsaddafi oba^de Oe^ab d*, #edx>, tad taoacb esqtea esaed tfedo>ri«?d^ ds sitae? d^dad 07 SdrivVvnaA tads* dozoe5abd shag abater^ djeood ^eo&abegjdo. 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Bedo^ S3, duaeepa d^, d^eoeb do. 8/7, dona &65 zb^dodeo® deSd® S3, doaSrtjaoddd*? dwa^dd, S.eso®. agdo eaozi, e3ori«bacb-56O 036. ^aen®: 9845520830, 7353233778, 9945530955. srode^d ai^nadda dto& ‘acsoaodto^ DEMAND DRAFT/NEFT/RTGS tovao^ ^to&>xbd towao^ $oato#ao±> ddto: adrac toafto* ^53953^ ©Ssdi^, Z39O56’: ^?5^ 23^05^ ©^ <51080^39, scad xJod5 65226845199, x$SeFft-aoO9»5, adi9e djaeds* 5^55953^ ©todo*, IFSC ^jaera^: SBIN0001593. ‘qdori xSSxIdfto: 3) ‘gaoa toasiri 0^^ ©dr sW SJad^rto^xlSxioo &ado& 8^oS 11-11-2024. doauawd addssad aodtorito toto ddtortanaA, doda^ d^^d6, https://sarfaesi.auctiontiger.net ri ^ aea ©daa dofcato^e d^e^ ^droO di9: +91- 6351896643/9173528727, xisato: ‘a-dseo* ZOQ: Support@auctiontiger.netTjddto^xjodarxiLJtoto. 8c330i : 18.10.2024 ^^^ toaed^ ^3953^ ©aodcs* ddroA, (koad ad^ex^ a^xon* ^3953^ Otodra* aoto ^doiosto^to), coWo^^^e^^-os^ov® (coW^^) O^oPv* CIN : L05190KA1921PLC036321 ^eoTOtfsS P^ea : ^©e®e ^o^w, S>W,E|>S aPrv5, 30. 12/1, w^edoZo^, ^^W^^d5 560 029. n^>dss~ : +91 80 4685 5100, ^5^: +91 80 4169 4399, ^w5^^5: www.irco.com ^>a® (P,„^56 rf^Vrt W^VoP^W^^o. ^3& Po±a^3 DQq ^ecbrttf^c®^©6 GgoPeS® AOV ±5,^^ ^ov6 {IC,&G$J«} APSOP^W rfnsr&Dab^rtsan) d^a® ^eVi^jdedo^d, 2016d cd^o^ GguPf^to ©ov ^Pg® tooto ©^soq (©^0^0^, ©wtr, p^to^ta* ©ov oetoov*) ^^o^bW^b to^ 3a®03t>££db±>WW^3 ^oto ^to3^0W^(“© tor©*’’) h^^W KaPra^eps^ 2013 0 Po±^rW pstood Poo 124(6)0^® Po^Wtf ©Otoo, ^OoOO Hto to^rrito ©¥^s ©toQoO ^b.® ©^nsX p,^ to^toto E$©0bto w^doP® Po±^to3 DQq ^tetoW^db cd^x^r GgoPe^to ©ov ^Pg® tos^w (“IC^G^5”) towsrtoodPepsXObOd. dtootobto ©dbdOOwsX ic&GtoW PwsrtobxPepsto ^JeObW^ Xo^o^Po a^s^ ^ieObtosOoW tojtooQP d^adW^do P^b Px©sXto. Xowo«±0 dleobtosOO ±qtobb PotoStoo tobtodP’dO, ©otoO https://www.irco.com/en-m/mvestd “c®d35rd^F35” XPd^dW eto.^ObOto. D Xo^o«tow PdPoVto’W^db WtobS^: »£P OtoordtooQ,toro©toto ^edort^o: V^^PeP dieOb XPr^PeP^W^db) SeVosWbtotob ictoGtoW toW+rtobd ©sWotoitob. Stob totoodO,, ®rafOtostooX©sto joid©* steOb XPr^PeP^W^b) x^toboos^s’psX Ops^WbOto. ado^®^® dtoordtooQ, ^ro©d3to«ed3nl^o: Sto^ Wto^P* TsOtobdb, PspperOeP* BJP®* tobraoP toWTFXbX PePstodeObrt^WsX V^P* to^V©sW3to)tob. tobOb IC^G^5WtowsrtooX©sWbto)to3. ctoOoOPoPStobb P^PoVoODQP dieObW^db.tobsb ±nto£to^rtto/ P,„to3* BWtoW^VoP*rt^db,towsrtooXbOto. P>. aaVop* NreSOtoo ©®soP ICGG^*WwSQ cdSo* ±ato£too Prdtoo ©®aoP So. towartoOtoo tos^od©®3oP 1 2017-18®e sb«aoSOaaVoa* OtoOdO* 8, 2017 WxOdO 6 13, 2024 dtoOdO* 20, 2024 Financial Results of Wipro Limited under Ind AS The financial results are prepared in accordance with Indian Accounting Standards (“Ind AS”), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendment rules issued thereafter. Consolidated Audited Financial Results of Wipro Limited under Ind AS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended Half year ended Quarter ended September 30,2024 September 30,2024 September 30,2023 Revenue from operations 223,016 442,654 225,159 Profit before tax 42,778 82,994 35,092 Profit after tax 32,266 62,632 26,673 Total comprehensive income forthe period 37,093 66,291 28,322 Paid-up equity share capital (Par value of ?2 per 10,463 10,463 10,444 share) Reserves excluding non-controlling interest1 as 734,880 734,880 765,703 shown in the Audited Balance Sheet Earnings per equity share (Par value of ?2 per share) (EPS for quarter ended and half year ended periods are not annualized) Basic: (in ?) 6.14 11.89 5.06 Diluted: (in ?) 6.12 11.85 5.04 1Balance for the quarter ended September 30, 2024 and half year ended September 30, 2024 represent balances as per the audited consolidated balance sheet for the year ended March 31,2024 and balance for the quarter ended September 30, 2023 represent balances as per the audited consolidated balance sheet for the year ended March 31, 2023, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. Standalone Audited Financial Results of Wipro Limited under Ind AS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended Half year ended Quarter ended September 30,2024 September 30,2024 September 30,2023 Revenue from operations 168,958 333,771 166,807 Profit before tax 37,081 69,890 28,481 Profit aftertax 27,135 50,881 20,613 Total comprehensive income for the period 26,819 51,227 20,814 The audited standalone financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. Notes: The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company’s website (URL: www.wipro.com). The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ?2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ?2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively. By Order of the Board, For Wipro Limited Place: Bengaluru Rishad A. Premji Date: October 17, 2024 Chairman Registered Office: Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru—560 035, India Website: wipro.com | Email Id: info@wipro.com | Tel: +91-80-2844 0011; Fax: +91 -80-2844 0054 CIN:L32102KA1945PLC020800 QT^^EEES^B—, iSo^ds ^ac3 23/MYS/2024 aF33o& 09.10.2024 SV ^dsddo, epaddd us^BKV SddbA SVrtd Seacbd wEbnaOrtVri ‘a-^oao’^ ^S^£)d^& ________________ BsadonaOc* add Moroa d^^ doJbado-c&^oijad:: dj®. 14,03,02,292/—————————————————————————- dode spsds* drartrKVg deridd^ 130 i£sx/ ^rto. ddrt ^^bdds^A 34.05 sax dad^ deojs.-dfdy do 13^ ebb.ood^djboart Sidro jejorfti a^s^. (a^Sa^yo®) erod depart: d^od doceo &&drtV sso^e^ roodjaedo^rtVo do& ^der^f S^drtVdOj alfbVdortjbVd^do. TT^aa^rt | 39,41,474/-~ dQ’Sde^’/S^ddod (d^&b^wo®) erod d^art: Ttetfeddod—Tbydor^ doecs® dsparW eocbd rtdru® ^^1V dofSd ^3on®rtV “apedrae donjon® do^ »bb^d^^bb ddd e5V^od SOO^A? drafe£ & d^rtsb, dos® draeef & dw®rtV) do& 10 dodoe. esrtod deoo® aro.ts®rtV dradS. — -—————————— nv a. ——————————————— 4 | erod-sadonaO-l: | dra. 3,68,36,277/- eS^esazirado: za^rosiraOd’O 8 do. 1^-2 drodood &z£oa ^3FdrtV adrorc®. erod- sadsnae-ll: z^drtr. B^odraoadd ^3J® -1 ss^ru® do. 4/d, &, a & <3 (4^-2 ri dadS^rafid—8 $wSriV>) ri zodco d^-2. 4 ^wSrtV adJSFE® ssdra ^JFO® do. 4/^, 5/eb-d & 13/sb zodeo dodcbdsbFE® sscdFrtd. 5 |
erod-gadnab-l: | da. 1,23,86,398/- d©^ dzpsheod gozS^odo® / zb,ts® / dSdezS doo ^dodfi d3cd ddFrtV addri arodd (dzs®dd^)—sdortVracd ao. (dOdddN®) dzpartd dedd (dS^edadd—doz^db^ draczs® ^raw® depart z^Vriraodosi) dS AdFO® ^ rtVri d^ed eddd roodF. erod-sadorroO-lk d^djatd azpart: dxradde s^od d^da&rafd$s ddaodo^ dorado—esddeSd azpsrtd saze. 116/800-900 dO zb,c^ do. 62a, saoe. 120/300-400 dS ^ do. 59a, z3S.Z3bzq.racd—SdesA d^brt s£k 393/800-900 dg $,â–¡£ do. 43zb, &df. 320/300-400 dO zb.af’do.“21a, dbjdrado azpbrtd Sade. 57/400-500 dg ^ do. 840a riVed^ dbd:^eddrtraVd3eg)dD. zbt3®rtVdd dOdeo traded assboS: ^(^doMUEO^Jododddri ddd^dpafieod^oz3$odo®7rtocdafziri] FW/498/AAMO/PRB/SWR^^^ PUBLIC NOTICE This is to inform the general public that my client is intended to Purchase the vacant plot bearing Old No.325/1, PID No.41-1-325/1 forming part and parcel of Schedule ‘A’ Property, which property is more fully detailed in the schedule ‘B’ from Sri. N.Vinaya Gupta S/o.Sri.H.N.Nagendra Gupta, Aged about 53 years, R/at No.37, 11th Cross Road, West Kanakapura Road, K.RRoad, Jayanagar 7th Block,, Bengaluru-560 082, for valuable consideration. Any person/s or financial institutions claiming any charge, lien, right, title agreement, interest or share, claim on the schedule property or objection to such sale in favour of my client, should lodge his/her/their/its objection or claim with supporting documents with the undersigned within 07 days of the issuance of this public notice, failing which, my client will proceed with the purchase of the schedule property on the basis that there are no claims or objections with regard to the purchase of the schedule property and no claim will be entertained thereafter. SCHEDULE ‘A’ PROPERTY All that piece and parcel of the commercial property bearing corporation No.325/1, BBMP PID No.41-1-325/1, measuring 46,058 Sq.ft, situated on Bangalore-Mysore Road, BBMP Ward No.158, Deepanjali Nagar, Bangalore-560 039 and is marked as EFGH in the sketch annexed herein and bounded on: East by : Property belonging to BHEL and Site bearing Corporation No.326 West by : Patel Puttaiah Industrial Road North by : Site bearing Corporation No.325/2 South by : Bangalore-Mysore Road SCHEDULE ‘B’ PROPERTY All that piece and parcel of the Northern side of Schedule ‘A’ property, commercial property bearing corporation No.325/1, BBMP PID No.41-1-325/1, situated on Bangalore-Mysore Road, BBMP Ward No.158, Deepanjali Nagar, Bangalore-560 039, measuring East to West, towards Northern side 121 ’4 “ southern side 123’-5 3/4 “ and North to South, towards Eastern side 86-10 3/4“, Western side 76’-8”, in all ad measuring 10006.9707 Sq.Ft. and bounded on: East by : Property belonging to BHEL and Site bearing Corporation No.326 West by : Patel Puttaiah Industrial Road North by : Property allocated to the share of Smt.N.Gowri i.e., property No.325/2 South by : Remaining property of the Vendor site No.325/1 H.T.NATARAJ. 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(kod ®^^x* a^on* &^ O^dt^ ©oto Pdoioait^ eJjwonao^ ^eO: 5& ®w ^do* 3, ©on* a, ^SON^ ^ SRO*, iisSoeiiao* S?W, adseo* d^ $^r (^ ^0^-400070. 395® tide© ©^aS:—746, &s®jorrto 4 & t®^, dort^A-560034. ’ Extract of audited financial results of Wipro Limited and its subsidiaries for the quarter ended and half year ended September 30, 2024 FOR LOST DOCUMENT My Client Sri. Raghu Jadhav S/o Anand Arer Aged about 48 years Residing at No.19, OM Mansion, Pampa Extension, Hebbal Kempapura, Bangalore 560024 has irretrievable lost Original Sale Deed dated 188-1999 Document No.BNG(U)-YLNK-2275/ 1999-2000 executed by Mr.A.Anand S/o Sri. Basappa in favour of my client’s Vendor Mr. Girish Naganur S/o Sri.Krishna Rao G Naganur with respect to residential House property, all that piece and parcel of the 1st House at 1st Floor, (Southern Portion) constructed on Site No.19, Byatarayanapura CMC Kata No.262/19 situated at Kempanna Village, Yelahanka Hobli, Bangalore North Taluk My Client has Lodged a Police Complaint for lost article on 16-10-2024 under acknowledgment issued by Police Unit: Bangalore City, Lost Report No.1289434/2024 dated 16-10-2024 If any person/s found the said document please come forward within a period of 7 days from the date of publication of this notice and hand over the same to the undersigned and you will be suitably rewarded. Else there won’t be any further claims from thereon. Address:- Srikantham. V.R, Advocate No. 310,60 feet Road, Talakaveri Layout, Sahakar Nagar Post, Bangalore-560 092. Phone No. 9845104859 SPj^otojtoeto®6’ ssioydx^ (G^to-s^Ftoo^) ©oitort^o, 2002d ©toto Skaototof®®^ oP®H3,P x* o^ to^®^© toe? ©S^ to* J J Gx^^iaeXFtoo^ w?f SS^QW <sioudx£ ©^ 2002d «atoo si-dcaso toasts tosto® ** ‘ ton ©tor? torerto ^®a®^ ©StoiScs*’ (koto «3d^ to^xcrr ^CTOFF Stoto^ Goto Pbcto©sto^to) (<a®^ stood ’©toae’ Goto eroPffitoitoPto) ddroA ©totoro® ^yddd ©xctoto xatosS^A sa®Fzs©Pori toto ©QF^STOA swrad(to), xk xaonad(to) toto ssatoetorodori ^^b^de^odde “GO aadctof a^e”, “^ den^oto? roMe” sterol itectoife. xb^d ^ro^i> ds ^ a^d xbdSd eyt,^^ x^ca^^oan^. 3. xroonadd/ <Sl-aoO9to QXBOp tods So. xfd—xroorodds wdtoerod isa toad toeSto toto tod: ^boa toad Stoto sroasetonadd dSds a 23 ^roto rood TB^ do. 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GC?©) a^dc^x?” ©oto ^dctooatodd. dxiato dc^djadFrtto, zsa^rtto, Sdto, Loto sato ajaSorrY ^d toadri xsadaad^ ^dedd ©tosrodd awto* ^toaodod 435 ddd*©a toaaaoto ©aspazSd ajaeto^ toaoad. “ rttoaa:-1) doa&a toaoawdto^ ds^d^ https://sarfaesi.auctiontiger.net touao^ ©todjtodcO ddxioatodd toto to3«|s33d ‘gtoeo*, soa a^oad toto ^etoae 4rod, aro^ ea^r toaoSdod z^c^nadcb d®^ ^eaoaodd^ DEMAND DRAFT/NEFT/RTGS dajao^ doctoaA 5uadS d3addeeazt5d)d3 / ^dto “©F^d^ ‘a-aooaddg” zparidkxioo ©droaAdoaad. ‘ Consolidated Audited Financial Results of Wipro Limited under IFRS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended Half year ended Quarter ended September 30,2024 September 30,2024 September 30,2023 Revenue from operations 223,016 442,654 225,159 Profit before tax 42,778 82,994 35,092 Profit aftertax 32,266 62,632 26,673 Total comprehensive income for the period 37,116 66,313 28,376 Paid-up equity share capital (Par value of ?2 per 10,463 10,463 10,444 share) Reserves excluding non-controlling interest1 as 739,433 739,433 770,188 shown in the Audited Statement of Financial Position Earnings per equity share (Par value of ?2 per share) (EPS for quarter ended and half year ended periods are not annualized) Basic: (in ?) 6.14 11.89 5.06 Diluted: (in ?) 6.12 11.85 5.04 1Balance for the quarter ended September 30, 2024 and half year ended September 30, 2024 represent balances as per the audited consolidated statement of financial position for the year ended March 31, 2024 and balance for the quarter ended September 30, 2023 represent balances as per the audited consolidated statement of financial position forthe year ended March 31,2023, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. ®SF^6ri & dxaoS ^^oddSsb^derfodd 5^ Sgsadoad Be ^san® .& zbs® & ^^ stab?* <*5*acb 38 star, ssad do. 3, 7de zb sass®, an®eso®£) deSd®, 2de ataS, Sdd, ^addoa^;, dortebacb-560 043 gdcb S^Sod staba^e® R^ eadd cbeebetajrtwd 1) BectaS tf.fi. dead tfjaeo defo® an®. decarijaeaaej®, dab?* <*5*ac* 53 ddf, 2) Be asodos® .a ^ ded® an®. decartjaeaae^, dab?* dodoado 34 ddr, 3) Be ddn® a. zbn® ded® das®. decarijeeaaeA dob?* ?*®*acb 30 ddfd aexba ssad Ide d^n®, 3de esddd, ag^ z£®£to deSd®, Sdri, doriVracb-560016, gdcbri«od &eoc*&e^ex> gzJ&dbsad. obadjde d^rWri aids d&d Szsaddafi oba^de Oe^ab d*, #edx>, tad taoacb esqtea esaed tfedo>ri«?d^ ds sitae? d^dad 07 SdrivVvnaA tads* dozoe5abd shag abater^ djeood ^eo&abegjdo. 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P>. aaVop* NreSOtoo ©®soP ICGG^*WwSQ cdSo* ±ato£too Prdtoo ©®aoP So. towartoOtoo tos^od©®3oP 1 2017-18®e sb«aoSOaaVoa* OtoOdO* 8, 2017 WxOdO 6 13, 2024 dtoOdO* 20, 2024 Financial Results of Wipro Limited under Ind AS The financial results are prepared in accordance with Indian Accounting Standards (“Ind AS”), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendment rules issued thereafter. Consolidated Audited Financial Results of Wipro Limited under Ind AS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended Half year ended Quarter ended September 30,2024 September 30,2024 September 30,2023 Revenue from operations 223,016 442,654 225,159 Profit before tax 42,778 82,994 35,092 Profit after tax 32,266 62,632 26,673 Total comprehensive income forthe period 37,093 66,291 28,322 Paid-up equity share capital (Par value of ?2 per 10,463 10,463 10,444 share) Reserves excluding non-controlling interest1 as 734,880 734,880 765,703 shown in the Audited Balance Sheet Earnings per equity share (Par value of ?2 per share) (EPS for quarter ended and half year ended periods are not annualized) Basic: (in ?) 6.14 11.89 5.06 Diluted: (in ?) 6.12 11.85 5.04 1Balance for the quarter ended September 30, 2024 and half year ended September 30, 2024 represent balances as per the audited consolidated balance sheet for the year ended March 31,2024 and balance for the quarter ended September 30, 2023 represent balances as per the audited consolidated balance sheet for the year ended March 31, 2023, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. Standalone Audited Financial Results of Wipro Limited under Ind AS (tin millions, except per share data, unless otherwise stated) Particulars Quarter ended Half year ended Quarter ended September 30,2024 September 30,2024 September 30,2023 Revenue from operations 168,958 333,771 166,807 Profit before tax 37,081 69,890 28,481 Profit aftertax 27,135 50,881 20,613 Total comprehensive income for the period 26,819 51,227 20,814 The audited standalone financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The statutory auditors have expressed an unmodified audit opinion. Notes: The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company’s website (URL: www.wipro.com). The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ?2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ?2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively. By Order of the Board, For Wipro Limited Place: Bengaluru Rishad A. Premji Date: October 17, 2024 Chairman Registered Office: Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru—560 035, India Website: wipro.com | Email Id: info@wipro.com
| Tel: +91-80-2844 0011; Fax: +91 -80-2844 0054 CIN:L32102KA1945PLC020800 QT^^EEES^B—, iSo^ds ^ac3 23/MYS/2024 aF33o& 09.10.2024 SV ^dsddo, epaddd us^BKV SddbA SVrtd Seacbd wEbnaOrtVri ‘a-^oao’^ ^S^£)d^& ________________ BsadonaOc* add Moroa d^^ doJbado-c&^oijad:: dj®. 14,03,02,292/—————————————————————————- dode spsds* drartrKVg deridd^ 130 i£sx/ ^rto. ddrt ^^bdds^A 34.05 sax dad^ deojs.-dfdy do 13^ ebb.ood^djboart Sidro jejorfti a^s^. (a^Sa^yo®) erod depart: d^od doceo &&drtV sso^e^ roodjaedo^rtVo do& ^der^f S^drtVdOj alfbVdortjbVd^do. TT^aa^rt | 39,41,474/-~ dQ’Sde^’/S^ddod (d^&b^wo®) erod d^art: Ttetfeddod—Tbydor^ doecs® dsparW eocbd rtdru® ^^1V dofSd ^3on®rtV “apedrae donjon® do^ »bb^d^^bb ddd e5V^od SOO^A? drafe£ & d^rtsb, dos® draeef & dw®rtV) do& 10 dodoe. esrtod deoo® aro.ts®rtV dradS. — -—————————— nv a. ——————————————— 4 | erod-sadonaO-l: | dra. 3,68,36,277/- eS^esazirado: za^rosiraOd’O 8 do. 1^-2 drodood &z£oa ^3FdrtV adrorc®. erod- sadsnae-ll: z^drtr. B^odraoadd ^3J® -1 ss^ru® do. 4/d, &, a & <3 (4^-2 ri dadS^rafid—8 $wSriV>) ri zodco d^-2. 4 ^wSrtV adJSFE® ssdra ^JFO® do. 4/^, 5/eb-d & 13/sb zodeo dodcbdsbFE® sscdFrtd. 5 |
erod-gadnab-l: | da. 1,23,86,398/- d©^ dzpsheod gozS^odo® / zb,ts® / dSdezS doo ^dodfi d3cd ddFrtV addri arodd (dzs®dd^)—sdortVracd ao. (dOdddN®) dzpartd dedd (dS^edadd—doz^db^ draczs® ^raw® depart z^Vriraodosi) dS AdFO® ^ rtVri d^ed eddd roodF. erod-sadorroO-lk d^djatd azpart: dxradde s^od d^da&rafd$s ddaodo^ dorado—esddeSd azpsrtd saze. 116/800-900 dO zb,c^ do. 62a, saoe. 120/300-400 dS ^ do. 59a, z3S.Z3bzq.racd—SdesA d^brt s£k 393/800-900 dg $,â–¡£ do. 43zb, &df. 320/300-400 dO zb.af’do.“21a, dbjdrado azpbrtd Sade. 57/400-500 dg ^ do. 840a riVed^ dbd:^eddrtraVd3eg)dD. zbt3®rtVdd dOdeo traded assboS: ^(^doMUEO^Jododddri ddd^dpafieod^oz3$odo®7rtocdafziri] FW/498/AAMO/PRB/SWR^^^ PUBLIC NOTICE This is to inform the general public that my client is intended to Purchase the vacant plot bearing Old No.325/1, PID No.41-1-325/1 forming part and parcel of Schedule ‘A’ Property, which property is more fully detailed in the schedule ‘B’ from Sri. N.Vinaya Gupta S/o.Sri.H.N.Nagendra Gupta, Aged about 53 years, R/at No.37, 11th Cross Road, West Kanakapura Road, K.RRoad, Jayanagar 7th Block,, Bengaluru-560 082, for valuable consideration. Any person/s or financial institutions claiming any charge, lien, right, title agreement, interest or share, claim on the schedule property or objection to such sale in favour of my client, should lodge his/her/their/its objection or claim with supporting documents with the undersigned within 07 days of the issuance of this public notice, failing which, my client will proceed with the purchase of the schedule property on the basis that there are no claims or objections with regard to the purchase of the schedule property and no claim will be entertained thereafter. SCHEDULE ‘A’ PROPERTY All that piece and parcel of the commercial property bearing corporation No.325/1, BBMP PID No.41-1-325/1, measuring 46,058 Sq.ft, situated on Bangalore-Mysore Road, BBMP Ward No.158, Deepanjali Nagar, Bangalore-560 039 and is marked as EFGH in the sketch annexed herein and bounded on: East by : Property belonging to BHEL and Site bearing Corporation No.326 West by : Patel Puttaiah Industrial Road North by : Site bearing Corporation No.325/2 South by : Bangalore-Mysore Road SCHEDULE ‘B’ PROPERTY All that piece and parcel of the Northern side of Schedule ‘A’ property, commercial property bearing corporation No.325/1, BBMP PID No.41-1-325/1, situated on Bangalore-Mysore Road, BBMP Ward No.158, Deepanjali Nagar, Bangalore-560 039, measuring East to West, towards Northern side 121 ’4 “ southern side 123’-5 3/4 “ and North to South, towards Eastern side 86-10 3/4“, Western side 76’-8”, in all ad measuring 10006.9707 Sq.Ft. and bounded on: East by : Property belonging to BHEL and Site bearing Corporation No.326 West by : Patel Puttaiah Industrial Road North by : Property allocated to the share of Smt.N.Gowri i.e., property No.325/2 South by : Remaining property of the Vendor site No.325/1 H.T.NATARAJ. 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EX-99.3
Exhibit 99.3
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS
AS AT AND FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2024
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, 2024 | As at September 30, 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| Convenience translation intoUS dollar in millions(unaudited) Refer to Note 2(iii) | ||||||||
| ASSETS | ||||||||
| Goodwill | 6 | 316,002 | 319,207 | 3,811 | ||||
| Intangible assets | 6 | 32,748 | 28,195 | 336 | ||||
| Property, plant and equipment | 4 | 81,608 | 78,822 | 941 | ||||
| Right-of-Use<br>assets | 5 | 17,955 | 21,854 | 261 | ||||
| Financial assets | ||||||||
| Derivative assets | 17 | 25 | — | — | ||||
| Investments | 7 | 21,629 | 31,385 | 375 | ||||
| Trade receivables | 4,045 | 587 | 7 | |||||
| Other financial assets | 10 | 5,550 | 5,148 | 61 | ||||
| Investments accounted for using the equity method | 1,044 | 1,008 | 12 | |||||
| Deferred tax assets | 1,817 | 1,922 | 23 | |||||
| Non-current tax assets | 9,043 | 7,782 | 93 | |||||
| Other non-current assets | 11 | 10,331 | 7,744 | 92 | ||||
| Total non-current assets | **** | 501,797 | **** | 503,654 | **** | 6,012 | ||
| Inventories | 8 | 907 | 1,052 | 13 | ||||
| Financial assets | ||||||||
| Derivative assets | 17 | 1,333 | 651 | 8 | ||||
| Investments | 7 | 311,171 | 407,309 | 4,863 | ||||
| Cash and cash equivalents | 9 | 96,953 | 104,592 | 1,249 | ||||
| Trade receivables | 115,477 | 112,655 | 1,345 | |||||
| Unbilled receivables | 58,345 | 64,776 | 773 | |||||
| Other financial assets | 10 | 10,536 | 8,973 | 107 | ||||
| Contract assets | 19,854 | 17,788 | 212 | |||||
| Current tax assets | 6,484 | 6,086 | 73 | |||||
| Other current assets | 11 | 29,602 | 32,561 | 389 | ||||
| Total current assets | **** | 650,662 | **** | 756,443 | **** | 9,032 | ||
| TOTAL ASSETS | **** | 1,152,459 | **** | 1,260,097 | **** | 15,044 | ||
| EQUITY | ||||||||
| Share capital | 10,450 | 10,463 | 125 | |||||
| Share premium | 3,291 | 6,000 | 72 | |||||
| Retained earnings | 630,936 | 693,688 | 8,282 | |||||
| Share-based payment reserve | 6,384 | 6,315 | 75 | |||||
| Special Economic Zone re-investment reserve | 42,129 | 41,497 | 495 | |||||
| Other components of equity | 56,693 | 60,380 | 721 | |||||
| Equity attributable to the equity holders of the Company | **** | 749,883 | **** | 818,343 | **** | 9,770 | ||
| Non-controlling interests | 1,340 | 1,798 | 21 | |||||
| TOTAL EQUITY | **** | 751,223 | **** | 820,141 | **** | 9,791 | ||
| LIABILITIES | ||||||||
| Financial liabilities | ||||||||
| Loans and borrowings | 12 | 62,300 | 62,653 | 748 | ||||
| Lease liabilities | 13,962 | 18,965 | 226 | |||||
| Derivative liabilities | 17 | 4 | 1 | ^ | ||||
| Other financial liabilities | 14 | 4,985 | 5,862 | 70 | ||||
| Deferred tax liabilities | 17,467 | 16,625 | 198 | |||||
| Non-current tax liabilities | 37,090 | 40,122 | 479 | |||||
| Other non-current liabilities | 15 | 12,970 | 14,823 | 177 | ||||
| Total non-current liabilities | **** | 148,778 | **** | 159,051 | **** | 1,898 | ||
| Financial liabilities | ||||||||
| Loans, borrowings and bank overdrafts | 12 | 79,166 | 103,157 | 1,232 | ||||
| Lease liabilities | 9,221 | 8,047 | 96 | |||||
| Derivative liabilities | 17 | 558 | 1,064 | 13 | ||||
| Trade payables and accrued expenses | 13 | 88,566 | 82,810 | 989 | ||||
| Other financial liabilities | 14 | 2,272 | 2,976 | 36 | ||||
| Contract liabilities | 17,653 | 18,439 | 220 | |||||
| Current tax liabilities | 21,756 | 30,599 | 365 | |||||
| Other current liabilities | 15 | 31,295 | 32,004 | 382 | ||||
| Provisions | 16 | 1,971 | 1,809 | 22 | ||||
| Total current liabilities | **** | 252,458 | **** | 280,905 | **** | 3,355 | ||
| TOTAL LIABILITIES | **** | 401,236 | **** | 439,956 | **** | 5,253 | ||
| TOTAL EQUITY AND LIABILITIES | **** | 1,152,459 | **** | 1,260,097 | **** | 15,044 |
^ Value is less than 0.5
The accompanying notes form an integral part of these interim condensed consolidated financial statements
| As per our report of even date attached | For and on behalf of the Board of Directors | ||
|---|---|---|---|
| for Deloitte Haskins & Sells LLP | Rishad A. Premji | Deepak M. Satwalekar | Srinivas Pallia |
| Chartered Accountants | Chairman | Director | Chief Executive Officer and |
| Firm’s Registration No: 117366W/W - 100018 | Managing Director | ||
| Anand Subramanian | Aparna C. Iyer | M. Sanaulla Khan | |
| Partner | Chief Financial Officer | Company Secretary | |
| Membership No.: 110815 | |||
| Bengaluru | |||
| October 17, 2024 |
1
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(₹inmillions, except share and per share data, unless otherwise stated)
| Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||||||||
| Convenience<br>translation into<br>US dollar in<br>millions<br>(unaudited)<br>Refer to Note<br>2(iii) | Convenience<br>translation into<br>US dollar in<br>millions<br>(unaudited)<br>Refer to Note<br>2(iii) | |||||||||||||||||||
| Revenues | 20 | 225,159 | 223,016 | 2,663 | 453,469 | 442,654 | 5,285 | |||||||||||||
| Cost of revenues | 21 | (159,191 | ) | (155,049 | ) | (1,851 | ) | (320,452 | ) | (308,355 | ) | (3,681 | ) | |||||||
| Gross profit | **** | 65,968 | **** | **** | 67,967 | **** | **** | 812 | **** | **** | 133,017 | **** | **** | 134,299 | **** | **** | 1,604 | **** | ||
| Selling and marketing expenses | 21 | (18,767 | ) | (17,388 | ) | (207 | ) | (35,351 | ) | (33,232 | ) | (397 | ) | |||||||
| General and administrative expenses | 21 | (14,124 | ) | (13,034 | ) | (156 | ) | (30,011 | ) | (27,247 | ) | (325 | ) | |||||||
| Foreign exchange gains/(losses), net | 23 | 268 | (396 | ) | (5 | ) | 206 | (602 | ) | (7 | ) | |||||||||
| Results from operating activities | **** | 33,345 | **** | **** | 37,149 | **** | **** | 444 | **** | **** | 67,861 | **** | **** | 73,218 | **** | **** | 875 | **** | ||
| Finance expenses | 22 | (3,033 | ) | (3,569 | ) | (43 | ) | (6,119 | ) | (6,857 | ) | (82 | ) | |||||||
| Finance and other income | 23 | 4,810 | 9,195 | 110 | 11,352 | 16,675 | 199 | |||||||||||||
| Share of net profit/ (loss) of associate and joint venture accounted for using the equity<br>method | (30 | ) | 3 | ^ | (27 | ) | (42 | ) | (1 | ) | ||||||||||
| Profit before tax | **** | 35,092 | **** | **** | 42,778 | **** | **** | 511 | **** | **** | 73,067 | **** | **** | 82,994 | **** | **** | 991 | **** | ||
| Income tax expense | 19 | (8,419 | ) | (10,512 | ) | (126 | ) | (17,534 | ) | (20,362 | ) | (243 | ) | |||||||
| Profit for the period | **** | 26,673 | **** | **** | 32,266 | **** | **** | 385 | **** | **** | 55,533 | **** | **** | 62,632 | **** | **** | 748 | **** | ||
| Profit attributable to: | ||||||||||||||||||||
| Equity holders of the Company | 26,463 | 32,088 | 383 | 55,164 | 62,120 | 742 | ||||||||||||||
| Non-controlling interests | 210 | 178 | 2 | 369 | 512 | 6 | ||||||||||||||
| Profit for the period | **** | 26,673 | **** | **** | 32,266 | **** | **** | 385 | **** | **** | 55,533 | **** | **** | 62,632 | **** | **** | 748 | **** | ||
| Earnings per equity share: | 24 | |||||||||||||||||||
| Attributable to equity holders of the Company | ||||||||||||||||||||
| Basic | 5.06 | 6.14 | 0.07 | 10.30 | 11.89 | 0.14 | ||||||||||||||
| Diluted | 5.04 | 6.12 | 0.07 | 10.27 | 11.85 | 0.14 | ||||||||||||||
| Weighted average number of equity shares used in computing earnings per equityshare | ||||||||||||||||||||
| Basic | 5,232,867,366 | 5,226,755,635 | 5,226,755,635 | 5,357,394,940 | 5,226,444,619 | 5,226,444,619 | ||||||||||||||
| Diluted | 5,245,641,198 | 5,241,078,937 | 5,241,078,937 | 5,370,078,563 | 5,239,886,408 | 5,239,886,408 |
^ Value is less than 0.5
The accompanying notes form an integral part of these interim condensed consolidated financial statements
| As per our report of even date attached | For and on behalf of the Board of Directors | ||
|---|---|---|---|
| for Deloitte Haskins & Sells LLP | Rishad A. Premji | Deepak M. Satwalekar | Srinivas Pallia |
| Chartered Accountants | Chairman | Director | Chief Executive Officer and |
| Firm’s Registration No: 117366W/W - 100018 | Managing Director | ||
| Anand Subramanian | Aparna C. Iyer | M. Sanaulla Khan | |
| Partner | Chief Financial Officer | Company Secretary | |
| Membership No.: 110815 | |||
| Bengaluru | |||
| October 17, 2024 |
2
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(₹inmillions, except share and per share data, unless otherwise stated)
| Three months ended September 30, | Six months ended September 30, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||||||||
| Convenience<br>translation into<br>US dollar in<br>millions<br>(unaudited) Refer<br>to Note 2(iii) | Convenience<br>translation into<br>US dollar in<br>millions<br>(unaudited) Refer<br>to Note2(iii) | |||||||||||||||||
| Profit for the period | **** | 26,673 | **** | **** | 32,266 | **** | **** | 385 | **** | **** | 55,533 | **** | **** | 62,632 | **** | **** | 748 | **** |
| Other comprehensive income (OCI) | ||||||||||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods | ||||||||||||||||||
| Remeasurements of the defined benefit plans, net | 51 | 323 | 4 | 6 | 381 | 5 | ||||||||||||
| Net change in fair value of investment in equity instruments measured at fair value through<br>OCI | (124 | ) | 153 | 2 | (108 | ) | (166 | ) | (2 | ) | ||||||||
| **** | (73 | ) | **** | 476 | **** | **** | 6 | **** | **** | (102 | ) | **** | 215 | **** | **** | 3 | **** | |
| Items that will be reclassified to profit or loss in subsequent periods | ||||||||||||||||||
| Foreign currency translation differences | 1,824 | 5,115 | 61 | 1,462 | 3,716 | 44 | ||||||||||||
| Reclassification of foreign currency translation differences on liquidation of subsidiaries to<br>statement of income | (183 | ) | 13 | ^ | (181 | ) | 13 | ^ | ||||||||||
| Net change in time value of option contracts designated as cash flow hedges, net of taxes | 211 | (368 | ) | (4 | ) | 251 | (364 | ) | (4 | ) | ||||||||
| Net change in intrinsic value of option contracts designated as cash flow hedges, net of<br>taxes | (311 | ) | (103 | ) | (1 | ) | 201 | (18 | ) | ^ | ||||||||
| Net change in fair value of forward contracts designated as cash flow hedges, net of<br>taxes | (62 | ) | (673 | ) | (8 | ) | 1,586 | (455 | ) | (6 | ) | |||||||
| Net change in fair value of investment in debt instruments measured at fair value through OCI, net<br>of taxes | 297 | 390 | 4 | 1,336 | 574 | 7 | ||||||||||||
| **** | 1,776 | **** | **** | 4,374 | **** | **** | 52 | **** | **** | 4,655 | **** | **** | 3,466 | **** | **** | 41 | **** | |
| Total other comprehensive income, net of taxes | 1,703 | 4,850 | 58 | 4,553 | 3,681 | 44 | ||||||||||||
| Total comprehensive income for the period | **** | 28,376 | **** | **** | 37,116 | **** | **** | 443 | **** | **** | 60,086 | **** | **** | 66,313 | **** | **** | 792 | **** |
| Total comprehensive income attributable to: | ||||||||||||||||||
| Equity holders of the Company | 28,169 | 36,942 | 441 | 59,809 | 65,807 | 786 | ||||||||||||
| Non-controlling interests | 207 | 174 | 2 | 277 | 506 | 6 | ||||||||||||
| **** | 28,376 | **** | **** | 37,116 | **** | **** | 443 | **** | **** | 60,086 | **** | **** | 66,313 | **** | **** | 792 | **** |
^ Value is less than 0.5
The accompanying notes form an integral part of these interim condensed consolidated financial statements
| As per our report of even date attached | For and on behalf of the Board of Directors | ||
|---|---|---|---|
| for Deloitte Haskins & Sells LLP | Rishad A. Premji | Deepak M. Satwalekar | Srinivas Pallia |
| Chartered Accountants | Chairman | Director | Chief Executive Officer and |
| Firm’s Registration No: 117366W/W - 100018 | Managing Director | ||
| Anand Subramanian | Aparna C. Iyer | M. Sanaulla Khan | |
| Partner | Chief Financial Officer | Company Secretary | |
| Membership No.: 110815 | |||
| Bengaluru | |||
| October 17, 2024 |
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 of<br>shares ^(1)^ | Sharecapital,<br>fully paid-up | Share<br>premium | Retained<br>earnings | Share-<br>based<br>payment<br>reserve | Special<br>Economic<br>Zone re-<br>investment<br>reserve | Foreign<br>currency<br>translation<br>reserve ^(2)^ | Cash flow<br>hedging<br>reserve ^(3)^ | Other<br>reserves ^(2)^ | Equity<br>attributable to<br>the equity<br>holders of the<br>Company | Non-<br>controlling<br>interests | Total equity | ||||||||||||||||||||||
| As at April 1, 2023 | **** | 5,487,917,741 | **** | **** | 10,976 | **** | **** | 3,689 | **** | **** | 660,964 | **** | **** | 5,632 | **** | **** | 46,803 | **** | **** | 43,255 | **** | (1,403 | ) | **** | 11,248 | **** | 781,164 | **** | **** | 589 | **** | **** | 781,753 | **** |
| Comprehensive income for the period | ||||||||||||||||||||||||||||||||||
| Profit for the period | — | — | — | 55,164 | — | — | — | — | — | **** | 55,164 | **** | 369 | **** | 55,533 | **** | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | 1,271 | 2,038 | 1,336 | **** | 4,645 | **** | (92 | ) | **** | 4,553 | **** | |||||||||||||||||
| Total comprehensive income for the period | **** | — | **** | **** | — | **** | **** | — | **** | **** | 55,164 | **** | **** | — | **** | **** | — | **** | **** | 1,271 | **** | 2,038 | **** | **** | 1,336 | **** | 59,809 | **** | **** | 277 | **** | **** | 60,086 | **** |
| Issue of equity shares on exercise of options | 3,545,482 | 7 | 1,811 | — | (1,811 | ) | — | — | — | — | **** | 7 | **** | — | **** | 7 | **** | |||||||||||||||||
| Issue of shares by controlled trust on exercise of options ^(1)^ | — | — | — | 897 | (897 | ) | — | — | — | — | **** | — | **** | — | **** | — | **** | |||||||||||||||||
| Compensation cost related to employee share-based payment | — | — | — | 5 | 3,099 | — | — | — | — | **** | 3,104 | **** | — | **** | 3,104 | **** | ||||||||||||||||||
| Transferred from Special Economic Zone re-investment<br>reserve | — | — | — | 1,862 | — | (1,862 | ) | — | — | — | **** | — | **** | — | **** | — | **** | |||||||||||||||||
| Buyback of equity shares, including tax thereon<br>^(4)^ | (269,662,921 | ) | (539 | ) | (3,768 | ) | (141,015 | ) | — | — | — | — | 539 | **** | (144,783 | ) | — | **** | (144,783 | ) | ||||||||||||||
| Transaction cost related to buyback of equity shares ^(4)^ | — | — | — | (390 | ) | — | — | — | — | — | **** | (390 | ) | — | **** | (390 | ) | |||||||||||||||||
| Others | — | — | — | — | — | — | — | — | — | **** | — | **** | (43 | ) | **** | (43 | ) | |||||||||||||||||
| Other transactions for the period | **** | (266,117,439 | ) | **** | (532 | ) | **** | (1,957 | ) | **** | (138,641 | ) | **** | 391 | **** | **** | (1,862 | ) | **** | — | **** | — | **** | **** | 539 | **** | (142,062 | ) | **** | (43 | ) | **** | (142,105 | ) |
| As at September 30, 2023 | **** | 5,221,800,302 | **** | **** | 10,444 | **** | **** | 1,732 | **** | **** | 577,487 | **** | **** | 6,023 | **** | **** | 44,941 | **** | **** | 44,526 | **** | 635 | **** | **** | 13,123 | **** | 698,911 | **** | **** | 823 | **** | **** | 699,734 | **** |
| ^(1)^ | Includes 7,310,222 treasury shares held as at September 30, 2023 by a controlled trust. 2,585,614 shares<br>have been transferred by the controlled trust to eligible employees on exercise of options during the six months ended September 30, 2023. | |||||||||||||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||||||||||||
| ^(2)^ | Refer to Note 18 | |||||||||||||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||||||||||||
| ^(3)^ | Refer to Note 17 | |||||||||||||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||||||||||||
| ^(4)^ | Refer to Note 29 | |||||||||||||||||||||||||||||||||
| --- | --- |
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 of<br>shares ^(1)^ | Share capital,fully paid-up | Sharepremium | Retainedearnings | Share-basedpaymentreserve | SpecialEconomicZone re-investmentreserve | Foreigncurrencytranslationreserve ^(2)^ | Cash flowhedgingreserve ^(3)^ | Otherreserves ^(2)^ | Equityattributable tothe equityholders of theCompany | Non-controllinginterests | Total equity | |||||||||||||||||
| As at April 1, 2024 | **** | 5,225,138,246 | **** | 10,450 | **** | 3,291 | **** | 630,936 | **** | 6,384 | **** | **** | 42,129 | **** | **** | 47,261 | **** | 578 | **** | **** | 8,854 | **** | 749,883 | **** | 1,340 | **** | **** | 751,223 | **** |
| Comprehensive income for the period | |||||||||||||||||||||||||||||
| Profit for the period | — | — | — | 62,120 | — | — | — | — | — | **** | 62,120 | 512 | **** | 62,632 | **** | ||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | 3,721 | (837 | ) | 803 | **** | 3,687 | (6 | ) | **** | 3,681 | **** | ||||||||||||
| Total comprehensive income for the period | **** | — | **** | — | **** | — | **** | 62,120 | **** | — | **** | **** | — | **** | **** | 3,721 | **** | (837 | ) | **** | 803 | **** | 65,807 | **** | 506 | **** | **** | 66,313 | **** |
| Issue of equity shares on exercise of options | 6,244,459 | 13 | 2,709 | — | (2,709 | ) | — | — | — | — | **** | 13 | — | **** | 13 | **** | |||||||||||||
| Compensation cost related to employee share-based payment | — | — | — | — | 2,640 | — | — | — | — | **** | 2,640 | — | **** | 2,640 | **** | ||||||||||||||
| Transferred from Special Economic Zone re-investment<br>reserve | — | — | — | 632 | — | (632 | ) | — | — | — | **** | — | — | **** | — | **** | |||||||||||||
| Others | — | — | — | — | — | — | — | — | — | **** | — | (48 | ) | **** | (48 | ) | |||||||||||||
| Other transactions for the period | **** | 6,244,459 | **** | 13 | **** | 2,709 | **** | 632 | **** | (69 | ) | **** | (632 | ) | **** | — | **** | — | **** | **** | — | **** | 2,653 | **** | (48 | ) | **** | 2,605 | **** |
| As at September 30, 2024 | **** | 5,231,382,705 | **** | 10,463 | **** | 6,000 | **** | 693,688 | **** | 6,315 | **** | **** | 41,497 | **** | **** | 50,982 | **** | (259 | ) | **** | 9,657 | **** | 818,343 | **** | 1,798 | **** | **** | 820,141 | **** |
| Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii) | **** | 125 | **** | 72 | **** | 8,282 | **** | 75 | **** | **** | 495 | **** | **** | 609 | **** | (3 | ) | **** | 115 | **** | 9,770 | **** | 21 | **** | **** | 9,791 | **** | ||
| ^(1)^ | Includes 5,952,740 treasury shares held as at September 30, 2024 by a controlled trust.<br> | ||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||
| ^(2)^ | Refer to Note 18 | ||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||
| ^(3)^ | Refer to Note 17 | ||||||||||||||||||||||||||||
| --- | --- |
The accompanying notes form an integral part of these interim condensed consolidated financial statements
| As per our report of even date attached | For and on behalf of the Board of Directors | ||
|---|---|---|---|
| for Deloitte Haskins & Sells LLP | Rishad A. Premji | Deepak M. Satwalekar | Srinivas Pallia |
| Chartered Accountants | Chairman | Director | Chief Executive Officer and |
| Firm’s Registration No: 117366W/W - 100018 | Managing Director | ||
| Anand Subramanian | Aparna C. Iyer | M. Sanaulla Khan | |
| Partner | Chief Financial Officer | Company Secretary | |
| Membership No.: 110815 | |||
| Bengaluru | |||
| October 17, 2024 |
5
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(₹inmillions, except share and per share data, unless otherwise stated)
| Six months ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2024 | |||||||
| Convenience translationinto US dollar in millions(unaudited) Refer toNote 2(iii) | |||||||||
| Cash flows from operating activities | |||||||||
| Profit for the period | 55,533 | 62,632 | 748 | ||||||
| Adjustments to reconcile profit for the period to net cash generated from operatingactivities: | |||||||||
| (Gain)/loss on sale of property, plant and equipment, net | (2,242 | ) | (843 | ) | (10 | ) | |||
| Depreciation, amortization and impairment expense | 16,350 | 15,597 | 186 | ||||||
| Unrealized exchange (gain)/loss, net | 836 | 279 | 2 | ||||||
| Share-based compensation expense | 3,099 | 2,640 | 31 | ||||||
| Share of net (profit)/loss of associate and joint venture accounted for using equity<br>method | 27 | 42 | 1 | ||||||
| Income tax expense | 17,534 | 20,362 | 243 | ||||||
| Finance and other income, net of finance expenses | (5,233 | ) | (9,818 | ) | (117 | ) | |||
| Change in fair value of contingent consideration | (506 | ) | (167 | ) | (2 | ) | |||
| Lifetime expected credit loss | 439 | 567 | 7 | ||||||
| Changes in operating assets and liabilities, net of effects from acquisitions | |||||||||
| (Increase)/Decrease in trade receivables | 17,913 | 6,008 | 72 | ||||||
| (Increase)/Decrease in unbilled receivables and contract assets | (5,937 | ) | (4,034 | ) | (48 | ) | |||
| (Increase)/Decrease in Inventories | (92 | ) | (145 | ) | (2 | ) | |||
| (Increase)/Decrease in other assets | 6,498 | 1,103 | 13 | ||||||
| Increase/(Decrease) in trade payables, accrued expenses, other liabilities and provisions | (11,260 | ) | (4,216 | ) | (50 | ) | |||
| Increase/(Decrease) in contract liabilities | (5,928 | ) | 724 | 9 | |||||
| Cash generated from operating activities before taxes | **** | 87,031 | **** | **** | 90,731 | **** | **** | 1,083 | **** |
| Income taxes paid, net | (10,885 | ) | (8,083 | ) | (96 | ) | |||
| Net cash generated from operating activities | **** | 76,146 | **** | **** | 82,648 | **** | **** | 987 | **** |
| Cash flows from investing activities: | |||||||||
| Payment for purchase of property, plant and equipment | (4,184 | ) | (5,017 | ) | (60 | ) | |||
| Proceeds from disposal of property, plant and equipment | 4,223 | 1,459 | 17 | ||||||
| Payment for purchase of investments | (465,185 | ) | (423,829 | ) | (5,060 | ) | |||
| Proceeds from sale of investments | 535,473 | 323,786 | 3,866 | ||||||
| Repayment of security deposit for property, plant and equipment | — | (300 | ) | (4 | ) | ||||
| Interest received | 11,274 | 13,981 | 167 | ||||||
| Dividend received | 2 | 1 | ^ | ||||||
| Net cash generated from/(used in) investing activities | **** | 81,603 | **** | **** | (89,919 | ) | **** | (1,074 | ) |
| Cash flows from financing activities: | |||||||||
| Proceeds from issuance of equity shares and shares pending allotment | 7 | 13 | ^ | ||||||
| Repayment of loans and borrowings | (43,750 | ) | (66,333 | ) | (792 | ) | |||
| Proceeds from loans and borrowings | 48,750 | 89,835 | 1,073 | ||||||
| Payment of lease liabilities | (5,172 | ) | (5,054 | ) | (60 | ) | |||
| Payment for contingent consideration | (1,289 | ) | — | — | |||||
| Interest and finance expenses paid | (4,850 | ) | (4,177 | ) | (50 | ) | |||
| Payment for buyback of equity shares, including tax and transaction cost | (145,173 | ) | — | — | |||||
| Net cash generated from/(used in) financing activities | **** | (151,477 | ) | **** | 14,284 | **** | **** | 171 | **** |
| Net increase in cash and cash equivalents during the period | 6,272 | 7,013 | 84 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (259 | ) | 591 | 7 | |||||
| Cash and cash equivalents at the beginning of the period | 91,861 | 96,951 | 1,157 | ||||||
| Cash and cash equivalents at the end of the period (Note 9) | **** | 97,874 | **** | **** | 104,555 | **** | **** | 1,248 | **** |
^ Value is less than 0.5
The accompanying notes form an integral part of these interim condensed consolidated financial statements
| As per our report of even date attached | For and on behalf of the Board of Directors | ||
|---|---|---|---|
| for Deloitte Haskins & Sells LLP | Rishad A. Premji | Deepak M. Satwalekar | Srinivas Pallia |
| Chartered Accountants | Chairman | Director | Chief Executive Officer and |
| Firm’s Registration No: 117366W/W - 100018 | Managing Director | ||
| Anand Subramanian | Aparna C. Iyer | M. Sanaulla Khan | |
| Partner | Chief Financial Officer | Company Secretary | |
| Membership No.: 110815 | |||
| Bengaluru | |||
| October 17, 2024 |
6
WIPRO LIMITED AND SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(₹ in millions,except share and per share data, unless otherwise stated)
1. The Company overview
Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries and controlled trusts (collectively, “we”, “us”, “our”, “the Company” or the “Group”) is a global information technology (“IT”), consulting and business process services (“BPS”) company.
Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru – 560 035, Karnataka, India. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.
The Company’s Board of Directors authorized these interim condensed consolidated financial statements for issue on October 17, 2024.
2. Basis of preparation of interim condensed consolidated financial statements
(i) Statement of compliance and basis of preparation
These interim condensed consolidated financial statements have been prepared in compliance with IAS 34, “Interim Financial Reporting”, as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2024. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”).
The interim condensed consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation of Financial Statements”. For clarity, various items are aggregated in the interim condensed consolidated statements of income, interim condensed consolidated statements of comprehensive income and interim condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the interim condensed consolidated financial statements, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for new accounting standards, amendments and interpretations adopted by the Company effective from April 1, 2024.
All amounts included in the interim condensed consolidated financial statements are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. Previous period figures have been regrouped/rearranged, wherever necessary.
(ii) Basis of measurement
These interim condensed consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items which have been measured at fair value as required by relevant IFRS:
| a. | Derivative financial instruments; |
|---|---|
| b. | Financial instruments classified as fair value through other comprehensive income or fair value through profit<br>or loss; |
| --- | --- |
| c. | The defined benefit liability/(asset) is recognized as the present value of defined benefit obligation less<br>fair value of plan assets; and |
| --- | --- |
| d. | Contingent consideration and liability on written put options. |
| --- | --- |
(iii) Convenience translation (unaudited)
The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three and six months ended September 30, 2024, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 83.76 as published by Federal Reserve Board of Governors on September 30, 2024. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.
(iv) Use of estimates and judgment
The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires the management to make judgments, accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Accounting estimates are monetary amounts in the interim condensed consolidated financial statements that are subject to measurement uncertainty. An accounting policy may require items in the interim condensed consolidated financial statements to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available and reliable information. Actual results may differ from those accounting estimates.
7
Accounting estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected. In particular, information about material areas of estimation, uncertainty and critical judgments in applying accounting policies that have material effect on the amounts recognized in the interim condensed consolidated financial statements are included in the following notes:
| a) | Revenue recognition: The Company applies judgement to determine whether each product or service promised<br>to a customer is capable of being distinct, and is distinct in the context of the contract, if not, the promised product or service is combined and accounted as a single performance obligation. Revenue is recognized upon transfer of control of<br>promised products or services to customers in an amount that reflects the consideration the Company expects to receive (the “Transaction Price”). The Company allocates the Transaction Price to separately identifiable performance obligation<br>deliverables based on their relative stand-alone selling price. In cases where the Company is unable to determine the stand-alone selling price, the Company uses expected cost-plus margin approach in estimating the stand-alone selling price. The<br>Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method accounting relies on estimates of total expected<br>contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete<br>include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, revenue recognized, profit and timing of<br>revenue for remaining performance obligations are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. Volume<br>discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer. |
|---|---|
| b) | Impairment testing: Goodwill recognized on business combination is tested for impairment at least<br>annually and when events occur or changes in circumstances indicate that the recoverable amount of goodwill or a cash generating unit to which goodwill pertains, is less than the carrying value. The Company assesses acquired intangible assets with<br>finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which include turnover, growth<br>rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions. |
| --- | --- |
| c) | Income taxes: The major tax jurisdictions for the Company are India and the United States of America.<br> |
| --- | --- |
Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.
Deferred tax is recorded on temporary differences between the tax bases of assets and liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of deferred tax assets considered realizable, however, could reduce in the near term if estimates of future taxable income during the carry-forward period are reduced.
| d) | Business combinations: In accounting for business combinations, judgment is required to assess whether<br>an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired (including useful life estimates), liabilities assumed, and contingent<br>consideration assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these<br>judgments, estimates, and assumptions can materially affect the results of operations. |
|---|---|
| e) | Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated<br>absences and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the<br>future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in<br>these assumptions. All assumptions are reviewed at each reporting date. |
| --- | --- |
| f) | Expected credit losses on financial assets: The impairment provisions of financial assets are based on<br>assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the expected credit loss calculation based on the Company’s history of collections,<br>customer’s creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period. |
| --- | --- |
| g) | Useful lives of property, plant and equipment: The Company depreciates property, plant and equipment on<br>a straight-line basis over estimated useful lives of the assets. The charge in respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The lives<br>are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually. |
| --- | --- |
| h) | Useful lives of intangible assets: The Company amortizes intangible assets on a straight-line basis over<br>estimated useful lives of the assets. The useful life is estimated based on a number of factors including the effects of obsolescence, demand, competition and other economic factors such as the stability of the industry and known technological<br>advances and the level of maintenance expenditures required to obtain the expected future cash flows from the assets. The estimated useful life is reviewed at least annually. |
| --- | --- |
8
| i) | Provisions and contingent liabilities: The Company estimates the provisions that have present<br>obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting date and are adjusted to reflect the current best estimates.<br> |
|---|
The Company uses significant judgement to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.
3. Material accounting policy information
Please refer to the Company’s Annual report for the year ended March 31, 2024, for a discussion of the Company’s other material accounting policy information except for new accounting standards, amendments and interpretations adopted by the Company effective on or after April 1, 2024.
i. New amendments not yet adopted:
Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2024 and have not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the interim condensed consolidated financial statements of the Company are:
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates
On August 15, 2023, IASB issued ‘Lack of Exchangeability (Amendments to IAS 21)’ that clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. These amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of amendments to IAS 21 is not expected to have any material impact on the interim condensed consolidated financial statements.
IFRS 18 – Presentation and Disclosure in Financial Statements
On April 9, 2024, IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which supersedes IAS 1 ‘Presentation of Financial Statements’, aimed at improving comparability and transparency of communication in financial statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. These categories are complemented by the requirement to present specified totals and subtotals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financials information based on the identified ‘roles’ of the primary financial statements and the notes.
Consequent to above, a narrow-scope amendments have been made to IAS 7 ‘Statement of Cash Flows’, which include changing the starting point for determining cash flows from operations under the indirect method from ‘profit or loss’ to ‘operating profit or loss’. Further, some requirements previously included within IAS 1 have been moved to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ which has also been renamed IAS 8 ‘Basis of Preparation of Financial Statements’. IAS 34 ‘ Interim Financial Reporting’ was amended to require disclosure of management defined performance measures. Minor consequential amendments to other standards were also made.
An entity that prepares condensed interim financial statements in accordance with IAS 34 in the first year of adoption of IFRS 18, must present the heading and mandatory subtotals it expects to use in its annual financial statement. Comparative period in both the interim and annual financial statements will need to be restated and a reconciliation of the statement of profit or loss previously published will be required for the immediately preceding comparative period. IFRS 18 and the amendments to the other standards, is effective for reporting period beginning on or after January 1, 2027 and are to be applied retrospectively, with earlier application permitted.
The Company is currently assessing the impact of adopting IFRS 18 and the amendments to other standards, on the interim condensed consolidated financial statements.
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
On May 9, 2024, IASB issued IFRS 19 ‘Subsidiaries without Public accountability: Disclosures’ which specifies the disclosure requirements an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. The standard allows a subsidiary which does not have public accountability and has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards, to elect IFRS 19. The Company is currently assessing the impact of adopting IFRS 19 on the interim condensed consolidated financial statements.
9
Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments
On May 30, 2024, IASB issued ‘Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)’ to address matters identified during the post-implementation review of IFRS 9. The amendments relate to derecognition of a financial liability settled through electronic transfer, classification of financial assets and disclosures of certain financial assets and financial liabilities. These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the interim condensed consolidated financial statements.
10
4. Property, plant and equipment
| Land | Buildings | Plant and<br>equipment ^(1)^ | Furniture and<br>fixtures | Office<br>equipment | Vehicles | Total | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross carrying value: | |||||||||||||||||||||
| As at April 1, 2023 | ₹ | 4,860 | ₹ | 47,700 | ₹ | 117,732 | ₹ | 18,086 | ₹ | 7,818 | ₹ | 161 | ₹ | 196,357 | |||||||
| Additions | — | 392 | 2,070 | 705 | 125 | 2 | 3,294 | ||||||||||||||
| Disposals | (486 | ) | (805 | ) | (5,922 | ) | (886 | ) | (236 | ) | (122 | ) | (8,457 | ) | |||||||
| Translation adjustment | (3 | ) | (1 | ) | (38 | ) | (13 | ) | (18 | ) | ^ | (73 | ) | ||||||||
| As at September 30, 2023 | ₹ | 4,371 | **** | ₹ | 47,286 | **** | ₹ | 113,842 | **** | ₹ | 17,892 | **** | ₹ | 7,689 | **** | ₹ | 41 | **** | ₹ | 191,121 | **** |
| Accumulated depreciation/ impairment: | **** | ||||||||||||||||||||
| As at April 1, 2023 | ₹ | — | ₹ | 10,927 | ₹ | 85,501 | ₹ | 11,520 | ₹ | 5,928 | ₹ | 145 | ₹ | 114,021 | |||||||
| Depreciation and impairment | — | 726 | 5,902 | 1,071 | 322 | 4 | 8,025 | ||||||||||||||
| Disposals | — | (342 | ) | (5,003 | ) | (852 | ) | (230 | ) | (122 | ) | (6,549 | ) | ||||||||
| Translation adjustment | — | 1 | (12 | ) | (4 | ) | (12 | ) | ^ | (27 | ) | ||||||||||
| As at September 30, 2023 | ₹ | — | **** | ₹ | 11,312 | **** | ₹ | 86,388 | **** | ₹ | 11,735 | **** | ₹ | 6,008 | **** | ₹ | 27 | **** | ₹ | 115,470 | **** |
| Net carrying value as at September 30, 2023 | ₹ | 4,371 | **** | ₹ | 35,974 | **** | ₹ | 27,454 | **** | ₹ | 6,157 | **** | ₹ | 1,681 | **** | ₹ | 14 | **** | ₹ | 75,651 | **** |
| Capital<br>work-in-progress | ₹ | 7,435 | |||||||||||||||||||
| Net carrying value including Capital work-in-progress as at September 30, 2023 | **** | ₹ | 83,086 | **** | |||||||||||||||||
| Gross carrying value: | |||||||||||||||||||||
| As at April 1, 2023 | ₹ | 4,860 | ₹ | 47,700 | ₹ | 117,732 | ₹ | 18,086 | ₹ | 7,818 | ₹ | 161 | ₹ | 196,357 | |||||||
| Additions | — | 428 | 6,975 | 1,716 | 354 | 3 | 9,476 | ||||||||||||||
| Additions through Business combinations | — | — | 373 | — | 1 | — | 374 | ||||||||||||||
| Disposals | (486 | ) | (1,174 | ) | (22,815 | ) | (1,586 | ) | (663 | ) | (131 | ) | (26,855 | ) | |||||||
| Translation adjustment | 1 | 70 | 248 | 17 | 4 | 1 | 341 | ||||||||||||||
| As at March 31, 2024 | ₹ | 4,375 | **** | ₹ | 47,024 | **** | ₹ | 102,513 | **** | ₹ | 18,233 | **** | ₹ | 7,514 | **** | ₹ | 34 | **** | ₹ | 179,693 | **** |
| Accumulated depreciation/ impairment: | **** | ||||||||||||||||||||
| As at April 1, 2023 | ₹ | — | ₹ | 10,927 | ₹ | 85,501 | ₹ | 11,520 | ₹ | 5,928 | ₹ | 145 | ₹ | 114,021 | |||||||
| Depreciation and impairment | — | 1,490 | 11,856 | 2,193 | 638 | 7 | 16,184 | ||||||||||||||
| Disposals | — | (683 | ) | (22,019 | ) | (1,444 | ) | (639 | ) | (130 | ) | (24,915 | ) | ||||||||
| Translation adjustment | — | 41 | 211 | 18 | 5 | ^ | 275 | ||||||||||||||
| As at March 31, 2024 | ₹ | — | **** | ₹ | 11,775 | **** | ₹ | 75,549 | **** | ₹ | 12,287 | **** | ₹ | 5,932 | **** | ₹ | 22 | **** | ₹ | 105,565 | **** |
| Net carrying value as at March 31, 2024 | ₹ | 4,375 | **** | ₹ | 35,249 | **** | ₹ | 26,964 | **** | ₹ | 5,946 | **** | ₹ | 1,582 | **** | ₹ | 12 | **** | ₹ | 74,128 | **** |
| Capital<br>work-in-progress | ₹ | 7,480 | |||||||||||||||||||
| Net carrying value including Capital work-in-progress as at March 31, 2024 | **** | ₹ | 81,608 | **** | |||||||||||||||||
| Gross carrying value: | |||||||||||||||||||||
| As at April 1, 2024 | ₹ | 4,375 | ₹ | 47,024 | ₹ | 102,513 | ₹ | 18,233 | ₹ | 7,514 | ₹ | 34 | ₹ | 179,693 | |||||||
| Additions | — | 758 | 2,771 | 434 | 265 | 5 | 4,233 | ||||||||||||||
| Disposals | — | (426 | ) | (4,513 | ) | (489 | ) | (209 | ) | (1 | ) | (5,638 | ) | ||||||||
| Translation adjustment | 7 | 1 | 235 | 15 | 11 | (1 | ) | 268 | |||||||||||||
| As at September 30, 2024 | ₹ | 4,382 | **** | ₹ | 47,357 | **** | ₹ | 101,006 | **** | ₹ | 18,193 | **** | ₹ | 7,581 | **** | ₹ | 37 | **** | ₹ | 178,556 | **** |
| Accumulated depreciation/ impairment: | **** | ||||||||||||||||||||
| As at April 1, 2024 | ₹ | — | ₹ | 11,775 | ₹ | 75,549 | ₹ | 12,287 | ₹ | 5,932 | ₹ | 22 | ₹ | 105,565 | |||||||
| Depreciation and impairment | — | 768 | 5,747 | 1,090 | 294 | 2 | 7,901 | ||||||||||||||
| Disposals | — | (180 | ) | (4,379 | ) | (415 | ) | (184 | ) | (1 | ) | (5,159 | ) | ||||||||
| Translation adjustment | — | (29 | ) | 190 | 7 | 5 | ^ | 173 | |||||||||||||
| As at September 30, 2024 | ₹ | — | **** | ₹ | 12,334 | **** | ₹ | 77,107 | **** | ₹ | 12,969 | **** | ₹ | 6,047 | **** | ₹ | 23 | **** | ₹ | 108,480 | **** |
| Net carrying value as at September 30, 2024 | ₹ | 4,382 | ₹ | 35,023 | ₹ | 23,899 | ₹ | 5,224 | ₹ | 1,534 | ₹ | 14 | ₹ | 70,076 | |||||||
| Capital<br>work-in-progress | ₹ | 8,746 | |||||||||||||||||||
| Net carrying value including Capital work-in-progress as at September 30, 2024 | **** | ₹ | 78,822 | **** | |||||||||||||||||
| ^ | Value is less than 0.5 | ||||||||||||||||||||
| --- | --- | ||||||||||||||||||||
| ^(1)^ | Including net carrying value of computer equipment and software amounting to ₹18,177, ₹17,553 and ₹14,703, as at<br>September 30, 2023, March 31, 2024 and September 30, 2024, respectively. | ||||||||||||||||||||
| --- | --- |
11
5. Right-of-Use assets
| Category of Right-of-Use asset | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Land | Buildings | Plant and<br>equipment ^(1)^ | Vehicles | Total | |||||||||||
| Gross carrying value: | |||||||||||||||
| As at April 1, 2023 | ₹ | 1,278 | ₹ | 27,946 | ₹ | 2,580 | ₹ | 865 | ₹ | 32,669 | |||||
| Additions | — | 2,408 | 233 | 113 | 2,754 | ||||||||||
| Disposals | — | (2,442 | ) | (629 | ) | (158 | ) | (3,229 | ) | ||||||
| Translation adjustment | — | (73 | ) | ^ | (12 | ) | (85 | ) | |||||||
| As at September 30, 2023 | ₹ | 1,278 | **** | ₹ | 27,839 | **** | ₹ | 2,184 | **** | ₹ | 808 | **** | ₹ | 32,109 | **** |
| Accumulated depreciation: | |||||||||||||||
| As at April 1, 2023 | ₹ | 77 | ₹ | 12,127 | ₹ | 1,192 | ₹ | 571 | ₹ | 13,967 | |||||
| Depreciation | 9 | 2,708 | 221 | 93 | 3,031 | ||||||||||
| Disposals | — | (1,179 | ) | (554 | ) | (136 | ) | (1,869 | ) | ||||||
| Translation adjustment | — | (49 | ) | (7 | ) | (7 | ) | (63 | ) | ||||||
| As at September 30, 2023 | ₹ | 86 | **** | ₹ | 13,607 | **** | ₹ | 852 | **** | ₹ | 521 | **** | ₹ | 15,066 | **** |
| Net carrying value as at September 30, 2023 | ₹ | 1,192 | **** | ₹ | 14,232 | **** | ₹ | 1,332 | **** | ₹ | 287 | **** | ₹ | 17,043 | **** |
| Gross carrying value: | |||||||||||||||
| As at April 1, 2023 | ₹ | 1,278 | ₹ | 27,946 | ₹ | 2,580 | ₹ | 865 | ₹ | 32,669 | |||||
| Additions | 65 | 6,505 | 264 | 251 | 7,085 | ||||||||||
| Additions through Business combination | — | 33 | — | — | 33 | ||||||||||
| Disposals | — | (6,203 | ) | (636 | ) | (271 | ) | (7,110 | ) | ||||||
| Translation adjustment | — | 172 | 34 | 4 | 210 | ||||||||||
| As at March 31, 2024 | ₹ | 1,343 | **** | ₹ | 28,453 | **** | ₹ | 2,242 | **** | ₹ | 849 | **** | ₹ | 32,887 | **** |
| Accumulated depreciation: | |||||||||||||||
| As at April 1, 2023 | ₹ | 77 | ₹ | 12,127 | ₹ | 1,192 | ₹ | 571 | ₹ | 13,967 | |||||
| Depreciation | 21 | 5,485 | 444 | 181 | 6,131 | ||||||||||
| Disposals | — | (4,439 | ) | (561 | ) | (244 | ) | (5,244 | ) | ||||||
| Translation adjustment | — | 64 | 11 | 3 | 78 | ||||||||||
| As at March 31, 2024 | ₹ | 98 | **** | ₹ | 13,237 | **** | ₹ | 1,086 | **** | ₹ | 511 | **** | ₹ | 14,932 | **** |
| Net carrying value as at March 31, 2024 | ₹ | 1,245 | **** | ₹ | 15,216 | **** | ₹ | 1,156 | **** | ₹ | 338 | **** | ₹ | 17,955 | **** |
| Gross carrying value: | |||||||||||||||
| As at April 1, 2024 | ₹ | 1,343 | ₹ | 28,453 | ₹ | 2,242 | ₹ | 849 | ₹ | 32,887 | |||||
| Additions | — | 7,251 | — | 118 | 7,369 | ||||||||||
| Disposals | (221 | ) | (2,406 | ) | (2 | ) | (135 | ) | (2,764 | ) | |||||
| Translation adjustment | — | 242 | 67 | 36 | 345 | ||||||||||
| As at September 30, 2024 | ₹ | 1,122 | **** | ₹ | 33,540 | **** | ₹ | 2,307 | **** | ₹ | 868 | **** | ₹ | 37,837 | **** |
| Accumulated depreciation: | |||||||||||||||
| As at April 1, 2024 | ₹ | 98 | ₹ | 13,237 | ₹ | 1,086 | ₹ | 511 | ₹ | 14,932 | |||||
| Depreciation | 12 | 2,671 | 223 | 89 | 2,995 | ||||||||||
| Disposals | (14 | ) | (1,992 | ) | (2 | ) | (131 | ) | (2,139 | ) | |||||
| Translation adjustment | — | 130 | 45 | 20 | 195 | ||||||||||
| As at September 30, 2024 | ₹ | 96 | **** | ₹ | 14,046 | **** | ₹ | 1,352 | **** | ₹ | 489 | **** | ₹ | 15,983 | **** |
| Net carrying value as at September 30, 2024 | ₹ | 1,026 | **** | ₹ | 19,494 | **** | ₹ | 955 | **** | ₹ | 379 | **** | ₹ | 21,854 | **** |
| ^ | Value is less than 0.5 | ||||||||||||||
| --- | --- | ||||||||||||||
| ^(1)^ | Including net carrying value of computer equipment amounting to ₹3, ₹2 and ₹2 as at September 30,<br>2023, March 31, 2024 and September 30, 2024, respectively. | ||||||||||||||
| --- | --- |
12
6. Goodwill and intangible assets
The movement in goodwill balance is given below:
| As at | |||||
|---|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | ||||
| Balance at the beginning of the period | ₹ | 307,970 | ₹ | 316,002 | |
| Translation adjustment | 4,206 | 3,205 | |||
| Acquisition through Business<br>combinations^(1)^ | 4,314 | — | |||
| Disposals | (488 | ) | — | ||
| Balance at the end of the period | ₹ | 316,002 | **** | ₹ | 319,207 |
| ^(1)^ | Acquisition through business combination for the year ended March 31, 2024 is after considering the impact<br>of ₹(503) towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2023. | ||||
| --- | --- |
The movement in intangible assets is given below:
| Intangible assets | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Customer-related | Marketing-related | Total | |||||||
| Gross carrying value: | |||||||||
| As at April 1, 2023 | ₹ | 49,813 | ₹ | 11,924 | ₹ | 61,737 | |||
| Translation adjustment | 431 | 111 | 542 | ||||||
| As at September 30, 2023 | ₹ | 50,244 | **** | ₹ | 12,035 | **** | ₹ | 62,279 | **** |
| Accumulated amortization/ impairment: | |||||||||
| As at April 1, 2023 | ₹ | 15,417 | ₹ | 3,275 | ₹ | 18,692 | |||
| Amortization and impairment ^(1) (2)^ | 4,393 | 901 | 5,294 | ||||||
| Translation adjustment | 152 | 32 | 184 | ||||||
| As at September 30, 2023 | ₹ | 19,962 | **** | ₹ | 4,208 | **** | ₹ | 24,170 | **** |
| Net carrying value as at September 30, 2023 | ₹ | 30,282 | **** | ₹ | 7,827 | **** | ₹ | 38,109 | **** |
| Gross carrying value: | |||||||||
| As at April 1, 2023 | ₹ | 49,813 | ₹ | 11,924 | ₹ | 61,737 | |||
| Acquisition through Business combination | 556 | 390 | 946 | ||||||
| Deductions/adjustments | (7,306 | ) | (505 | ) | (7,811 | ) | |||
| Translation adjustment | 609 | 163 | 772 | ||||||
| As at March 31, 2024 | ₹ | 43,672 | **** | ₹ | 11,972 | **** | ₹ | 55,644 | **** |
| Accumulated amortization/ impairment: | |||||||||
| As at April 1, 2023 | ₹ | 15,417 | ₹ | 3,275 | ₹ | 18,692 | |||
| Amortization and impairment ^(1) (2)^ | 9,961 | 1,795 | 11,756 | ||||||
| Deductions/adjustments | (7,306 | ) | (505 | ) | (7,811 | ) | |||
| Translation adjustment | 209 | 50 | 259 | ||||||
| As at March 31, 2024 | ₹ | 18,281 | **** | ₹ | 4,615 | **** | ₹ | 22,896 | **** |
| Net carrying value as at March 31, 2024 | ₹ | 25,391 | **** | ₹ | 7,357 | **** | ₹ | 32,748 | **** |
| Gross carrying value: | |||||||||
| As at April 1, 2024 | ₹ | 43,672 | ₹ | 11,972 | ₹ | 55,644 | |||
| Deductions/adjustments | (4,084 | ) | (1,979 | ) | (6,063 | ) | |||
| Translation adjustment | 220 | 60 | 280 | ||||||
| As at September 30, 2024 | ₹ | 39,808 | **** | ₹ | 10,053 | **** | ₹ | 49,861 | **** |
| Accumulated amortization/ impairment: | |||||||||
| As at April 1, 2024 | ₹ | 18,281 | ₹ | 4,615 | ₹ | 22,896 | |||
| Amortization and impairment ^(1)^ | 3,668 | 1,033 | 4,701 | ||||||
| Deductions/adjustments | (4,084 | ) | (1,979 | ) | (6,063 | ) | |||
| Translation adjustment | 105 | 27 | 132 | ||||||
| As at September 30, 2024 | ₹ | 17,970 | **** | ₹ | 3,696 | **** | ₹ | 21,666 | **** |
| Net carrying value as at September 30, 2024 | ₹ | 21,838 | **** | ₹ | 6,357 | **** | ₹ | 28,195 | **** |
| ^(1)^ | During the six months ended September 30, 2023 and 2024, and year ended March 31, 2024, decline in<br>the revenue and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment<br>charge of ₹437 and ₹1,147 for the three and six months ended September 30, 2023<br>and 2024, respectively, and ₹1,701 for the year ended March 31, 2024, as part of amortization and impairment. | ||||||||
| --- | --- | ||||||||
| ^(2)^ | Due to change in our estimate of useful life of customer-related intangibles in an earlier business<br>combination, the Company has recognized additional amortization charge of ₹1,211 for the three and six months ended September 30, 2023 and ₹2,807 for the year ended March 31, 2024, as part of amortization and impairment. | ||||||||
| --- | --- |
Amortization expense on intangible assets is included in selling and marketing expenses in the interim condensed consolidated statement of income.
13
7. Investments
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Non-current | ||||
| Financial instruments at FVTPL | ||||
| Equity instruments ^(1)^ | ₹ | 4,404 | ₹ | 4,658 |
| Fixed maturity plan mutual funds | 1,395 | 1,162 | ||
| Financial instruments at FVTOCI | ||||
| Equity instruments ^(1)^ | 15,830 | 16,124 | ||
| Financial instruments at amortized cost | ||||
| Inter corporate and term deposits | ^ | 9,441 | ||
| ₹ | 21,629 | ₹ | 31,385 | |
| Current | ||||
| Financial instruments at FVTPL | ||||
| Short-term mutual funds ^(2)^ | ₹ | 71,686 | ₹ | 99,774 |
| Fixed maturity plan mutual funds | — | 290 | ||
| Financial instruments at FVTOCI | ||||
| Non-convertible debentures | 154,407 | 211,247 | ||
| Government securities | 7,030 | 13,906 | ||
| Commercial papers | 11,845 | 3,386 | ||
| Bonds | 28,195 | 19,632 | ||
| Financial instruments at amortized cost | ||||
| Inter corporate and term deposits<br>^(3)^ | 38,008 | 59,074 | ||
| ₹ | 311,171 | ₹ | 407,309 | |
| ₹ | 332,800 | ₹ | 438,694 | |
| Financial instruments at FVTPL | ₹ | 77,485 | ₹ | 105,884 |
| Financial instruments at FVTOCI | 217,307 | 264,295 | ||
| Financial instruments at amortized cost | 38,008 | 68,515 | ||
| ^ | Value is less than 0.5 | |||
| --- | --- | |||
| ^(1)^ | Uncalled capital commitments outstanding as at March 31, 2024 and September 30, 2024, was ₹1,450 and ₹1,731, respectively. | |||
| --- | --- | |||
| ^(2)^ | As at March 31, 2024 and September 30, 2024, short-term mutual funds include units lien with bank on<br>account of margin money for currency derivatives amounting to ₹218 and ₹225,<br>respectively. | |||
| --- | --- | |||
| ^(3)^ | These deposits earn a fixed rate of interest. As at March 31, 2024 and September 30, 2024, term<br>deposits include current deposits in lien with banks, held as margin money deposits against guarantees amounting to ₹117 and ₹67, respectively. | |||
| --- | --- |
8. Inventories
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Stores and spare parts | ₹ | 27 | ₹ | 18 |
| Traded goods | 880 | 1,034 | ||
| ₹ | 907 | ₹ | 1,052 |
9. Cash and cash equivalents
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Cash and bank balances | ₹ | 60,648 | ₹ | 62,493 |
| Demand deposits with banks ^(1)^ | 36,305 | 42,099 | ||
| ₹ | 96,953 | ₹ | 104,592 | |
| ^(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 | ||||||
|---|---|---|---|---|---|---|
| September 30, 2023 | September 30, 2024 | |||||
| Cash and cash equivalents | ₹ | 97,896 | ₹ | 104,592 | ||
| Bank overdrafts | (22 | ) | (37 | ) | ||
| ₹ | 97,874 | **** | ₹ | 104,555 | **** |
14
10. Other financial assets
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Non-current | ||||
| Security deposits | ₹ | 1,221 | ₹ | 1,390 |
| Finance lease receivables | 4,270 | 3,725 | ||
| Dues from officers and employees | 59 | 33 | ||
| ₹ | 5,550 | ₹ | 5,148 | |
| Current | ||||
| Security deposits | ₹ | 2,035 | ₹ | 1,915 |
| Dues from officers and employees | 596 | 370 | ||
| Interest receivables | 230 | 1,041 | ||
| Finance lease receivables | 5,307 | 5,478 | ||
| Others | 2,368 | 169 | ||
| ₹ | 10,536 | ₹ | 8,973 | |
| ₹ | 16,086 | ₹ | 14,121 |
11. Other assets
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Non-current | ||||
| Prepaid expenses | ₹ | 3,424 | ₹ | 2,595 |
| Costs to obtain contract ^(1)^ | 2,324 | 3,845 | ||
| Costs to fulfil contract ^(2)^ | 205 | 334 | ||
| Others | 4,378 | 970 | ||
| ₹ | 10,331 | ₹ | 7,744 | |
| Current | ||||
| Prepaid expenses | ₹ | 17,574 | ₹ | 19,229 |
| Dues from officers and employees | 343 | 452 | ||
| Advance to suppliers | 3,267 | 2,475 | ||
| Balance with GST and other authorities | 6,029 | 6,451 | ||
| Costs to obtain contract ^(1)^ | 867 | 1,825 | ||
| Costs to fulfil contract ^(2)^ | 60 | 103 | ||
| Others | 1,462 | 2,026 | ||
| ₹ | 29,602 | ₹ | 32,561 | |
| ₹ | 39,933 | ₹ | 40,305 | |
| ^(1)^ | Costs to obtain contract amortization of<br>₹244 and ₹391 during the three months ended September 30, 2023 and 2024<br>respectively, ₹572 and ₹655 during the six months ended September 30, 2023 and<br>2024 respectively. | |||
| --- | --- | |||
| ^(2)^ | Costs to fulfil contract amortization of<br>₹15 and ₹15 during the three months ended September 30, 2023 and 2024<br>respectively, ₹30 and ₹30 during the six months ended September 30, 2023 and<br>2024 respectively. | |||
| --- | --- |
12. Loans, borrowings and bank overdrafts
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Non-current | ||||
| Unsecured Notes 2026 ^(1)^ | ₹ | 62,300 | ₹ | 62,653 |
| ₹ | 62,300 | ₹ | 62,653 | |
| Current | ||||
| Borrowings from banks | ₹ | 79,164 | ₹ | 103,120 |
| Bank overdrafts | 2 | 37 | ||
| ₹ | 79,166 | ₹ | 103,157 | |
| ₹ | 141,466 | ₹ | 165,810 | |
| ^(1)^ | On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, issued US$<br>750 million in unsecured notes 2026 (the “Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. Interest on the Notes is payable semi-annually on June 23 and December 23 of each<br>year, commencing from December 23, 2021. The Notes are listed on Singapore Exchange Securities Trading Limited (SGX-ST). | |||
| --- | --- |
13. Trade payables and accrued expenses
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Trade payables | ₹ | 23,275 | ₹ | 19,765 |
| Accrued expenses | 65,291 | 63,045 | ||
| ₹ | 88,566 | ₹ | 82,810 |
15
14. Other financial liabilities
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Non-current | ||||
| Contingent consideration (Refer to Note 17) | ₹ | 429 | ₹ | — |
| Liability on written put options to non-controlling<br>interests (Refer to Note 17) | 4,303 | 4,452 | ||
| Deposits and others | 253 | 1,410 | ||
| ₹ | 4,985 | ₹ | 5,862 | |
| Current | ||||
| Contingent consideration (Refer to Note 17) | ₹ | — | ₹ | 253 |
| Advance from customers | 598 | 176 | ||
| Cash settled ADS RSUs | 3 | — | ||
| Capital creditors | 333 | 798 | ||
| Deposits and others | 1,338 | 1,749 | ||
| ₹ | 2,272 | ₹ | 2,976 | |
| ₹ | 7,257 | ₹ | 8,838 |
15. Other liabilities
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Non-current | ||||
| Employee benefits obligations | ₹ | 4,219 | ₹ | 4,323 |
| Others | 8,751 | 10,500 | ||
| ₹ | 12,970 | ₹ | 14,823 | |
| Current | ||||
| Employee benefits obligations | ₹ | 16,057 | ₹ | 18,236 |
| Statutory and other liabilities | 13,275 | 12,232 | ||
| Advance from customers | 1,192 | 495 | ||
| Others | 771 | 1,041 | ||
| ₹ | 31,295 | ₹ | 32,004 | |
| ₹ | 44,265 | ₹ | 46,827 |
16. Provisions
| As at | ||||
|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||
| Current | ||||
| Provision for onerous contracts | ₹ | 1,599 | ₹ | 1,447 |
| Provision for warranty | 217 | 200 | ||
| Others | 155 | 162 | ||
| ₹ | 1,971 | ₹ | 1,809 | |
| ₹ | 1,971 | ₹ | 1,809 |
17. Financial instruments
The carrying value of financial instruments by categories as at March 31, 2024 is as follows:
| Fair valuethrough profitor loss | Fair value through othercomprehensive income | Amortized cost | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mandatory | Designatedupon initialrecognition | |||||||||||
| Financial Assets: | ||||||||||||
| Cash and cash equivalents (Refer to Note 9) | ₹ | — | ₹ | — | ₹ | — | ₹ | 96,953 | ₹ | 96,953 | ||
| Investments (Refer to Note 7) | ||||||||||||
| Equity Instruments | 4,404 | — | 15,830 | — | 20,234 | |||||||
| Fixed maturity plan mutual funds | 1,395 | — | — | — | 1,395 | |||||||
| Short-term mutual funds | 71,686 | — | — | — | 71,686 | |||||||
| Non-convertible debentures | — | 154,407 | — | — | 154,407 | |||||||
| Government securities | — | 7,030 | — | — | 7,030 | |||||||
| Commercial papers | — | 11,845 | — | — | 11,845 | |||||||
| Bonds | — | 28,195 | — | — | 28,195 | |||||||
| Inter corporate and term deposits | — | — | — | 38,008 | 38,008 | |||||||
| Other financial assets | ||||||||||||
| Trade receivables | — | — | — | 119,522 | 119,522 | |||||||
| Unbilled receivables | — | — | — | 58,345 | 58,345 | |||||||
| Other financial assets (Refer to Note 10) | — | — | — | 16,086 | 16,086 | |||||||
| Derivative assets (Refer to Note 17) | 390 | — | 968 | — | 1,358 | |||||||
| ₹ | 77,875 | ₹ | 201,477 | ₹ | 16,798 | ₹ | 328,914 | ₹ | 625,064 | |||
| Financial Liabilities: | ||||||||||||
| Trade payables and other liabilities | ||||||||||||
| Trade payables and accrued expenses (Refer to Note 13) | ₹ | — | ₹ | — | ₹ | — | ₹ | 88,566 | ₹ | 88,566 | ||
| Other financial liabilities (Refer to Note 14) | — | — | — | 7,257 | 7,257 | |||||||
| Loans, borrowings and bank overdrafts (Refer to Note 12) | — | — | — | 141,466 | 141,466 | |||||||
| Lease liabilities | — | — | — | 23,183 | 23,183 | |||||||
| Derivative liabilities (Refer to Note 17) | 329 | — | 233 | — | 562 | |||||||
| ₹ | 329 | ₹ | — | ₹ | 233 | ₹ | 260,472 | ₹ | 261,034 |
16
The carrying value of financial instruments by categories as at September 30, 2024 is as follows:
| Fair valuethrough profitor loss | Fair value through othercomprehensive income | Amortizedcost | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mandatory | Designatedupon initialrecognition | |||||||||||
| Financial Assets: | ||||||||||||
| Cash and cash equivalents (Refer to Note 9) | ₹ | — | ₹ | — | ₹ | — | ₹ | 104,592 | ₹ | 104,592 | ||
| Investments (Refer to Note 7) | ||||||||||||
| Equity Instruments | 4,658 | — | 16,124 | — | 20,782 | |||||||
| Fixed maturity plan mutual funds | 1,452 | — | — | — | 1,452 | |||||||
| Short-term mutual funds | 99,774 | — | — | — | 99,774 | |||||||
| Non-convertible debentures | — | 211,247 | — | — | 211,247 | |||||||
| Government securities | — | 13,906 | — | — | 13,906 | |||||||
| Commercial papers | — | 3,386 | — | — | 3,386 | |||||||
| Bonds | — | 19,632 | — | — | 19,632 | |||||||
| Inter corporate and term deposits | — | — | — | 68,515 | 68,515 | |||||||
| Other financial assets | ||||||||||||
| Trade receivables | — | — | — | 113,242 | 113,242 | |||||||
| Unbilled receivables | — | — | — | 64,776 | 64,776 | |||||||
| Other financial assets (Refer to Note 10) | — | — | — | 14,121 | 14,121 | |||||||
| Derivative assets (Refer to Note 17) | 294 | — | 357 | — | 651 | |||||||
| ₹ | 106,178 | ₹ | 248,171 | ₹ | 16,481 | ₹ | 365,246 | ₹ | 736,076 | |||
| Financial Liabilities: | ||||||||||||
| Trade payables and other liabilities | ||||||||||||
| Trade payables and accrued expenses (Refer to Note 13) | ₹ | — | ₹ | — | ₹ | — | ₹ | 82,810 | ₹ | 82,810 | ||
| Other financial liabilities (Refer to Note 14) | — | — | — | 8,838 | 8,838 | |||||||
| Loans, borrowings and bank overdrafts (Refer to Note 12) | — | — | — | 165,810 | 165,810 | |||||||
| Lease liabilities | — | — | — | 27,012 | 27,012 | |||||||
| Derivative liabilities (Refer to Note 17) | 368 | — | 697 | — | 1,065 | |||||||
| ₹ | 368 | ₹ | — | ₹ | 697 | ₹ | 284,470 | ₹ | 285,535 |
Fair value
Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, and eligible current liabilities and non-current liabilities.
The fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2024 and September 30, 2024, the carrying value of such financial assets, net of allowances, and liabilities, approximates the fair value.
The Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield of Unsecured Notes 2026 as of September 30, 2024 is 4.43%
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 and bonds classified as FVTOCI is determined based on the indicative quotes of price and yields prevailing in the market at the reporting date. Fair value of investments in equity instruments classified as FVTOCI or FVTPL is determined using market approach primarily based on market multiples method.
The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves and currency volatility.
17
Fair value hierarchy
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
There were no transfer between Level 1, 2 and 3 during the year ended March 31, 2024 and six months ended September 30, 2024.
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
| As at | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2024 | September 30, 2024 | |||||||||||||||||||||
| Fair value measurements at reporting date | Fair value measurements at reporting date | |||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets | ||||||||||||||||||||||
| Derivative instruments: | ||||||||||||||||||||||
| Cash flow hedges | ₹ | 968 | **** | ₹ | — | ₹ | 968 | ₹ | — | ₹ | 357 | **** | ₹ | — | ₹ | 357 | ₹ | — | ||||
| Others | **** | 390 | **** | — | 390 | — | **** | 294 | **** | — | 294 | — | ||||||||||
| Investments: | ||||||||||||||||||||||
| Short-term mutual funds | **** | 71,686 | **** | 71,686 | — | — | **** | 99,774 | **** | 99,774 | — | — | ||||||||||
| Fixed maturity plan mutual funds | **** | 1,395 | **** | — | 1,395 | — | **** | 1,452 | **** | — | 1,452 | — | ||||||||||
| Equity instruments | **** | 20,234 | **** | 108 | — | 20,126 | **** | 20,782 | **** | 74 | — | 20,708 | ||||||||||
| Non-convertible debentures, government securities,<br>commercial papers, certificate of deposit and bonds | **** | 201,477 | **** | 1,282 | 200,195 | — | **** | 248,171 | **** | 9,150 | 239,021 | — | ||||||||||
| Liabilities | ||||||||||||||||||||||
| Derivative instruments: | ||||||||||||||||||||||
| Cash flow hedges | ₹ | (233 | ) | ₹ | — | ₹ | (233 | ) | ₹ | — | ₹ | (697 | ) | ₹ | — | ₹ | (697 | ) | ₹ | — | ||
| Others | **** | (329 | ) | — | (329 | ) | — | **** | (368 | ) | — | (368 | ) | — | ||||||||
| Liability on written put options to non-controlling<br>interests | **** | (4,303 | ) | — | — | (4,303 | ) | **** | (4,452 | ) | — | — | (4,452 | ) | ||||||||
| Contingent consideration | **** | (429 | ) | — | — | (429 | ) | **** | (253 | ) | — | — | (253 | ) |
The following methods and assumptions were used to estimate the fair value of the level 2 financial instruments included in the above table.
| Financial instrument | Method and assumptions |
|---|---|
| Derivative instruments (assets and liabilities) | The Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly<br>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<br>calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at September 30, 2024, the changes<br>in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value. |
| Investment in non-convertible debentures, government securities, commercial papers, certificate of deposits and bonds | Fair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date. |
| Investment in fixed maturity plan mutual funds | Fair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date. |
18
The following methods and assumptions were used to estimate the fair value of the level 3 financial instruments included in the above table.
| Financial instrument | Method and assumptions |
|---|---|
| Investment in equity instruments | Fair value of these instruments is determined using market approach primarily based on market multiples method. |
| Contingent consideration and liability on written put options to non-controlling interest | Fair value of these instruments is determined using valuation techniques which includes inputs relating to risk-adjusted revenue and operating profit forecast. |
The following table presents changes in Level 3 assets and liabilities for the year ended March 31, 2024 and sixmonths ended September 30, 2024:
| As at | ||||||
|---|---|---|---|---|---|---|
| Investment in equity instruments | March 31, 2024 | September 30, 2024 | ||||
| Balance at the beginning of the period | ₹ | 19,321 | ₹ | 20,126 | ||
| Additions | 1,277 | 913 | ||||
| Disposals ^(1) (2)^ | (416 | ) | (488 | ) | ||
| Gain/(loss) recognized in consolidated statement of income | (136 | ) | 232 | |||
| Gain/(loss) recognized in other comprehensive income | (485 | ) | (171 | ) | ||
| Translation adjustment | 565 | 96 | ||||
| Balance at the end of the period | ₹ | 20,126 | **** | ₹ | 20,708 | **** |
| ^(1)^ | During the year ended March 31, 2024, the Company sold its shares in Moogsoft (Herd) Inc. at a fair value<br>of ₹179 and recognized a cumulative loss of ₹91 in other comprehensive income.<br> | |||||
| --- | --- | |||||
| ^(2)^ | During the six months ended September 30, 2024, the Company sold its shares in Headspin Inc. and Sealights<br>Technologies Ltd at a fair value of ₹397 and recognized a cumulative loss of ₹185 in<br>other comprehensive income and cumulative gain of ₹58 in the consolidated statement of income. | |||||
| --- | --- | |||||
| As at | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Contingent consideration | March 31, 2024 | September 30, 2024 | ||||
| Balance at the beginning of the period | ₹ | (3,053 | ) | ₹ | (429 | ) |
| Reversals ^(1)^ | 1,300 | 167 | ||||
| Payouts | 1,294 | — | ||||
| Finance expense (recognized)/reversed in consolidated statement of income | 55 | 11 | ||||
| Translation adjustment | (25 | ) | (2 | ) | ||
| Balance at the end of the period | ₹ | (429 | ) | ₹ | (253 | ) |
| ^(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. | |||||
| --- | --- | |||||
| As at | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Liability on written put options to non-controlling interests | March 31, 2024 | September 30, 2024 | ||||
| Balance at the beginning of the period | ₹ | — | ₹ | (4,303 | ) | |
| Addition through Business combination | (4,238 | ) | — | |||
| Finance expense recognized in consolidated statement of income | (33 | ) | (128 | ) | ||
| Translation adjustment | (32 | ) | (21 | ) | ||
| Balance at the end of the period | ₹ | (4,303 | ) | ₹ | (4,452 | ) |
Derivative assets and liabilities
The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as immaterial.
19
The Company determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.
If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in consolidated statement of income at the time of the hedge relationship rebalancing.
The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:
| Six months ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||
| Balance as at the beginning of the period | ₹ | (1,762 | ) | ₹ | 773 | **** |
| Changes in fair value of effective portion of derivatives | 1,204 | (889 | ) | |||
| Deferred cancellation gain/(loss), net | 12 | — | ||||
| Net (gain)/loss reclassified to consolidated statement of income on occurrence of hedged<br>transactions ^(1)^ | 1,488 | (276 | ) | |||
| Net (gain)/loss on ineffective portion of derivative instruments classified to consolidated<br>statement of income | (86 | ) | 50 | |||
| Gain/(loss) on cash flow hedging derivatives, net | ₹ | 2,618 | **** | ₹ | (1,115 | ) |
| Balance as at the end of the period | ₹ | 856 | **** | ₹ | (342 | ) |
| Deferred tax asset/(liability) thereon | (221 | ) | 83 | |||
| Balance as at the end of the period, net of deferred taxes | ₹ | 635 | **** | ₹ | (259 | ) |
| ^(1)^ | Includes net (gain)/loss reclassified to revenue of<br>₹(178); net (gain)/loss reclassified to cost of revenues of ₹(22); net (gain)/loss<br>reclassified to finance expenses of ₹(116), and net (gain)/loss reclassified to finance and other income of<br>₹40 for the six months ended September 30, 2024. | |||||
| --- | --- |
The related hedge transactions for balance in cash flow hedging reserves as at September 30, 2024 are expected to occur and be reclassified to the statement of income over a period of 23 months.
As at September 30, 2023 and 2024, there were no material gains or losses on derivative transactions or portions thereof that have become ineffective as hedges or associated with an underlying exposure that did not occur.
18. Foreign currencytranslation reserve and Other reserves
The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:
| Six months ended September 30, | |||||
|---|---|---|---|---|---|
| 2023 | 2024 | ||||
| Balance at the beginning of the period | ₹ | 43,255 | ₹ | 47,261 | |
| Translation difference related to foreign operations, net | 1,452 | 3,708 | |||
| Reclassification of foreign currency translation differences on liquidation of | (181 | ) | 13 | ||
| subsidiaries to statement of income | |||||
| Balance at the end of the period | ₹ | 44,526 | **** | ₹ | 50,982 |
The movement in other reserves is summarized below:
| Other Reserves | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Particulars | Remeasurements of<br>the defined benefit<br>plans | Investment in debt<br>instruments<br>measured at fairvalue through OCI | Investment in equity<br>instruments<br>measured at fairvalue through OCI | Capital Redemption<br>Reserve | Gross obligation to<br>non-controlling<br>interests underput options | |||||||||
| As at April 1, 2023 | ₹ | (548 | ) | ₹ | (119 | ) | ₹ | 10,793 | **** | ₹ | 1,122 | ₹ | — | **** |
| Other comprehensive income | 108 | 1,336 | (108 | ) | — | — | ||||||||
| Buyback of equity shares | — | — | — | 539 | — | |||||||||
| As at September 30, 2023 | ₹ | (440 | ) | ₹ | 1,217 | **** | ₹ | 10,685 | **** | ₹ | 1,661 | ₹ | — | **** |
| As at April 1, 2024 | ₹ | (286 | ) | ₹ | 1,397 | **** | ₹ | 10,320 | **** | ₹ | 1,661 | ₹ | (4,238 | ) |
| Other comprehensive income | 395 | 574 | (166 | ) | — | — | ||||||||
| As at September 30, 2024 | ₹ | 109 | **** | ₹ | 1,971 | **** | ₹ | 10,154 | **** | ₹ | 1,661 | ₹ | (4,238 | ) |
20
19. Income taxes
| Three months ended September 30, | Six months ended September 30, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | ||||||||
| Income tax expense as per the consolidated statement of income | ₹ | 8,419 | ₹ | 10,512 | ₹ | 17,534 | ₹ | 20,362 | |||
| Income tax included in other comprehensive income on: | |||||||||||
| Gains/(losses) on investment securities | 34 | 65 | 196 | 102 | |||||||
| Gains/(losses) on cash flow hedging derivatives | (46 | ) | (400 | ) | 580 | (278 | ) | ||||
| Remeasurements of the defined benefit plans | 10 | 107 | 43 | 169 | |||||||
| ₹ | 8,417 | **** | ₹ | 10,284 | **** | ₹ | 18,353 | ₹ | 20,355 | **** |
Income tax expense consists of the following:
| Three months ended September 30, | Six months ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||||||
| Current taxes | ₹ | 9,286 | ₹ | 11,152 | ₹ | 18,421 | ₹ | 21,520 | ||||
| Deferred taxes | (867 | ) | (640 | ) | (887 | ) | (1,158 | ) | ||||
| ₹ | 8,419 | **** | ₹ | 10,512 | **** | ₹ | 17,534 | **** | ₹ | 20,362 | **** |
Income tax expenses are net of provision reversal of taxes pertaining to earlier periods, amounting to ₹109 and ₹608 for the three months ended September 30, 2023 and 2024, and ₹736 and ₹802 for the six months ended September 30, 2023 and 2024, respectively.
20. Revenues
The tables below present disaggregated revenue from contracts with customers by business segment (Refer to Note 27 “Segment Information”), sector and nature of contract. The Company believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.
21
Information on disaggregation of revenues for the three months ended September 30, 2023 is as follows:
| IT Services | IT Products | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | ||||||||||
| A. Revenue | ||||||||||||||
| Rendering of services | ₹ | 66,735 | ₹ | 66,837 | ₹ | 63,892 | ₹ | 26,226 | ₹ | 223,690 | ₹ | — | ₹ | 223,690 |
| Sale of products | — | — | — | — | — | 1,469 | **** | 1,469 | ||||||
| ₹ | 66,735 | ₹ | 66,837 | ₹ | 63,892 | ₹ | 26,226 | ₹ | 223,690 | ₹ | 1,469 | ₹ | 225,159 | |
| B. Revenue by sector | ||||||||||||||
| Banking, Financial Services and Insurance | ₹ | 676 | ₹ | 41,155 | ₹ | 24,408 | ₹ | 8,886 | ₹ | 75,125 | ||||
| Health | 22,813 | 26 | 4,281 | 1,347 | 28,467 | |||||||||
| Consumer | 25,503 | 1,220 | 10,782 | 4,251 | 41,756 | |||||||||
| Communications | 3,065 | 314 | 2,953 | 3,323 | 9,655 | |||||||||
| Energy, Natural Resources and Utilities | 193 | 10,232 | 9,993 | 5,466 | 25,884 | |||||||||
| Manufacturing | 17 | 7,937 | 6,619 | 1,085 | 15,658 | |||||||||
| Technology | 14,468 | 5,953 | 4,856 | 1,868 | 27,145 | |||||||||
| ₹ | 66,735 | ₹ | 66,837 | ₹ | 63,892 | ₹ | 26,226 | ₹ | 223,690 | ₹ | 1,469 | ₹ | 225,159 | |
| C. Revenue by nature of contract | ||||||||||||||
| Fixed price and volume based | ₹ | 37,936 | ₹ | 34,331 | ₹ | 36,929 | ₹ | 15,770 | ₹ | 124,966 | ₹ | — | ₹ | 124,966 |
| Time and materials | 28,799 | 32,506 | 26,963 | 10,456 | 98,724 | — | **** | 98,724 | ||||||
| Products | — | — | — | — | — | 1,469 | **** | 1,469 | ||||||
| ₹ | 66,735 | ₹ | 66,837 | ₹ | 63,892 | ₹ | 26,226 | ₹ | 223,690 | ₹ | 1,469 | ₹ | 225,159 |
Information on disaggregation of revenues for the three months ended September 30, 2024 is as follows:
| IT Services | ITProducts | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | ||||||||||
| A. Revenue | ||||||||||||||
| Rendering of services | ₹ | 68,502 | ₹ | 68,048 | ₹ | 61,943 | ₹ | 23,860 | ₹ | 222,353 | ₹ | — | ₹ | 222,353 |
| Sale of products | — | — | — | — | — | 663 | **** | 663 | ||||||
| ₹ | 68,502 | ₹ | 68,048 | ₹ | 61,943 | ₹ | 23,860 | ₹ | 222,353 | ₹ | 663 | ₹ | 223,016 | |
| B. Revenue by sector | ||||||||||||||
| Banking, Financial Services and Insurance | ₹ | 238 | ₹ | 43,195 | ₹ | 24,151 | ₹ | 9,856 | ₹ | 77,440 | ||||
| Health | 25,973 | 26 | 3,742 | 590 | 30,331 | |||||||||
| Consumer | 25,781 | 1,918 | 10,905 | 3,905 | 42,509 | |||||||||
| Communications | 3,078 | 208 | 2,913 | 2,510 | 8,709 | |||||||||
| Energy, Natural Resources and Utilities | 821 | 9,736 | 8,885 | 4,514 | 23,956 | |||||||||
| Manufacturing | 12 | 6,894 | 5,928 | 992 | 13,826 | |||||||||
| Technology | 12,599 | 6,071 | 5,419 | 1,493 | 25,582 | |||||||||
| ₹ | 68,502 | ₹ | 68,048 | ₹ | 61,943 | ₹ | 23,860 | ₹ | 222,353 | ₹ | 663 | ₹ | 223,016 | |
| C. Revenue by nature of contract | ||||||||||||||
| Fixed price and volume based | ₹ | 34,859 | ₹ | 34,101 | ₹ | 36,570 | ₹ | 13,875 | ₹ | 119,405 | ₹ | — | ₹ | 119,405 |
| Time and materials | 33,643 | 33,947 | 25,373 | 9,985 | 102,948 | — | **** | 102,948 | ||||||
| Products | — | — | — | — | — | 663 | **** | 663 | ||||||
| ₹ | 68,502 | ₹ | 68,048 | ₹ | 61,943 | ₹ | 23,860 | ₹ | 222,353 | ₹ | 663 | ₹ | 223,016 |
22
Information on disaggregation of revenues for the six months ended September 30, 2023 is as follows:
| IT Services | IT Products | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | ||||||||||
| A. Revenue | ||||||||||||||
| Rendering of services | ₹ | 132,357 | ₹ | 135,158 | ₹ | 131,047 | ₹ | 52,744 | ₹ | 451,306 | ₹ | — | ₹ | 451,306 |
| Sale of products | — | — | — | — | — | 2,163 | **** | 2,163 | ||||||
| ₹ | 132,357 | ₹ | 135,158 | ₹ | 131,047 | ₹ | 52,744 | ₹ | 451,306 | ₹ | 2,163 | ₹ | 453,469 | |
| B. Revenue by sector | ||||||||||||||
| Banking, Financial Services and Insurance | ₹ | 1,460 | ₹ | 83,170 | ₹ | 49,930 | ₹ | 17,927 | ₹ | 152,487 | ||||
| Health | 44,540 | 111 | 9,104 | 2,597 | 56,352 | |||||||||
| Consumer | 51,858 | 2,334 | 21,581 | 8,520 | 84,293 | |||||||||
| Communications | 6,551 | 661 | 6,076 | 6,785 | 20,073 | |||||||||
| Energy, Natural Resources and Utilities | 299 | 20,526 | 21,104 | 11,311 | 53,240 | |||||||||
| Manufacturing | 64 | 16,421 | 13,512 | 2,123 | 32,120 | |||||||||
| Technology | 27,585 | 11,935 | 9,740 | 3,481 | 52,741 | |||||||||
| ₹ | 132,357 | ₹ | 135,158 | ₹ | 131,047 | ₹ | 52,744 | ₹ | 451,306 | ₹ | 2,163 | ₹ | 453,469 | |
| C. Revenue by nature of contract | ||||||||||||||
| Fixed price and volume based | ₹ | 75,460 | ₹ | 69,781 | ₹ | 76,652 | ₹ | 31,712 | ₹ | 253,605 | ₹ | — | ₹ | 253,605 |
| Time and material | 56,897 | 65,377 | 54,395 | 21,032 | 197,701 | — | **** | 197,701 | ||||||
| Products | — | — | — | — | — | 2,163 | **** | 2,163 | ||||||
| ₹ | 132,357 | ₹ | 135,158 | ₹ | 131,047 | ₹ | 52,744 | ₹ | 451,306 | ₹ | 2,163 | ₹ | 453,469 |
Information on disaggregation of revenues for the six months ended September 30, 2024 is as follows:
| IT Services | IT Products | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | ||||||||||
| A. Revenue | ||||||||||||||
| Rendering of services | ₹ | 136,264 | ₹ | 135,450 | ₹ | 122,421 | ₹ | 47,387 | ₹ | 441,522 | ₹ | — | ₹ | 441,522 |
| Sale of products | — | — | — | — | — | 1,132 | **** | 1,132 | ||||||
| ₹ | 136,264 | ₹ | 135,450 | ₹ | 122,421 | ₹ | 47,387 | ₹ | 441,522 | ₹ | 1,132 | ₹ | 442,654 | |
| B. Revenue by sector | ||||||||||||||
| Banking, Financial Services and Insurance | ₹ | 671 | ₹ | 85,081 | ₹ | 47,199 | ₹ | 18,835 | ₹ | 151,786 | ||||
| Health | 51,538 | 48 | 7,583 | 1,583 | 60,752 | |||||||||
| Consumer | 51,402 | 3,780 | 21,614 | 7,853 | 84,649 | |||||||||
| Communications | 6,077 | 416 | 5,223 | 5,303 | 17,019 | |||||||||
| Energy, Natural Resources and Utilities | 1,488 | 19,843 | 18,237 | 8,968 | 48,536 | |||||||||
| Manufacturing | 26 | 14,138 | 11,923 | 1,934 | 28,021 | |||||||||
| Technology | 25,062 | 12,144 | 10,642 | 2,911 | 50,759 | |||||||||
| ₹ | 136,264 | ₹ | 135,450 | ₹ | 122,421 | ₹ | 47,387 | ₹ | 441,522 | ₹ | 1,132 | ₹ | 442,654 | |
| C. Revenue by nature of contract | ||||||||||||||
| Fixed price and volume based | ₹ | 70,829 | ₹ | 68,679 | ₹ | 72,546 | ₹ | 27,549 | ₹ | 239,603 | ₹ | — | ₹ | 239,603 |
| Time and materials | 65,435 | 66,771 | 49,875 | 19,838 | 201,919 | — | **** | 201,919 | ||||||
| Products | — | — | — | — | — | 1,132 | **** | 1,132 | ||||||
| ₹ | 136,264 | ₹ | 135,450 | ₹ | 122,421 | ₹ | 47,387 | ₹ | 441,522 | ₹ | 1,132 | ₹ | 442,654 |
23
21. Expenses by nature
| Three months ended September 30, | Six months ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||||||
| Employee compensation | ₹ | 138,536 | ₹ | 134,695 | ₹ | 278,812 | ₹ | 266,988 | ||||
| Sub-contracting and technical fees | 26,547 | 24,582 | 52,932 | 49,349 | ||||||||
| Cost of hardware and software | 1,501 | 893 | 2,307 | 1,551 | ||||||||
| Travel | 4,049 | 3,836 | 8,224 | 7,773 | ||||||||
| Facility expenses | 3,815 | 3,937 | 7,267 | 8,070 | ||||||||
| Software license expense for internal use | 4,701 | 4,702 | 9,308 | 9,307 | ||||||||
| Depreciation, amortization and impairment<br>^(1)^ | 8,970 | 8,308 | 16,350 | 15,597 | ||||||||
| Communication | 1,360 | 1,079 | 2,609 | 2,072 | ||||||||
| Legal and professional fees | 2,507 | 3,013 | 4,758 | 5,295 | ||||||||
| Rates, taxes and insurance | 1,641 | 1,395 | 3,103 | 2,611 | ||||||||
| Marketing and brand building | 880 | 838 | 1,857 | 1,642 | ||||||||
| Lifetime expected credit loss/ (write-back) | 139 | 593 | 439 | 567 | ||||||||
| (Gain)/loss on sale of property, plant and equipment, net ^(2)^ | (2,320 | ) | (820 | ) | (2,242 | ) | (843 | ) | ||||
| Miscellaneous expenses ^(3)^ | (244 | ) | (1,580 | ) | 90 | (1,145 | ) | |||||
| Total cost of revenues, selling and marketing expenses and general and administrativeexpenses | ₹ | 192,082 | **** | ₹ | 185,471 | **** | ₹ | 385,814 | **** | ₹ | 368,834 | **** |
| ^(1)^ | Depreciation, amortization and impairment includes an impairment charge on intangible assets amounting to ₹437 and ₹1,147 for the three and six months ended September 30, 2023 and 2024,<br>respectively (Refer to Note 6). | |||||||||||
| --- | --- | |||||||||||
| ^(2)^ | (Gain)/loss on sale of property, plant and equipment for the three and six months ended September 30, 2023<br>and 2024, includes gain on sale of immovable properties of ₹(2,368) and gain on relinquishment of the lease hold rights of land, and transfer of building along with<br>other assets of ₹(885), respectively. | |||||||||||
| --- | --- | |||||||||||
| ^(3)^ | Miscellaneous expenses are net of reversals of contingent consideration of ₹490 and ₹167 for the three months ended September 30, 2023 and 2024, respectively and of ₹506 and ₹167 for the six months ended September 30, 2023 and 2024, respectively<br>(Refer to Note 17). Miscellaneous expenses are net of insurance claim received of ₹1,805 during the three and six months ended September 30, 2024.<br> | |||||||||||
| --- | --- |
22. Finance expenses
| Three months ended September 30, | Six months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||
| Interest expense ^(1)^ | ₹ | 3,033 | ₹ | 3,569 | ₹ | 6,119 | ₹ | 6,857 |
| ₹ | 3,033 | ₹ | 3,569 | ₹ | 6,119 | ₹ | 6,857 | |
| ^(1)^ | Includes Interest expense on lease liabilities of<br>₹336 and ₹384 for the three months ended September 30, 2023 and 2024,<br>respectively and ₹652 and ₹747 for the six months ended September 30, 2023, and<br>2024, respectively. | |||||||
| --- | --- |
23. Finance and other income and Foreign exchange gains/(losses), net
| Three months ended September 30, | Six months ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||||||
| Interest income | ₹ | 4,158 | ₹ | 6,576 | ₹ | 9,402 | ₹ | 12,203 | ||||
| Dividend income from equity investments designated as | ||||||||||||
| FVTOCI | 1 | 1 | 2 | 1 | ||||||||
| Net gain from investments classified as FVTPL | 737 | 2,618 | 2,073 | 4,471 | ||||||||
| Net loss from investments classified as FVTOCI | (86 | ) | — | (125 | ) | — | ||||||
| Finance and other income | ₹ | 4,810 | **** | ₹ | 9,195 | **** | ₹ | 11,352 | **** | ₹ | 16,675 | **** |
| Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL | ₹ | (350 | ) | ₹ | (368 | ) | ₹ | 531 | ₹ | (553 | ) | |
| Other foreign exchange gains/(losses), net | 618 | (28 | ) | (325 | ) | (49 | ) | |||||
| Foreign exchange gains/(losses), net | ₹ | 268 | **** | ₹ | (396 | ) | ₹ | 206 | **** | ₹ | (602 | ) |
24
24. Earnings per equity share
A reconciliation of profit for the period and equity shares used in the computation of basic and diluted earnings per equity share is set out below:
Basic: Basic earnings per equity share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period, excluding equity shares purchased by the Company and held as treasury shares.
| Three months ended September 30, | Six months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||
| Profit attributable to equity holders of the Company | ₹ | 26,463 | ₹ | 32,088 | ₹ | 55,164 | ₹ | 62,120 |
| Weighted average number of equity shares outstanding | 5,232,867,366 | 5,226,755,635 | 5,357,394,940 | 5,226,444,619 | ||||
| Basic earnings per equity share | ₹ | 5.06 | ₹ | 6.14 | ₹ | 10.30 | ₹ | 11.89 |
Diluted: Diluted earnings per equity share is calculated by adjusting the weighted average number of equity shares outstanding during the period for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company.
The calculation is performed in respect of share options to determine the number of equity shares that could have been acquired at fair value (determined as the average market price of the Company’s equity shares during the period). The number of equity shares calculated as above is compared with the number of equity shares that would have been issued assuming the exercise of the share options.
| Three months ended September 30, | Six months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||
| Profit attributable to equity holders of the Company | ₹ | 26,463 | ₹ | 32,088 | ₹ | 55,164 | ₹ | 62,120 |
| Weighted average number of equity shares outstanding | 5,232,867,366 | 5,226,755,635 | 5,357,394,940 | 5,226,444,619 | ||||
| Effect of dilutive equivalent share options | 12,773,832 | 14,323,302 | 12,683,623 | 13,441,789 | ||||
| Weighted average number of equity shares for diluted earnings per equity share | 5,245,641,198 | 5,241,078,937 | 5,370,078,563 | 5,239,886,408 | ||||
| Diluted earnings per equity share | ₹ | 5.04 | ₹ | 6.12 | ₹ | 10.27 | ₹ | 11.85 |
Earnings per share for each of the three months ended June 30, 2023 and September 30, 2023 will not add up to earnings per share for the six months ended September 30, 2023, on account of buyback of equity shares.
25. Employee compensation
| Three months ended September 30, | Six months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||
| Salaries and bonus | ₹ | 132,179 | ₹ | 128,528 | ₹ | 265,979 | ₹ | 254,656 |
| Employee benefits plans | 4,794 | 4,861 | 9,726 | 9,697 | ||||
| Share-based compensation ^(1)^ | 1,563 | 1,306 | 3,107 | 2,635 | ||||
| ₹ | 138,536 | ₹ | 134,695 | ₹ | 278,812 | ₹ | 266,988 | |
| ^(1)^ | Includes ₹8 and ₹(5) for the six months ended September 30, 2023 and 2024 respectively, towards cash settled ADS RSUs. | |||||||
| --- | --- |
The employee benefit cost is recognized in the following line items in the interim condensed consolidated statement of income:
| Three months ended September 30, | Six months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |||||
| Cost of revenues | ₹ | 114,844 | ₹ | 113,949 | ₹ | 232,577 | ₹ | 226,120 |
| Selling and marketing expenses | 12,996 | 12,412 | 25,608 | 24,376 | ||||
| General and administrative expenses | 10,696 | 8,334 | 20,627 | 16,492 | ||||
| ₹ | 138,536 | ₹ | 134,695 | ₹ | 278,812 | ₹ | 266,988 |
The Company has granted 3,731 and 3,345,406 options under RSU option plan during the three and six months ended September 30, 2024, respectively (56,015 and 3,273,900 for the three and six months ended September 30, 2023, respectively); 228,413 and 8,395,500 options under ADS option plan during the three and six months ended September 30, 2024, respectively (292,127 and 8,353,252 for the three and six months ended September 30, 2023, respectively).
The Company has also granted Nil and 2,014,993 Performance based stock options (RSU) during the three and six months ended September 30, 2024, respectively (Nil and 1,892,498 for the three and six months ended September 30, 2023, respectively); Nil and 5,297,557 Performance based stock options (ADS) during the three and six months ended September 30, 2024, respectively (Nil and 5,648,833 for the three and six months ended September 30, 2023, respectively).
The RSU grants were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and the ADS grants were issued under Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan). Performance based stock options will vest based on the performance parameters of the Company.
25
26. Commitments and contingencies
Capital commitments: As at March 31, 2024 and September 30, 2024 the Company had committed to spend approximately ₹ 10,322 and ₹ 8,166 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases. Refer to Note 7 for uncalled capital commitments on investment in equity instruments.
Guarantees: As at March 31, 2024 and September 30, 2024, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 13,455 and ₹ 13,163 respectively, as part of the bank line of credit.
Contingencies and lawsuits: The Company is subject to legal proceedings and claims resulting from tax assessment orders/ penalty notices issued under the Income Tax Act, 1961, which have arisen in the ordinary course of its business. Some of the claims involve complex issues and it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of such proceedings. However, the resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.
The Company’s assessments are completed for the years up to March 31, 2019. The Company has received demands on multiple tax issues. These claims are primarily arising out of denial of deduction under section 10A of the Income Tax Act, 1961 in respect of profit earned by the Company’s undertaking in Software Technology Park at Bengaluru, the appeals filed against the said demand before the Appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2008 which either has been or may be contested by the Income tax authorities before the Hon’ble Supreme Court of India. Other claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing adjustments on intercompany / inter unit transactions and other issues.
Income tax claims against the Company amounting to ₹ 95,520 and ₹ 97,903 are not acknowledged as debt as at March 31, 2024 and September 30, 2024, respectively. These matters are pending before various Appellate Authorities and the management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.
The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounting to ₹ 18,799 and ₹ 19,440 as of March 31, 2024, and September 30, 2024, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.
27. Segment information
The Company is organized into the following operating segments: IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: communications, media and information services, software and gaming, new age technology, consumer goods, medical devices and life sciences, healthcare, and technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking and financial services, energy, manufacturing and resources, capital markets and insurance, and hi-tech. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.
Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.
Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
26
Information on reportable segments for the three months ended September 30, 2023, is as follows:
| IT Services | IT Products | Reconciling<br>Items | Total | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | ||||||||||||||||
| Revenue | ₹ | 66,813 | ₹ | 66,914 | ₹ | 63,976 | ₹ | 26,255 | ₹ | 223,958 | **** | ₹ | 1,469 | ₹ | — | ₹ | 225,427 | |||
| Segment result | 15,287 | 14,023 | 7,547 | 2,985 | **** | 39,842 | **** | (467 | ) | (2,246 | ) | 37,129 | ||||||||
| Unallocated | **** | (3,784 | ) | — | — | (3,784 | ) | |||||||||||||
| Segment result total | ₹ | 36,058 | **** | ₹ | (467 | ) | ₹ | (2,246 | ) | ₹ | 33,345 | **** | ||||||||
| Finance expenses | (3,033 | ) | ||||||||||||||||||
| Finance and other income | 4,810 | |||||||||||||||||||
| Share of net profit/(loss) of associate accounted for using the equity method | (30 | ) | ||||||||||||||||||
| Profit before tax | ₹ | 35,092 | **** | |||||||||||||||||
| Income tax expense | (8,419 | ) | ||||||||||||||||||
| Profit for the period | ₹ | 26,673 | **** | |||||||||||||||||
| Depreciation, amortization and impairment | ₹ | 8,970 |
Information on reportable segments for the three months ended September 30, 2024, is as follows:
| IT Services | IT Products | Reconciling<br>Items | Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | |||||||||||||||
| Revenue | ₹ | 68,393 | ₹ | 67,932 | ₹ | 61,821 | ₹ | 23,811 | ₹ | 221,957 | **** | ₹ | 663 | ₹ | — | ₹ | 222,620 | ||
| Segment result | 13,338 | 15,005 | 7,821 | 3,070 | **** | 39,234 | **** | (183 | ) | 10 | 39,061 | ||||||||
| Unallocated | **** | (1,912 | ) | — | — | (1,912 | ) | ||||||||||||
| Segment result total | ₹ | 37,322 | **** | ₹ | (183 | ) | ₹ | 10 | ₹ | 37,149 | **** | ||||||||
| Finance expenses | (3,569 | ) | |||||||||||||||||
| Finance and other income | 9,195 | ||||||||||||||||||
| Share of net profit/(loss) of associate and joint venture accounted for using the equity<br>method | 3 | ||||||||||||||||||
| Profit before tax | ₹ | 42,778 | **** | ||||||||||||||||
| Income tax expense | (10,512 | ) | |||||||||||||||||
| Profit for the period | ₹ | 32,266 | **** | ||||||||||||||||
| Depreciation, amortization and impairment | ₹ | 8,308 |
27
Information on reportable segments for the six months ended September 30, 2023, is as follows:
| IT Services | IT Products | Reconciling<br>Items | Total | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | ||||||||||||||||
| Revenue | ₹ | 132,420 | ₹ | 135,217 | ₹ | 131,110 | ₹ | 52,765 | ₹ | 451,512 | **** | ₹ | 2,163 | ₹ | — | ₹ | 453,675 | |||
| Segment result | 28,824 | 28,192 | 17,515 | 5,785 | **** | 80,316 | **** | (628 | ) | (4,086 | ) | 75,602 | ||||||||
| Unallocated | **** | (7,741 | ) | — | — | (7,741 | ) | |||||||||||||
| Segment result total | ₹ | 72,575 | **** | ₹ | (628 | ) | ₹ | (4,086 | ) | ₹ | 67,861 | **** | ||||||||
| Finance expense | (6,119 | ) | ||||||||||||||||||
| Finance and other income | 11,352 | |||||||||||||||||||
| Share of net profit/(loss) of associates accounted for using the equity method | (27 | ) | ||||||||||||||||||
| Profit before tax | ₹ | 73,067 | **** | |||||||||||||||||
| Income tax expense | (17,534 | ) | ||||||||||||||||||
| Profit for the period | ₹ | 55,533 | **** | |||||||||||||||||
| Depreciation, amortization and impairment | ₹ | 16,350 |
Information on reportable segments for the six months ended September 30, 2024, is as follows:
| IT Services | IT Products | Reconciling<br>Items | Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas 1 | Americas 2 | Europe | APMEA | Total | |||||||||||||||
| Revenue | ₹ | 136,093 | ₹ | 135,270 | ₹ | 122,243 | ₹ | 47,314 | ₹ | 440,920 | **** | ₹ | 1,132 | ₹ | — | ₹ | 442,052 | ||
| Segment result | 27,025 | 30,538 | 13,694 | 5,511 | **** | 76,768 | **** | (230 | ) | 69 | 76,607 | ||||||||
| Unallocated | **** | (3,389 | ) | — | — | (3,389 | ) | ||||||||||||
| Segment result total | ₹ | 73,379 | **** | ₹ | (230 | ) | ₹ | 69 | ₹ | 73,218 | **** | ||||||||
| Finance expense | (6,857 | ) | |||||||||||||||||
| Finance and other income | 16,675 | ||||||||||||||||||
| Share of net profit/(loss) of associate and joint venture accounted for using the equity<br>method | (42 | ) | |||||||||||||||||
| Profit before tax | ₹ | 82,994 | **** | ||||||||||||||||
| Income tax expense | (20,362 | ) | |||||||||||||||||
| Profit for the period | ₹ | 62,632 | **** | ||||||||||||||||
| Depreciation, amortization and impairment | ₹ | 15,597 |
28
Revenues from India, being Company’s country of domicile, is ₹ 6,039 and ₹ 5,194 for the three months ended September 30, 2023 and 2024, respectively and ₹ 12,046 and ₹ 10,117 for the six months ended September 30, 2023, and 2024, respectively.
Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:
| Three months ended September 30, | Six months ended September 30, | |||
|---|---|---|---|---|
| 2023 | 2024 | 2023 | 2024 | |
| United States of America | ||||
| United Kingdom | ||||
| 155,756 | 154,476 | 312,016 | 309,015 |
All values are in Indian Rupees.
No customer individually accounted for more than 10% of the revenues during the three and six months ended September 30, 2023 and 2024.
Management believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.
Notes:
| a) | “Reconciling Items” includes elimination of inter-segment transactions and other corporate<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<br>gains/(losses), net” in revenues, which is reported as a part of operating profit in the interim condensed consolidated statement of income. |
| --- | --- |
| d) | Restructuring cost of<br>₹ 2,249 and ₹ 4,136 for the three and six months ended September 30,<br>2023, respectively is included under Reconciling items. |
| --- | --- |
| e) | “Unallocated” within IT Services segment results is after recognition of amortization and impairment<br>expense on intangible assets of ₹ 3,484 and ₹ 2,919, for the three months<br>ended September 30, 2023 and 2024, respectively and of ₹ 5,294 and<br>₹ 4,701 for the six months ended September 30, 2023 and 2024, respectively and change in fair value of contingent consideration of ₹ (490) and ₹ (167), for the three months ended September 30, 2023 and 2024,<br>respectively and of ₹ (506) and ₹ (167) for the six months ended<br>September 30, 2023 and 2024, respectively. |
| --- | --- |
Segment results of IT Services segment for the three and six months ended September 30, 2023 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination. (Refer to Note 6)
| f) | Segment results of IT Services segment are after recognition of share-based compensation expense of ₹ 1,563 and ₹ 1,306 for the three months ended September 30, 2023 and 2024,<br>respectively and ₹ 3,107 and ₹ 2,635 for the six months ended<br>September 30, 2023 and 2024 respectively. |
|---|---|
| g) | Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and<br>equipment of ₹ (2,320) and ₹ (820) for the three months ended<br>September 30, 2023 and 2024, respectively and ₹ (2,242) and ₹ (843)<br>for the six months ended September 30, 2023 and 2024 respectively. |
| --- | --- |
28. List of subsidiaries, associate and joint venture as atSeptember 30, 2024 is provided below:
| Subsidiaries | Subsidiaries | Subsidiaries | Country of<br><br><br>Incorporation |
|---|---|---|---|
| Attune Consulting India Private Limited | India | ||
| Capco Technologies Private Limited | India | ||
| Wipro Technology Product Services Private Limited | India | ||
| Wipro Chengdu Limited | China | ||
| Wipro Holdings (UK) Limited | U.K. | ||
| Wipro HR Services India Private Limited | India | ||
| Wipro IT Services Bangladesh Limited | Bangladesh | ||
| Wipro IT Services UK Societas | U.K. | ||
| Designit A/S | Denmark | ||
| Designit Denmark A/S | Denmark | ||
| Designit Germany GmbH | Germany | ||
| Designit Oslo A/S | Norway | ||
| Designit Spain Digital, S.L.U | Spain | ||
| Designit Sweden AB | Sweden | ||
| Designit T.L.V Ltd. | Israel | ||
| Wipro Bahrain Limited Co. W.L.L | Bahrain | ||
| Wipro Czech Republic IT Services s.r.o. | Czech Republic | ||
| Wipro CRM Services (formerly known as Wipro 4C NV) | Belgium |
29
| Wipro 4C Consulting France SAS | France | ||
|---|---|---|---|
| Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V) | Netherlands | ||
| Wipro CRM Services ApS | Denmark | ||
| Wipro CRM Services UK Limited | U.K. | ||
| Grove Holdings 2 S.á.r.l | Luxembourg | ||
| Capco Solution Services GmbH | Germany | ||
| The Capital Markets Company Italy Srl | Italy | ||
| Capco Brasil Serviços E Consultoria Ltda | Brazil | ||
| The Capital Markets Company BV ^(1)^ | Belgium | ||
| PT. WT Indonesia | Indonesia | ||
| Rainbow Software LLC | Iraq | ||
| Wipro Arabia Limited ^(2)^ | Saudi Arabia | ||
| Women’s Business Park Technologies Limited ^(2)^ | Saudi Arabia | ||
| Wipro Doha LLC | Qatar | ||
| Wipro Financial Outsourcing Services Limited | U.K. | ||
| Wipro UK Limited | U.K. | ||
| Wipro Gulf LLC | Sultanate of | ||
| Oman | |||
| Wipro Holdings Hungary Korlátolt Felelősségű Társaság | Hungary | ||
| Wipro Holdings Investment Korlátolt Felelősségű Társaság | Hungary | ||
| Wipro Information Technology Netherlands BV. | Netherlands | ||
| Wipro do Brasil Technologia Ltda ^(1)^ | Brazil | ||
| Wipro Information Technology Kazakhstan LLP | Kazakhstan | ||
| Wipro Outsourcing Services (Ireland) Limited | Ireland | ||
| Wipro Portugal S.A. ^(1)^ | Portugal | ||
| Wipro Solutions Canada Limited | Canada | ||
| Wipro Technologies Limited | Russia | ||
| Wipro Technologies Peru SAC | Peru | ||
| Wipro Technologies W.T. Sociedad Anonima | Costa Rica | ||
| Wipro Technology Chile SPA | Chile | ||
| Wipro IT Service Ukraine, LLC | Ukraine | ||
| Wipro IT Services Poland SP Z.O.O | Poland | ||
| Wipro IT Services S.R.L. | Romania | ||
| Wipro Regional Headquarter | Saudi Arabia | ||
| Wipro Technologies Australia Pty Ltd | Wipro Ampion Holdings Pty Ltd ^(1)^ | Australia | |
| Australia | |||
| Wipro Technologies SA | Argentina | ||
| Wipro Technologies SA DE CV | Mexico | ||
| Wipro Technologies South Africa (Proprietary) Limited | South Africa | ||
| Wipro Technologies Nigeria Limited | Nigeria | ||
| Wipro Technologies SRL | Romania | ||
| Wipro (Thailand) Co. Limited | Thailand | ||
| Wipro Japan KK | Japan | ||
| Wipro Networks Pte Limited | Singapore | ||
| Wipro (Dalian) Limited | China | ||
| Wipro Technologies SDN BHD | Malaysia | ||
| Wipro Overseas IT Services Private Limited | India | ||
| Wipro Philippines, Inc. | Philippines | ||
| Wipro Shanghai Limited | China | ||
| Wipro Trademarks Holding Limited | India | ||
| Wipro Travel Services Limited | India | ||
| Wipro VLSI Design Services | India | ||
| India Private Limited | |||
| Wipro, LLC | USA | ||
| Wipro Gallagher Solutions, LLC | USA | ||
| Wipro Insurance Solutions, LLC | USA |
30
| Wipro IT Services, LLC | Aggne Global Inc. ^(3)^ | USA | |
|---|---|---|---|
| USA | |||
| Cardinal US Holdings, Inc.^(1)^ | USA | ||
| Edgile, LLC | USA | ||
| HealthPlan Services, Inc. ^(1)^ | USA | ||
| Infocrossing, LLC | USA | ||
| International TechneGroup Incorporated ^(1)^ | USA | ||
| Wipro NextGen Enterprise Inc. ^(1)^ | USA | ||
| Rizing Intermediate Holdings, Inc. ^(1)^ | USA | ||
| Wipro Appirio, Inc. ^(1)^ | USA | ||
| Wipro Designit Services, Inc. ^(1)^ | USA | ||
| Wipro Telecom Consulting LLC | USA | ||
| Wipro VLSI Design Services, LLC | USA | ||
| Aggne Global IT Services Private Limited ^(3)^ | India | ||
| Wipro, Inc.^(4)^ | 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. | ||
|---|---|---|---|
| ^(3)^ | The company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT<br>Services, LLC holds 60% of the equity securities of Aggne Global Inc. | ||
| --- | --- | ||
| ^(4)^ | Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with effect from<br>September 30, 2024. | ||
| --- | --- | ||
| ^(1)^ | Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup<br>Incorporated, Wipro NextGen Enterprise Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda and Wipro Portugal<br>S.A. are as follows: | ||
| --- | --- | ||
| Subsidiaries | Subsidiaries | Subsidiaries | Country of<br><br><br>Incorporation |
| --- | --- | --- | --- |
| Cardinal US Holdings, Inc. | USA | ||
| ATOM Solutions LLC | USA | ||
| Capco Consulting Services LLC | USA | ||
| Capco RISC Consulting LLC | USA | ||
| The Capital Markets Company LLC | USA | ||
| HealthPlan Services, Inc. | USA | ||
| HealthPlan Services Insurance Agency, LLC | USA | ||
| International TechneGroup Incorporated | USA | ||
| International TechneGroup Ltd. | U.K. | ||
| ITI Proficiency Ltd | Israel | ||
| MechWorks S.R.L. | Italy | ||
| Wipro NextGen Enterprise Inc. | USA | ||
| LeanSwift AB | Sweden | ||
| Rizing Intermediate Holdings, Inc. | USA | ||
| Rizing Lanka (Private) Ltd | Attune Netherlands B.V. ^(5)^ | Sri Lanka | |
| Netherlands | |||
| Rizing Solutions Canada Inc. | Canada | ||
| Rizing LLC | USA | ||
| Aasonn Philippines Inc. | Philippines | ||
| Rizing B.V. | Netherlands | ||
| Rizing Consulting Ireland Limited | Ireland | ||
| Rizing Consulting Pty Ltd. | Australia | ||
| Rizing Geospatial LLC | USA | ||
| Rizing GmbH | Germany | ||
| Rizing Limited | U.K. | ||
| Rizing Pte Ltd. ^(5)^ | Singapore |
31
| The Capital Markets Company BV | Belgium | ||
|---|---|---|---|
| CapAfric Consulting (Pty) Ltd | South Africa | ||
| Capco Belgium BV | Belgium | ||
| Capco Consultancy (Malaysia) Sdn. Bhd | Malaysia | ||
| Capco Consultancy (Thailand) Ltd | Thailand | ||
| Capco Consulting Singapore Pte. Ltd | Singapore | ||
| Capco Greece Single Member P.C | Greece | ||
| Capco Poland sp. z.o.o | Poland | ||
| The Capital Markets Company (UK) Ltd | U.K. | ||
| Capco (UK) 1, Limited | U.K. | ||
| The Capital Markets Company BV | Netherlands | ||
| The Capital Markets Company GmbH | Germany | ||
| Capco Austria GmbH | Austria | ||
| The Capital Markets Company Limited | Hong Kong | ||
| The Capital Markets Company Limited | Canada | ||
| The Capital Markets Company S.á.r.l | Switzerland | ||
| Andrion AG | Switzerland | ||
| The Capital Markets Company S.A.S | France | ||
| The Capital Markets Company s.r.o | Slovakia | ||
| Wipro Ampion Holdings Pty Ltd | Australia | ||
| Wipro Revolution IT Pty Ltd | Australia | ||
| Crowdsprint Pty Ltd | Australia | ||
| Wipro Shelde Australia Pty Ltd | Australia | ||
| Wipro Appirio, Inc. | USA | ||
| Wipro Appirio (Ireland) Limited | Ireland | ||
| Wipro Appirio UK Limited | U.K. | ||
| Topcoder, LLC. | USA | ||
| Wipro Designit Services, Inc. | USA | ||
| Wipro Designit Services Limited | Ireland | ||
| Wipro do Brasil Technologia Ltda | Brazil | ||
| Wipro do Brasil Servicos Ltda | Brazil | ||
| Wipro Do Brasil Sistemas De | Brazil | ||
| Informatica Ltda | |||
| Wipro Portugal S.A. | Portugal | ||
| Wipro Technologies GmbH | Germany | ||
| Wipro Business Solutions GmbH ^(5)^ | Germany | ||
| Wipro IT Services Austria GmbH | Austria | ||
| ^(5)^ | Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH are as<br>follows: | ||
| --- | --- | ||
| Subsidiaries | Subsidiaries | Subsidiaries | Country of<br><br><br>Incorporation |
| --- | --- | --- | --- |
| Attune Netherlands B.V. | Netherlands | ||
| Rizing Consulting USA, Inc. | USA | ||
| Rizing Germany GmbH | Germany | ||
| Attune Italia S.R.L | Italy | ||
| Attune UK Ltd. | U.K. | ||
| Rizing Pte Ltd. | Singapore | ||
| Rizing New Zealand Ltd. | New Zealand | ||
| Rizing Philippines Inc. | Philippines | ||
| Rizing SDN BHD | Malaysia | ||
| Rizing Solutions Pty Ltd | Australia | ||
| Wipro Business Solutions GmbH | Germany | ||
| Wipro Technology Solutions S.R.L | Romania |
As at September 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.
The list of controlled trusts are:
| Name of the entity | Country of incorporation |
|---|---|
| Wipro Equity Reward Trust | India |
| Wipro Foundation | India |
32
29. Buyback of equity shares
During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹ 539.
30. Events after thereporting period
The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ₹ 2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively.
| As per our report of even date attached | For and on behalf of the Board of Directors | ||
|---|---|---|---|
| for Deloitte Haskins & Sells LLP | Rishad A. Premji | Deepak M. Satwalekar | Srinivas Pallia |
| Chartered Accountants | Chairman | Director | Chief Executive Officer and |
| Firm Registration No: 117366W/W - 100018 | Managing Director | ||
| Anand Subramanian | Aparna C. Iyer | M. Sanaulla Khan | |
| Partner | Chief Financial Officer | Company Secretary | |
| Membership No. 110815 |
Bengaluru
October 17, 2024
33
EX-99.4
Exhibit 99.4
WIPRO LIMITED
CIN:L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 560035, India
Website:www.wipro.com ; Email id – info@wipro.com ; Tel: +91-80-2844 0011 ; Fax: +91-80-28440054
STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2024
UNDER IFRS (IASB)
(₹in millions, except share and per share data, unless otherwise stated)
| Three months ended | Six months ended | Year ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Particulars | September30, 2024 | June 30,2024 | September30, 2023 | September30, 2024 | September30, 2023 | March 31,2024 | |||||||||||||
| Income | |||||||||||||||||||
| a) Revenue from operations | 223,016 | 219,638 | 225,159 | 442,654 | 453,469 | 897,603 | |||||||||||||
| b) Foreign exchange gains/(losses), net | (396 | ) | (206 | ) | 268 | (602 | ) | 206 | 340 | ||||||||||
| I | Total income | **** | 222,620 | **** | **** | 219,432 | **** | **** | 225,427 | **** | **** | 442,052 | **** | **** | 453,675 | **** | **** | 897,943 | **** |
| Expenses | |||||||||||||||||||
| a) Purchases of<br>stock-in-trade | 1,034 | 664 | 576 | 1,698 | 1,554 | 3,832 | |||||||||||||
| b) Changes in inventories of<br>stock-in-trade | (152 | ) | (2 | ) | 920 | (154 | ) | 738 | 278 | ||||||||||
| c) Employee benefits expense | 134,695 | 132,293 | 138,536 | 266,988 | 278,812 | 549,301 | |||||||||||||
| d) Depreciation, amortization and impairment expense | 8,308 | 7,289 | 8,970 | 15,597 | 16,350 | 34,071 | |||||||||||||
| e) Sub-contracting and technical fees | 24,582 | 24,767 | 26,547 | 49,349 | 52,932 | 103,030 | |||||||||||||
| f) Facility expenses | 3,937 | 4,133 | 3,815 | 8,070 | 7,267 | 14,556 | |||||||||||||
| g) Travel | 3,836 | 3,937 | 4,049 | 7,773 | 8,224 | 15,102 | |||||||||||||
| h) Communication | 1,079 | 993 | 1,360 | 2,072 | 2,609 | 4,878 | |||||||||||||
| i) Legal and professional fees | 3,013 | 2,282 | 2,507 | 5,295 | 4,758 | 9,559 | |||||||||||||
| j) Software license expense for internal use | 4,702 | 4,605 | 4,701 | 9,307 | 9,308 | 18,378 | |||||||||||||
| k) Marketing and brand building | 838 | 804 | 880 | 1,642 | 1,857 | 3,555 | |||||||||||||
| l) Lifetime expected credit loss/ (write-back) | 593 | (26 | ) | 139 | 567 | 439 | 640 | ||||||||||||
| m) (Gain)/loss on sale of property, plant and equipment, net | (820 | ) | (23 | ) | (2,320 | ) | (843 | ) | (2,242 | ) | (2,072 | ) | |||||||
| n) Other expenses | (174 | ) | 1,647 | 1,402 | 1,473 | 3,208 | 6,736 | ||||||||||||
| II | Total expenses | **** | 185,471 | **** | **** | 183,363 | **** | **** | 192,082 | **** | **** | 368,834 | **** | **** | 385,814 | **** | **** | 761,844 | **** |
| III | Finance expenses | 3,569 | 3,288 | 3,033 | 6,857 | 6,119 | 12,552 | ||||||||||||
| IV | Finance and other income | 9,195 | 7,480 | 4,810 | 16,675 | 11,352 | 23,896 | ||||||||||||
| V | Share of net profit/ (loss) of associate and joint venture accounted for using the equity method | 3 | (45 | ) | (30 | ) | (42 | ) | (27 | ) | (233 | ) | |||||||
| VI | Profit before tax [I-II-III+IV+V] | **** | 42,778 | **** | **** | 40,216 | **** | **** | 35,092 | **** | **** | 82,994 | **** | **** | 73,067 | **** | **** | 147,210 | **** |
| VII | Tax expense | 10,512 | 9,850 | 8,419 | 20,362 | 17,534 | 36,089 | ||||||||||||
| VIII | Profit for the period [VI-VII] | **** | 32,266 | **** | **** | 30,366 | **** | **** | 26,673 | **** | **** | 62,632 | **** | **** | 55,533 | **** | **** | 111,121 | **** |
| Other comprehensive income (OCI) | |||||||||||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods | |||||||||||||||||||
| Remeasurements of the defined benefit plans, net | 323 | 58 | 51 | 381 | 6 | 82 | |||||||||||||
| Net change in fair value of investment in equity instruments measured at fair value through OCI | 153 | (319 | ) | (124 | ) | (166 | ) | (108 | ) | (473 | ) | ||||||||
| Items that will be reclassified to profit or loss in subsequent periods | |||||||||||||||||||
| Foreign currency translation differences | 5,115 | (1,399 | ) | 1,824 | 3,716 | 1,462 | 4,219 | ||||||||||||
| Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of<br>income | 13 | ^ | (183 | ) | 13 | (181 | ) | (198 | ) | ||||||||||
| Net change in time value of option contracts designated as cash flow hedges, net of taxes | (368 | ) | 4 | 211 | (364 | ) | 251 | 198 | |||||||||||
| Net change in intrinsic value of option contracts designated as cash flow hedges, net of taxes | (103 | ) | 85 | (311 | ) | (18 | ) | 201 | 128 | ||||||||||
| Net change in fair value of forward contracts designated as cash flow hedges, net of taxes | (673 | ) | 218 | (62 | ) | (455 | ) | 1,586 | 1,655 | ||||||||||
| Net change in fair value of investment in debt instruments measured at fair value through OCI, net of taxes | 390 | 184 | 297 | 574 | 1,336 | 1,516 |
1
| IX | Total other comprehensive income for the period, net of taxes | (1,169 | ) | 1,703 | 3,681 | 4,553 | 7,127 |
|---|---|---|---|---|---|---|---|
| Total comprehensive income for the period [VIII+IX] | 29,197 | **** | 28,376 | 66,313 | 60,086 | 118,248 | |
| X | Profit for the period attributable to: | ||||||
| Equity holders of the Company | 30,032 | 26,463 | 62,120 | 55,164 | 110,452 | ||
| Non-controlling interests | 334 | 210 | 512 | 369 | 669 | ||
| 30,366 | **** | 26,673 | 62,632 | 55,533 | 111,121 | ||
| Total comprehensive income for the period attributable to: | |||||||
| Equity holders of the Company | 28,865 | 28,169 | 65,807 | 59,809 | 117,744 | ||
| Non-controlling interests | 332 | 207 | 506 | 277 | 504 | ||
| 29,197 | **** | 28,376 | 66,313 | 60,086 | 118,248 | ||
| XI | Paid up equity share capital (Par value 2 per share) | 10,460 | 10,444 | 10,463 | 10,444 | 10,450 | |
| XII | Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet | 739,433 | |||||
| XIII | Earnings per share (EPS) | ||||||
| (Equity shares of par value of 2/- each) | |||||||
| (EPS for the three and six months ended periods are not annualized) | |||||||
| Basic (in ) | 5.75 | 5.06 | 11.89 | 10.30 | 20.89 | ||
| Diluted (in ) | 5.73 | 5.04 | 11.85 | 10.27 | 20.82 |
All values are in Indian Rupees.
| ^ | Value is less than 0.5 | ||
|---|---|---|---|
| 1. | The audited consolidated financial results of the Company for the three and six months ended<br>September 30, 2024, have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report<br>with 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 which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”).<br>All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share<br>data, unless otherwise stated. | ||
| --- | --- | ||
| 3. | (Gain)/loss on sale of property, plant and equipment for the three and six months ended<br>September 30, 2024 and 2023, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885),<br>and gain on sale of immovable properties of ₹ (2,368), respectively. | ||
| --- | --- | ||
| 4. | Other expenses are net of reversals of contingent consideration of ₹ 167, ₹ Nil, ₹ 490 for<br>the three months ended September 30, 2024, June 30, 2024, September 30, 2023, ₹ 167 and<br>₹ 506 for the six months ended September 30, 2024 and 2023, and<br>₹ 1,300 for the year ended March 31, 2024, respectively. Other expenses are net of insurance claim received of ₹ 1,805 during the three and six months ended September 30, 2024. | ||
| --- | --- | ||
| 5. | List of subsidiaries, associate and joint venture as at September 30, 2024 are provided in the tablebelow: | ||
| --- | --- | ||
| Subsidiaries | Subsidiaries | Subsidiaries | Country ofIncorporation |
| --- | --- | --- | --- |
| Attune Consulting India Private Limited | India | ||
| Capco Technologies Private Limited | India | ||
| Wipro Technology Product Services Private Limited | India | ||
| Wipro Chengdu Limited | China | ||
| Wipro Holdings (UK) Limited | U.K. | ||
| Wipro HR Services India Private Limited | India | ||
| Wipro IT Services Bangladesh Limited | Bangladesh |
2
| Wipro IT Services UK Societas | U.K. | ||
|---|---|---|---|
| Designit A/S | Denmark | ||
| Designit Denmark A/S | Denmark | ||
| Designit Germany GmbH | Germany | ||
| Designit Oslo A/S | Norway | ||
| Designit Spain Digital, S.L.U | Spain | ||
| Designit Sweden AB | Sweden | ||
| Designit T.L.V Ltd. | Israel | ||
| Wipro Bahrain Limited Co. W.L.L | Bahrain | ||
| Wipro Czech Republic IT Services s.r.o. | Czech Republic | ||
| Wipro CRM Services (formerly known as Wipro 4C NV) | Belgium | ||
| Wipro 4C Consulting France SAS | France | ||
| Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V) | Netherlands | ||
| Wipro CRM Services ApS | Denmark | ||
| Wipro CRM Services UK Limited | U.K. | ||
| Grove Holdings 2 S.á.r.l | Luxembourg | ||
| Capco Solution Services GmbH | Germany | ||
| The Capital Markets Company Italy Srl | Italy | ||
| Capco Brasil Serviços E Consultoria Ltda | Brazil | ||
| The Capital Markets Company BV ^(1)^ | Belgium | ||
| PT. WT Indonesia | Indonesia | ||
| Rainbow Software LLC | Iraq | ||
| Wipro Arabia Limited ^(2)^ | Saudi Arabia | ||
| Women’s Business Park Technologies Limited ^(2)^ | Saudi Arabia | ||
| Wipro Doha LLC | Qatar | ||
| Wipro Financial Outsourcing Services Limited | U.K. | ||
| Wipro UK Limited | U.K. | ||
| Wipro Gulf LLC | Sultanate of | ||
| Oman | |||
| Wipro Holdings Hungary Korlátolt Felelősségű Társaság | Hungary | ||
| Wipro Holdings Investment Korlátolt Felelősségű Társaság | Hungary | ||
| Wipro Information Technology Netherlands BV. | Netherlands | ||
| Wipro do Brasil Technologia Ltda ^(1)^ | Brazil | ||
| Wipro Information Technology Kazakhstan LLP | Kazakhstan | ||
| Wipro Outsourcing Services (Ireland) Limited | Ireland | ||
| Wipro Portugal S.A. ^(1)^ | Portugal | ||
| Wipro Solutions Canada Limited | Canada | ||
| Wipro Technologies Limited | Russia | ||
| Wipro Technologies Peru SAC | Peru | ||
| Wipro Technologies W.T. Sociedad Anonima | Costa Rica | ||
| Wipro Technology Chile SPA | Chile | ||
| Wipro IT Service Ukraine, LLC | Ukraine | ||
| Wipro IT Services Poland SP Z.O.O | Poland | ||
| Wipro IT Services S.R.L. | Romania | ||
| Wipro Regional Headquarter | Saudi Arabia | ||
| Wipro Technologies Australia Pty Ltd | Australia | ||
| Wipro Ampion Holdings Pty Ltd ^(1)^ | Australia | ||
| Wipro Technologies SA | Argentina | ||
| Wipro Technologies SA DE CV | Mexico | ||
| Wipro Technologies South Africa (Proprietary) Limited | South Africa | ||
| Wipro Technologies Nigeria Limited | Nigeria | ||
| Wipro Technologies SRL | Romania | ||
| Wipro (Thailand) Co. Limited | Thailand | ||
| Wipro Japan KK | Japan | ||
| Wipro Networks Pte Limited | Singapore | ||
| Wipro (Dalian) Limited | China | ||
| Wipro Technologies SDN BHD | Malaysia | ||
| Wipro Overseas IT Services Private Limited | India | ||
| Wipro Philippines, Inc. | Philippines | ||
| Wipro Shanghai Limited | China |
3
| Wipro Trademarks Holding Limited | India | ||
|---|---|---|---|
| Wipro Travel Services Limited | India | ||
| Wipro VLSI Design Services India Private Limited | India | ||
| Wipro, LLC | USA | ||
| Wipro Gallagher Solutions, LLC | USA | ||
| Wipro Insurance Solutions, LLC | USA | ||
| Wipro IT Services, LLC | USA | ||
| Aggne Global Inc. ^(3)^ | USA | ||
| Cardinal US Holdings, Inc.^(1)^ | USA | ||
| Edgile, LLC | USA | ||
| HealthPlan Services, Inc. ^(1)^ | USA | ||
| Infocrossing, LLC | USA | ||
| International TechneGroup Incorporated ^(1)^ | USA | ||
| Wipro NextGen Enterprise Inc. ^(1)^ | USA | ||
| Rizing Intermediate Holdings, Inc. ^(1)^ | USA | ||
| Wipro Appirio, Inc. ^(1)^ | USA | ||
| Wipro Designit Services, Inc. ^(1)^ | USA | ||
| Wipro Telecom Consulting LLC | USA | ||
| Wipro VLSI Design Services, LLC | USA | ||
| Aggne Global IT Services Private Limited ^(3)^ | India | ||
| Wipro, Inc.^(4)^ | 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. | ||
|---|---|---|---|
| ^(3)^ | The company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT<br>Services, LLC holds 60% of the equity securities of Aggne Global Inc. | ||
| --- | --- | ||
| ^(4)^ | Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with effect from<br>September 30, 2024. | ||
| --- | --- | ||
| ^(1)^ | Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup<br>Incorporated, Wipro NextGen Enterprise Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda and Wipro Portugal<br>S.A. are as follows: | ||
| --- | --- | ||
| Subsidiaries | Subsidiaries | Subsidiaries | Country ofIncorporation |
| --- | --- | --- | --- |
| Cardinal US Holdings, Inc. | USA | ||
| ATOM Solutions LLC | USA | ||
| Capco Consulting Services LLC | USA | ||
| Capco RISC Consulting LLC | USA | ||
| The Capital Markets Company LLC | USA | ||
| HealthPlan Services, Inc. | USA | ||
| HealthPlan Services Insurance Agency, LLC | USA | ||
| International TechneGroup Incorporated | USA | ||
| International TechneGroup Ltd. | U.K. | ||
| ITI Proficiency Ltd | Israel | ||
| MechWorks S.R.L. | Italy | ||
| Wipro NextGen Enterprise Inc. | LeanSwift AB | USA Sweden | |
| Rizing Intermediate Holdings, Inc. | USA | ||
| Rizing Lanka (Private) Ltd | Sri Lanka | ||
| Attune Netherlands B.V. ^(5)^ | Netherlands | ||
| Rizing Solutions Canada Inc. Rizing LLC | Canada USA | ||
| Aasonn Philippines Inc. | Philippines |
4
| Rizing B.V. | Netherlands | ||
|---|---|---|---|
| Rizing Consulting Ireland Limited | Ireland | ||
| Rizing Consulting Pty Ltd. | Australia | ||
| Rizing Geospatial LLC | USA | ||
| Rizing GmbH | Germany | ||
| Rizing Limited | U.K. | ||
| Rizing Pte Ltd. ^(5)^ | Singapore | ||
| The Capital Markets Company | Belgium | ||
| BV | |||
| CapAfric Consulting (Pty) Ltd | South Africa | ||
| Capco Belgium BV | Belgium | ||
| Capco Consultancy (Malaysia) Sdn. Bhd | Malaysia | ||
| Capco Consultancy (Thailand) Ltd | Thailand | ||
| Capco Consulting Singapore Pte. Ltd | Singapore | ||
| Capco Greece Single Member P.C | Greece | ||
| Capco Poland sp. z.o.o | Poland | ||
| The Capital Markets Company (UK) Ltd | U.K. | ||
| Capco (UK) 1, Limited | U.K. | ||
| The Capital Markets Company BV | Netherlands | ||
| The Capital Markets Company GmbH | Germany | ||
| Capco Austria GmbH | Austria | ||
| The Capital Markets Company Limited | Hong Kong | ||
| The Capital Markets Company Limited | Canada | ||
| The Capital Markets Company S.á.r.l | Switzerland | ||
| Andrion AG | Switzerland | ||
| The Capital Markets Company S.A.S | France | ||
| The Capital Markets Company s.r.o | Slovakia | ||
| Wipro Ampion Holdings Pty Ltd | Australia | ||
| Wipro Revolution IT Pty Ltd | Australia | ||
| Crowdsprint Pty Ltd | Australia | ||
| Wipro Shelde Australia Pty Ltd | Australia | ||
| Wipro Appirio, Inc. | USA | ||
| Wipro Appirio (Ireland) Limited | Ireland | ||
| Wipro Appirio UK Limited | U.K. | ||
| Topcoder, LLC. | USA | ||
| Wipro Designit Services, Inc. | USA | ||
| Wipro Designit Services Limited | Ireland | ||
| Wipro do Brasil Technologia | Brazil | ||
| Ltda | |||
| Wipro do Brasil Servicos Ltda | Brazil | ||
| Wipro Do Brasil Sistemas De | Brazil | ||
| Informatica Ltda | |||
| Wipro Portugal S.A. | Portugal | ||
| Wipro Technologies GmbH | Germany | ||
| Wipro Business Solutions GmbH ^(5)^ | Germany | ||
| Wipro IT Services Austria GmbH | Austria | ||
| ^(5)^ | Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH are as<br>follows: | ||
| --- | --- | ||
| Subsidiaries | Subsidiaries | Subsidiaries | Country ofIncorporation |
| --- | --- | --- | --- |
| Attune Netherlands B.V. | Netherlands | ||
| Rizing Consulting USA, Inc. | USA | ||
| Rizing Germany GmbH | Germany | ||
| Attune Italia S.R.L | Italy | ||
| Attune UK Ltd. | U.K. | ||
| Rizing Pte Ltd. | Singapore | ||
| Rizing New Zealand Ltd. | New Zealand | ||
| Rizing Philippines Inc. | Philippines | ||
| Rizing SDN BHD | Malaysia | ||
| Rizing Solutions Pty Ltd | Australia | ||
| Wipro Business Solutions GmbH | Germany | ||
| Wipro Technology Solutions S.R.L | Romania |
5
As at September 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.
The list of controlled trusts are:
| Name of the entity | Country of incorporation |
|---|---|
| Wipro Equity Reward Trust | India |
| Wipro Foundation | India |
6. Segment Information
The Company is organized into the following operating segments: IT Services and IT Products.
IT Services: The IT services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: communications, media and information services, software and gaming, new age technology, consumer goods, medical devices and life sciences, healthcare, and technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking and financial services, energy, manufacturing and resources, capital markets and insurance, and hi-tech. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.
Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.
Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
6
Information on reportable segments for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months ended September 30, 2024, September 30, 2023 and year ended March 31, 2024 are as follows:
| Three months ended | Six months ended | Year ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September | June | September | September | September | March | |||||||||||||
| 30, 2024 | 30, 2024 | 30, 2023 | 30, 2024 | 30, 2023 | 31, 2024 | |||||||||||||
| Particulars | Audited | Audited | Audited | Audited | Audited | Audited | ||||||||||||
| Segment revenue | ||||||||||||||||||
| IT Services | ||||||||||||||||||
| Americas 1 | 68,393 | 67,700 | 66,813 | 136,093 | 132,420 | 268,230 | ||||||||||||
| Americas 2 | 67,932 | 67,338 | 66,914 | 135,270 | 135,217 | 269,482 | ||||||||||||
| Europe | 61,821 | 60,422 | 63,976 | 122,243 | 131,110 | 253,927 | ||||||||||||
| APMEA | 23,811 | 23,503 | 26,255 | 47,314 | 52,765 | 102,177 | ||||||||||||
| Total of IT Services | **** | 221,957 | **** | **** | 218,963 | **** | **** | 223,958 | **** | **** | 440,920 | **** | **** | 451,512 | **** | **** | 893,816 | **** |
| IT Products | 663 | 469 | 1,469 | 1,132 | 2,163 | 4,127 | ||||||||||||
| Total segment revenue | **** | 222,620 | **** | **** | 219,432 | **** | **** | 225,427 | **** | **** | 442,052 | **** | **** | 453,675 | **** | **** | 897,943 | **** |
| Segment result | ||||||||||||||||||
| IT Services | ||||||||||||||||||
| Americas 1 | 13,338 | 13,687 | 15,287 | 27,025 | 28,824 | 59,364 | ||||||||||||
| Americas 2 | 15,005 | 15,533 | 14,023 | 30,538 | 28,192 | 59,163 | ||||||||||||
| Europe | 7,821 | 5,873 | 7,547 | 13,694 | 17,515 | 33,354 | ||||||||||||
| APMEA | 3,070 | 2,441 | 2,985 | 5,511 | 5,785 | 12,619 | ||||||||||||
| Unallocated | (1,912 | ) | (1,477 | ) | (3,784 | ) | (3,389 | ) | (7,741 | ) | (20,304 | ) | ||||||
| Total of IT Services | **** | 37,322 | **** | **** | 36,057 | **** | **** | 36,058 | **** | **** | 73,379 | **** | **** | 72,575 | **** | **** | 144,196 | **** |
| IT Products | (183 | ) | (47 | ) | (467 | ) | (230 | ) | (628 | ) | (371 | ) | ||||||
| Reconciling Items | 10 | 59 | (2,246 | ) | 69 | (4,086 | ) | (7,726 | ) | |||||||||
| Total segment result | **** | 37,149 | **** | **** | 36,069 | **** | **** | 33,345 | **** | **** | 73,218 | **** | **** | 67,861 | **** | **** | 136,099 | **** |
| Finance expenses | (3,569 | ) | (3,288 | ) | (3,033 | ) | (6,857 | ) | (6,119 | ) | (12,552 | ) | ||||||
| Finance and other income | 9,195 | 7,480 | 4,810 | 16,675 | 11,352 | 23,896 | ||||||||||||
| Share of net profit/ (loss) of associate and joint venture accounted for using the equity<br>method | 3 | (45 | ) | (30 | ) | (42 | ) | (27 | ) | (233 | ) | |||||||
| Profit before tax | **** | 42,778 | **** | **** | 40,216 | **** | **** | 35,092 | **** | **** | 82,994 | **** | **** | 73,067 | **** | **** | 147,210 | **** |
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<br>gains/(losses), net in revenues amounting to ₹(396), ₹(206), and ₹268 for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 respectively, ₹(602), and ₹206 for the six months ended September 30, 2024, September 30, 2023, and ₹340 for the year ended March 31, 2024, which is reported under foreign exchange gains/(losses), net in the consolidated financial results. |
| --- | --- |
| d) | Restructuring cost of ₹2,249<br>and ₹4,136 for the three and six months ended September 30, 2023 respectively, and<br>₹6,814 for the year ended March 31, 2024, is included under Reconciling Items. |
| --- | --- |
| e) | Reconciling Items for the year ended March 31, 2024 includes employee costs of<br>₹921 towards outgoing CEO and Managing Director. |
| --- | --- |
| f) | “Unallocated” within IT Services segment results is after recognition of amortization and impairment<br>expense on intangible assets of ₹2,919, ₹1,782, ₹3,484, ₹4,701, ₹5,294 and ₹11,756 for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months ended September 30, 2024, September 30, 2023<br>and year ended March 31, 2024 respectively, and change in fair value of contingent consideration of ₹(167), ₹Nil, ₹(490), ₹(167), ₹(506) and ₹(1,300) for the three months ended September 30, 2024, June 30, 2024,<br>September 30, 2023, six months ended September 30, 2024, September 30, 2023 and year ended March 31, 2024 respectively. |
| --- | --- |
Segment results of IT Services segment for the three and six months ended September 30, 2023 and year ended March 31, 2024 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination.
| g) | Segment results of IT Services segment are after recognition of share-based compensation expense ₹1,306, ₹1,329 and<br>₹1,563 for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively and ₹2,635 and ₹3,107 for the six months ended September 30, 2024, September 30, 2023, respectively, and ₹5,590 for the year ended March 31, 2024. |
|---|---|
| h) | Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and<br>equipment of ₹(820), (23) and ₹(2,320) for the three months ended September 30,<br>2024, June 20, 2024 and September 30, 2023, respectively and ₹(843) and<br>₹(2,242) for the six months ended September 30, 2024, September 30, 2023, respectively, and<br>₹(2,072) for the year ended March 31, 2024. |
| --- | --- |
7
| 7. | Buyback of equity shares |
|---|
During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹145,173 (including tax on buyback of ₹24,783 and transaction costs related to buyback of ₹390). In line with the requirement of the Companies Act, 2013, an amount of ₹3,768 and ₹141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹539.
| 8. | Earnings per share for each of the three months ended September 30, 2023 and June 30, 2023 will not<br>add up to earnings per share for the six months ended September 30, 2023, on account of buyback of equity shares. | |||
|---|---|---|---|---|
| 9. | Audited Consolidated Balance Sheet | |||
| --- | --- | |||
| As at March 31, 2024 | As at September 30, 2024 | |||
| --- | --- | --- | --- | --- |
| ASSETS | ||||
| Goodwill | 316,002 | 319,207 | ||
| Intangible assets | 32,748 | 28,195 | ||
| Property, plant and equipment | 81,608 | 78,822 | ||
| Right-of-Use<br>assets | 17,955 | 21,854 | ||
| Financial assets | ||||
| Derivative assets | 25 | — | ||
| Investments | 21,629 | 31,385 | ||
| Trade receivables | 4,045 | 587 | ||
| Other financial assets | 5,550 | 5,148 | ||
| Investments accounted for using the equity method | 1,044 | 1,008 | ||
| Deferred tax assets | 1,817 | 1,922 | ||
| Non-current tax assets | 9,043 | 7,782 | ||
| Other non-current assets | 10,331 | 7,744 | ||
| Total non-current assets | **** | 501,797 | **** | 503,654 |
| Inventories | 907 | 1,052 | ||
| Financial assets | ||||
| Derivative assets | 1,333 | 651 | ||
| Investments | 311,171 | 407,309 | ||
| Cash and cash equivalents | 96,953 | 104,592 | ||
| Trade receivables | 115,477 | 112,655 | ||
| Unbilled receivables | 58,345 | 64,776 | ||
| Other financial assets | 10,536 | 8,973 | ||
| Contract assets | 19,854 | 17,788 | ||
| Current tax assets | 6,484 | 6,086 | ||
| Other current assets | 29,602 | 32,561 | ||
| Total current assets | **** | 650,662 | **** | 756,443 |
| TOTAL ASSETS | **** | 1,152,459 | **** | 1,260,097 |
| EQUITY | ||||
| Share capital | 10,450 | 10,463 | ||
| Share premium | 3,291 | 6,000 | ||
| Retained earnings | 630,936 | 693,688 | ||
| Share-based payment reserve | 6,384 | 6,315 | ||
| Special Economic Zone Re-investment reserve | 42,129 | 41,497 | ||
| Other components of equity | 56,693 | 60,380 | ||
| Equity attributable to the equity holders of the Company | **** | 749,883 | **** | 818,343 |
| Non-controlling interests | 1,340 | 1,798 | ||
| TOTAL EQUITY | **** | 751,223 | **** | 820,141 |
| LIABILITIES | ||||
| Financial liabilities | ||||
| Loans and borrowings | 62,300 | 62,653 | ||
| Lease liabilities | 13,962 | 18,965 | ||
| Derivative liabilities | 4 | 1 | ||
| Other financial liabilities | 4,985 | 5,862 | ||
| Deferred tax liabilities | 17,467 | 16,625 | ||
| Non-current tax liabilities | 37,090 | 40,122 | ||
| Other non-current liabilities | 12,970 | 14,823 | ||
| Total non-current liabilities | **** | 148,778 | **** | 159,051 |
8
| Financial liabilities | ||
|---|---|---|
| Loans, borrowings and bank overdrafts | 79,166 | 103,157 |
| Lease liabilities | 9,221 | 8,047 |
| Derivative liabilities | 558 | 1,064 |
| Trade payables and accrued expenses | 88,566 | 82,810 |
| Other financial liabilities | 2,272 | 2,976 |
| Contract liabilities | 17,653 | 18,439 |
| Current tax liabilities | 21,756 | 30,599 |
| Other current liabilities | 31,295 | 32,004 |
| Provisions | 1,971 | 1,809 |
| Total current liabilities | 252,458 | 280,905 |
| TOTAL LIABILITIES | 401,236 | 439,956 |
| TOTAL EQUITY AND LIABILITIES | 1,152,459 | 1,260,097 |
10. Audited Consolidated Statement of Cash flows
| Six months ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||
| Cash flows from operating activities | ||||||
| Profit for the period | 55,533 | 62,632 | ||||
| Adjustments to reconcile profit for the period to net cash generated from operatingactivities: | ||||||
| (Gain)/loss on sale of property, plant and equipment, net | (2,242 | ) | (843 | ) | ||
| Depreciation, amortization and impairment expense | 16,350 | 15,597 | ||||
| Unrealized exchange (gain)/loss, net | 836 | 279 | ||||
| Share-based compensation expense | 3,099 | 2,640 | ||||
| Share of net (profit)/loss of associate and joint venture accounted for using equity<br>method | 27 | 42 | ||||
| Income tax expense | 17,534 | 20,362 | ||||
| Finance and other income, net of finance expenses | (5,233 | ) | (9,818 | ) | ||
| Change in fair value of contingent consideration | (506 | ) | (167 | ) | ||
| Lifetime expected credit loss | 439 | 567 | ||||
| Changes in operating assets and liabilities, net of effects from acquisitions | ||||||
| (Increase)/Decrease in trade receivables | 17,913 | 6,008 | ||||
| (Increase)/Decrease in unbilled receivables and contract assets | (5,937 | ) | (4,034 | ) | ||
| (Increase)/Decrease in Inventories | (92 | ) | (145 | ) | ||
| (Increase)/Decrease in other assets | 6,498 | 1,103 | ||||
| Increase/(Decrease) in trade payables, accrued expenses, other liabilities and provisions | (11,260 | ) | (4,216 | ) | ||
| Increase/(Decrease) in contract liabilities | (5,928 | ) | 724 | |||
| Cash generated from operating activities before taxes | **** | 87,031 | **** | **** | 90,731 | **** |
| Income taxes paid, net | (10,885 | ) | (8,083 | ) | ||
| Net cash generated from operating activities | **** | 76,146 | **** | **** | 82,648 | **** |
| Cash flows from investing activities: | ||||||
| Payment for purchase of property, plant and equipment | (4,184 | ) | (5,017 | ) | ||
| Proceeds from disposal of property, plant and equipment | 4,223 | 1,459 | ||||
| Payment for purchase of investments | (465,185 | ) | (423,829 | ) | ||
| Proceeds from sale of investments | 535,473 | 323,786 | ||||
| Repayment of security deposit for property, plant and equipment | — | (300 | ) | |||
| Interest received | 11,274 | 13,981 | ||||
| Dividend received | 2 | 1 | ||||
| Net cash generated from/(used in) investing activities | **** | 81,603 | **** | **** | (89,919 | ) |
| Cash flows from financing activities: | ||||||
| Proceeds from issuance of equity shares and shares pending allotment | 7 | 13 | ||||
| Repayment of loans and borrowings | (43,750 | ) | (66,333 | ) | ||
| Proceeds from loans and borrowings | 48,750 | 89,835 | ||||
| Payment of lease liabilities | (5,172 | ) | (5,054 | ) | ||
| Payment for contingent consideration | (1,289 | ) | — | |||
| Interest and finance expenses paid | (4,850 | ) | (4,177 | ) | ||
| Payment for buyback of equity shares, including tax and transaction cost | (145,173 | ) | — | |||
| Net cash generated from/(used in) financing activities | **** | (151,477 | ) | **** | 14,284 | **** |
| Net increase in cash and cash equivalents during the period | 6,272 | 7,013 | ||||
| Effect of exchange rate changes on cash and cash equivalents | (259 | ) | 591 | |||
| Cash and cash equivalents at the beginning of the period | 91,861 | 96,951 | ||||
| Cash and cash equivalents at the end of the period | **** | 97,874 | **** | **** | 104,555 | **** |
9
11. Events after the reporting period
The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ₹ 2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively.
| By order of the Board, | For, Wipro Limited |
|---|---|
| Place: Bengaluru | Rishad A. Premji |
| Date: October 17, 2024 | Chairman |
10
EX-99.5
Exhibit 99.5
Wipro Limited Highlights for the Quarter ended September 30, 2024 REVENUE QoQ Constant YoY Constant Operating $2.66 Bn Currency Currency Margin o 0.6% I o 2.3% 16.8 % STRATEGIC MARKET UNITS MIX 30.8% AMERICAS 1 i 30.6% AMERICAS 2 I 27.9% EUROPE i 10.7% APMEA SECTOR MIX 34.8% 19.2% 15.4% 13.6% 10.8% 6.2% o ® ® Banking, Financial Consumer Services Technology & Communications Energy, & Insurance Health Natural Manufacturing Resources and Utilities TOTAL $3.6 Bn Operating $509.7 Mn EPS ₹ 6.14 Cash Flow BOOKINGS o 5.9% YoY CC o 6.8% QoQ Operating LARGE DEAL $1.5 Bn TCV cash 132.3% o 21.3% YoY o 16.8% YoY CC Flow/Net Income Revenue from our IT Services business segment to be in the range of $2,607 million to OUTLOOK $2,660 million*. This translates to a sequential guidance of (-) 2.0% to + 0.0% in constant currency terms. for the Quarter ending * Outlook for the Quarter ending December 31, 2024, is based on the following exchange rates: GBP/USD at 1.32, Euro/USD at December 31, 2024 1.10, AUD/USD at 0.68, USD/INR at 83.65 and CAD/USD at 0.74 CUSTOMER CONCENTRATION TOP1 4.1% TOP 5 14.0% TOP10 22.9% TOTAL HEADCOUNT 233,889 ATTRITION VOL – TTM 14.5% OFFSHORE REVENUE NET UTILIZATION 86.4% PERCENTAGE OF SERVICES 59.8% EXCLUDING TRAINEES Page 1
Wipro Limited Results for the Quarter ended September 30, 2024 FY 24-25 FY 23–24 © A IT Services FY Q2 Q1 Q4 Q3 Q2 Q1 2,660.1 2625.9 10,805.3 2,657.4 2,656.1 2,713.3 2,778.5 IT Services Revenues ($Mn) Sequential Growth 1.3% -1.2% -3.8% 0.1% -2.1% -2.3% -2.1% Sequential Growth in Constant Currency Note 1 0.6% -1.0% -4.4% -0.3% -1.7% -2.0% -2.8% Note 2 16.8% 16.5% 16.1% 16.4% 16.0% 16.1% 16.0% Operating Margin % Strategic Market Units Mix Americas 1 30.8% 30.9% 30.0% 30.4% 31.0% 29.8% 28.8% Americas 2 30.6% 30.8% 30.1% 30.7% 30.0% 29.9% 30.0% Europe 27.9% 27.6% 28.4% 27.8% 27.7% 28.6% 29.5% APMEA 10.7% 10.7% 11.5% 11.1% 11.3% 11.7% 11.7% Sectors Mix Banking, Financial Services and Insurance 34.8% 34.0% 33.4% 33.5% 32.7% 33.6% 33.9% Consumer 19.2% 19.2% 18.8% 18.7% 18.8% 18.7% 18.7% Technology and Communications Note 3 15.4% 15.3% 15.9% 15.2% 16.1% 16.4% 15.9% Health 13.6% 13.9% 13.2% 14.1% 13.9% 12.7% 12.2% Energy, Natural Resources and Utilities 10.8% 11.2% 11.8% 11.9% 11.8% 11.6% 12.0% Manufacturing 6.2% 6.4% 6.9% 6.6% 6.7% 7.0% 7.3% Total Bookings Total Bookings TCV ($Mn) Note 4 3,561 3,284 14,907 3,607 3,791 3,785 3,724 Large deal TCV ($Mn) Note 5 1,489 1,154 4,573 1,191 909 1,275 1,198 Guidance ($Mn) 2,600—2,652 2,617-2,670—2,615–2,669 2,617-2,6722,722-2,805 2,753-2,811 Guidance restated based on actual currency 2,618 – 2,670 2,612-2,665—2,624–2,678 2,605-2,6592,712-2,795 2,773-2,831 realized ($Mn) Revenues performance against guidance ($Mn) 2,660 2,626—2,657 2,656 2,713 2,779 Page 2
FY 24-25 FY 23–24 Q2 Q1 FY Q4 Q3 Q2 Q1 Customer size distribution (TTM) > $100Mn 21 22 22 22 22 22 21 > $75Mn 30 29 32 32 31 28 28 > $50Mn 42 43 45 45 46 51 51 > $20Mn 117 117 116 116 121 122 123 > $10Mn 186 192 205 205 203 207 207 > $5Mn 297 301 301 301 305 313 319 > $3Mn 411 407 409 409 430 437 444 > $1Mn 733 735 741 741 750 774 769 Revenue from Existing customers % 99.4% 99.7% 98.9% 97.8% 98.8% 99.1% 99.6% Number of new customers 28 43 229 60 55 49 65 Total Number of active customers 1,342 1,364 1,371 1,371 1,349 1,393 1,444 Customer Concentration Top customer 4.1% 4.0% 3.0% 3.8% 3.0% 3.0% 3.1% Top 5 14.0% 13.6% 13.0% 13.4% 12.1% 12.3% 12.5% Top 10 22.9% 22.5% 21.4% 22.0% 20.5% 20.6% 20.5% % of Revenue USD 61% 61% 60% 60% 61% 60% 59% GBP 11% 11% 11% 11% 10% 11% 11% EUR 10% 10% 10% 10% 10% 10% 11% INR 4% 4% 5% 5% 5% 5% 5% AUD 4% 4% 4% 4% 4% 4% 4% CAD 3% 3% 3% 3% 3% 3% 3% Others 7% 7% 7% 7% 7% 7% 7% Note 6 Closing Employee Count 233,889 232,911 232,614 232,614 239,655 244,707 249,758 Sales & Support Staff (IT Services) 15,336 15,539 15,601 15,601 15,833 16,778 16,942 Utilization Note 7 Net Utilization (Excluding Trainees) 86.4% 87.7% 84.8% 86.9% 84.0% 84.5% 83.7% Attrition Voluntary TTM (IT Services excl. DOP) 14.5% 14.1% 14.2% 14.2% 14.2% 15.5% 17.3% DOP % — Post Training Quarterly 7.9% 8.3% 9.1% 8.9% 8.3% 9.8% 9.2% Page 3
FY 24-25 FY 23–24 Q2 Q1 FY Q4 Q3 Q2 Q1 Revenue Mix Note 7 Revenue from FPP 56.7% 57.6% 59.2% 58.9% 59.9% 58.4% 59.7% Offshore Revenue — % of Services 59.8% 57.9% 59.9% 60.4% 59.8% 59.9% 59.5% Growth Metrics Note 1 Q2’25 Q2’25 Q2’25 Q2’25 Reported Reported Constant Constant QoQ% YoY% QoQ% YoY% IT Services 1.3% -2.0% 0.6% -2.3% Strategic Market Units Americas 1 1.1% 1.4% 1.2% 1.7% Americas 2 0.7% 0.4% 0.8% 0.5% Europe 2.2% -4.5% -0.1% -6.0% APMEA 1.5% -10.1% 0.3% -10.9% Sectors Banking, Financial Services and Insurance 3.7% 1.4% 2.7% 0.6% Consumer 0.9% 0.6% 0.3% 0.3% Technology and Communications Note 3 2.5% -7.9% 1.6% -8.4% Health -0.3% 5.3% -0.5% 5.2% Energy, Natural Resources and Utilities -2.7% -8.7% -3.7% -9.2% Manufacturing -2.5% -12.7% -2.0% -11.7% D Annexure to Datasheet Break-up of Technology and Communications sector Note 3 Technology Communications 1.7% -6.9% 1.0% -7.3% 4.8% -10.9% 3.5% -11.5% Segment-wise breakup of Cost of Revenues, S&M and G&A Q2 FY24-25 (INR Mn) Reconciling Particulars IT Services IT Products Total Items Cost of revenues 154,205 841 3 155,049 Selling and marketing expenses 17,376 11 1 17,388 13,054 -6 -14 13,034 General and administrative expenses Total 184,635 846 -10 185,471 Note 1: 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 2: IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials Note 3: Effective Q2’25 , we have merged Technology and communication sectors for our external reporting. For the current quarter we are sharing the split of technology and communication sectors as part of annexure. Note 4: Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 1 Note 5: Large deal bookings constitute of deals greater than or equal to $30 million in total contract value terms Note 6: We have corrected the previously reported headcount for Q3’24, Q4’24 and Q1’25. Note 7: IT Services excluding DOP (Digital Operations and Platforms) and entities which are not integrated in Wipro limited systems until Page 4 that quarter.