UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

Report of Foreign Private Issuer

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

under the Securities Exchange Act of 1934

For the month of December 2024

Commission File Number 001-16139

 

 

Wipro Limited

(Exact name of Registrant as specified in its charter)

 

 

Not Applicable

(Translation of Registrant’s name into English)

Karnataka, India

(Jurisdiction of incorporation or organization)

Doddakannelli

Sarjapur Road

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

(Address of principal executive offices)

 

 

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

Form 20-F ☒   Form 40-F ☐

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

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

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

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

 

 

 

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Wipro Limited, a company organized under the laws of the Republic of India (the “Company”), hereby furnishes the Commission with the following information concerning its public disclosures regarding its results of operations for the quarter ended December 31, 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 January 17, 2025, the Company announced its results of operations for the quarter ended December 31, 2024. The Company issued a press release announcing its results under 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 December 31, 2024, under International Financial Reporting Standards (“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 December 31, 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 December 31, 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 December 31, 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: January 22, 2025

Exhibit 99.1

FOR IMMEDIATE RELEASE

 

LOGO

Wipro announces results for the quarter ended December 31, 2024

Revenue grows 0.1% QoQ, above upper end of guidance

Operating margin 12 quarter high at 17.5%; Expands 0.7% QoQ

Net income grows 24.5% YoY and 4.5% QoQ; EPS growth of 24.4% YoY

Operating cash flows at 146.5% of net income.

EAST BRUNSWICK, N.J. | BANGALORE, India – Jan 17, 2025: 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 December 31, 2024.

Highlights of the Results

Results for the Quarter ended December 31, 2024:

 

1.

Gross revenue was at ₹223.2 billion ($2,608.9 million1), an increase of 0.1% QoQ and 0.5% YoY.

 

2.

IT services segment revenue was at $2,629.1 million, decrease of 1.2% QoQ and 1.0% YoY.

 

3.

Non-GAAP2 constant currency IT Services segment revenue increased 0.1% QoQ and decreased 0.7% YoY.

 

4.

Total bookings3 was at $3,514 million. Large deal bookings4 was at $961 million, an increase of 6.0% YoY in constant currency2.

 

5.

IT services operating margin5 for the quarter was at 17.5%, an increase of 0.7% QoQ and 1.5% YoY.

 

6.

Net income for the quarter was at ₹33.5 billion ($392.0 million1), an increase of 4.5% QoQ and 24.5% YoY.

 

7.

Earnings per share for the quarter was at ₹3.21 ($0.041), an increase of 4.6% QoQ and 24.4% YoY.

 

8.

Operating cash flows of ₹49.3 billion ($576.4 million1), an increase of 3.0% YoY and at 146.5% of Net Income for the quarter.

 

9.

Voluntary attrition was at 15.3% on a trailing 12-month basis.

 

10.

Interim dividend declared of ₹6 ($0.0701) per equity share/ADS.

 

11.

Capital allocation policy revised to increase the payout percentage from 45% - 50% to 70% or above of the net income cumulatively on a block of 3-year period.

 

1

Outlook for the Quarter ending March 31, 2025

We expect revenue from our IT Services business segment to be in the range of $2,602 million to $2,655 million*. This translates to sequential guidance of (-)1.0 % to 1.0 % in constant currency terms.

 

*

Outlook for the Quarter ending March 31, 2025, is based on the following exchange rates: GBP/USD at 1.27, Euro/USD at 1.06, AUD/USD at 0.65, USD/INR at 84.29 and CAD/USD at 0.71

Performance for the Quarter ended December 31, 2024

Srini Pallia, CEO and Managing Director, said “In a seasonally weak quarter, our strong in quarter execution helped us deliver above the top end of our revenue guidance. We also achieved our highest margins in the past three years while continuing to invest in our people. We closed 17 large deals with a total value of $1B. We are advancing steadily and investing decisively to lead our clients in an AI-driven future.”

Aparna Iyer, Chief Financial Officer, said “We expanded margins for a fourth consecutive quarter, enabling us to achieve our previously stated target margin of 17.5%. Our EPS grew 24.4% YoY and operating cash flow was at 146.5% of net income. We are pleased to share that the board has approved our revised capital allocation policy that increases the committed payout percentage to 70% or above in a block of 3 years. In addition, board has also declared an interim dividend of INR 6 per share.”

 

1.

For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = ₹85.55, as published by the Federal Reserve Board of Governors on December 31, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2024, was US$1= ₹84.76

2.

Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.

3.

Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.

4.

Large deal bookings consist of deals greater than or equal to $30 million in total contract value.

5.

IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

 

2

Highlights of Strategic Deal Wins

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

 

  1.

A US-based health insurance company has selected Wipro for a multi-phase enterprise transformation program. Wipro will implement its industry leading Individual Consumer Affordable Care Act (ACA) and commercial Employer Group Enrolment & Billing platform. Wipro’s AI enabled “Payer-in-a-box” solution will deliver integrated enrolment processing; billing; faster payment processing; improve accuracy, speed & efficiency of financial reconciliation; and enhanced customer services. The program will drive enhanced member experience, better financial management controls, as well as operational efficiency for the client.

 

  2.

A US-based leading media corporation has selected Wipro to transform its advertising operations and drive growth in a competitive market. Leveraging its global delivery model, deep expertise in advertising operations, and AI-powered automation, Wipro will deliver operational stability, foster innovation and unlock efficiencies across the value chain for the client. Wipro’s specialized knowledge in media operations enables the delivery of tailored, high-quality, and scalable solutions designed to address the client’s unique challenges.

 

  3.

A leading Indian private banking and financial services institution has selected Wipro to transform and modernize its Core Banking System. Leveraging its deep domain expertise and consultative approach, Wipro will help the client build the “Bank of the Future” – powered by a modern, scalable, and flexible digital platform. The project will improve the client’s customer centricity and platform scalability, while enhancing operational efficiency.

 

  4.

A global Telecom network solutions organization has selected Wipro as a Strategic partner to provide network integration and business application services for its 5G software products in Japan. The Wipro team will leverage its deep engineering, AI, and automation expertise to provide product implementation, customization, and integration services. Wipro will also transform the client’s current operating model through a vendor consolidation program. This transformation will empower the client to become more agile and drive sustainable growth to continue offering market-leading propositions to its customers.

 

  5.

One of the largest health insurers in USA has renewed its engagement with Wipro to operate an end-to-end platform to support its growing (Affordable Care Act) ACA business. Wipro will deliver a PaaS (Platform as a Service) solution and ensure data security, platform stability, and seamless business continuity. Through this solution, the client will have increased flexibility to handle membership growth, improved customer service and assured compliance with regulations.

 

  6.

A global leader in legal technology, payments and banking infrastructure has selected Wipro to improve its overall business efficiency and overhaul its IT infrastructure. The Wipro team will rationalize and stabilize the client’s IT operations as well as create a dashboard for better visibility of business performance. As a result, the client will see a reduction in IT incidents and operational costs, as well as increased efficiency and automation.

 

3

  7.

Wipro has been selected by a leading Indian multinational conglomerate to provide technology support services across the client’s group companies. Wipro will leverage its proprietary AI-powered solutions to deliver services around multi-cloud, data centre, business applications and end-user environments. These solutions will be continuously enhanced to ensure safe, scalable, and reliable performance for the client.

 

  8.

A US-based health insurance company has renewed its engagement with Wipro to continue to deliver a comprehensive Business Process as a Service (BPaaS) solution for Affordable Care Act (ACA) members. The innovative solution comprises an AI-powered contact center, sales & support as well as billing & enrolment services. The project will deliver high performance and enhanced member experience while streamlining operations and complying with industry regulations.

 

  9.

A US-based global investment manager has selected Wipro to deliver IT Helpdesk and Digital workplace support services. The Wipro team will deliver personalized services, including desktop engineering and deskside solutions, to support the client’s global employee base. As a result, the client will experience more reliable, stable, and scalable services as well as an enhanced employee experience.

 

  10.

A leading European utilities provider has selected Wipro to deliver innovative AI solutions for preventative maintenance of their water pipelines. Wipro leveraged its InspectAI solution to analyze and detect anomalies from videos taken inside underground water pipelines using robotics. Once rolled out at scale, the client will see a reduction of inspection efforts of up to 35% and a reduction of maintenance costs of up to 20%.

 

  11.

Wipro will support a large technology migration for a US-based health insurance company and set a foundation to help them succeed in the AI era. The Wipro team also showcased an AI-powered software development solution to modernize the client’s billing platform. This initiative would lead to increased productivity, reduction in defects, leading to fewer bugs and errors and more than 20% in cost savings.

 

  12.

Wipro deployed an Intelligent Document Processing (IDP) solution and built customized AI models for a Canadian automotive manufacturer. The solution streamlines the extraction of information from unstructured documents with over 90% accuracy. This project will help the client to precisely generate quotations for the end-customers with a 30% improvement in the efficiency of their sales team.

 

  13.

A global payments company has selected Wipro to modernize its financial forecasting applications. Wipro will deliver a flexible cloud native application, integrating its AI-powered accelerators. This will enable multi-currency forecasting, faster deployment of new model types, and automate error notifications and resolutions. Through this project the client will achieve close to 90% accuracy in forecasting and reduce the model development cycle time by 30%.

 

  14.

A US-based pharmaceutical company has selected Wipro to improve efficiency and productivity of their HR operations. The Wipro team will develop a set of Gen AI-based solutions that will enhance the client’s operations, increase the accuracy of information dissemination, and improve employees’ engagement with their HR systems. The Wipro team will continue to scale and enhance this sophisticated, responsive, and intelligent system to be leveraged across the organization to simplify operations, reduce workload, and improve overall efficiency.

 

4

Analyst Recognition

 

  1.

Wipro was recognized as a Leader in Avasant’s Generative AI Services 2024 RadarView™

 

  2.

Wipro was named as a Leader in IDC MarketScape: Worldwide Cloud Security Services in the AI Era 2024–2025 Vendor Assessment (Doc # US52048124 Nov 2024)

 

  3.

Wipro was classified as a Leader in Everest Group’s Data and Analytics (D&A) Services PEAK Matrix® Assessment 2024

 

  4.

Wipro was positioned as a Leader in IDC MarketScape: Worldwide Industry Cloud Professional Services 2024 Vendor Assessment (Doc # US51036624 Dec 2024)

 

  5.

Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Sustainability Services, 2024 report

 

  6.

Wipro was ranked as a Leader in Avasant’s Digital Talent Capability 2024 RadarView™

 

  7.

Wipro was positioned as a Leader in Everest Group’s Semiconductor Engineering Services PEAK Matrix® Assessment 2024

 

  8.

Wipro was positioned as a Leader in Avasant’s SAP S/4HANA Services 2024–2025 RadarView™

 

  9.

Wipro was featured as a Leader in ISG Provider Lens™—Next-Gen ADM Services 2024 (multiple quadrants)

 

  10.

Wipro was ranked as a Leader in Avasant’s Intelligent ITOps Services 2024–2025 RadarView™

 

  11.

Wipro was rated as a Leader in ISG Provider Lens™—Contact Center-Customer Experience Services 2024 (multiple quadrants)

 

  12.

Wipro was recognized as a Leader in ISG Provider Lens™—Future of Work Services 2024 (multiple quadrants)

 

  13.

Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Managed Network Services

Source & Disclaimer: *Gartner, “Magic Quadrant for Managed Network Services”, Ted Corbett, et al, 14 October 2024.

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

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

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

IT Products

 

  1.

IT Products segment revenue for the quarter was ₹0.7 billion ($8.7 million1)

 

  2.

IT Products segment results for the quarter were ₹0.03 billion ($0.3 million1)

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

 

5

About Key Metrics and Non-GAAP Financial Measures

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

The table on page 12 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

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

Results for the Quarter ended December 31, 2024, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (8:30 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=WIP170125

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

 

6

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

 

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.

# # #

(Tables to follow)

 

7

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

 

     As at March 31, 2024      As at December 31, 2024  
                   Convenience translation into US
dollar in millions (unaudited)
Refer to Note 2(iii)		  

ASSETS

         

Goodwill

      316,002      324,686      3,795

Intangible assets

      32,748      29,101      340

Property, plant and equipment

      81,608      77,760      909

Right-of-Use assets

      17,955      21,886      256

Financial assets

         

Derivative assets

      25      —       — 

Investments

      21,629      30,100      352

Trade receivables

      4,045      599      7

Other financial assets

      5,550      5,039      59

Investments accounted for using the equity method

      1,044      1,034      12

Deferred tax assets

      1,817      1,811      21

Non-current tax assets

      9,043      7,861      92

Other non-current assets

      10,331      7,424      87
  

 

 

     

 

 

     

 

 

  

Total non-current assets

      501,797      507,301      5,930
  

 

 

     

 

 

     

 

 

  

Inventories

      907      724      8

Financial assets

         

Derivative assets

      1,333      859      10

Investments

      311,171      436,108      5,098

Cash and cash equivalents

      96,953      125,744      1,470

Trade receivables

      115,477      114,616      1,340

Unbilled receivables

      58,345      58,775      686

Other financial assets

      10,536      9,107      106

Contract assets

      19,854      14,205      166

Current tax assets

      6,484      5,868      69

Other current assets

      29,602      28,712      336
  

 

 

     

 

 

     

 

 

  

Total current assets

      650,662      794,718      9,289
  

 

 

     

 

 

     

 

 

  

TOTAL ASSETS

      1,152,459      1,302,019      15,219
  

 

 

     

 

 

     

 

 

  

EQUITY

         

Share capital

      10,450      20,938      245

Share premium

      3,291      1,921      22

Retained earnings

      630,936      733,625      8,576

Share-based payment reserve

      6,384      6,496      76

Special Economic Zone re-investment reserve

      42,129      31,905      373

Other components of equity

      56,693      58,964      689
  

 

 

     

 

 

     

 

 

  

Equity attributable to the equity holders of the Company

      749,883      853,849      9,981

Non-controlling interests

      1,340      1,963      23
  

 

 

     

 

 

     

 

 

  

TOTAL EQUITY

      751,223      855,812      10,004
  

 

 

     

 

 

     

 

 

  

LIABILITIES

         

Financial liabilities

         

Loans and borrowings

      62,300      64,034      748

Lease liabilities

      13,962      18,783      220

Derivative liabilities

      4      5      ^

Other financial liabilities

      4,985      7,825      91

Deferred tax liabilities

      17,467      16,813      197

Non-current tax liabilities

      37,090      41,330      483

Other non-current liabilities

      12,970      16,161      189

Provisions

      —       381      4
  

 

 

     

 

 

     

 

 

  

Total non-current liabilities

      148,778      165,332      1,932
  

 

 

     

 

 

     

 

 

  

Financial liabilities

         

Loans, borrowings and bank overdrafts

      79,166      102,638      1,200

Lease liabilities

      9,221      8,104      95

Derivative liabilities

      558      2,947      34

Trade payables and accrued expenses

      88,566      81,200      949

Other financial liabilities

      2,272      3,110      36

Contract liabilities

      17,653      21,413      250

Current tax liabilities

      21,756      30,301      354

Other current liabilities

      31,295      29,664      347

Provisions

      1,971      1,498      18
  

 

 

     

 

 

     

 

 

  

Total current liabilities

      252,458      280,875      3,283
  

 

 

     

 

 

     

 

 

  

TOTAL LIABILITIES

      401,236      446,207      5,215
  

 

 

     

 

 

     

 

 

  

TOTAL EQUITY AND LIABILITIES

      1,152,459      1,302,019      15,219
  

 

 

     

 

 

     

 

 

  

 

8

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

 

    Three months ended December 31,     Nine months ended December 31,  
    2023     2024     2024     2023     2024     2024  
   

 

    

 

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

 

    

 

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

Revenues

     222,051     223,188     2,609     675,520     665,842     7,783

Cost of revenues

     (153,826 )      (153,922 )      (1,799 )      (474,278 )      (462,277 )      (5,404 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

     68,225     69,266     810     201,242     203,565     2,379

Selling and marketing expenses

     (19,178 )      (16,081 )      (188 )      (54,529 )      (49,313 )      (576 ) 

General and administrative expenses

     (16,444 )      (14,629 )      (171 )      (46,455 )      (41,876 )      (490 ) 

Foreign exchange gains/(losses), net

     262     410     5     468     (192 )      (2 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Results from operating activities

     32,865     38,966     456     100,726     112,184     1,311

Finance expenses

     (3,125 )      (4,146 )      (48 )      (9,244 )      (11,003 )      (129 ) 

Finance and other income

     5,785     9,708     113     17,137     26,383     309

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

     (4 )      5     ^     (31 )      (37 )      ^
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

     35,521     44,533     521     108,588     127,527     1,491

Income tax expense

     (8,515 )      (10,866 )      (127 )      (26,049 )      (31,228 )      (365 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit for the period

     27,006     33,667     394     82,539     96,299     1,126
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit attributable to:

  

Equity holders of the Company

     26,942     33,538     392     82,106     95,658     1,118

Non-controlling interests

     64     129     2     433     641     8
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit for the period

     27,006     33,667     394     82,539     96,299     1,126
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per equity share:

  

Attributable to equity holders of the Company

            

Basic

     2.58     3.21     0.04     7.73     9.15     0.11

Diluted

     2.58     3.20     0.04     7.71     9.13     0.11

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

            

Basic

     10,436,941,772     10,457,414,881     10,457,414,881     10,621,971,206     10,454,728,795     10,454,728,795

Diluted

     10,461,832,626     10,482,964,010     10,482,964,010     10,653,650,208     10,481,436,710     10,481,436,710

 

^

Value is less than 0.5

 

9

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

 

Particulars

    Three months ended     Nine months ended     Year ended  
   December 31,
2024		     September 30,
2024		     December 31,
2023		     December 31,
2024		     December 31,
2023		     March 31,
2024		  
   Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

             

IT Services

             

Americas 1

      72,010     68,393     68,581     208,103     201,001     268,230

Americas 2

      68,120     67,932     66,541     203,390     201,758     269,482

Europe

      59,282     61,821     61,473     181,525     192,583     253,927

APMEA

      23,439     23,811     24,913     70,753     77,678     102,177
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      222,851     221,957     221,508     663,771     673,020     893,816

IT Products

      747     663     805     1,879     2,968     4,127
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment revenue

      223,598     222,620     222,313     665,650     675,988     897,943
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment result

             

IT Services

             

Americas 1

      14,966     13,338     16,459     41,991     45,283     59,364

Americas 2

      15,275     15,005     15,180     45,813     43,372     59,163

Europe

      7,600     7,821     7,906     21,294     25,421     33,354

APMEA

      3,667     3,070     3,433     9,178     9,218     12,619

Unallocated

      (2,518 )      (1,912 )      (7,552 )      (5,907 )      (15,293 )      (20,304 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      38,990     37,322     35,426     112,369     108,001     144,196

IT Products

      29     (183 )      114     (201 )      (514 )      (371 ) 

Reconciling Items

      (53 )      10     (2,675 )      16     (6,761 )      (7,726 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment result

      38,966     37,149     32,865     112,184     100,726     136,099
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Finance expenses

      (4,146 )      (3,569 )      (3,125 )      (11,003 )      (9,244 )      (12,552 ) 

Finance and other income

      9,708     9,195     5,785     26,383     17,137     23,896

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

      5     3     (4 )      (37 )      (31 )      (233 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

      44,533     42,778     35,521     127,527     108,588     147,210
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

10

Additional Information:

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

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

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

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

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

 

11

Reconciliation of selected GAAP measures to Non-GAAP measures

 

  1.

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

 

Three Months ended December 31, 2024  

IT Services Revenue as per IFRS

    $ 2,629.1  

Effect of Foreign currency exchange movement

    $ 32.3  
  

 

 

  

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

    $ 2,661.4  
Three Months ended December 31, 2024  

IT Services Revenue as per IFRS

    $ 2,629.1  

Effect of Foreign currency exchange movement

    $ 9.1  
  

 

 

  

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

    $ 2,638.1  

 

  2.

Reconciliation of Free Cash Flow for three months and nine months ended December 31, 2024

 

     Amount in INR Mn  
     Three months ended
December 31, 2024		     Nine months ended
December 31, 2024		  

Net Income for the period [A]

      33,667       96,299  

Computation of Free Cash Flow

     

Net cash generated from operating activities [B]

      49,312       131,961  

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

     

Purchase of property, plant and equipment

      (2,845 )      (7,862 ) 

Proceeds from sale of property, plant and equipment

      57       1,516  

Free Cash Flow [C]

      46,524       125,615  

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

      146.5 %      137.0 % 

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

      138.2 %      130.4 % 

—————————————

 

12

Exhibit 99.2

 

LOGO

LOGO

Exhibit 99.3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2024

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

 

     Notes    As at March 31, 2024      As at December 31, 2024  
    

 

     

 

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

ASSETS

   

Goodwill

    6      316,002      324,686      3,795

Intangible assets

    6      32,748      29,101      340

Property, plant and equipment

    4      81,608      77,760      909

Right-of-Use assets

    5      17,955      21,886      256

Financial assets

            

Derivative assets

    18      25      —       — 

Investments

    8      21,629      30,100      352

Trade receivables

         4,045      599      7

Other financial assets

    11      5,550      5,039      59

Investments accounted for using the equity method

         1,044      1,034      12

Deferred tax assets

         1,817      1,811      21

Non-current tax assets

         9,043      7,861      92

Other non-current assets

    12      10,331      7,424      87
     

 

 

     

 

 

     

 

 

  

Total non-current assets

         501,797      507,301      5,930
     

 

 

     

 

 

     

 

 

  

Inventories

    9      907      724      8

Financial assets

            

Derivative assets

    18      1,333      859      10

Investments

    8      311,171      436,108      5,098

Cash and cash equivalents

    10      96,953      125,744      1,470

Trade receivables

         115,477      114,616      1,340

Unbilled receivables

         58,345      58,775      686

Other financial assets

    11      10,536      9,107      106

Contract assets

         19,854      14,205      166

Current tax assets

         6,484      5,868      69

Other current assets

    12      29,602      28,712      336
     

 

 

     

 

 

     

 

 

  

Total current assets

         650,662      794,718      9,289
     

 

 

     

 

 

     

 

 

  

TOTAL ASSETS

         1,152,459      1,302,019      15,219
     

 

 

     

 

 

     

 

 

  

EQUITY

            

Share capital

         10,450      20,938      245

Share premium

         3,291      1,921      22

Retained earnings

         630,936      733,625      8,576

Share-based payment reserve

         6,384      6,496      76

Special Economic Zone re-investment reserve

         42,129      31,905      373

Other components of equity

         56,693      58,964      689
     

 

 

     

 

 

     

 

 

  

Equity attributable to the equity holders of the Company

         749,883      853,849      9,981

Non-controlling interests

         1,340      1,963      23
     

 

 

     

 

 

     

 

 

  

TOTAL EQUITY

         751,223      855,812      10,004
     

 

 

     

 

 

     

 

 

  

LIABILITIES

            

Financial liabilities

            

Loans and borrowings

    13      62,300      64,034      748

Lease liabilities

         13,962      18,783      220

Derivative liabilities

    18      4      5      ^

Other financial liabilities

    15      4,985      7,825      91

Deferred tax liabilities

         17,467      16,813      197

Non-current tax liabilities

         37,090      41,330      483

Other non-current liabilities

    16      12,970      16,161      189

Provisions

    17      —       381      4
     

 

 

     

 

 

     

 

 

  

Total non-current liabilities

         148,778      165,332      1,932
     

 

 

     

 

 

     

 

 

  

Financial liabilities

            

Loans, borrowings and bank overdrafts

    13      79,166      102,638      1,200

Lease liabilities

         9,221      8,104      95

Derivative liabilities

    18      558      2,947      34

Trade payables and accrued expenses

    14      88,566      81,200      949

Other financial liabilities

    15      2,272      3,110      36

Contract liabilities

         17,653      21,413      250

Current tax liabilities

         21,756      30,301      354

Other current liabilities

    16      31,295      29,664      347

Provisions

    17      1,971      1,498      18
     

 

 

     

 

 

     

 

 

  

Total current liabilities

         252,458      280,875      3,283
     

 

 

     

 

 

     

 

 

  

TOTAL LIABILITIES

         401,236      446,207      5,215
     

 

 

     

 

 

     

 

 

  

TOTAL EQUITY AND LIABILITIES

         1,152,459      1,302,019      15,219
     

 

 

     

 

 

     

 

 

  

 

^

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

Chartered Accountants

    Rishad A. Premji Chairman   

Deepak M. Satwalekar

Director

   

Srinivas Pallia

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
January 17, 2025

 

1

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

 

    Three months ended December 31,     Nine months ended December 31,  
    Notes   2023     2024     2024     2023     2024     2024  
   

 

    

 

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

 

    

 

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

Revenues

   21     222,051     223,188     2,609     675,520     665,842     7,783

Cost of revenues

   22     (153,826 )      (153,922 )      (1,799 )      (474,278 )      (462,277 )      (5,404 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

       68,225     69,266     810     201,242     203,565     2,379

Selling and marketing expenses

   22     (19,178 )      (16,081 )      (188 )      (54,529 )      (49,313 )      (576 ) 

General and administrative expenses

   22     (16,444 )      (14,629 )      (171 )      (46,455 )      (41,876 )      (490 ) 

Foreign exchange gains/(losses), net

   24     262     410     5     468     (192 )      (2 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Results from operating activities

       32,865     38,966     456     100,726     112,184     1,311

Finance expenses

   23     (3,125 )      (4,146 )      (48 )      (9,244 )      (11,003 )      (129 ) 

Finance and other income

   24     5,785     9,708     113     17,137     26,383     309

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

       (4 )      5     ^     (31 )      (37 )      ^
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

       35,521     44,533     521     108,588     127,527     1,491

Income tax expense

   20     (8,515 )      (10,866 )      (127 )      (26,049 )      (31,228 )      (365 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit for the period

       27,006     33,667     394     82,539     96,299     1,126
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit attributable to:

    

Equity holders of the Company

       26,942     33,538     392     82,106     95,658     1,118

Non-controlling interests

       64     129     2     433     641     8
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit for the period

       27,006     33,667     394     82,539     96,299     1,126
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per equity share:

   25  

Attributable to equity holders of the Company

  

Basic

       2.58     3.21     0.04     7.73     9.15     0.11

Diluted

       2.58     3.20     0.04     7.71     9.13     0.11

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

  

Basic

       10,436,941,772     10,457,414,881     10,457,414,881     10,621,971,206     10,454,728,795     10,454,728,795

Diluted

       10,461,832,626     10,482,964,010     10,482,964,010     10,653,650,208     10,481,436,710     10,481,436,710

 

^

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

Chartered Accountants

    Rishad A. Premji Chairman   

Deepak M. Satwalekar

Director

   

Srinivas Pallia

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
January 17, 2025

 

2

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

 

     Three months ended December 31,     Nine months ended December 31,  
     2023     2024     2024     2023     2024     2024  
    

 

    

 

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

 

    

 

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

Profit for the period

      27,006     33,667     394     82,539     96,299     1,126

Other comprehensive income (OCI)

             

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

             

Remeasurements of the defined benefit plans, net

      253     (231 )      (3 )      259     150     2

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

      141     (367 )      (4 )      33     (533 )      (7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     394     (598 )      (7 )      292     (383 )      (5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

             

Foreign currency translation differences

      3,601     1,853     22     5,063     5,569     65

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

      (15 )      1     ^     (196 )      14     ^

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

      (324 )      269     3     (73 )      (95 )      (1 ) 

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

      (88 )      (171 )      (2 )      113     (189 )      (2 ) 

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

      (286 )      (1,100 )      (13 )      1,300     (1,555 )      (18 ) 

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

      (81 )      37     ^     1,255     611     7
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     2,807     889     10     7,462     4,355     51
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other comprehensive income, net of taxes

      3,201     291     3     7,754     3,972     46
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the period

      30,207     33,958     397     90,293     100,271     1,172
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income attributable to:

             

Equity holders of the Company

      30,154     33,783     395     89,963     99,590     1,164

Non-controlling interests

      53     175     2     330     681     8
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     30,207     33,958     397     90,293     100,271     1,172
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

^

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

Chartered Accountants

   

Rishad A. Premji

Chairman

   

Deepak M. Satwalekar

Director

   

Srinivas Pallia

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
January 17, 2025

 

3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

 

                                        Other components of equity     Equity
attributable to
the equity
holders of the
Company		     Non-
controlling
interests		     Total equity  

Particulars

   Number of
shares (1)		     Share
capital,
fully
paid-up		     Share
premium		     Retained
earnings		     Share-
based
payment
reserve		     Special
Economic
Zone
re-investment
reserve		     Foreign
currency
translation
reserve (2)		     Cash flow
hedging
reserve (3)		     Other
reserves (2)		  

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

     —        —        —        82,106     —        —        —        —        —        82,106     433     82,539

Other comprehensive income

     —        —        —        —        —        —        4,857     1,340     1,660     7,857     (103 )      7,754
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the period

     —        —        —        82,106     —        —        4,857     1,340     1,660     89,963     330     90,293
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Issue of equity shares on exercise of options

     5,980,812     11     2,916     —        (2,916 )      —        —        —        —        11     —        11

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

     —        —        —        1,204     (1,204 )      —        —        —        —        —        —        —   

Compensation cost related to employee share-based payment

     —        —        —        6     4,292     —        —        —        —        4,298     —        4,298

Transferred from Special Economic Zone re-investment reserve

     —        —        —        4,077     —        (4,077 )      —        —        —        —        —        —   

Buyback of equity shares, including tax thereon (4)

     (269,662,921 )      (539 )      (3,768 )      (141,015 )      —        —        —        —        539     (144,783 )      —        (144,783 ) 

Transaction cost related to buyback of equity shares (4)

     —        —        —        (390 )      —        —        —        —        —        (390 )      —        (390 ) 

Dividend

     —        —        —        —        —        —        —        —        —        —        (322 )      (322 ) 

Others

     —        —        —        —        —        —        —        —        —        —        101     101
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other transactions for the period

     (263,682,109 )      (528 )      (852 )      (136,118 )      172     (4,077 )      —        —        539     (140,864 )      (221 )      (141,085 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2023

     5,224,235,632     10,448     2,837     606,952     5,804     42,726     48,112     (63 )      13,447     730,263     698     730,961
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Includes 6,580,333 treasury shares held as at December 31, 2023 by a controlled trust. 3,315,503 shares have been transferred by the controlled trust to eligible employees on exercise of options during the nine months ended December 31, 2023.

(2) 

Refer to Note 19

(3) 

Refer to Note 18

(4) 

Refer to Note 30

 

4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

 

                                        Other components of equity     Equity
attributable to
the equity
holders of the
Company		     Non-
controlling
interests		     Total equity  

Particulars

   Number of
shares (1)		     Share capital,
fully paid-up		     Share
premium		     Retained
earnings		     Share-
based
payment
reserve		     Special
Economic
Zone
re-investment
reserve		     Foreign
currency
translation
reserve (2)		     Cash flow
hedging
reserve (3)		     Other
reserves (2)		  

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

     —        —        —        95,658     —        —        —        —        —        95,658     641     96,299

Other comprehensive income

     —        —        —        —        —        —        5,534     (1,839 )      237     3,932     40     3,972
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the period

     —        —        —        95,658     —        —        5,534     (1,839 )      237     99,590     681     100,271
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Issue of equity shares on exercise of options

     10,727,228     21     4,243     —        (4,243 )      —        —        —        —        21     —        21

Bonus issue of equity shares (4)

     5,233,369,207     10,467     (5,613 )      (3,193 )      —        —        —        —        (1,661 )      —        —        —   

Compensation cost related to employee share-based payment

     —        —        —        —        4,355     —        —        —        —        4,355     —        4,355

Transferred from Special Economic Zone re-investment reserve

     —        —        —        10,224     —        (10,224 )      —        —        —        —        —        —   

Others

     —        —        —        —        —        —        —        —        —        —        (58 )      (58 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other transactions for the period

     5,244,096,435     10,488     (1,370 )      7,031     112     (10,224 )      —        —        (1,661 )      4,376     (58 )      4,318
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2024

     10,469,234,681     20,938     1,921     733,625     6,496     31,905     52,795     (1,261 )      7,430     853,849     1,963     855,812
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

       245     22     8,576     76     373     617     (15 )      87     9,981     23     10,004

 

(1) 

Includes 11,905,480 treasury shares held as at December 31, 2024 by a controlled trust.

(2) 

Refer to Note 19

(3) 

Refer to Note 18

(4) 

Refer to Note 31

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
Firm’s Registration No: 117366W/W - 100018		    Chairman    Director    Chief Executive Officer and Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
January 17, 2025         

 

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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

 

     Nine months ended December 31,  
     2023     2024     2024  
    

 

    

 

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

Cash flows from operating activities

       

Profit for the period

      82,539     96,299     1,126

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

       

Gain on sale of property, plant and equipment, net

      (2,174 )      (766 )      (9 ) 

Depreciation, amortization and impairment expense

      25,666     22,362     261

Unrealized exchange (gain)/loss, net

      458     421     5

Share-based compensation expense

      4,292     4,355     51

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

      31     37     ^

Income tax expense

      26,049     31,228     365

Finance and other income, net of finance expenses

      (7,893 )      (15,380 )      (180 ) 

Change in fair value of contingent consideration

      (508 )      (167 )      (2 ) 

Lifetime expected credit loss/(write-back)

      273     (41 )      ^

Other non-cash items

      488     —        —   

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

       

(Increase)/Decrease in trade receivables

      2,619     4,722     55

(Increase)/Decrease in unbilled receivables and contract assets

      7,409     5,519     65

(Increase)/Decrease in Inventories

      130     183     2

(Increase)/Decrease in other assets

      12,634     5,013     59

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

      (9,820 )      (7,429 )      (87 ) 

Increase/(Decrease) in contract liabilities

      (3,850 )      3,765     44
  

 

 

    

 

 

    

 

 

  

Cash generated from operating activities before taxes

      138,343     150,121     1,755

Income taxes paid, net

      (14,306 )      (18,160 )      (212 ) 
  

 

 

    

 

 

    

 

 

  

Net cash generated from operating activities

      124,037     131,961     1,543
  

 

 

    

 

 

    

 

 

  

Cash flows from investing activities:

       

Payment for purchase of property, plant and equipment

      (6,262 )      (7,862 )      (92 ) 

Proceeds from disposal of property, plant and equipment

      3,903     1,516     18

Payment for purchase of investments

      (725,864 )      (596,107 )      (6,968 ) 

Proceeds from sale of investments

      744,556     472,190     5,519

Payment for business acquisitions, net of cash acquired

      —        (891 )      (10 ) 

Repayment of security deposit for property, plant and equipment

      —        (300 )      (4 ) 

Interest received

      15,786     19,810     232

Dividend received

      2     1     ^
  

 

 

    

 

 

    

 

 

  

Net cash generated from/(used in) investing activities

      32,121     (111,643 )      (1,305 ) 
  

 

 

    

 

 

    

 

 

  

Cash flows from financing activities:

       

Proceeds from issuance of equity shares and shares pending allotment

      11     21     ^

Repayment of loans and borrowings

      (74,500 )      (112,419 )      (1,314 ) 

Proceeds from loans and borrowings

      78,750     135,088     1,579

Payment of lease liabilities

      (7,393 )      (7,543 )      (88 ) 

Payment for contingent consideration

      (1,293 )      —        —   

Interest and finance expenses paid

      (7,641 )      (6,713 )      (78 ) 

Payment of dividend to Non-controlling interest holders

      (322 )      —        —   

Payment for buyback of equity shares, including tax and transaction cost

      (145,173 )      —        —   
  

 

 

    

 

 

    

 

 

  

Net cash generated from/(used in) financing activities

      (157,561 )      8,434     99
  

 

 

    

 

 

    

 

 

  

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

      (1,403 )      28,752     336

Effect of exchange rate changes on cash and cash equivalents

      634     26     ^

Cash and cash equivalents at the beginning of the period

      91,861     96,951     1,133
  

 

 

    

 

 

    

 

 

  

Cash and cash equivalents at the end of the period (Note 10)

      91,092     125,729     1,469
  

 

 

    

 

 

    

 

 

  

 

^

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
Firm’s Registration No: 117366W/W - 100018		    Chairman    Director    Chief Executive Officer and Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815      
Bengaluru   
January 17, 2025   

 

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 January 17, 2025.

2. Basis of preparation of interim condensed consolidated financial statements

(i) Statement of compliance and basis of preparation

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

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

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

(ii) Basis of measurement

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

 

  a.

Derivative financial instruments;

 

  b.

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

 

  c.

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

 

  d.

Contingent consideration and liability on written put options.

(iii) Convenience translation (unaudited)

The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three and nine months ended December 31, 2024, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 85.55 as published by Federal Reserve Board of Governors on December 31, 2024. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.

(iv) Use of estimates and judgment

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

 

7

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

 

  a)

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

 

  b)

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

 

  c)

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

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

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

 

  d)

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

 

  e)

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

 

  f)

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

 

  g)

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

 

  h)

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

 

8

  i)

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

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

3. Material accounting policy information

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

i. New amendments not yet adopted:

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

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

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

IFRS 18 – Presentation and Disclosure in Financial Statements

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

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

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

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

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 clarify that a financial liability is derecognized on the ‘settlement date’ and introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before settlement date. The classification of financial asset with ESG linked features has been clarified through additional guidance on the assessment of contingent features. Additional disclosures are introduced for financial instruments with contingent features and equity instruments classified as fair value through OCI. 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.

Amendments to IFRS 9 and IFRS 7 - Contracts referencing Nature-dependent electricity

The International Accounting Standards Board (IASB) has published amendments to IFRS 9 and IFRS 7 titled Contracts Referencing Nature-dependent Electricity. The IASB has added application guidance to IFRS 9 to address specifically whether a contract to buy electricity generated from a source dependent on natural conditions is held for the entity’s own-use expectations. The amendments also address specifically how an entity applies the hedge accounting requirements in IFRS 9 when a contract referencing nature-dependent electricity with a variable nominal amount is designated as the hedging instrument. The IASB decided to add complementary disclosure requirements to IFRS 7. The amendments are effective for annual periods beginning on or after 1 January 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the interim condensed consolidated financial statements.

4. Property, plant and equipment

 

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

Gross carrying value:

               

As at April 1, 2023

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

Additions

      —        413     3,236     1,488     200     2     5,339

Disposals

      (486 )      (947 )      (6,217 )      (1,025 )      (240 )      (124 )      (9,039 ) 

Translation adjustment

      5     88     540     40     16     1     690
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2023

    ₹  4,379   ₹  47,254   ₹ 115,291   ₹  18,589   ₹  7,794   ₹  40   ₹ 193,347
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated depreciation/ impairment:

 

            

As at April 1, 2023

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

Depreciation and impairment

      —        1,111     8,809     1,618     481     5     12,024

Disposals

      —        (484 )      (5,565 )      (948 )      (233 )      (123 )      (7,353 ) 

Translation adjustment

      —        45     454     31     14     1     545
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2023

    ₹ —      ₹  11,599   ₹  89,199   ₹  12,221   ₹  6,190   ₹  28   ₹ 119,237
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net carrying value as at December 31, 2023

    ₹  4,379   ₹  35,655   ₹  26,092   ₹  6,368   ₹  1,604   ₹  12   ₹  74,110
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capital work-in-progress

                ₹  7,296
              

 

 

  

Net carrying value including Capital work-in-progress as at December 31, 2023

                ₹  81,406
              

 

 

  

Gross carrying value:

               

As at April 1, 2023

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

Additions

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

Additions through Business combinations

      —        —        373     —        1     —        374

Disposals

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

Translation adjustment

      1     70     248     17     4     1     341
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at March 31, 2024

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated depreciation/ impairment:

 

            

As at April 1, 2023

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

Depreciation and impairment

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

Disposals

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

Translation adjustment

      —        41     211     18     5     ^     275
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at March 31, 2024

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net carrying value as at March 31, 2024

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capital work-in-progress

                ₹  7,480
              

 

 

  

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

                ₹  81,608
              

 

 

  

Gross carrying value:

   

As at April 1, 2024

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

Additions

      4     2,342     4,493     728     580     6     8,153

 

10

Additions through Business combination (Refer to Note 7)

      —        —        9     —        —        —        9

Disposals

      —        (464 )      (6,100 )      (735 )      (236 )      (1 )      (7,536 ) 

Translation adjustment

      (2 )      (48 )      (207 )      (25 )      (15 )      (1 )      (298 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2024

    ₹  4,377   ₹  48,854   ₹ 100,708   ₹  18,201   ₹  7,843   ₹   38   ₹ 180,021
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated depreciation/ impairment:

 

            

As at April 1, 2024

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

Depreciation and impairment

      —        1,211     8,325     1,616     455     3     11,610

Disposals

      —        (217 )      (5,877 )      (603 )      (210 )      (1 )      (6,908 ) 

Translation adjustment

      —        (50 )      (188 )      (17 )      (15 )      (1 )      (271 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2024

    ₹ —      ₹  12,719   ₹  77,809   ₹  13,283   ₹  6,162   ₹  23   ₹ 109,996
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net carrying value as at December 31, 2024

    ₹  4,377   ₹  36,135   ₹  22,899   ₹  4,918   ₹  1,681   ₹  15   ₹  70,025
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capital work-in-progress

                ₹  7,735
              

 

 

  

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

                ₹  77,760
              

 

 

  

 

^

Value is less than 0.5

(1) 

Including net carrying value of computer equipment and software amounting to ₹ 16,672, ₹ 17,553 and ₹ 13,587, as at December 31, 2023, March 31, 2024 and December 31, 2024, respectively.

5. Right-of-Use assets

 

     Category of Right-of-Use asset        
     Land     Buildings     Plant and
equipment (1)		     Vehicles     Total  

Gross carrying value:

           

As at April 1, 2023

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

Additions

      —        4,033     263     156     4,452

Disposals

      —        (3,532 )      (634 )      (185 )      (4,351 ) 

Translation adjustment

      —        332     51     24     407
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2023

    ₹  1,278   ₹  28,779   ₹  2,260   ₹  860   ₹  33,177
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated depreciation:

           

As at April 1, 2023

    ₹  77   ₹  12,127   ₹  1,192   ₹  571   ₹  13,967

Depreciation

      14     3,971     333     137     4,455

Disposals

      —        (2,191 )      (559 )      (164 )      (2,914 ) 

Translation adjustment

      —        157     24     15     196
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2023

    ₹  91   ₹  14,064   ₹  990   ₹  559   ₹  15,704
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net carrying value as at December 31, 2023

    ₹  1,187   ₹  14,715   ₹  1,270   ₹  301   ₹  17,473
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      —        8,954     33     165     9,152

Disposals

      (221 )      (3,687 )      (2 )      (153 )      (4,063 ) 

Translation adjustment

      —        (53 )      31     (9 )      (31 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2024

    ₹  1,122   ₹  33,667   ₹  2,304   ₹  852   ₹  37,945
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated depreciation:

           

As at April 1, 2024

    ₹  98   ₹  13,237   ₹  1,086   ₹  511   ₹  14,932

Depreciation

      16     3,987     338     133     4,474

Disposals

      (14 )      (3,140 )      (2 )      (148 )      (3,304 ) 

Translation adjustment

      —        (46 )      8     (5 )      (43 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As at December 31, 2024

    ₹  100   ₹  14,038   ₹  1,430   ₹  491   ₹  16,059
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net carrying value as at December 31, 2024

    ₹  1,022   ₹  19,629   ₹  874   ₹  361   ₹  21,886
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Including net carrying value of computer equipment amounting to ₹ 3, ₹ 2 and ₹ 1 as at December 31, 2023, March 31, 2024 and December 31, 2024, respectively.

 

11

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

 

     As at  
     March 31, 2024      December 31, 2024  

Balance at the beginning of the period

    ₹ 307,970    ₹ 316,002

Translation adjustment

      4,206      7,390

Acquisition through Business combinations(1)

      4,314      1,294

Disposals

      (488 )       — 
  

 

 

     

 

 

  

Balance at the end of the period

    ₹ 316,002    ₹ 324,686
  

 

 

     

 

 

  

 

(1)

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

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

Deductions/adjustments

      (6,748 )       (207 )       (6,955 ) 

Translation adjustment

      595      156      751
  

 

 

     

 

 

     

 

 

  

As at December 31, 2023

    ₹  43,660    ₹  11,873    ₹  55,533
  

 

 

     

 

 

     

 

 

  

Accumulated amortization/ impairment:

         

As at April 1, 2023

    ₹  15,417    ₹  3,275    ₹  18,692

Amortization and impairment (1) (2)

      7,888      1,299      9,187

Deductions/adjustments

      (6,748 )       (207 )       (6,955 ) 

Translation adjustment

      212      56      268
  

 

 

     

 

 

     

 

 

  

As at December 31, 2023

    ₹  16,769    ₹  4,423    ₹  21,192
  

 

 

     

 

 

     

 

 

  

Net carrying value as at December 31, 2023

    ₹  26,891    ₹  7,450    ₹  34,341
  

 

 

     

 

 

     

 

 

  

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

Acquisition through Business combination (Refer to Note 7)

      1,896      —       1,896

Deductions/adjustments

      (4,091 )       (2,503 )       (6,594 ) 

Translation adjustment

      1,052      270      1,322
  

 

 

     

 

 

     

 

 

  

As at December 31, 2024

    ₹  42,529    ₹  9,739    ₹  52,268
  

 

 

     

 

 

     

 

 

  

 

12

Accumulated amortization/ impairment:

         

As at April 1, 2024

    ₹  18,281    ₹  4,615    ₹  22,896

Amortization and impairment (1)

      4,959      1,319      6,278

Deductions/adjustments

      (4,091 )       (2,503 )       (6,594 ) 

Translation adjustment

      484      103      587
  

 

 

     

 

 

     

 

 

  

As at December 31, 2024

    ₹  19,633    ₹  3,534    ₹  23,167
  

 

 

     

 

 

     

 

 

  

Net carrying value as at December 31, 2024

    ₹  22,896    ₹  6,205    ₹  29,101
  

 

 

     

 

 

     

 

 

  

 

(1) 

During the nine months ended December 31, 2023 and 2024, and year ended March 31, 2024, decline in the revenue and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge of ₹ 456 and ₹ Nil for the three months ended December 31, 2023 and 2024, respectively and ₹ 893 and ₹ 1,149 for the nine months ended December 31, 2023 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 combination, the Company has recognized additional amortization charge of ₹ 1,589 and ₹ 2,800 for the three and nine months ended December 31, 2023 respectively 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.

7. Business combinations

During the nine months ended December 31, 2024, the Company has completed a business combination by acquiring 100% equity interest in Applied Value Technologies, Inc. and Applied Value Technologies B.V. (“AVT”). AVT helps enterprises transform IT operations through a highly customized and data-driven approach. AVT will augment Wipro’s existing application services capabilities, helping drive new growth opportunities. The acquisition was consummated on December 16, 2024, for total consideration (upfront cash to acquire control, deferred consideration and contingent consideration) of ₹ 2,805.

 

Description    AVT  

Net assets

    ₹  181

Fair value of customer-related intangibles

      1,896

Deferred tax liabilities on intangible assets

      (566 ) 
  

 

 

  

Total identifiable assets

    ₹  1,511

Goodwill

      1,294
  

 

 

  

Total purchase price

    ₹  2,805
  

 

 

  

Net Assets include:

   

Cash and cash equivalents

    ₹  113

Fair value of acquired trade receivables included in net assets

      215

Gross contractual amount of acquired trade receivables

      215

Less: Allowance for lifetime expected credit loss

      — 

Transaction costs included in general and administrative expenses

    ₹  45

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

The goodwill of ₹ 1,294 comprises value of acquired workforce and expected synergies arising from the business combinations. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes.

The total consideration of AVT includes a contingent consideration linked to achievement of revenues and earnings over a period of 3 years ending December 31, 2027, and range of contingent consideration payable is between ₹ Nil and ₹ 2,122. The fair value of the contingent consideration is estimated by applying the discounted cash-flow approach considering probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is ₹ 1,773 as at the date of acquisition. The discounted fair value of contingent consideration of ₹ 1,537 is recorded as part of provisional purchase price allocation.

The pro-forma effects of acquisition of AVT for the three and nine months ended December 31, 2024, on the Company’s results were not material.

8. Investments

 

     As at  
     March 31, 2024      December 31, 2024  

Non-current

      

Financial instruments at FVTPL

      

Equity instruments (1)

    ₹  4,404    ₹  5,075

Fixed maturity plan mutual funds

      1,395      1,180

Financial instruments at FVTOCI

      

Equity instruments (1)

      15,830      16,174

Financial instruments at amortized cost

      

Inter corporate and term deposits

      ^      7,671
  

 

 

     

 

 

  
   ₹  21,629    ₹  30,100
  

 

 

     

 

 

  

 

13

Current

      

Financial instruments at FVTPL

      

Short-term mutual funds (2)

    ₹  71,686    ₹  126,516

Fixed maturity plan mutual funds

      —       295

Financial instruments at FVTOCI

      

Non-convertible debentures

      154,407      214,685

Government securities

      7,030      10,654

Commercial papers

      11,845      3,953

Bonds

      28,195      18,940

Financial instruments at amortized cost

      

Inter corporate and term deposits (3)

      38,008      61,065
  

 

 

     

 

 

  
   ₹  311,171    ₹  436,108
  

 

 

     

 

 

  
   ₹  332,800    ₹  466,208
  

 

 

     

 

 

  

Financial instruments at FVTPL

    ₹  77,485    ₹  133,066

Financial instruments at FVTOCI

      217,307      264,406

Financial instruments at amortized cost

      38,008      68,736

 

^

Value is less than 0.5

(1)

Uncalled capital commitments outstanding as at March 31, 2024 and December 31, 2024, was ₹ 1,450 and ₹ 1,795, respectively.

(2) 

As at March 31, 2024 and December 31, 2024, short-term mutual funds include units lien with bank on account of margin money for currency derivatives amounting to ₹ 218 and ₹ 229, respectively.

(3) 

These deposits earn a fixed rate of interest. As at March 31, 2024 and December 31, 2024, term deposits include current deposits in lien with banks, held as margin money deposits against guarantees amounting to ₹ 117 and ₹ 165, respectively.

9. Inventories

 

     As at  
     March 31, 2024      December 31, 2024  

Stores and spare parts

    ₹  27    ₹  8

Traded goods

      880      716
  

 

 

     

 

 

  
   ₹  907    ₹  724
  

 

 

     

 

 

  

10. Cash and cash equivalents

 

     As at  
     March 31, 2024      December 31, 2024  

Cash and bank balances

    ₹  60,648    ₹  69,416

Demand deposits with banks (1)

      36,305      56,328
  

 

 

     

 

 

  
   ₹  96,953    ₹  125,744
  

 

 

     

 

 

  

 

(1) 

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

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

 

     As at  
     December 31, 2023      December 31, 2024  

Cash and cash equivalents

    ₹  91,113    ₹  125,744

Bank overdrafts

      (21 )       (15 ) 
  

 

 

     

 

 

  
   ₹  91,092    ₹  125,729
  

 

 

     

 

 

  

11. Other financial assets

 

     As at  
     March 31, 2024      December 31, 2024  

Non-current

 

Security deposits

    ₹  1,221    ₹  1,377

Finance lease receivables

      4,270      3,365

Dues from officers and employees

      59      27

Others

      —       270
  

 

 

     

 

 

  
   ₹  5,550    ₹  5,039
  

 

 

     

 

 

  

Current

 

Security deposits

    ₹  2,035    ₹  1,855

Dues from officers and employees

      596      396

Interest receivables

      230      1,183

Finance lease receivables

      5,307      5,259

Others

      2,368      414
  

 

 

     

 

 

  
   ₹  10,536    ₹  9,107
  

 

 

     

 

 

  
   ₹  16,086    ₹  14,146
  

 

 

     

 

 

  

 

14

12. Other assets

 

     As at  
     March 31, 2024      December 31, 2024  

Non-current

      

Prepaid expenses

    ₹  3,424    ₹  2,311

Costs to obtain contract (1)

      2,324      3,669

Costs to fulfil contract (2)

      205      366

Others

      4,378      1,078
  

 

 

     

 

 

  
   ₹  10,331    ₹  7,424
  

 

 

     

 

 

  

Current

      

Prepaid expenses

    ₹  17,574    ₹  15,375

Dues from officers and employees

      343      344

Advance to suppliers

      3,267      3,252

Balance with GST and other authorities

      6,029      6,285

Costs to obtain contract (1)

      867      1,875

Costs to fulfil contract (2)

      60      113

Others

      1,462      1,468
   ₹  29,602    ₹  28,712
  

 

 

     

 

 

  
   ₹  39,933    ₹  36,136
  

 

 

     

 

 

  

 

(1) 

Costs to obtain contract amortization of ₹ 236 and ₹ 322 during the three months ended December 31, 2023 and 2024 respectively, ₹ 808 and ₹ 977 during the nine months ended December 31, 2023 and 2024 respectively.

(2) 

Costs to fulfil contract amortization of ₹ 15 and ₹ 22 during the three months ended December 31, 2023 and 2024 respectively, ₹ 45 and ₹ 52 during the nine months ended December 31, 2023 and 2024 respectively.

13. Loans, borrowings and bank overdrafts

 

     As at  
     March 31, 2024      December 31, 2024  
Non-current      

Unsecured Notes 2026 (1)

    ₹  62,300    ₹  64,034
  

 

 

     

 

 

  
   ₹  62,300    ₹  64,034
  

 

 

     

 

 

  
Current      

Borrowings from banks

    ₹  79,164    ₹  102,623

Bank overdrafts

      2      15
  

 

 

     

 

 

  
   ₹  79,166    ₹  102,638
  

 

 

     

 

 

  
   ₹  141,466    ₹  166,672
  

 

 

     

 

 

  

 

(1) 

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

14. Trade payables and accrued expenses

 

     As at  
     March 31, 2024      December 31, 2024  

Trade payables

    ₹  23,275    ₹  16,050

Accrued expenses

      65,291      65,150
  

 

 

     

 

 

  
   ₹  88,566    ₹  81,200
  

 

 

     

 

 

  

15. Other financial liabilities

 

     As at  
     March 31, 2024      December 31, 2024  

Non-current

      

Contingent consideration (Refer to Note 18)

    ₹  429    ₹  1,554

Liability on written put options to non-controlling interests (Refer to Note 18)

      4,303      4,821

Deposits and others

      253      1,450
  

 

 

     

 

 

  
   ₹  4,985    ₹  7,825
  

 

 

     

 

 

  

Current

      

Contingent consideration (Refer to Note 18)

    ₹  —       ₹  262

Advance from customers

      598      452

Cash settled ADS RSUs

      3      — 

Capital creditors

      333      876

Deposits and others

      1,338      1,520
  

 

 

     

 

 

  
   ₹  2,272    ₹  3,110
  

 

 

     

 

 

  
   ₹  7,257    ₹  10,935
  

 

 

     

 

 

  

 

15

16. Other liabilities

 

     As at  
     March 31, 2024      December 31, 2024  

Non-current

      

Employee benefits obligations

    ₹  4,219    ₹  4,381

Others

      8,751      11,780
  

 

 

     

 

 

  
   ₹  12,970    ₹  16,161
  

 

 

     

 

 

  

Current

      

Employee benefits obligations

    ₹  16,057    ₹  15,060

Statutory and other liabilities

      13,275      12,947

Advance from customers

      1,192      590

Others

      771      1,067
  

 

 

     

 

 

  
   ₹  31,295    ₹  29,664
  

 

 

     

 

 

  
   ₹  44,265    ₹  45,825
  

 

 

     

 

 

  

17. Provisions

 

     As at  
     March 31, 2024      December 31, 2024  

Non-current

      

Provision for onerous contracts

    ₹ —       ₹  381
  

 

 

     

 

 

  
   ₹ —       ₹  381
  

 

 

     

 

 

  

Current

      

Provision for onerous contracts

    ₹  1,599    ₹  1,155

Provision for warranty

      217      206

Others

      155      137
  

 

 

     

 

 

  
   ₹  1,971    ₹  1,498
  

 

 

     

 

 

  
   ₹  1,971    ₹  1,879
  

 

 

     

 

 

  

18. Financial instruments

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

 

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

Financial Assets:

   

Cash and cash equivalents (Refer to Note 10)

    ₹  —       ₹  —       ₹  —       ₹  96,953    ₹  96,953

Investments (Refer to Note 8)

               

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 11)

      —         —         —         16,086      16,086

Derivative assets (Refer to Note 18)

      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 14)

    ₹ —     ₹ —     ₹ —     ₹  88,566    ₹  88,566

Other financial liabilities (Refer to Note 15)

      —         —         —         7,257      7,257

Loans, borrowings and bank overdrafts (Refer to Note 13)

      —         —         —         141,466      141,466

Lease liabilities

      —         —         —         23,183      23,183

Derivative liabilities (Refer to Note 18)

      329      —         233      —         562
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  329    ₹ —       ₹  233    ₹  260,472    ₹  261,034
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

16

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

 

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

Financial Assets:

   

Cash and cash equivalents (Refer to Note 10)

    ₹  —       ₹  —       ₹  —       ₹  125,744    ₹  125,744

Investments (Refer to Note 8)

               

Equity Instruments

      5,075      —         16,174      —         21,249

Fixed maturity plan mutual funds

      1,475      —         —         —         1,475

Short-term mutual funds

      126,516      —         —         —         126,516

Non-convertible debentures

      —         214,685      —         —         214,685

Government securities

      —         10,654      —         —         10,654

Commercial papers

      —         3,953      —         —         3,953

Bonds

      —         18,940      —         —         18,940

Inter corporate and term deposits

      —         —         —         68,736      68,736

Other financial assets

               

Trade receivables

      —         —         —         115,215      115,215

Unbilled receivables

      —         —         —         58,775      58,775

Other financial assets (Refer to Note 11)

      —         —         —         14,146      14,146

Derivative assets (Refer to Note 18)

      171      —         688      —         859
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  133,237    ₹  248,232    ₹  16,862    ₹  382,616    ₹  780,947
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Financial Liabilities:

               

Trade payables and other liabilities

               

Trade payables and accrued expenses (Refer to Note 14)

    ₹  —       ₹  —       ₹  —       ₹  81,200    ₹  81,200

Other financial liabilities (Refer to Note 15)

      —         —         —         10,935      10,935

Loans, borrowings and bank overdrafts (Refer to Note 13)

      —         —         —         166,672      166,672

Lease liabilities

      —         —         —         26,887      26,887

Derivative liabilities (Refer to Note 18)

      672      —         2,280      —         2,952
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  672    ₹  —       ₹  2,280    ₹  285,694    ₹  288,646
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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 December 31, 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 December 31, 2024 is 4.99%

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.

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 nine months ended December 31, 2024.

 

17

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

 

     As at  
     March 31, 2024     December 31, 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   ₹  —    ₹  688   ₹  —     ₹  688   ₹  — 

Others

      390     —         390     —        171     —         171     —   

Investments:

              

Short-term mutual funds

      71,686     71,686      —        —        126,516     126,516      —        —   

Fixed maturity plan mutual funds

      1,395     —         1,395     —        1,475     —         1,475     —   

Equity instruments

      20,234     108      —        20,126     21,249     61      —        21,188

Non-convertible debentures, government securities, commercial papers and bonds

      201,477     1,282      200,195     —        248,232     10,401      237,831     —   

Liabilities

              

Derivative instruments:

              

Cash flow hedges

    ₹ (233 )    ₹  —     ₹ (233 )    ₹  —    ₹ (2,280 )    ₹  —     ₹ (2,280 )    ₹  — 

Others

      (329 )      —         (329 )      —        (672 )      —         (672 )      —   

Liability on written put options to non-controlling interests

      (4,303 )      —         —        (4,303 )      (4,821 )      —         —        (4,821 ) 

Contingent consideration

      (429 )      —         —        (429 )      (1,816 )      —         —        (1,816 ) 

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

 

Financial instrument

   

Method and assumptions

Derivative instruments (assets and liabilities)    The Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at December 31, 2024, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.
Investment in non-convertible debentures, government securities, commercial papers, certificate of deposits and bonds    Fair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.
Investment in fixed maturity plan mutual funds    Fair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date.

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.

 

18

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

 

     As at  
Investment in equity instruments    March 31, 2024      December 31, 2024  

Balance at the beginning of the period

    ₹ 19,321    ₹ 20,126

Additions

      1,277      1,378

Disposals (1) (2)

      (416 )       (535 ) 

Gain/(loss) recognized in consolidated statement of income

      (136 )       376

Gain/(loss) recognized in other comprehensive income

      (485 )       (693 ) 

Translation adjustment

      565      536
  

 

 

     

 

 

  

Balance at the end of the period

    ₹ 20,126    ₹ 21,188
  

 

 

     

 

 

  

 

(1) 

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

(2) 

During the nine months ended December 31, 2024, the Company sold its shares in Headspin Inc. and Sealights Technologies Ltd at a fair value of ₹ 397 and recognized a cumulative loss of ₹ 185 in other comprehensive income and cumulative gain of ₹ 58 in the consolidated statement of income.

 

     As at  
Contingent consideration    March 31, 2024      December 31, 2024  

Balance at the beginning of the period

    ₹ (3,053 )     ₹ (429 ) 

Addition through Business combination

      —       (1,537 ) 

Reversals (1)

      1,300      167

Payouts

      1,294      — 

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

      55      4

Translation adjustment

      (25 )       (21 ) 
  

 

 

     

 

 

  

Balance at the end of the period

    ₹ (429 )     ₹ (1,816 ) 
  

 

 

     

 

 

  

 

(1) 

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

 

     As at  
Liability on written put options to non-controlling interests    March 31, 2024      December 31, 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 )       (396 ) 

Translation adjustment

      (32 )       (122 ) 
  

 

 

     

 

 

  

Balance at the end of the period

    ₹  (4,303 )     ₹  (4,821 ) 
  

 

 

     

 

 

  

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.

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.

 

19

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

 

     Nine months ended December 31,  
     2023      2024  

Balance as at the beginning of the period

    ₹ (1,762 )     ₹ 773  

Changes in fair value of effective portion of derivatives

      389        (1,958 ) 

Deferred cancellation gain/(loss), net

      14        (102 ) 

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

      1306        (454 ) 

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

      (27 )       43
  

 

 

     

 

 

  

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

    ₹ 1,682      ₹ (2,471 ) 
  

 

 

     

 

 

  

Balance as at the end of the period

    ₹ (80 )     ₹ (1,698 ) 

Deferred tax asset/(liability) thereon

      17      437
  

 

 

     

 

 

  

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

    ₹ (63 )     ₹ (1,261 ) 
  

 

 

     

 

 

  

 

(1) 

Includes net (gain)/loss reclassified to revenue of ₹ (346); net (gain)/loss reclassified to cost of revenues of ₹ (13); net (gain)/loss reclassified to finance expenses of ₹ (168), and net (gain)/loss reclassified to finance and other income of ₹ 73 for the nine months ended December 31, 2024.

The related hedge transactions for balance in cash flow hedging reserves as at December 31, 2024 are expected to occur and be reclassified to the statement of income over a period of 20 months.

As at December 31, 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.

19. Foreign currency translation reserve and Other reserves

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

 

     Nine months ended December 31,  
     2023      2024  

Balance at the beginning of the period

    ₹  43,255    ₹  47,261

Translation difference related to foreign operations, net

      5,053      5,520

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

      (196 )       14
  

 

 

     

 

 

  

Balance at the end of the period

    ₹  48,112    ₹  52,795
  

 

 

     

 

 

  

The movement in other reserves is summarized below:

 

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

As at April 1, 2023

    ₹  (548 )    ₹  (119 )    ₹  10,793   ₹  1,122   ₹  —   

Other comprehensive income

      372     1,255     33     —        —   

Buyback of equity shares (Refer to Note 30)

      —        —        —        539     —   

As at December 31, 2023

    ₹  (176 )    ₹  1,136   ₹  10,826   ₹  1,661   ₹  —   

As at April 1, 2024

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

Other comprehensive income

      159     611     (533 )      —        —   

Bonus issue of equity shares (Refer to Note 31)

      —        —        —        (1,661 )      —   

As at December 31, 2024

    ₹  (127 )    ₹  2,008   ₹  9,787   ₹  —      ₹  (4,238 ) 

20. Income taxes

 

     Three months ended December 31,      Nine months ended December 31,  
      2023         2024         2023         2024    

Income tax expense as per the consolidated statement of income

    ₹  8,515    ₹  10,866    ₹  26,049    ₹  31,228

Income tax included in other comprehensive income on:

Gains/(losses) on investment securities

      (6 )       (99 )       190      3

Gains/(losses) on cash flow hedging derivatives

      (237 )       (354 )       343      (632 ) 

Remeasurements of the defined benefit plans

      90      (94 )       133      75
  

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  8,362    ₹ 10,319    ₹ 26,715    ₹ 30,674
  

 

 

     

 

 

     

 

 

     

 

 

  

Income tax expense consists of the following:

 

     Three months ended December 31,      Nine months ended December 31,  
      2023         2024         2023         2024    

Current taxes

    ₹  8,958    ₹  10,829    ₹  27,379    ₹  32,349

Deferred taxes

      (443 )       37      (1,330 )       (1,121 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  8,515    ₹  10,866    ₹  26,049    ₹  31,228
  

 

 

     

 

 

     

 

 

     

 

 

  

 

20

Income tax expenses are net of provision reversal of taxes pertaining to earlier periods, amounting to ₹ 552 and ₹ 815 for the three months ended December 31, 2023 and 2024, and ₹ 1,288 and ₹ 1,617 for the nine months ended December 31, 2023 and 2024, respectively.

The Pillar Two legislations are neither enacted nor substantively enacted by Government of India, where the Parent company is incorporated. Pillar Two legislation has been enacted, or substantively enacted, in certain other jurisdictions where the Company operates. However, the Company does not expect any material financial impact for the three and nine months ended December 31, 2024. The Company is continuing to assess the impact, if any, of Pillar Two income taxes legislation on future financial performance.

21. Revenues

The tables below present disaggregated revenue from contracts with customers by business segment (Refer to Note 28 “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 December 31, 2023 is as follows:

 

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

A. Revenue

                     

Rendering of services

    ₹  68,507    ₹  66,468    ₹  61,389    ₹  24,882    ₹  221,246    ₹  —     ₹  221,246

Sale of products

      —         —         —         —         —         805      805
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  68,507    ₹  66,468    ₹  61,389    ₹  24,882    ₹  221,246    ₹  805    ₹  222,051
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

B. Revenue by sector

                     

Banking, Financial Services and Insurance

    ₹  506    ₹  40,615    ₹  22,378    ₹  8,871    ₹  72,370      

Health

      25,096      30      4,484      1,178      30,788      

Consumer

      25,180      1,408      10,897      4,055      41,540      

Technology & Communications (1)

      17,364      6,205      7,463      4,617      35,649      

Energy, Manufacturing & Resources (1)

      361      18,210      16,167      6,161      40,899      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  68,507    ₹  66,468    ₹  61,389    ₹  24,882    ₹  221,246    ₹  805    ₹  222,051
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

C. Revenue by nature of contract

                     

Fixed price and volume based

    ₹  39,123    ₹  35,284    ₹  36,464    ₹  15,080    ₹  125,951    ₹  —     ₹  125,951

Time and materials

      29,384      31,184      24,925      9,802      95,295      —         95,295

Products

      —         —         —         —         —         805      805
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  68,507    ₹  66,468    ₹  61,389    ₹  24,882    ₹  221,246    ₹  805    ₹  222,051
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Information on disaggregation of revenues for the three months ended December 31, 2024 is as follows:

 

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

A. Revenue

                     

Rendering of services

    ₹  71,894    ₹  67,998    ₹  59,274    ₹  23,275    ₹  222,441    ₹ —       ₹  222,441

Sale of products

      —         —         —         —         —         747      747
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  71,894    ₹  67,998    ₹  59,274    ₹  23,275    ₹  222,441    ₹  747    ₹  223,188
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

B. Revenue by sector

                     

Banking, Financial Services and Insurance

    ₹  305    ₹  43,563    ₹  22,428    ₹  9,556    ₹  75,852      

Health

      28,476      59      3,275      882      32,692      

Consumer

      26,075      1,800      10,670      3,688      42,233      

Technology & Communications (1)

      16,183      5,955      8,277      3,555      33,970      

Energy, Manufacturing & Resources (1)

      855      16,621      14,624      5,594      37,694      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  71,894    ₹  67,998    ₹  59,274    ₹  23,275    ₹  222,441    ₹  747    ₹  223,188
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

C. Revenue by nature of contract

                     

Fixed price and volume based

    ₹  37,063    ₹  34,704    ₹  35,451    ₹  14,174    ₹  121,392    ₹ —       ₹  121,392

Time and materials

      34,831      33,294      23,823      9,101      101,049      —         101,049

Products

      —         —         —         —         —         747      747
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  71,894    ₹  67,998    ₹  59,274    ₹  23,275    ₹  222,441    ₹  747    ₹  223,188
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

22

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

 

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

A. Revenue

                     

Rendering of services

    ₹  200,864    ₹  201,626    ₹  192,436    ₹  77,626    ₹  672,552    ₹  —       ₹  672,552

Sale of products

      —         —         —         —         —         2,968      2,968
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  200,864    ₹  201,626    ₹  192,436    ₹  77,626    ₹  672,552    ₹  2,968    ₹  675,520
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

B. Revenue by sector

                     

Banking, Financial Services and Insurance

    ₹  1,966    ₹  123,785    ₹  72,308    ₹  26,798    ₹  224,857      

Health

      69,636      141      13,588      3,775      87,140      

Consumer

      77,038      3,742      32,478      12,575      125,833      

Technology & Communications (1)

      51,500      18,801      23,279      14,883      108,463      

Energy, Manufacturing & Resources (1)

      724      55,157      50,783      19,595      126,259      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  200,864    ₹  201,626    ₹  192,436    ₹  77,626    ₹  672,552    ₹  2,968    ₹  675,520
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

C. Revenue by nature of contract

                     

Fixed price and volume based

    ₹  114,583    ₹  105,065    ₹  113,116    ₹  46,792    ₹  379,556    ₹  —       ₹  379,556

Time and material

      86,281      96,561      79,320      30,834      292,996      —         292,996

Products

      —         —         —         —         —         2,968      2,968
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  200,864    ₹  201,626    ₹  192,436    ₹  77,626    ₹  672,552    ₹  2,968    ₹  675,520
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Information on disaggregation of revenues for the nine months ended December 31, 2024 is as follows:

 

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

A. Revenue

                     

Rendering of services

    ₹  208,158    ₹  203,448    ₹  181,695    ₹  70,662    ₹  663,963    ₹  —     ₹  663,963

Sale of products

      —         —         —         —         —         1,879      1,879
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  208,158    ₹  203,448    ₹  181,695    ₹  70,662    ₹  663,963    ₹  1,879    ₹  665,842
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

B. Revenue by sector

                     

Banking, Financial Services and Insurance

    ₹  976    ₹  128,644    ₹  69,627    ₹  28,391    ₹  227,638      

Health

      80,014      107      10,858      2,465      93,444      

Consumer

      77,477      5,580      32,284      11,541      126,882      

Technology & Communications (1)

      47,322      18,515      24,142      11,769      101,748      

Energy, Manufacturing & Resources (1)

      2,369      50,602      44,784      16,496      114,251      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  208,158    ₹  203,448    ₹  181,695    ₹  70,662    ₹  663,963    ₹  1,879    ₹  665,842
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

C. Revenue by nature of contract

                     

Fixed price and volume based

    ₹  107,892    ₹  103,383    ₹  107,997    ₹  41,723    ₹  360,995    ₹  —     ₹  360,995

Time and materials

      100,266      100,065      73,698      28,939      302,968      —         302,968

Products

      —         —         —         —         —         1,879      1,879
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  208,158    ₹  203,448    ₹  181,695    ₹  70,662    ₹  663,963    ₹  1,879    ₹  665,842
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Effective October 1, 2024, the Company has reorganized its sectors by merging “Technology” and “Communications” into “Technology and Communications” sector, and by merging “Energy, Natural Resources and Utilities” and “Manufacturing” into “Energy, Manufacturing & Resources” sector. Comparative period disaggregation of revenue has been restated to give effect to this change.

 

23

22. Expenses by nature

 

     Three months ended December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Employee compensation

    ₹  134,234    ₹  133,035    ₹  413,046    ₹  400,023

Sub-contracting and technical fees

      25,780      25,903      78,712      75,252

Cost of hardware and software

      831      778      3,138      2,329

Travel

      3,529      3,164      11,753      10,937

Facility expenses

      3,562      3,884      10,829      11,954

Software license expense for internal use

      4,675      5,080      13,983      14,387

Depreciation, amortization and impairment (1)

      9,316      6,765      25,666      22,362

Communication

      1,313      871      3,922      2,943

Legal and professional fees

      2,477      2,842      7,235      8,137

Rates, taxes and insurance

      1,476      1,503      4,579      4,114

Marketing and brand building

      1,031      1,032      2,888      2,674

Lifetime expected credit loss/ (write-back)

      (166 )       (608 )       273      (41 ) 

(Gain)/loss on sale of property, plant and equipment, net (2)

      68      77      (2,174 )       (766 ) 

Miscellaneous expenses (3)

      1,322      306      1,412      (839 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

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

    ₹  189,448    ₹  184,632    ₹  575,262    ₹  553,466
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Depreciation, amortization and impairment includes an impairment charge on intangible assets amounting to ₹ 456 and ₹ Nil for the three months ended December 31, 2023 and 2024, respectively and ₹ 893 and ₹ 1,149 for the nine months ended December 31, 2023 and 2024, respectively (Refer to Note 6).

(2) 

(Gain)/loss on sale of property, plant and equipment for the nine months ended December 31, 2023 and 2024, includes gain on sale of immovable properties of ₹ (2,357) and gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885), respectively.

(3)

Miscellaneous expenses are net of reversals of contingent consideration of ₹ 508 and ₹ 167 for the nine months ended December 31, 2023 and 2024 (Refer to Note 18). Miscellaneous expenses are net of insurance claim received of ₹ 1,805 during the nine months ended December 31, 2024.

23. Finance expenses

 

     Three months ended December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Interest expense (1)

    ₹  3,125    ₹  4,146    ₹  9,244    ₹  11,003
  

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  3,125    ₹  4,146    ₹  9,244    ₹  11,003
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Includes Interest expense on lease liabilities of ₹ 308 and ₹ 404 for the three months ended December 31, 2023 and 2024, respectively and ₹ 960 and ₹ 1,151 for the nine months ended December 31, 2023, and 2024, respectively.

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

 

     Three months ended December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Interest income

    ₹  4,735    ₹  7,478    ₹  14,137    ₹  19,681

Dividend income from equity investments designated as FVTOCI

      —       —       2      1

Net gain from investments classified as FVTPL

      1,054      2,302      3,127      6,773

Net loss from investments classified as FVTOCI

      (4 )       (72 )       (129 )       (72 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Finance and other income

    ₹  5,785    ₹  9,708    ₹  17,137    ₹  26,383
  

 

 

     

 

 

     

 

 

     

 

 

  

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

    ₹ (632 )     ₹ (350 )     ₹ (101 )     ₹ (903 ) 

Other foreign exchange gains/(losses), net

      894      760      569      711
  

 

 

     

 

 

     

 

 

     

 

 

  

Foreign exchange gains/(losses), net

    ₹  262    ₹  410    ₹  468    ₹ (192 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

25. 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 December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Profit attributable to equity holders of the Company

    ₹  26,942    ₹  33,538    ₹  82,106    ₹  95,658

Weighted average number of equity shares outstanding

      10,436,941,772      10,457,414,881      10,621,971,206      10,454,728,795
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per equity share

    ₹  2.58    ₹  3.21    ₹  7.73    ₹  9.15
  

 

 

     

 

 

     

 

 

     

 

 

  

 

24

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 December 31, Nine months ended December 31,
  2023 2024 2023 2024

Profit attributable to equity holders of the Company

 ₹  26,942 ₹  33,538 ₹  82,106 ₹  95,658

Weighted average number of equity shares outstanding

   10,436,941,772   10,457,414,881   10,621,971,206   10,454,728,795

Effect of dilutive equivalent share options

   24,890,854   25,549,129   31,679,002   26,707,915

 

 

  

 

 

  

 

 

  

 

 

  

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

   10,461,832,626   10,482,964,010   10,653,650,208   10,481,436,710

 

 

  

 

 

  

 

 

  

 

 

  

Diluted earnings per equity share

 ₹  2.58 ₹  3.20 ₹  7.71 ₹  9.13

 

 

  

 

 

  

 

 

  

 

 

  

Earnings per share and number of shares outstanding for the three months and nine months ended December 31, 2023, have been proportionately adjusted for the bonus issue in the ratio 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). Refer to Note 31.

Earnings per share for each of the three months ended June 30, 2023, September 30, 2023 and December 31, 2023 will not add up to earnings per share for the nine months ended December 31, 2023, on account of buyback of equity shares.

26. Employee compensation

 

     Three months ended December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Salaries and bonus

    ₹  128,329    ₹  126,258    ₹  394,308    ₹  380,914

Employee benefits plans

      4,715      5,065      14,441      14,762

Share-based compensation (1)

      1,190      1,712      4,297      4,347
  

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  134,234    ₹  133,035    ₹  413,046    ₹  400,023
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Includes ₹ (3) and ₹ (3) for the three months ended December 31, 2023 and 2024, respectively and ₹ 5 and ₹ (8) for the nine months ended December 31, 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 December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Cost of revenues

    ₹  110,777    ₹  112,409    ₹  343,354    ₹  338,529

Selling and marketing expenses

      12,808      12,186      38,416      36,562

General and administrative expenses

      10,649      8,440      31,276      24,932
  

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  134,234    ₹  133,035    ₹  413,046    ₹  400,023
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company has granted below options under RSU and ADS option plan:

 

     Three months ended December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

Restricted Stock Units (RSU)

      —       85,637      3,273,900      3,431,043

ADS RSU

      422,024      74,677      8,775,276      8,470,177

Performance based stock options (RSUs)

      —       —       1,892,498      2,014,993

Performance based stock options (ADS)

      10,331      25,510      5,659,164      5,323,067

Numbers in above table are not given effect of bonus shares issued during the three months ended December 31, 2024.

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.

27. Commitments and contingencies

Capital commitments: As at March 31, 2024 and December 31, 2024 the Company had committed to spend approximately ₹ 10,322 and ₹ 9,170 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 8 for uncalled capital commitments on investment in equity instruments.

Guarantees: As at March 31, 2024 and December 31, 2024, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 13,455 and ₹ 12,941 respectively, as part of the bank line of credit.

 

25

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 ₹ 98,007 are not acknowledged as debt as at March 31, 2024 and December 31, 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 ₹ 19,480 as of March 31, 2024, and December 31, 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.

28. 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 December 31, 2023, is as follows:

 

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

Revenue

    ₹  68,581    ₹  66,541    ₹  61,473    ₹  24,913    ₹  221,508   ₹  805    ₹ —    ₹  222,313

Segment result

      16,459      15,180      7,906      3,433      42,978     114      (2,675 )      40,417

Unallocated

                  (7,552 )      —       —      (7,552 ) 
              

 

 

    

 

 

     

 

 

    

 

 

  

Segment result total

                ₹  35,426   ₹  114    ₹ (2,675 )    ₹  32,865

Finance expenses

                         (3,125 ) 

Finance and other income

                         5,785

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

                         (4 ) 
                     

 

 

  

Profit before tax

                       ₹  35,521

Income tax expense

                         (8,515 ) 
                     

 

 

  

Profit for the period

                       ₹  27,006
                     

 

 

  

Depreciation, amortization and impairment

                       ₹  9,316
                     

 

 

  

Information on reportable segments for the three months ended December 31, 2024, is as follows:

 

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

Revenue

    ₹  72,010    ₹  68,120    ₹  59,282    ₹  23,439    ₹  222,851   ₹  747    ₹ —    ₹  223,598

Segment result

      14,966      15,275      7,600      3,667      41,508     29      (53 )      41,484

Unallocated

                  (2,518 )           (2,518 ) 
              

 

 

    

 

 

     

 

 

    

 

 

  

Segment result total

                ₹  38,990   ₹  29    ₹ (53 )    ₹  38,966

Finance expenses

                         (4,146 ) 

Finance and other income

                         9,708

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

                         5
                     

 

 

  

Profit before tax

                       ₹  44,533

Income tax expense

                         (10,866 ) 
                     

 

 

  

Profit for the period

                       ₹  33,667
                     

 

 

  

Depreciation, amortization and impairment

                       ₹  6,765
                     

 

 

  

 

27

Information on reportable segments for the nine months ended December 31, 2023, is as follows:

 

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

Revenue

    ₹  201,001    ₹  201,758    ₹  192,583    ₹  77,678    ₹  673,020   ₹  2,968   ₹ —    ₹  675,988

Segment result

      45,283      43,372      25,421      9,218      123,294     (514 )      (6,761 )      116,019

Unallocated

                  (15,293 )      —      —      (15,293 ) 
              

 

 

    

 

 

    

 

 

    

 

 

  

Segment result total

                ₹  108,001   ₹ (514 )    ₹ (6,761 )    ₹  100,726

Finance expense

                        (9,244 ) 

Finance and other income

                        17,137

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

                        (31 ) 
                    

 

 

  

Profit before tax

                      ₹  108,588

Income tax expense

                        (26,049 ) 
                    

 

 

  

Profit for the period

                      ₹  82,539
                    

 

 

  

Depreciation, amortization and impairment

                      ₹  25,666
                    

 

 

  

Information on reportable segments for the nine months ended December 31, 2024, is as follows:

 

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

Revenue

    ₹  208,103    ₹  203,390    ₹  181,525    ₹  70,753    ₹  663,771   ₹  1,879   ₹ —     ₹  665,650

Segment result

      41,991      45,813      21,294      9,178      118,276     (201 )      16      118,091

Unallocated

                  (5,907 )      —      —       (5,907 ) 
              

 

 

    

 

 

    

 

 

     

 

 

  

Segment result total

                ₹  112,369   ₹ (201 )    ₹  16    ₹  112,184

Finance expense

                         (11,003 ) 

Finance and other income

                         26,383

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

                         (37 ) 
                     

 

 

  

Profit before tax

                       ₹  127,527

Income tax expense

                         (31,228 ) 
                     

 

 

  

Profit for the period

                       ₹  96,299
                     

 

 

  

Depreciation, amortization and impairment

                       ₹  22,362
                     

 

 

  

 

28

Revenues from India, being Company’s country of domicile, is ₹ 5,863 and ₹ 5,311 for the three months ended December 31, 2023 and 2024, respectively and ₹ 17,909 and ₹ 15,428 for the nine months ended December 31, 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 December 31,      Nine months ended December 31,  
     2023      2024      2023      2024  

United States of America

    ₹  129,008    ₹  133,884    ₹  383,806    ₹  393,558

United Kingdom

      26,003      22,946      83,221      72,287
  

 

 

     

 

 

     

 

 

     

 

 

  
   ₹  155,011    ₹  156,830    ₹  467,027    ₹  465,845
  

 

 

     

 

 

     

 

 

     

 

 

  

No customer individually accounted for more than 10% of the revenues during the three and nine months ended December 31, 2023 and 2024.

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

Notes:

 

  a)

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

  b)

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

  c)

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

  d)

Restructuring cost of ₹ 2,678 and ₹ 6,814 for the three and nine months ended December 31, 2023, respectively is included under Reconciling items.

  e)

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of ₹ 3,893 and ₹ 1,577, for the three months ended December 31, 2023 and 2024, respectively and of ₹ 9,187 and ₹ 6,278 for the nine months ended December 31, 2023 and 2024, respectively and change in fair value of contingent consideration of ₹ (2) and ₹ Nil, for the three months ended December 31, 2023 and 2024, respectively and of ₹ (508) and ₹ (167) for the nine months ended December 31, 2023 and 2024, respectively.

Segment results of IT Services segment for the three and nine months ended December 31, 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 ₹ 1,190 and ₹ 1,712 for the three months ended December 31, 2023 and 2024, respectively and ₹ 4,297 and ₹ 4,347 for the nine months ended December 31, 2023 and 2024 respectively.

  g)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ 68 and ₹ 77 for the three months ended December 31, 2023 and 2024, respectively and ₹ (2,174) and ₹ (766) for the nine months ended December 31, 2023 and 2024 respectively.

29. List of subsidiaries, associate and joint venture as at December 31, 2024 is provided below:

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Attune Consulting India Private Limited          India
Capco Technologies Private Limited          India
Wipro Technology Product Services Private Limited          India
Wipro Chengdu Limited          China
Wipro Holdings (UK) Limited          U.K.
Wipro 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
      Capco Consulting Middle East FZE (4)    UAE
   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
      Applied Value Technologies B.V. (5)    Netherlands
   Wipro IT Service Ukraine, LLC       Ukraine
   Wipro IT Services Poland SP Z.O.O       Poland
   Wipro IT Services S.R.L.       Romania
   Wipro Regional Headquarter       Saudi Arabia
   Wipro Technologies Australia Pty Ltd       Australia
      Wipro Ampion Holdings Pty Ltd (1)    Australia
   Wipro Technologies SA       Argentina
   Wipro Technologies SA DE CV       Mexico
   Wipro Technologies South Africa (Proprietary) Limited       South Africa
      Wipro Technologies Nigeria Limited    Nigeria
   Wipro Technologies SRL       Romania
   Wipro (Thailand) Co. Limited       Thailand
Wipro Japan KK          Japan
Wipro Networks Pte Limited          Singapore
   Wipro (Dalian) Limited       China
   Wipro Technologies SDN BHD       Malaysia
Wipro Overseas IT Services Private Limited          India
Wipro Philippines, Inc.          Philippines
Wipro Shanghai Limited          China
Wipro Trademarks Holding Limited          India
Wipro Travel Services Limited          India
Wipro VLSI Design Services India Private Limited          India

 

30

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
      Applied Value Technologies, Inc. (6)    USA
Aggne Global IT Services Private Limited (3)          India
Wipro, Inc. (7)          USA
   Wipro Life Science Solutions, LLC (8)       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. All the above direct subsidiaries are 100% held by the Company except as mentioned in footnote (2) and (3) below.

 

(2) 

Wipro IT Services UK Societas holds 66.67% of the equity securities of Wipro Arabia Limited. Wipro Arabia Limited holds 55% of the equity securities of Women’s Business Park Technologies Limited.

(3) 

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

(4) 

Capco Consulting Middle East FZE has been incorporated with effect from December 17, 2024 which is 100% held by Grove Holdings 2 S.á.r.l.

(5) 

Wipro Information Technology Netherlands BV. has acquired 100% of the equity securities of Applied Value Technologies B.V.

(6) 

Wipro IT Services, LLC has acquired 100% of the equity securities of Applied Value Technologies, Inc.

(7) 

Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with the effect from September 30, 2024.

(8) 

Wipro Life Science Solutions, LLC has been incorporated as a wholly-owned subsidiary of Wipro, Inc. with effect from October 10, 2024.

(1) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Cardinal US Holdings, Inc.          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

 

31

Rizing Intermediate Holdings, Inc.          USA
   Rizing Lanka (Private) Ltd       Sri Lanka
      Attune Netherlands B.V. (9)    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. (9)    Singapore
The Capital Markets Company BV          Belgium
   CapAfric Consulting (Pty) Ltd       South Africa
   Capco Belgium BV       Belgium
   Capco Consultancy (Malaysia) Sdn. Bhd       Malaysia
   Capco Consultancy (Thailand) Ltd       Thailand
   Capco Consulting Singapore Pte. Ltd       Singapore
   Capco Greece Single Member P.C       Greece
   Capco Poland sp. z.o.o       Poland
   The Capital Markets Company (UK) Ltd       U.K.
      Capco (UK) 1, Limited    U.K.
   The Capital Markets Company 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 Informatica Ltda       Brazil
Wipro Portugal S.A.          Portugal
   Wipro Technologies GmbH       Germany
      Wipro Business Solutions GmbH (9)    Germany
      Wipro IT Services Austria GmbH    Austria

 

32

(9) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Attune Netherlands B.V.          Netherlands
   Rizing Consulting USA, Inc.       USA
   Rizing Germany GmbH       Germany
   Attune Italia S.R.L       Italy
   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 December 31, 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

30. Buyback of equity shares

During the nine months ended December 31, 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.

31. Issue of bonus shares

The bonus issue in the ratio 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) was approved by the shareholders of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserves, securities premium and retained earnings to the share capital.

32. Events after the reporting period

The Board of Directors in their meeting held on January 17, 2025, declared an interim dividend of ₹ XXX /- (USD XXX) per equity share and ADR (XXX% on an equity share of par value of ₹ 2 /-).

 

 

 

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         
January 17, 2025         

 

33

WIPRO LIMITED

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

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

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2024

UNDER IFRS (IASB)

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

 

   

Particulars

   Three months ended     Nine months ended     Year ended  
    December 31,
2024		     September 30,
2024		     December 31,
2023		     December 31,
2024		     December 31,
2023		     March 31,
2024		  
 

Income

            
 

a) Revenue from operations

     223,188     223,016     222,051     665,842     675,520     897,603
 

b) Foreign exchange gains/(losses), net

     410     (396 )      262     (192 )      468     340
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

I

  

Total income

     223,598     222,620     222,313     665,650     675,988     897,943
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Expenses

            
 

a) Purchases of stock-in-trade

     459     1,034     1,453     2,157     3,007     3,832
 

b) Changes in inventories of stock-in-trade

     318     (152 )      (616 )      164     122     278
 

c) Employee benefits expense

     133,035     134,695     134,234     400,023     413,046     549,301
 

d) Depreciation, amortization and impairment expense

     6,765     8,308     9,316     22,362     25,666     34,071
 

e) Sub-contracting and technical fees

     25,903     24,582     25,780     75,252     78,712     103,030
 

f) Facility expenses

     3,884     3,937     3,562     11,954     10,829     14,556
 

g) Travel

     3,164     3,836     3,529     10,937     11,753     15,102
 

h) Communication

     871     1,079     1,313     2,943     3,922     4,878
 

i) Legal and professional fees

     2,842     3,013     2,477     8,137     7,235     9,559
 

j) Software license expense for internal use

     5,080     4,702     4,675     14,387     13,983     18,378
 

k) Marketing and brand building

     1,032     838     1,031     2,674     2,888     3,555
 

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

     (608 )      593     (166 )      (41 )      273     640
 

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

     77     (820 )      68     (766 )      (2,174 )      (2,072 ) 
 

n) Other expenses

     1,810     (174 )      2,792     3,283     6,000     6,736
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

II

  

Total expenses

     184,632     185,471     189,448     553,466     575,262     761,844
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

III

  

Finance expenses

     4,146     3,569     3,125     11,003     9,244     12,552

IV

  

Finance and other income

     9,708     9,195     5,785     26,383     17,137     23,896

V

  

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

     5     3     (4 )      (37 )      (31 )      (233 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VI

  

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

     44,533     42,778     35,521     127,527     108,588     147,210
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VII

  

Tax expense

     10,866     10,512     8,515     31,228     26,049     36,089
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIII

  

Profit for the period [VI-VII]

     33,667     32,266     27,006     96,299     82,539     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

     (231 )      323     253     150     259     82
 

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

     (367 )      153     141     (533 )      33     (473 ) 
 

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

            
 

Foreign currency translation differences

     1,853     5,115     3,601     5,569     5,063     4,219
 

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

     1     13     (15 )      14     (196 )      (198 ) 
 

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

     269     (368 )      (324 )      (95 )      (73 )      198
 

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

     (171 )      (103 )      (88 )      (189 )      113     128
 

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

     (1,100 )      (673 )      (286 )      (1,555 )      1,300     1,655
 

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

     37     390     (81 )      611     1,255     1,516

 

34

IX

  

Total other comprehensive income for the period, net of taxes

     291     4,850     3,201     3,972     7,754     7,127
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Total comprehensive income for the period [VIII+IX]

     33,958     37,116     30,207     100,271     90,293     118,248
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

X

  

Profit for the period attributable to:

            
 

Equity holders of the Company

     33,538     32,088     26,942     95,658     82,106     110,452
 

Non-controlling interests

     129     178     64     641     433     669
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
      33,667     32,266     27,006     96,299     82,539     111,121
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Total comprehensive income for the period attributable to:

            
 

Equity holders of the Company

     33,783     36,942     30,154     99,590     89,963     117,744
 

Non-controlling interests

     175     174     53     681     330     504
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
      33,958     37,116     30,207     100,271     90,293     118,248
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

XI

  

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

     20,938     10,463     10,448     20,938     10,448     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 nine months ended periods are not annualized)

            
 

Basic (in ₹)

     3.21     3.07     2.58     9.15     7.73     10.44
 

Diluted (in ₹)

     3.20     3.06     2.58     9.13     7.71     10.41

 

1.

The audited consolidated financial results of the Company for the three and nine months ended December 31, 2024, have been approved by the Board of Directors of the Company at its meeting held on January 17, 2025. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

 

2.

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

 

3.

(Gain)/loss on sale of property, plant and equipment for the three months ended September 30, 2024 and nine months ended December 31, 2024, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885), and for the nine months ended December 31, 2023 and year ended March 31, 2024 includes gain on sale of immovable properties of ₹ (2,357).

 

4.

Other expenses are net of reversals of contingent consideration of ₹ Nil, ₹ 167, ₹ 2 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, ₹ 167 and ₹ 508 for the nine months ended December 31, 2024 and 2023, and ₹ 1,300 for the year ended March 31, 2024, respectively. Other expenses are net of insurance claim received of ₹ Nil, ₹ 1,805, ₹ Nil for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, ₹ 1,805 and ₹ Nil for the nine months ended December 31, 2024 and 2023, and ₹ Nil for the year ended March 31, 2024, respectively.

 

5.

List of subsidiaries, associate and joint venture as at December 31, 2024 are provided in the table below:

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Attune Consulting India Private Limited

          India

Capco Technologies Private Limited

          India

Wipro Technology Product Services Private Limited

          India

Wipro Chengdu Limited

          China

Wipro Holdings (UK) Limited

          U.K.

Wipro 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

 

35

      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
     

Capco Consulting Middle East FZE (4)

    UAE
   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
     

Applied Value Technologies B.V. (5)

    Netherlands
   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

 

36

Wipro Overseas IT Services Private Limited          India
Wipro Philippines, Inc.          Philippines
Wipro Shanghai Limited          China
Wipro Trademarks Holding Limited          India
Wipro Travel Services Limited          India
Wipro VLSI Design Services India Private Limited          India
Wipro, LLC          USA
   Wipro Gallagher Solutions, LLC       USA
   Wipro Insurance Solutions, LLC       USA
   Wipro IT Services, LLC       USA
     

Aggne Global Inc. (3)

    USA
     

Cardinal US Holdings, Inc.(1)

    USA
      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
     

Applied Value Technologies, Inc. (6)

    USA

Aggne Global IT Services Private Limited (3)

          India

Wipro, Inc. (7)

          USA
  

Wipro Life Science Solutions, LLC (8)

       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. All the above direct subsidiaries are 100% held by the Company except as mentioned in footnote (2) and (3) below.

 

(2) 

Wipro IT Services UK Societas holds 66.67% of the equity securities of Wipro Arabia Limited. Wipro Arabia Limited holds 55% of the equity securities of Women’s Business Park Technologies Limited.

(3) 

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

(4) 

Capco Consulting Middle East FZE has been incorporated with effect from December 17, 2024 which is 100% held by Grove Holdings 2 S.á.r.l.

(5) 

Wipro Information Technology Netherlands BV. has acquired 100% of the equity securities of Applied Value Technologies B.V.

(6) 

Wipro IT Services, LLC has acquired 100% of the equity securities of Applied Value Technologies, Inc.

(7) 

Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with the effect from September 30, 2024.

(8) 

Wipro Life Science Solutions, LLC has been incorporated as a wholly-owned subsidiary of Wipro, Inc. with effect from October 10, 2024.

(1) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Cardinal US Holdings, Inc.          USA
   Capco Consulting Services LLC       USA
   Capco RISC Consulting LLC       USA
   The Capital Markets Company LLC       USA

 

37

HealthPlan Services, Inc.          USA
   HealthPlan Services Insurance Agency, LLC       USA
International TechneGroup Incorporated          USA
   International TechneGroup Ltd.       U.K.
   ITI Proficiency Ltd       Israel
   MechWorks S.R.L.       Italy
Wipro NextGen Enterprise Inc.          USA
   LeanSwift AB       Sweden
Rizing Intermediate Holdings, Inc.          USA
   Rizing Lanka (Private) Ltd       Sri Lanka
      Attune Netherlands B.V. (9)    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. (9)    Singapore
The Capital Markets Company BV          Belgium
   CapAfric Consulting (Pty) Ltd       South Africa
   Capco Belgium BV       Belgium
   Capco Consultancy (Malaysia) Sdn. Bhd       Malaysia
   Capco Consultancy (Thailand) Ltd       Thailand
   Capco Consulting Singapore Pte. Ltd       Singapore
   Capco Greece Single Member P.C       Greece
   Capco Poland sp. z.o.o       Poland
   The Capital Markets Company (UK) Ltd       U.K.
      Capco (UK) 1, Limited    U.K.
   The Capital Markets Company 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 Informatica Ltda       Brazil
Wipro Portugal S.A.          Portugal
   Wipro Technologies GmbH       Germany
      Wipro Business Solutions GmbH (9)    Germany
      Wipro IT Services Austria GmbH    Austria

 

38

(9) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Attune Netherlands B.V.          Netherlands
   Rizing Consulting USA, Inc.       USA
   Rizing Germany GmbH       Germany
   Attune Italia S.R.L       Italy
   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 December 31, 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.

 

39

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

 

Particulars

    Three months ended     Nine months ended     Year ended  
   December 31,
2024		     September 30,
2024		     December 31,
2023		     December 31,
2024		     December 31,
2023		     March 31,
2024		  
   Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

             

IT Services

             

Americas 1

      72,010     68,393     68,581     208,103     201,001     268,230

Americas 2

      68,120     67,932     66,541     203,390     201,758     269,482

Europe

      59,282     61,821     61,473     181,525     192,583     253,927

APMEA

      23,439     23,811     24,913     70,753     77,678     102,177
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      222,851     221,957     221,508     663,771     673,020     893,816

IT Products

      747     663     805     1,879     2,968     4,127
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment revenue

      223,598     222,620     222,313     665,650     675,988     897,943
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment result

             

IT Services

             

Americas 1

      14,966     13,338     16,459     41,991     45,283     59,364

Americas 2

      15,275     15,005     15,180     45,813     43,372     59,163

Europe

      7,600     7,821     7,906     21,294     25,421     33,354

APMEA

      3,667     3,070     3,433     9,178     9,218     12,619

Unallocated

      (2,518 )      (1,912 )      (7,552 )      (5,907 )      (15,293 )      (20,304 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      38,990     37,322     35,426     112,369     108,001     144,196

IT Products

      29     (183 )      114     (201 )      (514 )      (371 ) 

Reconciling Items

      (53 )      10     (2,675 )      16     (6,761 )      (7,726 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment result

      38,966     37,149     32,865     112,184     100,726     136,099
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Finance expenses

      (4,146 )      (3,569 )      (3,125 )      (11,003 )      (9,244 )      (12,552 ) 

Finance and other income

      9,708     9,195     5,785     26,383     17,137     23,896

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

      5     3     (4 )      (37 )      (31 )      (233 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

      44,533     42,778     35,521     127,527     108,588     147,210
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

  a)

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

  b)

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

  c)

For the purpose of segment reporting, the Company has included the net impact of foreign exchange gains/(losses), net in revenues amounting to ₹ 410, ₹ (396), and ₹ 262 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023 respectively, ₹ (192), and ₹ 468 for the nine months ended December 31, 2024, December 31, 2023, respectively and ₹ 340 for the year ended March 31, 2024, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

  d)

Restructuring cost of ₹ 2,678 and ₹ 6,814 for the three and nine months ended December 31, 2023 respectively, and ₹ 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 ₹ 921 towards outgoing CEO and Managing Director.

  f)

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of ₹ 1,577, ₹ 2,919, ₹ 3,893, ₹ 6,278, ₹ 9,187 and ₹ 11,756 for the three months ended December 31, 2024, September 30, 2024, December 31, 2023, nine months ended December 31, 2024, December 31, 2023 and year ended March 31, 2024 respectively, and change in fair value of contingent consideration of ₹ Nil, ₹ (167), ₹ (2), ₹ (167), ₹ (508) and ₹ (1,300) for the three months ended December 31, 2024, September 30, 2024, December 31, 2023, nine months ended December 31, 2024, December 31, 2023 and year ended March 31, 2024 respectively.

Segment results of IT Services segment for the three and nine months ended December 31, 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 ₹ 1,712, ₹ 1,306 and ₹ 1,190 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and ₹ 4,347 and ₹ 4,297 for the nine months ended December 31, 2024, December 31, 2023, respectively, and ₹ 5,590 for the year ended March 31, 2024.

  h)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ 77, (820) and ₹ 68 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and ₹ (766) and ₹ (2,174) for the nine months ended December 31, 2024, December 31, 2023, respectively, and ₹ (2,072) for the year ended March 31, 2024.

 

7.

Buyback of equity shares

During the nine months ended December 31, 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.

Earnings per share for each of the three months ended December 31, 2023, September 30, 2023 and June 30, 2023 will not add up to earnings per share for the nine months ended December 31, 2023, on account of buyback of equity shares.

 

40

8.

Issue of bonus shares

The bonus issue in the ratio 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) was approved by the shareholders of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserves, securities premium and retained earnings to the share capital.

Earnings per share for all prior periods have been proportionately adjusted for the bonus issue in the ratio 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).

 

9.

Events after the reporting period

The Board of Directors in their meeting held on January 17, 2025, declared an interim dividend of ₹ XXX /- (USD XXX) per equity share and ADR (XXX% on an equity share of par value of ₹ 2 /-).

 

 

 

By order of the Board,    For, Wipro Limited

Place: Bengaluru

Date: January 17, 2025

   

Rishad A. Premji

Chairman

 

41

Exhibit 99.4

WIPRO LIMITED

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

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

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2024

UNDER IFRS (IASB)

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

 

          Three months ended     Nine months ended     Year ended  
    

Particulars

    December 31,
2024		     September 30,
2024		     December 31,
2023		     December 31,
2024		     December 31,
2023		     March 31,
2024		  
   Income             
  

a) Revenue from operations

      223,188     223,016     222,051     665,842     675,520     897,603
  

b) Foreign exchange gains/(losses), net

      410     (396 )      262     (192 )      468     340
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
I    Total income      223,598     222,620     222,313     665,650     675,988     897,943
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Expenses             
  

a) Purchases of stock-in-trade

      459     1,034     1,453     2,157     3,007     3,832
  

b) Changes in inventories of stock-in-trade

      318     (152 )      (616 )      164     122     278
  

c) Employee benefits expense

      133,035     134,695     134,234     400,023     413,046     549,301
  

d) Depreciation, amortization and impairment expense

      6,765     8,308     9,316     22,362     25,666     34,071
  

e) Sub-contracting and technical fees

      25,903     24,582     25,780     75,252     78,712     103,030
  

f) Facility expenses

      3,884     3,937     3,562     11,954     10,829     14,556
  

g) Travel

      3,164     3,836     3,529     10,937     11,753     15,102
  

h) Communication

      871     1,079     1,313     2,943     3,922     4,878
  

i) Legal and professional fees

      2,842     3,013     2,477     8,137     7,235     9,559
  

j) Software license expense for internal use

      5,080     4,702     4,675     14,387     13,983     18,378
  

k) Marketing and brand building

      1,032     838     1,031     2,674     2,888     3,555
  

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

      (608 )      593     (166 )      (41 )      273     640
  

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

      77     (820 )      68     (766 )      (2,174 )      (2,072 ) 
  

n) Other expenses

      1,810     (174 )      2,792     3,283     6,000     6,736
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
II    Total expenses      184,632     185,471     189,448     553,466     575,262     761,844
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
III    Finance expenses      4,146     3,569     3,125     11,003     9,244     12,552
IV    Finance and other income      9,708     9,195     5,785     26,383     17,137     23,896
V    Share of net profit/ (loss) of associate and joint venture accounted for using the equity method      5     3     (4 )      (37 )      (31 )      (233 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VI    Profit before tax [I-II-III+IV+V]      44,533     42,778     35,521     127,527     108,588     147,210
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VII    Tax expense      10,866     10,512     8,515     31,228     26,049     36,089
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VIII    Profit for the period [VI-VII]      33,667     32,266     27,006     96,299     82,539     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

      (231 )      323     253     150     259     82
  

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

      (367 )      153     141     (533 )      33     (473 ) 
  

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

             
  

Foreign currency translation differences

      1,853     5,115     3,601     5,569     5,063     4,219
  

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

      1     13     (15 )      14     (196 )      (198 ) 
  

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

      269     (368 )      (324 )      (95 )      (73 )      198
  

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

      (171 )      (103 )      (88 )      (189 )      113     128
  

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

      (1,100 )      (673 )      (286 )      (1,555 )      1,300     1,655
  

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

      37     390     (81 )      611     1,255     1,516

 

1

IX    Total other comprehensive income for the period, net of taxes      291     4,850     3,201     3,972     7,754     7,127
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Total comprehensive income for the period [VIII+IX]      33,958     37,116     30,207     100,271     90,293     118,248
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
X    Profit for the period attributable to:             
   Equity holders of the Company      33,538     32,088     26,942     95,658     82,106     110,452
   Non-controlling interests      129     178     64     641     433     669
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
           33,667          32,266         27,006          96,299          82,539        111,121  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Total comprehensive income for the period attributable to:             
   Equity holders of the Company      33,783     36,942     30,154     99,590     89,963     117,744
   Non-controlling interests      175     174     53     681     330     504
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
        33,958     37,116     30,207     100,271     90,293     118,248
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
XI    Paid up equity share capital (Par value ₹ 2 per share)      20,938     10,463     10,448     20,938     10,448     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 nine months ended periods are not annualized)             
   Basic (in ₹)      3.21     3.07     2.58     9.15     7.73     10.44
   Diluted (in ₹)      3.20     3.06     2.58     9.13     7.71     10.41

 

1.

The audited consolidated financial results of the Company for the three and nine months ended December 31, 2024, have been approved by the Board of Directors of the Company at its meeting held on January 17, 2025. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

 

2.

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

 

3.

(Gain)/loss on sale of property, plant and equipment for the three months ended September 30, 2024 and nine months ended December 31, 2024, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885), and for the nine months ended December 31, 2023 and year ended March 31, 2024 includes gain on sale of immovable properties of ₹ (2,357).

 

4.

Other expenses are net of reversals of contingent consideration of ₹ Nil, ₹ 167, ₹ 2 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, ₹ 167 and ₹ 508 for the nine months ended December 31, 2024 and 2023, respectively and ₹ 1,300 for the year ended March 31, 2024. Other expenses are net of insurance claim received of ₹ Nil, ₹ 1,805, ₹ Nil for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, ₹ 1,805 and ₹ Nil for the nine months ended December 31, 2024 and 2023, respectively and ₹ Nil for the year ended March 31, 2024.

 

5.

List of subsidiaries, associate and joint venture as at December 31, 2024 are provided in the table below:

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Attune Consulting India Private Limited          India
Capco Technologies Private Limited          India
Wipro Technology Product Services Private Limited          India
Wipro Chengdu Limited          China
Wipro Holdings (UK) Limited          U.K.
Wipro 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
      Capco Consulting Middle East FZE (4)    UAE
   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
      Applied Value Technologies B.V. (5)    Netherlands
   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

 

3

Wipro Overseas IT Services Private Limited          India
Wipro Philippines, Inc.          Philippines
Wipro Shanghai Limited          China
Wipro Trademarks Holding Limited          India
Wipro Travel Services Limited          India
Wipro VLSI Design Services India Private Limited          India
Wipro, LLC          USA
   Wipro Gallagher Solutions, LLC       USA
   Wipro Insurance Solutions, LLC       USA
   Wipro IT Services, LLC       USA
      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
      Applied Value Technologies, Inc. (6)    USA
Aggne Global IT Services Private Limited (3)          India
Wipro, Inc. (7)          USA
   Wipro Life Science Solutions, LLC (8)       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. All the above direct subsidiaries are 100% held by the Company except as mentioned in footnote (2) and (3) below.

 

(2) 

Wipro IT Services UK Societas holds 66.67% of the equity securities of Wipro Arabia Limited. Wipro Arabia Limited holds 55% of the equity securities of Women’s Business Park Technologies Limited.

(3) 

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

(4) 

Capco Consulting Middle East FZE has been incorporated with effect from December 17, 2024 which is 100% held by Grove Holdings 2 S.á.r.l.

(5) 

Wipro Information Technology Netherlands BV. has acquired 100% of the equity securities of Applied Value Technologies B.V.

(6) 

Wipro IT Services, LLC has acquired 100% of the equity securities of Applied Value Technologies, Inc.

(7) 

Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with the effect from September 30, 2024.

(8) 

Wipro Life Science Solutions, LLC has been incorporated as a wholly-owned subsidiary of Wipro, Inc. with effect from October 10, 2024.

(1) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Cardinal US Holdings, Inc.          USA
   Capco Consulting Services LLC       USA
   Capco RISC Consulting LLC       USA
   The Capital Markets Company LLC       USA

 

4

HealthPlan Services, Inc.          USA
   HealthPlan Services Insurance Agency, LLC       USA
International TechneGroup Incorporated          USA
   International TechneGroup Ltd.       U.K.
   ITI Proficiency Ltd       Israel
   MechWorks S.R.L.       Italy
Wipro NextGen Enterprise Inc.          USA
   LeanSwift AB       Sweden
Rizing Intermediate Holdings, Inc.          USA
   Rizing Lanka (Private) Ltd       Sri Lanka
      Attune Netherlands B.V. (9)    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. (9)    Singapore
The Capital Markets Company BV          Belgium
   CapAfric Consulting (Pty) Ltd       South Africa
   Capco Belgium BV       Belgium
   Capco Consultancy (Malaysia) Sdn. Bhd       Malaysia
   Capco Consultancy (Thailand) Ltd       Thailand
   Capco Consulting Singapore Pte. Ltd       Singapore
   Capco Greece Single Member P.C       Greece
   Capco Poland sp. z.o.o       Poland
   The Capital Markets Company (UK) Ltd       U.K.
      Capco (UK) 1, Limited    U.K.
   The Capital Markets Company 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 Informatica Ltda       Brazil
Wipro Portugal S.A.          Portugal
   Wipro Technologies GmbH       Germany
      Wipro Business Solutions GmbH (9)    Germany
      Wipro IT Services Austria GmbH    Austria

 

5

(9) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

Attune Netherlands B.V.          Netherlands
   Rizing Consulting USA, Inc.       USA
   Rizing Germany GmbH       Germany
   Attune Italia S.R.L       Italy
   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 December 31, 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 December 31, 2024, September 30, 2024, December 31, 2023, nine months ended December 31, 2024, December 31, 2023 and year ended March 31, 2024 are as follows:

 

Particulars

    Three months ended     Nine months ended     Year ended  
   December 31,
2024		     September 30,
2024		     December 31,
2023		     December 31,
2024		     December 31,
2023		     March 31,
2024		  
   Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

             

IT Services

             

Americas 1

      72,010     68,393     68,581     208,103     201,001     268,230

Americas 2

      68,120     67,932     66,541     203,390     201,758     269,482

Europe

      59,282     61,821     61,473     181,525     192,583     253,927

APMEA

      23,439     23,811     24,913     70,753     77,678     102,177
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      222,851     221,957     221,508     663,771     673,020     893,816

IT Products

      747     663     805     1,879     2,968     4,127
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment revenue

      223,598     222,620     222,313     665,650     675,988     897,943
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment result

             

IT Services

             

Americas 1

      14,966     13,338     16,459     41,991     45,283     59,364

Americas 2

      15,275     15,005     15,180     45,813     43,372     59,163

Europe

      7,600     7,821     7,906     21,294     25,421     33,354

APMEA

      3,667     3,070     3,433     9,178     9,218     12,619

Unallocated

      (2,518 )      (1,912 )      (7,552 )      (5,907 )      (15,293 )      (20,304 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      38,990     37,322     35,426     112,369     108,001     144,196
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

IT Products

      29     (183 )      114     (201 )      (514 )      (371 ) 

Reconciling Items

      (53 )      10     (2,675 )      16     (6,761 )      (7,726 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment result

      38,966     37,149     32,865     112,184     100,726     136,099
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Finance expenses

      (4,146 )      (3,569 )      (3,125 )      (11,003 )      (9,244 )      (12,552 ) 

Finance and other income

      9,708     9,195     5,785     26,383     17,137     23,896

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

      5     3     (4 )      (37 )      (31 )      (233 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

      44,533     42,778     35,521     127,527     108,588     147,210
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

  a)

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

  b)

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

  c)

For the purpose of segment reporting, the Company has included the net impact of foreign exchange gains/(losses), net in revenues amounting to ₹ 410, ₹ (396), and ₹ 262 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023 respectively, ₹ (192), and ₹ 468 for the nine months ended December 31, 2024, December 31, 2023, respectively and ₹ 340 for the year ended March 31, 2024, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

  d)

Restructuring cost of ₹ 2,678 and ₹ 6,814 for the three and nine months ended December 31, 2023 respectively, and ₹ 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 ₹ 921 towards outgoing CEO and Managing Director.

  f)

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of ₹ 1,577, ₹ 2,919, ₹ 3,893, ₹ 6,278, ₹ 9,187 and ₹ 11,756 for the three months ended December 31, 2024, September 30, 2024, December 31, 2023, nine months ended December 31, 2024, December 31, 2023 and year ended March 31, 2024 respectively and change in fair value of contingent consideration of ₹ Nil, ₹ (167), ₹ (2), ₹ (167), ₹ (508) and ₹ (1,300) for the three months ended December 31, 2024, September 30, 2024, December 31, 2023, nine months ended December 31, 2024, December 31, 2023 and year ended March 31, 2024 respectively.

Segment results of IT Services segment for the three and nine months ended December 31, 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 ₹ 1,712, ₹ 1,306 and ₹ 1,190 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and ₹ 4,347 and ₹ 4,297 for the nine months ended December 31, 2024, December 31, 2023, respectively, and ₹ 5,590 for the year ended March 31, 2024.

  h)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ 77, (820) and ₹ 68 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, ₹ (766) and ₹ (2,174) for the nine months ended December 31, 2024, December 31, 2023, respectively and ₹ (2,072) for the year ended March 31, 2024.

 

7

7.

Buyback of equity shares

During the nine months ended December 31, 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.

Earnings per share for each of the three months ended December 31, 2023, September 30, 2023 and June 30, 2023 will not add up to earnings per share for the nine months ended December 31, 2023, on account of buyback of equity shares.

 

8.

Issue of bonus shares

The bonus issue in the ratio 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) was approved by the shareholders of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserves, securities premium and retained earnings to the share capital.

Earnings per share for all prior periods have been proportionately adjusted for the bonus issue in the ratio 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).

 

9.

Events after the reporting period

The Board of Directors in their meeting held on January 17, 2025, declared an interim dividend of ₹ 6 /- (USD 0.07) per equity share and ADR (300% on an equity share of par value of ₹ 2 /-).

 

 

 

By order of the Board,    For, Wipro Limited

Place: Bengaluru

Date: January 17, 2025

   

Rishad A. Premji

Chairman

 

8

Exhibit 99.5

 

LOGO

Wipro Limited Highlights for the Quarter ended December 31, 2024 REVENUE QoQ Constant YoY Constant Operating $2.63 Bn Currency Currency Margin 0.1% 0.7% 17.5% STRATEGIC MARKET UNITS MIX 32.3% AMERICAS 1 30.6% AMERICAS 2 26.7% EUROPE 10.4% APMEA SECTOR MIX 34.1% 19.0% 16.9% 15.3% 14.7% Banking, Consumer Technology & Energy, Health Financial Communications Manufacturing Services & Resources & Insurance TOTAL $3.5 Bn Operating EPS ₹ 3.21 Cash Flow $576.4 Mn BOOKINGS 7.3% YoY CC 4.6% QoQ Operating LARGE DEAL $0.96 Bn cash 146.5% TCV 24.4% YoY Flow/Net 6.0% YoY CC Income Revenue from our IT Services business segment to be in the range of $2,602 million to OUTLOOK $2,655 million*. This translates to a sequential guidance of (-) 1.0% to + 1.0% in constant currency terms. for the Quarter ending * Outlook for the Quarter ending March 31, 2025, is based on the following exchange rates: GBP/USD at 1.27, Euro/USD at 1.06, March 31, 2025 AUD/USD at 0.65, USD/INR at 84.29 and CAD/USD at 0.71 CUSTOMER CONCENTRATION TOP1 4.5% 14.3% TOP 10 23.7% TOP 5 TOTAL HEADCOUNT 232,732 ATTRITION VOL – TTM 15.3% OFFSHORE REVENUE NET UTILIZATION 83.5% 60.8% PERCENTAGE OF SERVICES EXCLUDING TRAINEES P a g e 1

LOGO

Wipro Limited Results for the Quarter ended December 31, 2024 FY 24-25 FY 23–24 A IT Services Q3 Q2 Q1 FY Q4 Q3 Q2 IT Services Revenues ($Mn) 2,629.1 2,660.1 2625.9 10,805.3 2,657.4 2,656.1 2,713.3 Sequential Growth -1.2% 1.3% -1.2% -3.8% 0.1% -2.1% -2.3% Sequential Growth in Constant Currency Note 1 0.1% 0.6% -1.0% -4.4% -0.3% -1.7% -2.0% Operating Margin % Note 2 17.5% 16.8% 16.5% 16.1% 16.4% 16.0% 16.1% Strategic Market Units Mix Americas 1 32.3% 30.8% 30.9% 30.0% 30.4% 31.0% 29.8% Americas 2 30.6% 30.6% 30.8% 30.1% 30.7% 30.0% 29.9% Europe 26.7% 27.9% 27.6% 28.4% 27.8% 27.7% 28.6% APMEA 10.4% 10.7% 10.7% 11.5% 11.1% 11.3% 11.7% Sectors Mix Banking, Financial Services and Insurance 34.1% 34.8% 34.0% 33.4% 33.5% 32.7% 33.6% Consumer 19.0% 19.2% 19.2% 18.8% 18.7% 18.8% 18.7% Energy, Manufacturing & Resources Note3 16.9% 17.0% 17.6% 18.7% 18.5% 18.5% 18.6% Technology and Communications 15.3% 15.4% 15.3% 15.9% 15.2% 16.1% 16.4% Health 14.7% 13.6% 13.9% 13.2% 14.1% 13.9% 12.7% Total Bookings Total Bookings TCV ($Mn) Note 4 3,514 3,561 3,284 14,907 3,607 3,791 3,785 Large deal TCV ($Mn) Note 5 961 1,489 1,154 4,573 1,191 909 1,275 Guidance ($Mn) 2,607—2,660 2,600—2,652 2,617-2,670—2,615–2,669 2,617-2,672 2,722-2,805 Guidance restated based on 2,575 – 2,628 2,618 – 2,670 2,612-2,665—2,624–2,678 2,605-2,659 2,712-2,795 actual currency realized ($Mn) Revenues performance against guidance ($Mn) 2,629 2,660 2,626—2,657 2,656 2,713 P a g e 2 Public

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FY 24-25 FY 23–24 Q3 Q2 Q1 FY Q4 Q3 Q2 Customer size distribution (TTM) > $100Mn 18 21 22 22 22 22 22 > $75Mn 30 30 29 32 32 31 28 > $50Mn 42 42 43 45 45 46 51 > $20Mn 114 117 117 116 116 121 122 > $10Mn 187 186 192 205 205 203 207 > $5Mn 290 297 301 301 301 305 313 > $3Mn 403 411 407 409 409 430 437 > $1Mn 722 733 735 741 741 750 774 Revenue from Existing customers % 98.8% 99.4% 99.7% 98.9% 97.8% 98.8% 99.1% Number of new customers 63 28 43 229 60 55 49 Total Number of active customers 1,299 1,342 1,364 1,371 1,371 1,349 1,393 Customer Concentration Top customer 4.5% 4.1% 4.0% 3.0% 3.8% 3.0% 3.0% Top 5 14.3% 14.0% 13.6% 13.0% 13.4% 12.1% 12.3% Top 10 23.7% 22.9% 22.5% 21.4% 22.0% 20.5% 20.6% % of Revenue USD 62% 61% 61% 60% 60% 61% 60% GBP 10% 11% 11% 11% 11% 10% 11% EUR 10% 10% 10% 10% 10% 10% 10% INR 4% 4% 4% 5% 5% 5% 5% AUD 4% 4% 4% 4% 4% 4% 4% CAD 3% 3% 3% 3% 3% 3% 3% Others 7% 7% 7% 7% 7% 7% 7% Closing Employee Count 232,732 233,889 232,911 232,614 232,614 239,655 244,707 Sales & Support Staff (IT Services) 15,311 15,336 15,539 15,601 15,601 15,833 16,778 Utilization Note 6 Net Utilization (Excluding Trainees) 83.5% 86.4% 87.7% 84.8% 86.9% 84.0% 84.5% Attrition Voluntary TTM (IT Services excl. DOP) 15.3% 14.5% 14.1% 14.2% 14.2% 14.2% 15.5% DOP % — Post Training Quarterly 7.1% 7.9% 8.3% 9.1% 8.9% 8.3% 9.8% P a g e 3

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FY 24-25 FY 23–24 B Q3 Q2 Q1 FY Q4 Q3 Q2 Revenue Mix Note 6 Revenue from FPP 56.7% 56.7% 57.6% 59.2% 58.9% 59.9% 58.4% Offshore Revenue — % of Services 60.8% 59.8% 57.9% 59.9% 60.4% 59.8% 59.9% Growth Metrics Note 1 C Q3’25 Q3’25 Q3’25 Q3’25 Reported Reported Constant Constant QoQ% YoY% QoQ% YoY% IT Services -1.2% -1.0% 0.1% -0.7% Strategic Market Units Americas 1 3.6% 3.3% 3.9% 3.7% Americas 2 -1.2% 0.8% -0.6% 1.2% Europe -5.4% -4.9% -2.7% -4.6% APMEA -3.8% -8.0% -2.1% -8.0% Sectors Banking, Financial Services and Insurance -3.0% 3.4% -1.9% 3.4% Consumer -2.0% 0.0% -0.9% 0.4% Energy, Manufacturing and Resources Note 3 -1.5% -9.3% 0.4% -8.7% Technology and Communications -2.3% -6.3% -0.6% -5.3% Health 6.5% 4.4% 6.7% 4.5% D Annexure to Datasheet Break-up of Energy, Manufacturing and Resources Note 3 Energy, Natural Resources and Utilities -3.0% -11.3% -0.9% -10.8% Manufacturing 1.0% -5.8% 2.5% -5.1% Segment-wise breakup of Q3 FY24-25 (INR Mn) Cost of Revenues, S&M and G&A Particulars IT Services IT Products Reconciling Items Total Cost of revenues 153,285 635 2 153,922 Selling and marketing expenses 16,002 71 8 16,081 General and administrative expenses 14,574 12 43 14,629 Total 183,861 718 53 184,632 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 Q3’25 , we have merged Energy, Natural resources and Utilities and Manufacturing sectors for our external reporting. For the current quarter we are sharing the split of Energy, Natural resources and Utilities and Manufacturing 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: IT Services excluding DOP (Digital Operations and Platforms) and entities which are not integrated in Wipro limited systems until that quarter. P a g e 4

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