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6-K 1 d448099d6k.htm 6-K 6-K

 

 

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 October 2023

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 our public disclosures regarding our results of operations for the quarter ended September 30, 2023. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On October 18, 2023, we announced our results of operations for the quarter ended September 30, 2023. We issued a press release announcing our results under IFRS, a copy of which is attached to this Form 6-K as Item 99.1.

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

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

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

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


SIGNATURES

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

 

WIPRO LIMITED
By:  

/s/ Aparna Chandrashekar Iyer

Aparna Chandrashekar Iyer
Chief Financial Officer
Dated: October 23, 2023


INDEX TO EXHIBITS

 

Item     
99.1    IFRS Press Release
99.2    Form of Advertisement Placed in Indian Newspapers
99.3    Consolidated Interim Financial Statements under IFRS
99.4    Statutorily Audited Consolidated Financial Results filed with stock exchanges in India
99.5    Data sheet containing operating metrics filed with stock exchanges in India
EX-99.1 2 d448099dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

 

LOGO

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

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

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

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

Operating cash flows at 145% of net income

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

Highlights of the Results

Results for the Quarter ended September 30, 2023:

 

1.

Gross revenue reached ₹225.2 billion ($2.7 billion1), a decrease of 0.1% YoY.

 

2.

IT services segment revenue was at $2,713.3 million, a decrease of 2.3% QoQ.

 

3.

Non-GAAP2 constant currency IT Services segment revenue decreased 2.0% QoQ.

 

4.

Total bookings3 was at $3.8 billion, up by 6% YoY and large deal bookings4 was at $1.3 billion, up by 79.0% YoY.

 

5.

IT services segment EBIT for the quarter was ₹36.1 billion ($434.0 million1), an increase of 6% YoY.

 

6.

IT services operating margin5 for the quarter was at 16.1%, up 10 bps QoQ and 100 bps YoY.

 

7.

Earnings per share for the quarter was at ₹5.06 ($0.061), an increase of 4.1% YoY.

 

8.

Net income for the quarter was at ₹26.5 billion ($318.5 million1), a decrease of 0.5% YoY.

 

9.

Operating cash flows at 145% of Net Income for the quarter was at ₹38.6 billion ($465.0 million1).

 

10.

Voluntary attrition6 has continued to moderate QoQ, coming in at 9-quarter low of 13.4% in Q2’24.

Outlook for the Quarter ending December 31, 2023

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

 

*

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

 

1


Performance for the Quarter ended September 30, 2023

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

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

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

IT Products

 

  1.

IT Products segment revenue for the quarter was ₹1.47 billion ($17.7 million1)

 

  2.

IT Products segment results for the quarter was a loss of ₹0.47 billion ($5.6 million1)

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

 

1.

For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = ₹83.08, as published by the Federal Reserve Board of Governors on September 30, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2023, was US$1= ₹82.54

2.

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

6.

Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.

7.

Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The YoY growth rates for the quarter ended September 30, 2023 were computed by rebase lining Q2’23 numbers.

 

2


Highlights of Strategic Deal Wins

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

 

  1.

US-based multinational clothing company has selected Wipro to accelerate digital innovation, drive business growth, and enhance long term profitability. Leveraging its expertise in Generative AI, Cloud transformation, and Intelligent Automation, Wipro will help the client optimize current global operations and provide scale for new lines of business. The deal will include a range of services including application support, analytics, cybersecurity, automation, and consulting with the goal of driving improved process maturity, faster incident resolution, and better time to market for the client.

 

  2.

A global leader in technology has selected Wipro for comprehensive silicon engineering services from chip definition to design verification to tapeout. Wipro will provide services for the client’s broad portfolio of products including end point management, observability, and cloud. This strategic partnership will provide the client with increased speed-to-market of their products, improve their reliability, and reduce their total cost of ownership.

 

  3.

An American food service distributor has selected Wipro to undertake a multi-year IT transformation and modernization project. The Wipro team worked with the client to increase cloud usage by up to 80% through native development of several business-critical applications. This included building a cloud enablement platform, creating a transformation blueprint, and setting up a Project Management Office to manage the client’s cloud and IT estate transformation. In addition, Wipro also setup an internal academy to perform a skill gap analysis and provide additional resource training across the business. The client has so far seen a cost reduction of up to 15%, as well as additional savings through marketplace optimization, increased customer satisfaction, and a more scalable operation.

 

  4.

A multinational consumer electronics company selected Wipro to improve their overall customer experience. To achieve this, the Wipro team created a cross-functional customer service transformation program with bespoke analytics and reporting. The project also included automated visualization of performance management, fraud prevention, and gamified learning and training modules for client-facing staff. This program will increase Net Promoter Scores (NPS), improve customer service agent knowledge, and reduce average call times.

 

  5.

Wipro was selected by a global leader in medical technology, services, and solutions to enhance its service desk and improve its employee experience. Wipro developed a bespoke Global IT Service Desk solution, with significant AI-led automation and self-service capabilities including self-help content development and delivery. The solution will be integrated into existing critical systems and will deliver a cost reduction of up to 30%.

 

  6.

One of the largest energy and utilities companies in Brazil has selected Wipro to modernize their billing process. Wipro will implement and support this transformation covering everything from billing to analytics, leveraging cloud infrastructure to streamline the client’s operations. The client can expect a more resilient billing management platform, cost reduction, as well as alignment with their sustainability goals as the process will be paperless.

 

3


  7.

A video hosting platform has selected Wipro to deploy a unique Quality-as-a-Service solution to help improve the client’s overall end-user experience, retention, and revenue. Wipro will build a customised assessment framework to audit and analyse the interactions between employees and end-users. This will provide actionable insights and recommendations that will improve audit completion, internal and customer experience, as well as operational efficiency.

 

  8.

A global technology company has selected Wipro to deliver high-quality digital designs to enhance their manufacturing process. Through the Technology Excellence Center model, Wipro Engineering Edge will implement hardware design verification for multiple business units in a cost-effective, scalable, and efficient manner. This will lead to a 20-25% reduction in total cost, faster time-to-market, high-quality delivery, and the ability to scale.

 

  9.

A leading workplace pension provider in the UK has selected Wipro to provide regulated Pensions Administration and Technology Services to the member of its Defined Contribution (DC) Pensions book. Through this engagement, the client will see enhanced member experience, faster time to market for new products, and significant cost reduction, while supporting 15% year-on-year business growth.

 

  10.

A North American financial institution has selected Wipro to digitize and streamline its loan origination systems and deliver a consistent omni-channel experience to its end-users. NetOxygen, Wipro’s award-winning enterprise loan origination solution, will improve the lending process through automation and cloud technology. This will ensure compliance and information security, as well as fully integrated bilingual support (in French and English). The client will see a reduction in their cost-per-loan of up to 30% and can expect an increase of up to 80% in digital self-generation loan requests.

Analyst Recognition

 

  1.

Wipro was positioned as a Leader in the 2023 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services

 

  2.

Wipro was rated a Leader in Everest Group’s Digital Twin Services PEAK Matrix® Assessment 2023

 

  3.

Wipro was recognized as a Leader in ISG Provider Lens™ – Cybersecurity—Solutions and Services 2023—US, UK, France, Nordics (multiple quadrants)

 

  4.

Wipro was rated as a Leader in ISG Provider Lens™ – Google Cloud Partner Ecosystem 2023—US & Europe (all quadrants)

 

  5.

Wipro was rated as a Leader in Avasant’s High-Tech Industry Digital Services RadarView™ 2023—2024

 

  6.

Wipro was positioned a Leader in Everest Group’s Oracle Cloud Applications Services PEAK Matrix® Assessment 2023

 

  7.

Wipro was featured as a Leader in ISG Provider Lens™ – Retail & CPG Services 2023—US & Europe (all quadrants)

 

  8.

Wipro was recognized as a Leader in ISG Provider Lens™ – Customer Experience Services 2023—Europe (multiple quadrants) & US (Digital Operations)

 

  9.

Wipro was rated as a Leader in Whitelane’s IT Sourcing Study 2023—Switzerland

 

  10.

Wipro was featured as a Leader in Avasant’s Application Modernization Services RadarView™ 2023

 

  11.

Wipro was recognized a Leader in Everest Group’s Network Transformation and Managed Services PEAK Matrix® Assessment – System Integrators (SIs) 2023

 

4


  12.

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

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

GARTNER is 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 [type of filing]), and the opinions expressed in the Gartner Content are subject to change without notice.

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

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

Results for the Quarter ended September 30, 2023, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/ We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP181023

 

5


Quarterly Conference Call

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

About Wipro Limited

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

 

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

Forward-Looking Statements

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

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

# # #

(Tables to follow)

 

6


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

 

     As at
March 31,
2023
     As at September 30, 2023  
                   Convenience translation into
US dollar in millions
Refer footnote in page 2
 

ASSETS

        

Goodwill

     307,970      309,732      3,728

Intangible assets

     43,045      38,109      459

Property, plant and equipment

     88,659      83,086      1,000

Right-of-Use assets

     18,702      17,043      205

Financial assets

        

Derivative assets

     29      151      2

Investments

     20,720      21,629      260

Trade receivables

     863      872      10

Other financial assets

     6,330      5,973      72

Investments accounted for using the equity method

     780      761      9

Deferred tax assets

     2,100      2,219      27

Non-current tax assets

     11,922      10,878      131

Other non-current assets

     13,606      10,834      130
  

 

 

    

 

 

    

 

 

 

Total non-current assets

     514,726      501,287      6,033
  

 

 

    

 

 

    

 

 

 

Inventories

     1,188      1,281      15

Financial assets

        

Derivative assets

     1,844      1,999      24

Investments

     309,232      239,847      2,887

Cash and cash equivalents

     91,880      97,896      1,178

Trade receivables

     126,350      108,146      1,302

Unbilled receivables

     60,515      65,292      786

Other financial assets

     9,096      9,155      110

Contract assets

     23,001      24,464      295

Current tax assets

     5,091      5,017      60

Other current assets

     32,899      31,946      385
  

 

 

    

 

 

    

 

 

 

Total current assets

     661,096      585,043      7,042
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     1,175,822      1,086,330      13,075
  

 

 

    

 

 

    

 

 

 

EQUITY

        

Share capital

     10,976      10,444      126

Share premium

     3,689      1,732      21

Retained earnings

     660,964      577,487      6,951

Share-based payment reserve

     5,632      6,023      72

Special Economic Zone re-investment reserve

     46,803      44,941      541

Other components of equity

     53,100      58,284      702
  

 

 

    

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

     781,164      698,911      8,413

Non-controlling interests

     589      823      10
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY

     781,753      699,734      8,423
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

Financial liabilities

        

Loans and borrowings

     61,272      61,971      746

Lease liabilities

     15,953      14,796      178

Derivative liabilities

     179      40      ^  

Other financial liabilities

     2,649      1,609      19

Deferred tax liabilities

     15,153      15,315      184

Non-current tax liabilities

     21,777      26,048      314

Other non-current liabilities

     9,333      11,025      133

Provisions

     ^            
  

 

 

    

 

 

    

 

 

 

Total non-current liabilities

     126,316      130,804      1,574
  

 

 

    

 

 

    

 

 

 

Financial liabilities

        

Loans, borrowings and bank overdrafts

     88,821      94,060      1,132

Lease liabilities

     8,620      8,348      100

Derivative liabilities

     2,825      1,582      19

Trade payables and accrued expenses

     89,054      78,857      949

Other financial liabilities

     4,141      2,712      33

Contract liabilities

     22,682      16,738      201

Current tax liabilities

     18,846      21,372      257

Other current liabilities

     30,215      29,873      360

Provisions

     2,549      2,250      27
  

 

 

    

 

 

    

 

 

 

Total current liabilities

     267,753      255,792      3,078
  

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

     394,069      386,596      4,652
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     1,175,822      1,086,330      13,075
  

 

 

    

 

 

    

 

 

 

 

^

Value is less than 1

 

7


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

 

     Three months ended September 30,     Six months ended September 30,  
     2022     2023     2023     2022     2023     2023  
                 Convenience
translation into
US dollar in
millions
Refer footnote in
page 2
                Convenience
translation into
US dollar in
millions
Refer footnote in
page 2
 

Revenues

     225,397     225,159     2,710     440,683     453,469     5,458

Cost of revenues

     (163,835     (159,191     (1,916     (319,435     (320,452     (3,857
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     61,562     65,968     794     121,248     133,017     1,601

Selling and marketing expenses

     (15,140     (18,767     (226     (30,499     (35,351     (426

General and administrative expenses

     (14,976     (14,124     (170     (28,447     (30,011     (361

Foreign exchange gains/(losses), net

     1,057     268     3     2,091     206     2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Results from operating activities

     32,503     33,345     401     64,393     67,861     816

Finance expenses

     (2,270     (3,033     (37     (4,315     (6,119     (74

Finance and other income

     4,040     4,810     58     7,730     11,352     137

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

     (72     (30     ^       (87     (27     ^  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     34,201     35,092     422     67,721     73,067     879

Income tax expense

     (7,710     (8,419     (101     (15,641     (17,534     (211
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     26,491     26,673     321     52,080     55,533     668
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to:

            

Equity holders of the Company

     26,590     26,463     318     52,226     55,164     664

Non-controlling interests

     (99     210     3     (146     369     4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     26,491     26,673     321     52,080     55,533     668
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per equity share:

            

Attributable to equity holders of the Company

            

Basic

     4.86     5.06     0.06     9.55     10.30     0.12

Diluted

     4.85     5.04     0.06     9.52     10.27     0.12

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

            

Basic

     5,476,167,685     5,232,867,366     5,232,867,366     5,473,962,200     5,357,394,940     5,357,394,940

Diluted

     5,484,785,054     5,245,641,198     5,245,641,198     5,486,081,940     5,370,078,563     5,370,078,563

 

^

Value is less than 1

 

8


Additional Information:

 

Particulars

   Three months ended     Six months ended     Year ended  
   September
30, 2023
    June
30, 2023
    September
30, 2022
    September
30, 2023
    September
30, 2022
    March
31, 2023
 
   Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

            

IT Services

            

Americas 1

     66,813     65,607     65,350     132,420     127,052     261,270

Americas 2

     66,914     68,303     70,030     135,217     136,643     278,374

Europe

     63,976     67,134     62,684     131,110     122,960     256,845

APMEA

     26,255     26,510     27,141     52,765     52,924     106,812
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     223,958     227,554     225,205     451,512     439,579     903,301

IT Products

     1,469     694     1,249     2,163     3,195     6,047
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     225,427     228,248     226,454     453,675     442,774     909,348
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

            

IT Services

            

Americas 1

     15,287     13,537     12,954     28,824     24,524     51,555

Americas 2

     14,023     14,169     14,959     28,192     28,183     59,689

Europe

     7,547     9,968     8,454     17,515     16,440     37,667

APMEA

     2,985     2,800     2,670     5,785     4,739     10,681

Unallocated

     (3,784     (3,957     (5,090     (7,741     (7,934     (18,368
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     36,058     36,517     33,947     72,575     65,952     141,224

IT Products

     (467     (161     (103     (628     (158     (176

Reconciling Items

     (2,246     (1,840     (1,341     (4,086     (1,401     (1,442
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     33,345     34,516     32,503     67,861     64,393     139,606
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Finance expenses

     (3,033     (3,086     (2,270     (6,119     (4,315     (10,077

Finance and other Income

     4,810     6,542     4,040     11,352     7,730     18,185

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

     (30     3     (72     (27     (87     (57
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     35,092     37,975     34,201     73,067     67,721     147,657
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

9


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

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

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

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

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

 

10


Reconciliation of selected GAAP measures to Non-GAAP measures

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

Three Months ended September 30, 2023

 

IT Services Revenue as per IFRS

   $  2,713.3  

Effect of Foreign currency exchange movement

   $ 10.0  
  

 

 

 

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

   $ 2,723.3  

Three Months ended September 30, 2023

 

IT Services Revenue as per IFRS

   $  2,713.3  

Effect of Foreign currency exchange movement

   $ (29.7
  

 

 

 

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

   $ 2,683.6  

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

 

     Amount in INR Mn  
     Three months ended
September 30, 2023
    Six months ended
September 30, 2023
 

Net Income for the period [A]

     26,673       55,533  

Computation of Free Cash Flow

    

Net cash generated from operating activities [B]

     38,633       76,146  

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

    

Purchase of property, plant and equipment

     (1,975     (4,184

Proceeds from sale of property, plant and equipment

     3,193       4,223  
  

 

 

   

 

 

 

Free Cash Flow [C]

     39,851       76,185  
  

 

 

   

 

 

 

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

     144.8     137.1
  

 

 

   

 

 

 

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

     149.4     137.2
  

 

 

   

 

 

 

 

11

EX-99.2 3 d448099dex992.htm EX-99.2 EX-99.2

LOGO

WWW.FINANCIALEXPRESS.COM BENGALURU THURSDAY, OCTOBER 19, 2023 FINANCIAL EXPRESS COMPANIES 5 Bajaj Auto profit jumps 20% in Q2 Ebitda surpasses 2,000-crore mark for the first time GROWTH DRIVERS GEETA NAIR Pune, October 18 BAJAJ AUTO ON Wednesday reported a 20%year-on-year increase in profit to 1,836 crore and a 6% rise in revenue to 10,777 crore for the September quarter, despite difficult international market conditions. Bajaj Auto has, for the first time, crossed the 2,000- crore Ebitda mark, Rakesh Sharma, executive director, BajajAuto,said. The Q2FY23 Ebitda grewby 21% to 2,133 crore and Ebitda margins were up 80 basis points sequentially at 19.8%. The margin growth was achieved despite a fall in volumes by 8% and was largely driven by the product mix,pre- miumisation and higher realisation, Sharma said. The margins were up 260 bps year-on-year and this covered the drag arising from investments in growing electric scooters business. Growth in domestic motorcycle sales, increasing share of 125-cc-plus-segment bikes, which was 65% of the business, Growth in domestic motorcycle sales and an increasing share of 125-cc-plus-segment bikes, which was 65% ofthe business Record sales ofthe highly-profitable three-wheeler business to 132,000 units, had contributed to the margin growth NeoLiv eyes projects in NCR, MMR; to raise $150 mn BINDU D MENON New Delhi, October 18 wiproyj . wvwv. I Li rti i nd tr ee.Co rn Bajaj Auto gained a 2% market share in Q2 in the motorcycle segment which was growing at 36% and record sales of the highly- profitable three-wheeler business to 1,32,000 units,had contributed to the margin growth, Sharma said. The company gained a 2% market share in the second quarter in the motorcycle segment,whichwas growingat36%. The company delivered 8,000 units of the Triumph bikes duringthe second quarter and will start exporting the bikes from October end. The company had received 18,000 bookings bythe end ofAugust. Bajaj is looking to scale up manufacturing from 5,000-7,000 units to 10,000 units during Q4FY2 3 andwill depend on the network expansion from 20 to 100 cities, Sharma said.There is awaiting list for the Triumph motorcycles priced between ^2,33,0000 (Speed 400) and ^2,63,000 (Scrambler400x). However,exports continued to be weak and fell by 9% but were limpingbackand improving sequentially, he said. The African marketswere downbut they were doing well in Latin America.The recent geopolitical tensions were a concern and were not good for the trade, though West Asia was not a big factor in the two-wheeler segment for the company. RESIDENTIAL INVESTMENT AND development platform NeoLiv has initiated a fund raise of $150 million, with a green shoe option of $60 mn. The company plans to develop 12 residential and plotted development projects in Delhi-NCR and Mumbai Metropolitan Region (MMR). “We have identified 12 land parcels for our residential projects and our first launch will commence operation by 2024. For investors, the platform provides an opportunity to invest at land stage. For customers, our aim is to provide security of timely delivery,” Mohit Malhotra, founder and CEO, NeoLiv, said. Malhotra added that the company is targeting a topline of ^10,000 crore from its projects. He said NeoLivhas been designed to manage every facet of real estate pro- jects.”We expect to make the first close from the AIF by the end of this year,” he said. Malhotra added the com- panyiswillingto partnerwith land owners for joint developments to create an asset-light model for the company. Extract of audited financial results of Wipro Limited and its subsidiaries for the quarter ended and half year ended September 30,2023 Consolidated Audited Financial Results of Wipro Limited under IFRS (Tin millions, except per share data, unless otherwise stated) Particulars Quarter ended September 30h 2023 Half ye ar ended September 30,2023 Quarter ended September 30,2022 Revenue from operations 225,15& 453,469 225,397 Profit before tax 35,092 73,067 34,201 Profit after tax 25,673 55,533 26,491 Total comprehensive income for the period 28,376 60,086 29,425 Paid-up equity share capital (Par value of 2 per share) 10.444 10,444 10,971 Reserves excluding non-controlling interest1 as shown in the Audited Statement of Financial Position 770,188 770,188 647,194 Earnings per equity share (Par value of 2 per share) (EPS for quarter ended and half year ended periods is not annualized) Basic: Diluted: 5.06 5.04 10.30 10.27 4.86 4.85 LTIMindtree LTIMindtree Limited (Formerly Larsen & Toubro Infotech Limited) Req stored Office; L£T House. Ballard Estate, Mu mt 3- 400 001; Tel: (91 22) 6752 5656; Fax: (91 22) 6752 5S93P E-mail Tivestor :i mi nd tree, corn; Weuyte www.ltim ndtree com, Corporate Identity Number’ L72900MH1996PLC104693 ‘Balance for the quarter ended September 30, 2023 and half year ended September 30, 2023 represent balances as per the audited consoSi dated statement of financial position for the year ended March 31, 2023 and balance for the quarter ended September 30, 2022 represent balances as per the audited statement of financial position for the year ended March 31, 2022, as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results of the Company for the quarter ended and half year ended September 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023. The statutory auditors have expressed art unmodified audit opinion. EXTRACT OF FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2023 Financial Results of Wipro Limited under Ind AS The financial results are prepared in accordance with Indian Accounting Standards (“Ind AS”), the provisions of the Companies Act, 2013 (“the Companies Act”}, as applicable and guidelines issued by the Securities and Exchange Soard of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendment rules issued thereafter. Particulars ConsclicFaigd Quarter ended Six months ended Yean ended September 30, 2tK23 Jone 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022* March 31, 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total income 38,33 7 88,889 178,823 162,107 337,399 Net profit before tax 15,193 15,364 15,690 30,557 30,367 57,915 Net profit after tax 11.G23 11,523 1 1,890 23,146 22,955 44,103 Total comprehensive income 10,208 15.495 7,503 25,703 15,165 37.S52 Equity share capital 296 296 296 296 296 296 Earning per Share (not annualized) (Face value of 1/- each) a) Eaic (in 89.27 48.92 40.16 78 19 77.59 149.07 b) Diluted (in $ 29.17 88.8S 40 11 78 02 //.4B 148.33 in million, except per share data Consolidated Audited Financial Results of Wipro Limited under Ind AS ftin millions, except per share data, unless otherwise stated) Particulars Standalone Quarter ended Six months ended Year ended September 3-Q, 2023 June 30, 2023 September 30, 2022* September 30, 2023 September 30, 2022** March 31. 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total in Lome 87,161 85,1 40 80,695 172,301 155,626 324.771 Net profit before tax 14,778 14,921 14,933 29,699 29,184 55,786 Net profit after tax 1 1,336 1 1,234 11,272 22,570 21.955 42,482 Total comprehensive income 9,960 15,123 7.134 25,083 14,449 35,648 in miHitjn * Refer note 4 A Refer note 5 Notes: Particulars Quarter ended September 30T 2023 Half year ended September 30,2023 Quarterended September 30,2022 Revenue from operations 225,159 453,469 225,397 Profit before tax 35.092 73,067 34,201 Profit after tax 26,673 55,533 26,491 Total comprehensive income for the period 28.322 60,039 29.293 Paid-up equity share capital (Par value of f 2 per share) 10,444 10,444 10,971 Reserves excluding non-ccntrclting interest1 as shown in the Audited Balance Sheet 765,703 765,703 643,066 Earnings per equity share (Par value of 2 per share) (EPS for quarter ended and half year ended periods is not annualized) Basic: Diluted; 5.06 5.04 10.30 10.27 4.86 4.85 ‘Balance for the quarter ended September 30, 2023 and half year ended September 30, 2023 represent balances as per the audited consolidated balance sheet for the year ended March 31,2023 and balance for the quarter ended September 30, 2022 represent balances as per the audited consolidated balance sheet for the year ended March 31, 2022, as required by the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results (under Ind AS) of the Company for the quarter ended and half year ended September 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023, The statutory auditors have expressed an unmodified audit opinion. k ne consolidated and standalone fmanc al results of L-lMmctree Limited (‘the Company) fei the quarter ar.d six months ended September 30, 2023 have been subjected to limited review by the statutory auditors. The results have beer- reviewed by the Audit Committee of the Board and approved bythe Board of Directors at its meeting held on October IS, 2023. 2 Thet adove is an extract of the detailed format of the financial results fifed with the Stodk Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requunnierits: Regulations, 201’j Th ful- format of the cunjci idated financial results and lf’H standalone financial insults ‘or th quarter and six months ended Septembei 30, 2023 a-e availaoe or the Stock Exchanges website of BSE (www.bsemcna.com), NSE (www.nseindia.tpm) and Company’s website at www.ltimindtiM com/iivestors. | Results for the quarter and six months ended September 30. 2023 are in compliance with the Indian Accounting Standards (:rd AS) notilic-d by the Ministry of Corporate Affairs as prescribed Ltnder section 133 ofthe sbrripanieS Act, 201B 4. During the previous year, the Scheme of Amalgamation and Arrangement under Sections 230 - 232 and other applicable provisions of the Companies Ar I, 7D13 fur aria gamatton of Mind! tee l mil nd (‘Amalga mat ng C uinpany’) wfi l fa Company (‘S: iiemej was sanctioned liyHon’iiie National Company Law fi.bunal (NCLT) Murnba Bench vide o*der dared September 19, 2022 and Bengalmu Bench vice cider dated November 04, 2022 and November 10, 2022. The Scheme has become effective on November 14, 2022 upon M ro of the certified copy of the orders passed by NCLT with the relevant Registrar of Companies In terms of the Scheme, the name of the Company nas been changed from ‘Larsen Toi .bro Infr iter i Lim td’ r I.TI Mi nd I re limited’ w e. f Noventip 15, 7022 and all : fie asset s, I abi h ties. eserves and su’ pl JS O’”1 I ie ArralgarT-ai ing Company have been transferred to and vested in the Company. Consequent on the Scheme coming into effect anu in accordance with the Shafe Exchange Ratio enshrined in the Scheme, on November 25, 2022 the Company has allotted its 120,417,607 equity shares of 1/- each (fully paid-up) to the equity shareholders of erstwhi e M^dtree Limited as on the ‘Record Date’ fined for the said purpose The amalgamation has been accounted under the ‘poohrg of interests’ method m accordance with Appendix C of Indiar Accounting Standard {‘Ind AS’) 103 ‘Business Combinations’ al if p carrying va.up of th assets anti liati lities of it Amalgamating Company as included m the financial stafements of the Amalgams ng Company. Accordingly, lhe compa-alives have been restated to give effect of the amalgamation. 5 During the previous quarter, the Scheme of Arrangement (‘the Scheme’) for a malqamation between Poweruadoud ‘echnologies Private Limited, Lymbyc Solutions Private Limited and Cucogic Technologies Private L mited ( Transferor Companies), wholly owned subsidiaries, with the Company (‘Transferee Company’) was approver by the Mumbai Sen ch of National Company Law Tn bun al and the Company received the certified true copy of theord’ on Inly 06, 2023. The Company has filed th same with Registrar of CpinpaiiHs, Mumbai on July 1 I. 2D23 wfirrh i$ the f fet. live riafe of amaiqamation. lhe appointed date of lhe Scheme s April 01, 2029. ‘he amalgamation has been accounted under the ‘pooling of interests method in accordance with Appendix C of Ind AS 102 ‘Business Combinations at the carrying value of the assets and hao lities of the Transferor Companies as included in the consolidatec balance sheet of the Company as at th beginning of the previous year Accordingly, comparatives in the Standalone Finance Results have been restated to g-ve effect of the dmalgarratian ftgrn Ui beginning of lire previous yp^i and goodwill of J 1,531 mil ion has bn rrogni7pd m the standalone balance sf’net of tfie Company. The sa d transact on has no Impact in the Consolidated Financial ResulLs of rhe Company. 6. The Board of U lectors had recommended a final dividend of 40V- per equity share of face value 7 1/ - each- tor the financial year ended March 31 r 2023 which was approved by the shareholders at the Annual General Meeting held on July 17, 2023 “he aforesaid divioenc was paid dur rg the per-txi. 7. The Board; ol Directors al its meeli.ig held on October 13. 2023 have declared a i interim div-dond 20/- pei equity share of par value 1/- each. 8 Figures for the previous periods have been regrouped ar.o recrassihed wherever necessary, to conform to tne classification of me current period For LTIMindtree Limited Standalone Audited Financial Results of Wipro Limited under Ind AS (tin mittions, except per share data, unless otherwise stated) Particulars Quarter ended September 30,2023 Half year ended September 30,2023 Quarter ended September 30,2022 Revenue from operations 166,807 338,835 169,418 Profit before tax 28,481 62,692 29,556 Profit after tax 20.613 46,491 22,829 Total comprehensive income for the period 20,814 49,822 22,458 The audited standalone financial results (under ind AS) of the Company for the quarter ended and half year ended September 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023. The statutory auditors have expressed an unmodified audit opinion. Note: 1. The above is an extract ofthe detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL; www.bseindia.com), the National Stock Exchange website (URL; www.nseindia.com) and on the Company’s website (URL: www.wipro.com). 2. The Board of Directors of the Company at its meeting held over October 17-18, 2023, have approved a scheme of amalgamation for merger of Wipro HR Services India Private Limited, Wipro Overseas IT Service Private Limited, Wipro Technology Product Services Private Limited, Wipro Trademarks Holding Limited and Wipro VLSI Design Services India Private Limited (wholly-owned subsidiaries), with and into Wipro Limited. The Scheme is subject to necessary statutory and regulatory approvals under applicable laws. By Order of the Board, For Wipro Limited Place: Bengaluru Date: October 18, 2023 Rishad A. Premji Chairman Place : Mumbai, lad a f inSnfici^eixpliepeip’r. In Debashis Chatterjee Ch ef Executive Officer Sc Maragmg Director Registered Office; Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 6B0 035, India Website; wipro.com I Email Id: mfo@wipro.com Tel; 4-91 -80-2844 0011; Fax: +91-80-2844 0054 CIN: L32102KA1945PLC020800

EX-99.3 4 d448099dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

 

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

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


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

 

     Notes      As at
March 31,
2023
     As at September 30, 2023  
                          Convenience translation into US
dollar in millions (unaudited)
Refer to Note 2(iii)
 

ASSETS

           

Goodwill

     6        307,970      309,732      3,728

Intangible assets

     6        43,045      38,109      459

Property, plant and equipment

     4        88,659      83,086      1,000

Right-of-Use assets

     5        18,702      17,043      205

Financial assets

           

Derivative assets

     17        29      151      2

Investments

     8        20,720      21,629      260

Trade receivables

        863      872      10

Other financial assets

     11        6,330      5,973      72

Investments accounted for using the equity method

        780      761      9

Deferred tax assets

        2,100      2,219      27

Non-current tax assets

        11,922      10,878      131

Other non-current assets

     12        13,606      10,834      130
     

 

 

    

 

 

    

 

 

 

Total non-current assets

        514,726      501,287      6,033
     

 

 

    

 

 

    

 

 

 

Inventories

     9        1,188      1,281      15

Financial assets

           

Derivative assets

     17        1,844      1,999      24

Investments

     8        309,232      239,847      2,887

Cash and cash equivalents

     10        91,880      97,896      1,178

Trade receivables

        126,350      108,146      1,302

Unbilled receivables

        60,515      65,292      786

Other financial assets

     11        9,096      9,155      110

Contract assets

        23,001      24,464      295

Current tax assets

        5,091      5,017      60

Other current assets

     12        32,899      31,946      385
     

 

 

    

 

 

    

 

 

 

Total current assets

        661,096      585,043      7,042
     

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

        1,175,822      1,086,330      13,075
     

 

 

    

 

 

    

 

 

 

EQUITY

           

Share capital

        10,976      10,444      126

Share premium

        3,689      1,732      21

Retained earnings

        660,964      577,487      6,951

Share-based payment reserve

        5,632      6,023      72

Special Economic Zone re-investment reserve

        46,803      44,941      541

Other components of equity

        53,100      58,284      702
     

 

 

    

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

        781,164      698,911      8,413

Non-controlling interests

        589      823      10
     

 

 

    

 

 

    

 

 

 

TOTAL EQUITY

        781,753      699,734      8,423
     

 

 

    

 

 

    

 

 

 

LIABILITIES

           

Financial liabilities

           

Loans and borrowings

     13        61,272      61,971      746

Lease liabilities

        15,953      14,796      178

Derivative liabilities

     17        179      40      ^  

Other financial liabilities

     14        2,649      1,609      19

Deferred tax liabilities

        15,153      15,315      184

Non-current tax liabilities

        21,777      26,048      314

Other non-current liabilities

     15        9,333      11,025      133

Provisions

     16        ^        —       — 
     

 

 

    

 

 

    

 

 

 

Total non-current liabilities

        126,316      130,804      1,574
     

 

 

    

 

 

    

 

 

 

Financial liabilities

           

Loans, borrowings and bank overdrafts

     13        88,821      94,060      1,132

Lease liabilities

        8,620      8,348      100

Derivative liabilities

     17        2,825      1,582      19

Trade payables and accrued expenses

        89,054      78,857      949

Other financial liabilities

     14        4,141      2,712      33

Contract liabilities

        22,682      16,738      201

Current tax liabilities

        18,846      21,372      257

Other current liabilities

     15        30,215      29,873      360

Provisions

     16        2,549      2,250      27
     

 

 

    

 

 

    

 

 

 

Total current liabilities

        267,753      255,792      3,078
     

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

        394,069      386,596      4,652
     

 

 

    

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

        1,175,822      1,086,330      13,075
     

 

 

    

 

 

    

 

 

 

 

^

Value is less than 1

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

 

As per our report of even date attached   For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP   Rishad A. Premji   Deepak M. Satwalekar   Thierry Delaporte
Chartered Accountants   Chairman   Director   Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018       Managing Director
Anand Subramanian   Aparna C. Iyer     M. Sanaulla Khan
Partner   Chief Financial Officer     Company Secretary
Membership No.: 110815      
Bengaluru      
October 18, 2023      

 

1


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

 

          Three months ended September 30,     Six months ended September 30,  
    Notes     2022     2023     2023     2022     2023     2023  
         

 

   

 

    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

    20       225,397     225,159     2,710     440,683     453,469     5,458

Cost of revenues

    21       (163,835     (159,191     (1,916     (319,435     (320,452     (3,857
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

      61,562     65,968     794     121,248     133,017     1,601

Selling and marketing expenses

    21       (15,140     (18,767     (226     (30,499     (35,351     (426

General and administrative expenses

    21       (14,976     (14,124     (170     (28,447     (30,011     (361

Foreign exchange gains/(losses), net

    23       1,057     268     3     2,091     206     2
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Results from operating activities

      32,503     33,345     401     64,393     67,861     816

Finance expenses

    22       (2,270     (3,033     (37     (4,315     (6,119     (74

Finance and other income

    23       4,040     4,810     58     7,730     11,352     137

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

      (72     (30     ^       (87     (27     ^  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

      34,201     35,092     422     67,721     73,067     879

Income tax expense

    19       (7,710     (8,419     (101     (15,641     (17,534     (211
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

      26,491     26,673     321     52,080     55,533     668
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to:

             

Equity holders of the Company

      26,590     26,463     318     52,226     55,164     664

Non-controlling interests

      (99     210     3     (146     369     4
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

      26,491     26,673     321     52,080     55,533     668
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per equity share:

    24              

Attributable to equity holders of the Company

             

Basic

      4.86     5.06     0.06     9.55     10.30     0.12

Diluted

      4.85     5.04     0.06     9.52     10.27     0.12

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

             

Basic

      5,476,167,685     5,232,867,366     5,232,867,366     5,473,962,200     5,357,394,940     5,357,394,940

Diluted

      5,484,785,054     5,245,641,198     5,245,641,198     5,486,081,940     5,370,078,563     5,370,078,563

 

^

Value is less than 1

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

 

As per our report of even date attached   For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP   Rishad A. Premji   Deepak M. Satwalekar   Thierry Delaporte
Chartered Accountants   Chairman   Director   Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018       Managing Director
Anand Subramanian   Aparna C. Iyer     M. Sanaulla Khan
Partner   Chief Financial Officer     Company Secretary
Membership No.: 110815      
Bengaluru      
October 18, 2023      

 

2


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

 

     Three months ended September 30,     Six months ended September 30,  
     2022     2023     2023     2022     2023     2023  
    

 

   

 

    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

     26,491     26,673     321     52,080     55,533     668

Other comprehensive income (OCI)

            

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

            

Remeasurements of the defined benefit plans, net

     295     51     ^       607     6     ^  

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

     180     (124     (1     1,513     (108     (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     475     (73     (1     2,120     (102     (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

            

Foreign currency translation differences

     3,027     1,824     22     8,658     1,462     18

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

     (23     (183     (2     (23     (181     (2

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

     (55     211     3     (301     251     3

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

     (121     (311     (4     (327     201     2

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

     (517     (62     (1     (1,500     1,586     19

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

     148     297     4     (3,954     1,336     16
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     2,459     1,776     22     2,553     4,655     56
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income, net of taxes

     2,934     1,703     21     4,673     4,553     56
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

     29,425     28,376     342     56,753     60,086     724
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income attributable to:

            

Equity holders of the Company

     29,512     28,169     340     56,863     59,809     721

Non-controlling interests

     (87     207     2     (110     277     3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     29,425     28,376     342     56,753     60,086     724
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

^

Value is less than 1

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

 

As per our report of even date attached   For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP   Rishad A. Premji   Deepak M. Satwalekar   Thierry Delaporte
Chartered Accountants   Chairman   Director   Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018       Managing Director
Anand Subramanian   Aparna C. Iyer     M. Sanaulla Khan
Partner   Chief Financial Officer     Company Secretary
Membership No.: 110815      
Bengaluru      
October 18, 2023      

 

3


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

 

                                  Special
Economic
Zone
re-investment
reserve
    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
    Foreign
currency
translation
reserve (2)
    Cash flow
hedging
reserve (3)
    Other
reserves (2) 
 

As at April 1, 2022

    5,482,070,115     10,964     1,566     551,252     5,258     47,061     26,850     1,477     13,730     658,158     515     658,673

Adjustment on adoption of amendments to IAS 37

    —        —      —        (51     —        —        —        —        —        (51     —        (51
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted balance as at April 1, 2022

    5,482,070,115     10,964     1,566     551,201     5,258     47,061     26,850     1,477     13,730     658,107     515     658,622
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income for the period

                       

Profit for the period

      —        —        52,226     —        —        —        —        —        52,226     (146     52,080

Other comprehensive income

      —        —        —        —        —        8,599     (2,128     (1,834     4,637     36     4,673
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

      —        —        52,226     —        —        8,599     (2,128     (1,834     56,863     (110     56,753
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Issue of equity shares on exercise of options

    3,471,525     7     1,101     —        (1,101     —        —        —        —        7     —        7

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

      —        —        912     (912     —        —        —        —        —        —        —   

Compensation cost related to employee share-based payment

      —        —        6     2,574     —        —        —        —        2,580     —        2,580

Transferred to Special Economic Zone re-investment reserve

      —        —        (1,343     —        1,343     —        —        —        —        —        —   

Others

      —        —        —        —        —        —        —        —        —        (77     (77
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other transactions for the period

    3,471,525     7     1,101     (425     561     1,343     —        —        —        2,587     (77     2,510
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

  

                       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2022

    5,485,541,640     10,971     2,667     603,002     5,819     48,404     35,449     (651     11,896     717,557     328     717,885
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Includes 11,573,848 treasury shares held as at September 30, 2022 by a controlled trust. 3,115,881 shares have been transferred by the controlled trust to eligible employees on exercise of options during the six months ended September 30, 2022.

(2) 

Refer to Note 18

(3) 

Refer to Note 17

 

4


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

 

                                  Special
Economic
Zone
re-investment
reserve
    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
    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

    —        —        —        55,164     —        —        —        —        —        55,164     369     55,533

Other comprehensive income

    —        —        —        —        —        —        1,271     2,038     1,336     4,645     (92     4,553
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

    —        —        —        55,164     —        —        1,271     2,038     1,336     59,809     277     60,086
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Issue of equity shares on exercise of options

    3,545,482     7     1,811     —        (1,811     —        —        —        —        7     —        7

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

    —        —        —        897     (897     —        —        —        —        —        —        —   

Compensation cost related to employee share-based payment

    —        —        —        5     3,099     —        —        —        —        3,104     —        3,104

Transferred from Special Economic Zone re-investment reserve

    —        —        —        1,862     —        (1,862     —        —        —        —        —        —   

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

Others

    —        —        —        —        —        —        —        —        —        —        (43     (43
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other transactions for the period

    (266,117,439     (532     (1,957     (138,641     391     (1,862     —        —        539     (142,062     (43     (142,105
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2023

    5,221,800,302     10,444     1,732     577,487     6,023     44,941     44,526     635     13,123     698,911     823     699,734
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

      126     21     6,951     72     541     536     8     158     8,413     10     8,423

 

(1) 

Includes 7,310,222 treasury shares held as at September 30, 2023 by a controlled trust. 2,585,614 shares have been transferred by the controlled trust to eligible employees on exercise of options during the six months ended September 30, 2023.

(2) 

Refer to Note 18

(3) 

Refer to Note 17

(4) 

Refer to Note 29

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

 

As per our report of even date attached    For and on behalf of the Board of Directors   
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Thierry Delaporte
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
October 18, 2023         

 

5


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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

 

     Six months ended September 30,  
     2022     2023     2023  
                 Convenience translation
into US dollar in millions
(unaudited) Refer to
Note 2(iii)
 

Cash flows from operating activities

      

Profit for the period

     52,080     55,533     668

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

      

Gain on sale of property, plant and equipment, net

     (148     (2,242     (27

Depreciation, amortization and impairment expense

     15,707     16,350     197

Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings

     1,406     836     10

Share-based compensation expense

     2,574     3,099     37

Share of net loss of associates accounted for using equity method

     87     27     ^  

Income tax expense

     15,641     17,534     211

Finance and other income, net of finance expenses

     (3,415     (5,233     (63

Gain on derecognition of contingent consideration payable

     (271     (506     (6

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

      

Trade receivables

     (4,971     18,352     221

Unbilled receivables and contract assets

     (3,861     (5,937     (71

Inventories

     (664     (92     (1

Other assets

     (3,242     6,498     78

Trade payables, accrued expenses, other liabilities and provisions

     (2,783     (11,260     (136

Contract liabilities

     (2,929     (5,928     (71
  

 

 

   

 

 

   

 

 

 

Cash generated from operating activities before taxes

     65,211     87,031     1,047

Income taxes paid, net

     (15,418     (10,885     (131
  

 

 

   

 

 

   

 

 

 

Net cash generated from operating activities

     49,793     76,146     916
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

      

Payment for purchase of property, plant and equipment

     (8,737     (4,184     (50

Proceeds from disposal of property, plant and equipment

     181     4,223     51

Payment for purchase of investments

     (382,779     (465,185     (5,599

Proceeds from sale of investments

     347,617     535,473     6,445

Proceeds from restricted interim dividend account

     27,410     —      — 

Payment for business acquisitions including deposits and escrow, net of cash acquired

     (46,341     —      — 

Interest received

     6,151     11,274     136

Dividend received

     2     2     ^  
  

 

 

   

 

 

   

 

 

 

Net cash generated from/(used in) investing activities

     (56,496     81,603     983
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Proceeds from issuance of equity shares and shares pending allotment

     7     7     ^  

Repayment of loans and borrowings

     (79,298     (43,750     (527

Proceeds from loans and borrowings

     91,617     48,750     587

Payment of lease liabilities

     (4,927     (5,172     (62

Payment for deferred contingent consideration

     (1,169     (1,289     (16

Interest and finance expenses paid

     (3,458     (4,850     (58

Payment of dividend

     (27,337     —      — 

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

     —      (145,173     (1,747
  

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

     (24,565     (151,477     (1,823
  

 

 

   

 

 

   

 

 

 

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

     (31,268     6,272     75

Effect of exchange rate changes on cash and cash equivalents

     456     (259     (3

Cash and cash equivalents at the beginning of the period

     103,833     91,861     1,106
  

 

 

   

 

 

   

 

 

 

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

     73,021     97,874     1,178
  

 

 

   

 

 

   

 

 

 

 

^

Value is less than 1

 

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

 

As per our report of even date attached    For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Thierry Delaporte
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No.: 110815         
Bengaluru         
October 18, 2023         

 

6


WIPRO LIMITED AND SUBSIDIARIES

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

1. The Company overview

Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries and controlled trusts (collectively, “we”, “us”, “our”, “the Company” or the “Group”) is a global information technology (“IT”), consulting and business process services (“BPS”) company.

Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru – 560 035, Karnataka, India. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.

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

2. Basis of preparation of interim condensed consolidated financial statements

(i) Statement of compliance and basis of preparation

These interim condensed consolidated financial statements have been prepared in compliance with IAS 34, “Interim Financial Reporting”, as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2023. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”).

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

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

(ii) Basis of measurement

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

 

  a.

Derivative financial instruments;

 

  b.

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

 

  c.

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

 

  d.

Contingent consideration.

(iii) Convenience translation (unaudited)

The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three and six months ended September 30, 2023, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 83.08 as published by Federal Reserve Board of Governors on September 30, 2023. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.

(iv) Use of estimates and judgment

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

 

7


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

 

  a)

Revenue recognition: The Company applies judgement to determine whether each product or service promised 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.

 

8


  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.

 

  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, 2023, for a discussion of the Company’s other material accounting policy information except for the adoption of new accounting standards, amendments and interpretations effective on or after April 1, 2023.

 

i.

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

Amendments to IAS 1 – Presentation of Financial Statements

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

Amendments to IAS 1 – Presentation of Financial Statements

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

Amendments to IAS 12 – Income Taxes

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

Amendments to IFRS 16 – Leases

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

 

9


ii.

New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2023 and have not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the interim condensed consolidated financial statements of the Company are:

Amendments to IAS 12 – Income Taxes

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

 

   

a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and

 

   

disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.

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

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

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

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

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

 

10


4. Property, plant and equipment

 

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

Gross carrying value:

              

As at April 1, 2022

   4,813   40,686   123,471   15,386   7,259   317   191,932

Additions

     —      54     6,390     674     181     3     7,302

Additions through Business combinations

     —      7     357     6     —      3     373

Disposals

     (3     (47     (1,361     (71     (8     (1     (1,491

Translation adjustment

     (9     (60     307     (6     (19     —      213
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2022

   4,801   40,640   129,164   15,989   7,413   322   198,329

Accumulated depreciation/ impairment:

 

           

As at April 1, 2022

   —      10,003   90,465   10,814   5,743   297   117,322

Depreciation and impairment

     —      618     6,777     804     293     4     8,496

Disposals

     —      (40     (1,298     (70     (7     (1     (1,416

Translation adjustment

     —      (9     353     9     (13     —      340
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2022

   —      10,572   96,297   11,557   6,016   300   124,742

Capital work-in-progress

               17,666
              

 

 

 

Net carrying value including Capital work-in-progress as at September 30, 2022

 

  91,253
              

 

 

 

Gross carrying value:

              

As at April 1, 2022

   4,813   40,686   123,471   15,386   7,259   317   191,932

Additions

     40     7,269     12,191     3,917     964     7     24,388

Additions through Business combinations

     —      7     357     6     —      3     373

Disposals

     (3     (435     (20,016     (1,325     (474     (168     (22,421

Translation adjustment

     10     173     1,729     102     69     2     2,085
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2023

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

Accumulated depreciation/ impairment:

 

           

As at April 1, 2022

   —      10,003   90,465   10,814   5,743   297   117,322

Depreciation and impairment

     —      1,217     13,305     1,794     600     10     16,926

Disposals

     —      (395     (19,655     (1,158     (463     (163     (21,834

Translation adjustment

     —      102     1,386     70     48     1     1,607
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2023

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

Capital work-in-progress

               6,323
              

 

 

 

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

 

  88,659
              

 

 

 

Gross carrying value:

              

As at April 1, 2023

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

Additions

     —      392     2,070     705     125     2     3,294

Disposals

     (486     (805     (5,922     (886     (236     (122     (8,457

Translation adjustment

     (3     (1     (38     (13     (18     ^       (73
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2023

   4,371   47,286   113,842   17,892   7,689   41   191,121

Accumulated depreciation/ impairment:

 

           

As at April 1, 2023

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

Depreciation and impairment

     —      726     5,902     1,071     322     4     8,025

Disposals

     —      (342     (5,003     (852     (230     (122     (6,549

Translation adjustment

     —      1     (12     (4     (12     ^       (27
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2023

   —      11,312   86,388   11,735   6,008   27   115,470

Capital work-in-progress

               7,435
              

 

 

 

Net carrying value including Capital work-in-progress as at September 30, 2023

 

  83,086
              

 

 

 

 

^

Value is less than 1

(1) 

Including net carrying value of computer equipment and software amounting to ₹24,873, ₹22,425 and ₹18,177, as at September 30, 2022, March 31, 2023 and September 30, 2023, respectively.

 

11


5. Right-of-Use assets

 

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

Gross carrying value:

           

As at April 1, 2022

   1,278    25,993   2,511   904   30,686

Additions

     —         3,433     314     88     3,835

Additions through Business combinations

     —         201     —        —        201

Disposals

     —         (1,962     —        (152     (2,114

Translation adjustment

     —         (101     (35     (33     (169
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2022

   1,278    27,564   2,790   807   32,439

Accumulated depreciation:

           

As at April 1, 2022

   58    9,676   1,512   570   11,816

Depreciation

     9      2,786     273     124     3,192

Disposals

     —         (1,713     —        (122     (1,835

Translation adjustment

     —         (27     4     (19     (42
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2022

   67    10,722   1,789   553   13,131
           

 

 

 

Net carrying value as at September 30, 2022

            19,308
           

 

 

 

Gross carrying value:

           

As at April 1, 2022

   1,278    25,993   2,511   904   30,686

Additions

     —         6,015     1,109     236     7,360

Additions through Business combinations

     —         201     —        —        201

Disposals

     —         (5,085     (1,160     (317     (6,562

Translation adjustment

     —         822     120     42     984
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2023

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

Accumulated depreciation:

           

As at April 1, 2022

   58    9,676   1,512   570   11,816

Depreciation

     19      5,651     614     238     6,522

Disposals

     —         (3,564     (1,003     (263     (4,830

Translation adjustment

     —         364     69     26     459
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at March 31, 2023

   77    12,127   1,192   571   13,967
           

 

 

 

Net carrying value as at March 31, 2023

            18,702
           

 

 

 

Gross carrying value:

           

As at April 1, 2023

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

Additions

     —         2,408     233     113     2,754

Disposals

     —         (2,442     (629     (158     (3,229

Translation adjustment

     —         (73     ^       (12     (85
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2023

   1,278    27,839   2,184   808   32,109

Accumulated depreciation:

           

As at April 1, 2023

   77    12,127   1,192   571   13,967

Depreciation

     9      2,708     221     93     3,031

Disposals

     —         (1,179     (554     (136     (1,869

Translation adjustment

     —         (49     (7     (7     (63
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

As at September 30, 2023

   86    13,607   852   521   15,066
           

 

 

 

Net carrying value as at September 30, 2023

            17,043
           

 

 

 

 

^

Value is less than 1

(1) 

Comprised of net carrying value of computer equipment.

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

 

     For the period ended  
     March 31, 2023     September 30, 2023  

Balance at the beginning of the period

   246,989   307,970

Translation adjustment

     20,335     2,251

Acquisition through Business combinations(1)

     40,687     (489

Disposals

     (41     —   
  

 

 

   

 

 

 

Balance at the end of the period

   307,970   309,732
  

 

 

   

 

 

 

 

(1) 

Acquisition through business combinations for the year ended March 31, 2023 and six months ended September 30, 2023 is after considering the impact of ₹ 57 and ₹ 489 towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2022 and 2023, respectively.

 

12


The movement in intangible assets is given below:

 

     Intangible assets  
     Customer-related     Marketing-related     Total  

Gross carrying value:

      

As at April 1, 2022

   43,366   11,428   54,794

Acquisition through Business combinations

     5,480     482     5,962

Deductions/adjustments (1)

     (39     —      (39

Translation adjustment

     2,713     720     3,433
  

 

 

   

 

 

   

 

 

 

As at September 30, 2022

   51,520   12,630   64,150

Accumulated amortization/ impairment:

      

As at April 1, 2022

   9,483   1,756   11,239

Amortization and impairment

     3,111     908     4,019

Translation adjustment

     486     99     585
  

 

 

   

 

 

   

 

 

 

As at September 30, 2022

   13,080   2,763   15,843
  

 

 

   

 

 

   

 

 

 

Net carrying value as at September 30, 2022

   38,440   9,867   48,307
  

 

 

   

 

 

   

 

 

 

Gross carrying value:

      

As at April 1, 2022

   43,366   11,428   54,794

Acquisition through Business combinations

     5,602     482     6,084

Deductions/adjustments (1)

     (2,555     (862     (3,417

Translation adjustment

     3,400     876     4,276
  

 

 

   

 

 

   

 

 

 

As at March 31, 2023

   49,813   11,924   61,737

Accumulated amortization/ impairment:

      

As at April 1, 2022

   9,483   1,756   11,239

Amortization and impairment (2)

     7,718     2,236     9,954

Deductions/adjustments

     (2,519     (862     (3,381

Translation adjustment

     735     145     880
  

 

 

   

 

 

   

 

 

 

As at March 31, 2023

   15,417   3,275   18,692
  

 

 

   

 

 

   

 

 

 

Net carrying value as at March 31, 2023

   34,396   8,649   43,045
  

 

 

   

 

 

   

 

 

 

Gross carrying value:

      

As at April 1, 2023

   49,813   11,924   61,737

Translation adjustment

     431     111     542
  

 

 

   

 

 

   

 

 

 

As at September 30, 2023

   50,244   12,035   62,279

Accumulated amortization/ impairment:

      

As at April 1, 2023

   15,417   3,275   18,692

Amortization and impairment (2) (3)

     4,393     901     5,294

Translation adjustment

     152     32     184
  

 

 

   

 

 

   

 

 

 

As at September 30, 2023

   19,962   4,208   24,170
  

 

 

   

 

 

   

 

 

 

Net carrying value as at September 30, 2023

   30,282   7,827   38,109
  

 

 

   

 

 

   

 

 

 

 

(1) 

Includes ₹ 39 and ₹ 36 for the period ended September 30, 2022 and March 31, 2023 respectively, towards measurement period adjustment in customer-related intangible in an acquisition completed during the year ended March 31, 2022.

(2) 

During the year ended March 31, 2023, and six months ended September 30, 2023, decline in the revenue and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge of ₹ 1,816 for the year ended March 31, 2023 and ₹ 437 for the three and six months ended September 30, 2023, as part of amortization and impairment.

(3) 

Due to change in our estimate of useful life of customer-related intangibles in an earlier business combination, the Company has recognized additional amortization charge of ₹ 1,211 for the three and six months ended September 30, 2023, 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

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

 

13


Description    Amount  

Net assets

   4,425

Fair value of customer-related intangibles

     3,894

Fair value of marketing-related intangibles

     482

Deferred tax liabilities on intangible assets

     (1,750
  

 

 

 

Total

   7,051

Goodwill

     36,794
  

 

 

 

Total purchase price

   43,845
  

 

 

 

Net Assets include:

  

Cash and cash equivalents

   2,114

Fair value of acquired trade receivables included in net assets

   3,220

Gross contractual amount of acquired trade receivables

   3,233

Less: Allowance for lifetime expected credit loss

     (13

The goodwill of ₹ 36,794 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes.

8. Investments

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Financial instruments at FVTPL

     

Equity instruments

   3,773    4,040

Fixed maturity plan mutual funds

     1,300      1,342

Financial instruments at FVTOCI

     

Equity instruments

     15,647      15,745

Financial instruments at amortized cost

     

Inter corporate and term deposits

     ^        502
  

 

 

    

 

 

 
   20,720    21,629

Current

     

Financial instruments at FVTPL

     

Short-term mutual funds

   40,262    54,790

Financial instruments at FVTOCI

     

Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds

     245,195      165,391

Financial instruments at amortized cost

     

Inter corporate and term deposits (1)

     23,775      19,666
  

 

 

    

 

 

 
   309,232    239,847
  

 

 

    

 

 

 
   329,952    261,476
  

 

 

    

 

 

 

 

^

Value is less than 1

(1) 

These deposits earn a fixed rate of interest. Term deposits include current deposits in lien with banks primarily on account of term deposits held as margin money deposits against guarantees amounting to ₹ 123 (March 31, 2023: ₹ 653).

9. Inventories

 

     As at  
     March 31, 2023      September 30, 2023  

Stores and spare parts

   30    30

Finished and traded goods

     1,158      1,251
  

 

 

    

 

 

 
   1,188    1,281
  

 

 

    

 

 

 

10. Cash and cash equivalents

 

     As at  
     March 31, 2023      September 30, 2023  

Cash and bank balances

   60,417    65,595

Demand deposits with banks (1)

     31,463      32,301
  

 

 

    

 

 

 
   91,880    97,896
  

 

 

    

 

 

 

 

(1) 

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

 

14


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

 

     As at  
     September 30, 2022      September 30, 2023  

Cash and cash equivalents

   73,023    97,896

Bank overdrafts

     (2      (22
  

 

 

    

 

 

 
   73,021    97,874
  

 

 

    

 

 

 

11. Other financial assets

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Security deposits

   1,566    1,170

Finance lease receivables

     4,742      4,801

Others

     22      2
  

 

 

    

 

 

 
   6,330    5,973

Current

     

Security deposits

   1,549    1,895

Dues from officers and employees

     735      737

Interest receivables

     386      927

Finance lease receivables

     5,672      5,354

Others

     754      242
  

 

 

    

 

 

 
   9,096    9,155
  

 

 

    

 

 

 
   15,426    15,128
  

 

 

    

 

 

 

12. Other assets

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Prepaid expenses

   5,375    3,590

Costs to obtain contract (1)

     2,936      2,667

Costs to fulfil contract (2)

     261      234

Others

     5,034      4,343
  

 

 

    

 

 

 
   13,606    10,834

Current

     

Prepaid expenses

   19,164    21,084

Dues from officers and employees

     799      460

Advance to suppliers

     2,506      1,667

Balance with GST and other authorities

     7,929      6,078

Costs to obtain contract (1)

     978      931

Costs to fulfil contract (2)

     59      60

Others

     1,464      1,666
  

 

 

    

 

 

 
   32,899    31,946
  

 

 

    

 

 

 
   46,505    42,780
  

 

 

    

 

 

 

 

(1) 

Costs to obtain contract amortization of ₹ 226 and ₹ 244 during the three months ended September 30, 2022 and 2023 respectively, ₹ 440 and ₹ 572 during the six months ended September 30, 2022 and 2023 respectively.

(2) 

Costs to fulfil contract amortization of ₹ 14 and ₹ 15 during the three months ended September 30, 2022 and 2023 respectively, ₹ 28 and ₹ 30 during the six months ended September 30, 2022 and 2023 respectively

13. Loans, borrowings and bank overdrafts

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Unsecured Notes 2026

   61,272    61,971
  

 

 

    

 

 

 
   61,272    61,971

Current

     

Borrowings from banks

   88,745    93,981

Loans from institutions other than banks

     57      57

Bank overdrafts

     19      22
  

 

 

    

 

 

 
   88,821    94,060
  

 

 

    

 

 

 
   150,093    156,031
  

 

 

    

 

 

 

 

15


14. Other financial liabilities

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Contingent consideration (Refer to Note 17)

   1,545    548

Deposits and others

     1,104      1,061
  

 

 

    

 

 

 
   2,649    1,609

Current

     

Contingent consideration (Refer to Note 17)

   1,508    719

Advance from customers

     1,373      403

Cash settled ADS RSUs

     6      3

Capital creditors

     215      432

Deposits and others

     1,039      1,155
  

 

 

    

 

 

 
   4,141    2,712
  

 

 

    

 

 

 
   6,790    4,321
  

 

 

    

 

 

 

15. Other liabilities

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Employee benefits obligations

   2,947    3,354

Others

     6,386      7,671
  

 

 

    

 

 

 
   9,333    11,025

Current

     

Employee benefits obligations

   15,885    16,632

Statutory and other liabilities

     13,155      12,104

Advance from customers and others

     645      461

Others

     530      676
  

 

 

    

 

 

 
   30,215    29,873
  

 

 

    

 

 

 
   39,548    40,898
  

 

 

    

 

 

 

16. Provisions

 

     As at  
     March 31, 2023      September 30, 2023  

Non-current

     

Provision for warranty

   ^      — 
  

 

 

    

 

 

 
   ^      — 

Current

     

Provision for onerous contracts

   1,590    1,663

Provision for warranty

     456      228

Others

     503      359
  

 

 

    

 

 

 
   2,549    2,250
  

 

 

    

 

 

 
   2,549    2,250
  

 

 

    

 

 

 

 

^

Value is less than 1

 

17.

Financial instruments:

Derivative assets and liabilities:

The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as immaterial.

 

16


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

 

                                   (in million)  
    

As at

 
    

March 31, 2023

   

September 30, 2023

 
    

Notional

     Fair value    

Notional

     Fair value  

Designated derivative instruments

                

Sell: Forward contracts

   USD      977    (262   USD      1,255    2
        94    (497        47    154
   £      138    (728   £      89    (1
   AUD      89    9   AUD      41    92

Range forward option contracts

   USD      1,157    (19   USD      896    160
        49    (112        131    162
   £      60    (69   £      66    70
   AUD      34    29   AUD      68    28

Interest rate swaps

   INR      4,750    (113   INR      5,000    (114
   USD      —     —      USD      225    379

Non-designated derivative instruments

                

Sell: Forward contracts (1)

   USD      1,550    736   USD      1,607    (574
        171    (176        193    120
   £      129    (100   £      129    109
   AUD      56    69   AUD      52    9
   SGD      14    1   SGD      9    9
   ZAR      43    (7   ZAR      142    (12
   CAD      69    (25   CAD      29    (3
   SAR      147    (6   SAR      238    (4
   CHF      9    5   CHF      2    4
   QAR      4    (2   QAR      —     —   
   TRY      30    (1   TRY      86    1
   NOK      13    6   NOK      —     —   
   OMR      1    ^     OMR      3    (1
   SEK      3    ^     SEK      —     —   
   JPY      784    6   JPY      1,489    19
   DKK      33    (4   DKK      33    2
   AED      20    ^     AED      24    ^  
   CNH      1    ^     CNH      1    ^  
   PLN      —     —      PLN      9    1
   BDT      —     —      BDT      757    (34
   MXN      —     —      MXN      33    1
   COP      —     —      COP      10,339    (5

Buy: Forward contracts

   AED      5    ^     AED      —     —   
   NOK      12    ^     NOK      12    2
   QAR      4    2   QAR      11    4
   ZAR      7    1   ZAR      51    (2
   PLN      26    13   PLN      30    (34
   SEK      —     —      SEK      39    5
   JPY      —     —      JPY      261    (3
   USD      —     —      USD      86    6
   CHF      —     —      CHF      2    (8
   TWD      —     —      TWD      67    (2
   BRL      —     —      BRL      11    (1
   RON      —     —      RON      60    (7
   CAD      —     —      CAD      15    (5
        —       —           13    (1

Range forward option contracts

   USD      30    31   USD      —     —   

Interest rate swaps

   USD      200    82   USD      —     —   
        

 

 

         

 

 

 
         (1,131         528
        

 

 

         

 

 

 

 

^

Value is less than 1

(1) 

USD 1,550 and USD 1607 includes USD/PHP sell forward of USD 77 and USD 137 as at March 31, 2023 and September 30, 2023, respectively.

 

17


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

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

 

     Six months ended
September 30,
 
     2022      2023  

Balance as at the beginning of the period

   1,943      (1,762

Changes in fair value of effective portion of derivatives

     (1,569      1,206

Deferred cancellation gain/(loss), net

     —       12

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

     (1,160      1,488

Ineffective portion of derivative instruments classified to consolidated statement of income

     —       (86
  

 

 

    

 

 

 

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

   (2,729    2,620  

Translation (gain)/loss

     (6      (2
  

 

 

    

 

 

 

Balance as at the end of the period

   (792    856  

Deferred tax thereon

     141      (221
  

 

 

    

 

 

 

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

   (651    635  
  

 

 

    

 

 

 

 

(1) 

Includes net (gain)/loss reclassified to revenue of ₹ (640) and ₹ 1291 for the six months ended September 30, 2022, and 2023, respectively and net (gain)/loss reclassified to cost of revenues of ₹ (520) and ₹ 197 for the six months ended September 30, 2022, and 2023, respectively.

As at September 30, 2022 and 2023, there were no significant gains or losses on derivative transactions or portions thereof that have become ineffective as hedges or associated with an underlying exposure that did not occur.

Fair value:

Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, trade payables and accrued expenses, and eligible current liabilities and non-current liabilities.

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term loans, borrowings and bank overdrafts, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2023 and September 30, 2023, the carrying value of such receivables, net of allowances approximates the fair value. The Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield of Unsecured Notes 2026 as of September 30, 2023 is 5.749%.

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

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

Fair value hierarchy

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

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

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

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

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

 

18


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

 

     As at  
     March 31, 2023     September 30, 2023  
     Fair value measurements at reporting date     Fair value measurements at reporting date  
     Total     Level 1      Level 2     Level 3     Total     Level 1      Level 2     Level 3  

Assets

                  

Derivative instruments:

                  

Cash flow hedges

   772   —     772   —    1,439   —     1,439   — 

Others

     1,101     —       1,101     —      711     —       711     — 

Investments:

                  

Short-term mutual funds

     40,262     40,262      —      —      54,790     54,790        — 

Fixed maturity plan mutual funds

     1,300     —       1,300     —      1,342     —       1,342     — 

Equity instruments

     19,420     99      —      19,321     19,785     83      —      19,702

Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds

     245,195     1,256      243,939     —      165,391     1,263      164,128     — 

Liabilities

                  

Derivative instruments:

                  

Cash flow hedges

   (2,534   —     (2,534   —    (593   —     (593   — 

Others

     (470     —       (470     —      (1,029     —       (1,029     — 

Contingent consideration

     (3,053     —       —      (3,053     (1,267     —       —      (1,267

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

Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at September 30, 2023, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

Investment in Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds: Fair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.

Investment in fixed maturity plan mutual funds: Fair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date.

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

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

Details of assets and liabilities considered under Level 3 classification 

 

     As at  
Investment in equity instruments    March 31, 2023      September 30, 2023  

Balance at the beginning of the period

   16,324    19,321

Additions

     2,093      592

Disposals (1)

     (632      (268

Unrealized gain/(loss) recognized in statement of income

     (2      (4

Gain/(loss) recognized in other comprehensive income

     291      (113

Translation adjustment

     1,247      174
  

 

 

    

 

 

 

Balance at the end of the period

   19,321    19,702
  

 

 

    

 

 

 

 

(1) 

During the year ended March 31, 2023, the Company sold its shares in Vicarious FPC, Inc. and Harte Hanks Inc. at a fair value of ₹ 1,150 and recognized a cumulative gain of ₹ 30 in other comprehensive income.

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

 

19


     As at  
Contingent consideration    March 31, 2023      September 30, 2023  

Balance at the beginning of the period

   (4,329    (3,053

Additions

     (1,662      — 

Reversals (1)

     1,671      506

Payouts

     1,784      1,289

Finance (expense)/writeback recognized in statement of income

     (131      9

Translation adjustment

     (386      (18
  

 

 

    

 

 

 

Balance at the end of the period

   (3,053    (1,267
  

 

 

    

 

 

 

 

(1) 

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

18. Foreign currency translation reserve and Other reserves 

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

 

     Six months ended September 30,  
     2022      2023  

Balance at the beginning of the period

   26,850    43,255

Translation difference related to foreign operations, net

     8,622      1,452

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

     (23      (181
  

 

 

    

 

 

 

Balance at the end of the period

   35,449    44,526
  

 

 

    

 

 

 

The movement in other reserves is summarized below:

 

     Other Reserves  
Particulars    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
 

As at April 1, 2022

   (498    3,018    10,088    1,122

Other comprehensive income

     607      (3,954      1,513      — 

As at September 30, 2022

   109    (936    11,601    1,122

As at April 1, 2023

   (548    (119    10,793    1,122

Other comprehensive income

     108      1,336      (108      — 

Buyback of equity shares

     —       —       —       539

As at September 30, 2023

   (440    1,217    10,685    1,661

19. Income taxes 

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Income tax expense as per the interim condensed consolidated statement of income

   7,710    8,419    15,641    17,534

Income tax included in other comprehensive income on:

 

        

Gains/(losses) on investment securities

     (14      34      (407      196

Gains/(losses) on cash flow hedging derivatives

     (154      (46      (607      580

Remeasurements of the defined benefit plans

     54      10      149      43
  

 

 

    

 

 

    

 

 

    

 

 

 
   7,596    8,417    14,776    18,353
  

 

 

    

 

 

    

 

 

    

 

 

 

Income tax expense consists of the following: 

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Current taxes

   8,570    9,286    17,599    18,421

Deferred taxes

     (860      (867      (1,958      (887
  

 

 

    

 

 

    

 

 

    

 

 

 
   7,710    8,419    15,641    17,534
  

 

 

    

 

 

    

 

 

    

 

 

 

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

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

 

20


20. Revenues 

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

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

 

21


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

 

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

A. Revenue

                    

Rendering of services

   65,080    69,710    62,358    27,000    224,148    —     224,148

Sale of products

     —       —       —       —       —       1,249      1,249
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   65,080    69,710    62,358    27,000    224,148    1,249    225,397
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

B. Revenue by sector

                    

Banking, Financial Services and Insurance

   1,301    43,158    25,201    9,334    78,994      

Health

     20,004      69      4,495      1,029      25,597      

Consumer

     27,732      996      9,158      4,676      42,562      

Communications

     3,481      363      3,366      3,622      10,832      

Energy, Natural Resources and Utilities

     195      9,668      9,576      5,518      24,957      

Manufacturing

     50      8,500      5,975      929      15,454      

Technology

     12,317      6,956      4,587      1,892      25,752      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   65,080    69,710    62,358    27,000    224,148    1,249    225,397
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

C. Revenue by nature of contract

                    

Fixed price and volume based

   37,312    35,121    34,876    15,908    123,217    —     123,217

Time and materials

     27,768      34,589      27,482      11,092      100,931      —       100,931

Products

     —       —       —       —       —       1,249      1,249
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   65,080    69,710    62,358    27,000    224,148    1,249    225,397
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

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

A. Revenue

                    

Rendering of services

   66,735    66,837    63,892    26,226    223,690    —     223,690

Sale of products

     —       —       —       —       —       1,469      1,469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   66,735    66,837    63,892    26,226    223,690    1,469    225,159
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

B. Revenue by sector

                    

Banking, Financial Services and Insurance

   676    41,155    24,408    8,886    75,125      

Health

     22,813      26      4,281      1,347      28,467      

Consumer

     25,503      1,220      10,782      4,251      41,756      

Communications

     3,065      314      2,953      3,323      9,655      

Energy, Natural Resources and Utilities

     193      10,232      9,993      5,466      25,884      

Manufacturing

     17      7,937      6,619      1,085      15,658      

Technology

     14,468      5,953      4,856      1,868      27,145      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   66,735    66,837    63,892    26,226    223,690    1,469    225,159
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

C. Revenue by nature of contract

                    

Fixed price and volume based

   37,936    34,331    36,929    15,770    124,966    —     124,966

Time and materials

     28,799      32,506      26,963      10,456      98,724      —       98,724

Products

     —       —       —       —       —       1,469      1,469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   66,735    66,837    63,892    26,226    223,690    1,469    225,159
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

22


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

 

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

A. Revenue

                    

Rendering of services

   126,520    136,010    122,315    52,643    437,488    —     437,488

Sale of products

     —       —       —       —       —       3,195      3,195
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   126,520    136,010    122,315    52,643    437,488    3,195    440,683
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

B. Revenue by sector

                    

Banking, Financial Services and Insurance

   2,386    84,146    49,737    18,428    154,697      

Health

     39,448      111      8,424      1,913      49,896      

Consumer

     53,453      1,892      17,978      8,869      82,192      

Communications

     6,673      704      6,500      7,505      21,382      

Energy, Natural Resources and Utilities

     412      18,941      18,880      10,504      48,737      

Manufacturing

     67      16,343      11,558      1,833      29,801      

Technology

     24,081      13,873      9,238      3,591      50,783      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   126,520    136,010    122,315    52,643    437,488    3,195    440,683
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

C. Revenue by nature of contract

                    

Fixed price and volume based

   73,196    68,980    68,853    31,132    242,161    —     242,161

Time and material

     53,324      67,030      53,462      21,511      195,327      —       195,327

Products

     —       —       —       —       —       3,195      3,195
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   126,520    136,010    122,315    52,643    437,488    3,195    440,683
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

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

A. Revenue

                    

Rendering of services

   132,357    135,158    131,047    52,744    451,306    —     451,306

Sale of products

     —       —       —       —       —       2,163      2,163
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   132,357    135,158    131,047    52,744    451,306    2,163    453,469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

B. Revenue by sector

                    

Banking, Financial Services and Insurance

   1,460    83,170    49,930    17,927    152,487      

Health

     44,540      111      9,104      2,597      56,352      

Consumer

     51,858      2,334      21,581      8,520      84,293      

Communications

     6,551      661      6,076      6,785      20,073      

Energy, Natural Resources and Utilities

     299      20,526      21,104      11,311      53,240      

Manufacturing

     64      16,421      13,512      2,123      32,120      

Technology

     27,585      11,935      9,740      3,481      52,741      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   132,357    135,158    131,047    52,744    451,306    2,163    453,469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

C. Revenue by nature of contract

                    

Fixed price and volume based

   75,460    69,781    76,652    31,712    253,605    —     253,605

Time and materials

     56,897      65,377      54,395      21,032      197,701      —       197,701

Products

     —       —       —       —       —       2,163      2,163
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   132,357    135,158    131,047    52,744    451,306    2,163    453,469
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

23


21. Expenses by nature

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Employee compensation

   137,261    138,536    263,395    278,812

Sub-contracting and technical fees

     29,131      26,547      58,585      52,932

Cost of hardware and software

     1,328      1,501      3,471      2,307

Travel

     3,037      4,049      6,107      8,224

Facility expenses (1)

     3,300      3,815      6,599      7,267

Software license expense for internal use (1)

     4,878      4,701      9,455      9,308

Depreciation, amortization and impairment (5) 

     7,969      8,970      15,707      16,350

Communication

     1,496      1,360      3,039      2,609

Legal and professional fees (2)

     3,378      2,507      7,271      4,758

Rates, taxes and insurance

     1,202      1,641      2,699      3,103

Marketing and brand building

     644      880      1,544      1,857

Lifetime expected credit loss/ (write-back)

     (79      139      (101      439

(Gain)/loss on sale of property, plant and equipment, net(3)

     (26      (2,320      (148      (2,242

Miscellaneous expenses (2) (3) (4)

     432      (244      758      90
  

 

 

    

 

 

    

 

 

    

 

 

 

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

   193,951    192,082    378,381    385,814
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

Software license expense for internal use has been reclassified from Facility expenses to a separate nature of expense for the three and six months ended September 30, 2022.

(2)

Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and professional fees for the three and six months ended September 30, 2022.

(3) 

(Gain)/loss on sale of property, plant and equipment, net has been reclassified from Miscellaneous expenses and is presented separately for the three and six months ended September 30, 2023. Previous period figures have been reclassified accordingly. (Gain)/loss on sale of property, plant and equipment, net for the three and six months ended September 30, 2023, includes gain on sale of immovable properties of ₹ (2,368).

(4)

Miscellaneous expenses are net of reversals of contingent consideration (Refer to Note 17).

(5)

Depreciation, amortization and impairment includes an impairment charge on intangible assets amounting to ₹ 437 for the three and six months ended September 30, 2023 (Refer to Note 6).

22. Finance expenses

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Interest expense

   2,270    3,033    4,315    6,119
  

 

 

    

 

 

    

 

 

    

 

 

 
   2,270    3,033    4,315    6,119
  

 

 

    

 

 

    

 

 

    

 

 

 

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

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Interest income

   3,751    4,158    7,330    9,402

Dividend income

     —       1      2      2

Net gain from investments classified as FVTPL

     298      737      414      2,073

Net loss from investments classified as FVTOCI

     (9      (86      (16      (125
  

 

 

    

 

 

    

 

 

    

 

 

 

Finance and other income

   4,040    4,810    7,730    11,352
  

 

 

    

 

 

    

 

 

    

 

 

 

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

   (569    (350    (2,320    531

Other foreign exchange gains/(losses), net

     1,626      618      4,411      (325
  

 

 

    

 

 

    

 

 

    

 

 

 

Foreign exchange gains/(losses), net

   1,057    268    2,091    206
  

 

 

    

 

 

    

 

 

    

 

 

 

 

24


24.

Earnings per equity share:

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

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

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Profit attributable to equity holders of the Company

   26,590    26,463    52,226    55,164

Weighted average number of equity shares outstanding

     5,476,167,685      5,232,867,366      5,473,962,200      5,357,394,940
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per equity share

   4.86    5.06    9.55    10.30
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity shares outstanding during the period for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company.

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

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Profit attributable to equity holders of the Company

   26,590    26,463    52,226    55,164

Weighted average number of equity shares outstanding

     5,476,167,685      5,232,867,366      5,473,962,200      5,357,394,940

Effect of dilutive equivalent share options

     8,617,369      12,773,832      12,119,740      12,683,623
  

 

 

    

 

 

    

 

 

    

 

 

 

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

     5,484,785,054      5,245,641,198      5,486,081,940      5,370,078,563
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per equity share

   4.85    5.04    9.52    10.27
  

 

 

    

 

 

    

 

 

    

 

 

 

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

25. Employee compensation

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Salaries and bonus

   131,301    132,179    251,442    265,979

Employee benefits plans

     4,838      4,794      9,386      9,726

Share-based compensation (1)

     1,122      1,563      2,567      3,107
  

 

 

    

 

 

    

 

 

    

 

 

 
   137,261    138,536    263,395    278,812
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

Includes ₹ (7) and ₹ 8 for the six months ended September 30, 2022, and 2023 respectively, towards cash settled ADS RSUs.

The employee benefit cost is recognized in the following line items in the interim condensed consolidated statement of income:

 

     Three months ended September 30,      Six months ended September 30,  
     2022      2023      2022      2023  

Cost of revenues

   116,518    114,844    224,382    232,577

Selling and marketing expenses

     11,396      12,996      22,518      25,608

General and administrative expenses

     9,347      10,696      16,495      20,627
  

 

 

    

 

 

    

 

 

    

 

 

 
   137,261    138,536    263,395    278,812
  

 

 

    

 

 

    

 

 

    

 

 

 

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

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

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

 

25


26. Commitments and contingencies

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

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

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

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

Income tax claims against the Company amounting to ₹ 91,465 and ₹ 93,484 are not acknowledged as debt as at March 31, 2023 and September 30, 2023, respectively. These matters are pending before various Appellate Authorities and the management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.

The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounting to ₹ 15,240 and ₹ 17,720 as of March 31, 2023, and September 30, 2023, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

27. Segment information

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

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

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

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

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

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

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

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

 

26


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

 

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

Revenue

   65,350    70,030    62,684    27,141    225,205   1,249   —    226,454

Segment Result

     12,954      14,959      8,454      2,670      39,037     (103     (1,341     37,593

Unallocated

                 (5,090     —      —      (5,090
              

 

 

   

 

 

   

 

 

   

 

 

 

Segment result total

               33,947   (103   (1,341   32,503

Finance expenses

                       (2,270

Finance and other income

                       4,040

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

                       (72
                    

 

 

 

Profit before tax

                     34,201

Income tax expense

                       (7,710
                    

 

 

 

Profit for the period

                     26,491
                    

 

 

 

Depreciation, amortization and impairment

                     7,969
                    

 

 

 

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

 

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

Revenue

   66,813    66,914    63,976    26,255    223,958   1,469   —    225,427

Segment Result

     15,287      14,023      7,547      2,985      39,842     (467     (2,246     37,129

Unallocated

                 (3,784     —      —      (3,784
              

 

 

   

 

 

   

 

 

   

 

 

 

Segment result total

               36,058   (467   (2,246   33,345

Finance expenses

                       (3,033

Finance and other income

                       4,810

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

                       (30
                    

 

 

 

Profit before tax

                     35,092

Income tax expense

                       (8,419
                    

 

 

 

Profit for the period

                     26,673
                    

 

 

 

Depreciation, amortization and impairment

                     8,970
                    

 

 

 

 

27


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

 

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

Revenue

   127,052    136,643    122,960    52,924    439,579   3,195   —    442,774

Segment Result

     24,524      28,183      16,440      4,739      73,886     (158     (1,401     72,327

Unallocated

                 (7,934     —      —      (7,934
              

 

 

   

 

 

   

 

 

   

 

 

 

Segment Result Total

               65,952   (158   (1,401   64,393

Finance expense

                       (4,315

Finance and other income

                       7,730

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

                       (87
                    

 

 

 

Profit before tax

                     67,721

Income tax expense

                       (15,641
                    

 

 

 

Profit for the period

                     52,080
                    

 

 

 

Depreciation, amortization and impairment

                     15,707
                    

 

 

 

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

 

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

Revenue

   132,420    135,217    131,110    52,765    451,512   2,163   —    453,675

Segment Result

     28,824      28,192      17,515      5,785      80,316     (628     (4,086     75,602

Unallocated

                 (7,741     —      —      (7,741
              

 

 

   

 

 

   

 

 

   

 

 

 

Segment Result Total

               72,575   (628   (4,086   67,861

Finance expense

                       (6,119

Finance and other income

                       11,352

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

                       (27
                    

 

 

 

Profit before tax

                     73,067

Income tax expense

                       (17,534
                    

 

 

 

Profit for the period

                     55,533
                    

 

 

 

Depreciation, amortization and impairment

                     16,350
                    

 

 

 

 

28


Revenues from India, being Company’s country of domicile, is ₹ 6,162 and ₹ 6,039 for the three months ended September 30, 2022, and 2023, respectively and ₹ 12,669 and ₹ 12,046 for the six months ended September 30, 2022, and 2023, respectively.

Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:

 

     Three months ended
September 30,
     Six months ended
September 30,
 
     2022      2023      2022      2023  

United States of America

   127,308    128,301    247,799    254,798

United Kingdom

     27,753      27,455      54,359    57,218
  

 

 

    

 

 

    

 

 

    

 

 

 
   155,061    155,756    302,158    312,016
  

 

 

    

 

 

    

 

 

    

 

 

 

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

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

Notes:

 

  a)

“Reconciling items” includes elimination of inter-segment transactions and other corporate 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 ₹ 1,360 and ₹ 2,249 for the three months ended September 30, 2022 and 2023, respectively and ₹ 1,360 and ₹ 4,136 for the six months ended September 30, 2022 and 2023 respectively, is included under Reconciling items.

 

  e)

Effective April 1, 2023, amortization and impairment of intangibles assets arising from business combination and change in fair value of contingent consideration due to change in estimates is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes.

 

 

Segment results of IT Services segment for the three and six months ended September 30, 2023 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination. (Refer to Note 6)

 

 

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

 

  f)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ (26) and ₹ (2,320) for the three months ended September 30, 2022 and 2023, respectively and ₹ (148) and ₹ (2,242) for the six months ended September 30, 2022 and 2023 respectively.

 

  g)

Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,122 and ₹ 1,563 for the three months ended September 30, 2022 and 2023, respectively and ₹ 2,567 and ₹ 3,107 for the six months ended September 30, 2022 and 2023 respectively.

28. List of subsidiaries and investments accounted for using equity method as at September 30, 2023 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 (formerly known as Encore Theme Technologies Private Limited)          India
Wipro Chengdu Limited          China
Wipro Holdings (UK) Limited          U.K.
   Designit A/S       Denmark
      Designit Denmark A/S    Denmark
      Designit Germany GmbH    Germany
      Designit Oslo A/S    Norway
      Designit Spain Digital, S.L.U    Spain
      Designit Sweden AB    Sweden
      Designit T.L.V Ltd.    Israel
   Wipro Bahrain Limited Co. W.L.L       Bahrain

 

29


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

 

30


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

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

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

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of
Incorporation

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

 

31


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

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of
Incorporation

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

 

32


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

The list of controlled trusts and firms are:

 

Name of the entity

  

Country of incorporation

Wipro Equity Reward Trust    India
Wipro Foundation    India

29. Buyback of equity shares

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

 

As per our report of even date attached    For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP    Rishad A. Premji    Deepak M. Satwalekar    Thierry Delaporte
Chartered Accountants    Chairman    Director    Chief Executive Officer and
Firm Registration No: 117366W/W - 100018          Managing Director
Anand Subramanian    Aparna C. Iyer       M. Sanaulla Khan
Partner    Chief Financial Officer       Company Secretary
Membership No. 110815         
Bengaluru         
October 18, 2023         

 

33

EX-99.4 5 d448099dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

WIPRO LIMITED

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

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

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

UNDER IFRS (IASB)

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

 

    

Particulars

   Three months ended      Six months ended      Year ended  
     September
30, 2023
     June
30, 2023
     September
30, 2022
     September
30, 2023
     September
30, 2022
     March
31, 2023
 
  

Income

                 
   a) Revenue from operations      225,159      228,310      225,397      453,469      440,683      904,876
  

b) Foreign exchange gains/(losses), net

     268      (62      1,057      206      2,091      4,472

I

  

Total income

     225,427      228,248      226,454      453,675      442,774      909,348
  

Expenses

                 
  

a) Purchases of stock-in-trade

     576      978      1,678      1,554      4,165      6,494
  

b) Changes in inventories of finished goods and stock-in-trade

     920      (182      (333      738      (679      150
  

c) Employee benefits expense

     138,536      140,276      137,261      278,812      263,395      537,644
  

d) Depreciation, amortization and impairment expense

     8,970      7,380      7,969      16,350      15,707      33,402
  

e) Sub-contracting and technical fees

     26,547      26,385      29,131      52,932      58,585      115,247
  

f) Facility expenses

     3,815      3,452      3,300      7,267      6,599      13,492
  

g) Travel

     4,049      4,175      3,037      8,224      6,107      14,445
  

h) Communication

     1,360      1,249      1,496      2,609      3,039      5,911
  

i) Legal and professional fees

     2,507      2,251      3,378      4,758      7,271      13,288
  

j) Software license expense for internal use

     4,701      4,607      4,878      9,308      9,455      18,717
  

k) Marketing and brand building

     880      977      644      1,857      1,544      2,951
  

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

     139      300      (79      439      (101      (604
  

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

     (2,320      78      (26      (2,242      (148      (89
  

n) Other expenses

     1,402      1,806      1,617      3,208      3,442      8,694
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

II

  

Total expenses

     192,082      193,732      193,951      385,814      378,381      769,742
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

III

  

Finance expenses

     3,033      3,086      2,270      6,119      4,315      10,077

IV

  

Finance and other Income

     4,810      6,542      4,040      11,352      7,730      18,185

V

  

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

     (30      3      (72      (27      (87      (57

VI

  

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

     35,092      37,975      34,201      73,067      67,721      147,657

VII

  

Tax expense

     8,419      9,115      7,710      17,534      15,641      33,992

VIII

  

Profit for the period [VI-VII]

     26,673      28,860      26,491      55,533      52,080      113,665
  

Other comprehensive income (OCI) for the period

                 
  

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

                 
  

Remeasurements of the defined benefit plans, net

     51      (45      295      6      607      (50
  

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

     (124      16      180      (108      1,513      705
  

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

                 
  

Foreign currency translation differences

     1,824      (362      3,027      1,462      8,658      16,590
  

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

     (183      2      (23      (181      (23      (133
  

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

     211      40      (55      251      (301      (180
  

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

     (311      512      (121      201      (327      (212
  

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

     (62      1,648      (517      1,586      (1,500      (2,488

 

1


  

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

     297      1,039      148      1,336      (3,954      (3,137
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

IX

  

Total other comprehensive income for the period, net of taxes

     1,703      2,850      2,934      4,553      4,673      11,095
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Total comprehensive income for the period [VIII+IX]

     28,376      31,710      29,425      60,086      56,753      124,760
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

X

  

Profit for the period attributable to:

                 
  

Equity holders of the Company

     26,463      28,701      26,590      55,164      52,226      113,500
  

Non-controlling interests

     210      159      (99      369      (146      165
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
        26,673      28,860      26,491      55,533      52,080      113,665
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Total comprehensive income for the period attributable to:

                 
  

Equity holders of the Company

     28,169      31,640      29,512      59,809      56,863      124,543
  

Non-controlling interests

     207      70      (87      277      (110      217
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
        28,376      31,710      29,425      60,086      56,753      124,760
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

XI

  

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

     10,444      10,978      10,971      10,444      10,971      10,976

XII

  

Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet

                    770,188

XIII

  

Earnings per share (EPS)

                 
   (Equity shares of par value of ₹ 2/- each)                  
  

(EPS for the three and six months ended periods is not annualized)

                 
  

Basic (in ₹)

     5.06      5.23      4.86      10.30      9.55      20.73
  

Diluted (in ₹)

     5.04      5.12      4.85      10.27      9.52      20.68

 

1.

The audited consolidated financial results of the Company for the three and six months ended September 30, 2023, have been approved by the Board of Directors of the Company at its meeting held on October 18, 2023. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified 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.

Software license expense for internal use has been reclassified from Facility expenses to a separate nature of expense for the three and six months ended September 30, 2022. Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and Professional fees for the three and six months ended September 30, 2022.

 

4.

(Gain)/loss on sale of property, plant and equipment, net has been reclassified from Other expenses and is presented separately for the three months ended September 30, 2023, June 30, 2023 and six months ended September 30, 2023. Previous period figures have been reclassified accordingly. (Gain)/loss on sale of property, plant and equipment, net for the three and six months ended September 30, 2023, includes gain on sale of immovable properties of ₹ (2,368).

 

5.

List of subsidiaries and investments accounted for using equity method as at September 30, 2023 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 (formerly known as Encore Theme Technologies Private Limited)          India
Wipro Chengdu Limited          China

 

2


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

 

3


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

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

 

(2) 

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

(1) 

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of
Incorporation

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

 

4


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

 

5


(3) 

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of

Incorporation

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

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

The list of controlled trusts and firms are:

 

Name of the entity

  

Country of incorporation

Wipro Equity Reward Trust    India
Wipro Foundation    India

 

6.

Segment Information

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

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

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

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

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

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

 

6


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

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

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

 

Particulars

   Three months ended     Six months ended     Year ended  
   September
30, 2023
    June
30, 2023
    September
30, 2022
    September
30, 2023
    September
30, 2022
    March
31, 2023
 
   Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

            

IT Services

            

Americas 1

     66,813     65,607     65,350     132,420     127,052     261,270

Americas 2

     66,914     68,303     70,030     135,217     136,643     278,374

Europe

     63,976     67,134     62,684     131,110     122,960     256,845

APMEA

     26,255     26,510     27,141     52,765     52,924     106,812
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     223,958     227,554     225,205     451,512     439,579     903,301

IT Products

     1,469     694     1,249     2,163     3,195     6,047
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     225,427     228,248     226,454     453,675     442,774     909,348
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

            

IT Services

            

Americas 1

     15,287     13,537     12,954     28,824     24,524     51,555

Americas 2

     14,023     14,169     14,959     28,192     28,183     59,689

Europe

     7,547     9,968     8,454     17,515     16,440     37,667

APMEA

     2,985     2,800     2,670     5,785     4,739     10,681

Unallocated

     (3,784     (3,957     (5,090     (7,741     (7,934     (18,368
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     36,058     36,517     33,947     72,575     65,952     141,224

IT Products

     (467     (161     (103     (628     (158     (176

Reconciling Items

     (2,246     (1,840     (1,341     (4,086     (1,401     (1,442
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     33,345     34,516     32,503     67,861     64,393     139,606
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Finance expenses

     (3,033     (3,086     (2,270     (6,119     (4,315     (10,077

Finance and other Income

     4,810     6,542     4,040     11,352     7,730     18,185

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

     (30     3     (72     (27     (87     (57
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     35,092     37,975     34,201     73,067     67,721     147,657
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notes:

  a)

“Reconciling items” includes elimination of inter-segment transactions and other corporate 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 in revenues amounting to ₹ 268, ₹ (62) and ₹ 1,057 for the three months ended September 30, 2023, June 30, 2023, and September 30, 2022 respectively, ₹ 206 and ₹ 2,091 for the six months ended September 30, 2023, September 30, 2022, and ₹ 4,472 for the year ended March 31, 2023, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

  d)

Restructuring cost of ₹ 2,249, ₹ 1,887 and ₹ 1,360 is included under Reconciling items for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively, ₹ 4,136 and ₹ 1,360 for the six months ended September 30, 2023, September 30, 2022, and ₹ 1,355 for the year ended March 31, 2023 respectively.

  e)

Effective April 1, 2023, amortization and impairment of intangibles assets arising from business combination and change in fair value of contingent consideration is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes.

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

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

 

7


  f)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ (2,320), ₹ 78 and ₹ (26) for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively and ₹ (2,242) and ₹ (148) for the six months ended September 30, 2023, September 30, 2022, and ₹ (89) for the year ended March 31, 2023 respectively. (Refer to Note 4)

  g)

Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,563, ₹ 1,544 and ₹ 1,122 for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively, ₹ 3,107 and ₹ 2,567 for the six months ended September 30, 2023, September 30, 2022, and ₹ 3,958 for the year ended March 31, 2023 respectively.

 

7.

Buyback of equity shares

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

 

8.

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

 

8


9.

Audited Consolidated Balance Sheet

 

     As at March 31, 2023      As at September 30, 2023  

ASSETS

     

Goodwill

     307,970      309,732

Intangible assets

     43,045      38,109

Property, plant and equipment

     88,659      83,086

Right-of-Use assets

     18,702      17,043

Financial assets

     

Derivative assets

     29      151

Investments

     20,720      21,629

Trade receivables

     863      872

Other financial assets

     6,330      5,973

Investments accounted for using the equity method

     780      761

Deferred tax assets

     2,100      2,219

Non-current tax assets

     11,922      10,878

Other non-current assets

     13,606      10,834
  

 

 

    

 

 

 

Total non-current assets

     514,726      501,287
  

 

 

    

 

 

 

Inventories

     1,188      1,281

Financial assets

     

Derivative assets

     1,844      1,999

Investments

     309,232      239,847

Cash and cash equivalents

     91,880      97,896

Trade receivables

     126,350      108,146

Unbilled receivables

     60,515      65,292

Other financial assets

     9,096      9,155

Contract assets

     23,001      24,464

Current tax assets

     5,091      5,017

Other current assets

     32,899      31,946
  

 

 

    

 

 

 

Total current assets

     661,096      585,043
  

 

 

    

 

 

 

TOTAL ASSETS

     1,175,822      1,086,330
  

 

 

    

 

 

 

EQUITY

     

Share capital

     10,976      10,444

Share premium

     3,689      1,732

Retained earnings

     660,964      577,487

Share-based payment reserve

     5,632      6,023

Special Economic Zone Re-investment reserve

     46,803      44,941

Other components of equity

     53,100      58,284
  

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

     781,164      698,911

Non-controlling interests

     589      823
  

 

 

    

 

 

 

TOTAL EQUITY

     781,753      699,734
  

 

 

    

 

 

 

LIABILITIES

     

Financial liabilities

     

Loans and borrowings

     61,272      61,971

Lease liabilities

     15,953      14,796

Derivative liabilities

     179      40

Other financial liabilities

     2,649      1,609

Deferred tax liabilities

     15,153      15,315

Non-current tax liabilities

     21,777      26,048

Other non-current liabilities

     9,333      11,025

Provisions

     ^        — 
  

 

 

    

 

 

 

Total non-current liabilities

     126,316      130,804
  

 

 

    

 

 

 

Financial liabilities

     

Loans, borrowings and bank overdrafts

     88,821      94,060

Lease liabilities

     8,620      8,348

Derivative liabilities

     2,825      1,582

Trade payables and accrued expenses

     89,054      78,857

Other financial liabilities

     4,141      2,712

Contract liabilities

     22,682      16,738

Current tax liabilities

     18,846      21,372

Other current liabilities

     30,215      29,873

Provisions

     2,549      2,250
  

 

 

    

 

 

 

Total current liabilities

     267,753      255,792
  

 

 

    

 

 

 

TOTAL LIABILITIES

     394,069      386,596
  

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     1,175,822      1,086,330
  

 

 

    

 

 

 

 

^

Value is less than 1

 

9


10.

Audited Consolidated Statement of Cash flows

 

     Six months ended September 30,  
     2022     2023  

Cash flows from operating activities

    

Profit for the period

     52,080     55,533

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

    

Gain on sale of property, plant and equipment, net

     (148     (2,242

Depreciation, amortization and impairment expense

     15,707     16,350

Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings

     1,406     836

Share-based compensation expense

     2,574     3,099

Share of net loss of associates accounted for using equity method

     87     27

Income tax expense

     15,641     17,534

Finance and other income, net of finance expenses

     (3,415     (5,233

Gain on derecognition of contingent consideration payable

     (271     (506

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

    

Trade receivables

     (4,971     18,352

Unbilled receivables and contract assets

     (3,861     (5,937

Inventories

     (664     (92

Other assets

     (3,242     6,498

Trade payables, accrued expenses, other liabilities and provisions

     (2,783     (11,260

Contract liabilities

     (2,929     (5,928
  

 

 

   

 

 

 

Cash generated from operating activities before taxes

     65,211     87,031

Income taxes paid, net

     (15,418     (10,885
  

 

 

   

 

 

 

Net cash generated from operating activities

     49,793     76,146
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Payment for purchase of property, plant and equipment

     (8,737     (4,184

Proceeds from disposal of property, plant and equipment

     181     4,223

Payment for purchase of investments

     (382,779     (465,185

Proceeds from sale of investments

     347,617     535,473

Proceeds from restricted interim dividend account

     27,410     —   

Payment for business acquisitions including deposits and escrow, net of cash acquired

     (46,341     —   

Interest received

     6,151     11,274

Dividend received

     2     2
  

 

 

   

 

 

 

Net cash generated from/(used in) investing activities

     (56,496     81,603
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of equity shares and shares pending allotment

     7     7

Repayment of loans and borrowings

     (79,298     (43,750

Proceeds from loans and borrowings

     91,617     48,750

Payment of lease liabilities

     (4,927     (5,172

Payment for deferred contingent consideration

     (1,169     (1,289

Interest and finance expenses paid

     (3,458     (4,850

Payment of dividend

     (27,337     —   

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

     —        (145,173
  

 

 

   

 

 

 

Net cash used in financing activities

     (24,565     (151,477
  

 

 

   

 

 

 

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

     (31,268     6,272

Effect of exchange rate changes on cash and cash equivalents

     456     (259

Cash and cash equivalents at the beginning of the period

     103,833     91,861
  

 

 

   

 

 

 

Cash and cash equivalents at the end of the period

     73,021     97,874
  

 

 

   

 

 

 

 

 

 

By order of the Board,    For, Wipro Limited

Place: Bengaluru

Date: October 18, 2023

  

Rishad A. Premji

Chairman

 

10

EX-99.5 6 d448099dex995.htm EX-99.5 EX-99.5

Exhibit 99.5

 

LOGO

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


LOGO

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


LOGO

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


LOGO

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