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6-K 1 d926977d6k.htm FORM 6-K Form 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 April 2025

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.

 

 
 


OUTCOME OF BOARD MEETING

Wipro Limited, a company organized under the laws of the Republic of India (the “Company”), hereby furnishes the Commission with the following information relating to the outcome of the meeting of the Board of Directors of the Company (the “Board”) held over April 15-16, 2025. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

On April 16, 2025, the Company informed the securities exchanges in India on which its securities are listed and the New York Stock Exchange (together, the “Exchanges”) that the Board approved the financial results of the Company for the quarter and year ended March 31, 2025. A copy of such letter to the Exchanges is attached hereto as Item 99.1.


SIGNATURES

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

 

WIPRO LIMITED
/s/ M. Sanaulla Khan
M. Sanaulla Khan
Senior Vice President and Company Secretary

Dated: April 21, 2025


INDEX TO EXHIBITS

 

Item     
99.1    Letter to the Exchanges dated April 16, 2025.
EX-99.1 2 d926977dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

April 16, 2025

The Manager - Listing

National Stock Exchange of India Limited

(NSE: WIPRO)

The Manager - Listing

BSE Limited

(BSE: 507685)

The Market Operations

NYSE, New York

(NYSE: WIT)

Dear Sir/Madam,

Sub: Outcome of Board Meeting

The Board of Directors (“Board”) of Wipro Limited, have at their meeting held over April 15-16, 2025, considered and approved the financial results of the Company for the quarter and year ended March 31, 2025, as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Please find enclosed the Audited Standalone and Consolidated financial results under IndAS and Audited Consolidated financial results under IFRS for the quarter and year ended March 31, 2025, together with the Auditor’s Report, as approved by the Board today. The financial results are also being made available on the Company’s website at www.wipro. com.

The Board Meeting commenced on April 15, 2025 at 4:00 PM, and finally concluded on April 16, 2025 at 3:35 PM.

Thanking You,

 

For Wipro Limited

 

LOGO

   LOGO   

 

M Sanaulla Khan

Company Secretary

 

ENCL: As above

  

 

LOGO


LOGO    Chartered Accountants
   Prestige Trade Tower, Level 19
   46, Palace Road, High Grounds
   Bengaluru-560 001
   Karnataka, India
  

 

Tel: +91 80 6188 6000

   Fax: +91 80 6188 6011

INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF WIPRO LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of WIPRO LIMITED (“the Company”), for the three months and year ended March 31, 2025 (the “Statement”/ “Standalone Financial Results”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

 

a.

is presented in accordance with the requirements of Regulation 33 of the LODR Regulations; and

 

b.

gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act 2013 (“the Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the three months and year ended March 31, 2025.

Basis for Opinion

We conducted our audit of the Standalone Financial Results in accordance with the Standards on Auditing (“SAs”) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s and Board of Directors’ Responsibilities for the Standalone Financial Results

This Statement, which is the responsibility of the Company’s Board of Directors, and has been approved by them for the issuance. The Statement has been compiled from the related audited Interim Condensed Standalone Financial Statements for the three months and year ended March 31, 2025. The Company’s Board of Directors are responsible for the preparation and presentation of the Standalone Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company in accordance with the recognition and measurement principles laid down in Ind AS 34 prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations.

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737


LOGO  

 

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors is responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 

   

Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

 

   

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

 

   

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

 

   

Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.


LOGO  

 

   

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

 

   

Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

 

   

Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results of the Company to express an opinion on the Standalone Financial Results.

Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

 

LOGO    

Anand Subramanian

Partner

(Membership No. 110815)

UDIN:        

Bengaluru, April 16, 2025


WIPRO LIMITED

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

Bengaluru-560035, India

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

STATUTORILY AUDITED STANDALONE FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR

ENDED MARCH 31, 2025 UNDER Ind AS

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

 

          Three months ended     Year ended  
    

Particulars

   March 31,
2025
    December 31,
2024
    March 31,
2024
    March 31,
2025
    March 31,
2024
 
   Income           
I    Revenue from operations      171,127       168,030       165,932       672,928       667,924  
II    Other income      13,787       7,695       10,323       38,598       30,458  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
III    Total Income (I+II)      184,914       175,725       176,255       711,526       698,382  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
IV    Expenses           
  

a) Purchases of stock-in-trade

     588       289       477       2,106       2,642  
  

b) Changes in inventories of stock-in-trade

     (27     257       181       90       179  
  

c) Employee benefits expense

     92,987       93,334       95,937       373,355       382,895  
  

d) Finance costs

     2,485       2,811       2,061       9,813       8,197  
  

e) Depreciation, amortisation and impairment expense

     3,748       3,460       3,743       14,466       14,918  
  

f) Sub-contracting and technical fees

     29,046       28,600       28,638       113,448       113,898  
  

g) Facility expenses

     3,154       2,814       2,795       11,889       10,340  
  

h) Travel

     2,599       2,360       2,733       11,211       12,021  
  

i) Communication

     632       530       447       2,291       2,707  
  

j) Legal and professional charges

     2,281       1,667       1.253       7,006       5,612  
  

k) Software license expense for internal use

     4,186       4,111       3,590       15,983       14,880  
  

I) Marketing and brand building

     832       911       535       3,114       2,935  
  

m) Other expenses

     2,241       331       417       2,452       2,983  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Expenses (IV)      144,752       141,475       142,807       567,224       574,207  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
V    Profit before tax (III-IV)      40,162       34,250       33,448       144,302       124,175  
VI    Tax expense           
  

a) Current tax

     11,826       9,109       7,225       39,487       31,485  
  

b) Deferred tax

     (586     (2,980     1,757       (3,109     1,504  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total tax expense (VI)      11,240       6,129       8,982       36,378       32,989  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
VII    Profit for the period (V-VI)      28,922       28,121       24,466       107,924       91,186  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
VIII    Other comprehensive income (OCI)           
  

Items that will not be reclassified to profit or loss:

          
  

Re-measurements of the defined benefit plans, net

     (58     (331     55       254       602  
  

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

     (5     (12     10       (9     36  
  

Deferred taxes relating to items that will not be reclassified to profit or loss

     25       81       (7     (57     (148
  

Items that will be reclassified to profit or loss:

          
  

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

     (125     360       358       (248     258  
  

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

     447       (231     19       193       162  
  

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

     1,139       (1,486     343       (787     1,866  

 

1


  

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

     438       78       307       1,189       1,749  
  

Deferred taxes relating to items that will be reclassified to profit or loss

     (469     314       (219     (24     (715
   Total other comprehensive income for the period, net of taxes      1,392       (1,227     866       511       3,810  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
IX    Total comprehensive income for the period (VII+VIII)      30,314       26,894       25,332       108,435       94,996  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
X    Paid up equity share capital ( Par value ₹2 per share)      20,944       20,938       10,450       20,944       10,450  
XI   

Reserve excluding revaluation reserves as per balance sheet

           608,067       567,369  
XII    Earnings per equity share           
  

(Equity shares of par value ₹2/-each)

(EPS for the three months ended periods are not annualised)

          
   Basic (in ₹)      2.76       2.69       2.34       10.32       8.62  
   Diluted (in ₹)      2.75       2.68       2.33       10.29       8.59  

 

1.

The audited standalone financial results for the three and year ended March 31, 2025 have been approved by the Board of Directors of the Company at its meeting held on April 16, 2025. The Company confirms that its statutory auditors. Deloitte Haskins & Sells LLP have issued audit report with unmodified opinion on the standalone financial results for the three and year ended March 31, 2025.

 

2.

The above audited standalone financial results have been prepared on the basis of the audited interim condensed standalone financial statements, for the year ended March 31, 2025. and the audited interim condensed standalone financial statements, for the nine months ended December 31, 2024, which are prepared in accordance with Indian Accounting Standards (“Ind AS”), the: provisions of the Companies Act. 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures up to the third quarter of the current financial year. All amounts included in the standalone financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except. share and per share data, unless otherwise stated.

 

3.

The Company publishes these standalone financial results along with the consolidated financial results. In accordance with Ind AS 108, “Operating Segments”, the Company has disclosed the segment information in the interim condensed consolidated financial statements and is incorporated in the consolidated financial results.

 

4.

Gain/(loss) on sale of property, plant and equipment, for the year ended March 31, 2025, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ 885 and for the year ended March 31, 2024 includes gain on sale of immovable properties of ₹ 2,357.

 

5.

Other expenses are net of insurance claim received of ₹ Nil for the three months ended March 31, 2025, December 31, 2024, March 31, 2024. respectively, and ₹1,805 and ₹ Nil for the year ended March 31, 2025 and 2024, respectively.

 

6.

Buyback of equity shares

During the year ended March 31, 2024, 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 utilised from securities premium and retained earnings respectively. Further, capital redemption reserve of ₹ 539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹ 539.

Earnings per share for each of the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 will not add up to earnings per share for the year ended March 31, 2024, on account of buyback of equity shares.

 

2


7.

Issue of bonus shares

During the year ended March 31, 2025, the Company concluded bonus issue in the ratio of 1:1 i.e, l (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) was approved by the shareholders of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserve, securities premium and retained earnings to the share capital.

Earnings per share for all prior periods have been proportionately adjusted for the bonus issue in the ratio of 1:1 i.e, 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders).

 

8,

Balance Sheet:

 

     As at March 31, 2025      As at March 31, 2024  

ASSETS

     

Non-current assets

     

Property, plant and equipment

     69,991        66,563  

Right-of-Use assets

     11,539        6,415  

Capital work-in-progress

     1,785        6,697  

Goodwill

     4,604        4,604  

Other intangible assets

     721        1,013  

Financial assets

     

Investments

     214,554        206,806  

Derivative assets

     —         —   

Other financial assets

     3,300        3,342  

Deferred tax assets (net)

     453        251  

Non-current tax assets (net)

     6,629        8,313  

Other non-current assets

     4573        6,844  
  

 

 

    

 

 

 

Total non-current assets

     318,149        310,848  
  

 

 

    

 

 

 

Current assets

     

Inventories

     622        729  

Financial assets

     

Investments

     397,669        301,437  

Derivative assets

     1,578        1,105  

Trade receivables

     80,770        85,153  

Unbilled receivables

     37,416        31,331  

Cash and cash equivalents

     43,074        37,906  

Other financial assets

     5,903        7,790  

Current tax assets (net)

     3,693        4,875  

Contract assets

     9,809        12,941  

Other current assets

     21,718        22,371  
  

 

 

    

 

 

 

Total current assets

     602,252        505,638  
  

 

 

    

 

 

 

TOTAL ASSETS

     920,401        816,486  
  

 

 

    

 

 

 

EQUITY AND LIABILITIES

     

EQUITY

     

Equity share capital

     20,944        10,450  

Other equity

     608,067        567,369  
  

 

 

    

 

 

 

TOTAL EQUITY

     629,011        577,819  
  

 

 

    

 

 

 

LIABILITIES

     

Non-current liabilities

     

Financial liabilities

     

Lease liabilities

     10,888        5,651  

Other financial liabilities

     1,051        —   

Provisions

     1,666        1,161  

Deferred tax liabilities (net)

     1,674        4,488  

Non-current tax liabilities (net)

     38,511        34,191  

Other non-current liabilities

     12,703        8,722  
  

 

 

    

 

 

 

Total non-current liabilities

     66,493        54,213  
  

 

 

    

 

 

 

 

3


Current liabilities

     

Financial liabilities

     

Borrowings

     60,500        41,750  

Lease liabilities

     3,468        3,594  

Derivative liabilities

     968        532  

Trade payables

     

(a) Total outstanding dues of micro enterprises and small enterprises

     1,229        1,560  

(b) Total outstanding dues of creditors other than micro enterprises and small enterprises

     66,822        56,834  

Other financial liabilities

     22,245        22,403  

Contract liabilities

     15,146        14,265  

Other current liabilities

     9,862        10,220  

Provisions

     12,802        13,307  

Current tax liabilities (net)

     31,855        19,989  
  

 

 

    

 

 

 

Total current liabilities

     224,897        184,454  
  

 

 

    

 

 

 

TOTAL LIABILITIES

     291,390        238,667  
  

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     920,401        816,486  
  

 

 

    

 

 

 

 

^

Value is less than ₹ 0.5

 

9.

Statement of Cash Flows:

 

     Year ended March 31,  
     2025      2024  

Cash flows from operating activities

     

Profit for the year

     107,924        91,186  

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

     

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

     (750      (2,093

Depreciation, amortization and impairment expense

     14,466        14,918  

Unrealised exchange (gain)/loss and net exchange (gain)/loss on loans to subsidiaries

     (788      599  

Share-based compensation expense

     4,737        4,738  

Income tax expense

     36,378        32,989  

Lifetime expected credit loss

     825        329  

Finance and other income, net of finance costs

     (27,511      (19,799

Diminution, in the value of non-current investments

     359        —   

Changes in operating assets and liabilities

     

(Increase)/Decrease in trade receivables

     3,558        14,135  

(Increase)/Decrease in unbilled receivables and contract assets

     (2,953      5,209  

(Increase)/Decrease in inventories

     107        184  

(Increase)/Decrease in other financial assets and other assets

     4,913        6,914  

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

     9,836        7,826  

Increase/(Decrease) in contract liabilities

     881        (4,767
  

 

 

    

 

 

 

Cash generated from operating activities before taxes

     151,982        152368  
  

 

 

    

 

 

 

Income taxes paid, net

     (20,435      (10,209
  

 

 

    

 

 

 

Net cash generated from operating activities

     131,547        142,159  
  

 

 

    

 

 

 

Cash flows from investing activities

     

Payment for purchase of property, plant and equipment

     (10,539      (7,508

Proceeds from disposal of property, plant and equipment

     1,832        3,780  

Payment for purchase of investments

     (780,640      (943,324

Proceeds from sale of investments

     688,878        944,799  

Investment in subsidiaries

     (51      (12,753

Proceeds from repayment of loan by subsidiaries

     —         12,417  

Repayment of security deposit for property, plant and equipment

     (300      300  

Interest received

     23,722        19,441  

Dividend received

     5,163        5,218  
  

 

 

    

 

 

 

Net cash generated from/(used in) investing activities

     (71,935      22,370  
  

 

 

    

 

 

 

 

4


Cash flows from financing activities

     

Proceeds from issuance of equity shares and shares pending allotment

     27        13  

Repayment of borrowings

     (176,000      (130,557

Proceeds from borrowings

     194,750        120.500  

Payment of lease liabilities

     (4,838      (4,806

Payment of dividend

     (62,821      (5,224

Interest and finance costs paid

     (5,270      (6,340

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

     —         (145,173
  

 

 

    

 

 

 

Net cash used in financing activities

     (54,152      (171,587
  

 

 

    

 

 

 

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

     5,460        (7,058

Effect of exchange rate changes on cash and cash equivalents

     (292      (306

Cash and cash equivalents at the beginning of the year

     37,906        45,270  
  

 

 

    

 

 

 

Cash and cash equivalents at the end of the year

     43,074        37,906  
  

 

 

    

 

 

 

 

 

 

By order of the Board,

     For, Wipro Limited
     LOGO

Place: Bengaluru

     Rishad A. Premji

Date: April 16, 2025

     Chairman

 

5


LOGO      

Chartered Accountants

Prestige Trade Tower, Level 19

46, Palace Road, High Grounds

Bengaluru-560 001

Karnataka, India

 

Tel: +91 80 6188 6000

Fax: +91 80 6188 6011

INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF WIPRO LIMITED

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of WIPRO LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”) for the three months and year ended March 31, 2025 (“the Statement”/” Consolidated Financial Results”) being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the LODR Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

 

a.

includes the financial results of the entities as listed in note 5 to the Statement;

 

b.

is presented in accordance with the requirements of Regulation 33 of the LODR Regulations; and

 

c.

gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act 2013 (“the Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group for the three months and year ended March 31, 2025.

Basis for Opinion

We conducted our audit of the Consolidated Financial Results in accordance with the Standards on Auditing (“SAs”) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Results

This Statement, which is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations.

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737


LOGO  

 

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of Consolidated Financial Results by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities in the group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 

   

Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

 

   

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

 

   

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

 

   

Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.


LOGO  

 

   

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

 

   

Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

 

   

Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of entities included in the Consolidated Financial Results.

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W - 100018)

 

LOGO   

Anand Subramanian

Partner

(Membership No.110815)

UDIN:        

Bengaluru, April 16, 2025


WIPRO LIMITED

CIN: L32I02KA1945PLC020800 ; 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 MONTHS AND YEAR ENDED

MARCH 31, 2025 UNDER IND AS

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

 

          Three months ended     Year ended  
    

Particulars

   March 31,
2025
    December 31,
2024
    March 31,
2024
    March 31,
2025
    March 31,
2024
 
   Income           

I

   Revenue from operations      225,042       223,188       222,083       890,884       897,603  

II

   Other income      11,883       10,041       6,529       38,840       26,308  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

III

   Total Income (I+II)      236,925       233,229       228,612       929,724       923,911  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

IV

   Expenses           
  

a) Purchases of stock-in-trade

     810       459       825       2,967       3,832  
  

b) Changes in inventories of stock-in-trade

     31       318       156       195       278  
  

c) Employee benefits expense

     133,454       133,035       136,255       533,477       549,301  
  

d) Finance costs

     3,767       4,146       3,308       14,770       12,552  
  

e) Depreciation, amortisation and impairment expense

     7,217       6,765       8,405       29,579       34,071  
  

f) Sub-contracting and technical fees

     24,896       25,903       24,318       100,148       103,030  
  

g) Facility expenses

     4,113       3,884       3,727       16,067       14,556  
  

h) Travel

     3,158       3,164       3,349       14,095       15,102  
  

i) Communication

     899       871       956       3,842       4,878  
  

j) Legal and professional charges

     3,133       2,842       2,324       11,270       9,559  
  

k) Software license expense for internal use

     4,951       5,080       4,395       19,338       18,378  
  

l) Marketing and brand building

     917       1,032       667       3,591       3,555  
  

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

     365       (608     367       324       640  
  

n) Other expenses

     2,075       1,810       736       5,358       6,736  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Expenses      189,786       188,701       189,788       755,021       776,468  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

V

   Share of net profit/ (loss) of associate and joint venture accounted for using the equity method      291       5       (202     254       (233

VI

   Profit before tax (III-IV+V)      47,430       44,533       38,622       174,957       147,210  

VII

   Tax expense           
  

a) Current tax

     13,056       10,829       7,594       45,405       34,973  
  

b) Deferred tax

     (1,507     37       2,446       (2,628     1,116  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total tax expense      11,549       10,866       10,040       42,777       36,089  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VIII

   Profit for the period (VI-VII)      35,881       33,667       28,582       132,180       111,121  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

IX

   Other comprehensive income (OCI)           
   Items that will not be reclassified to profit or loss:           
  

Remeasurements of the defined benefit plans, net

     98       (325     (199     323       193  
  

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

     (2,950     (506     (483     (3,619     (447
  

Deferred taxes relating to items that will not be reclassified to profit or loss

     33       233       (1     94       (137
   Items that will be reclassified to profit or loss:           
  

Foreign currency translation differences relating to foreign operations

     1,769       1,753       (855     7,216       4,151  
  

Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of profit and loss

     (55     1       (2     (41     (198
  

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

     (125     360       358       (248     258  
  

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

     447       {231       19       193       162  
  

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

     1, 102       (1,486     475       (993     2,115  
  

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

     438       78       307       1,189       1,749  
  

Deferred taxes relating to items that will be reclassified to profit or loss

     (459     314       (257     34       (787
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total other comprehensive income for the period, net of taxes      298       191       (638     4,148       7,059  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total comprehensive income for the period (VIII+IX)      36,179       33,858       27,944       136,328       118,180  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

1


X

   Profit for the period attributable to:               
   Equity holders of the Company      35,696        33,538        28,346        131,354        110,452  
   Non-controlling interests      185        129        236        826        669  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
        35,881        33,667        28,582        132,180        111,121  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Total comprehensive income for the period attributable to:               
   Equity holders of the Company      36,012        33,683        27,770        135,480        117,676  
   Non-controlling interests      167        175        174        848        504  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
        36,179        33,858        27,944        136,328        118,180  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

XI

   Paid up equity share capital (Par value ₹ 2 per share)      20,944        20,938        10,450        20,944        10,450  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

XII

   Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet               802,697        734,880  
              

 

 

    

 

 

 

XIII

   Earnings per equity share (EPS)               
  

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

(EPS for the three and nine months ended periods are not annualised)

              
   Basic (in ₹)      3.41        3.21        2.71        12.56        10.44  
   Diluted (in ₹)      3.39        3.20        2.70        12.52        10.41  

 

1.

The audited consolidated financial results of the Company for the three months and year ended March 31, 2025 have been approved by the Board of Directors of the Company at its meeting held on April 16, 2025. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit reports with unmodified opinion on the consolidated financial results for the three months and year ended March 31, 2025.

 

2.

The above audited consolidated financial results have been prepared on the basis of the audited interim condensed consolidated financial statements for the year ended March 31, 2025, and the audited interim condensed consolidated financial statements for the nine months ended December 31, 2024 which are prepared in accordance with Indian Accounting Standards (“Ind AS”), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter, The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures up to the third quarter of the current financial year. All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.

 

3.

Gain/(loss) on sale of property, plant and equipment for the year - ended March 31, 2025, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ 885 and for the year ended March 31,2024 includes gain on sale of immovable properties of ₹ 2,357.

 

4.

Other expenses are net of reversals of contingent consideration of ₹2, ₹ Nil, ₹ 792 for the three months ended March 31, 2025, December 31, 2024, March 31, 2024, respectively, and ₹ 169 and ₹ 1,300 for the year ended March 31, 2025 and March 31, 2024, respectively. Other expenses are net of insurance claim received of ₹ Nil for the three months ended March 31, 2025, December 31, 2024, .March 31, 2024, respectively, and ₹ 1,805 and ₹ Nil for the year ended March 31, 2025 and 2024, respectively.

 

5.

List of subsidiaries, associate and joint venture as at March 31, 2025 are provided in the table below:

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of

Incorporation

Attune Consulting India Private Limited

         India

Capco Technologies Private Limited

         India

Wipro Technology Product Services Private Limited

         India

Wipro Chengdu Limited

         China

Wipro Holdings (UK) Limited

         U.K.

Wipro HR Services India Private Limited

         India

Wipro IT Services Bangladesh Limited

         Bangladesh

Wipro IT Services UK Societas

         U.K.
   Designit A/S       Denmark
      Designit Denmark A/S    Denmark
      Designit Germany GmbH    Germany
      Designit Oslo A/S    Norway
      Designit Spain Digital, S.L.U    Spain
      Designit T.L.V Ltd.    Israel

 

2


  Wipro Bahrain Limited Co. W.L.L     Bahrain
  Wipro Czech Republic IT Services s.r.o.     Czech Republic
  Wipro CRM Services (formerly known     Belgium
  as Wipro 4C NV)    
    Wipro 4C Consulting France SAS   France
    Wipro CRM Services B.V. (formerly known   Netherlands
    as Wipro 4C Nederland B.V)  
    Wipro CRM Services ApS   Denmark
    Wipro CRM Services UK Limited   U.K.
  Grove Holdings 2 S.á.r.l     Luxembourg
    Capco Solution Services GmbH   Germany
    The Capital Markets Company Italy Srl   Italy
    Capco Brasil Servicos E Consultoria Ltda   Brazil
    The Capital Markets Company BV (1)   Belgium
    Capco Consulting Middle East FZE (4)   UAE
  PT. WT Indonesia     Indonesia
  Rainbow Software LLC     Iraq
  Wipro Arabia Limited (2)     Saudi Arabia
    Women’s Business Park Technologies   Saudi Arabia
    Limited (2)  
  Wipro Doha LLC     Qatar
  Wipro Financial Outsourcing Services     U.K.
  Limited    
    Wipro UK Limited   U.K.
  Wipro Gulf LLC     Sultanate of
      Oman
  Wipro Holdings Hungary Korlátolt Felelősségű Társaság     Hungary
  Wipro Information Technology     Netherlands
  Netherlands BV    
    Wipro do Brasil Technologia Ltda (1)   Brazil
    Wipro Information Technology Kazakhstan LLP   Kazakhstan
    Wipro Outsourcing Services (Ireland) Limited   Ireland
    Wipro Portugal S.A. (1)   Portugal
    Wipro Solutions Canada Limited   Canada
    Wipro Technologies Limited   Russia
    Wipro Technologies Peru SAC   Peru
    Wipro Technologies W.T. Sociedad Anonima   Costa Rica
    Wipro Technology Chile SPA   Chile
    Applied Value Technologies B.V. (5)   Netherlands
  Wipro IT Service Ukraine, LLC     Ukraine
  Wipro IT Services Poland SP Z.O.O     Poland
  Wipro IT Services S.R.L.     Romania
  Wipro Regional Headquarter     Saudi Arabia
  Wipro Technologies Australia Pty Ltd     Australia
    Wipro Ampion Holdings Pty Ltd (1)   Australia
 

Wipro Technologies SA

    Argentina
 

Wipro Technologies SA DE CV

    Mexico
 

Wipro Technologies South Africa

    South Africa
 

(Proprietary) Limited

   
   

Wipro Technologies Nigeria Limited

  Nigeria
 

Wipro Technologies SRL.

    Romania
 

Wipro (Thailand) Co. Limited

    Thailand
Wipro Japan KK       Japan
Wipro Networks Pte Limited       Singapore
  Wipro (Dalian) Limited     China
  Wipro Technologies SDN BHD     Malaysia
  Applied Value Technologies Pte Limited (6)     Singapore

Wipro Overseas IT Services

 Private Limited

      India
Wipro Philippines, Inc.       Philippines
Wipro Shanghai Limited       China

 

3


Wipro Trademarks Holding Limited

      India

Wipro Travel Services Limited

      India

Wipro VLSI Design Services
India Private Limited

      India

Wipro, LLC

      USA
  Wipro Gallagher Solutions, LLC     USA
  Wipro Insurance Solutions, LLC     USA
  Wipro IT Services, LLC     USA
    Aggne Global Inc. (3)   USA
    Cardinal US Holdings, Inc. (l)   USA
    Edgile, LLC   USA
    Health Plan Services, Inc. (1)   USA
    Infocrossing, LLC   USA
    International TechneGroup Incorporated (1)   USA
    Wipro NextGen Enterprise Inc. (1)   USA
    Rizing Intermediate Holdings, Inc. (l)   USA
    Wipro Appirio, Inc. (l)   USA
    Wipro Designit Services, Inc. (l)   USA
    Wipro Telecom Consulting LLC   USA
    Wipro VLSI Design Services, LLC   USA
    Applied Value Technologies, Inc. (7)   USA

Aggne Global IT Services Private Limited (3)

      India

Wipro, Inc. (8)

      USA
 

Wipro Life Science Solutions, LLC (9)

    USA

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’. ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India. All the above direct subsidiaries are 100% held by the Company except as mentioned in footnote (2) and (3) below.

 

(2) 

Wipro IT Services UK Societas holds 66.67% of the equity securities of Wipro Arabia Limited. Wipro Arabia Limited has acquired 45% of the equity securities of Women’s Business Park Technologies Limited on March 24, 2025 in addition to 55% of the equity’ securities held.

(3) 

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

(4) 

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

(5) 

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

(6) 

Wipro Networks Pte Limited has acquired 100% of the equity securities of Applied Value Technologies Pte Limited

(7) 

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

(8) 

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

(9) 

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

(1) 

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

 

Subsidiaries  

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

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

 

4


HealthPlan Services, Inc.       USA
  HealthPlan Services Insurance Agency, LLC     USA
International TechneGroup Incorporated       USA
  International TechneGroup Ltd.     U.K.
  ITI Proficiency Ltd     Israel
  MechWorks S.R.L.     Italy
Wipro NextGen Enterprise Inc.       USA
  LeanSwift AB     Sweden
Rizing Intermediate Holdings, Inc.       USA
  Rizing Lanka (Private) Ltd     Sri Lanka
    Attune Netherlands B.V.(11)   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 Consulting USA, lnc.(10)   USA
    Rizing Pte Ltd. (11)   Singapore
The Capital Markets Company BV       Belgium
  CapAfric Consulting (Pty) Ltd     South Africa
  Capco Belgium BV     Belgium
  Capco Consultancy (Malaysia) Sdn. Bhd     Malaysia
  Capco Consultancy (Thailand) Ltd     Thailand
  Capco Consulting Singapore Pte. Ltd     Singapore
  Capco Greece Single Member P.C     Greece
  Capco Poland sp. z.o.o     Poland
  The Capital Markets Company (UK) Ltd     U.K.
  The Capital Markets Company GmbH     Germany
    Capco Austria GmbH   Austria
  The Capital Markets Company Limited     Hong Kong
  The Capital Markets Company Limited     Canada
  The Capital Markets Company S.á.r.1     Switzerland
    Andrion AG   Switzerland
  The Capital Markets Company S.A.S     France
  The Capital Markets Company s.r.o     Slovakia
Wipro Ampion Holdings Pty Ltd       Australia
  Wipro Revolution IT Pty Ltd     Australia
  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 Services Ltda     Brazil
 

Wipro Do Brasil Sistemas De

Informatica Ltda

    Brazil
Wipro Portugal S.A.       Portugal
  Wipro Technologies GmbH     Germany
    Wipro Business Solutions GmbH(11)   Germany
    Wipro IT Services Austria GmbH   Austria

 

5


(10)

Attune Netherlands B.V transferred its entire shareholding in Rizing Consulting USA, Inc. to Rizing LLC, effective March 31, 2025.

(11) 

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of
Incorporation

Attune Netherlands B.V.          Netherlands
   Rizing Germany GmbH       Germany
   Attune Italia S.R.L       Italy
   Attune UK Ltd.       U.K.
Rizing Pte Ltd.          Singapore
   Rizing New Zealand Ltd.       New Zealand
   Rizing Philippines Inc.       Philippines
   Rizing SDN BHD       Malaysia
   Rizing Solutions Pty Ltd       Australia
Wipro Business Solutions GmbH          Germany
   Wipro Technology Solutions S.R.L       Romania

As at March 31, 2025, the Company held 43.7% interest in Drivestrcam Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.

The list of controlled trusts are:

 

Name of the entity

   Country of incorporation

Wipro Equity Reward Trust

Wipro Foundation

   India
India

 

6.

Segment information;

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

IT Services; The IT services segment primarily consists of IT Services offerings to customers organised 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 organised by industry sector, while Europe and APMEA are organised by countries.

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

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

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

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

The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by Ind AS 108, “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 meaningfu1 segregation of the avariable data is onerous.

Information on reportable segments for the three months ended March 31, 2025. December 31, 2024, and March 31, 2024, year ended March 31, 2025 and March ,31, 2024 are as follows:

 

6


     Three months ended     Year ended  

Particulars

   March 31,
2025
    December 31,
2024
    March 31,
2024
    March 31,
2025
    March 31,
2024
 
   Audited     Audited     Audited     Audited     Audited  

Segment revenue

          

IT Services

          

Americas 1

     73,721       72,010       67,229       281,824       268,230  

Americas 2

     68,582       68,120       67,724       271,972       269,482  

Europe

     58,552       59,282       61,344       240,077       253,927  

APMEA

     23,598       23,439       24,499       94,351       102,177  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     224,453       222,851       220,796       888,224       893,816  

IT Products

     813       747       1,159       2,692       4,127  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     225,266       223,598       221,955       890,916       897,943  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

          

IT Services

          

Americas 1

     16,195       14,966       14,081       58,186       59,364  

Americas 2

     15,513       15,275       15,791       61,326       59,163  

Europe

     8,140       7,600       7,933       29,434       33,354  

APMEA

     3,672       3,667       3,401       12,850       12,619  

Unallocated

     (4,250       (2,518       (5,011       (10,157     (20,304  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     39,270       38,990       36,195       151,639       144,196  

IT Products

     28       29       143       (173     (371

Reconciling Items

     (211     (53     (965     (195     (7,726
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     39,087       38,966       35,373       151,271       136,099  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Finance costs

     (3,767       (4,146       (3,308       (14,770     (12,552

Finance and other income

     11,819       9,708       6,759       38,202       23,896  

Share of net profit/ (loss) of associate and joint

     291       5       (202     254       (233

venture accounted for using equity method

          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     47,430       44,533       38,622       174,957       147,210  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notes:

 

a)

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

b)

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

c)

For the purpose of segment reporting, the Company has included the net impact of foreign exchange gains/(losses), net in revenues: amounting to ₹ 224, ₹ 410 and ₹ (128) for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024 respectively, ₹ 32 and ₹ 340 for the year ended March 31, 2025 and March 31, 2024 respectively, which is reported as a part of Other income in the consolidated financial results.

d)

Restructuring cost of ₹ Nil and ₹ 6,814 for the three months and year ended March 31, 2024, respectively, is included under Reconciling Items.

e)

Reconciling Items for the three months and year ended March 31, 2024 includes employee costs of ₹ 921 towards outgoing CEO and Managing Director.

f)

“Unallocated” within IT Services segment results is after recognition of the below:

 

Particulars

   Three months ended     Year ended  
   March 31,
2025
    December 31,
2024
     March 31,
2024
    March 31,
2025
    March 31,
2024
 

Amortisation and impairment expenses on intangible assets

     1,631       1,577        2,569       7,909       11,756  

Change in fair value of contingent consideration

     (2     —         (792     (169     (1,300

Segment results of IT Services segment for the three months and year ended March 31, 2024 are after considering additional amortisation due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination.

 

g)

Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,195, ₹ 1,712, and ₹ 1,293 for the three months ended March 31, 2025 December 31, 2024, and March 31, 2024, respectively, and ₹ 5,524 and ₹ 5,590 for the year ended March 31, 2025 and March 31, 2024 respectively.

h)

Segment results of IT Services segment are after recognition of gain/(loss) on sale of property, plant and equipment of ₹ (160), ₹ (77) and ₹ (102) for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and ₹ 606 and 2,072 for the year ended March 31, 2025 and March 31, 2024 respectively.

 

7

During the year ended March 31, 2025 and 2024, decline in 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 ₹ Nil, ₹ Nil and ₹ 808 for the three months ended March 31, 2025, December 31, 2024 and March 31,2024, ₹ 1,155 and ₹ 1,701 for the year ended March 31, 2025 and 2024, as part of amortization and impairment

 

7


8.

Buyback of equity shares

During the year ended March 31, 2024, 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 utilised from securities premium and retained earnings respectively. Further, capital redemption reserve of ₹ 539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹ 539.

Earnings per share for each of the three months ended June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024 will not add up to earnings per share for the year ended March 31, 2024, on account of buyback of equity shares.

 

9.

Issue of bonus shares

During the year ended March 31, 2025, the Company concluded bonus issue in the ratio of 1:1 i.e. l (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) was approved by the shareholders of the Company on November 21, 2024. Subsequently, on December 4, 2024, the Company allotted 5,232,094,402 equity shares (including ADS) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserves, share premium and retained earnings to the share capital.

Earnings per share for all prior periods have been proportionately adjusted for the bonus issue in the ratio of 1:1 i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders).

 

8


10.

Audited Consolidated Balance Sheet

 

     As at  
   March 31, 2025      March 31. 2024  

ASSETS

     

Non-current assets

     

Property, plant and equipment

     78,473        74,128  

Right-of-Use assets

     25,598        17,955  

Capital Work-in-progress

     1,964        7,234  

Goodwill

     320,346        311,449  

Other Intangible assets

     27,450        32,748  

Investments accounted for using the equity method

     1,327        1,044  

Financial assets

     

Investments

     26,458        21,629  

Derivative assets

     —         25  

Trade receivables

     299        4,045  

Other financial assets

     4,664        5,550  

Deferred tax assets (net)

     2,561        1,817  

Non-current tax assets (net)

     7,230        9,043  

Other non-current assets

     7,707        10,577  
  

 

 

    

 

 

 

Total non-current assets

     504,077        497,244  
  

 

 

    

 

 

 

Current assets

     

Inventories

     694        907  

Financial assets

     

Investments

     411,474        311,171  

Derivative assets

     1,820        1,333  

Trade receivables

     117,745        115,477  

Unbilled receivables

     64,280        58,345  

Cash and cash equivalents

     121,974        96,953  

Other financial assets

     8,448        10,536  

Current tax assets (net)

     6,417        6,484  

Contract assets

     15,795        19,854  

Other current assets

     29,128        29,602  
  

 

 

    

 

 

 

Total current assets

     777,775        650,662  
  

 

 

    

 

 

 

TOTAL ASSETS

     1,281,852        1,147,906  
  

 

 

    

 

 

 

EQUITY AND LIABILITIES

     

EQUITY

     

Equity share capital

     20,944        10,450  

Other equity

     802,697        734,880  
  

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

     823,641        745,330  

Non-controlling interests

     2,138        1,340  
  

 

 

    

 

 

 

TOTAL EQUITY

     825,779        746,670  
  

 

 

    

 

 

 

LIABILITIES

     

Non-current liabilities

     

Financial liabilities

     

Borrowings

     63,954        62,300  

Lease liabilities

     22,193        13,962  

Derivative liabilities

     —         4  

Other financial liabilities

     7,793        4,985  

Provisions

     4,656        4,219  

Deferred tax liabilities (net)

     16,443        17,467  

Non-current tax liabilities (net)

     42,024        37,090  

Other non-current liabilities

     12,757        8,751  
  

 

 

    

 

 

 

Total non-current liabilities

     169,820        148,778  
  

 

 

    

 

 

 

Current liabilities

     

Financial liabilities

     

Borrowings

     97,863        79,166  

Lease liabilities

     8,025        9,221  

Derivative liabilities

     968        558  

Trade payables

     58,667        57,655  

Other financial liabilities

     33,463        33,183  

Contract liabilities

     20,063        17,653  

Other current liabilities

     15,085        15,238  

Provisions

     17,638        18,028  

Current tax liabilities (net)

     34,481        21,756  
  

 

 

    

 

 

 

Total current liabilities

     286,253        252,458  
  

 

 

    

 

 

 

TOTAL LIABILITIES

     456,073        401,236  
  

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     1,281,852        1,147,906  
  

 

 

    

 

 

 

 

9


11.

Audited Consolidated Statement of Cash Flows

 

     Year ended March 31,  
     2025      2024  

Cash flows from operating activities

  

Profit for the year

     132,180        111,121  

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

  

Gain on sale of property, plant and equipment, net

     (606      (2,072

Depreciation, amortisation and impairment expense

     29,579        34,071  

Unrealised exchange (gain)/loss, net

     (623      655  

Share-based compensation expense

     5,551        5,584  

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

     (254      233  

Income tax expense

     42,777        36,089  

Finance and other income, net of finance costs

     (23,432      (11,344

Change in fair value of contingent consideration

     (169      (1,300

Lifetime expected credit loss

     324        640  

Other non-cash items

     —         488  

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

  

(Increase)/Decrease in trade receivables

     1,894        7,824  

(Increase)/Decrease in unbilled receivables and contract assets

     (1,331      5,919  

(Increase)/Decrease in Inventories

     213        287  

(Increase)/Decrease in other financial assets and other assets

     6,609        8,869  

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

     548        (435

Increase/(Decrease) in contract liabilities

     2,341        (5,053
  

 

 

    

 

 

 

Cash generated from operating activities before taxes

     195,601        191,576  

Income taxes paid, net

     (26,175      (15,360
  

 

 

    

 

 

 

Net cash generated from operating activities

     169,426        176,216  
  

 

 

    

 

 

 

Cash flows from investing activities:

  

Payment for purchase of property, plant and equipment

     (14,737      (10,510

Proceeds from disposal of property, plant and equipment

     1,822        4,022  

Payment for purchase of investments

     (801,582      (975,069

Proceeds from sale of investments

     706,520        978,598  

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

     (964      (5,291

Payment for investment in joint venture

     —         (484

Repayment of security deposit for property, plant and equipment

     (300      300  

Interest received

     26,212        20,111  

Dividend received

     2,299        3  
  

 

 

    

 

 

 

Net cash generated from/(used in) investing activities

     (80,730      11,680  
  

 

 

    

 

 

 

Cash flows from financing activities:

  

Proceeds from issuance of equity shares and shares pending allotment

     27        13  

Repayment of borrowings

     (177,672      (130,557

Proceeds from borrowings

     195,595        120,500  

Payment of lease liabilities

     (10,474      (10,060

Payment for contingent consideration

     —         (1,294

Interest and finance costs paid

     (8,689      (10,456

Payment of dividend

     (62,750      (5,218

Payment of dividend to Non-controlling interest holders

     —         (322

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

     —         (145,173
  

 

 

    

 

 

 

Net cash used in financing activities

     (63,963      (182,567
  

 

 

    

 

 

 

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

     24,733        5,329  

Effect of exchange rate changes on cash and cash equivalents

     290        (239

Cash and cash equivalents at the beginning of the year

     96,951        91,861  
  

 

 

    

 

 

 

Cash and cash equivalents at the end of the year

     121,974        96,951  
  

 

 

    

 

 

 

 

 

 

By order of the Board,      

For, Wipro Limited

 

        LOGO
Place: Bengaluru         Rishad A. Premji
Date: April 16, 2025         Chairman

 

10


LOGO      

Chartered Accountants

Prestige Trade Tower, Level 19
46, Palace Road, High Grounds
Bengaluru-560 001
Karnataka, India

 

Tel: +91 80 6188 6000

Fax: +91 80 6188 6011

INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF WIPRO LIMITED

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of WIPRO LIMITED (“the Company”) and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”) for the three months and year ended March 31, 2025 (“the Statement”/” Consolidated Financial Results”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement gives a true and fair view in conformity with the recognition and measurement principles laid down in the International Accounting Standard 34 “Interim Financial Reporting” (“lAS 34”) as issued by the International Accounting Standards Board (“IASB”) of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the three months and year ended March 31, 2025.

Basis for Opinion

We conducted our audit of the Consolidated Financial Results in accordance with the Standards on Auditing (“SAs”) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section below. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the Statement and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Results

This Statement, which is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance . The Statement has been compiled from the related audited interim condensed consolidated financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial Information of the Group in accordance with the recognition and measurement principles laid down in lAS 34 as issued by IASB.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Company, as aforesaid.

 

Regd. Office: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India.


LOGO  

 

Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of respective entities in the group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 

   

Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

   

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

 

   

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

 

   

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

 

   

Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

 

   

Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of entities included in the Consolidated Financial Results.


LOGO  

 

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W - 100018)

 

LOGO   

Anand Subramanian

Partner

(Membership No.110815)

UDIN:        

Bengaluru, April 16, 2025


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 MONTHS AND YEAR ENDED MARCH 31, 2025

UNDER IFRS (IASB)

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

 

          Three months ended     Year ended  
    

Particulars

   March 31,
2025
    December 31,
2024
    March 31,
2024
    March 31,
2025
    March 31,
2024
 
   Income           
  

a) Revenue from operations

     225,042       223,188       222,083       890,884       897,603  
  

b) Foreign exchange gains/( losses), net

     224       410       (128     32       340  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

I

   Total income      225,266       223,598       221,955       890,916       897,943  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Expenses           
  

a) Purchases of stock-in-trade

     810       459       825       2,967       3,832  
  

b) Changes in inventories of stock-in-trade

     31       318       156       195       278  
  

c) Employee benefits expense

     133,454       133,035       136,255       533,477       549,301  
  

d) Depreciation, amortization and impairment expense

     7,217       6,765       8,405       29,579       34,071  
  

e) Sub-contracting arid technical fees

     24,896       25,903       24,318       100,148       103,030  
  

f) Facility expenses

     4,113       3,884       3,727       16,067       14,556  
  

g) Travel

     3,158       3,164       3,349       14,095       15,102  
  

h) Communication

     899       871       956       3,842       4,878  
  

i) Legal and professional fees

     3,133       2,842       2,324       11,270       9,559  
  

j) Software license expense for internal use

     4,951       5,080       4,395       19,338       18,378  
  

k) Marketing arid brand building

     917       1,032       667       3,591       3,555  
  

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

     365       (608     367       324       640  
  

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

     160       77       102       (606     (2,072
  

n) Other expenses

     2,075       1,810       736       5,358       6,736  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

II

   Total expenses      186,179       184,632       186,582       739,645       761,844  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

III

   Finance expenses      3.767       4,146       3,308       14,770       12,552  

IV

   Finance and other income      11,819       9,708       6,759       38,202       23,896  

V

   Share of net profit/ (loss) of associate and joint venture accounted for using the equity method      291       5       (202     254       (233
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VI

   Profit before tax [I-II-III+IV+V]      47,430       44,533       38,622       174,957       147,210  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VII

   Tax expense      11,549       10,866       10,040       42,777       36,089  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VIII

   Profit for the period [VI-VII]      35,881       33,667       28,582       132,180       111,121  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Other comprehensive income (OCI)           
  

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

          
  

Remeasurements of the defined benefit plans, net

     124       1231     (177     274       82  
  

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

     (2,943     (367     (506     (3,476     (473
  

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

          
  

Foreign currency translation differences

     1,762       1,853       (844     7,331       4,219  
  

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

     (55     1       (2     (41     (158
  

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

     (94     269       271       (189     198  
  

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

     335       (171     15       146       128  
  

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

     810       (1,100     355       (745     1,655  
  

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

     352       37       261       963       1,516  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

IX

   Total other comprehensive income for the period, net of taxes      291       291       (627     4,263       7,127’  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

1


   Total comprehensive income for the period [VIII+IX]      36,172        33,958        27,955        136,443        118,248  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

X

   Profit for the period attributable to:               
   Equity holders of the Company      35,696        33,538        28,346        131,354        110,452  
   Non-controlling interests      185        129        236        826        669  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
        35,881        33,667        28,582        132,180        111,121  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Total comprehensive income for the period attributable to:               
   Equity holders of the Company      36,005        33,783        27,781        135,595        117,744  
   Non-controlling interests      167        175        174        848        504  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
        36,172        33,958        27,955        136,443        118,248  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

XI

   Paid up equity share capital (Par value ₹ 2 per share)      20,944        20,938        10,450        20,944        10,450  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

XII

   Reserves excluding revaluation reserves and Noncontrolling interests as per balance sheet               807,365        739,433  
              

 

 

    

 

 

 

XIII

   Earnings per share (EPS)               
  

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

(EPS for the three months ended periods are not annualized)

              
   Basic (in ₹)      3,41        3.21        2,71        12,56        10,44  
   Diluted (in ₹)      3,39        3,20        2,70        12,52        10,41  

 

1.

The Audited-consolidated financial results of the Company for the three months and year ended March 31, 2025, have been approved by the Board of Directors of the Company at its meeting held on April 16, 2025. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

2.

The above consolidated financial results have been prepared on the basis of the audited interim condensed consolidated financial statements for the year ended March 31, 2025 and the audited interim condensed consolidated financial statements for the nine months ended. December 31, 2024, which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued, by the International Accounting Standards Board (“IASB”). The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures up to the third quarter of the current financial year. All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.

3.

(Gain)/loss on sale of property, plant and equipment for the year ended March 31, 2025, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885), and for the year ended March 31, 2024 includes gain on sale of immovable properties of ₹ (2,357).

4

Other expenses are net of reversals of contingent consideration of ₹ 2, ₹ Nil. ₹ 792 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024. respectively, and ₹ 169 and ₹ 1,300 for the year ended March 31, 2025 and 2024, respectively. Other expenses are net of insurance claim received of ₹Nil for the three months ended March 31, 2025, December 31, 2024 and March 31,2024, respectively, and ₹ 1,805 and ₹ Nil for the year ended March 31, 2025 and 2024. respectively.

5.

List of subsidiaries, associate and joint venture as at March 31, 2025 arc provided in the table below:

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Attune Consulting India Private Limited       India
Capco Technologies Private Limited       India

Wipro Technology Product Services Private Limited

      India
Wipro Chengdu Limited       China
Wipro Holdings (UK) Limited       U.K.
Wipro HR Services India Private Limited       India
Wipro IT Services Bangladesh Limited       Bangladesh
Wipro IT Services UK Societas       U.K.
  Designit A/S     Denmark
    Designit Denmark A/S   Denmark
    Designit Germany GmbH   Germany
    Designit Oslo A/S   Norway

 

2


    Designit Spain Digital. S.L.U   Spain
    Designit T.L.V Ltd.   Israel
  Wipro Bahrain Limited Co. W.L.L     Bahrain
  Wipro Czech Republic IT Services s.r.o.     Czech Republic
  Wipro CRM Services (formerly known     Belgium
  as Wipro 4C NV)    
    Wipro 4C Consulting France SAS   France
    Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V)   Netherlands
    Wipro CRM Services ApS   Denmark
    Wipro CRM Services UK Limited   U.K.
  Grove Holdings 2 S.á.r.l     Luxembourg
    Capco Solution Services GmbH   Germany
    The Capital Markets Company Italy Srl   Italy
    Capco Brasil Services E Consultoria Ltda   Brazil
    The Capital Markets Company BV (1)   Belgium
    Capco Consulting Middle East FZE (4)   UAE
  PT. WT Indonesia     Indonesia
  Rainbow Software LLC     Iraq
  Wipro Arabia Limited (2)     Saudi Arabia
    Women’s Business Park Technologies Limited(2)   Saudi Arabia
  Wipro Doha LLC     Qatar
  Wipro Financial Outsourcing Services Limited     U.K.
    Wipro UK Limited   U.K.
  Wipro Gulf LLC     Sultanate of Oman
  Wipro Holdings Hungary Korlátolt Felelôsségû Társaság     Hungary
 

Wipro Information Technology

Netherlands BV.

    Netherlands
    Wipro do Brasil Technologia Ltda (1)   Brazil
    Wipro Information Technology Kazakhstan LLP   Kazakhstan
    Wipro Outsourcing Services (Ireland) Limited   Ireland
    Wipro Portugal S.A. (1)   Portugal
    Wipro Solutions Canada Limited   Canada
    Wipro Technologies Limited   Russia
    Wipro Technologies Peru SAC   Peru
    Wipro Technologies W.T. Sociedad Anonima   Costa Rica
    Wipro Technology Chile SPA   Chile
    Applied Value Technologies B.V. (5)   Netherlands
  Wipro IT Service Ukraine, LLC     Ukraine
  Wipro IT Services Poland SP Z.O.O     Poland
  Wipro IT Services S.R.L.     Romania
  Wipro Regional Headquarter     Saudi Arabia
  Wipro Technologies Australia Pty Ltd     Australia
    Wipro Ampion Holdings Pty Ltd (1)   Australia
  Wipro Technologies SA     Argentina
  Wipro Technologies SA DE CV     Mexico
  Wipro Technologies South Africa (Proprietary) Limited     South Africa
    Wipro Technologies Nigeria Limited   Nigeria
  Wipro Technologies SRL     Romania
  Wipro (Thailand) Co. Limited     Thailand
Wipro Japan KK       Japan

Wipro Networks Pte Limited

      Singapore
  Wipro (Dalian) Limited     China
  Wipro Technologies SDN BHD     Malaysia
  Applied Value Technologies Pte Limited (6)     Singapore

Wipro Overseas IT Services Private Limited

      India

 

3


Wipro Philippines, Inc.       Philippines
Wipro Shanghai Limited       China
Wipro Trademarks Holding Limited       India
Wipro Travel Services Limited       India

Wipro VLSI Design Services India Private Limited

      India
Wipro, LLC       USA
  Wipro Gallagher Solutions, LLC     USA
  Wipro Insurance Solutions, LLC     USA
  Wipro IT Services, LLC     USA
    Aggne Global Inc. (3)   USA
    Cardinal US Holdings, Inc. (1)   USA
    Edgile, LLC   USA
    HealthPlan Services, Inc. (1)   USA
    Infocrossing, LLC   USA
    International TechneGroup Incorporated (1)   USA
    Wipro NextGen Enterprise Inc. (1)   USA
    Rizing Intermediate Holdings, Inc. (1)   USA
    Wipro Appirio, Inc. (1)   USA
    Wipro Designit Services, Inc. (1)   USA
    Wipro Telecom Consulting LLC   USA
    Wipro VLSI Design Services, LLC   USA
    Applied Value Technologies, Inc. (7)   USA
Aggne Global IT Services Private Limited (3)       India
Wipro, Inc. (8)   Wipro Life Science Solutions, LLC (9)    

USA

USA

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’. ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India. All the above direct subsidiaries are 100% held by the Company except as: mentioned in footnote (2) and (3) below.

 

(2) 

Wipro IT Services UK Societas holds 66.67% of the equity securities of Wipro Arabia Limited. Wipro Arabia Limited has acquired 45% of the equity securities of Women’s Business Park Technologies Limited on March 24, 2025 in addition to 55% of the equity securities held.

(3) 

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

(4) 

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

(5) 

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

(6)

Wipro Networks Pte Limited has acquired 100% of the equity securities of Applied Value Technologies Pte Limited

(7) 

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

(8) 

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

(9) 

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

(1) 

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of
Incorporation

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

 

4


HealthPlan Services, Inc.       USA
  HealthPlan Services Insurance Agency, LLC     USA
International TechneGroup Incorporated       USA
  International TechneGroup Ltd.     U.K.
  ITI Proficiency Ltd     Israel
  MechWorks S.R.L.     Italy
Wipro NextGen Enterprise Inc.       USA
  LeanSwift AB     Sweden
Rizing Intermediate Holdings, Inc.       USA
  Rizing Lanka (Private) Ltd     Sri Lanka
    Attune Netherlands B.V.(11)   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 Consulting USA, lnc.(10)   USA
    Rizing Pte Ltd. (11)   Singapore
The Capital Markets Company BV       Belgium
  CapAfric Consulting (Pty) Ltd     South Africa
  Capco Belgium BV     Belgium
  Capco Consultancy (Malaysia) Sdn. Bhd     Malaysia
  Capco Consultancy (Thailand) Ltd     Thailand
  Capco Consulting Singapore Pte. Ltd     Singapore
  Capco Greece Single Member P.C     Greece
  Capco Poland sp. z.o.o     Poland
  The Capital Markets Company (UK) Ltd     U.K.
  The Capital Markets Company GmbH     Germany
    Capco Austria GmbH   Austria
  The Capital Markets Company Limited     Hong Kong
  The Capital Markets Company Limited     Canada
  The Capital Markets Company S.á.r.1     Switzerland
    Andrion AG   Switzerland
  The Capital Markets Company S.A.S     France
  The Capital Markets Company s.r.o     Slovakia
Wipro Ampion Holdings Pty Ltd       Australia
  Wipro Revolution IT Pty Ltd     Australia
  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 Services Ltda     Brazil
 

Wipro Do Brasil Sistemas De

Informatica Ltda

    Brazil
Wipro Portugal S.A.       Portugal
  Wipro Technologies GmbH     Germany
    Wipro Business Solutions GmbH(11)   Germany
    Wipro IT Services Austria GmbH   Austria

 

(10) 

Attune Netherlands B,V transferred its entire shareholding in Rizing Consulting USA. Inc. to Rizing LLC. effective March 31, 2025.

 

5


(11) 

Step Subsidiary details of Attune Netherlands BV., Rizing Pte Ltd,, Wipro Business Solutions GmbH are as follows;

 

Subsidiaries

 

Subsidiaries

 

Subsidiaries

 

Country of
Incorporation

Attune Netherlands B ,V.  

Rizing Germany GmbH

Attune Italia S.R.L

Attune UK Ltd.

   

Netherlands Germany

Italy

U.K.

Rizing Pte Ltd.  

Rizing New Zealand Ltd.

Rizing Philippines Inc.

Rizing SDN BHD

Rizing Solutions Pty Ltd

   

Singapore

New Zealand

Philippines

Malaysia

Australia

Wipro Business Solutions GmbH   Wipro Technology Solutions S.R.L    

Germany

Romania

As at March’ 31,2025, the Company held 43.7% interest in Drivestream inc. and 27% interest in SDVerseLLC. accounted for using the equity method.

The list of controlled trusts are;

 

Name of the entity

   Country of incorporation

Wipro Equity Re ward Trust

   India

Wipro Foundation

   India

 

6.

Segment Information

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

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

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

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, hut 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 IFRS8,“Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.

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

 

6


Information on reportable segments for the three months ended March 31, 2025, December 31, 2024, March 31, 2024, and year ended March 31, 2025 and March 31, 2024 are as follows;

 

     Three months ended     Year ended  

Particulars

   March 31,
2025
    December 31,
2024
    March 31,
2024
    March 31,
2025
    March 31,
2024
 
   Audited     Audited     Audited     Audited     Audited  

Segment revenue

          

IT Services

          

Americas 1

     73,721       72,010       67,229       281,824       268,230  

Americas 2

     68,582       68,120       67,724       271,972       269,482  

Europe

     58,552       59,282       61,344       240,077       253,927  

APMEA

     23,598       23,439       24,499       94,351       102,177  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     224,453       222,851       220,796       888,224       893,816  

IT Products

     813       747       1,159       2,692       4,127  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     225,266       223,598       221,955       890,916       897,943  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

          

IT Services

          

Americas 1

     16,195       14,966       14,081       58,186       59,364  

Americas 2

     15,513       15,275       15,791       61,326       59,163  

Europe

     8,140       7,600       7,933       29,434       33,354  

APMEA

     3,672       3,667       3,401       12,850       12,619  

Unallocated

     (4,250     (2,518     (5,011     (16,157     (20,304
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     39,270       38,990       36,195       151,639       144,196  

IT Products

     28       29       143       (173     (371

Reconciling Items

     (211     (53     (965     (195     (7,726
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     39,087       38,966       35,373       151,271       136,099  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Finance expenses

     (3,767     (4,146     (3,308     (14,770     (12,552

Finance and other income

     11,819       9,708       6,759       38,202       23,896  

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

     291       5       (202     254       (233
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     47,430       44,533       38,622       174,957       147,210  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Notes:

 

a)

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

b)

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

c)

For the purpose of segment reporting, the Company has included the net impact of foreign exchange gains/losses), net in revenues amounting to ₹ 224, ₹ 410, and ₹ (128) for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 respectively, ₹ 32 and 340 for the year ended March 31, 2025 and March 31, 2024, respectively. Which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

d)

Restructuring cost of Nil and ₹ 6,814 for the three months and year ended March 31, 2024, respectively, is included under Reconciling Items.

e)

Reconciling Items for the three months and year ended March 31, 2024 includes employee costs of ₹ 921 towards outgoing CEO and Managing Director.

f)

“Unallocated” within IT Services segment results is after recognition of the below:

 

     Three months ended     Year ended  
     March 31,
2025
    December 30,
2024
     March 31,
2024
    March 31,
2025
    March 31,
2024
 

Amortization and impairment expenses on Intangible assets

     1,631       1,577        2,569       7,909       11,756  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Change in fair value of contingent consideration

     (2     —         (792     (169     (1,300
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Segment results of IT Services segment for the three months and year ended March 31, 2024 are after considering additional unionization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination.

 

g)

Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,195,₹ 1,712 and: ₹ 1,293 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively and ₹ 5,542 and ₹ 5,590 for the year ended March 31, 2025 arid March 31, 2024 respectively,

h)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ 160, ₹ 77 and ₹ 102 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024. respectively, and ₹ (606) and ₹ (2,072) for the year ended March 31, 2025 and March 31, 2024 respectively.

 

7


7.

During the year ended March 31, 2025 and 2024, decline in 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 ₹ Nil, ₹ Nil and ₹ 808 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, ₹ 1,15 5 and ₹ 1,7 01 for the year ended March 31, 2025 and 2024, as part of amortization and impairment.

 

8.

Buyback of equity shares

During the year ended March 31, 2024, 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 arid transaction costs related to buy back of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings, Consequent to such buyback, the paid-up equity share-capital has reduced by ₹ 539.

Earnings per share for each of the three months ended June 30.2023, September 30, 2023, December 31, 2023 and March 31, 2024 will not-add up to earnings per share for the year ended March 31, 2024, on account of buyback of equity shares.

 

9.

Issue of bonus shares

During the year ended March 31, 2025, the Company concluded bonus issue in the ratio of 1:1 i.e 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity’ shares held (including ADS holders) was approved by the shareholders of the Company oh November 21, 2024. Subsequently, on December 4,2024, the Company allotted 5,232,094,402 equity shares (including ADS’) to shareholders who held equity shares as on the record date of December 3, 2024. The Company also allotted 1:1 bonus equity share on 1,274,805 equity shares (including ADS) under allotment as on the record date. Consequently, ₹ 10,467 (representing par value of ₹ 2 per share) was transferred from capital redemption reserves, share premium and retained earnings to the share capital.

Earnings per share for all prior periods have been proportionately adjusted for the bonus issue in the ratio of 1:1 i.e. I (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders).

 

10.

Consolidated Balance Sheet:

 

     As at March 31, 2024      As at March 31, 2025  

ASSETS

     

Goodwill

     316,002        325,014  

Intangible assets

     32,748        27,450  

Property, plant and equipment

     81,608        80,684  

Right-of-Use assets

     17,955        25,598  

Financial assets

     

Derivative assets

     25        ^  

Investments

     21,629        26,458  

Trade receivables

     4,045        299  

Other financial assets

     5,550        4,664  

Investments accounted for using the equity method

     1,044        1,327  

Deterred tax assets

     1,817        2,561  

Non-current tax assets

     9,043        7,230  

Other non-current assets

     10,331        7,460  
  

 

 

    

 

 

 

Total non-current Assets

     501,797        508,745  
  

 

 

    

 

 

 

Inventories

     907        694  

Financial assets

     

Derivative assets

     1,333        1,820  

Investments

     311,171        411,474  

Cash and cash equivalents

     96,953        121,974  

Trade receivables

     115,477        117,745  

Unbilled receivables

     58,345        64,280  

Other financial assets

     10,536        8,448  

Contract assets

     19,854        15,795  

Current tax assets

     6,484        6,417  

Other current assets

     29,602        29,128  
  

 

 

    

 

 

 

Total current assets

     650,662        777,775  
  

 

 

    

 

 

 

TOTAL ASSETS

     1,152,459        1,286,520  
  

 

 

    

 

 

 

 

8


EQUITY

     

Share capital

     10,450        20,944  

Share premium

     3,291        2,628  

Retained earnings

     630,936        716,477  

Share-based payment reserve

     6,384        6,985  

Special Economic Zone Re-investment reserve

     42,129        27,778  

Other components of equity

     56,693        53,497  
  

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

     749,883        828,309  

Non-controlling interests

     1,340        2,138  
  

 

 

    

 

 

 

TOTAL EQUITY

     751,223        830,447  
  

 

 

    

 

 

 

LIABILITIES

     

Financial liabilities

     

Loans arid borrowings

     62,300        63,954  

Lease liabilities

     13,962        22,193  

Derivative liabilities

     4        —   

Other financial liabilities

     4,985        7,793  

Deferred tax liabilities

     17,467        16,443  

Non-current tax liabilities

     37,090        42,024  

Other non-current liabilities

     12,970        17,119  

Provisions

     —         294  
  

 

 

    

 

 

 

Total non-current liabilities

     148,778        169,820  
  

 

 

    

 

 

 

Financial liabilities

     

Loans, borrowings and bank overdrafts

     79,166        97,863  

Lease liabilities

     9,221        8,025  

Derivative liabilities

     558        968  

Trade payables and accrued expenses

     88,566        88,252  

Other financial liabilities

     2,272        3,878  

Contract liabilities

     17,653        20,063  

Current tax liabilities

     21,756        34,481  

Other current liabilities

     31,295        31,086  

Provisions

     1,971        1,637  
  

 

 

    

 

 

 

Total current liabilities

     252,458        286,253  
  

 

 

    

 

 

 

TOTAL LIABILITIES

     401,236        456,073  
  

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     1,152,459        1,286,520  
  

 

 

    

 

 

 

 

Value is less than 0.5

 

11.

Consolidated statement of cash flows:

 

     Year ended March 31,  
     2024      2025  

Cash flows from operating activities

     

Profit for the year

     111,121        132,180  

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

     

Gain on sale of property, plant and equipment, net

     (2,072      (606

Depreciation, amortization and impairment expense

     34,071        29,579  

Unrealized exchange (gain )/loss, net

     655        (623

Share-based compensation expense

     5,584        5,551  

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

     233        (254

Income tax expense

     36,089        42,777  

Finance and other income, net of finance expenses

     (11,344      (23,432

Change in fair value of contingent consideration.

     (1,300      (169

Lifetime expected credit loss:

     640        324  

Other non-cash items

     488        —   

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

     

(Increase)/Decrease in trade receivables

     7,824        1,894  

(Increase))/Decrease in unbilled receivables and contract assets

     5,919        (1,331

(Increase)/Decrease in Inventories

     287        213  

(Increase)/(Decrease in other financial assets and other assets

     8,869        6,609  

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

     (435      548  

Increase/(Decrease) in contract liabilities

     (5,053      2,341  
  

 

 

    

 

 

 

Cash generated from operating activities before taxes

     191,576        195,601  

 

9


Income taxes paid, net

     (15,360      (26,175
  

 

 

    

 

 

 

Net cash generated from operating activities

     176,216        169,426  
  

 

 

    

 

 

 

Cash flows from investing activities:

     

Payment for purchase of property, plant and equipment

     (10,510      (14,737

Proceeds from disposal of property, plant and equipment

     4,022        1,822  

Payment for purchase of investments

     (975,069      (801,582

Proceeds from sale of investments

     978,598        706,520  

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

     (5,291      (964

Payment for investment in joint venture

     (484      —   

Repayment of security’ deposit for property, plant and equipment

     300        (300

Interest received

     20,111        26,212  

Dividend received

     3        2,299  
  

 

 

    

 

 

 

Net cash generated from/(used in) investing activities

     11,680        (80,730
  

 

 

    

 

 

 

Cash flows from financing activities:

     

Proceeds from issuance of equity shares and shares pending allotment

     13        27  

Repayment of loans and borrowings

     (130,557      (177,672

Proceeds from loans and borrowings

     120,500        195,595  

Payment of lease liabilities

     (10,060      (10,474

Payment for contingent consideration

     (1,294      —   

Interest and finance expenses paid

     (10,456      (8,689

Payment of dividend

     (5,218      (62,750

Payment of dividend to Non-controlling interest holders

     (322      —   

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

     (145,173      —   
  

 

 

    

 

 

 

Net cash used in financing activities

     (182,567      (63,963
  

 

 

    

 

 

 

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

     5,329        24,733  

Effect of exchange rate changes on cash and cash equivalents

     (239      290  

Cash and cash equivalents at the beginning of the year

     91,861        96,951  
  

 

 

    

 

 

 

Cash and cash equivalents at the end of the year

     96,951        121,974  
  

 

 

    

 

 

 

 

 
By order of the Board,   

for, Wipro Limited

 

   LOGO

Place: Bengaluru

Date: April 16, 2025

  

Rishad A. Premji

Chairman

 

10