UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

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

under the Securities Exchange Act of 1934

For the month of October 2024

Commission File Number 001-16139

 

 

Wipro Limited

(Exact name of Registrant as specified in its charter)

 

 

Not Applicable

(Translation of Registrant’s name into English)

Karnataka, India

(Jurisdiction of incorporation or organization)

Doddakannelli

Sarjapur Road

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

(Address of principal executive offices)

 

 

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

Form 20-F ☒  Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ☐  No ☒

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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ☐  No ☒

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

 

 

 

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 October 16-17, 2024. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On October 17, 2024, 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 a recommendation to the shareholders for their approval, through postal ballot, of an issue of bonus equity shares in the proportion of 1:1, i.e., one bonus equity share of Rs. 2 each for every one fully paid-up equity share held and a bonus issue (stock dividend on American Depositary Share (“ADS”)) of one ADS for every one ADS held, subject to approval of the Members of the Company. The record date for which eligible shareholders (including ADS holders) will be determined will be communicated at a later date. The Company also informed the Exchanges that the Board approved the financial results of the Company for the quarter and half year ended September 30, 2024. 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: October 18, 2024

INDEX TO EXHIBITS

 

Item     
99.1    Letter to the Exchanges dated October 17, 2024.

Exhibit 99.1

 

LOGO

October 17, 2024

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 (“Company”), have at their meeting held over October 16-17, 2024, considered and approved the following:

1. Financial results of the Company for the quarter and half year ended September 30, 2024, as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We are enclosing Audited Standalone and Consolidated financial results under IndAS and Audited Consolidated financial results under IFRS for the quarter and half year ended September 30, 2024, 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.

2. Recommended to the shareholders for their approval, through postal ballot, issue of bonus equity shares in the proportion of 1:1, i.e., 1 (One) bonus equity share of ₹ 2/- each for every 1 (One) fully paid-up equity share held and a bonus issue [stock dividend on American Depositary Share (ADS)] of 1 (One) ADS for every 1 (One) ADS held, as on the record date, subject to approval of the Members of the Company. The record date for reckoning eligible shareholders (including ADS holders) entitled to receive bonus shares will be communicated later.

The Board Meeting commenced on October 16, 2024 at 4:45 PM, and finally concluded on October 17, 2024 at 3:30 PM.

Thanking You,

 

For Wipro Limited    LOGO   

 

LOGO

M Sanaulla Khan

Company Secretary

 

ENCL: As Above

   

 

LOGO

Annexure

Details required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

 

SI.
No.

   

Particulars

   

Details

a)

    Whether bonus is out of free reserves created out of profits or share premium account    The bonus equity shares will be issued out of free reserves and/or the securities premium account and/or the capital redemption reserve account of the Company available as at September 30, 2024.

b)

    Bonus ratio    1:1 i.e., 1 (One) bonus equity share of ₹ 2/- each for every 1 (One) fully paid-up equity share held (including ADS holders) to the eligible equity shareholders of the Company as on record date.

c)

    Details of share capital - pre and post bonus issue   

Pre-bonus issue paid-up equity share capital as on date of this letter:

 

₹ 10,462,971,564/- consisting of 5,231,485,782 equity shares of ₹ 2/- each

 

Post-bonus issue paid-up equity share capital expected to be around

₹ 20,925,943,128 consisting of 10,462,971,564 equity shares of ₹ 2/- each

 

The actual number of bonus equity shares to be issued will be determined based on the fully paid-up equity share capital as on the record date.

d)

    Free reserves and / or share premium required for implementing the bonus issue   

₹ 10,462,971,564/-

 

The actual paid-up share capital will be determined based on the paid-up share capital as on the record date.

e)

    Free reserves and / or share premium available for capitalization and the date as on which such balance is available    Aggregate amount of ₹ 568,080 Mn as at September 30, 2024 consisting of free reserves, securities premium account and capital redemption reserve account.

f)

    Whether the aforesaid figures are audited    Yes

g)

    Estimated date by which such bonus shares would be credited/dispatched    Within 2 months from the date of Board approval i.e., December 15, 2024

The process, timelines and other requisite details with regard to the postal ballot will be communicated in due course.

 

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 and six months ended September 30, 2024 (“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 Listing 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 Listing 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 total comprehensive income and other financial information of the Company for the three and six months ended September 30, 2024.

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 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 and six months ended September 30, 2024. 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

 

LOGO

Regd. Office: One International Center, Tower 3, 32nd 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    

 

with Regulation 33 of the Listing Regulations. 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 are 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 are 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 Listing Regulations.

 

LOGO

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 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, October 17, 2024

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 AND SIX MONTHS

ENDED SEPTEMBER 30, 2024 UNDER Ind AS

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

 

         Three months ended     Six months ended     Year ended  
   

Particulars

    September 30,
2024		     June 30,
2024		     September 30,
2023		     September 30,
2024		     September 30,
2023		     March 31,
2024		  
 

Income

             
I  

Revenue from operations

      168,958       164,813       166,807       333,771       338,835       667,924  
II  

other income

      10,46 1       6,655       6,844       17,116       14,201       30,458  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
III  

Total Income (I+II)

      179,419       171,468       173,651       350,887       353,036       698,382  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
IV  

Expenses

             
 

a) Purchases of stock-in-trade

      675       554       749       1,229       1,669       2,642  
 

b) Changes in inventories of stock-in-trade

      (101 )      (39 )      146       (140 )      13       179  
 

c) Employee benefits expense

      95,036       91,998       96,427       187,034       193,783       382,895  
 

d) Finance costs

      2,408       2,109       2,059       4,517       4,108       8,197  
 

e) Depreciation, amortisation and impairment expense

      3,595       3,663       3,708       7,258       7,475       14,918  
 

f) Sub-contracting and technical fees

      28,338       27,464       28,258       55,802       56,675       113,898  
 

g) Facility expenses

      2,883       3,038       2,648       5,921       5,023       10,340  
 

h) Travel

      3,062       3, 190       3,266       6,252       6,598       12,021  
 

i) Communication

      620       509       770       1,129       1,492       2,707  
 

j) Legal and professional charges

      1,818       1,240       1,558       3,058       2,914       5,612  
 

k) Software license expense for internal use

      3,922       3,764       3,694       7,686       7,425       14,880  
 

l) Marketing and brand building

      7 10       661       721       1,371       1,536       2,935  
 

m) Other expenses

      (628 )      508       1,166       (120 )      1,633       2,983  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Total Expenses (IV)

      142,338       138,659       145,170       280,997       290,344       574,207  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
V  

Profit before tax (III-IV)

      37,081       32,809       28,481       69,890       62,692       124,175  
VI  

Tax expense

             
 

a) Current tax

      9,273       9,279       7,791       18,552       16,202       31,485  
 

b) Deferred tax

      673       (216 )      77       457       (1 )      1,504  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Total tax expense (VI)

      9,946       9,063       7,868       19,009       16,201       32,989  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VII  

Profit for the period (V-VI)

      27,135       23,746       20,613       50,881       46,491       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

      402       241       79       643       204       602  
 

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

      10       (2 )      2       8       14       36  
 

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

      (100 )      (63 )      (21 )      (163 )      (52 )      (148 ) 
 

Items that will be reclassified to profit or loss:

             
 

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

      (495 )      12       281       (483 )      331       258  
 

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

      (138 )      115       (408 )      (23 )      260       162  
 

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

      (736 )      296       (75 )      (440 )      1,736       1,866  
 

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

      452       221       330       673       1,530       1,749  
 

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

      289       (158 )      13       131       (692 )      (715 ) 

 

1

  Total other comprehensive income for the period, net of taxes      (316 )      662        201        346        3,331        3,810  
    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
IX   Total comprehensive income for the period (VII+VIII)      26,819       24,408        20,814        51,227        49,822        94,996  
    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
X   Paid up equity share capital (Par value ₹2 per share)      10,463       10,460        10,444        10,463        10,444        10,450  
XI   Reserve excluding revaluation reserves as per balance sheet                    567,369  
XII   Earnings per equity share                 
  (Equity shares of par value ₹2/- each)                 
  (EPS for the three and six months ended periods are not annualised)                 
  Basic (in ₹)      5.19       4.54        3.94        9.73        8.68        17.24  
  Diluted (in ₹)      5.18       4.53        3.93        9.71        8.66        17.19  

 

1.

The audited standalone financial results for the three and six months ended September 30, 2024 have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit report with unmodified opinion on the standalone financial results for the three and six months ended September 30, 2024.

 

2.

The above audited standalone financial results have been prepared on the basis of the audited interim condensed standalone financial statements, which are prepared in accordance with Indian Accounting Standards (“lnd 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. 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 three and six months ended September 30, 2024 and 2023, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ 885 and gain on sale of immovable properties of ₹ 2,368, respectively.

 

5.

Other expenses are net of insurance claim received of ₹ 1,805 during the three and six months ended September 30, 2024.

 

6.

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

 

7.

Buyback of equity shares

During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been 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.

 

2

8.

Balance Sheet:

 

     As at September 30, 2024      As at March 31, 2024  

ASSETS

      

Non-current assets

      

Property, plant and equipment

      62,075        66,563  

Right-of-Use assets

      10,575        6,415  

Capital work-in-progress

      7,294        6,697  

Goodwill

      4,604        4,604  

Other intangible assets

      867        1,013  

Financial assets

      

Investments

      216,787        206,806  

Other financial assets

      3,341        3,342  

Deferred tax assets (net)

      286        251  

Non-current tax assets (net)

      6,629        8,313  

Other non-current assets

      4,252        6,844  
  

 

 

     

 

 

  

Total non-current assets

      316,710        310,848  
  

 

 

     

 

 

  

Current assets

      

Inventories

      861        729  

Financial assets

      

Investments

      396,337        301,437  

Derivative assets

      373        1,105  

Trade receivables

      81,236        85,153  

Unbilled receivables

      37,264        31,331  

Cash and cash equivalents

      41,751        37,906  

Other financial assets

      6,183        7,790  

Current tax assets (net)

      4,558        4,875  

Contract assets

      11,499        12,941  

Other current assets

      24,359        22,371  
  

 

 

     

 

 

  

Total current assets

      604,421        505,638  
  

 

 

     

 

 

  

TOTAL ASSETS

      921,131        816,486  
  

 

 

     

 

 

  

EQUITY AND LIABILITIES

      

EQUITY

      

Equity share capital

      10,463        10,450  

Other equity

      621,236        567,369  
  

 

 

     

 

 

  

TOTAL EQUlTY

      631,699        577,819  
  

 

 

     

 

 

  

LIABILITIES

      

Non-current liabilities

      

Financial liabilities

      

Lease liabilities

      9,845        5,651  

Derivative liabilities

      1        —   

Other financial liabilities

      1,020        —   

Provisions

      1,235        1,161  

Deferred tax liabilities (net)

      5,014        4,488  

Non-current tax liabilities (net)

      37,171        34,191  

Other non-current liabilities

      10,483        8,722  
  

 

 

     

 

 

  

Total non-current liabilities

      64,769        54,213  
  

 

 

     

 

 

  

Current liabilities

      

Financial liabilities

      

Borrowings

      65,250        41,750  

Lease liabilities

      3,631        3,594  

Derivative liabilities

      1,044        532  

Trade payables

      

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

      1,414        1,560  

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

      64,067        56,834  

Other financial liabilities

      23,006        22,403  

Contract liabilities

      14,425        14,265  

Other current liabilities

      8,974        10,220  

Provisions

      14,777        13,307  

Current tax liabilities (net)

      28,075        19,989  
  

 

 

     

 

 

  

Total current liabilities

      224,663        184,454  
  

 

 

     

 

 

  

TOTAL LIABILITIES

      289,432        238,667  
  

 

 

     

 

 

  

TOTAL EQITY AND LIABILITIES

      921,131        816,486  
  

 

 

     

 

 

  

 

3

9.

Statement of Cash Flows:

 

       For the six months ended September 30,    
     2024     2023  

Cash flows from operating activities

     

Profit for the period

      50,881       46,491  

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

     

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

      (820 )      (2,253 ) 

Depreciation, amortisation and impairment expense

      7,258       7,475  

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

      (248 )      1,052  

Share-based compensation expense

      2,206       2,526  

Income tax expense

      19,009       16,201  

Lifetime expected credit loss

      427       269  

Finance and other income, net of finance costs

      (11,232 )      (7,781 ) 

Changes in operating assets and liabilities

     

(lncrease)/Decrease in trade receivables

      3,490       15,716  

(lncrease)/Decrease in unbilled receivables and contract assets

      (4,491 )      (4,352 ) 

(Increase)/Decrease in inventories

      (132 )      15  

(Increase)/Decrease in other assets

      1,296       6,205  

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

      9,228       (5,699 ) 

Increase/(Decrease) in contract liabilities

      160       (3,798 ) 
  

 

 

    

 

 

  

Cash generated from operating activities before taxes

      77,032       72,067  
  

 

 

    

 

 

  

Income taxes paid, net

      (5,485 )      (8,207 ) 
  

 

 

    

 

 

  

Net cash generated from operating activities

      71,547       63,860  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Payment for purchase of property, plant and equipment

      (2,587 )      (2,968 ) 

Proceeds from disposal of property, plant and equipment

      1,444       3,738  

Payment for purchase of investments

      (412,901 )      (454,457 ) 

Proceeds from sale of investments

      314,105       522,074  

Repayment of security deposit for property, plant and equipment

      (300 )      —   

Interest received

      12,870       11,143  

Dividend received

      874       705  
  

 

 

    

 

 

  

Net cash generated from/(used in) investing activities

      (86,495 )      80,235  
  

 

 

    

 

 

  

Cash flows from financing activities

     

Proceeds from issuance of equity shares and shares pending allotment

      13       7  

Repayment of borrowings

      (65,500 )      (43,750 ) 

Proceeds from borrowings

      89,000       48,750  

Payment of lease liabilities

      (2,354 )      (2,473 ) 

Interest and finance costs paid

      (2,406 )      (2,927 ) 

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

      —        (145,173 ) 
  

 

 

    

 

 

  

Net cash generated from/(used in) financing activities

      18,753       (145,566 ) 
  

 

 

    

 

 

  

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

      3,805       (1,471 ) 

Effect of exchange rate changes on cash and cash equivalents

      40       (101 ) 

Cash and cash equivalents at the beginning of the period

      37,906       45,270  
  

 

 

    

 

 

  

Cash and cash equivalents at the end of the period

      41,751       43,698  
  

 

 

    

 

 

  

 

 

 

10.

Events after the reporting period

The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ₹ 2 per share. On completion of bonus issue. the Earnings Per Share for all periods presented will be adjusted retrospectively.

 

 

 

By order of the Board,    For, Wipro Limited
   LOGO

Place: Bengaluru

Date: October 17, 2024

   

Rishad A. Premji

Chairman

 

4

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 and six months ended September 30, 2024 (“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 Listing Regulations”).

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

 

a.

includes the results of the entities as listed in note 4 to the Statement;

 

b.

is presented in accordance with the requirements of Regulation 33 of the Listing 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 total comprehensive income and other financial information of the Group for the three and six months ended September 30, 2024.

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 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,

 

LOGO

 

 

 

Regd. Office: One International Center, Tower 3, 32nd 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    

 

read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

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 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 Listing Regulations.

 

LOGO

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 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, October 17, 2024

WIPRO LIMITED

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

Bengaluru - 560035, India

Website: www.wipro.com ; Email id – info@wipro.com ; Tel: +9 1-80-2844 0011 ; Fax: +91-80-2844 0054

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED

SEPTEMBER 30, 2024 UNDER IND AS

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

 

          Three months ended     Six months ended     Year ended  
    

Particulars

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

I

    Revenue from operations      223,016       219,638       225,159       442,654       453,469       897,603  

II

    Other income      9,619       7,297       7,398       16,916       13,800       26,308  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

III

    Total Income (I+II)      232,635       226,935       232,557       459,570       467,269       923,911  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

IV

    Expenses             
  

a) Purchases of stock-in-trade

      1,034       664       576       1,698       1,554       3,832  
  

b) Changes in inventories of stock-in-trade

      (152 )      (2 )      920       (154 )      738       278  
  

c) Employee benefits expense

      134,695       132,293       138,536       266,988       278,812       549,301  
  

d) Finance costs

      3,569       3,288       3,033       6,857       6,119       12,552  
  

e) Depreciation, amortisation and impairment expense

      8,308       7,289       8,970       15,597       16,350       34,071  
  

f) Sub-contracting and technical fees

      24,582       24,767       26,547       49,349       52,932       103,030  
  

g) Facility expenses

      3,937       4,133       3,815       8,070       7,267       14,556  
  

h) Travel

      3,836       3,937       4,049       7,773       8,224       15,102  
  

i) Communication

      1,079       993       1,360       2,072       2,609       4,878  
  

j) Legal and professional charges

      3,013       2,282       2,507       5,295       4,758       9,559  
  

k) Software license expense for internal use

      4,702       4,605       4,701       9,307       9,308       18,378  
  

I) Marketing and brand building

      838       804       880       1,642       1,857       3,555  
  

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

      593       (26 )      139       567       439       640  
  

n) Other expenses

      (174 )      1,647       1,402       1,473       3,208       6,736  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Total Expenses      189,860       186,674       197,435       376,534       394,175       776,468  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

V

   Share of net profit/ (loss) of associate and joint venture accounted for using the equity method      3       (45 )      (30 )      (42 )      (27 )      (233 ) 

VI

    Profit before tax (III-IV+V)      42,778       40,216       35,092       82,994       73,067       147,210  

VII

    Tax expense             
  

a) Current tax

      11,152       10,368       9,286       21,520       18,421       34,973  
  

b) Deferred tax

      (640 )      (518 )      (867 )      (1,158 )      (887 )      1,116  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Total tax expense      10,512       9,850       8,419       20,362       17,534       36,089  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIII

    Profit for the period (VI-VII)      32,266       30,366       26,673       62,632       55,533       111,121  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

IX

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

Remeasurements of the defined benefit plans, net

      431       119       62       550       49       193  
  

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

      156       (319 )      (123 )      (163 )      (106 )      (447 ) 
  

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

      (111 )      (61 )      (12 )      (172 )      (45 )      (137 ) 
   Items that will be reclassified to profit or loss:             
  

Foreign currency translation differences relating to foreign operations

      5,092       (1,398 )      1,770       3,694       1,415       4,151  
  

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

      13       ^       (183 )      13       (181 )      (198 ) 
  

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

      (495 )      12       281       (483 )      331       258  
  

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

      (138 )      115       (408 )      (23 )      260       162  
  

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

      (911 )      302       (82 )      (609 )      2,027       2,115  
  

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

      452       221       330       673       1,530       1,749  
  

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

      338       (159 )      14       179       (774 )      (787 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Total other comprehensive income for the period, net of taxes      4,827       (1,168 )      1,649       3,659       4,506       7,059  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Total comprehensive income for the period (VIII+IX)      37,093       29,198       28,322       66,291       60,039       118,180  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1

X

    Profit for the period attributable to:                  
   Equity holders of the Company      32,088        30,032        26,463        62, 120        55,164        110,452  
   Non-controlling interests      178        334        210        512        369        669  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
        32,266        30,366        26,673        62,632        55,533        111,121  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   Total comprehensive income for the period attributable to:                  
   Equity holders of the Company      36,919        28,866        28,115        65,785        59,762        117,676  
   Non-controlling interests      174        332        207        506        277        504  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
        37,093        29,198        28,322        66,291        60,039        118,180  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

XI

    Paid up equity share capital (Par value ₹ 2 per share)      10,463        10,460        10,444        10,463        10,444        10,450  

XII

    Reserves excluding revaluation reserves and Non-Controlling interests as per balance sheet                     734,880  

XIII

    Earnings per equity share (EPS)                  
  

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

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

                  
   Basic (in ₹)      6.14        5.75        5.06        11.89        10.30        20.89  
   Diluted (in ₹)      6.12        5.73        5.04        11,85        10.27        20.82  

 

^

Value as less than ₹ 0.5

 

1.

The audited consolidated financial results of the Company for the three and six months ended September 30, 2024, have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit reports with unmodified opinion on the consolidated financial results for the three and six months ended September 30, 2024.

 

2.

The above audited consolidated financial results have been prepared on the basis of the audited interim condensed consolidated financial statements for the three and six months ended September 30, 2024, which are prepared in accordance with Indian Accounting Standards (“lnd 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 lnd AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 20 15 and amendments issued thereafter. All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.

 

3.

Gain/(loss) on sale of property, plant and equipment for the three and six months ended September 30, 2024 and 2023, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ 885 and gain on sale of immovable properties of ₹ 2,368, respectively.

 

4.

Other expenses are net of reversals of contingent consideration of ₹ 167, ₹ Nil, ₹ 490 for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, ₹ 167 and ₹ 506 for the six months ended September 30, 2024 and 2023, and ₹ I ,300 for the year ended March 31, 2024, respectively. Other expenses are net of insurance claim received of ₹ I,805 during the three and six months ended September 30, 2024.

 

5.

List of subsidiaries, associate and joint venture as at September 30, 2024 are provided in the 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 Sweden AB    Sweden
      Designit T.L.V Ltd.    Israel
   Wipro Bahrain Limited Co. W.L.L       Bahrain

 

2

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

 

3

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. (l)   USA
    lnfocrossing, LLC   USA
    International TechneGroup Incorporated (1)   USA
    Wipro NextGen Enterprise Inc. (l)   USA
    Rizing Intermediate Holdings, Inc. (1)   USA
    Wipro Appirio, Inc. (l)   USA
    Wipro Designit Services, Inc. (1)   USA
    Wipro Telecom Consulting LLC   USA
    Wipro VLSI Design Services, LLC   USA
Aggne Global IT Services Private Limited (3)       India
Wipro, lnc. (4 )       USA

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

 

(2) 

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

(3)

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

(4) 

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

(1) 

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

 

Subsidiaries

  

Subsidiaries

  

Subsidiaries

  

Country of
Incorporation

Cardinal US Holdings, Inc.       USA
  ATOM Solutions LLC     USA
  Capco Consulting Services LLC     USA
  Capco RISC Consulting LLC     USA
  The Capital Markets Company LLC     USA
HealthPlan Services, Inc.       USA
  HealthPlan Services Insurance Agency, LLC     USA
International TechneGroup Incorporated       USA
  International TechneGroup Ltd.     U.K.
  ITI Proficiency Ltd     Israel
  MechWorks S.R.L.     Italy
Wipro NextGen Enterprise Inc.       USA
  LeanSwift AB     Sweden
Rizing Intermediate Holdings, Inc.       USA
  Rizing Lanka (Private) Ltd     Sri Lanka
    Attune Netherlands B.V. (5)   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

 

4

    Rizing Geospatial LLC   USA
    Rizing GmbH   Germany
    Rizing Limited   U.K.
    Rizing Pte Ltd. (5)   Singapore
The Capital Markets Company BV       Belgium
  CapAfric Consulting (Pty) Ltd     South Africa
  Capco Belgium BV     Belgium
  Capco Consultancy (Malaysia) Sdn. Bhd     Malaysia
  Capco Consultancy (Thailand) Ltd     Thailand
  Capco Consulting Singapore Pte. Ltd     Singapore
  Capco Greece Single Member P.C     Greece
  Capco Poland sp. z.o.o     Poland
  The Capital Markets Company (UK) Ltd     U.K.
    Capco (UK) 1, Limited   U.K.
  The Capital Markets Company BV     Netherlands
  The Capital Markets Company GmbH     Germany
    Capco Austria GmbH   Austria
  The Capital Markets Company Limited     Hong Kong
  The Capital Markets Company Limited     Canada
  The Capital Markets Company S.á.r.l     Switzerland
    Andrion AG   Switzerland
  The Capital Markets Company S.A.S     France
  The Capital Markets Company s.r.o     Slovakia
Wipro Ampion Holdings Pty Ltd       Australia
  Wipro Revolution IT Pty Ltd     Australia
  Crowdsprint Pty Ltd     Australia
  Wipro Shelde Australia Pty Ltd     Australia
Wipro Appirio, Inc.       USA
  Wipro Appirio (Ireland) Limited     Ireland
    Wipro Appirio UK Limited   U.K.
  Topcoder, LLC.     USA
Wipro Designit Services, Inc.       USA
  Wipro Designit Services Limited     Ireland
Wipro do Brasil Technologia Ltda       Brazil
  Wipro do Brasil Servicos Ltda     Brazil
  Wipro Do Brasil Sistemas De Informatica Ltda     Brazil
Wipro Portugal S.A.       Portugal
  Wipro Technologies GmbH     Germany
    Wipro Business Solutions GmbH (5)   Germany
    Wipro IT Services Austria GmbH   Austria

 

(5) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

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

 

5

As at September 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.

The list of controlled trusts are:

 

Name of the entity

    Country of incorporation

Wipro Equity Reward Trust

    India

Wipro Foundation

    India

 

6.

Segment information:

The Company is 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 meaningful segregation of the available data is onerous.

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

 

6

     Three months ended     Six months ended     Year ended  

Particulars

    September 30,
2024		     June 30,
2024		     September 30,
2023		     September 30,
2024		     September 30,
2023		     March 31,
2024		  
     Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

             

IT Services

             

Americas 1

      68,393       67,700       66,813       136,093       132,420       268,230  

Americas 2

      67,932       67,338       66,914       135,270       135,217       269,482  

Europe

      61,821       60,422       63,976       122,243       131,110       253,927  

APMEA

      23,811       23,503       26,255       47,314       52,765       102,177  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      221,957       218,963       223,958       440,920       451,512       893,816  

IT Products

      663       469       1,469       1,132       2,163       4,127  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Segment revenue

      222,620       219,432       225,427       442,052       453,675       897,943  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment result

             

IT Services

             

Americas 1

      13,338       13,687       15,287       27,025       28,824       59,364  

Americas 2

      15,005       15,533       14,023       30,538       28,192       59,163  

Europe

      7,821       5,873       7,547       13,694       17,515       33,354  

APMEA

      3,070       2,441       2,985       5,511       5,785       12,619  

Unallocated

      (1,912 )      (1,477 )      (3,784 )      (3,389 )      (7,741 )      (20,304 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

      37,322       36,057       36,058       73,379       72,575       144,196  

IT Products

      (183 )      (47 )      (467 )      (230 )      (628 )      (371 ) 

Reconciling Items

      10       59       (2,246 )      69       (4,086 )      (7,726 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Segment result

      37,149       36,069       33,345       73,218       67,861       136,099  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Finance costs

      (3,569 )      (3,288 )      (3,033 )      (6,857 )      (6,119 )      (12,552 ) 

Finance and other income

      9,195       7,480       4,810       16,675       11,352       23,896  

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

      3       (45 )      (30 )      (42 )      (27 )      (233 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

      42,778       40,216       35,092       82,994       73,067       147,210  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

a)

“Reconciling items” includes elimination of inter-segment transactions and other corporate 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 ₹ (396), ₹ (206) and ₹ 268 for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023 respectively ₹ (602) and ₹ 206 for the six months ended September 30, 2024, September 30, 2023, and ₹ 340 for the year ended March 31, 2024, which is reported as a part of Other income in the consolidated financial results.

d)

Restructuring cost of ₹ 2,249 and ₹ 4,136 for the three and six months ended September 30, 2023, respectively and ₹ 6,814 for the year ended March 31, 2024, is included under Reconciling Items.

e)

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

f)

“Unallocated” within IT Services segment results is after recognition of amortisation and impairment expense on intangible assets of ₹ 2,919, ₹ 1,782, ₹ 3,484, ₹ 4,701, ₹ 5,294, and ₹ 11,756 for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, six months ended September 30, 2024, September 30, 2023 and year ended March 31, 2024 respectively, and change in fair value of contingent consideration of ₹ (167), ₹ Nil, ₹ (490), ₹ (167), ₹ (506) and ₹ (1,300) for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, six months ended September 30, 2024, September 30, 2023 and year ended March 31, 2024 respectively.

Segment results of IT Services segment for the three and six months ended September 30, 2023 and year ended March 31, 2024 are after considering additional 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 ₹ 1,306, ₹ 1,329 and ₹ 1,563 for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively and ₹ 2,635 and ₹ 3,107 for the six months ended September 30, 2024, September 30, 2023, respectively and ₹ 5,590 for the year ended March 31, 2024.

h)

Segment results of IT Services segment are after recognition of gain/(loss) on sale of property, plant and equipment of ₹ 820, ₹ 23 and ₹ 2,320 for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively and ₹ 843 and ₹ 2,242 for the six months ended September 30, 2024, September 30, 2023, respectively and ₹ 2,072 for the year ended March 31, 2024.

 

7.

Buyback of equity shares

During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been 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.

 

8.

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

 

7

9.

Audited Consolidated Balance Sheet

 

     As at  
     September 30, 2024      March 31, 2024  

ASSETS

      

Non-current assets

      

Property, plant and equipment

      70,076        74,128  

Right-of-Use assets

      21,854        17,955  

Capital work-in-progress

      8,460        7,234  

Goodwill

      314,632        311,449  

Other Intangible assets

      28,195        32,748  

Investments accounted for using the equity method

      1,008        1,044  

Financial assets

      

Investments

      31,385        21,629  

Derivative assets

      —         25  

Trade receivables

      587        4,045  

Other financial assets

      5,148        5,550  

Deferred tax assets (net)

      1,922        1,817  

Non-current tax assets (net)

      7,782        9,043  

Other non-current assets

      8,030        10,577  
  

 

 

     

 

 

  

Total non-current assets

      499,079        497,244  
  

 

 

     

 

 

  

Current assets

      

Inventories

      1,052        907  

Financial assets

      

Investments

      407,309        311,171  

Derivative assets

      651        1,333  

Trade receivables

      112,655        115,477  

Unbilled receivables

      64,776        58,345  

Cash and cash equivalents

      104,592        96,953  

Other financial assets

      8,973        10,536  

Current tax assets (net)

      6,086        6,484  

Contract assets

      17,788        19,854  

Other current assets

      32,561        29,602  
  

 

 

     

 

 

  

Total current assets

      756,443        650,662  
  

 

 

     

 

 

  

TOTAL ASSETS

      1,255,522        1,147,906  
  

 

 

     

 

 

  

EQUITY AND LIABILITIES

      

EQUITY

      

Equity share capital

      10,463        10,450  

Other equity

      803,305        734,880  
  

 

 

     

 

 

  

Equity attributable to the equity holders of the Company

      813,768        745,330  

Non-controlling interests

      1,798        1,340  
  

 

 

     

 

 

  

TOTAL EQUITY

      815,566        746,670  
  

 

 

     

 

 

  

LIABILITIES

      

Non-current liabilities

      

Financial liabilities

      

Borrowings

      62,653        62,300  

Lease liabilities

      18,965        13,962  

Derivative liabilities

      1        4  

Other financial liabilities

      5,862        4,985  

Provisions

      4,323        4,219  

Deferred tax liabilities (net)

      16,625        17,467  

Non-current tax liabilities (net)

      40,122        37,090  

Other non-current liabilities

      10,500        8,751  
  

 

 

     

 

 

  

Total non-current liabilities

      159,051        148,778  
  

 

 

     

 

 

  

Current liabilities

      

Financial liabilities

      

Borrowings

      103,157        79,166  

Lease liabilities

      8,047        9,221  

Derivative liabilities

      1,064        558  

Trade payables

      53,966        57,655  

Other financial liabilities

      31,820        33,183  

Contract liabilities

      18,439        17,653  

Other current liabilities

      13,768        15,238  

Provisions

      20,045        18,028  

Current tax liabilities (net)

      30,599        21,756  
  

 

 

     

 

 

  

Total current liabilities

      280,905        252,458  
  

 

 

     

 

 

  

TOTAL LIABILITIES

      439,956        401,236  
  

 

 

     

 

 

  

TOTAL EQUITY AND LIABILITIES

      1,255,522        1,147,906  
  

 

 

     

 

 

  

 

8

10.

Audited Consolidated Statement of Cash Flows

 

     Six months ended
September 30,		  
     2024     2023  

Cash flows from operating activities

     

Profit for the period

      62,632       55,533  

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

     

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

      (843 )      (2,242 ) 

Depreciation, amortisation and impairment expense

      15,597       16,350  

Unrealised exchange (gain)/loss, net

      279       836  

Share-based compensation expense

      2,640       3,099  

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

      42       27  

Income tax expense

      20,362       17,534  

Finance and other income, net of finance costs

      (9,818 )      (5,233 ) 

Change in fair value of contingent consideration

      (167 )      (506 ) 

Lifetime expected credit loss

      567       439  

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

     

(Increase)/Decrease in trade receivables

      6,008       17,913  

(Increase)/Decrease in unbilled receivables and contract assets

      (4,034 )      (5,937 ) 

(Increase)/Decrease in Inventories

      (145 )      (92 ) 

(Increase)/Decrease in other assets

      1,103       6,498  

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

      (4,216 )      (11,260 ) 

Increase/(Decrease) in contract liabilities

      724       (5,928 ) 
  

 

 

    

 

 

  

Cash generated from operating activities before taxes

      90,731       87,031  

Income taxes paid, net

      (8,083 )      (10,885 ) 
  

 

 

    

 

 

  

Net cash generated from operating activities

      82,648       76,146  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payment for purchase of property, plant and equipment

      (5,017 )      (4,184 ) 

Proceeds from disposal of property, plant and equipment

      1,459       4,223  

Payment for purchase of investments

      (423,829 )      (465,185 ) 

Proceeds from sale of investments

      323,786       535,473  

Repayment of security deposit for property, plant and equipment

      (300 )      —   

Interest received

      13,981       11,274  

Dividend received

      1       2  
  

 

 

    

 

 

  

Net cash generated from/(used in) investing activities

      (89,919 )      81,603  
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuance of equity shares and shares pending allotment

      13       7  

Repayment of borrowings

      (66,333 )      (43,750 ) 

Proceeds from borrowings

      89,835       48,750  

Payment of lease liabilities

      (5,054 )      (5,172 ) 

Payment for contingent consideration

      —        (1,289 ) 

Interest and finance costs paid

      (4,177 )      (4,850 ) 

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

      —        (145,173 ) 
  

 

 

    

 

 

  

Net cash generated from/(used in) financing activities

      14,284       (151,477 ) 
  

 

 

    

 

 

  

Net increase in cash and cash equivalents during the period

      7,013       6,272  

Effect of exchange rate changes on cash and cash equivalents

      591       (259 ) 

Cash and cash equivalents at the beginning of the period

      96,951       91,861  
  

 

 

    

 

 

  

Cash and cash equivalents at the end of the period

      104,555       97,874  
  

 

 

    

 

 

  

 

11.

Events after the reporting period

The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ₹ 2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively.

 

By order of the Board,       For, Wipro Limited
      LOGO
Place: Bengaluru       Rishad A. Premji
Date: October 17, 2024         Chairman

 

9

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 and six months ended September 30, 2024 (“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” (“IAS 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 and six months ended September 30, 2024.

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 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 IAS 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.

 

LOGO

Regd. Office: One International Center, Tower 3, 32nd 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

 

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 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

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 control 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, October 17, 2024

WIPRO LIMITED

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

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

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2024

UNDER IFRS (IASB)

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

 

          Three months ended     Six months ended     Year ended  
    

Particulars

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

a) Revenue from operations

      223,016       219,638       225,159       442,654       453,469       897,603  
  

b) Foreign exchange gains/(losses), net

      (396 )      (206 )      268       (602 )      206       340  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
I    Total income      222,620       219,432       225,427       442,052       453,675       897,943  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   Expenses             
  

a) Purchases of stock-in-trade

      1,034       664       576       1,698       1,554       3,832  
  

b) Changes in inventories of stock-in-trade

      (152 )      (2 )      920       (154 )      738       278  
  

c) Employee benefits expense

      134,695       132,293       138,536       266,988       278,812       549,301  
  

d) Depreciation, amortization and impairment expense

      8,308       7,289       8,970       15,597       16,350       34,071  
  

e) Sub-contracting and technical fees

      24,582       24,767       26,547       49,349       52,932       103,030  
  

f) Facility expenses

      3,937       4,133       3,815       8,070       7,267       14,556  
  

g) Travel

      3,836       3,937       4,049       7,773       8,224       15,102  
  

h) Communication

      1,079       993       1,360       2,072       2,609       4,878  
  

i) Legal and professional fees

      3,013       2,282       2,507       5,295       4,758       9,559  
  

j) Software license expense for internal use

      4,702       4,605       4,701       9,307       9,308       18,378  
  

k) Marketing and brand building

      838       804       880       1,642       1,857       3,555  
  

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

      593       (26 )      139       567       439       640  
  

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

      (820 )      (23 )      (2,320 )      (843 )      (2,242 )      (2,072 ) 
  

n) Other expenses

      (174 )      1,647       1,402       1,473       3,208       6,736  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
II    Total expenses      185,471       183,363       192,082       368,834       385,814       761,844  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
III    Finance expenses      3,569       3,288       3,033       6,857       6,119       12,552  
IV    Finance and other income      9,195       7,480       4,810       16,675       11,352       23,896  
V    Share of net profit/(loss) of associate and joint venture accounted for using the equity method      3       (45 )      (30 )      (42 )      (27 )      (233 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VI    Profit before tax [I-II-III+IV+V]      42,778       40,216       35,092       82,994       73,067       147,210  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VII    Tax expense      10,512       9,850       8,419       20,362       17,534       36,089  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
VIII    Profit for the period [VI-VII]      32,266       30,366       26,673       62,632       55,533       111,121  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  

Other comprehensive income (OCI)

             
  

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

             
  

Remeasurements of the defined benefit plans, net

      323       58       51       381       6       82  
  

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

      153       (319 )      (124 )      (166 )      (108 )      (473 ) 
  

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

             
  

Foreign currency translation differences

      5,115       (1,399 )      1,824       3,716       1,462       4,219  
  

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

      13       ^       (183 )      13       (181 )      (198 ) 
  

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

      (368 )      4       211       (364 )      251       198  
  

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

      (103 )      85       (311 )      (18 )      201       128  
  

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

      (673 )      218       (62 )      (455 )      1,586       1,655  
  

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

      390       184       297       574       1,336       1,516  

 

1

IX    Total other comprehensive income for the period, net of taxes      4,850        (1,169 )      1,703        3,681        4,553        7,127  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
   Total comprehensive income for the period [VIII+IX]      37,116        29,197       28,376        66,313        60,086        118,248  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
X   

Profit for the period attributable to:

                 
   Equity holders of the Company      32,088        30,032       26,463        62,120        55,164        110,452  
   Non-controlling interests      178        334       210        512        369        669  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
        32,266        30,366       26,673        62,632        55,533        111,121  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
   Total comprehensive income for the period attributable to:                 
   Equity holders of the Company      36,942        28,865       28,169        65,807        59,809        117,744  
   Non-controlling interests      174        332       207        506        277        504  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
        37,116        29,197       28,376        66,313        60,086        118,248  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
Xl    Paid up equity share capital (Par value ₹ 2 per share)      10,463        10,460       10,444        10,463        10,444        10,450  
     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
XII    Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet                    739,433  
                   

 

 

  
XIII    Earnings per share (EPS)                 
   (Equity shares of par value of ₹ 2/- each)
(EPS for the three and six months ended periods are not annualized)
Basic (in ₹)		      6.14        5.75       5.06        11.89        10.30        20.89  
   Diluted (in ₹)      6.12        5.73       5.04        11.85        10.27        20.82  

 

  ^

Value is less than 0.5

 

1.

The audited consolidated financial results of the Company for the three and six months ended September 30, 2024, have been approved by the Board of Directors of the Company at its meeting held on October 17, 2024. The Company confirms that its statutory auditors. Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

 

2.

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

 

3.

(Gain)/loss on sale of property, plant and equipment for the three and six months ended September 30, 2024 and 2023, includes gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹ (885), and gain on sale of immovable properties of ₹ (2,368), respectively.

 

4.

Other expenses are net of reversals of contingent consideration of ₹ 167, ₹ Nil, ₹ 490 for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, ₹ 167 and ₹ 506 for the six months ended September 30, 2024 and 2023, and ₹ 1,300 for the year ended March 31, 2024, respectively. Other expenses are net of insurance claim received of ₹ 1,805 during the three and six months ended September 30, 2024.

 

5.

List of subsidiaries, associate and joint venture as at September 30, 2024 are provided in the 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 Sweden AB   Sweden
    Designit T.L.V Ltd.   Israel
  Wipro Bahrain Limited Co. W.L.L     Bahrain
  Wipro Czech Republic IT Services s.r.o.     Czech Republic
  Wipro CRM Services (formerly known as Wipro 4C NV)     Belgium
    Wipro 4C Consulting France SAS   France
    Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V)   Netherlands
    Wipro CRM Services ApS   Denmark
    Wipro CRM Services UK Limited   U.K.
  Grove Holdings 2 S.á.r.l     Luxembourg
    Capco Solution Services GmbH   Germany
    The Capital Markets Company Italy Srl   Italy
    Capco Brasil Serviços E Consultoria Ltda   Brazil
    The Capital Markets Company BV (1)   Belgium
  PT. WT Indonesia     Indonesia
  Rainbow Software LLC     Iraq
  Wipro Arabia Limited (2)     Saudi Arabia
    Women’s Business Park Technologies Limited (2)   Saudi Arabia
  Wipro Doha LLC     Qatar
  Wipro Financial Outsourcing Services Limited     U.K.
    Wipro UK Limited   U.K.
  Wipro Gulf LLC     Sultanate of
      Oman
  Wipro Holdings Hungary Korlátolt     Hungary
  Felelősségű Társaság    
    Wipro Holdings Investment Korlátolt   Hungary
    Felelősségű Társaság  
  Wipro Information Technology Netherlands BV.     Netherlands
    Wipro do Brasil Technologia Ltda (1)   Brazil
    Wipro Information Technology Kazakhstan LLP   Kazakhstan
    Wipro Outsourcing Services (Ireland) Limited   Ireland
    Wipro Portugal S.A.(1)   Portugal
    Wipro Solutions Canada Limited   Canada
    Wipro Technologies Limited   Russia
    Wipro Technologies Peru SAC   Peru
    Wipro Technologies W.T. Sociedad Anonima   Costa Rica
    Wipro Technology Chile SPA   Chile
  Wipro IT Service Ukraine, LLC     Ukraine
  Wipro IT Services Poland SP Z.O.O     Poland
  Wipro IT Services S.R.L.     Romania
  Wipro Regional Headquarter     Saudi Arabia
  Wipro Technologies Australia Pty Ltd     Australia
    Wipro Ampion Holdings Pty Ltd (1)   Australia
  Wipro Technologies SA     Argentina
  Wipro Technologies SA DE CV     Mexico
  Wipro Technologies South Africa (Proprietary) Limited     South Africa
    Wipro Technologies Nigeria Limited   Nigeria
  Wipro Technologies SRL     Romania
  Wipro (Thailand) Co. Limited     Thailand
Wipro Japan KK       Japan
Wipro Networks Pte Limited       Singapore
  Wipro (Dalian) Limited     China
  Wipro Technologies SDN BHD     Malaysia
Wipro Overseas IT Services Private Limited       India
Wipro Philippines, Inc.       Philippines
Wipro Shanghai Limited       China

 

3

Wipro Trademarks Holding Limited

       India

Wipro Travel Services Limited

       India
Wipro VLSI Design Services India Private Limited       India

Wipro, LLC

       USA
  Wipro Gallagher Solutions, LLC     USA
  Wipro Insurance Solutions, LLC     USA
  Wipro IT Services, LLC     USA
    Aggne Global Inc. (3)   USA
    Cardinal US Holdings, Inc. (1)   USA
    Edgile, LLC   USA
    HealthPlan Services, Inc. (1)   USA
    lnfocrossing, LLC   USA
    International TechneGroup Incorporated (1)   USA
    Wipro NextGen Enterprise lnc. (1)   USA
    Rizing Intermediate Holdings, Inc. (1)   USA
    Wipro Appirio, Inc. (1)   USA
    Wipro Designit Services, Inc. (1)   USA
    Wipro Telecom Consulting LLC   USA
    Wipro VLSI Design Services, LLC   USA

Aggne Global IT Services Private Limited (3)

       India

Wipro, lnc. (4)

       USA

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

 

(2) 

All the above direct subsidiaries are I 00% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.

(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) 

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

(1) 

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

 

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of

Incorporation

Cardinal US Holdings, Inc.

   

 

ATOM Solutions LLC

 

Capco Consulting Services LLC

 

Capco RISC Consulting LLC

 

The Capital Markets Company LLC

      

USA

 

USA

 

USA

 

USA

 

USA

HealthPlan Services, Inc.

   

 

HealthPlan Services Insurance Agency, LLC

      

USA

 

USA

International TechneGroup Incorporated

   

 

International TechneGroup Ltd.

 

ITI Proficiency Ltd

 

MechWorks S.R.L.

      

USA

 

U.K.

 

Israel

 

ltaly

Wipro NextGen Enterprise Inc.

   

 

LeanSwift AB

      

USA

 

Sweden

Rizing Intermediate Holdings, Inc.

         

USA

 

   Rizing Lanka (Private) Ltd       Sri Lanka
      Attune Netherlands B.V. (5)    Netherlands
   Rizing Solutions Canada Inc.       Canada
   Rizing LLC       USA
      Aasonn Philippines Inc.    Philippines

 

4

      Rizing B.V.    Netherlands
      Rizing Consulting Ireland Limited    Ireland
      Rizing Consulting Pty Ltd.    Australia
      Rizing Geospatial LLC    USA
      Rizing GmbH    Germany
      Rizing Limited    U.K.
      Rizing Pte Ltd. (5)    Singapore
The Capital Markets Company BV          Belgium
   CapAfric Consulting (Pty) Ltd       South Africa
   Capco Belgium BV       Belgium
   Capco Consultancy (Malaysia) Sdn.       Malaysia
   Bhd      
   Capco Consultancy (Thailand) Ltd       Thailand
   Capco Consulting Singapore Pte. Ltd       Singapore
   Capco Greece Single Member P.C       Greece
   Capco Poland sp. z.o.o       Poland
   The Capital Markets Company (UK) Ltd       U.K.
      Capco (UK) 1, Limited    U.K.
   The Capital Markets Company BV       Netherlands
   The Capital Markets Company GmbH       Germany
      Capco Austria GmbH    Austria
   The Capital Markets Company Limited       Hong Kong
   The Capital Markets Company Limited       Canada
   The Capital Markets Company S.á.r.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
   Crowdsprint Pty Ltd       Australia
   Wipro Shelde Australia Pty Ltd       Australia
Wipro Appirio, Inc.          USA
   Wipro Appirio (Ireland) Limited       Ireland
      Wipro Appirio UK Limited    U.K.
   Topcoder, LLC.       USA
Wipro Designit Services, Inc.          USA
   Wipro Designit Services Limited       Ireland
Wipro do Brasil Technologia Ltda          Brazil
   Wipro do Brasil Servicos Ltda       Brazil
   Wipro Do Brasil Sistemas De       Brazil
   Informatica Ltda      
Wipro Portugal S.A.          Portugal
   Wipro Technologies GmbH       Germany
      Wipro Business Solutions GmbH (5)    Germany
      Wipro IT Services Austria GmbH    Austria

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

Subsidiaries

   

Subsidiaries

   

Subsidiaries

   

Country of
Incorporation

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

 

5

As at September 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.

The list of controlled trusts are:

 

Name of the entity

    Country of incorporation

Wipro Equity Reward Trust

    India

Wipro Foundation

    India

 

6.

Segment Information

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

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

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

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

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

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

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

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

 

6

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

 

     Three months ended     Six months ended     Year ended  

Particulars

    September 30,
2024		     June 30,
2024		     September 30,
2023		     September 30,
2024		     September 30,
2023		     March 31,
2024		  
     Audited     Audited     Audited     Audited     Audited     Audited  

Segment revenue

             

IT Services

             

Americas 1

      68,393       67,700       66,813       136,093       132,420       268,230  

Americas 2

      67,932       67,338       66,914       135,270       135,217       269,482  

Europe

      61,821       60,422       63,976       122,243       131,110       253,927  

APMEA

      23,811       23,503       26,255       47,314       52,765       102,177  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

     221,957       218,963       223,958       440,920       451,512       893,816  

IT Products

      663       469       1,469       1,132       2,163       4,127  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment revenue

      222,620       219,432       225,427       442,052       453,675       897,943  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Segment result

             

IT Services

            

Americas 1

      13,338       13,687       15,287       27,025       28,824       59,364  

Americas 2

      15,005       15,533       14,023       30,538       28,192       59,163  

Europe

      7,821       5,873       7,547       13,694       17,515       33,354  

APMEA

      3,070       2,441       2,985       5,511       5,785       12,619  

Unallocated

      (1,912 )      (1,477 )      (3,784 )      (3,389 )      (7,741 )      (20,304 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total of IT Services

     37,322       36,057       36,058       73,379       72,575       144,196  

IT Products

      (183 )      (47 )      (467 )      (230 )      (628 )      (371 ) 

Reconciling Items

      10       59       (2,246 )      69       (4,086 )      (7,726 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment result

      37,149       36,069       33,345       73,218       67,861       136,099  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Finance expenses

      (3,569 )      (3,288 )      (3,033 )      (6,857 )      (6,119 )      (12,552 ) 

Finance and other income

      9,195       7,480       4,810       16,675       11,352       23,896  

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

      3       (45 )      (30 )      (42 )      (27 )      (233 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit before tax

      42,778       40,216       35,092       82,994       73,067       147,210  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

  a)

“Reconciling Items” includes elimination of inter-segment transactions and other corporate 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 ₹ (396), ₹ (206), and ₹ 268 for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 respectively, ₹ (602), and ₹ 206 for the six months ended September 30, 2024, September 30, 2023, and ₹ 340 for the year ended March 31, 2024, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

 

  d)

Restructuring cost of ₹ 2,249 and ₹ 4,136 for the three and six months ended September 30, 2023 respectively, and ₹ 6,814 for the year ended March 31, 2024, is included under Reconciling Items.

 

  e)

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

 

  f)

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of ₹ 2,919, ₹ 1,782, ₹ 3,484, ₹ 4,701, ₹ 5,294 and ₹ 11,756 for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months ended September 30, 2024, September 30, 2023 and year ended March 31, 2024 respectively, and change in fair value of contingent consideration of ₹ (167), ₹ Nil, ₹ (490), ₹ (167), ₹ (506) and ₹ (1,300) for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months ended September 30, 2024, September 30, 2023 and year ended March 31, 2024 respectively.

Segment results of IT Services segment for the three and six months ended September 30, 2023 and year ended March 31, 2024 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination.

 

  g)

Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,306, ₹ 1,329 and ₹ 1,563 for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively and ₹ 2,635 and ₹ 3,107 for the six months ended September 30, 2024, September 30, 2023, respectively, and ₹ 5,590 for the year ended March 31, 2024.

 

  h)

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ (820), (23) and ₹ (2,320) for the three months ended September 30, 2024, June 20, 2024 and September 30, 2023, respectively and ₹ (843) and ₹ (2,242) for the six months ended September 30, 2024, September 30, 2023, respectively, and ₹ (2,072) for the year ended March 31, 2024.

 

7

7.

Buyback of equity shares

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

 

8.

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

 

9.

Audited Consolidated Balance Sheet

 

     As at March 31, 2024      As at September 30, 2024  

ASSETS

      

Goodwill

      316,002        319,207  

Intangible assets

      32,748        28,195  

Property, plant and equipment

      81,608        78,822  

Right-of-Use assets

      17,955        21,854  

Financial assets

      

Derivative assets

      25        —   

Investments

      21,629        31,385  

Trade receivables

      4,045        587  

Other financial assets

      5,550        5,148  

Investments accounted for using the equity method

      1,044        1,008  

Deferred tax assets

      1,817        1,922  

Non-current tax assets

      9,043        7,782  

Other non-current assets

      10,331        7,744  
  

 

 

     

 

 

  

Total non-current assets

      501,797        503,654  
  

 

 

     

 

 

  

Inventories

      907        1,052  

Financial assets

      

Derivative assets

      1,333        651  

Investments

      311,171        407,309  

Cash and cash equivalents

      96,953        104,592  

Trade receivables

      115,477        112,655  

Unbilled receivables

      58,345        64,776  

Other financial assets

      10,536        8,973  

Contract assets

      19,854        17,788  

Current tax assets

      6,484        6,086  

Other current assets

      29,602        32,561  
  

 

 

     

 

 

  

Total current assets

      650,662        756,443  
  

 

 

     

 

 

  

TOTAL ASSETS

      1,152,459        1,260,097  
  

 

 

     

 

 

  

EQUITY

      

Share capital

      10,450        10,463  

Share premium

      3,291        6,000  

Retained earnings

      630,936        693,688  

Share-based payment reserve

      6,384        6,315  

Special Economic Zone Re-investment reserve

      42,129        41,497  

Other components of equity

      56,693        60,380  
  

 

 

     

 

 

  

Equity attributable to the equity holders of the Company

      749,883        818,343  

Non-controlling interests

      1,340        1,798  
  

 

 

     

 

 

  

TOTAL EQUITY

      751,223        820,141  
  

 

 

     

 

 

  

LIABILITIES

      

Financial liabilities

      

Loans and borrowings

      62,300        62,653  

Lease liabilities

      13,962        18,965  

Derivative liabilities

      4        1  

Other financial liabilities

      4,985        5,862  

Deferred tax liabilities

      17,467        16,625  

Non-current tax liabilities

      37,090        40,122  

Other non-current liabilities

      12,970        14,823  
  

 

 

     

 

 

  

Total non-current liabilities

      148,778        159,051  
  

 

 

     

 

 

  

 

8

Financial liabilities

      

Loans, borrowings and bank overdrafts

      79,166        103,157  

Lease liabilities

      9,221        8,047  

Derivative liabilities

      558        1,064  

Trade payables and accrued expenses

      88,566        82,810  

Other financial liabilities

      2,272        2,976  

Contract liabilities

      17,653        18,439  

Current tax liabilities

      21,756        30,599  

Other current liabilities

      31,295        32,004  

Provisions

      1,971        1,809  
  

 

 

     

 

 

  

Total current liabilities

      252,458        280,905  
  

 

 

     

 

 

  

TOTAL LIABILITIES

      401,236        439,956  
  

 

 

     

 

 

  

TOTAL EQUITY AND LIABILITIES

      1,152,459        1,260,097  
  

 

 

     

 

 

  

 

10.

Audited Consolidated Statement of Cash flows

 

     Six months ended September 30,  
     2023     2024  

Cash flows from operating activities

     

Profit for the period

      55,533       62,632  

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

     

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

      (2,242 )      (843 ) 

Depreciation, amortization and impairment expense

      16,350       15,597  

Unrealized exchange (gain)/loss, net

      836       279  

Share-based compensation expense

      3,099       2,640  

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

      27       42  

Income tax expense

      17,534       20,362  

Finance and other income, net of finance expenses

      (5,233 )      (9,818 ) 

Change in fair value of contingent consideration

      (506 )      (167 ) 

Lifetime expected credit loss

      439       567  

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

     

(Increase)/Decrease in trade receivables

      17,913       6,008  

(Increase)/Decrease in unbilled receivables and contract assets

      (5,937 )      (4,034 ) 

(Increase)/Decrease in Inventories

      (92 )      (145 ) 

(Increase)/Decrease in other assets

      6,498       1,103  

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

      (11,260 )      (4,216 ) 

Increase/(Decrease) in contract liabilities

      (5,928 )      724  
  

 

 

    

 

 

  

Cash generated from operating activities before taxes

      87,031       90,731  

Income taxes paid, net

      (10,885 )      (8,083 ) 
  

 

 

    

 

 

  

Net cash generated from operating activities

      76,146       82,648  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payment for purchase of property, plant and equipment

      (4,184 )      (5,017 ) 

Proceeds from disposal of property, plant and equipment

      4,223       1,459  

Payment for purchase of investments

      (465,185 )      (423,829 ) 

Proceeds from sale of investments

      535,473       323,786  

Repayment of security deposit for property, plant and equipment

      —        (300 ) 

Interest received

      11,274       13,981  

Dividend received

      2       1  
  

 

 

    

 

 

  

Net cash generated from/(used in) investing activities

      81,603       (89,919 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from issuance of equity shares and shares pending allotment

      7       13  

Repayment of loans and borrowings

      (43,750 )      (66,333 ) 

Proceeds from loans and borrowings

      48,750       89,835  

Payment of lease liabilities

      (5,172 )      (5,054 ) 

Payment for contingent consideration

      (1,289 )      —   

Interest and finance expenses paid

      (4,850 )      (4,177 ) 

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

      (145,173 )      —   
  

 

 

    

 

 

  

Net cash generated from/(used in) financing activities

      (151,477 )      14,284  
  

 

 

    

 

 

  

Net increase in cash and cash equivalents during the period

      6,272       7,013  

Effect of exchange rate changes on cash and cash equivalents

      (259 )      591  

Cash and cash equivalents at the beginning of the period

      91,861       96,951  
  

 

 

    

 

 

  

Cash and cash equivalents at the end of the period

      97,874       104,555  
  

 

 

    

 

 

  

 

9

11.

Events after the reporting period

The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ₹ 2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively.

 

 

 

By order of the Board,    For, Wipro Limited
Place: Bengaluru   

LOGO

Rishad A. Premji

Date: October 17, 2024    Chairman

 

10

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