Exhibit 99.3
Wipro Limited, Doddakanneli, Sarjapur Road, Bangalore-560035, India
Website: www.wipro.com; Email Id- Info@wipro.com; Tel: +91-80-2844 0011; Fax: +91-80-2844 0054
Wipro Limited
Extract of audited financial results of Wipro Limited and its subsidiaries for the quarter ended September 30, 2016
Consolidated Audited Financial Results of Wipro Limited under IFRS
(‘in millions, except share and per share data, unless otherwise stated)
Particulars Quarter ended
September 30, 2016 Year to date
September 30, 2016 Quarter ended September 30, 2015
Total income from operations (net) 138,938 275,914 125,668
Net Profit / (Loss) before tax, exceptional and extraordinary items 26,648 53,359 28,978
Net Profit / (Loss) before tax but after exceptional and extraordinary items 26,648 53,359 28,978
Net Profit / (Loss) after tax, exceptional and extraordinary items 20,739 41,328 22,463
Total Comprehensive Income after tax 21,554 45,360 24,291
Equity Share Capital 4,861 4,861 4,940
Reserves excluding Revaluation Reserve 478,466 478,466 427,417
Earnings Per Share (after extraordinary items) (of ‘ 2/- each)
Basic:
Diluted:
8.54
8.52
16.89
16.84
9.12
9.10
The audited consolidated interim financial results of the Company for the quarter ended September 30, 2016 have been approved by the Board of Directors of the Company at its meeting held on October 21, 2016. The statutory auditors have expressed an unqualified audit opinion.
Financial Results of Wipro Limited under IND AS
The condensed interim financial results are prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
These financial statements, are prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2016, the Company prepared its financial statements in accordance with Previous GAAP (i.e. Indian GAAP).
Audited Consolidated Financial results under Ind AS
Particulars Quarter ended
September 30, 2016 Year to date
September 30, 2016 Quarter ended September 30, 2015
Total income from operations (net) 138,968 275,944 125,668
Net Profit / (Loss) before tax, exceptional and extraordinary items 26,681 53,392 28,979
Net Profit / (Loss) before tax but after exceptional and extraordinary items 26,681 53,392 28,979
Net Profit / (Loss) after tax, exceptional and extraordinary items 20,771 41,361 22,464
Total Comprehensive Income after tax 21,636 45,372 24,190
Equity Share Capital 4,861 4,861 4,940
Reserves excluding Revaluation Reserve 474,755 474,755 423,716
Earnings Per Share (after extraordinary items ) (of ‘ 2/- each)
Basic:
Diluted:
8.55
8.53
16.90
16.86
9.12
9.10
The audited consolidated interim financial results (under Ind AS) of the Company for the quarter ended September 30, 2016 have been approved by the Board of Directors of the Company at its meeting held on October 21, 2016. The statutory auditors have expressed an unqualified audit opinion.
Reconciliation of equity:
As at
March 31, 2016 As at
September 30, 2015 As at
April 1, 2015
Equity under Previous GAAP attributable to
Equity holders of the Company 446,886 416,354 370,920
Non-controlling interest 2,224 1,936 1,646
Total equity under Previous GAAP 449,110 418,290 372,566
Effect of transition to Ind AS
Impact of application of Ind AS 103 to past business combinations 9,930
10,541 11,253
Fair valuation of investments 2,135 1,909 1,338
Provision for expected credit loss (1,404) (1,323) (1,243)
Dividend and tax on dividend 2,959 - 20,656
Incremental deferred tax recognized, net 543 864 454
Others 387 311 260
Equity under Ind AS ‘463,660 ‘430,592 ‘405,284
Attributable to
Equity holders of the Company 461,436 428,656 403,638
Non-controlling interest 2,224 1,936 1,646
Reconciliation of Net Profit:
Three months ended
September 30, 2015
Net profit under Previous GAAP attributable to
Equity holders of the Company 22,496
Non-controlling interest 54
Net profit under Previous GAAP 22,550
Effect of transition to Ind AS
Impact of retrospective application of Ind AS 103 (347)
Employee benefits 86
Share based compensation expense 116
Expected credit loss recognized (40)
Change in fair valuation of investments 134
Tax impact on above, net 61
Others (96)
Profit for the period under Ind AS attributable to ‘ 22,464
Equity holders of the Company 22,410
Non-controlling interest 54
Standalone Audited Financial Results of Wipro Limited under Ind AS
Particulars Quarter ended
September 30, 2016 Year to date
September 30, 2016 Quarter ended September 30, 2015
Total income from operations (net) 114,538 230,413 110,369
Net Profit / (Loss) before tax, exceptional and extraordinary items 25,147 51,098 27,663
Net Profit / (Loss) before tax but after exceptional and extraordinary items 25,147 51,098 27,663
Net Profit / (Loss) after tax, exceptional and extraordinary items 19,321 39,398 21,531
Total Comprehensive Income after tax 21,546 43,290 21,435
Equity Share Capital 4,861 4,861 4,940
Reserves excluding Revaluation Reserve 423,614 423,614 380,917
Earnings Per Share (after extraordinary items) (of ‘ 2/- each)
Basic:
Diluted:
7.98
7.96
16.15
16.11
8.77
8.75
The audited interim financial results of the Company for the quarter ended September 30, 2016 have been approved by the Board of Directors of the Company at its meeting held on October 21, 2016. The statutory auditors have expressed an unqualified audit opinion.
Reconciliations between Previous GAAP and Ind AS
Equity reconciliations
As at As at As at
Mar 31’2016 September 30’2015 Apr 1’2015
As reported under Previous GAAP 409,052 385,519 346,216
Effect of transition to IND AS
Proposed Dividend (incl Dividend distribution tax) 2,974 - 20,739
Impact on adoption of Ind AS 109
Provision for expected credit loss (1,347) (1,266) (1,186)
Change in fair valuation of investments 2,135 1,909 1,338
Intangible amortization (368) (335) (302)
Tax impact (337) 10 (475)
Others 148 20 55
Equity as per Ind AS 412,257 385,857 366,385
Net Profit
Three months ended
September 30, 2015
Net Profit under Previous GAAP 21,420
Ind AS Adjustments
Employee benefits 80
Share based compensation expense 116
Depreciation, amortization and impairment change (16)
Change in fair valuation of investments 47
Expected credit loss recognized (40)
Tax impact 30
Others (106)
Net Profit under Ind AS 21,531
Notes:
The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL: www.bseindia.com/corporates), the National Stock Exchange website (URL: www.nseindia.com/corporates) and on the Company’s website (URL: www.wipro.com).
On October 20, 2016 the Company entered in to definitive agreement to acquire Appirio Inc., a global cloud services company for a consideration of US $ 500 million. The acquisition will strengthen Wipro’s cloud transformation practices.
By Order of the Board, Wipro Limited
Wipro Limited
For Wipro Ltd. Regd. Office: Doddakanneli,
Place: Bangalore Azim H Premji Sarjapur Road, Bangalore- 560035
Date: October 21, 2016 Chairman & Managing Director www.wipro.com