Wipro Limited (WIT) 6-K Current report (foreign)

Exhibit 99.5

WIPRO LIMITED

CIN: L32102KA1945PLC020800 ; Registered Office : 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

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2017 UNDER IFRS (IASB)

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

	Particulars	Three months ended									Nine months ended					Year ended
		December 31,2017			September 30,2017			December 31,2016			December 31,2017		December 31,2016			March 31, 2017
1	Income from operations
	a) Net Sales/Income		136,690			134,234			136,878			407,185		410,527			550,402
	b) Other operating income		—			—			—			—		—			4,082
	c)Foreign exchange gains/(losses),net		125			453			767			931		3,032			3,777
	Total income from operations		136,815			134,687			137,645			408,116		413,559			558,261
2	Expenses
	a) Purchase ofstock-in-trade		3,883			2,939			6,393			13,128		20,179			25,560
	b) (Increase)/Decrease in inventories of finished stock,work-in-progress and stock in process		719			(30	)		(414	)		1,144		(235	)		1,411
	c) Employee benefit expense		67,409			67,612			66,052			202,463		199,334			268,081
	d) Depreciation,amortisation and impairment		5,279			5,200			5,412			15,422		14,926			23,107
	e) Sub contracting/technical fees		21,543			21,503			21,224			63,293		61,503			82,747
	f) Other expenses		18,207			14,422			15,745			47,757		48,801			63,476
	Total expenses		117,040			111,646			114,412			343,207		344,508			464,382
3	Finance expenses		1,205			1,386			1,366			4,065		4,130			5,183
4	Finance and Other Income		6,134			6,661			5,719			18,995		16,024			21,660
5	Share of profits/(loss) of equity accounted investees		10			5			—			14		—			—
6	Profit before tax[1-2-3+4+5]		24,714			28,321			27,586			79,853		80,945			110,356
7	Tax expense		5,355			6,426			6,440			17,775		18,471			25,213
8	Net profit for the period[6-7]		19,359			21,895			21,146			62,078		62,474			85,143
9	Non Controlling Interest		(12	)		(22	)		52			25		190			248
10	Net profit after taxes and Non Controlling Interest[8-9]		19,371			21,917			21,094			62,053		62,284			84,895
11	Paid up equity share capital (Face value₹ 2 per share)		9,047			9,733			4,861			9,047		4,861			4,861
12	Reserves excluding revaluation reserves and Non Controlling Interest as per balance sheet of previous accounting period																515,443
13	EARNINGS PER SHARE (EPS)
	(of₹2/- each) (not annualised)
	Basic (in₹)		4.03			4.52			4.36			12.85		12.81			17.48
	Diluted (in₹)		4.03			4.52			4.35			12.83		12.77			17.43

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1. The audited consolidated financial results of the Company for the three and nine months ended December 31, 2017 have been approved by the Board of Directors of the Company at its meeting held on January 19, 2018. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit reports with unmodified opinion on the consolidated financial results. Amounts for the three and nine months ended December 31, 2016 and year ended March 31, 2017 were audited by B S R & Co. LLP.

2. The above consolidated financial results have been prepared from the 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”).

3. In December 2017, National Grid filed a legal claim against the Company in U.S. District Court of the Eastern District of New York seeking damages amounting to $140 million (8,936 million) plus additional costs related to an ERP implementation project that was completed in 2014. The Company expects to defend itself against the claim and believes that the claim will not sustain.

4. List of subsidiaries and equity accounted investees as of December 31, 2017 are provided in the table below:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro LLC			USA
	Wipro Gallagher Solutions, Inc.		USA
		Opus Capital Markets Consultants LLC	USA
		Wipro Promax Analytics Solutions LLC	USA
	Infocrossing, Inc.		USA
	Wipro Insurance Solutions LLC		USA
	Wipro Data Centre and Cloud Services, Inc.		USA
	Wipro IT Services, Inc.		USA
		HPH Holdings Corp.(A)	USA
		Appirio, Inc. (A)	USA
		Cooper Software, Inc.	USA
Wipro Overseas IT Services Pvt. Ltd			India
Wipro Japan KK			Japan
Wipro Shanghai Limited			China
Wipro Trademarks Holding Limited			India
Wipro Travel Services Limited			India
Wipro Holdings (Mauritius) Limited			Mauritius
Wipro Holdings UK Limited			U.K.
	Wipro Information Technology Austria GmbH		Austria
		Wipro Technologies Austria GmbH	Austria
		New Logic Technologies SARL	France
	Wipro Digital Aps		Denmark
		Designit A/S(A)	Denmark
	Wipro Europe Limited		U.K.
		Wipro UK Limited	U.K.
	Wipro Financial Services UK Limited		U.K.

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Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro Cyprus Private Limited			Cyprus
	Wipro Doha LLC #		Qatar
	Wipro Technologies S.A DE C.V		Mexico
	Wipro BPO Philippines LTD. Inc.		Philippines
	Wipro Holdings Hungary Korlátolt Felelősségű Társaság		Hungary
		Wipro Holdings Investment Korlátolt Felelősségű Társaság	Hungary
	Wipro Technologies SA		Argentina
	Wipro Information Technology Egypt SAE		Egypt
	Wipro Arabia Co. Limited *		Saudi Arabia
		Women’s Business Park Technologies Limited *	Saudi Arabia
	Wipro Poland Sp. Z.o.o		Poland
	Wipro IT Services Poland Sp.zo.o		Poland
	Wipro Technologies Australia Pty Ltd		Australia
	Wipro Corporate Technologies Ghana Limited		Ghana
	Wipro Technologies South Africa (Proprietary) Limited		South Africa
		Wipro Technologies Nigeria Limited	Nigeria
	Wipro IT Service Ukraine LLC		Ukraine
	Wipro Information Technology Netherlands BV.		Netherlands
		Wipro Portugal S.A.(A)	Portugal
		Wipro Technologies Limited, Russia	Russia
		Wipro Technology Chile SPA	Chile
		Wipro Solutions Canada Limited	Canada
		Wipro Information Technology Kazakhstan LLP	Kazakhstan
		Wipro Technologies W.T. Sociedad Anonima	Costa Rica
		Wipro Outsourcing Services (Ireland) Limited	Ireland
		Wipro Technologies VZ, C.A.	Venezuela
		Wipro Technologies Peru S.A.C	Peru
		InfoSERVER S.A.	Brazil
	Wipro Technologies SRL		Romania
	PT WT Indonesia		Indonesia
	Wipro (Thailand) Co Limited		Thailand
	Wipro Bahrain Limited WLL		Bahrain
	Wipro Gulf LLC		Sultanate of Oman
	Rainbow Software LLC		Iraq
	Cellent GmbH		Germany

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Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
		Cellent Mittelstandsberatung GmbH	Germany
		Cellent Gmbh(A)	Austria
Wipro Networks Pte Limited			Singapore
	Wipro (Dalian) Limited		China
	Wipro Technologies SDN BHD		Malaysia
Wipro Chengdu Limited			China
Wipro Airport IT Services Limited *			India
Appirio India Cloud Solutions Private Limited			India

* 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 Co. Limited, 74% of the equity securities of Wipro Airport IT Services Limited and 55% of the equity securities of Women’s Business Park Technologies Limited.

# 51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in these holdings is with the Company.

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

^(A) Step Subsidiary details of Wipro Portugal S.A, Digital A/s, Cellent GmbH, HPH Holdings Corp. and Appirio, Inc. are as follows:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro Portugal S.A.			Portugal
	Wipro do Brasil Technologia Ltda		Brazil
	Wipro Technologies Gmbh		Germany
	Wipro Do Brasil Sistemetas De Informatica Ltd		Brazil
Designit A/S			Denmark
	Designit Denmark A/S		Denmark
	Designit Munich GmbH		Germany
	Designit Oslo A/S		Norway
	Designit Sweden AB		Sweden
	Designit T.L.V Ltd.		Israel
	Designit Tokyo Lt.d		Japan
	Denextep Spain Digital, S.L		Spain
		Designit Colombia S A S	Colombia
		Designit Peru SAC	Peru
Cellent GmbH			Austria
	Frontworx Informations technologie GmbH		Austria
HPH Holdings Corp.			USA
	HealthPlan Services Insurance Agency, Inc.		USA
	HealthPlan Services, Inc.		USA

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Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Appirio, Inc.			USA
	Appirio, K.K		Japan
	Topcoder, Inc.		USA
	Appirio Ltd		Ireland
		Appirio GmbH	Germany
		Apprio Ltd (UK)	U.K.
		Saaspoint, Inc.	USA
	Appirio Singapore Pte Ltd		Singapore

As of December 31, 2017, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.

5. Segment Information

The Company is organized by the following operating segments; IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals. The industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Lifesciences (HLS), Consumer Business Unit (CBU), Energy, Natural Resources and Utilities (ENU), Manufacturing and Technology (MNT) and Communications (COMM). IT Services segment also includes Others which comprises dividend income relating to strategic investments, which are presented within “Finance and other Income” in the statement of Income. Key service offerings to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process services.

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

The Chairman and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by IFRS 8, “Operating Segments.” The Chairman 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 segment for the three months ended December 31, 2017, September 30, 2017 and December 31, 2016, nine months ended December 31, 2017 and December 31, 2016 and year ended March 31, 2017 is as follows:

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Particulars	Three months ended									Nine months ended						Year ended
	December 31, 2017			September 30, 2017			December 31, 2016			December 31, 2017			December 31, 2016			March 31, 2017
	Audited			Audited			Audited			Audited			Audited			Audited
Revenue
IT Services
BFSI		37,766			36,349			33,843			109,049			101,056			135,967
HLS		18,463			17,989			20,972			55,602			61,786			82,242
CBU		21,209			20,989			20,780			62,733			62,213			83,417
ENU		16,426			17,769			17,131			51,659			51,368			68,883
MNT		30,050			30,010			29,517			89,402			88,518			119,175
COMM		8,432			8,583			9,718			25,846			29,478			38,756
Total of IT Services		132,346			131,689			131,961			394,291			394,419			528,440
IT Products		4,498			2,988			5,713			13,829			19,309			25,922
Reconciling Items		(29	)		10			(29	)		(4	)		(169	)		(183	)
Total Revenue		136,815			134,687			137,645			408,116			413,559			554,179
Other operating Income
IT Services		—			—			—			—			—			4,082
IT Products		—			—			—			—			—			—
Total Other Operating Income		—			—			—			—			—			4,082
Segment Result
IT Services
BFSI		6,832			6,055			6,413			18,328			19,786			24,939
HLS		2,364			2,698			3,400			7,796			9,490			9,479
CBU		3,869			3,244			3,415			10,047			10,774			14,493
ENU		(1,312	)		3,435			3,856			5,774			10,324			14,421
MNT		5,692			5,400			5,355			16,267			17,484			23,453
COMM		1,315			1,147			1,604			3,911			4,700			6,149
Unallocated		830			805			112			2,167			(1,762	)		(951	)
Other Operating Income		—			—			—									4,082
Total of IT Services		19,590			22,784			24,155			64,290			70,796			96,065
IT Products		195			88			(586	)		314			(1,252	)		(1,680	)
Reconciling Items		(10	)		169			(336	)		305			(493	)		(506	)
Total		19,775			23,041			23,233			64,909			69,051			93,879
Finance Expense		(1,205	)		(1,386	)		(1,366	)		(4,065	)		(4,130	)		(5,183	)
Finance and Other Income		6,134			6,661			5,719			18,995			16,024			21,660
Share of profit/ (loss) of equity accounted investee		10			5			—			14			—			—
Profit before tax		24,714			28,321			27,586			79,853			80,945			110,356

Notes:

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

b) Revenue from sale of traded cloud based licenses is reported as part of IT Services revenues.

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

d) For evaluating performance of the individual operating segments, stock compensation expense is allocated on the basis of straight line amortization. The differential impact of accelerated amortization of stock compensation expense over stock compensation expense allocated to the individual operating segments is reported in reconciling items.

e) The Company generally offers multi-year payment terms in certain total outsourcing contracts. These payment terms primarily relate to IT hardware, software and certain transformation services in outsourcing contracts. The finance income on deferred consideration earned under these contracts is included in the revenue of the respective segment and is eliminated under reconciling items.

f) Net gain from sale of Eco Energy division for the period ended March 31, 2017 is included as part of IT Services segment result.

g) Segment results for ENU industry vertical for three months and nine months ended December 31, 2017 is after considering impact of provision for impairment of receivables and deferred contract cost (Refer note 9).

6. Issue of Bonus share

The bonus issue in the proportion of 1:1 i.e.1 (One) bonus equity share of₹ 2 each for every 1 (one) fullypaid-up equity share held (including ADS holders) had been approved by the shareholders of the Company on June 03, 2017 through Postal Ballot/e-voting. For this purpose, June 14, 2017, was fixed as the record date. Consequently, 2,433,074,327 shares have been issued and₹ 4,866 (representing par value of₹ 2 per share) has been transferred from retained earnings to share capital.

7. Buyback of equity shares:

During the current period, the Company has concluded the buyback of 343.75 million equity shares as approved by the Board of Directors on July 20, 2017. This has resulted in a total cash outflow of₹ 110,000 million. In line with the requirement of the Companies Act 2013, an amount of₹ 1,656 and₹ 108,344 has been utilized from the share premium account and retained earnings respectively. Further, capital redemption reserves (included in other reserves) of₹ 687 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buy back, share capital has reduced by₹ 687.

8. Consequent to insolvency of a customer post balance sheet date, the Company has recorded a provision of₹ 3,175 for impairment of receivables and deferred contract cost.

9. Events after the reporting period

On January 19, 2018, the Board of Directors of the Company declared an interim dividend of₹ 1.00 ($ 0.02) per equity share and ADR (50% on an equity share of par value of₹ 2).

By order of the Board,	For, Wipro Limited
	Azim H Premji
Place: Bangalore	Executive Chairman &
Date: January 19, 2018	Managing Director

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