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

Exhibit 99.4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2019

1

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

			As at March 31,
	Notes		2018		2019		2019
							Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)
ASSETS
Goodwill		5		117,584		116,980		1,691
Intangible assets		5		18,113		13,762		199
Property, plant and equipment		4		64,443		70,601		1,021
Financial assets
Derivative assets		13, 14		41		173		3
Investments		7		7,668		6,916		100
Investment in equity accounted investee		7		1,206		1,235		18
Trade receivables				4,446		4,373		63
Other financial assets		10		4,186		5,146		74
Deferred tax assets				6,908		5,604		81
Non-current tax assets				18,349		20,603		298
Othernon-current assets		10		11,540		15,872		229
Totalnon-current assets				254,484		261,265		3,777
Inventories		8		3,370		3,951		57
Financial assets
Derivative assets		13, 14		1,232		4,931		71
Investments		7		249,094		220,716		3,191
Cash and cash equivalents		9		44,925		158,529		2,292
Trade receivables				100,990		100,489		1,453
Unbilled receivables				42,486		22,880		331
Other financial assets		10		7,429		14,611		211
Contract assets				—		15,038		217
Other current assets		10		23,167		23,086		334
Current tax assets				6,262		7,435		108
				478,955		571,666		8,265
Assets held for sale				27,201		240		3
Total current assets				506,156		571,906		8,268
TOTAL ASSETS				760,640		833,171		12,045
EQUITY
Share capital				9,048		12,068		174
Share premium				800		533		8
Retained earnings				453,265		534,700		7,731
Share based payment reserve				1,772		2,617		38
Other components of equity				18,051		18,198		263
Equity attributable to the equity holders of the Company				482,936		568,116		8,214
Non-controlling interest				2,410		2,637		38
TOTAL EQUITY				485,346		570,753		8,252
LIABILITIES
Financial liabilities
Long - term loans and borrowings		11		45,268		28,368		410
Derivative liabilities		13, 14		7		—		—
Other financial liabilities		12		7		—		—
Deferred tax liabilities				3,059		3,417		49
Non-current tax liabilities				9,220		11,023		159
Othernon-current liabilities		12		4,223		5,258		76
Provisions		12		3		2		—
Totalnon-current liabilities				61,787		48,068		694
Financial liabilities
Loans, borrowings and bank overdrafts		11		92,991		71,099		1,028
Derivative liabilities		13, 14		2,210		1,310		19
Trade payables and accrued expenses				68,129		88,304		1,277
Other financial liabilities		12		1,050		644		9
Contract liabilities				17,139		24,768		358
Current tax liabilities				9,417		9,541		138
Other current liabilities		12		15,563		18,046		261
Provisions		12		796		638		9
				207,295		214,350		3,099
Liabilities directly associated with assets held for sale				6,212		—		—
Total current liabilities				213,507		214,350		3,099
TOTAL LIABILITIES				275,294		262,418		3,793
TOTAL EQUITY AND LIABILITIES				760,640		833,171		12,045

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

As per our report of even date attached	For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP	Azim H Premji	N Vaghul	Abidali Neemuchwala
Chartered Accountants	Executive Chairman	Director	Chief Executive Officer
Firm’s Registration No: 117366W/W - 100018	& Managing Director		& Executive Director
Vikas Bagaria	Jatin Pravinchandra Dalal		M Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 60408
Bengaluru
April 16, 2019

2

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

		Three months ended March 31,									Year ended March 31,
	Notes	2018			2019			2019			2018			2019			2019
								Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)									Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)
Gross Revenues	17		137,686			150,063			2,170			544,871			585,845			8,471
Cost of revenues	18		(97,794	)		(106,942	)		(1,546	)		(385,575	)		(413,033	)		(5,972	)
Gross profit			39,892			43,121			624			159,296			172,812			2,499
Selling and marketing expenses	18		(11,263	)		(10,994	)		(159	)		(42,349	)		(44,510	)		(644	)
General and administrative expenses	18		(9,801	)		(6,669	)		(96	)		(34,141	)		(35,951	)		(520	)
Foreign exchange gains/(losses), net	20		557			316			5			1,488			3,215			46
Other operating income	27		—			1,546			22			—			4,344			63
Results from operating activities			19,385			27,320			396			84,294			99,910			1,444
Finance expenses	19		(1,564	)		(2,530	)		(37	)		(5,830	)		(7,375	)		(107	)
Finance and other income	20		4,803			7,228			105			23,999			22,923			331
Share of profit /(loss) of equity accounted investee	7		(3	)		(17	)		—			11			(43	)		(1	)
Profit before tax			22,621			32,001			464			102,474			115,415			1,667
Income tax expense	16		(4,615	)		(7,064	)		(102	)		(22,390	)		(25,242	)		(365	)
Profit for the period			18,006			24,937			362			80,084			90,173			1,302
Profit attributable to:
Equity holders of the Company			18,028			24,833			359			80,081			90,031			1,300
Non-controlling interest			(22	)		104			3			3			142			2
Profit for the period			18,006			24,937			362			80,084			90,173			1,302
Earnings per equity share:	21
Attributable to equity share holders of the Company
Basic			3.00			4.13			0.06			12.64			14.99			0.22
Diluted			3.00			4.12			0.06			12.62			14.95			0.22
Weighted average number of equity shares used in computing earnings per equity share
Basic			6,004,470,975			6,008,783,491			6,008,783,491			6,333,391,200			6,007,376,837			6,007,376,837
Diluted			6,015,874,721			6,023,959,306			6,023,959,306			6,344,482,633			6,022,304,367			6,022,304,367

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

As per our report of even date attached	For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP	Azim H Premji	N Vaghul	Abidali Neemuchwala
Chartered Accountants	Executive Chairman	Director	Chief Executive Officer
Firm’s Registration No: 117366W/W - 100018	& Managing Director		& Executive Director
Vikas Bagaria	Jatin Pravinchandra Dalal		M Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 60408
Bengaluru
April 16, 2019

3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

			Three months ended March 31,									Year ended March 31,
	Notes		2018			2019			2019			2018			2019			2019
									Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)									Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)
Profit for the period				18,006			24,937			362			80,084			90,173			1,302
Items that will not be reclassified to profit or loss in subsequent periods
Defined benefit plan actuarial gains/(losses)				106			43			1			567			235			3
Net change in fair value of financial instruments through OCI				(1,273	)		800			12			(750	)		(464	)		(7	)
				(1,167	)		843			13			(183	)		(229	)		(4	)
Items that may be reclassified to profit or loss in subsequent periods
Foreign currency translation differences		15		2,523			(1,362	)		(20	)		3,527			2,943			43
Reclassification of foreign currency translation differences to profit and loss on sale of hosted data center services and workday business		15		—			(71	)		(1	)		—			(4,202	)		(61	)
Net change in time value of option contracts designated as cash flow hedges		13,16		10			345			5			1			463			7
Net change in intrinsic value of option contracts designated as cash flow hedges		13,16		2			495			7			(76	)		811			12
Net change in fair value of forward contracts designated as cash flow hedges		13,16		(1,773	)		327			5			(5,945	)		1,255			18
Net change in fair value of financial instruments through OCI		7,16		(145	)		431			6			(433	)		(18	)		—
				617			165			2			(2,926	)		1,252			19
Total other comprehensive income/ (loss), net of taxes				(550	)		1,008			15			(3,109	)		1,023			15
Total comprehensive income for the period				17,456			25,945			377			76,975			91,196			1,317
Total comprehensive income attributable to:
Equity holders of the Company				17,427			25,871			376			76,956			90,945			1,315
Non-controlling interest				29			74			1			19			251			2
				17,456			25,945			377			76,975			91,196			1,317

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

As per our report of even date attached	For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP	Azim H Premji	N Vaghul	Abidali Neemuchwala
Chartered Accountants	Executive Chairman	Director	Chief Executive Officer
Firm’s Registration No: 117366W/W - 100018	& Managing Director		& Executive Director
Vikas Bagaria	Jatin Pravinchandra Dalal		M Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 60408
Bengaluru
April 16, 2019

4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

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

																Other components of equity								Equity attributable to the equity holders of the Company			Non- controlling interest		Total equity
Particulars	No. of Shares*			Share capital, fully paid- up			Share premium			Retained earnings			Share based payment reserve			Foreign currency translation reserve		Cash flow hedging reserve			Other reserves
As at April 1, 2017		2,430,900,565			4,861			469			490,930			3,555			13,107		5,906			1,476			520,304			2,391		522,695
Total comprehensive income for the year
Profit for the year		—			—			—			80,081			—			—		—			—			80,081			3		80,084
Other comprehensive income		—			—						—			—			3,511		(6,020	)		(616	)		(3,125	)		16		(3,109	)
Total comprehensive income for the year		—			—			—			80,081			—			3,511		(6,020	)		(616	)		76,956			19		76,975
Transaction with owners of the Company, recognized directly in equity
Contributions by and distributions to owners of the Company
Issue of equity shares on exercise of options		3,559,599			8			1,987			—			(1,971	)		—		—			—			24			—		24
Cash dividend paid (including dividend tax thereon)		—			—			—			(5,420	)		—			—		—			—			(5,420	)		—		(5,420	)
Buyback of equity shares		(343,750,000	)		(687	)		(1,656	)		(108,344	)		—			—		—			687			(110,000	)		—		(110,000	)
Transaction cost related to buyback		—			—			—			(312	)		—			—		—			—			(312	)		—		(312	)
Bonus issue of equity shares		2,433,074,327			4,866			—			(4,866	)		—			—		—			—			—			—		—
Issue of shares by controlled trust on exercise of options		—			—			—			1,182			(1,182	)		—		—			—			—			—		—
Compensation cost related to employee share based payment		—			—			—			14			1,370			—		—			—			1,384			—		1,384
Total transactions with owners of the Company		2,092,883,926			4,187			331			(117,746	)		(1,783	)		—		—			687			(114,324	)		—		(114,324	)
As at March 31, 2018		4,523,784,491			9,048			800			453,265			1,772			16,618		(114	)		1,547			482,936			2,410		485,346

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

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

														Other components of equity
Particulars	No. of Shares*		Share capital, fully paid- up		Share premium			Retained earnings			Share based payment reserve			Foreign currency translation reserve			Cash flow hedging reserve			Other reserves			Equity attributable to the equity holders of the Company			Non- controlling interest			Total equity
As at April 1, 2018		4,523,784,491		9,048		800			453,265			1,772			16,618			(114	)		1,547			482,936			2,410			485,346
Adjustment on adoption of IFRS 15		—		—		—			(2,279	)		—			—			—			—			(2,279	)		—			(2,279	)
Adjusted balances as at April 1, 2018		4,523,784,491		9,048		800			450,986			1,772			16,618			(114	)		1,547			480,657			2,410			483,067
Total comprehensive income for the year
Profit for the year		—		—		—			90,031			—			—			—			—			90,031			142			90,173
Other comprehensive income		—		—		—			—			—			(1,368	)		2,529			(247	)		914			109			1,023
Total comprehensive income for the year		—		—		—			90,031			—			(1,368	)		2,529			(247	)		90,945			251			91,196
Transaction with owners of the Company, recognized directly in equity
Contributions by and distributions to owners of the Company
Issue of equity shares on exercise of options		1,681,717		4		528			—			(528	)		—			—			—			4			—			4
Issue of shares by controlled trust on exercise of options		—		—		—			565			(565	)		—			—			—			—			—			—
Cash dividend paid (including dividend tax thereon)		—		—		—			(5,434	)		—			—			—			—			(5,434	)		—			(5,434	)
Bonus issue of equity shares **		1,508,469,180		3,016		(795	)		(1,454	)		—			—			—			(767	)		—			—			—
Loss of control in subsidiary		—		—		—			—			—			—			—			—			—			(52	)		(52	)
Infusion of capital		—		—		—			—			—			—			—			—			—			28			28
Compensation cost related to employee share based payment		—		—		—			6			1,938			—			—			—			1,944			—			1,944
Total transactions with owners of the Company		1,510,150,897		3,020		(267	)		(6,317	)		845			—			—			(767	)		(3,486	)		(24	)		(3,510	)
As at March 31, 2019		6,033,935,388		12,068		533			534,700			2,617			15,250			2,415			533			568,116			2,637			570,753
Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)				174		8			7,731			38			221			35			7			8,214			38			8,252

* Includes 23,097,216 and 27,353,853 treasury shares held as at March 31, 2018 and 2019, respectively by a controlled trust. 2,599,183 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2019.

** Refer Note 29

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

As per our report of even date attached	For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP	Azim H Premji	N Vaghul	Abidali Neemuchwala
Chartered Accountants	Executive Chairman	Director	Chief Executive Officer
Firm’s Registration No: 117366W/W - 100018	& Managing Director		& Executive Director
Vikas Bagaria	Jatin Pravinchandra Dalal		M Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 60408
Bengaluru
April 16, 2019

6

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS

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

	Year ended March 31,
	2018			2019			2019
							Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)
Cash flows from operating activities:
Profit for the year		80,084			90,173			1,302
Adjustments to reconcile profit for the year to net cash generated from operating activities:
(Gain)/ loss on sale of property, plant and equipment and intangible assets, net		(334	)		(309	)		(4	)
Depreciation, amortization and impairment		21,124			19,474			282
Unrealized exchange loss/ (gain), net		4,794			(546	)		(8	)
Share based compensation expense		1,347			1,938			28
Share of (profits)/ loss of equity accounted investee		11			43			1
Income tax expense		22,390			25,242			365
Dividend, gain from investments and interest (income)/expenses, net		(20,547	)		(17,371	)		(251	)
Gain from sale of hosted data centre services and workday business and loss of control in subsidiary		—			(4,344	)		(63	)
Othernon-cash items		4,405			—			—
Changes in operating assets and liabilities; net of effects from acquisitions
Trade receivables		(9,735	)		1,392			20
Unbilled revenue		2,192			4,580			66
Inventories		545			(566	)		(8	)
Other assets		(170	)		(6,909	)		(100	)
Trade payables, accrued expenses, other liabilities and provisions		4,499			20,844			301
Unearned revenue		1,733			7,824			113
Cash generated from operating activities before taxes		112,338			141,465			2,044
Income taxes paid, net		(28,105	)		(25,149	)		(364	)
Net cash generated from operating activities		84,233			116,316			1,680
Cash flows from investing activities:
Purchase of property, plant and equipment		(21,870	)		(22,781	)		(329	)
Proceeds from sale of property, plant and equipment		1,171			1,940			28
Purchase of investments		(782,475	)		(930,614	)		(13,456	)
Proceeds from sale of investments		830,448			954,954			13,808
Proceeds from sale of hosted data centre services business and loss of control in subsidiary, net of related expenses and cash		—			26,103			377
Payment for business acquisitions including deposits and escrow, net of cash acquired		(6,652	)		—			—
Interest received		14,347			20,163			292
Dividend received		609			361			5
Net cash (used)/ generated in investing activities		35,578			50,126			725
Cash flows from financing activities:
Proceeds from issuance of equity shares/shares pending allotment		24			4			^
Repayment of loans and borrowings		(155,254	)		(104,039	)		(1,504	)
Proceeds from loans and borrowings		144,271			65,161			942
Payment for deferred / contingent consideration in respect of business combination		(164	)		(265	)		(4	)
Payment for buyback of shares including transaction cost		(110,312	)		—			—
Interest paid on loans and borrowings		(3,123	)		(4,796	)		(69	)
Payment of cash dividend		(5,420	)		(5,434	)		(79	)
Net cash used in financing activities		(129,978	)		(49,369	)		(714	)
Net increase in cash and cash equivalents during the year		(10,167	)		117,073			1,691
Effect of exchange rate changes on cash and cash equivalents		375			526			8
Cash and cash equivalents at the beginning of the year		50,718			40,926			592
Cash and cash equivalents at the end of the year (Note 9)		40,926			158,525			2,291
^ Value is less than₹ 1

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP	Azim H Premji	N Vaghul	Abidali Neemuchwala
Chartered Accountants	Executive Chairman	Director	Chief Executive Officer
Firm’s Registration No: 117366W/W - 100018	& Managing Director		& Executive Director
Vikas Bagaria	Jatin Pravinchandra Dalal		M Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 60408
Bengaluru
April 16, 2019

7

WIPRO LIMITED AND SUBSIDIARIES

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

1. The Company overview

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

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

These interim condensed consolidated financial statements were authorized for issue by the Company’s Board of Directors on April 16, 2019.

2. Basis of preparation of interim condensed consolidated financial statements

(i) Statement of compliance and basis of preparation

These interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IAS) 34, “Interim Financial Reporting” and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2018. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with IFRS.

The interim condensed consolidated financial statements correspond to the classification provisions contained in IAS 1(revised), “Presentation of Financial Statements”. For clarity, various items are aggregated in the statements of income and statements of financial position. These items are disaggregated separately in the notes, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for the adoption of new accounting standards, amendments and interpretations effective as of April 1, 2018, as disclosed in note 3 below.

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

(ii) Basis of measurement

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

a. Derivative financial instruments;

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

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

d. Contingent consideration.

(iii) Convenience translation (unaudited)

The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three and twelve months ended March 31, 2019, have been translated into United States dollars at the certified foreign exchange rate of US$1 =₹ 69.16 as published by Federal Reserve Board of Governors on March 31, 2019. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.

8

(iv) Use of estimates and judgment

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates.

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

a) Revenue recognition: The Company applies judgement to determine whether each product or services promised to a customer are capable of being distinct, and are distinct in the context of the contract, if not, the promised product or services are combined and accounted as a single performance obligation. The Company allocates the arrangement consideration to separately identifiable performance obligation deliverables based on their relative stand-alone selling price. In cases where the Company is unable to determine the stand-alone selling price the company uses expected cost plus margin approach in estimating the stand-alone selling price. The Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, recognized revenue and profit are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. Volume discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer

b) Impairment testing: Goodwill and intangible assets with infinite useful life recognized on business combination are tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of the asset or the cash generating unit to which these pertain is less than the carrying value. The recoverable amount of the asset or the cash generating units is higher ofvalue-in-use and fair value less cost of disposal. The calculation of value in use of a cash generating unit involves use of significant estimates and assumptions which includes turnover, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

c) Income taxes:The major tax jurisdictions for the Company are India and the United States of America. Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.

d) Deferred taxes: Deferred tax is recorded on temporary differences between the tax bases of assets and liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers the expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced.

e) Business combination: In accounting for business combinations, judgment is required in identifying whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets (including useful life estimates) and liabilities acquired, and contingent consideration assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these judgments, estimates, and assumptions can materially affect the results of operations.

f) Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

9

g) Expected credit losses on financial assets:The impairment provisions of financial assets are based on assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Company’s history of collections, customer’s credit-worthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.

h) Measurement of fair value ofnon-marketable equity investments:These instruments are initially recorded at cost and subsequently measured at fair value. Fair value of investments is determined using the market and income approaches. The market approach includes the use of financial metrics and ratios of comparable companies, such as revenue, earnings, comparable performance multiples, recent financial rounds and the level of marketability of the investments. The selection of comparable companies requires management judgment and is based on a number of factors, including comparable company sizes, growth rates, and development stages. The income approach includes the use of discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount rates based on the risk profile of comparable companies. Estimates of revenue and costs are developed using available historical and forecast data.

i) Useful lives of property, plant and equipment: The Company depreciates property, plant and equipment on a straight-line basis over estimated useful lives of the assets. The charge in respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.

j) Other estimates: The share based compensation expense is determined based on the Company’s estimate of equity instruments that will eventually vest. Fair valuation of derivative hedging instruments designated as cash flow hedges involves significant estimates relating to the occurrence of forecast transaction.

3. Significant accounting policies

Please refer to the Company’s Annual report for the year ended March 31, 2018, for a discussion of the Company’s other critical accounting policies.

On April 1, 2018, we adopted IFRS 15,“Revenue from Contracts with Customers”. Accordingly, the policy for Revenue as presented in the Company’s Annual Report is amended as under:

Revenue

The Company derives revenue primarily from software development, maintenance of software/hardware and related services, business process services, sale of IT and other products.

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. To recognize revenues, we apply the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied.

At contract inception, the Company assesses its promise to transfer products or services to a customer to identify separate performance obligations. The Company applies judgement to determine whether each product or services promised to a customer are capable of being distinct, and are distinct in the context of the contract, if not, the promised product or services are combined and accounted as a single performance obligation. The Company allocates the arrangement consideration to separately identifiable performance obligation based on their relative stand-alone selling price or residual method. Stand-alone selling prices are determined based on sale prices for the components when it is regularly sold separately, in cases where the Company is unable to determine the stand-alone selling price the Company uses third-party prices for similar deliverables or the company uses expected cost plus margin approach in estimating the stand-alone selling price.

For performance obligations where control is transferred over time, revenues are recognized by measuring progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the promised products or services to be provided.

The method for recognizing revenues and costs depends on the nature of the services rendered:

A. Time and materials contracts

Revenues and costs relating to time and materials, transaction-based or volume-based contracts are recognized as the related services are rendered.

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B. Fixed-price development contracts

Revenues from fixed-price contracts, including software development, and integration contracts, where the performance obligations are satisfied over time, are recognized using the“percentage-of-completion” method. Percentage of completion is determined based on project costs incurred to date as a percentage of total estimated project costs required to complete the project. The cost expended (or input) method has been used to measure progress towards completion as there is a direct relationship between input and productivity. If the Company is not able to reasonably measure the progress of completion, revenue is recognized only to the extent of costs incurred for which recoverability is probable. When total cost estimates exceed revenues in an arrangement, the estimated losses are recognized in the consolidated statement of income in the period in which such losses become probable based on the current contract estimates as an onerous contract provision.

A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets primarily relate to unbilled amounts on fixed-price development contracts and are classified asnon-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.

Unbilled revenue on other than fixed price development contracts are classified as a financial asset where the right to consideration is unconditional upon passage of time

C. Maintenance contracts

Revenues related to fixed-price maintenance, testing and business process services are recognized based on our right to invoice for services performed for contracts in which the invoicing is representative of the value being delivered. If our invoicing is not consistent with value delivered, revenues are recognized as the service is performed using the percentage of completion method. When services are performed through an indefinite number of repetitive acts over a specified period, revenue is recognized on a straight-line basis over the specified period unless some other method better represents the stage of completion.

In certain projects, a fixed quantum of service or output units is agreed at a fixed price for a fixed term. In such contracts, revenue is recognized with respect to the actual output achieved till date as a percentage of total contractual output. Any residual service unutilized by the customer is recognized as revenue on completion of the term.

D. Products

Revenue on product sales are recognized when the customer obtains control of the specified asset.

E. Others

• Any change in scope or price is considered as a contract modification. The Company accounts for modifications to existing contracts by assessing whether the services added are distinct and whether the pricing is at the standalone selling price. Services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively, either as a separate contract if the additional services are priced at the standalone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the standalone selling price.

• The Company accounts for variable considerations like, volume discounts, rebates and pricing incentives to customers as reduction of revenue on a systematic and rational basis over the period of the contract. The Company estimates an amount of such variable consideration using expected value method or the single most likely amount in a range of possible consideration depending on which method better predicts the amount of consideration to which we may be entitled.

• Revenues are shown net of allowances/ returns sales tax, value added tax, goods and services tax and applicable discounts and allowances. Revenue includes excise duty.

• The Company accrues the estimated cost of warranties at the time when the revenue is recognized. The accruals are based on the Company’s historical experience of material usage and service delivery costs.

• Incremental costs that relate directly to a contract and incurred in securing a contract with a customer are recognized as an asset when the Company expects to recover these costs and amortized over the contract term.

• The Company recognizes contract fulfilment cost as an asset if those costs specifically relate to a contract or to an anticipated contract, the costs generate or enhance resources that will be used in satisfying performance obligations in future; and the costs are expected to be recovered. The asset so recognized is amortized on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates.

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• The Company assesses the timing of the transfer of goods or services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company does not assess the existence of a significant financing component when the difference between payment and transfer of deliverables is a year or less. If the difference in timing arises for reasons other than the provision of finance to either the customer or us, no financing component is deemed to exist.

• The Company may enter into arrangements with third party suppliers to resell products or services. In such cases, we evaluate whether we are the principal (i.e. report revenues on a gross basis) or agent (i.e. report revenues on a net basis). In doing so, we first evaluate whether we control the good or service before it is transferred to the customer. If we control the good or service before it is transferred to the customer, we are the principal; if not, we are the agent.

New Accounting standards adopted by the Company:

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended March 31, 2018, except for the adoption of amendments and interpretations effective as of April 1, 2018.

IFRS 15 – Revenue from Contracts with Customers.

On April 1, 2018, we adopted IFRS 15, “Revenue from Contracts with Customers” using the cumulativecatch-up transition method applied to contracts that were not completed as of April 1, 2018. In accordance with the cumulativecatch-up transition method, the comparatives have not been retrospectively adjusted.

The adoption of the new standard has resulted in a reduction of₹ 2,279 in opening retained earnings, primarily relating to certain contract costs because these do not meet the criteria for recognition as costs to fulfil a contract.

On account of adoption of IFRS 15, unbilled revenues pertaining to fixed price development contracts of₹ 15,038 as at March 31, 2019 has been considered asnon-financial Contract assets, which are billable on completion milestones specified in the contracts.

Unbilled revenues₹ 22,880, which are billable based on passage of time been classified as unbilled receivables.

The adoption of IFRS 15, did not have any material impact on the consolidated statement of income for the three months and year ended March 31, 2019.

Disclosure on disaggregation of revenues and remaining performance obligations will be included in the annual financial statement for the year ending March 31, 2019.

IFRIC22- Foreign currency transactions and Advance consideration

The Company has applied IFRIC 22 prospectively effective April 1, 2018. The effect on adoption of IFRIC 22 on the consolidated financial statements is insignificant.

New accounting standards not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2018, and have not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the consolidated financial statements of the Company are:

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IFRS 16 –Leases

On January 13, 2016, the International Accounting Standards Board issued IFRS 16, Leases. IFRS 16 will replace the existing leases Standard, IAS 17 Leases, and related interpretations. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognized assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees.

The standard allows for two methods of transition: the full retrospective approach, requires entities to retrospectively apply the new standard to each prior reporting period presented and the entities need to adjust equity at the beginning of the earliest comparative period presented, or the modified retrospective approach, under which the date of initial application of the new leases standard, lessees recognize the cumulative effect of initial application as an adjustment to the opening balance of equity as of annual periods beginning on or after January 1, 2019.

The Company will adopt this standard using modified retrospective method effective April 1, 2019, and accordingly, the comparative for year ended March 31, 2018 and 2019, will not be retrospectively adjusted. The Company has elected certain available practical expedients on transition.

Based on current assessment, the Company does not expect a significant impact to opening retained earnings on adoption of IFRS 16. There will be reclassification in the cash flow categories in the statement of cash flows.

IFRIC 23 – Uncertainty over Income Tax treatments

On June 7, 2017, the International Accounting Standards Board issued IFRIC 23 which clarifies the accounting for uncertainties in income taxes. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be considered separately or whether some can be considered together. The decision should be based on the approach which provides better predictions of the resolution of the uncertainty (2) entity has to consider the probability of the relevant taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates would depend upon the probability. The effective date for adoption of IFRIC 23 for annual periods beginning on or after January 1, 2019, though early adoption is permitted. The Company will apply IFRIC 23 prospectively from the effective date and the effect on adoption of IFRIC 23 on the consolidated financial statement is insignificant.

Amendment to IAS 19 – Plan Amendment, Curtailment or Settlement

On 7 February 2018, the International Accounting Standard Board has issued amendments to IAS 19, ‘Employee Benefits’, in connection with accounting for plan amendments, curtailments and settlements requiring an entity to determine the current service costs and the net interest for the period after the remeasurement using the assumptions used for the remeasurement; and determine the net interest for the remaining period based on the remeasured net defined benefit liability or asset. These amendments are effective for annual reporting periods beginning on or after January 1, 2019, with early application permitted. The Company will apply the amendment to IAS 19 prospectively from the effective date and the effect on adoption of the amendment on the consolidated financial statement is insignificant.

Amendment to IAS 12 – Income Taxes

In December 2017, the International Accounting Standard Board had issued amendments to IAS 12 – Income Taxes. The amendments clarify that an entity shall recognize the income tax consequences of dividends on financial instruments classified as equity should be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits were recognized. The effective date of these amendments is annual periods beginning on or after January 1, 2019, though earlier adoption is permitted. The Company does not

plan to early adopt this amendment and is currently assessing the impact of this amendment on the Company’s consolidated financial statements.

Amendment to IFRS 3 – Business combination

On October 22, 2018, the International Accounting Standard Board has issued amendments to IFRS 3, ‘Business Combinations’, in connection with clarification of business definition, which help in determining whether an acquisition made is of a business or a group of assets. The amendment added a test that makes it easier to conclude that a company has acquired a group of assets, rather than a business, if the value of the assets acquired is substantially all concentrated in a single asset or group of similar assets. These amendments are effective for annual reporting periods beginning on or after January 1, 2020, with early application permitted. The Company is currently evaluating the impact of amendment to IFRS 3 on the Company’s consolidated financial statement.

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4. Property, plant and equipment

	Land			Buildings			Plant and machinery *			Furniture fixtures and equipment			Vehicles			Total
Gross carrying value:
As at April 1, 2017	₹	3,814		₹	27,581		₹	108,967		₹	15,748		₹	432		₹	156,542
Translation adjustment		28			265			904			188			2			1,387
Additions/adjustments		2			1,197			11,767			1,776			1,003			15,745
Acquisition through business combinations		—			13			4			11			1			29
Disposals/adjustments		—			(190	)		(7,302	)		(872	)		(294	)		(8,658	)
Assets reclassified as held for sale		(207	)		(3,721	)		(27,118	)		(1,079	)		(5	)		(32,130	)
As at March 31, 2018	₹	3,637		₹	25,145		₹	87,222		₹	15,772		₹	1,139		₹	132,915
Accumulated depreciation/ impairment:
As at April 1, 2017		—			6,361			77,005			11,968			365		₹	95,699
Translation adjustment		—			49			509			104			—			662
Depreciation		—			1,023			14,078			1,381			387			16,869
Disposals/adjustments		—			(70	)		(6,640	)		(758	)		(242	)		(7,710	)
Assets reclassified as held for sale		—			(1,539	)		(19,627	)		(712	)		(4	)		(21,882	)
As at March 31, 2018	₹	—		₹	5,824		₹	65,325		₹	11,983		₹	506		₹	83,638
Capitalwork-in-progress																₹	15,680
Assets reclassified as held for sale																	(514	)
Net carrying value including Capitalwork-in-progress as at March 31, 2018																₹	64,443
Gross carrying value:
As at April 1, 2018	₹	3,637		₹	25,145		₹	87,222		₹	15,772		₹	1,139		₹	132,915
Translation adjustment		(5	)		(8	)		613			—			(6	)		594
Additions/adjustments		65			2,684			10,402			1,951			4			15,106
Disposals/adjustments		—			(331	)		(5,871	)		(1,218	)		(189	)		(7,609	)
As at March 31, 2019	₹	3,697		₹	27,490		₹	92,366		₹	16,505		₹	948		₹	141,006
Accumulated depreciation/ impairment:
As at April 1, 2018		—		₹	5,824		₹	65,325		₹	11,983		₹	506		₹	83,638
Translation adjustment		—			8			332			(6	)		(3	)		331
Depreciation and impairment **		—			1,034			12,298			1,363			304			14,999
Disposals/adjustments		—			(151	)		(4,767	)		(747	)		(125	)		(5,790	)
As at March 31, 2019	₹	—		₹	6,715		₹	73,188		₹	12,593		₹	682		₹	93,178
Capitalwork-in-progress																₹	22,773
Net carrying value including Capitalwork-in-progress as at March 31, 2019																₹	70,601

* Includes computer equipment and software.

** Includes impairment charge on software platform recognized on acquisitions, amounting to Nil and₹ 1,480, for the year ended March 31, 2018 and March 31, 2019, respectively.

5. Goodwill and intangible assets

The movement in goodwill balance is given below:

	For the year ended
	March 31, 2018			March 31, 2019
Balance at the beginning of the year	₹	125,796		₹	117,584
Translation adjustment		2,970			4,529
Acquisition through business combination		1,172			—
Disposals *		—			(4,893	)
Assets reclassified as held for sale		(12,354	)		(240	)
Balance at the end of the year	₹	117,584		₹	116,980

* Refer Note 27.

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The movement in intangible assets is given below:

	Intangible assets
	Customer related			Marketing related			Total
Gross carrying value:
As at April 1, 2017	₹	20,528		₹	6,279		₹	26,807
Translation adjustment		493			103			596
Acquisition through business combinations		5,565			169			5,734
As at March 31, 2018	₹	26,586		₹	6,551		₹	33,137
Accumulated amortization/ impairment:
As at April 1, 2017	₹	9,264		₹	1,621		₹	10,885
Translation adjustment		14			11			25
Amortization and impairment *		2,985			1,129			4,114
As at March 31, 2018	₹	12,263		₹	2,761		₹	15,024
Net carrying value as at March 31, 2018	₹	14,323		₹	3,790		₹	18,113
Gross carrying value:
As at April 1, 2018	₹	26,586		₹	6,551		₹	33,137
Translation adjustment		555			217			772
Disposals **		(217	)		(823	)		(1,040	)
Acquisition through business combinations		—			—			—
As at March 31, 2019	₹	26,924		₹	5,945		₹	32,869
Accumulated amortization/ impairment:
As at April 1, 2018	₹	12,263		₹	2,761		₹	15,024
Translation adjustment		35			64			99
Amortization and impairment *		3,148			1,136			4,284
Disposals **		(101	)		(199	)		(300	)
As at March 31, 2019	₹	15,345		₹	3,762		₹	19,107
Net carrying value as at March 31, 2019	₹	11,579		₹	2,183		₹	13,762

* Includes impairment charge on certain intangible assets recognized on acquisitions, amounting to₹ 643 and₹ 838 for the period ended March 31, 2018 and March 31, 2019, respectively.

** Refer Note 27.

Amortization and impairment expense on intangible assets is included in selling and marketing expenses in the interim condensed consolidated statement of income.

6. Business combination

Summary of material acquisitions during the year ended March 31, 2018 is given below:

During the year ended March 31, 2018, the Company has completed four business combinations (which both individually and in aggregate are not material) for a total consideration of₹ 6,924 millions. These transactions include (a) an acquisition of IT service provider which is focused on Brazilian markets, (b) an acquisition of a design and business strategy consultancy firm based in United States, and (c) acquisition of intangible assets, assembled workforce and a multi-year service agreement which qualify as business combinations.

During the year ended March 31, 2018, the Company concluded the fair value adjustments of the assets acquired and liabilities assumed on acquisition.

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The following table presents the allocation of purchase price:

Description	Purchase price allocated
Net assets	₹	5
Customer related intangibles		5,565
Other intangible assets		169
Total	₹	5,739
Goodwill		1,185
Total purchase price	₹	6,924

The goodwill of₹ 1,185 comprises value of acquired workforce and expected synergies arising from the acquisition. The goodwill was allocated among the reportable operating segments and is partially deductible for U.S. federal income tax purpose.

Net assets acquired include₹ 58 of cash and cash equivalents and trade receivables valued at₹ 215.

7. Investments

Investments consist of the followings:

	As at
	March 31, 2018		March 31, 2019
Financial instruments at FVTPL
Investments in liquid and short-term mutual funds	₹	46,438	₹	13,960
Financial instruments at FVTOCI
Equity instruments		5,685		6,916
Commercial paper, Certificate of deposits and bonds		176,234		185,048
Financial instruments at amortized cost
Inter corporate and term deposits *		28,405		21,708
	₹	256,762	₹	227,632
Non-current		7,668		6,916
Current		249,094		220,716

* These deposits earn a fixed rate of interest. Term deposits include deposits in lien with banks amounting to₹ 463 (March 31, 2018:₹ 453).

Investment in equity accounted investee

The Company has no material associates as at March 31, 2019.

8. Inventories

Inventories consist of the following:

	As at
	March 31, 2018		March 31, 2019
Stores and spare parts	₹	769	₹	677
Finished and traded goods		2,601		3,274
	₹	3,370	₹	3,951

9. Cash and cash equivalents

Cash and cash equivalents as at March 31, 2018 and March 31, 2019 consists of cash and balance on deposit with banks. Cash and cash equivalents consists of the following:

	As at
	March 31, 2018		March 31, 2019
Cash and bank balances	₹	23,300	₹	41,966
Demand deposits with banks *		21,625		116,563
	₹	44,925	₹	158,529

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

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Cash and cash equivalents consists of the following for the purpose of the cash flow statement:

	Year ended March 31,
	2018			2019
Cash and cash equivalents	₹	44,925		₹	158,529
Bank overdrafts		(3,999	)		(4	)
	₹	40,926		₹	158,525

10. Other assets

	As at
	March 31, 2018			March 31, 2019
Non-current
Financial asset
Security deposits	₹	1,197		₹	1,436
Other deposits		250			777
Interest receivables		—			1,139
Finance lease receivables		2,739			1,794
	₹	4,186		₹	5,146
Non-Financial asset
Prepaid expenses including rentals for leasehold land	₹	7,602		₹	6,323
Costs to obtain contract		281		₹	4,212
Others		4,187			5,337
Assets reclassified as held for sale		(530	)		—
	₹	11,540		₹	15,872
Othernon-current assets	₹	15,726		₹	21,018
Current
Financial asset
Security deposits	₹	1,238		₹	1,050
Other deposits		59			33
Due from officers and employees		697			738
Finance lease receivables		2,271			1,618
Interest receivables		491			1,789
Others receivables		2,673			9,383
	₹	7,429		₹	14,611
Non-Financial asset
Prepaid expenses	₹	14,407		₹	12,148
Due from officers and employees		1,175			871
Advance to suppliers		1,819			3,247
Deferred contract costs		2,419			—
Balance with excise, customs and other authorities		3,886			5,543
Costs to obtain contract		792			1170
Others		50			107
Assets reclassified as held for sale		(1,381	)		—
	₹	23,167		₹	23,086
Other current assets	₹	30,596		₹	37,697
Total	₹	46,322		₹	58,715

17

11. Loans and borrowings

A summary of loans and borrowings is as follows:

	As at
	March 31, 2018			March 31, 2019
Borrowings from banks	₹	119,689		₹	96,979
Bank overdrafts		3,999			4
External commercial borrowings		9,777			—
Obligations under finance leases		5,442			2,002
Loans from institutions other than bank		821			482
Liabilities directly associated with assets held for sale		(1,469	)		—
	₹	138,259		₹	99,467
Non-current		45,268			28,368
Current		92,991			71,099

12. Other liabilities and provisions

	As at
	March 31, 2018			March 31, 2019
Other liabilities
Non-current
Financial liabilities
Deposits and others	₹	7		₹	—
	₹	7		₹	—
Non-Financial liabilities
Employee benefits obligations	₹	1,791		₹	2,083
Others		2,440			3,175
Liabilities directly associated with assets held for sale		(8	)		—
	₹	4,223		₹	5,258
Othernon-current liabilities	₹	4,230		₹	5,258
Current
Financial liabilities
Deposits and others	₹	1,050		₹	644
	₹	1,050		₹	644
Non-Financial liabilities
Statutory and other liabilities	₹	4,263		₹	5,430
Employee benefits obligations		8,537			10,065
Advance from customers		1,901			1,361
Others		1,139			1,190
Liabilities directly associated with assets held for sale		(277	)		—
	₹	15,563		₹	18,046
Other current liabilities	₹	16,613		₹	18,690
Total	₹	20,843		₹	23,948
	As at
	March 31, 2018			March 31, 2019
Provisions
Non-current
Provision for warranty	₹	3		₹	2
	₹	3		₹	2
Current
Provision for warranty	₹	290		₹	275
Others		506			363
	₹	796		₹	638
	₹	799		₹	640

Provision for warranty represents cost associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 to 2 years. Other provisions primarily include provisions for indirect tax related contingencies and litigations. The timing of cash outflows in respect of such provision cannot be reasonably determined.

18

13. Financial instruments

Derivative assets and liabilities:

The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks ofnon-performance by the counterparty asnon-material.

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

								(in millions)
	As at
	March 31, 2018					March 31, 2019
	Notional		Fair value			Notional		Fair value
Designated derivatives instruments
Sell: Forward contracts	USD	904	₹	951		USD	333	₹	1,410
	€	134	₹	(531	)	€	—		—
	£	147	₹	(667	)	£	—		—
	AUD	77	₹	29		AUD	97		15
Range forward options contracts	USD	182	₹	5		USD	1,067	₹	1,149
	£	13	₹	5		£	191	₹	68
	€	10	₹	2		€	153	₹	349
	AUD	—		—		AUD	56	₹	39
Interest rate swaps	USD	75	₹	(7	)	USD	75	₹	(11	)
Non-designated derivatives instruments
Sell: Forward contracts	USD	939	₹	(360	)	USD	1,182	₹	1,359
	€	58	₹	6		€	32	₹	55
	£	95	₹	(56	)	£	1	₹	(1	)
	AUD	77	₹	68		AUD	82	₹	28
	SGD	6	₹	(1	)	SGD	11	₹	1
	ZAR	132	₹	(16	)	ZAR	56	₹	14
	CAD	14	₹	32		CAD	56	₹	40
	SAR	62		^		SAR	123	₹	(1	)
	AED	8		^		AED	9		^
	PLN	36	₹	12		PLN	38	₹	15
	CHF	6	₹	3		CHF	10		^
	QAR	11	₹	(3	)	QAR	3	₹	(1	)
	TRY	10	₹	8		TRY	28	₹	12
	MXN	61	₹	(6	)	MXN	—		—
	NOK	34	₹	3		NOK	29	₹	4
	OMR	3	₹	(1	)	OMR	1	₹	(1	)
	SEK	—		—		SEK	35	₹	5
Range forward options contracts	USD	50	₹	(6	)	USD	150	₹	161
	€	—		—		€	31	₹	12
	£	20	₹	(2	)	£	71	₹	57
Buy: Forward contracts	USD	575	₹	(417	)	USD	730	₹	(971	)
	JPY	399	₹	6		JPY	154		^
	MXN	—		—		MXN	9		^
	DKK	9	₹	(1	)	DKK	75	₹	(13	)
			₹	(944	)			₹	3,794

^ Value in less than₹ 1.

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

	Year ended March 31,
	2018			2019
Balance as at the beginning of the year	₹	7,325		₹	(143	)
Deferred cancellation gain/ (loss), net		(6	)		6
Changes in fair value of effective portion of derivatives		(12	)		1,069
Net gain/ (loss) reclassified to interim condensed consolidated statement of income on occurrence of hedged transactions		(7,450	)		2,087
Gain/ (loss) on cash flow hedging derivatives, net	₹	(7,468	)	₹	3,162
Balance as at the end of the year		(143	)		3,019
Deferred tax thereon		29			(604	)
Balance as at the end of the year, net of deferred tax	₹	(114	)	₹	2,415

As at March 31, 2018 and 2019, there were no significant gains or losses on derivative transactions or portions thereof that have become ineffective as hedges, or associated with an underlying exposure that did not occur.

14. Fair value

Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled revenues, finance lease receivables, employee and other advances and eligible current andnon-current assets, long and short-term loans and borrowings, finance lease payables, bank overdrafts, trade payable, eligible current liabilities andnon-current liabilities.

The fair value of cash and cash equivalents, trade receivables, unbilled revenues, borrowings, trade payables, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. The Company’s long-term debt has been contracted at market rates of interest. Accordingly, the carrying value of such long-term debt approximates fair value. Further, finance lease receivables that are overdue are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated losses on these receivables. As at March 31, 2018 and 2019, the carrying value of such receivables, net of allowances approximates the fair value.

Investments in liquid and short-term mutual funds, which are classified as FVTPL are measured using net asset values at the reporting date multiplied by the quantity held. Fair value of investments in commercial papers, certificate of deposits and bonds classified as FVTOCI is determined based on the indicative quotes of price and yields prevailing in the market at the reporting date. Fair value of investments in equity instruments classified as FVTOCI is determined using market and income approaches.

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

Fair value hierarchy

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

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

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

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

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

	As at March 31, 2018										As at March 31, 2019
Particular	Fair value measurements at reporting date										Fair value measurements at reporting date
	Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3
Assets
Derivative instruments:
Cash flow hedges		1,139			—		1,139			—		3,149			—		3,149			—
Others		134			—		134			—		1,955			—		1,955			—
Investments:
Investment in liquid and short-term mutual funds		46,438			46,438		—			—		13,960			13,960		—			—
Investment in equity instruments		5,685			—		—			5,685		6,916			—		248			6,668
Commercial paper, Certificate of deposits and bonds		176,234			1,951		174,283			—		185,048			6,865		178,183			—
Liabilities
Derivative instruments:
Cash flow hedges		(1,276	)		—		(1,276	)		—		(130	)				(130	)		—
Others		(941	)		—		(941	)		—		(1,180	)				(1,180	)		—

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

Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counter-parties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at March 31, 2019, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

Investment in commercial papers, certificate of deposits and bonds: Fair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.

Details of assets and liabilities considered under Level 3 classification

	Investment in equity instruments			Derivative Assets - others			Liabilities - Contingent consideration
Balance as at April 1, 2017	₹	5,303		₹	426		₹	(339	)
Additions		1,851			—			—
Payouts		—			—			164
Transferred to investment in equity accounted investee		(357	)		—			—
Gain/loss recognized in interim condensed consolidated statement of income		—			(426	)		167
Gain/loss recognized in foreign currency translation reserve		53			—			(32	)
Gain/loss recognized in other comprehensive income		(1,165	)		—			—
Finance expense recognized in interim condensed consolidated statement of income		—			—			40
Balance as at March 31, 2018	₹	5,685		₹	—			—
Balance as at April 1, 2018	₹	5,685		₹	—		₹	—
Additions		2,869			—			—
Transfers out of level 3		(647	)		—			—
Gain/(loss) recognized in foreign currency translation reserve		203			—			—
Disposals		(1,341	)
Gain/(loss) recognized in other comprehensive income		(101	)		—			—
Balance as at March 31, 2019	₹	6,668		₹	—		₹	—

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15. Foreign currency translation reserve

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

	Year ended March 31,
	2018			2019
Balance at the beginning of the year	₹	13,107		₹	16,618
Translation difference related to foreign operations, net		3,560			3,121
Reclassification of foreign currency translation differences to profit and loss on sale of hosted data center services business		—			(4,131	)
Reclassification of foreign currency translation differences to profit and loss on workday business		—			(71	)
Change in effective portion of hedges of net investment in foreign operations		(49	)		(287	)
Total change during the year		3,511			(1,368	)
Balance at the end of the year	₹	16,618		₹	15,250

16. Income taxes

Income tax expenses has been allocated as follows:

	Three months ended March 31,						Year ended March 31,
	2018			2019			2018			2019
Income tax expense as per the interim condensed consolidated statement of income	₹	4,615		₹	7,064		₹	22,390		₹	25,242
Income tax included in Other comprehensive income on:
Unrealized (gains)/ losses on investment securities		(479	)		243			(644	)		(65	)
(Gains)/losses on cash flow hedging derivatives		(409	)		294			(1,448	)		633
Defined benefit plan actuarial (gains)/losses		11			(4	)		255			47
	₹	3,738		₹	7,597		₹	20,553		₹	25,857

Income tax expenses consists of the following:

	Three months ended March 31,					Year ended March 31,
	2018			2019		2018			2019
Current taxes
Domestic	₹	3,617		₹	4,308	₹	18,500		₹	17,987
Foreign		3,006			201		7,834			5,663
		6,623			4,509		26,334			23,650
Deferred taxes
Domestic		(407	)		676		3			(180	)
Foreign		(1,601	)		1,879		(3,947	)		1,772
		(2,008	)		2,555		(3,944	)		1,592
	₹	4,615		₹	7,064	₹	22,390		₹	25,242

Income tax expenses are net of reversal of provisions/ (provision recorded) pertaining to earlier periods, amounting to₹ (531) and₹ 1,776 for the three months ended March 31, 2018 and 2019, respectively and₹ 380 and₹ 1,909 for the year ended March 31, 2018 and 2019, respectively

17. Revenue

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
Rendering of services	₹	132,746	₹	146,238	₹	524,543	₹	571,301
Sales of products		4,940		3,825		20,328		14,544
	₹	137,686	₹	150,063	₹	544,871	₹	585,845

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18. Expenses by nature

	Three months ended March 31,						Year ended March 31,
	2018			2019			2018		2019
Employee compensation		₹	69,760	₹	77,387		₹	272,223		299,774
Sub-contracting/ technical fees			21,144		23,934			84,437		94,725
Cost of hardware and software			4,670		3,342			18,985		13,567
Travel			4,078		4,463			17,399		17,768
Facility expenses			5,700		5,838			21,044		22,213
Depreciation, amortization and impairment	^		5,702		5,595			21,124		19,474
Communication			1,353		1,097			5,353		4,561
Legal and professional fees			1,246		630			4,690		4,361
Rates, taxes and insurance			658		511			2,400		1,621
Marketing and brand building			746		744			3,140		2,714
Lifetime expected credit loss and provision for deferred contract cost	-		2,437		(274	)		6,565		980
Miscellaneous expenses	*		1,364		1,338			4,705		11,736
Total cost of revenues, selling and marketing expenses and general and administrative expenses		₹	118,858	₹	124,605		₹	462,065	₹	493,494

* Miscellaneous expenses for the year ended March 31, 2019, includes an amount of₹ 5,141 ($ 75) paid to National Grid on settlement of a legal claim against the Company.

^ Depreciation, amortization and impairment includes impairment on certain software platform and intangible assets recognized on acquisitions, amounting to₹ 1,480 and₹ 2,318 for the three months and year ended March 31, 2019, respectively (₹ 643 for the three months and year ended March 31, 2018 relating to impairment on intangible assets recognized on acquisitions).

- Consequent to insolvency of two of our customers, the Company had recognized provision of₹ 4,612 for impairment of receivables and deferred contract cost for the year ended March 31, 2018.

19. Finance expense

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
Interest expense	₹	1,075	₹	2,119	₹	3,451	₹	5,616
Exchange fluctuation on foreign currency borrowings, net		489		411		2,379		1,759
	₹	1,564	₹	2,530	₹	5,830	₹	7,375

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

	Three months ended March 31,						Year ended March 31,
	2018			2019			2018			2019
Interest income	₹	4,096		₹	6,557		₹	17,806		₹	20,261
Dividend income		148			86			609			361
Net gain from investments classified as FVTPL		4,709			326			5,410			1,990
Net gain from investments classified as FVOCI		(4,150	)		259			174			311
Finance and other income	₹	4,803		₹	7,228		₹	23,999		₹	22,923
Foreign exchange gains/(losses), net on financial instrument measured at FVTPL		(1,258	)		1,255			(107	)		1,256
Other Foreign exchange gains/(losses), net		1,815			(939	)		1,595			1,959
Foreign exchange gains/(losses), net	₹	557		₹	316		₹	1,488		₹	3,215
	₹	5,360		₹	7,544		₹	25,487		₹	26,138

23

21. Earnings per equity share

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

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

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
Profit attributable to equity holders of the Company	₹	18,028	₹	24,833	₹	80,081	₹	90,031
Weight average number of equity shares outstanding		6,004,470,975		6,008,783,491		6,333,391,200		6,007,376,837
Basic earnings per share	₹	3.00	₹	4.13	₹	12.64	₹	14.99

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

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

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
Profit attributable to equity holders of the Company	₹	18,028	₹	24,833	₹	80,081	₹	90,031
Weight average number of equity shares outstanding		6,004,470,975		6,008,783,491		6,333,391,200		6,007,376,837
Effect of dilutive equivalent share options		11,403,746		15,175,815		11,091,433		14,927,530
Weight average number of equity shares for diluted earnings per share		6,015,874,721		6,023,959,306		6,344,482,633		6,022,304,367
Diluted earnings per share	₹	3.00	₹	4.12	₹	12.62	₹	14.95

Earnings per share and number of share outstanding for the three months and year ended March 31, 2018, have been proportionately adjusted for the bonus issue in the ratio of 1:3 i.e.1 (One) bonus equity share of₹ 2 each for every 3 (three) fullypaid-up equity shares held (including ADS holders). Refer Note 29.

22. Employee benefits

a) Employee costs includes

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
Salaries and bonus	₹	66,789	₹	74,430	₹	261,981	₹	289,005
Employee benefits plans
Gratuity and other defined benefit plans		692		482		1,532		1,423
Defined contribution plans		1,821		1,916		7,363		7,408
Share based compensation		458		559		1,347		1,938
	₹	69,760	₹	77,387	₹	272,223	₹	299,774

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

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
Cost of revenues	₹	58,583	₹	65,455	₹	228,936	₹	251,818
Selling and marketing expenses		7,228		7,760		28,070		30,972
General and administrative expenses		3,949		4,172		15,217		16,984
	₹	69,760	₹	77,387	₹	272,223	₹	299,774

The Company has granted 45,000 and 3,040,000 options under RSU option plan during the three months and year ended March 31, 2019, respectively (58,000 and 3,514,800 for the three months and year ended March 31, 2018); 20,000 and 3,176,000 options under ADS option plan during the three months and year ended March 31, 2019, respectively (65,000 and 2,783,400 for three months and year ended March 31, 2018).

The Company has also granted Nil and 1,567,000 Performance based stock options (RSU) during the three months and year ended March 31, 2019, respectively (Nil and 1,097,600 for the three months and year ended March 31, 2018); Nil and 1,673,000 Performance based stock options (ADS) during the three months and year ended March 31, 2019, respectively (Nil and 1,113,600 for three months and year ended March 31, 2018).

24

The RSU grants were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and the ADS grants were issued under Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan).

23. Commitments and contingencies

Capital commitments: As at March 31, 2018 and March 31, 2019 the Company had committed to spend approximately₹ 13,091 and₹ 12,443 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases.

Guarantees: As at March 31, 2018 and March 31, 2019, performance and financial guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies amount to approximately₹ 21,546 and₹ 18,456 respectively, as part of the bank line of credit.

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

In March 2004, the Company received a tax demand for year ended March 31, 2001 arising primarily on account of denial of deduction under section 10A of the Income Tax Act, 1961 (Act) in respect of profit earned by the Company’s undertaking in Software Technology Park at Bangalore. The same issue was repeated in the successive assessments for the years ended March 31, 2002 to March 31, 2011 and the aggregate demand is₹47,583 (including interest of₹13,832). The appeals filed against the said demand before the Appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2008. Further appeals have been filed by the Income tax authorities before the Hon’ble High Court. The Hon’ble High Court has heard anddisposed-off majority of the issues in favor of the Company up to years ended March 31, 2004. Department has filed a Special Leave Petition (SLP) before the Supreme Court of India for the year ended March 31, 2001 to March 31, 2004.

On similar issues for years up to March 31, 2000, the Hon’ble High Court of Karnataka has upheld the claim of the Company under section 10A of the Act. For the year ended March 31, 2009, the appeals are pending before Income Tax Appellate Tribunal (ITAT). For years ended March 31, 2010 and March 31, 2011, the Dispute Resolution Panel (DRP) allowed the claim of the Company under section 10A of the Act. The Income tax authorities have filed an appeal before the ITAT.

For year ended March 31, 2013, the Company received the final assessment order in November 2017 with a demand of₹3,286 (including interest of₹1,166), arising primarily on account of section 10AA issues with respect to exclusion from Export Turnover. The Company has filed an appeal before Hon’ble ITAT, Bengaluru within the prescribed timelines.

For year ended March 31, 2014, the Company received the final assessment order in September 2018 with a demand of₹1,030 (including Nil interest), arising primarily on account of transfer pricing issues. The Company has filed an appeal before the Hon’ble ITAT, Bengaluru within the prescribed timelines.

For year ended March 31, 2015, the Company received the Draft assessment order in December 2018 with a demand of₹ 6,467 (including interest of₹ 2,007), arising primarily on account of Capitalization of wages. The Company has filed objections before the Dispute Resolution Panel (Bengaluru) within the prescribed timelines.

Income tax demands against the Company amounting to₹101,440 and₹66,441 are not acknowledged as debt as at March 31, 2018 and March 31, 2019, respectively. The contingent liability has been reworked on the basis of recent judicial pronouncements and updates. These matters are pending before various Appellate Authorities and the management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.

The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounts to₹ 7,745 and₹ 8,477 as of March 31, 2018 and 2019. However, the resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

25

24. Segment information

Effective October 1, 2018, we have organized India State Run Enterprise services segment (ISRE) as a separate segment, which was earlier part of IT Services segment.

The Company is now organized by the following operating segments: IT Services, IT Products and India State Run Enterprise services segment (ISRE).

Comparative information has been restated to give effect to the above changes.

IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals. Effective April 1, 2018, consequent to change in organization structure, the Company reorganized its industry verticals. The Manufacturing (MFG) and Technology Business unit (TECH) are split from the former Manufacturing & Technology (MNT) business unit.

The revised industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Health Business unit (Health BU) previously known as Health Care and Life Sciences Business unit (HLS), Consumer Business unit (CBU), Energy, Natural Resources & Utilities (ENU), Manufacturing (MFG), Technology (TECH) and Communications (COMM). 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.

Comparative information has been restated to give effect to the above changes.

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.

India State Run Enterprise services segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by Government of India and/ or any State Governments.

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.

26

Information on reportable segment for the three months ended March 31, 2018, is as follows:

	IT Services																	IT Products			ISRE			Reconciling Items			Total
	BFSI		Health BU		CBU		ENU		TECH		MFG		COMM			Total
Revenue		37,775		18,559		19,676		16,620		19,158		11,647		7,834			131,269		4,169			2,850			(45	)		138,243
Segment Result		6,256		1,826		2,943		2,287		3,717		1,739		(749	)		18,019		48			124			14			18,205
Unallocated																	1,180		—			—			—			1,180
Segment Result Total																	19,199		48			124			14			19,385
Finance expense																												(1,564	)
Finance and other income																												4,803
Share of profit/ (loss) of equity accounted investee																												(3	)
Profit before tax																												22,621
Income tax expense																												(4,615	)
Profit for the year																												18,006
Depreciation and amortization																												5,702
Information on reportable segment for the three months ended March 31, 2019, is as follows:
	IT Services																	IT Products			ISRE			Reconciling Items			Total
	BFSI		Health BU		CBU		ENU		TECH		MFG		COMM			Total
Revenue		46,043		19,288		23,667		18,628		18,402		11,551		8,286			145,865		2,759			1,787			(32	)		150,379
Other operating income		—		—		—		—		—		—		—			1,546		—			—			—			1,546
Segment Result		9,649		1,940		4,716		2,787		3,031		2,262		985			25,370		(93	)		(775	)		111			24,613
Unallocated																	1,161		—			—			—			1,161
Segment Result Total																	28,077		(93	)		(775	)		111			27,320
Finance expense																												(2,530	)
Finance and other income																												7,228
Share of profit/ (loss) of equity accounted investee																												(17	)
Profit before tax																												32,001
Income tax expense																												(7,064	)
Profit for the year																												24,937
Depreciation and amortization																												5,595

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Information on reportable segment for the year ended March 31, 2018, is as follows:

	IT Services																IT Products			ISRE			Reconciling Items			Total
	BFSI		Health BU		CBU		ENU		TECH		MFG		COMM		Total
Revenue		144,139		74,136		77,914		67,841		73,947		46,081		33,658		517,716		17,998			10,694			(49	)		546,359
Segment Result		24,549		9,624		12,619		8,097		14,680		7,007		3,236		79,812		362			454			319			80,947
Unallocated																3,347		—			—			—			3,347
Segment Result Total																83,159		362			454			319			84,294
Finance expense																											(5,830	)
Finance and other income																											23,999
Share of profit/ (loss) of equity accounted investee																											11
Profit before tax																											102,474
Income tax expense																											(22,390	)
Profit for the year																											80,084
Depreciation and amortization																											21,124
Information on reportable segment for the year ended March 31, 2019, is as follows:
	IT Services																IT Products			ISRE			Reconciling Items			Total
	BFSI		Health BU		CBU		ENU		TECH		MFG		COMM		Total
Revenue		175,262		75,081		89,313		72,830		76,591		46,496		32,680		568,253		12,312			8,544			(49	)		589,060
Other operating income		—		—		—		—		—		—		—		4,344		—			—			—			4,344
Segment Result		33,831		8,638		16,828		7,081		15,916		8,327		4,396		95,017		(1,047	)		(1,829	)		283			92,424
Unallocated																3,142		—			—			—			3,142
Segment Result Total																102,503		(1,047	)		(1,829	)		283			99,910
Finance expense																											(7,375	)
Finance and other income																											22,923
Share of profit/ (loss) of equity accounted investee																											(43	)
Profit before tax																											115,415
Income tax expense																											(25,242	)
Profit for the year																											90,173
Depreciation and amortization																											19,474

28

The Company has four geographic segments: India, Americas, Europe and Rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows:

	Three months ended March 31,				Year ended March 31,
	2018		2019		2018		2019
India	₹	10,548	₹	6,554	₹	43,099	₹	30,999
Americas*		70,936		85,702		283,515		325,432
Europe		36,808		36,612		138,597		147,074
Rest of the world		19,951		21,511		81,148		85,555
	₹	138,243	₹	150,379	₹	546,359	₹	589,060

* Substantially related to operations in the United States of America.

No customer individually accounted for more than 10% of the revenues during the year ended March 31, 2018 and 2019.

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

Notes:

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

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

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

d) 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) Segment results for ENU and COMM industry vertical for the year ended March 31, 2018, is after considering the impact of provision by₹ 3,175 and₹ 1,437 for impairment of receivables and deferred contract cost. Refer note 18.

g) Net gain from the sale of hosted data center services, workday business and disposal of Wipro Airport IT Services Limited, amounting to₹ 1,546 and₹ 4,344, is included as part of IT services segment result for the three months and year ended March 31, 2019, respectively. Refer note 27.

h) Segment results for ENU industry vertical for the year ended March 31, 2019, is after considering the impact of₹ 5,141 ($ 75) paid to National Grid on settlement of a legal claim against the Company.

i) Segment results for Health BU industry vertical for the three months and year ended March 31, 2018 and 2019, is after considering the impact of impairment charges on certain software platform and intangible assets recognized on acquisitions. Refer note 18.

25. List of subsidiaries and equity accounted investee as of March 31, 2019 is provide below:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro LLC			USA
	Wipro Gallagher Solutions, LLC.		USA
		Opus Capital Markets Consultants LLC	USA
		Wipro Promax Analytics Solutions Americas LLC	USA
	Wipro Insurance Solutions LLC		USA
	Wipro IT Services, LLC.		USA
		HealthPlan Services, Inc. ***	USA
		Appirio, Inc. ***	USA
		Cooper Software, LLC.	USA
		Infocrossing, LLC	USA
		Wipro US Foundation	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

29

Wipro Holdings (UK) Limited			U.K.
	Wipro Digital Aps		Denmark
		Designit A/S ***	Denmark
	Wipro Europe Limited		U.K.
		Wipro UK Limited	U.K.
	Wipro Financial Services UK Limited		U.K.
	Wipro IT Services S.R.L.		Romania
Wipro Information Technology Austria GmbH **			Austria
Wipro Technologies Austria GmbH **			Austria
NewLogic Technologies SARL **			France
Wipro Cyprus SE			Cyprus
	Wipro Doha LLC #		Qatar
	Wipro Technologies SA DE CV		Mexico
	Wipro Philippines, Inc.		Philippines
	Wipro Holdings Hungary Korlátolt Felelosségu Társaság		Hungary
		Wipro Holdings Investment Korlátolt Felelosségu Társaság	Hungary
	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 Z.O.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 Technologies SA	Argentina
		Wipro Portugal S.A. ***	Portugal
		Limited Liability Company Wipro Technologies Limited	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
		Wipro do Brasil Servicos de Tecnologia S.A.	Brazil
		Wipro do Brasil Technologia Ltda ***	Brazil
	Wipro Technologies S.R.L.		Romania
	PT. WT Indonesia		Indonesia
	Wipro (Thailand) Co. Limited		Thailand
	Wipro Bahrain Limited Co. S.P.C		Bahrain

30

	Wipro Gulf LLC		Sultanate of Oman
	Rainbow Software LLC		Iraq
	Cellent GmbH		Germany
		Cellent GmbH ***	Austria
Wipro Networks Pte Limited			Singapore
	Wipro (Dalian) Limited		China
	Wipro Technologies SDN BHD		Malaysia
Wipro Chengdu Limited			China
Appirio India Cloud Solutions Private Limited **			India
Wipro IT Services Bangladesh Limited			Bangladesh
Wipro HR Services India 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 and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Co. 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

*** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, Designit A/S, Cellent GmbH, HealthPlan Services, Inc. and Appirio, Inc. are as follows

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro Portugal S.A.			Portugal
	Wipro Technologies GmbH		Germany
Wipro do Brasil Technologia Ltda			Brazil
	Wipro Do Brasil Sistemetas De Informatica Ltd		Brazil
Designit A/S			Denmark
	Designit Denmark A/S		Denmark
	Designit Germany GmbH		Germany
	Designit Oslo A/S		Norway
	Designit Sweden AB		Sweden
	Designit T.L.V Ltd.		Israel
	Designit Tokyo Ltd.		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
HealthPlan Services, Inc.			USA
	HealthPlan Services Insurance Agency, LLC.		USA
Appirio, Inc.			USA
	Appirio, K.K		Japan
	Topcoder, LLC.		USA
	Appirio Ltd		Ireland
		Appirio GmbH	Germany
		Apprio Ltd (UK)	U.K.

** Vide its order dated March 29, 2019, the Hon’ble National Company Law Tribunal, Bengaluru bench, approved the scheme of amalgamation for the merger of wholly owned subsidiaries Wipro Information Technology Austria GmbH, Wipro Technologies Austria GmbH, NewLogic Technologies SARL and Appirio India Cloud Solutions Private Limited with Wipro Limited. As per the said scheme, the appointed date is April 1, 2018.

31

As at March 31, 2019, the Company held 43.7% interest in Drivestream Inc, 33% interest in Denim Group Limited and 33.3% in Denim Group Management, 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

26. Bank balance

	As at March 31, 2019
	In current Account		In Deposit Account		Total
Citi Bank	₹	24,507	₹	14,737	₹	39,244
HDFC Bank		1,309		25,152		26,461
Axis Bank		1		21,551		21,552
Kotak Mahindra Bank		28		17,221		17,249
HSBC		9,776		4,112		13,888
Saudi British Bank		845		7,006		7,851
ANZ Bank		432		6,843		7,275
ICICI Bank		28		5,555		5,583
State Bank of India		156		5,110		5,266
BNP Paribas		147		3,630		3,777
IndusInd Bank		—		2,800		2,800
Canara Bank		—		2,500		2,500
Wells Fargo Bank		2,472		—		2,472
Standard Chartered Bank		374		—		374
Indian Overseas Bank		1		342		343
Bank of Montreal		270		—		270
MUFG Bank		180		—		180
UniCredit Bank		169		—		169
RABO Bank		102		—		102
Others		1,169		4		1,173
Total	₹	41,966	₹	116,563	₹	158,529

27. Other operating income

Sale of hosted data center services business: During the year ended March 31, 2019, the Company has concluded the divestment of its hosted data center services business.

The calculation of the gain on sale is shown below:

Particulars	Total
Cash considerations (net of disposal costs₹ 660)	₹	25,432
Less: Carrying amount of net assets disposed (including goodwill of₹ 13,009)		(26,455	)
Add: Reclassification of exchange difference on foreign currency translation		4,131
Gain on sale	₹	3,108

In accordance with the sale agreement, total cash consideration is₹ 28,124 and the Company paid₹ 3,766 to subscribe for units issued by the buyer. Units amounting to₹ 2,032 are callable by the buyer if certain business targets committed by the Company are not met over a period of three years. The fair value of these callable units is estimated to be insignificant as at reporting date. Consequently, the sale consideration accounted of₹ 24,358 and units amounting to₹ 1,734 units issued by the buyer.

Loss of control in subsidiary: During the year ended March 31, 2019, the Company has reduced its equity holding from 74% to 11% in Wipro Airport IT Services Limited. The loss/ gain on this transaction is insignificant.

32

Sale of Workday business:During the year ended March 31, 2019, the Company has concluded the sale of workday business except in Portugal, France and Sweden.

The calculation of the gain is as shown below:

Particulars	Total
Cash considerations	₹	6,645
Less: Carrying amount of net assets disposed (includes goodwill and intangible assets)		5,475
Add: Reclassification of exchange difference on foreign currency translation		79
Gain on sale	₹	1,249

Portugal, France and Sweden are expected to conclude in quarter ended June 30, 2019, subjected to obtaining regulatory approvals.

28.As part of a customer contract with Alight LLC, Wipro has acquired Alight HR Services India Private Limited (currently known as Wipro HR Services India Private Limited) for a consideration of₹ 8,275 (US $ 117). Considering the terms and conditions of the agreement, the Company has concluded that this transaction does not meet the definition of Business under IFRS 3. The transaction was consummated on September 1, 2018. Net assets taken over was₹ 4,128. The excess of consideration paid and net assets taken over is accounted as ‘costs to obtain contract’, which will be amortized over the tenure of the contract as reduction in revenues.

29. Issue of bonus shares

The bonus issue in the proportion of 1:3 i.e.1 (One) bonus equity share of₹ 2 each for every 3 (three) fullypaid-up equity shares held (including ADS holders) was approved by the shareholders of the Company on February 22, 2019, through Postal Ballot/e-voting. Subsequently, on March 8, 2019, the Company allotted 1,508,469,180 equity shares to shareholders who held equity shares as on the record date of March 7, 2019 and₹ 3,016 (representing par value of₹ 2 per share) was transferred from capital redemption reserves, share premium and retained earnings to the share capital.

30. Events after the reporting period

On April 16, 2019, the Board of Directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 323,076,923 equity shares of₹ 2 each (representing 5.35% of totalpaid-up equity share capital) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of₹ 325 per equity share for an aggregate amount not exceeding₹ 105,000 million in accordance with the provisions of the Companies Act, 2013 and the SEBI(Buy-Back of Securities) Regulations, 2018.

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors

For Deloitte Haskins & Sells LLP	Azim H Premji	N Vaghul	Abidali Neemuchwala
Chartered Accountants	Executive Chairman	Director	Chief Executive Officer
Firm’s Registration No: 117366W/W - 100018	& Managing Director		& Executive Director
Vikas Bagaria	Jatin Pravinchandra Dalal		M Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 60408
Bengaluru
April 16, 2019

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