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

Exhibit 99.5

WIPRO LIMITED

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

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

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS AND YEAR ENDED MARCH 31, 2019

UNDER IFRS (IASB)

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

	Particulars	Three months ended								Year ended
		March 31, 2019			December 31, 2018		March 31, 2018			March 31, 2019			March 31, 2018
	Income from operations
	a) Revenue		150,063			150,595		137,686			585,845			544,871
	b) Other operating income		1,546			—		—			4,344			—
	c) Foreign exchange gains/(losses), net		316			911		557			3,215			1,488
I	Total income from operations		151,925			151,506		138,243			593,404			546,359
	Expenses
	a) Purchase ofstock-in-trade		3,340			2,741		5,306			14,073			18,434
	b) (Increase)/Decrease in inventories and stock in trade		(37	)		111		(639	)		(673	)		505
	c) Employee benefit expense		77,387			76,129		69,760			299,774			272,223
	d) Depreciation, amortisation and impairment		5,595			5,172		5,702			19,474			21,124
	e)Sub-contracting/ technical fees		23,934			24,030		21,144			94,725			84,437
	f) Facility expenses		5,838			5,227		5,700			22,213			21,044
	g) Travel		4,463			4,688		4,078			17,768			17,399
	h) Communication		1,097			1,011		1,353			4,561			5,353
	i) Legal and professional fees		630			1,282		1,246			4,361			4,690
	j) Marketing and brand building		744			696		746			2,714			3,140
	k) Other expenses		1,614			1,751		4,462			14,504			13,716
II	Total expenses		124,605			122,838		118,858			493,494			462,065
III	Finance expenses		2,530			1,627		1,564			7,375			5,830
IV	Finance and Other Income		7,228			5,362		4,803			22,923			23,999
V	Share of profits/(loss) of equity accounted investees		(17	)		7		(3	)		(43	)		11
VI	Profit before tax[I-II-III+IV+V]		32,001			32,410		22,621			115,415			102,474
VII	Tax expense		7,064			6,966		4,615			25,242			22,390
VIII	Net profit for the period[VI-VII]		24,937			25,444		18,006			90,173			80,084
IX	Total Other comprehensive income		1,008			423		(550	)		1,023			(3,109	)
	Total comprehensive income for the period [VIII+IX]		25,945			25,867		17,456			91,196			76,975
X	Profit for the period attributable to:
	Equity holders of the Company		24,833			25,103		18,028			90,031			80,081
	Non-controlling Interest		104			341		(22	)		142			3
			24,937			25,444		18,006			90,173			80,084
	Total comprehensive income for the period attributable to:
	Equity holders of the Company		25,871			25,616		17,427			90,945			76,956
	Non-controlling Interest		74			251		29			251			19
			25,945			25,867		17,456			91,196			76,975
XI	Paid up equity share capital (Face value₹ 2 per share)		12,068			9,050		9,048			12,068			9,048
XII	Reserves excluding revaluation reserves and Non Controlling Interest as per balance sheet of previous accounting period										556,048			473,888
XIII	Earnings per share (EPS)
	(Equity shares of par value of₹ 2/- each)
	(EPS for the three months ended is not annualised)
	Basic (in₹)		4.13			4.18		3.00			14.99			12.64
	Diluted (in₹)		4.12			4.17		3.00			14.95			12.62

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1. The audited consolidated financial results of the Company for the three months and year ended March 31, 2019 have been approved by the Board of Directors of the Company at its meeting held on April 16, 2019. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit reports with unmodified opinion on the consolidated financial results.

2. The above consolidated financial results have been prepared from the interim condensed consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”).

3. Adoption of IFRS 15 – Revenue from Contracts with Customers.

On April 1, 2018, the company adopted IFRS 15, “Revenue from Contracts with Customers” using the cumulative catchup transition method applied to contracts that were not completed as of April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The adoption of IFRS 15, did not have any material impact on the consolidated results for the three months and year ended March 31, 2019.

4. List of subsidiaries and equity accounted investees as at March 31, 2019 are provided in the table 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
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

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	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
	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

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* 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.

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

5. 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).

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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.

Information on reportable segment for the three months ended March 31, 2019, December 31, 2018 and March 31, 2018, and the year ended March 31, 2019 and March 31, 2018, is as follows:

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	Three months ended									Year ended
Particulars	March 31, 2019			December 31, 2018			March 31, 2018			March 31, 2019			March 31, 2018
	Audited			Audited			Audited			Audited			Audited
Revenue
IT Services
BFSI		46,043			45,979			37,775			175,262			144,139
Health BU		19,288			19,241			18,559			75,081			74,136
CBU		23,667			22,875			19,676			89,313			77,914
ENU		18,628			18,996			16,620			72,830			67,841
TECH		18,402			19,104			19,158			76,591			73,947
MFG		11,551			11,981			11,647			46,496			46,081
COMM		8,286			8,480			7,834			32,680			33,658
Total of IT Services		145,865			146,656			131,269			568,253			517,716
IT Products		2,759			3,145			4,169			12,312			17,998
ISRE		1,787			1,713			2,850			8,544			10,694
Reconciling Items		(32	)		(8	)		(45	)		(49	)		(49	)
Total Revenue		150,379			151,506			138,243			589,060			546,359
Other operating Income
IT Services		1,546			—			—			4,344			—
IT Products		—			—			—			—			—
ISRE		—			—			—			—			—
Total Other Operating Income		1,546			—			—			4,344			—
Segment Result
IT Services
BFSI		9,649			9,095			6,256			33,831			24,549
Health BU		1,940			1,973			1,826			8,638			9,624
CBU		4,716			5,291			2,943			16,828			12,619
ENU		2,787			3,613			2,287			7,081			8,097
TECH		3,031			4,177			3,717			15,916			14,680
MFG		2,262			2,391			1,739			8,327			7,007
COMM		985			1,578			(749	)		4,396			3,236
Unallocated		1,161			976			1,180			3,142			3,347
Other Operating Income		1,546			—			—			4,344			—
Total of IT Services		28,077			29,094			19,199			102,503			83,159
IT Products		(93	)		212			48			(1,047	)		362
ISRE		(775	)		(686	)		124			(1,829	)		454
Reconciling Items		111			48			14			283			319
Total		27,320			28,668			19,385			99,910			84,294
Finance Expense		(2,530	)		(1,627	)		(1,564	)		(7,375	)		(5,830	)
Finance and Other Income		7,228			5,362			4,803			22,923			23,999
Share of profit/ (loss) of equity accounted investee		(17	)		7			(3	)		(43	)		11
Profit before tax		32,001			32,410			22,621			115,415			102,474

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 amounting to₹ 316,₹ 911 and₹ 557 for the three months ended March 31, 2019, December 31, 2018 and March 31, 2018, respectively and₹ 3,215 and₹ 1,488 for the year ended March 31, 2019 and March 31, 2018, respectively, which is reported as a part of “Other income” in the statement of profit and loss.

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.

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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 6.

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.

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, 2019, are after considering the impact of impairment charges on certain software platform and intangible assets recognized on acquisitions amounting to₹ 1,480 and₹ 2,318, respectively. (₹ 643 for the three months and year ended March 31, 2018, relating to impairment on intangible assets recognized on acquisitions).

6. Consequent to insolvency of two of our customers, the Company had recognized provision of₹ 1,437 and 4,612 for the impairment of receivables and deferred contract cost for the three months and year ended March 31, 2018

7. 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.

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.

8. 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 (USD 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.

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9. Consolidated Balance Sheet

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

10. 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.

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11. During the quarter ended March 31, 2019, the Company paid an interim dividend of₹ 1 per share amounting to a total dividend payout (including Dividend Distribution Tax payout amount) of₹ 5,454.

12. 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.

By order of the Board,	For, Wipro Limited
	Azim H Premji
Place : Bengaluru Date  : April 16, 2019	Executive Chairman & Managing Director

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