Exhibit 99.4
WIPRO LIMITED
CIN: L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 560035, India
Website: www.wipro.com ; Email id – info@wipro.com ; Tel: +91-80-2844 0011 ; Fax: +91-80-2844 0054
STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2023
UNDER IFRS (IASB)
(₹ in millions, except share and per share data, unless otherwise stated)
Three months ended | Year ended | |||||||||||||||||
June 30, | March 31, | June 30, | March | |||||||||||||||
Particulars | 2023 | 2023 | 2022 | 31, 2023 | ||||||||||||||
Income from operations | ||||||||||||||||||
a) Revenue | 228,310 | 231,903 | 215,286 | 904,876 | ||||||||||||||
b) Foreign exchange gains/(losses), net | (62 | ) | 990 | 1,034 | 4,472 | |||||||||||||
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I | Total income from operations | 228,248 | 232,893 | 216,320 | 909,348 | |||||||||||||
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Expenses | ||||||||||||||||||
a) Purchases of stock-in-trade | 978 | 361 | 2,487 | 6,494 | ||||||||||||||
b) Changes in inventories of finished goods and stock-in-trade | (182 | ) | 835 | (346 | ) | 150 | ||||||||||||
c) Employee benefits expense | 140,276 | 138,076 | 126,134 | 537,644 | ||||||||||||||
d) Depreciation, amortization and impairment expense | 7,380 | 8,466 | 7,738 | 33,402 | ||||||||||||||
e) Sub-contracting and technical fees | 26,385 | 28,176 | 29,454 | 115,247 | ||||||||||||||
f) Facility expenses | 3,452 | 3,693 | 3,299 | 13,492 | ||||||||||||||
g) Travel | 4,175 | 4,565 | 3,070 | 14,445 | ||||||||||||||
h) Communication | 1,249 | 1,405 | 1,543 | 5,911 | ||||||||||||||
i) Legal and professional fees | 2,251 | 2,856 | 3,893 | 13,288 | ||||||||||||||
j) Software license expense for internal use | 4,607 | 4,444 | 4,577 | 18,717 | ||||||||||||||
k) Marketing and brand building | 977 | 728 | 900 | 2,951 | ||||||||||||||
l) Lifetime expected credit loss/ (write-back) | 300 | (604 | ) | (22 | ) | (604 | ) | |||||||||||
m) Other expenses | 1,884 | 2,315 | 1,703 | 8,605 | ||||||||||||||
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II | Total expenses | 193,732 | 195,316 | 184,430 | 769,742 | |||||||||||||
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III | Finance expenses | 3,086 | 2,860 | 2,045 | 10,077 | |||||||||||||
IV | Finance and other Income | 6,542 | 5,463 | 3,690 | 18,185 | |||||||||||||
V | Share of net profit/ (loss) of associates accounted for using the equity method | 3 | 4 | (15 | ) | (57 | ) | |||||||||||
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VI | Profit before tax [I-II-III+IV+V] | 37,975 | 40,184 | 33,520 | 147,657 | |||||||||||||
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VII | Tax expense | 9,115 | 9,249 | 7,931 | 33,992 | |||||||||||||
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VIII | Profit for the period [VI-VII] | 28,860 | 30,935 | 25,589 | 113,665 | |||||||||||||
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IX | Total other comprehensive income for the period | 2,850 | 720 | 1,739 | 11,095 | |||||||||||||
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Total comprehensive income for the period [VIII+IX] | 31,710 | 31,655 | 27,328 | 124,760 | ||||||||||||||
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X | Profit for the period attributable to: | |||||||||||||||||
Equity holders of the Company | 28,701 | 30,745 | 25,636 | 113,500 | ||||||||||||||
Non-controlling interests | 159 | 190 | (47 | ) | 165 | |||||||||||||
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28,860 | 30,935 | 25,589 | 113,665 | |||||||||||||||
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Total comprehensive income for the period attributable to: | ||||||||||||||||||
Equity holders of the Company | 31,640 | 31,463 | 27,351 | 124,543 | ||||||||||||||
Non-controlling interests | 70 | 192 | (23 | ) | 217 | |||||||||||||
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31,710 | 31,655 | 27,328 | 124,760 | |||||||||||||||
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XI | Paid up equity share capital (Par value ₹ 2 per share) | 10,978 | 10,976 | 10,965 | 10,976 | |||||||||||||
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XII | Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet | 770,188 | ||||||||||||||||
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XIII | Earnings per share (EPS) | |||||||||||||||||
(Equity shares of par value of ₹ 2/- each) | ||||||||||||||||||
(EPS for the three months ended periods is not annualized) | ||||||||||||||||||
Basic (in ₹) | 5.23 | 5.61 | 4.69 | 20.73 | ||||||||||||||
Diluted (in ₹) | 5.12 | 5.60 | 4.67 | 20.68 |
1. | The audited consolidated financial results of the Company for the three months ended June 30, 2023, have been approved by the Board of Directors of the Company at its meeting held on July 13, 2023. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results. |
2. | The above consolidated financial results have been prepared on the basis of the audited interim condensed consolidated financial statements which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated. |
1
3. | Software license expense for internal use has been reclassified from Facility expenses to a separate nature of expense for the three months ended June 30, 2022. Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and Professional fees for the three months ended June 30, 2022. |
4. | List of subsidiaries and investments accounted for using equity method as at June 30, 2023 are provided in the table below: |
Subsidiaries | Subsidiaries | Subsidiaries | Country of | |||
Attune Consulting India Private Limited | India | |||||
Capco Technologies Private Limited | India | |||||
Encore Theme Technologies Private Limited | India | |||||
Wipro Chengdu Limited | China | |||||
Wipro Holdings (UK) Limited | U.K. | |||||
Designit A/S | Denmark | |||||
Designit Denmark A/S | Denmark | |||||
Designit Germany GmbH | Germany | |||||
Designit Oslo A/S | Norway | |||||
Designit Spain Digital, S.L.U | Spain | |||||
Designit Sweden AB | Sweden | |||||
Designit T.L.V Ltd. | Israel | |||||
Wipro 4C NV | Belgium | |||||
Wipro 4C Consulting France SAS | France | |||||
Wipro 4C Danmark ApS | Denmark | |||||
Wipro 4C Nederland B.V | Netherlands | |||||
Wipro Weare4C UK Limited (1) | U.K. | |||||
Wipro Bahrain Limited Co. W.L.L | Bahrain | |||||
Wipro Financial Outsourcing Services Limited | U.K. | |||||
Wipro UK Limited | U.K. | |||||
Wipro Gulf LLC | Sultanate of | |||||
Oman | ||||||
Wipro IT Services S.R.L. | Romania | |||||
Wipro HR Services India Private Limited | India | |||||
Wipro IT Services Bangladesh Limited | Bangladesh | |||||
Wipro IT Services UK Societas | U.K. | |||||
Grove Holdings 2 S.á.r.l | Luxembourg | |||||
Capco Solution Services GmbH | Germany | |||||
The Capital Markets Company Italy Srl | Italy | |||||
Capco Brasil Serviços E Consultoria Em | Brazil | |||||
Informática Ltda | ||||||
The Capital Markets Company BV (1) | Belgium | |||||
PT. WT Indonesia | Indonesia | |||||
Rainbow Software LLC | Iraq | |||||
Wipro Arabia Limited (2) | Saudi Arabia | |||||
Women’s Business Park Technologies Limited (2) | Saudi Arabia | |||||
Wipro Doha LLC | Qatar | |||||
Wipro Holdings Hungary Korlátolt | Hungary | |||||
Felelősségű Társaság | ||||||
Wipro Holdings Investment Korlátolt Felelősségű Társaság | Hungary | |||||
Wipro Information Technology Egypt SAE | Egypt |
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Wipro Information Technology Netherlands BV. | Netherlands | |||||
Wipro do Brasil Technologia Ltda (1) | Brazil | |||||
Wipro Information Technology Kazakhstan LLP | Kazakhstan | |||||
Wipro Outsourcing Services (Ireland) Limited | Ireland | |||||
Wipro Portugal S.A. (1) | Portugal | |||||
Wipro Solutions Canada Limited | Canada | |||||
Wipro Technologies Limited | Russia | |||||
Wipro Technologies Peru SAC | Peru | |||||
Wipro Technologies W.T. Sociedad Anonima | Costa Rica | |||||
Wipro Technology Chile SPA | Chile | |||||
Wipro IT Service Ukraine, LLC | U.K.raine | |||||
Wipro IT Services Poland SP Z.O.O | Poland | |||||
Wipro Technologies Australia Pty Ltd | Australia | |||||
Wipro Ampion Holdings Pty Ltd (1) | Australia | |||||
Wipro Technologies SA | Argentina | |||||
Wipro Technologies SA DE CV | Mexico | |||||
Wipro Technologies South Africa (Proprietary) Limited | South Africa | |||||
Wipro Technologies Nigeria Limited | Nigeria | |||||
Wipro Technologies SRL | Romania | |||||
Wipro (Thailand) Co. Limited | Thailand | |||||
Wipro Japan KK | Japan | |||||
Designit Tokyo Co., Ltd. | Japan | |||||
Wipro Networks Pte Limited | Singapore | |||||
Wipro (Dalian) Limited | China | |||||
Wipro Technologies SDN BHD | Malaysia | |||||
Wipro Overseas IT Services Private Limited | India | |||||
Wipro Philippines, Inc. | Philippines | |||||
Wipro Shanghai Limited | China | |||||
Wipro Trademarks Holding Limited | India | |||||
Wipro Travel Services Limited | India | |||||
Wipro VLSI Design Services India Private Limited | India | |||||
Wipro, LLC | USA | |||||
Wipro Gallagher Solutions, LLC | USA | |||||
Wipro Insurance Solutions, LLC | USA | |||||
Wipro IT Services, LLC | USA | |||||
Cardinal US Holdings, Inc.(1) | USA | |||||
Convergence Acceleration Solutions, LLC | USA | |||||
Designit North America, Inc. | USA | |||||
Edgile, LLC | USA | |||||
HealthPlan Services, Inc. (1) | USA | |||||
Infocrossing, LLC | USA | |||||
International TechneGroup Incorporated (1) | USA | |||||
LeanSwift Solutions, Inc.(1) | USA | |||||
Rizing Intermediate Holdings, Inc. (1) | USA | |||||
Wipro Appirio, Inc. (1) | USA | |||||
Wipro Designit Services, Inc. (1) | USA | |||||
Wipro VLSI Design Services, LLC | USA |
The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’, ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India.
(2) | All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited. |
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(1) | Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, LeanSwift Solutions, Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Wipro Weare4C UK Limited are as follows: |
Subsidiaries | Subsidiaries | Subsidiaries | Country of | |||
Cardinal US Holdings, Inc. | USA | |||||
ATOM Solutions LLC | USA | |||||
Capco Consulting Services LLC | USA | |||||
Capco RISC Consulting LLC | USA | |||||
The Capital Markets Company LLC | USA | |||||
HealthPlan Services, Inc. | USA | |||||
HealthPlan Services Insurance Agency, LLC | USA | |||||
International TechneGroup Incorporated | USA | |||||
International TechneGroup Ltd. | U.K. | |||||
ITI Proficiency Ltd | Israel | |||||
MechWorks S.R.L. | Italy | |||||
LeanSwift Solutions, Inc. | USA | |||||
LeanSwift AB | Sweden | |||||
Rizing Intermediate Holdings, Inc. | USA | |||||
Rizing Lanka (Pvt) Ltd | Sri Lanka | |||||
Attune Netherlands B.V. (3) | Netherlands | |||||
Rizing Solutions Canada Inc. | Canada | |||||
Rizing LLC | USA | |||||
Aasonn Philippines Inc. | Philippines | |||||
Rizing B.V. | Netherlands | |||||
Rizing Consulting Ireland Limited | Ireland | |||||
Rizing Consulting Pty Ltd. | Australia | |||||
Rizing Geospatial LLC | USA | |||||
Rizing GmbH | Germany | |||||
Rizing Limited | U.K. | |||||
Rizing Middle East DMCC | United Arab | |||||
Emirates | ||||||
Rizing Pte Ltd. (3) | Singapore | |||||
Vesta Middle East FZE | United Arab | |||||
Emirates | ||||||
The Capital Markets Company BV | Belgium | |||||
CapAfric Consulting (Pty) Ltd | South Africa | |||||
Capco Belgium BV | Belgium | |||||
Capco Consultancy (Malaysia) Sdn. | Malaysia | |||||
Bhd | ||||||
Capco Consultancy (Thailand) Ltd | Thailand | |||||
Capco Consulting Singapore Pte. Ltd | Singapore | |||||
Capco Greece Single Member P.C | Greece | |||||
Capco Poland sp. z.o.o | Poland | |||||
The Capital Markets Company (UK) Ltd | U.K. | |||||
Capco (UK) 1, Limited | U.K. | |||||
The Capital Markets Company BV | Netherlands | |||||
The Capital Markets Company GmbH | Germany | |||||
Capco Austria GmbH | Austria | |||||
The Capital Markets Company Limited | Hong Kong | |||||
Capco Consulting Services (Guangzhou) Company Limited | China | |||||
The Capital Markets Company Limited | Canada | |||||
The Capital Markets Company S.á.r.l | Switzerland | |||||
Andrion AG | Switzerland | |||||
The Capital Markets Company S.A.S | France | |||||
The Capital Markets Company s.r.o | Slovakia |
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Wipro Ampion Holdings Pty Ltd | Australia | |||||
Wipro Ampion Pty Ltd | Australia | |||||
Wipro Iris Holdco Pty Ltd (3) | Australia | |||||
Wipro Revolution IT Pty Ltd | Australia | |||||
Crowdsprint Pty Ltd | Australia | |||||
Wipro Shelde Australia Pty Ltd | Australia | |||||
Wipro Appirio, Inc. | USA | |||||
Wipro Appirio (Ireland) Limited | Ireland | |||||
Wipro Appirio UK Limited | U.K. | |||||
Wipro Appirio, K.K. | Japan | |||||
Topcoder, LLC. | USA | |||||
Wipro Designit Services, Inc. | USA | |||||
Wipro Designit Services Limited | Ireland | |||||
Wipro do Brasil Technologia Ltda | Brazil | |||||
Wipro do Brasil Servicos Ltda | Brazil | |||||
Wipro Do Brasil Sistemetas De Informatica Ltda | Brazil | |||||
Wipro Portugal S.A. | Portugal | |||||
Wipro Technologies GmbH | Germany | |||||
Wipro Business Solutions GmbH (3) | Germany | |||||
Wipro IT Services Austria GmbH | Austria | |||||
Wipro Weare4C UK Limited | U.K. | |||||
CloudSocius DMCC | United Arab | |||||
Emirates |
(3) | Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH and Wipro Iris Holdco Pty Ltd are as follows: |
Subsidiaries | Subsidiaries | Subsidiaries | Country of | |||
Attune Netherlands B.V. | Netherlands | |||||
Attune Australia Pty Ltd | Australia | |||||
Rizing Consulting USA, Inc. | USA | |||||
Rizing Germany GmbH | Germany | |||||
Attune Italia S.R.L | Italy | |||||
Rizing Management LLC | USA | |||||
Attune UK Ltd. | U.K. | |||||
Rizing Pte Ltd. | Singapore | |||||
Rizing New Zealand Ltd. | New Zealand | |||||
Rizing Philippines Inc. | Philippines | |||||
Rizing SDN BHD | Malaysia | |||||
Rizing Solutions Pty Ltd | Australia | |||||
Synchrony Global SDN BHD | Malaysia | |||||
Wipro Business Solutions GmbH | Germany | |||||
Wipro Technology Solutions S.R.L | Romania | |||||
Wipro Iris Holdco Pty Ltd | Australia | |||||
Wipro Iris Bidco Pty Ltd | Australia |
As at June 30, 2023, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.
The list of controlled trusts and firms are:
Name of the entity | Country of incorporation | |
Wipro Equity Reward Trust | India | |
Wipro Foundation | India |
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5. | Segment Information |
Effective April 1, 2023, the Company has reorganized its segments by merging India State Run Enterprises (“ISRE”) segment as part of its APMEA SMU within IT Services segment. Comparative period segment information has been restated to give effect to this change.
The Company is now organized into the following operating segments: IT Services and IT Products.
IT Services: The IT services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.
Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.
Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
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Information on reportable segments for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, year ended March 31, 2023 are as follows:
Three months ended | Year ended | |||||||||||||||
Particulars | June 30, 2023 | March 31, 2023 | June 30, 2022 | March 31, 2023 | ||||||||||||
Audited | Audited | Audited | Audited | |||||||||||||
Segment revenue | ||||||||||||||||
IT Services | ||||||||||||||||
Americas 1 | 65,607 | 66,430 | 61,702 | 261,270 | ||||||||||||
Americas 2 | 68,303 | 70,563 | 66,613 | 278,374 | ||||||||||||
Europe | 67,134 | 67,562 | 60,276 | 256,845 | ||||||||||||
APMEA | 26,510 | 27,207 | 25,783 | 106,812 | ||||||||||||
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Total of IT Services | 227,554 | 231,762 | 214,374 | 903,301 | ||||||||||||
IT Products | 694 | 1,131 | 1,946 | 6,047 | ||||||||||||
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Total segment revenue | 228,248 | 232,893 | 216,320 | 909,348 | ||||||||||||
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Segment result | ||||||||||||||||
IT Services | ||||||||||||||||
Americas 1 | 13,537 | 13,445 | 11,570 | 51,555 | ||||||||||||
Americas 2 | 14,169 | 15,940 | 13,224 | 59,689 | ||||||||||||
Europe | 9,968 | 11,024 | 7,986 | 37,667 | ||||||||||||
APMEA | 2,800 | 3,030 | 2,069 | 10,681 | ||||||||||||
Unallocated | (3,957 | ) | (5,773 | ) | (2,844 | ) | (18,368 | ) | ||||||||
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Total of IT Services | 36,517 | 37,666 | 32,005 | 141,224 | ||||||||||||
IT Products | (161 | ) | (59 | ) | (55 | ) | (176 | ) | ||||||||
Reconciling Items | (1,840 | ) | (30 | ) | (60 | ) | (1,442 | ) | ||||||||
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Total segment result | 34,516 | 37,577 | 31,890 | 139,606 | ||||||||||||
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Finance expenses | (3,086 | ) | (2,860 | ) | (2,045 | ) | (10,077 | ) | ||||||||
Finance and Other Income | 6,542 | 5,463 | 3,690 | 18,185 | ||||||||||||
Share of net profit/ (loss) of associates accounted for using the equity method | 3 | 4 | (15 | ) | (57 | ) | ||||||||||
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Profit before tax | 37,975 | 40,184 | 33,520 | 147,657 | ||||||||||||
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Notes:
a) | “Reconciling items” includes elimination of inter-segment transactions and other corporate activities. |
b) | Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues. |
c) | For the purpose of segment reporting, the Company has included the net impact of foreign exchange in revenues amounting to ₹ (62), ₹ 990 and ₹ 1,034 for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 respectively and ₹ 4,472 for the year ended March 31, 2023, which is reported under foreign exchange gains/(losses), net in the consolidated financial results. |
d) | Restructuring cost of ₹ 1,887, ₹ (34) and ₹ Nil is included under Reconciling items for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively and ₹ 1,355 for the year ended March 31, 2023. |
e) | Effective April 1, 2023, amortization and impairment of intangibles assets arising from business combination and change in fair value of contingent consideration is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes. Accordingly, for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 and year ended March 31, 2023, ₹ 1,810, ₹ 2,607, ₹ 1,893 and ₹ 9,954 towards amortization and impairment of intangible assets, respectively, and for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 and year ended March 31, 2023, ₹ (16), ₹ (387), ₹ (86) and ₹ (1,671) towards change in fair value of contingent consideration, respectively, is included under “Unallocated” within IT Services segment. |
f) | Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,544, ₹ 297 and ₹ 1,445 for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 respectively and ₹ 3,958 for the year ended March 31, 2023. |
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6. | Buyback of equity shares |
On April 27, 2023, the Board of Directors approved a proposal to Buyback up to 269,662,921 fully paid-up equity shares of ₹ 2 each (representing up to 4.91% of the number of equity shares in the paid-up equity share capital as at March 31, 2023) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹ 445 per equity share for an aggregate amount not exceeding ₹ 120,000 (“Buyback”), in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder (“Buyback Regulations”). Subsequently, the shareholders of the Company approved the Buyback, by way of a special resolution, through a postal ballot.
In accordance with the provisions of the Buyback Regulations, the Letter of offer for the Buyback was filed with SEBI on June 20, 2023, and tender period for Buyback opened on June 22, 2023, and closed on June 30, 2023. The settlement of all valid bids was completed on July 4, 2023, and the equity shares bought back were extinguished on July 7, 2023. Pursuant to the issuance of Letter of Offer, the Company has recorded a liability towards Buyback of equity shares of ₹ 120,000 and the corresponding liability for tax on Buyback of ₹ 24,978 as at June 30, 2023.
By order of the Board, | For, Wipro Limited | |
Place: Bengaluru | Rishad A. Premji | |
Date: July 13, 2023 | Chairman |
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