エキシビット99.1
即時リリース
ウィプロが2024年9月30日終了の四半期の結果を発表しました。
当期純利益は前四半期比6.8%、前年同期比21.3%の成長を遂げました。
ITサービスの売上高は前四半期比1.3%の成長。営業利益率は前四半期比35ベーシスポイント拡大。
大型取引の受注は15億ドル、過去10四半期で最高。
営業キャッシュフローは当期純利益の132.3%です。
アースト・ブルンズウィック（ニュージャージー州） | バンガロール、インド – 10月 17, 2024: ウィプロ・リミテッド (NYSE: WIt, BSE: 507685, NSE: WIPRO) は、主要な テクノロジーサービスとコンサルティング会社であり、2024年9月30日終了の四半期における国際財務報告基準（IFRS）に基づく財務結果を発表しました。
結果のハイライト
2024年9月30日終了の四半期の結果：
| 1. | 総売上高は₹2,230億ドル（$266260万1）で、前四半期比で1.5%の増加、前年同期比で1.0%の減少です。 |
| 2. | ITサービス部門の売上高は26億601万ドルで、前四半期比で1.3%の増加、前年同期比で2.0%の減少です。 |
| 3. | Non-GAAP2 定常 Currency テクノロジーサービス部門の売上高は前四半期比0.6%増加し、前年同期比2.3%減少しました。 |
| 4. | 総予約数3 は35億6100万ドルでした。大規模契約 予約数4 は14億8900万ドルで、定常Currencyにおいて前四半期比28.8%増、前年同期比16.8%増加しました。2. |
| 5. | テクノロジーサービスの営業利益率5 は四半期で16.8%であり、前四半期比0.3%増、前年同期比0.7%増加しました。 |
| 6. | 四半期の当期純利益は₹321億ドル（$38310万）でした。1前期比で6.8%の増加、前年同期比で21.3%の増加です。 |
| 7. | 四半期の一株当たり利益は次の通りです ₹6.14 ($0.071前期比で6.8%の増加、前年同期比で21.3%の増加です。 |
| 8. | 営業キャッシュフローは₹427億ドル（50970万ドル）1前年同期比で10.5%の増加で、四半期の当期純利益の132.3%です。 |
| 9. | 自発的離職率6 前回のデータに基づいて14.5%でした 12ヶ月 基準。 |
| 10. | ウィプロの取締役会は、株主に対してボーナス株の発行（ADS保有者への株式配当を含む）を1:1の比率（保有する1株の普通株式に対して1株の普通株式）で推奨しました。株主の承認が必要です。 |
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2024年12月31日で終了する四半期の見通し
ITサービスビジネスセグメントからの売上高は、2607百万ドルから266000万ドルの範囲にあると予想しています。これは、為替ベースで見た場合の sequential guidance で (-) 2.0%から0.0%を意味します。
| * | 2024年12月31日で終了する四半期の見通しは、次の為替レートに基づいています：GBP/USD は 1.32、Euro/USD は 1.10、AUD/USD は 0.68、USD/INR は 83.65、CAD/USD は 0.74 |
2024年9月30日で終了した四半期のパフォーマンス
CEO兼マネージングディレクターのスリニ・パリアは言いました “第2四半期の強力な実行に基づき、売上高の成長、受注、利益率に対する期待を満たしました。トップアカウントの拡大を続け、大型契約の受注は再び10億ドルを超え、Capcoは連続してその勢いを保ちました。4つの市場のうち3つで成長し、BFSI、消費関連、テクノロジーおよび通信セクターでも成長しました。今後もクライアントへの投資、戦略的優先事項への投資、及び強力な人工知能を活用したウィプロの構築を続けていきます。
CHIEF FINANCIALオフィサーのアパルナ・アイヤーは言いました「すべてのパラメーターにおけるパフォーマンスに満足しています。売上高、受注、営業利益率、キャッシュフロー、EPSを含みます。運営改善の結果、営業利益率を35ベーシスポイント拡大し、EPSは前四半期比で6.8%成長しました。第2四半期の当期純利益に対する営業キャッシュフローは132.3%と堅調に推移しています。その結果、今年の前半において、営業キャッシュフローはほぼ10億ドルを生成しました。
| 1. | 読者の便宜のために、この発表のインドルピーにおける金額は、米ドルの認定外国為替レートUS$1 = に変換されています。 ₹83.76、これは2024年9月30日に連邦準備制度理事会が発表したものです。しかし、2024年9月30日に終了した四半期の当社のITサービスビジネスセグメントにおける実現為替レートはUS$1=₹83.44 |
| 2. | 一定の通貨は、その期間の取引量と対応する比較期間の平均実際為替レートの積です。 |
| 3. | 総契約金額は、期間中に予約されたすべての注文の総契約価値を指し、新規注文、更新、既存契約の増加を含みます。予約は、以前の会計年度に記録された予約に関連するその後の契約解除や減少を反映していません。予約は当時の外国通貨為替レートを使用して記録され、その後外国為替レートの変動に対して調整されることはありません。これらの契約からの収益は契約の期間にわたって発生します。一定の通貨の成長率については、注2を参照してください。 |
| 4. | 大規模な契約の予約は、総契約価値が3000万ドル以上の契約を含みます。 |
| 5. | ITサービスの営業利益率は、IFRS財務情報に反映されたセグメント結果の合計を指します。 |
| 6. | 自発的離職率はITサービスにおいて四半期ごとに年率換算で計算され、DOPを除外します。 |
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戦略的取引の勝利のハイライト
第2四半期に、ウィプロは産業全体で大規模で戦略的な取引を獲得し続けました。主なハイライトは以下の通りです：
| 1. | A アメリカを拠点とする 保険提供者がウィプロを選定し、 その取引種類を合理化します。クライアントのベンダーのランドスケープを統合することによって、ウィプロは複数のプロバイダーに依存することに関連するリスクを軽減します。ウィプロのチームは、その多様な専門知識を活用して効率性と革新を促進し、コストを最適化し、また顧客のデータの正確性、完全性、セキュリティを確保するためのツールと専門知識を提供します。このプロジェクトは、より良いケアの調整と健康の成果を確保します。 |
| 2. | グローバルなアパレルリーダーがウィプロを選定し、 消費関連 戦略とデジタルフットプリントを強化します。ウィプロはクライアントのIT取引種類を変革し、全体的な製品開発を改善します。ウィプロはまた、主要な分野で人工知能を展開します。 このプロジェクトは革新を促進し、取引種類を最適化し、物理的およびオンラインプラットフォームの両方でシームレスな顧客体験を創造します。 |
| 3. | A アメリカを拠点とする 健康保険会社は、運営を改善するためにウィプロを選定しました。ウィプロのチームは、クライアントのベンダーの landscapeを統合し、全体的な運営効率を改善するための革新的なソリューションとアクセラレーターを提供します。この作業は、顧客と従業員の経験を向上させ、円滑なサービス提供を確保します。ウィプロの深い専門知識、コンサルティングおよび革新的なアプローチ、そして完璧な配送の実績がこの勝利を支える重要な要素でした。 |
| 4. | A アメリカの 卸売食品流通業者は、ビジネス運営を再考するためにウィプロを選定しました。人工知能とプロセス変革ツールを活用し、ウィプロは人事、財務計画および分析、データ管理を含む重要な支援機能全体にわたる集中システムを構築します。これにより、クライアントは効率を向上させ、プロセスを標準化し、組織全体でコスト効率を達成することができます。 |
| 5. | A アメリカの フリースペース光通信の先駆者は、次世代製品を設計し、グローバルな運営および製造サポートを提供するためにウィプロを選定しました。ウィプロは、ハードウェア、製造業、および運営サポートにわたる統合サービスを提供します。ウィプロは、シリコンおよびスマートネットワークアプリケーションにおける経験を活用し、フィールドオペレーションの能力を活かしてエンジニアリングサポートを提供します。 AIベースの この戦略プログラムは、高い経済価値を持つ顧客体験を向上させ、クライアントがグローバル市場で迅速な製品進化を支援します。 |
| 6. | ウィプロは、アメリカの健康保険プロバイダーによって、労働力管理およびビジネスプロセス変革プロジェクトのために選定されました。このプロジェクトは、効率を改善し、運営のターンアラウンドタイムを20％短縮するために、人工知能の機能を取り入れています。ウィプロはまた、従業員に高度な人工知能およびデータ分析スキルを向上させ、ビジネス関係者に付加価値サービスを提供します。 ユーザー。 |
| 7. | A アメリカ拠点の 独立した健康ソリューションおよび薬局給付会社が ウィプロを選択して、 「ペイヤーインアボックス」を メディケア処方支払いプラン（MPPP360）プラットフォームを メディケアおよびメディケイドサービスセンター（CMS）の指導方針に従って実施します。ウィプロは、クライアントのメンバーのオプトイン/オプトアウト、請求および滞納プロセスを効率化し、新しいCMSの規定をシームレスに統合し、登録された受益者の処方コスト管理を簡素化するのを助けます。 |
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| 8. | A European automotive manufacturer has selected Wipro to modernize its IT infrastructure. Wipro will centralize the client’s operations to provide a more stable ecosystem. The team will also develop innovative employee experience solutions, as well as vulnerability management and application maintenance services. This project will improve the client’s time-to-market, significantly reduce their technical debt, and future- proof their business. |
| 9. | A UK-based wealth management firm has selected Wipro to provide end-to-end administration service. The team will transform and modernize the client’s technology infrastructure as well as manage their entire middle and back-office functions. This transformation will enable the client to be more agile, drive growth and continue to provide market-leading proposition to its customers. |
| 10. | Following its acquisition by a private equity firm, a France-based leader in digital & consulting services has selected Wipro to re-imagine the Finance & Procurement Services into a digital, agile and cost-efficient organization. The Wipro team will deploy tailored solutions to streamline and automate the client’s Order to Cash, General Accounting, Controlling, Source to Pay and end-to-end Procurement processes. A new dedicated business process outsourcing center will also be created in Spain. This project will deliver a cost reduction of up to 30% and establish an innovation fund, to future- proof the client’s business. |
| 11. | A global financial technology company has selected Wipro to support their growth. The Wipro team will provide talent and technology to enhance the client’s transaction monitoring and customer lifecycle management processes. Wipro will also implement best-in-class AI and automation solutions to optimize operations and increase overall efficiency. This project will enable the client to scale their business while ensuring regulatory compliance. |
| 12. | A global food and drink processing conglomerate has selected Wipro to enhance their delivery quality, governance, and employee experience. Wipro will implement automation technology to reduce manual intervention and monitoring in order to improve service delivery quality. Wipro will also leverage its AI and Gen AI capabilities to support the implementation of AI productivity platforms and an employee Centre of Excellence. From this engagement, the customer will see improved customer satisfaction and increased overall quality of delivery. |
| 13. | A leading Indian private bank has extended its engagement with Wipro to enhance its technology infrastructure and deliver support services for critical ‘Run the Bank’ applications. Aimed at creating a resilient, high-performing, and scalable technology environment, the Wipro team will strengthen end-user services and technology infrastructure, focusing on Cloud, Data and Analytics, and Security. This project will boost operational efficiency and support the bank’s growth ambitions across various functions including Retail, Corporate Banking, Credit, Treasury, and Loans. |
| 14. | A Middle East based manufacturing company has selected Wipro to transform its business forecasting and operational efficiency by integrating Wipro’s Smart Forecast and Working Capital Insights initiatives in their day-to-day functions. Wipro will deploy AI and big data analytics to improve decision-making, revenue optimization, forecasting accuracy, and overall transparency across functions. The combination of Wipro’s initiatives will enhance the client’s predictive abilities, analytics, decision-making, risk mitigation, and capability to realize opportunities. |
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| 15. | An American financial services company has selected Wipro to provide in-depth customer analytics and insights. Wipro will implement AI and GenAI-based solutions to provide a unified and comprehensive 360-degree view of client activity to better serve their needs. These insights will also be the basis of recommendations for discount pricing, deposit levels, and trading volumes. Subsequent phases of this project will expand to a strategic AI-powered data lake that encompasses more of the client’s services. |
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Analyst Recognition
| 1. | Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Public Cloud IT Transformation Services |
| 2. | Wipro was featured as a Leader in Avasant’s Advanced Network Services 2024 RadarView™ |
| 3. | Wipro was designated as a Leader in Everest Group’s Open Banking IT Services PEAK Matrix® Assessment 2024 |
| 4. | Wipro was recognized as a Leader in Everest Group’s Salesforce Services PEAK Matrix® Assessment 2024 |
| 5. | Wipro was rated as a Leader in Everest Group’s Digital Workplace Services PEAK Matrix® Assessment 2024 – North America & Europe |
| 6. | Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Business Process as a Service (BPaaS) – Solutions PEAK Matrix® Assessment 2024 |
| 7. | Wipro was recognized as a Leader in ISG Provider Lens™—Google Cloud Partner Ecosystem 2024 (all quadrants) |
| 8. | Wipro was rated as a Leader in ISG Provider Lens™—Network—Software Defined Solutions and Services 2024 (all quadrants) |
| 9. | Wipro was positioned as a Leader in ISG Provider Lens™—Cybersecurity – Solutions and Services 2024 (multiple quadrants) |
| 10. | Wipro was recognized as a Leader in IDC MarketScape: Worldwide Professional Services Providers for Retailers 2024 Vendor Assessment (Doc # US51168224 Sep 2024) |
| 11. | Wipro was positioned as a Leader in Everest Group’s Lending Services Operations PEAK Matrix® Assessment 2024 |
Source & Disclaimer: *Gartner, “Magic Quadrant for Public Cloud IT Transformation Services”, Mark Ray, et al, 5 August 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this press release, and the opinions expressed in the Gartner Content are subject to change without notice.
IT Products
| 1. | IT Products segment revenue for the quarter was ₹0.7 billion ($7.9 million1) |
| 2. | IT Products segment results for the quarter were (-) ₹0.2 billion ((-) $2.2 million1) |
Please refer to the table on page 13 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
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About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table on page 13 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
Results for the Quarter ended September 30, 2024, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link-https://links.ccwebcast.com/?EventId=WIP171024
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com
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| Contact for Investor Relations | Contact for Media & Press | |||
| Dipak Kumar Bohra | Abhishek Jain | Dinesh Joshi | ||
| Phone: +91-80-6142 7201 | Phone: +91-80-6142 6143 | Phone: +91 92052-64001 | ||
| dipak.bohra@wipro.com | abhishek.jain2@wipro.com | media-relations@wipro.com | ||
Forward-Looking Statements
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
# # #
(Tables to follow)
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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, 2024 | As at September 30, 2024 | |||||||||||
| Convenience translation into US dollar in millions (unaudited) |
||||||||||||
| ASSETS |
||||||||||||
| Goodwill |
316,002 | 319,207 | 3,811 | |||||||||
| Intangible assets |
32,748 | 28,195 | 336 | |||||||||
| Property, plant and equipment |
81,608 | 78,822 | 941 | |||||||||
| Right-of-Use assets |
17,955 | 21,854 | 261 | |||||||||
| Financial assets |
||||||||||||
| Derivative assets |
25 | — | — | |||||||||
| Investments |
21,629 | 31,385 | 375 | |||||||||
| Trade receivables |
4,045 | 587 | 7 | |||||||||
| Other financial assets |
5,550 | 5,148 | 61 | |||||||||
| Investments accounted for using the equity method |
1,044 | 1,008 | 12 | |||||||||
| Deferred tax assets |
1,817 | 1,922 | 23 | |||||||||
| Non-current tax assets |
9,043 | 7,782 | 93 | |||||||||
| Other non-current assets |
10,331 | 7,744 | 92 | |||||||||
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| Total non-current assets |
501,797 | 503,654 | 6,012 | |||||||||
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| Inventories |
907 | 1,052 | 13 | |||||||||
| Financial assets |
||||||||||||
| Derivative assets |
1,333 | 651 | 8 | |||||||||
| Investments |
311,171 | 407,309 | 4,863 | |||||||||
| Cash and cash equivalents |
96,953 | 104,592 | 1,249 | |||||||||
| Trade receivables |
115,477 | 112,655 | 1,345 | |||||||||
| Unbilled receivables |
58,345 | 64,776 | 773 | |||||||||
| Other financial assets |
10,536 | 8,973 | 107 | |||||||||
| Contract assets |
19,854 | 17,788 | 212 | |||||||||
| Current tax assets |
6,484 | 6,086 | 73 | |||||||||
| Other current assets |
29,602 | 32,561 | 389 | |||||||||
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| Total current assets |
650,662 | 756,443 | 9,032 | |||||||||
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| TOTAL ASSETS |
1,152,459 | 1,260,097 | 15,044 | |||||||||
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| EQUITY |
||||||||||||
| Share capital |
10,450 | 10,463 | 125 | |||||||||
| Share premium |
3,291 | 6,000 | 72 | |||||||||
| Retained earnings |
630,936 | 693,688 | 8,282 | |||||||||
| Share-based payment reserve |
6,384 | 6,315 | 75 | |||||||||
| Special Economic Zone re-investment reserve |
42,129 | 41,497 | 495 | |||||||||
| Other components of equity |
56,693 | 60,380 | 721 | |||||||||
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|
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| Equity attributable to the equity holders of the Company |
749,883 | 818,343 | 9,770 | |||||||||
| Non-controlling interests |
1,340 | 1,798 | 21 | |||||||||
|
|
|
|
|
|
|
|||||||
| TOTAL EQUITY |
751,223 | 820,141 | 9,791 | |||||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES |
||||||||||||
| Financial liabilities |
||||||||||||
| Loans and borrowings |
62,300 | 62,653 | 748 | |||||||||
| Lease liabilities |
13,962 | 18,965 | 226 | |||||||||
| Derivative liabilities |
4 | 1 | ^ | |||||||||
| Other financial liabilities |
4,985 | 5,862 | 70 | |||||||||
| Deferred tax liabilities |
17,467 | 16,625 | 198 | |||||||||
| Non-current tax liabilities |
37,090 | 40,122 | 479 | |||||||||
| Other non-current liabilities |
12,970 | 14,823 | 177 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total non-current liabilities |
148,778 | 159,051 | 1,898 | |||||||||
|
|
|
|
|
|
|
|||||||
| Financial liabilities |
||||||||||||
| Loans, borrowings and bank overdrafts |
79,166 | 103,157 | 1,232 | |||||||||
| Lease liabilities |
9,221 | 8,047 | 96 | |||||||||
| Derivative liabilities |
558 | 1,064 | 13 | |||||||||
| Trade payables and accrued expenses |
88,566 | 82,810 | 989 | |||||||||
| Other financial liabilities |
2,272 | 2,976 | 36 | |||||||||
| Contract liabilities |
17,653 | 18,439 | 220 | |||||||||
| Current tax liabilities |
21,756 | 30,599 | 365 | |||||||||
| Other current liabilities |
31,295 | 32,004 | 382 | |||||||||
| Provisions |
1,971 | 1,809 | 22 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current liabilities |
252,458 | 280,905 | 3,355 | |||||||||
|
|
|
|
|
|
|
|||||||
| TOTAL LIABILITIES |
401,236 | 439,956 | 5,253 | |||||||||
|
|
|
|
|
|
|
|||||||
| TOTAL EQUITY AND LIABILITIES |
1,152,459 | 1,260,097 | 15,044 | |||||||||
|
|
|
|
|
|
|
|||||||
|
|
||||||||||||
|
|
|
|
|
|
|
|||||||
| ^ Value is less than 0.5 |
||||||||||||
9
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(₹ in millions, except share and per share data, unless otherwise stated)
| Three months ended September 30, | Six months ended September 30, | |||||||||||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||||||||||||||
|
|
|
Convenience translation into US dollar in millions (unaudited) |
|
|
Convenience translation into US dollar in millions (unaudited)) |
|||||||||||||||||||
| Revenues |
225,159 | 223,016 | 2,663 | 453,469 | 442,654 | 5,285 | ||||||||||||||||||
| Cost of revenues |
(159,191 | ) | (155,049 | ) | (1,851 | ) | (320,452 | ) | (308,355 | ) | (3,681 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Gross profit |
65,968 | 67,967 | 812 | 133,017 | 134,299 | 1,604 | ||||||||||||||||||
| Selling and marketing expenses |
(18,767 | ) | (17,388 | ) | (207 | ) | (35,351 | ) | (33,232 | ) | (397 | ) | ||||||||||||
| General and administrative expenses |
(14,124 | ) | (13,034 | ) | (156 | ) | (30,011 | ) | (27,247 | ) | (325 | ) | ||||||||||||
| Foreign exchange gains/(losses), net |
268 | (396 | ) | (5 | ) | 206 | (602 | ) | (7 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Results from operating activities |
33,345 | 37,149 | 444 | 67,861 | 73,218 | 875 | ||||||||||||||||||
| Finance expenses |
(3,033 | ) | (3,569 | ) | (43 | ) | (6,119 | ) | (6,857 | ) | (82 | ) | ||||||||||||
| Finance and other income |
4,810 | 9,195 | 110 | 11,352 | 16,675 | 199 | ||||||||||||||||||
| Share of net profit/ (loss) of associate and joint venture accounted for using the equity method |
(30 | ) | 3 | ^ | (27 | ) | (42 | ) | (1 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Profit before tax |
35,092 | 42,778 | 511 | 73,067 | 82,994 | 991 | ||||||||||||||||||
| Income tax expense |
(8,419 | ) | (10,512 | ) | (126 | ) | (17,534 | ) | (20,362 | ) | (243 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Profit for the period |
26,673 | 32,266 | 385 | 55,533 | 62,632 | 748 | ||||||||||||||||||
|
|
|
|
|
|
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|
|
|||||||||||||
| Profit attributable to: |
||||||||||||||||||||||||
| Equity holders of the Company |
26,463 | 32,088 | 383 | 55,164 | 62,120 | 742 | ||||||||||||||||||
| Non-controlling interests |
210 | 178 | 2 | 369 | 512 | 6 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Profit for the period |
26,673 | 32,266 | 385 | 55,533 | 62,632 | 748 | ||||||||||||||||||
|
|
|
|
|
|
|
|
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|
|
|||||||||||||
| Earnings per equity share: |
||||||||||||||||||||||||
| Attributable to equity holders of the Company |
||||||||||||||||||||||||
| Basic |
5.06 | 6.14 | 0.07 | 10.30 | 11.89 | 0.14 | ||||||||||||||||||
| Diluted |
5.04 | 6.12 | 0.07 | 10.27 | 11.85 | 0.14 | ||||||||||||||||||
| Weighted average number of equity shares used in computing earnings per equity share |
||||||||||||||||||||||||
| Basic |
5,232,867,366 | 5,226,755,635 | 5,226,755,635 | 5,357,394,940 | 5,226,444,619 | 5,226,444,619 | ||||||||||||||||||
| Diluted |
5,245,641,198 | 5,241,078,937 | 5,241,078,937 | 5,370,078,563 | 5,239,886,408 | 5,239,886,408 | ||||||||||||||||||
| ^ Value is less than 0.5 |
||||||||||||||||||||||||
10
Information on reportable segments for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months ended September 30, 2024, September 30, 2023, and year ended March 31, 2024 are as follows:
| Three months ended | Six months ended | Year ended |
||||||||||||||||||||||
| Particulars | September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
March 31, 2024 |
||||||||||||||||||
| Audited | Audited | Audited | Audited | Audited | Audited | |||||||||||||||||||
| Segment revenue |
||||||||||||||||||||||||
| IT Services |
||||||||||||||||||||||||
| Americas 1 |
68,393 | 67,700 | 66,813 | 136,093 | 132,420 | 268,230 | ||||||||||||||||||
| Americas 2 |
67,932 | 67,338 | 66,914 | 135,270 | 135,217 | 269,482 | ||||||||||||||||||
| Europe |
61,821 | 60,422 | 63,976 | 122,243 | 131,110 | 253,927 | ||||||||||||||||||
| APMEA |
23,811 | 23,503 | 26,255 | 47,314 | 52,765 | 102,177 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total of IT Services |
221,957 | 218,963 | 223,958 | 440,920 | 451,512 | 893,816 | ||||||||||||||||||
| IT Products |
663 | 469 | 1,469 | 1,132 | 2,163 | 4,127 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total segment revenue |
222,620 | 219,432 | 225,427 | 442,052 | 453,675 | 897,943 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Segment result |
||||||||||||||||||||||||
| IT Services |
||||||||||||||||||||||||
| Americas 1 |
13,338 | 13,687 | 15,287 | 27,025 | 28,824 | 59,364 | ||||||||||||||||||
| Americas 2 |
15,005 | 15,533 | 14,023 | 30,538 | 28,192 | 59,163 | ||||||||||||||||||
| Europe |
7,821 | 5,873 | 7,547 | 13,694 | 17,515 | 33,354 | ||||||||||||||||||
| APMEA |
3,070 | 2,441 | 2,985 | 5,511 | 5,785 | 12,619 | ||||||||||||||||||
| Unallocated |
(1,912 | ) | (1,477 | ) | (3,784 | ) | (3,389 | ) | (7,741 | ) | (20,304 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total of IT Services |
37,322 | 36,057 | 36,058 | 73,379 | 72,575 | 144,196 | ||||||||||||||||||
| IT Products |
(183 | ) | (47 | ) | (467 | ) | (230 | ) | (628 | ) | (371 | ) | ||||||||||||
| Reconciling Items |
10 | 59 | (2,246 | ) | 69 | (4,086 | ) | (7,726 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total segment result |
37,149 | 36,069 | 33,345 | 73,218 | 67,861 | 136,099 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Finance expenses |
(3,569 | ) | (3,288 | ) | (3,033 | ) | (6,857 | ) | (6,119 | ) | (12,552 | ) | ||||||||||||
| Finance and other income |
9,195 | 7,480 | 4,810 | 16,675 | 11,352 | 23,896 | ||||||||||||||||||
| Share of net profit/ (loss) of associate and joint venture accounted for using the equity method |
3 | (45 | ) | (30 | ) | (42 | ) | (27 | ) | (233 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Profit before tax |
42,778 | 40,216 | 35,092 | 82,994 | 73,067 | 147,210 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Additional Information:
The Company is 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: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.
Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe.
11
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.
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.
12
Reconciliation of selected GAAP measures to Non-GAAP measures
| 1. | Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn) |
| Three Months ended September 30, 2024 | ||||
| IT Services Revenue as per IFRS |
$ | 2,660.1 | ||
| Effect of Foreign currency exchange movement |
($ | 18.0 | ) | |
|
|
|
|||
| Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates |
$ | 2,642.0 |
| Three Months ended September 30, 2024 | ||||
| IT Services Revenue as per IFRS |
$ | 2,660.1 | ||
| Effect of Foreign currency exchange movement |
($ | 10.1 | ) | |
|
|
|
|||
| Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year |
$ | 2,650.0 |
| 2. | Reconciliation of Free Cash Flow for three months and six months ended September 30, 2024 |
| Amount in INR Mn |
Amount in INR Mn |
|||||||
| Three |
|
|||||||
| months ended |
Six months ended |
|||||||
| 30-Sep-24 | 30-Sep-24 | |||||||
| Net Income for the period [A] |
32,266 | 62,632 | ||||||
| Computation of Free Cash Flow |
||||||||
| Net cash generated from operating activities [B] |
42,690 | 82,649 | ||||||
| Add/ (deduct) cash inflow/ (outflow)on: |
||||||||
| Purchase of property, plant and equipment |
(2,398 | ) | (5,017 | ) | ||||
| Proceeds from sale of property, plant and equipment |
1,423 | 1,459 | ||||||
| Free Cash Flow [C] |
41,715 | 79,091 | ||||||
| Operating Cash Flow as percentage of Net Income [B/A] |
132.3 | % | 132.0 | % | ||||
| Free Cash Flow as percentage of Net Income [C/A] |
129.3 | % | 126.3 | % | ||||
13