EX-99.3

EX-99.3 4 d815181dex993.htm EX-99.3 EX-99.3

展覽99.3

wipro有限公司及其子公司

按照IFRS的中期簡明綜合財務報表

截至2024年9月30日的三個月和六個月的資產負債表

wipro有限公司及附屬公司

財務狀況的中期綜合基本報表

(₹（金額以百萬美元計，除非另有說明，不包括股份和每股數據）


	票據		截至2024年3月31日		截至2024年9月30日
							方便的美元百萬計價美元百萬 (未經審計) 請參閱註釋2(iii)
資產
商譽		6		316,002		319,207		3,811
無形資產		6		32,748		28,195		336
資產：固定資產		4		81,608		78,822		941
租賃權使用權資產		5		17,955		21,854		261
金融資產
衍生工具資產		17		25		—		—
投資		7		21,629		31,385		375
交易應收款				4,045		587		7
其他金融資產		10		5,550		5,148		61
以權益法覈算的投資				1,044		1,008		12
遞延所得稅資產				1,817		1,922		23
非流動負債稅收資產				9,043		7,782		93
其他非流動性資產		11		10,331		7,744		92

總非流動性資產				501,797		503,654		6,012

存貨		8		907		1,052		13
金融資產
衍生工具資產		17		1,333		651		8
投資		7		311,171		407,309		4,863
現金及現金等價物		9		96,953		104,592		1,249
交易應收款				115,477		112,655		1,345
未計費應收賬款				58,345		64,776		773
其他金融資產		10		10,536		8,973		107
合同資產				19,854		17,788		212
流動稅項資產				6,484		6,086		73
其他資產		11		29,602		32,561		389

總流動資產				650,662		756,443		9,032

資產總計				1,152,459		1,260,097		15,044

股東權益
股本				10,450		10,463		125
股本溢價				3,291		6,000		72
保留盈餘				630,936		693,688		8,282
Share-based payment reserve				6,384		6,315		75
特別經濟區再投資儲備				42,129		41,497		495
其他組成部分的股權				56,693		60,380		721

歸屬於公司股東的權益				749,883		818,343		9,770
非控制權益其他權益				1,340		1,798		21

總股本				751,223		820,141		9,791

負債
財務負債
貸款和借款		12		62,300		62,653		748
租賃負債				13,962		18,965		226
衍生工具負債		17		4		1		^
其他金融負債		14		4,985		5,862		70
遞延稅款負債				17,467		16,625		198
非流動負債稅務責任				37,090		40,122		479
其他非流動性負債		15		12,970		14,823		177

總非流動性負債				148,778		159,051		1,898

財務負債
貸款、借款和銀行透支		12		79,166		103,157		1,232
租賃負債				9,221		8,047		96
衍生工具負債		17		558		1,064		13
應付賬款和應計費用		13		88,566		82,810		989
其他金融負債		14		2,272		2,976		36
合同負債				17,653		18,439		220
流動稅負				21,756		30,599		365
其他流動負債		15		31,295		32,004		382
應計負債		16		1,971		1,809		22

流動負債合計				252,458		280,905		3,355

負債合計				401,236		439,956		5,253

負債及股東權益合計				1,152,459		1,260,097		15,044

^ 價值低於0.5

附註是這些中期簡明合併財務報表的一部分


根據我們隨附的當日報告	代表董事會

德勤哈金斯斯會計師事務所	Rishad A. Premji	Deepak m. Satwalekar	Srinivas Pallia
特許會計師	主席	董事	首席執行官和首席風險官
公司註冊號：117366W/W - 100018			董事總經理

安納德•蘇布拉馬尼安	阿帕納 C. 伊耶		m. 薩納烏拉·汗
合作伙伴	致富金融(臨時代碼)官		公司秘書
會員編號：110815

班加羅爾
2024年10月17日。

WIPRO有限公司及其子公司

財務狀況簡表

(₹（單位：百萬，除非另有說明，股份和每股數據）


			2021年9月30日止三個月：									截至9月30日的六個月
	票據		2023			2024			2024			2023			2024			2024
									便利性轉換成美元中百萬 (未經審計) 參見注釋 2(iii)									便利性轉化爲美元美元中百萬 (未經審計) 參閱註釋 2(iii)
收入		20		225,159			223,016			2,663			453,469			442,654			5,285
營收成本		21		(159,191	)		(155,049	)		(1,851	)		(320,452	)		(308,355	)		(3,681	)

毛利潤				65,968			67,967			812			133,017			134,299			1,604
銷售和市場費用		21		(18,767	)		(17,388	)		(207	)		(35,351	)		(33,232	)		(397	)
一般及管理費用		21		(14,124	)		(13,034	)		(156	)		(30,011	)		(27,247	)		(325	)
匯率期貨的獲益/（損失），淨額		23		268			(396	)		(5	)		206			(602	)		(7	)

營業活動利潤				33,345			37,149			444			67,861			73,218			875
融資費用		22		(3,033	)		(3,569	)		(43	)		(6,119	)		(6,857	)		(82	)
財務和其他收入		23		4,810			9,195			110			11,352			16,675			199
採用權益法覈算的聯營企業和合營公司的淨利潤（損失）份額				(30	)		3			^			(27	)		(42	)		(1	)

稅前利潤				35,092			42,778			511			73,067			82,994			991
所得稅費用		19		(8,419	)		(10,512	)		(126	)		(17,534	)		(20,362	)		(243	)

本期利潤				26,673			32,266			385			55,533			62,632			748

歸屬於
公司股權持有者				26,463			32,088			383			55,164			62,120			742
非控制權益其他權益				210			178			2			369			512			6

本期利潤				26,673			32,266			385			55,533			62,632			748

每股盈利：		24
歸屬於公司的股東
基本				5.06			6.14			0.07			10.30			11.89			0.14
稀釋的				5.04			6.12			0.07			10.27			11.85			0.14
計算每股收益時使用的權益加權平均股數
基本				5,232,867,366			5,226,755,635			5,226,755,635			5,357,394,940			5,226,444,619			5,226,444,619
稀釋的				5,245,641,198			5,241,078,937			5,241,078,937			5,370,078,563			5,239,886,408			5,239,886,408

數值小於0.5

附註是這些中期簡明綜合財務基本報表的組成部分


根據我們所附的報告日期	代表董事會

對於德勤有限責任合夥人	Rishad A. Premji	Deepak M. Satwalekar	Srinivas Pallia
特許會計師	主席	董事	首席執行官和首席風險官
公司註冊號：117366W/W - 100018			董事總經理

Anand Subramanian	Aparna C. Iyer		m. Sanaulla Khan
合作伙伴	致富金融(臨時代碼)官		公司秘書
會員編號：110815

班加羅爾
2024年10月17日。

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 September 30,									Six months ended September 30,
	2023			2024			2024			2023			2024			2024
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)									Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Profit for the period		26,673			32,266			385			55,533			62,632			748
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net		51			323			4			6			381			5
Net change in fair value of investment in equity instruments measured at fair value through OCI		(124	)		153			2			(108	)		(166	)		(2	)

		(73	)		476			6			(102	)		215			3

Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences		1,824			5,115			61			1,462			3,716			44
Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income		(183	)		13			^			(181	)		13			^
Net change in time value of option contracts designated as cash flow hedges, net of taxes		211			(368	)		(4	)		251			(364	)		(4	)
Net change in intrinsic value of option contracts designated as cash flow hedges, net of taxes		(311	)		(103	)		(1	)		201			(18	)		^
Net change in fair value of forward contracts designated as cash flow hedges, net of taxes		(62	)		(673	)		(8	)		1,586			(455	)		(6	)
Net change in fair value of investment in debt instruments measured at fair value through OCI, net of taxes		297			390			4			1,336			574			7

		1,776			4,374			52			4,655			3,466			41

Total other comprehensive income, net of taxes		1,703			4,850			58			4,553			3,681			44

Total comprehensive income for the period		28,376			37,116			443			60,086			66,313			792

Total comprehensive income attributable to:
Equity holders of the Company		28,169			36,942			441			59,809			65,807			786
Non-controlling interests		207			174			2			277			506			6

		28,376			37,116			443			60,086			66,313			792

^ Value is less than 0.5

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	Rishad A. Premji	Deepak M. Satwalekar	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director

Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815

Bengaluru
October 17, 2024

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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


																			Other components of equity
Particulars	Number of shares ⁽¹⁾			Share capital, fully paid-up			Share premium			Retained earnings			Share- based payment reserve			Special Economic Zone re- investment reserve			Foreign currency translation reserve ⁽²⁾		Cash flow hedging reserve ⁽³⁾			Other reserves ⁽²⁾		Equity attributable to the equity holders of the Company			Non- controlling interests			Total equity
As at April 1, 2023		5,487,917,741			10,976			3,689			660,964			5,632			46,803			43,255		(1,403	)		11,248		781,164			589			781,753
Comprehensive income for the period
Profit for the period		—			—			—			55,164			—			—			—		—			—		55,164			369			55,533
Other comprehensive income		—			—			—			—			—			—			1,271		2,038			1,336		4,645			(92	)		4,553

Total comprehensive income for the period		—			—			—			55,164			—			—			1,271		2,038			1,336		59,809			277			60,086

Issue of equity shares on exercise of options		3,545,482			7			1,811			—			(1,811	)		—			—		—			—		7			—			7
Issue of shares by controlled trust on exercise of options ⁽¹⁾		—			—			—			897			(897	)		—			—		—			—		—			—			—
Compensation cost related to employee share-based payment		—			—			—			5			3,099			—			—		—			—		3,104			—			3,104
Transferred from Special Economic Zone re-investment reserve		—			—			—			1,862			—			(1,862	)		—		—			—		—			—			—
Buyback of equity shares, including tax thereon ⁽⁴⁾		(269,662,921	)		(539	)		(3,768	)		(141,015	)		—			—			—		—			539		(144,783	)		—			(144,783	)
Transaction cost related to buyback of equity shares ⁽⁴⁾		—			—			—			(390	)		—			—			—		—			—		(390	)		—			(390	)
Others		—			—			—			—			—			—			—		—			—		—			(43	)		(43	)

Other transactions for the period		(266,117,439	)		(532	)		(1,957	)		(138,641	)		391			(1,862	)		—		—			539		(142,062	)		(43	)		(142,105	)

As at September 30, 2023		5,221,800,302			10,444			1,732			577,487			6,023			44,941			44,526		635			13,123		698,911			823			699,734

⁽¹⁾	Includes 7,310,222 treasury shares held as at September 30, 2023 by a controlled trust. 2,585,614 shares have been transferred by the controlled trust to eligible employees on exercise of options during the six months ended September 30, 2023.

⁽²⁾	Refer to Note 18

⁽³⁾	Refer to Note 17

⁽⁴⁾	Refer to Note 29

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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


															Other components of equity
Particulars	Number of shares ⁽¹⁾		Share capital, fully paid-up		Share premium		Retained earnings		Share- based payment reserve			Special Economic Zone re- investment reserve			Foreign currency translation reserve ⁽²⁾		Cash flow hedging reserve ⁽³⁾			Other reserves ⁽²⁾		Equity attributable to the equity holders of the Company		Non- controlling interests			Total equity
As at April 1, 2024		5,225,138,246		10,450		3,291		630,936		6,384			42,129			47,261		578			8,854		749,883		1,340			751,223
Comprehensive income for the period
Profit for the period		—		—		—		62,120		—			—			—		—			—		62,120		512			62,632
Other comprehensive income		—		—		—		—		—			—			3,721		(837	)		803		3,687		(6	)		3,681

Total comprehensive income for the period		—		—		—		62,120		—			—			3,721		(837	)		803		65,807		506			66,313

Issue of equity shares on exercise of options		6,244,459		13		2,709		—		(2,709	)		—			—		—			—		13		—			13
Compensation cost related to employee share-based payment		—		—		—		—		2,640			—			—		—			—		2,640		—			2,640
Transferred from Special Economic Zone re-investment reserve		—		—		—		632		—			(632	)		—		—			—		—		—			—
Others		—		—		—		—		—			—			—		—			—		—		(48	)		(48	)

Other transactions for the period		6,244,459		13		2,709		632		(69	)		(632	)		—		—			—		2,653		(48	)		2,605

As at September 30, 2024		5,231,382,705		10,463		6,000		693,688		6,315			41,497			50,982		(259	)		9,657		818,343		1,798			820,141

Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)				125		72		8,282		75			495			609		(3	)		115		9,770		21			9,791

⁽¹⁾	Includes 5,952,740 treasury shares held as at September 30, 2024 by a controlled trust.

⁽²⁾	Refer to Note 18

⁽³⁾	Refer to Note 17

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	Rishad A. Premji	Deepak M. Satwalekar	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director

Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815

Bengaluru
October 17, 2024

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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


	Six months ended September 30,
	2023			2024			2024
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Cash flows from operating activities
Profit for the period		55,533			62,632			748
Adjustments to reconcile profit for the period to net cash generated from operating activities:
(Gain)/loss on sale of property, plant and equipment, net		(2,242	)		(843	)		(10	)
Depreciation, amortization and impairment expense		16,350			15,597			186
Unrealized exchange (gain)/loss, net		836			279			2
Share-based compensation expense		3,099			2,640			31
Share of net (profit)/loss of associate and joint venture accounted for using equity method		27			42			1
Income tax expense		17,534			20,362			243
Finance and other income, net of finance expenses		(5,233	)		(9,818	)		(117	)
Change in fair value of contingent consideration		(506	)		(167	)		(2	)
Lifetime expected credit loss		439			567			7
Changes in operating assets and liabilities, net of effects from acquisitions
(Increase)/Decrease in trade receivables		17,913			6,008			72
(Increase)/Decrease in unbilled receivables and contract assets		(5,937	)		(4,034	)		(48	)
(Increase)/Decrease in Inventories		(92	)		(145	)		(2	)
(Increase)/Decrease in other assets		6,498			1,103			13
Increase/(Decrease) in trade payables, accrued expenses, other liabilities and provisions		(11,260	)		(4,216	)		(50	)
Increase/(Decrease) in contract liabilities		(5,928	)		724			9

Cash generated from operating activities before taxes		87,031			90,731			1,083
Income taxes paid, net		(10,885	)		(8,083	)		(96	)

Net cash generated from operating activities		76,146			82,648			987

Cash flows from investing activities:
Payment for purchase of property, plant and equipment		(4,184	)		(5,017	)		(60	)
Proceeds from disposal of property, plant and equipment		4,223			1,459			17
Payment for purchase of investments		(465,185	)		(423,829	)		(5,060	)
Proceeds from sale of investments		535,473			323,786			3,866
Repayment of security deposit for property, plant and equipment		—			(300	)		(4	)
Interest received		11,274			13,981			167
Dividend received		2			1			^

Net cash generated from/(used in) investing activities		81,603			(89,919	)		(1,074	)

Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending allotment		7			13			^
Repayment of loans and borrowings		(43,750	)		(66,333	)		(792	)
Proceeds from loans and borrowings		48,750			89,835			1,073
Payment of lease liabilities		(5,172	)		(5,054	)		(60	)
Payment for contingent consideration		(1,289	)		—			—
Interest and finance expenses paid		(4,850	)		(4,177	)		(50	)
Payment for buyback of equity shares, including tax and transaction cost		(145,173	)		—			—

Net cash generated from/(used in) financing activities		(151,477	)		14,284			171

Net increase in cash and cash equivalents during the period		6,272			7,013			84
Effect of exchange rate changes on cash and cash equivalents		(259	)		591			7
Cash and cash equivalents at the beginning of the period		91,861			96,951			1,157

Cash and cash equivalents at the end of the period (Note 9)		97,874			104,555			1,248

^ Value is less than 0.5

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	Rishad A. Premji	Deepak M. Satwalekar	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director

Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815

Bengaluru
October 17, 2024

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, “we”, “us”, “our”, “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. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.

The Company’s Board of Directors authorized these interim condensed consolidated financial statements for issue on October 17, 2024.

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 compliance with IAS 34, “Interim Financial Reporting”, 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, 2024. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its interpretations (“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 interim condensed consolidated statements of income, interim condensed consolidated statements of comprehensive income and interim condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the interim condensed consolidated financial statements, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for new accounting standards, amendments and interpretations adopted by the Company effective from April 1, 2024.

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. Previous period figures have been regrouped/rearranged, wherever necessary.

(ii) Basis of measurement

These 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:

Derivative financial instruments;

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

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

Contingent consideration and liability on written put options.

(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 six months ended September 30, 2024, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 83.76 as published by Federal Reserve Board of Governors on September 30, 2024. 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.

(iv) Use of estimates and judgment

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires the management to make judgments, accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Accounting estimates are monetary amounts in the interim condensed consolidated financial statements that are subject to measurement uncertainty. An accounting policy may require items in the interim condensed consolidated financial statements to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available and reliable information. Actual results may differ from those accounting estimates.

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

Revenue recognition: The Company applies judgement to determine whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract, if not, the promised product or service is combined and accounted as a single performance obligation. 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 (the “Transaction Price”). The Company allocates the Transaction Price 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, revenue recognized, profit and timing of revenue for remaining performance obligations 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.

Impairment testing: Goodwill recognized on business combination is tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of goodwill or a cash generating unit to which goodwill pertains, is less than the carrying value. The Company assesses acquired intangible assets with finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which include turnover, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

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.

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 expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of deferred tax assets considered realizable, however, could reduce in the near term if estimates of future taxable income during the carry-forward period are reduced.

Business combinations: In accounting for business combinations, judgment is required to assess whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired (including useful life estimates), liabilities assumed, 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.

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.

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 expected credit loss calculation based on the Company’s history of collections, customer’s creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.

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.

Useful lives of intangible assets: The Company amortizes intangible assets on a straight-line basis over estimated useful lives of the assets. The useful life is estimated based on a number of factors including the effects of obsolescence, demand, competition and other economic factors such as the stability of the industry and known technological advances and the level of maintenance expenditures required to obtain the expected future cash flows from the assets. The estimated useful life is reviewed at least annually.

Provisions and contingent liabilities: The Company estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting date and are adjusted to reflect the current best estimates.

The Company uses significant judgement to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.

3. Material accounting policy information

Please refer to the Company’s Annual report for the year ended March 31, 2024, for a discussion of the Company’s other material accounting policy information except for new accounting standards, amendments and interpretations adopted by the Company effective on or after April 1, 2024.

i. New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2024 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 interim condensed consolidated financial statements of the Company are:

Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates

On August 15, 2023, IASB issued ‘Lack of Exchangeability (Amendments to IAS 21)’ that clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. These amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of amendments to IAS 21 is not expected to have any material impact on the interim condensed consolidated financial statements.

IFRS 18 – Presentation and Disclosure in Financial Statements

On April 9, 2024, IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which supersedes IAS 1 ‘Presentation of Financial Statements’, aimed at improving comparability and transparency of communication in financial statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. These categories are complemented by the requirement to present specified totals and subtotals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financials information based on the identified ‘roles’ of the primary financial statements and the notes.

Consequent to above, a narrow-scope amendments have been made to IAS 7 ‘Statement of Cash Flows’, which include changing the starting point for determining cash flows from operations under the indirect method from ‘profit or loss’ to ‘operating profit or loss’. Further, some requirements previously included within IAS 1 have been moved to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ which has also been renamed IAS 8 ‘Basis of Preparation of Financial Statements’. IAS 34 ‘ Interim Financial Reporting’ was amended to require disclosure of management defined performance measures. Minor consequential amendments to other standards were also made.

An entity that prepares condensed interim financial statements in accordance with IAS 34 in the first year of adoption of IFRS 18, must present the heading and mandatory subtotals it expects to use in its annual financial statement. Comparative period in both the interim and annual financial statements will need to be restated and a reconciliation of the statement of profit or loss previously published will be required for the immediately preceding comparative period. IFRS 18 and the amendments to the other standards, is effective for reporting period beginning on or after January 1, 2027 and are to be applied retrospectively, with earlier application permitted.

The Company is currently assessing the impact of adopting IFRS 18 and the amendments to other standards, on the interim condensed consolidated financial statements.

IFRS 19 – Subsidiaries without Public Accountability: Disclosures

On May 9, 2024, IASB issued IFRS 19 ‘Subsidiaries without Public accountability: Disclosures’ which specifies the disclosure requirements an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. The standard allows a subsidiary which does not have public accountability and has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards, to elect IFRS 19. The Company is currently assessing the impact of adopting IFRS 19 on the interim condensed consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

On May 30, 2024, IASB issued ‘Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)’ to address matters identified during the post-implementation review of IFRS 9. The amendments relate to derecognition of a financial liability settled through electronic transfer, classification of financial assets and disclosures of certain financial assets and financial liabilities. These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the interim condensed consolidated financial statements.

4. Property, plant and equipment


	Land			Buildings			Plant and equipment ⁽¹⁾			Furniture and fixtures			Office equipment			Vehicles			Total
Gross carrying value:
As at April 1, 2023	₹	4,860		₹	47,700		₹	117,732		₹	18,086		₹	7,818		₹	161		₹	196,357
Additions		—			392			2,070			705			125			2			3,294
Disposals		(486	)		(805	)		(5,922	)		(886	)		(236	)		(122	)		(8,457	)
Translation adjustment		(3	)		(1	)		(38	)		(13	)		(18	)		^			(73	)

As at September 30, 2023	₹	4,371		₹	47,286		₹	113,842		₹	17,892		₹	7,689		₹	41		₹	191,121

Accumulated depreciation/ impairment:
As at April 1, 2023	₹	—		₹	10,927		₹	85,501		₹	11,520		₹	5,928		₹	145		₹	114,021
Depreciation and impairment		—			726			5,902			1,071			322			4			8,025
Disposals		—			(342	)		(5,003	)		(852	)		(230	)		(122	)		(6,549	)
Translation adjustment		—			1			(12	)		(4	)		(12	)		^			(27	)

As at September 30, 2023	₹	—		₹	11,312		₹	86,388		₹	11,735		₹	6,008		₹	27		₹	115,470

Net carrying value as at September 30, 2023	₹	4,371		₹	35,974		₹	27,454		₹	6,157		₹	1,681		₹	14		₹	75,651

Capital work-in-progress																			₹	7,435

Net carrying value including Capital work-in-progress as at September 30, 2023																			₹	83,086

Gross carrying value:
As at April 1, 2023	₹	4,860		₹	47,700		₹	117,732		₹	18,086		₹	7,818		₹	161		₹	196,357
Additions		—			428			6,975			1,716			354			3			9,476
Additions through Business combinations		—			—			373			—			1			—			374
Disposals		(486	)		(1,174	)		(22,815	)		(1,586	)		(663	)		(131	)		(26,855	)
Translation adjustment		1			70			248			17			4			1			341

As at March 31, 2024	₹	4,375		₹	47,024		₹	102,513		₹	18,233		₹	7,514		₹	34		₹	179,693

Accumulated depreciation/ impairment:
As at April 1, 2023	₹	—		₹	10,927		₹	85,501		₹	11,520		₹	5,928		₹	145		₹	114,021
Depreciation and impairment		—			1,490			11,856			2,193			638			7			16,184
Disposals		—			(683	)		(22,019	)		(1,444	)		(639	)		(130	)		(24,915	)
Translation adjustment		—			41			211			18			5			^			275

As at March 31, 2024	₹	—		₹	11,775		₹	75,549		₹	12,287		₹	5,932		₹	22		₹	105,565

Net carrying value as at March 31, 2024	₹	4,375		₹	35,249		₹	26,964		₹	5,946		₹	1,582		₹	12		₹	74,128

Capital work-in-progress																			₹	7,480

Net carrying value including Capital work-in-progress as at March 31, 2024																			₹	81,608

Gross carrying value:
As at April 1, 2024	₹	4,375		₹	47,024		₹	102,513		₹	18,233		₹	7,514		₹	34		₹	179,693
Additions		—			758			2,771			434			265			5			4,233
Disposals		—			(426	)		(4,513	)		(489	)		(209	)		(1	)		(5,638	)
Translation adjustment		7			1			235			15			11			(1	)		268

As at September 30, 2024	₹	4,382		₹	47,357		₹	101,006		₹	18,193		₹	7,581		₹	37		₹	178,556

Accumulated depreciation/ impairment:
As at April 1, 2024	₹	—		₹	11,775		₹	75,549		₹	12,287		₹	5,932		₹	22		₹	105,565
Depreciation and impairment		—			768			5,747			1,090			294			2			7,901
Disposals		—			(180	)		(4,379	)		(415	)		(184	)		(1	)		(5,159	)
Translation adjustment		—			(29	)		190			7			5			^			173

As at September 30, 2024	₹	—		₹	12,334		₹	77,107		₹	12,969		₹	6,047		₹	23		₹	108,480

Net carrying value as at September 30, 2024	₹	4,382		₹	35,023		₹	23,899		₹	5,224		₹	1,534		₹	14		₹	70,076

Capital work-in-progress																			₹	8,746

Net carrying value including Capital work-in-progress as at September 30, 2024																			₹	78,822

^	Value is less than 0.5

⁽¹⁾	Including net carrying value of computer equipment and software amounting to ₹18,177, ₹17,553 and ₹14,703, as at September 30, 2023, March 31, 2024 and September 30, 2024, respectively.

5. Right-of-Use assets


	Category of Right-of-Use asset
	Land			Buildings			Plant and equipment ⁽¹⁾			Vehicles			Total
Gross carrying value:
As at April 1, 2023	₹	1,278		₹	27,946		₹	2,580		₹	865		₹	32,669
Additions		—			2,408			233			113			2,754
Disposals		—			(2,442	)		(629	)		(158	)		(3,229	)
Translation adjustment		—			(73	)		^			(12	)		(85	)

As at September 30, 2023	₹	1,278		₹	27,839		₹	2,184		₹	808		₹	32,109

Accumulated depreciation:
As at April 1, 2023	₹	77		₹	12,127		₹	1,192		₹	571		₹	13,967
Depreciation		9			2,708			221			93			3,031
Disposals		—			(1,179	)		(554	)		(136	)		(1,869	)
Translation adjustment		—			(49	)		(7	)		(7	)		(63	)

As at September 30, 2023	₹	86		₹	13,607		₹	852		₹	521		₹	15,066

Net carrying value as at September 30, 2023	₹	1,192		₹	14,232		₹	1,332		₹	287		₹	17,043

Gross carrying value:
As at April 1, 2023	₹	1,278		₹	27,946		₹	2,580		₹	865		₹	32,669
Additions		65			6,505			264			251			7,085
Additions through Business combination		—			33			—			—			33
Disposals		—			(6,203	)		(636	)		(271	)		(7,110	)
Translation adjustment		—			172			34			4			210

As at March 31, 2024	₹	1,343		₹	28,453		₹	2,242		₹	849		₹	32,887

Accumulated depreciation:
As at April 1, 2023	₹	77		₹	12,127		₹	1,192		₹	571		₹	13,967
Depreciation		21			5,485			444			181			6,131
Disposals		—			(4,439	)		(561	)		(244	)		(5,244	)
Translation adjustment		—			64			11			3			78

As at March 31, 2024	₹	98		₹	13,237		₹	1,086		₹	511		₹	14,932

Net carrying value as at March 31, 2024	₹	1,245		₹	15,216		₹	1,156		₹	338		₹	17,955

Gross carrying value:
As at April 1, 2024	₹	1,343		₹	28,453		₹	2,242		₹	849		₹	32,887
Additions		—			7,251			—			118			7,369
Disposals		(221	)		(2,406	)		(2	)		(135	)		(2,764	)
Translation adjustment		—			242			67			36			345

As at September 30, 2024	₹	1,122		₹	33,540		₹	2,307		₹	868		₹	37,837

Accumulated depreciation:
As at April 1, 2024	₹	98		₹	13,237		₹	1,086		₹	511		₹	14,932
Depreciation		12			2,671			223			89			2,995
Disposals		(14	)		(1,992	)		(2	)		(131	)		(2,139	)
Translation adjustment		—			130			45			20			195

As at September 30, 2024	₹	96		₹	14,046		₹	1,352		₹	489		₹	15,983

Net carrying value as at September 30, 2024	₹	1,026		₹	19,494		₹	955		₹	379		₹	21,854

^	Value is less than 0.5

⁽¹⁾	Including net carrying value of computer equipment amounting to ₹3, ₹2 and ₹2 as at September 30, 2023, March 31, 2024 and September 30, 2024, respectively.

6. Goodwill and intangible assets

The movement in goodwill balance is given below:


	As at
	March 31, 2024			September 30, 2024
Balance at the beginning of the period	₹	307,970		₹	316,002
Translation adjustment		4,206			3,205
Acquisition through Business combinations⁽¹⁾		4,314			—
Disposals		(488	)		—

Balance at the end of the period	₹	316,002		₹	319,207

⁽¹⁾	Acquisition through business combination for the year ended March 31, 2024 is after considering the impact of ₹(503) towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2023.

The movement in intangible assets is given below:

Intangible assets

Customer-related

Marketing-related

Total

Gross carrying value:

As at April 1, 2023

₹

49,813

₹

11,924

₹

61,737

Translation adjustment

431

111

542

As at September 30, 2023

₹

50,244

₹

12,035

₹

62,279

Accumulated amortization/ impairment:

As at April 1, 2023

₹

15,417

₹

3,275

₹

18,692

Amortization and impairment ^{(1) (2)}

4,393

901

5,294

Translation adjustment

152

184

As at September 30, 2023

₹

19,962

₹

4,208

₹

24,170

Net carrying value as at September 30, 2023

₹

30,282

₹

7,827

₹

38,109

Gross carrying value:

As at April 1, 2023

₹

49,813

₹

11,924

₹

61,737

Acquisition through Business combination

556

390

946

Deductions/adjustments

(7,306

)

(505

)

(7,811

)

Translation adjustment

609

163

772

As at March 31, 2024

₹

43,672

₹

11,972

₹

55,644

Accumulated amortization/ impairment:

As at April 1, 2023

₹

15,417

₹

3,275

₹

18,692

Amortization and impairment ^{(1) (2)}

9,961

1,795

11,756

Deductions/adjustments

(7,306

)

(505

)

(7,811

)

Translation adjustment

209

259

As at March 31, 2024

₹

18,281

₹

4,615

₹

22,896

Net carrying value as at March 31, 2024

₹

25,391

₹

7,357

₹

32,748

Gross carrying value:

As at April 1, 2024

₹

43,672

₹

11,972

₹

55,644

Deductions/adjustments

(4,084

)

(1,979

)

(6,063

)

Translation adjustment

220

280

As at September 30, 2024

₹

39,808

₹

10,053

₹

49,861

Accumulated amortization/ impairment:

As at April 1, 2024

₹

18,281

₹

4,615

₹

22,896

Amortization and impairment ⁽¹⁾

3,668

1,033

4,701

Deductions/adjustments

(4,084

)

(1,979

)

(6,063

)

Translation adjustment

105

132

As at September 30, 2024

₹

17,970

₹

3,696

₹

21,666

Net carrying value as at September 30, 2024

₹

21,838

₹

6,357

₹

28,195

⁽¹⁾

During the six months ended September 30, 2023 and 2024, and year ended March 31, 2024, decline in the revenue and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge of ₹437 and ₹1,147 for the three and six months ended September 30, 2023 and 2024, respectively, and ₹1,701 for the year ended March 31, 2024, as part of amortization and impairment.

⁽²⁾

Due to change in our estimate of useful life of customer-related intangibles in an earlier business combination, the Company has recognized additional amortization charge of ₹1,211 for the three and six months ended September 30, 2023 and ₹2,807 for the year ended March 31, 2024, as part of amortization and impairment.

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

7. Investments


	As at
	March 31, 2024		September 30, 2024
Non-current
Financial instruments at FVTPL
Equity instruments ⁽¹⁾	₹	4,404	₹	4,658
Fixed maturity plan mutual funds		1,395		1,162
Financial instruments at FVTOCI
Equity instruments ⁽¹⁾		15,830		16,124
Financial instruments at amortized cost
Inter corporate and term deposits		^		9,441

	₹	21,629	₹	31,385

Current
Financial instruments at FVTPL
Short-term mutual funds ⁽²⁾	₹	71,686	₹	99,774
Fixed maturity plan mutual funds		—		290
Financial instruments at FVTOCI
Non-convertible debentures		154,407		211,247
Government securities		7,030		13,906
Commercial papers		11,845		3,386
Bonds		28,195		19,632
Financial instruments at amortized cost
Inter corporate and term deposits ⁽³⁾		38,008		59,074

	₹	311,171	₹	407,309

	₹	332,800	₹	438,694

Financial instruments at FVTPL	₹	77,485	₹	105,884
Financial instruments at FVTOCI		217,307		264,295
Financial instruments at amortized cost		38,008		68,515

^	Value is less than 0.5

⁽¹⁾	Uncalled capital commitments outstanding as at March 31, 2024 and September 30, 2024, was ₹1,450 and ₹1,731, respectively.

⁽²⁾	As at March 31, 2024 and September 30, 2024, short-term mutual funds include units lien with bank on account of margin money for currency derivatives amounting to ₹218 and ₹225, respectively.

⁽³⁾	These deposits earn a fixed rate of interest. As at March 31, 2024 and September 30, 2024, term deposits include current deposits in lien with banks, held as margin money deposits against guarantees amounting to ₹117 and ₹67, respectively.

8. Inventories


	As at
	March 31, 2024		September 30, 2024
Stores and spare parts	₹	27	₹	18
Traded goods		880		1,034

	₹	907	₹	1,052

9. Cash and cash equivalents


	As at
	March 31, 2024		September 30, 2024
Cash and bank balances	₹	60,648	₹	62,493
Demand deposits with banks ⁽¹⁾		36,305		42,099

	₹	96,953	₹	104,592

⁽¹⁾	These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal.

Cash and cash equivalents consist of the following for the purpose of the statement of cash flows:


	As at
	September 30, 2023			September 30, 2024
Cash and cash equivalents	₹	97,896		₹	104,592
Bank overdrafts		(22	)		(37	)

	₹	97,874		₹	104,555

10. Other financial assets


	As at
	March 31, 2024		September 30, 2024
Non-current
Security deposits	₹	1,221	₹	1,390
Finance lease receivables		4,270		3,725
Dues from officers and employees		59		33

	₹	5,550	₹	5,148

Current
Security deposits	₹	2,035	₹	1,915
Dues from officers and employees		596		370
Interest receivables		230		1,041
Finance lease receivables		5,307		5,478
Others		2,368		169

	₹	10,536	₹	8,973

	₹	16,086	₹	14,121

11. Other assets


	As at
	March 31, 2024		September 30, 2024
Non-current
Prepaid expenses	₹	3,424	₹	2,595
Costs to obtain contract ⁽¹⁾		2,324		3,845
Costs to fulfil contract ⁽²⁾		205		334
Others		4,378		970

	₹	10,331	₹	7,744

Current
Prepaid expenses	₹	17,574	₹	19,229
Dues from officers and employees		343		452
Advance to suppliers		3,267		2,475
Balance with GST and other authorities		6,029		6,451
Costs to obtain contract ⁽¹⁾		867		1,825
Costs to fulfil contract ⁽²⁾		60		103
Others		1,462		2,026

	₹	29,602	₹	32,561

	₹	39,933	₹	40,305

⁽¹⁾	Costs to obtain contract amortization of ₹244 and ₹391 during the three months ended September 30, 2023 and 2024 respectively, ₹572 and ₹655 during the six months ended September 30, 2023 and 2024 respectively.

⁽²⁾	Costs to fulfil contract amortization of ₹15 and ₹15 during the three months ended September 30, 2023 and 2024 respectively, ₹30 and ₹30 during the six months ended September 30, 2023 and 2024 respectively.

12. Loans, borrowings and bank overdrafts


	As at
	March 31, 2024		September 30, 2024
Non-current
Unsecured Notes 2026 ⁽¹⁾	₹	62,300	₹	62,653

	₹	62,300	₹	62,653

Current
Borrowings from banks	₹	79,164	₹	103,120
Bank overdrafts		2		37

	₹	79,166	₹	103,157

	₹	141,466	₹	165,810

⁽¹⁾

On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, issued US$ 750 million in unsecured notes 2026 (the “Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. Interest on the Notes is payable semi-annually on June 23 and December 23 of each year, commencing from December 23, 2021. The Notes are listed on Singapore Exchange Securities Trading Limited (SGX-ST).

13. Trade payables and accrued expenses


	As at
	March 31, 2024		September 30, 2024
Trade payables	₹	23,275	₹	19,765
Accrued expenses		65,291		63,045

	₹	88,566	₹	82,810

14. Other financial liabilities


	As at
	March 31, 2024		September 30, 2024
Non-current
Contingent consideration (Refer to Note 17)	₹	429	₹	—
Liability on written put options to non-controlling interests (Refer to Note 17)		4,303		4,452
Deposits and others		253		1,410

	₹	4,985	₹	5,862

Current
Contingent consideration (Refer to Note 17)	₹	—	₹	253
Advance from customers		598		176
Cash settled ADS RSUs		3		—
Capital creditors		333		798
Deposits and others		1,338		1,749

	₹	2,272	₹	2,976

	₹	7,257	₹	8,838

15. Other liabilities


	As at
	March 31, 2024		September 30, 2024
Non-current
Employee benefits obligations	₹	4,219	₹	4,323
Others		8,751		10,500

	₹	12,970	₹	14,823

Current
Employee benefits obligations	₹	16,057	₹	18,236
Statutory and other liabilities		13,275		12,232
Advance from customers		1,192		495
Others		771		1,041

	₹	31,295	₹	32,004

	₹	44,265	₹	46,827

16. Provisions


	As at
	March 31, 2024		September 30, 2024
Current
Provision for onerous contracts	₹	1,599	₹	1,447
Provision for warranty		217		200
Others		155		162

	₹	1,971	₹	1,809

	₹	1,971	₹	1,809

17. Financial instruments

The carrying value of financial instruments by categories as at March 31, 2024 is as follows:


	Fair value through profit or loss		Fair value through other comprehensive income				Amortized cost		Total
	Fair value through profit or loss		Mandatory		Designated upon initial recognition		Amortized cost		Total
Financial Assets:
Cash and cash equivalents (Refer to Note 9)	₹	—	₹	—	₹	—	₹	96,953	₹	96,953
Investments (Refer to Note 7)
Equity Instruments		4,404		—		15,830		—		20,234
Fixed maturity plan mutual funds		1,395		—		—		—		1,395
Short-term mutual funds		71,686		—		—		—		71,686
Non-convertible debentures		—		154,407		—		—		154,407
Government securities		—		7,030		—		—		7,030
Commercial papers		—		11,845		—		—		11,845
Bonds		—		28,195		—		—		28,195
Inter corporate and term deposits		—		—		—		38,008		38,008
Other financial assets
Trade receivables		—		—		—		119,522		119,522
Unbilled receivables		—		—		—		58,345		58,345
Other financial assets (Refer to Note 10)		—		—		—		16,086		16,086
Derivative assets (Refer to Note 17)		390		—		968		—		1,358

	₹	77,875	₹	201,477	₹	16,798	₹	328,914	₹	625,064

Financial Liabilities:
Trade payables and other liabilities
Trade payables and accrued expenses (Refer to Note 13)	₹	—	₹	—	₹	—	₹	88,566	₹	88,566
Other financial liabilities (Refer to Note 14)		—		—		—		7,257		7,257
Loans, borrowings and bank overdrafts (Refer to Note 12)		—		—		—		141,466		141,466
Lease liabilities		—		—		—		23,183		23,183
Derivative liabilities (Refer to Note 17)		329		—		233		—		562

	₹	329	₹	—	₹	233	₹	260,472	₹	261,034

The carrying value of financial instruments by categories as at September 30, 2024 is as follows:


	Fair value through profit or loss		Fair value through other comprehensive income				Amortized cost		Total
	Fair value through profit or loss		Mandatory		Designated upon initial recognition		Amortized cost		Total
Financial Assets:
Cash and cash equivalents (Refer to Note 9)	₹	—	₹	—	₹	—	₹	104,592	₹	104,592
Investments (Refer to Note 7)
Equity Instruments		4,658		—		16,124		—		20,782
Fixed maturity plan mutual funds		1,452		—		—		—		1,452
Short-term mutual funds		99,774		—		—		—		99,774
Non-convertible debentures		—		211,247		—		—		211,247
Government securities		—		13,906		—		—		13,906
Commercial papers		—		3,386		—		—		3,386
Bonds		—		19,632		—		—		19,632
Inter corporate and term deposits		—		—		—		68,515		68,515
Other financial assets
Trade receivables		—		—		—		113,242		113,242
Unbilled receivables		—		—		—		64,776		64,776
Other financial assets (Refer to Note 10)		—		—		—		14,121		14,121
Derivative assets (Refer to Note 17)		294		—		357		—		651

	₹	106,178	₹	248,171	₹	16,481	₹	365,246	₹	736,076

Financial Liabilities:
Trade payables and other liabilities
Trade payables and accrued expenses (Refer to Note 13)	₹	—	₹	—	₹	—	₹	82,810	₹	82,810
Other financial liabilities (Refer to Note 14)		—		—		—		8,838		8,838
Loans, borrowings and bank overdrafts (Refer to Note 12)		—		—		—		165,810		165,810
Lease liabilities		—		—		—		27,012		27,012
Derivative liabilities (Refer to Note 17)		368		—		697		—		1,065

	₹	368	₹	—	₹	697	₹	284,470	₹	285,535

Fair value

Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, and eligible current liabilities and non-current liabilities.

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term loans, borrowings and bank overdrafts, lease liabilities, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2024 and September 30, 2024, the carrying value of such financial assets, net of allowances, and liabilities, approximates the fair value.

The Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield of Unsecured Notes 2026 as of September 30, 2024 is 4.43%

Investments in short-term mutual funds and fixed maturity plan 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 non-convertible debentures, government securities, commercial papers 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 or FVTPL is determined using market approach primarily based on market multiples method.

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

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).

There were no transfer between Level 1, 2 and 3 during the year ended March 31, 2024 and six months ended September 30, 2024.

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


	As at
	March 31, 2024											September 30, 2024
	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	₹	968		₹	—	₹	968		₹	—		₹	357		₹	—	₹	357		₹	—
Others		390			—		390			—			294			—		294			—
Investments:
Short-term mutual funds		71,686			71,686		—			—			99,774			99,774		—			—
Fixed maturity plan mutual funds		1,395			—		1,395			—			1,452			—		1,452			—
Equity instruments		20,234			108		—			20,126			20,782			74		—			20,708
Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds		201,477			1,282		200,195			—			248,171			9,150		239,021			—
Liabilities
Derivative instruments:
Cash flow hedges	₹	(233	)	₹	—	₹	(233	)	₹	—		₹	(697	)	₹	—	₹	(697	)	₹	—
Others		(329	)		—		(329	)		—			(368	)		—		(368	)		—
Liability on written put options to non-controlling interests		(4,303	)		—		—			(4,303	)		(4,452	)		—		—			(4,452	)
Contingent consideration		(429	)		—		—			(429	)		(253	)		—		—			(253	)

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


Financial instrument		Method and assumptions
Derivative instruments (assets and liabilities)		The Company enters into derivative financial instruments with various counterparties, 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 September 30, 2024, 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 non-convertible debentures, government securities, 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.

Investment in fixed maturity plan mutual funds		Fair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date.

The following methods and assumptions were used to estimate the fair value of the level 3 financial instruments included in the above table.


Financial instrument		Method and assumptions
Investment in equity instruments		Fair value of these instruments is determined using market approach primarily based on market multiples method.

Contingent consideration and liability on written put options to non-controlling interest		Fair value of these instruments is determined using valuation techniques which includes inputs relating to risk-adjusted revenue and operating profit forecast.

The following table presents changes in Level 3 assets and liabilities for the year ended March 31, 2024 and six months ended September 30, 2024:


	As at
Investment in equity instruments	March 31, 2024			September 30, 2024
Balance at the beginning of the period	₹	19,321		₹	20,126
Additions		1,277			913
Disposals ^{(1) (2)}		(416	)		(488	)
Gain/(loss) recognized in consolidated statement of income		(136	)		232
Gain/(loss) recognized in other comprehensive income		(485	)		(171	)
Translation adjustment		565			96

Balance at the end of the period	₹	20,126		₹	20,708

⁽¹⁾	During the year ended March 31, 2024, the Company sold its shares in Moogsoft (Herd) Inc. at a fair value of ₹179 and recognized a cumulative loss of ₹91 in other comprehensive income.

⁽²⁾	During the six months ended September 30, 2024, the Company sold its shares in Headspin Inc. and Sealights Technologies Ltd at a fair value of ₹397 and recognized a cumulative loss of ₹185 in other comprehensive income and cumulative gain of ₹58 in the consolidated statement of income.


	As at
Contingent consideration	March 31, 2024			September 30, 2024
Balance at the beginning of the period	₹	(3,053	)	₹	(429	)
Reversals ⁽¹⁾		1,300			167
Payouts		1,294			—
Finance expense (recognized)/reversed in consolidated statement of income		55			11
Translation adjustment		(25	)		(2	)

Balance at the end of the period	₹	(429	)	₹	(253	)

⁽¹⁾	Towards change in fair value of earn-out liability as a result of changes in estimates of revenue and earnings over the earn-out period.


	As at
Liability on written put options to non-controlling interests	March 31, 2024			September 30, 2024
Balance at the beginning of the period	₹	—		₹	(4,303	)
Addition through Business combination		(4,238	)		—
Finance expense recognized in consolidated statement of income		(33	)		(128	)
Translation adjustment		(32	)		(21	)

Balance at the end of the period	₹	(4,303	)	₹	(4,452	)

Derivative assets and liabilities

The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest rates, 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 of non-performance by the counterparty as immaterial.

The Company determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in consolidated statement of income at the time of the hedge relationship rebalancing.

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


	Six months ended September 30,
	2023			2024
Balance as at the beginning of the period	₹	(1,762	)	₹	773
Changes in fair value of effective portion of derivatives		1,204			(889	)
Deferred cancellation gain/(loss), net		12			—
Net (gain)/loss reclassified to consolidated statement of income on occurrence of hedged transactions ⁽¹⁾		1,488			(276	)
Net (gain)/loss on ineffective portion of derivative instruments classified to consolidated statement of income		(86	)		50

Gain/(loss) on cash flow hedging derivatives, net	₹	2,618		₹	(1,115	)

Balance as at the end of the period	₹	856		₹	(342	)
Deferred tax asset/(liability) thereon		(221	)		83

Balance as at the end of the period, net of deferred taxes	₹	635		₹	(259	)

⁽¹⁾	Includes net (gain)/loss reclassified to revenue of ₹(178); net (gain)/loss reclassified to cost of revenues of ₹(22); net (gain)/loss reclassified to finance expenses of ₹(116), and net (gain)/loss reclassified to finance and other income of ₹40 for the six months ended September 30, 2024.

The related hedge transactions for balance in cash flow hedging reserves as at September 30, 2024 are expected to occur and be reclassified to the statement of income over a period of 23 months.

As at September 30, 2023 and 2024, there were no material 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.

18. Foreign currency translation reserve and Other reserves

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


	Six months ended September 30,
	2023			2024
Balance at the beginning of the period	₹	43,255		₹	47,261
Translation difference related to foreign operations, net		1,452			3,708
Reclassification of foreign currency translation differences on liquidation of		(181	)		13
subsidiaries to statement of income

Balance at the end of the period	₹	44,526		₹	50,982

The movement in other reserves is summarized below:

Other Reserves

Particulars

Remeasurements of
the defined benefit
plans

Investment in debt
instruments
measured at fair
value through OCI

Investment in equity
instruments
measured at fair
value through OCI

Capital Redemption
Reserve

Gross obligation to
non-controlling
interests under
put options

As at April 1, 2023

₹

(548

)

₹

(119

)

₹

10,793

₹

1,122

₹

—

Other comprehensive income

108

1,336

(108

)

—

Buyback of equity shares

—

539

—

As at September 30, 2023

₹

(440

)

₹

1,217

₹

10,685

₹

1,661

₹

—

As at April 1, 2024

₹

(286

)

₹

1,397

₹

10,320

₹

1,661

₹

(4,238

)

Other comprehensive income

395

574

(166

)

—

As at September 30, 2024

₹

109

₹

1,971

₹

10,154

₹

1,661

₹

(4,238

)

19. Income taxes


	Three months ended September 30,						Six months ended September 30,
	2023			2024			2023		2024
Income tax expense as per the consolidated statement of income	₹	8,419		₹	10,512		₹	17,534	₹	20,362
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities		34			65			196		102
Gains/(losses) on cash flow hedging derivatives		(46	)		(400	)		580		(278	)
Remeasurements of the defined benefit plans		10			107			43		169

	₹	8,417		₹	10,284		₹	18,353	₹	20,355

Income tax expense consists of the following:

Three months ended September 30,

Six months ended September 30,

2023

2024

2023

2024

Current taxes

₹

9,286

₹

11,152

₹

18,421

₹

21,520

Deferred taxes

(867

)

(640

)

(887

)

(1,158

)

₹

8,419

₹

10,512

₹

17,534

₹

20,362

Income tax expenses are net of provision reversal of taxes pertaining to earlier periods, amounting to ₹109 and ₹608 for the three months ended September 30, 2023 and 2024, and ₹736 and ₹802 for the six months ended September 30, 2023 and 2024, respectively.

20. Revenues

The tables below present disaggregated revenue from contracts with customers by business segment (Refer to Note 27 “Segment Information”), sector and nature of contract. The Company believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.

Information on disaggregation of revenues for the three months ended September 30, 2023 is as follows:


	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total		IT Products		Total
A. Revenue
Rendering of services	₹	66,735	₹	66,837	₹	63,892	₹	26,226	₹	223,690	₹	—	₹	223,690
Sale of products		—		—		—		—		—		1,469		1,469

	₹	66,735	₹	66,837	₹	63,892	₹	26,226	₹	223,690	₹	1,469	₹	225,159

B. Revenue by sector
Banking, Financial Services and Insurance	₹	676	₹	41,155	₹	24,408	₹	8,886	₹	75,125
Health		22,813		26		4,281		1,347		28,467
Consumer		25,503		1,220		10,782		4,251		41,756
Communications		3,065		314		2,953		3,323		9,655
Energy, Natural Resources and Utilities		193		10,232		9,993		5,466		25,884
Manufacturing		17		7,937		6,619		1,085		15,658
Technology		14,468		5,953		4,856		1,868		27,145

	₹	66,735	₹	66,837	₹	63,892	₹	26,226	₹	223,690	₹	1,469	₹	225,159

C. Revenue by nature of contract
Fixed price and volume based	₹	37,936	₹	34,331	₹	36,929	₹	15,770	₹	124,966	₹	—	₹	124,966
Time and materials		28,799		32,506		26,963		10,456		98,724		—		98,724
Products		—		—		—		—		—		1,469		1,469

	₹	66,735	₹	66,837	₹	63,892	₹	26,226	₹	223,690	₹	1,469	₹	225,159

Information on disaggregation of revenues for the three months ended September 30, 2024 is as follows:


	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total		IT Products		Total
A. Revenue
Rendering of services	₹	68,502	₹	68,048	₹	61,943	₹	23,860	₹	222,353	₹	—	₹	222,353
Sale of products		—		—		—		—		—		663		663

	₹	68,502	₹	68,048	₹	61,943	₹	23,860	₹	222,353	₹	663	₹	223,016

B. Revenue by sector
Banking, Financial Services and Insurance	₹	238	₹	43,195	₹	24,151	₹	9,856	₹	77,440
Health		25,973		26		3,742		590		30,331
Consumer		25,781		1,918		10,905		3,905		42,509
Communications		3,078		208		2,913		2,510		8,709
Energy, Natural Resources and Utilities		821		9,736		8,885		4,514		23,956
Manufacturing		12		6,894		5,928		992		13,826
Technology		12,599		6,071		5,419		1,493		25,582

	₹	68,502	₹	68,048	₹	61,943	₹	23,860	₹	222,353	₹	663	₹	223,016

C. Revenue by nature of contract
Fixed price and volume based	₹	34,859	₹	34,101	₹	36,570	₹	13,875	₹	119,405	₹	—	₹	119,405
Time and materials		33,643		33,947		25,373		9,985		102,948		—		102,948
Products		—		—		—		—		—		663		663

	₹	68,502	₹	68,048	₹	61,943	₹	23,860	₹	222,353	₹	663	₹	223,016

Information on disaggregation of revenues for the six months ended September 30, 2023 is as follows:


	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total		IT Products		Total
A. Revenue
Rendering of services	₹	132,357	₹	135,158	₹	131,047	₹	52,744	₹	451,306	₹	—	₹	451,306
Sale of products		—		—		—		—		—		2,163		2,163

	₹	132,357	₹	135,158	₹	131,047	₹	52,744	₹	451,306	₹	2,163	₹	453,469

B. Revenue by sector
Banking, Financial Services and Insurance	₹	1,460	₹	83,170	₹	49,930	₹	17,927	₹	152,487
Health		44,540		111		9,104		2,597		56,352
Consumer		51,858		2,334		21,581		8,520		84,293
Communications		6,551		661		6,076		6,785		20,073
Energy, Natural Resources and Utilities		299		20,526		21,104		11,311		53,240
Manufacturing		64		16,421		13,512		2,123		32,120
Technology		27,585		11,935		9,740		3,481		52,741

	₹	132,357	₹	135,158	₹	131,047	₹	52,744	₹	451,306	₹	2,163	₹	453,469

C. Revenue by nature of contract
Fixed price and volume based	₹	75,460	₹	69,781	₹	76,652	₹	31,712	₹	253,605	₹	—	₹	253,605
Time and material		56,897		65,377		54,395		21,032		197,701		—		197,701
Products		—		—		—		—		—		2,163		2,163

	₹	132,357	₹	135,158	₹	131,047	₹	52,744	₹	451,306	₹	2,163	₹	453,469

Information on disaggregation of revenues for the six months ended September 30, 2024 is as follows:


	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total		IT Products		Total
A. Revenue
Rendering of services	₹	136,264	₹	135,450	₹	122,421	₹	47,387	₹	441,522	₹	—	₹	441,522
Sale of products		—		—		—		—		—		1,132		1,132

	₹	136,264	₹	135,450	₹	122,421	₹	47,387	₹	441,522	₹	1,132	₹	442,654

B. Revenue by sector
Banking, Financial Services and Insurance	₹	671	₹	85,081	₹	47,199	₹	18,835	₹	151,786
Health		51,538		48		7,583		1,583		60,752
Consumer		51,402		3,780		21,614		7,853		84,649
Communications		6,077		416		5,223		5,303		17,019
Energy, Natural Resources and Utilities		1,488		19,843		18,237		8,968		48,536
Manufacturing		26		14,138		11,923		1,934		28,021
Technology		25,062		12,144		10,642		2,911		50,759

	₹	136,264	₹	135,450	₹	122,421	₹	47,387	₹	441,522	₹	1,132	₹	442,654

C. Revenue by nature of contract
Fixed price and volume based	₹	70,829	₹	68,679	₹	72,546	₹	27,549	₹	239,603	₹	—	₹	239,603
Time and materials		65,435		66,771		49,875		19,838		201,919		—		201,919
Products		—		—		—		—		—		1,132		1,132

	₹	136,264	₹	135,450	₹	122,421	₹	47,387	₹	441,522	₹	1,132	₹	442,654

21. Expenses by nature


	Three months ended September 30,						Six months ended September 30,
	2023			2024			2023			2024
Employee compensation	₹	138,536		₹	134,695		₹	278,812		₹	266,988
Sub-contracting and technical fees		26,547			24,582			52,932			49,349
Cost of hardware and software		1,501			893			2,307			1,551
Travel		4,049			3,836			8,224			7,773
Facility expenses		3,815			3,937			7,267			8,070
Software license expense for internal use		4,701			4,702			9,308			9,307
Depreciation, amortization and impairment ⁽¹⁾		8,970			8,308			16,350			15,597
Communication		1,360			1,079			2,609			2,072
Legal and professional fees		2,507			3,013			4,758			5,295
Rates, taxes and insurance		1,641			1,395			3,103			2,611
Marketing and brand building		880			838			1,857			1,642
Lifetime expected credit loss/ (write-back)		139			593			439			567
(Gain)/loss on sale of property, plant and equipment, net ⁽²⁾		(2,320	)		(820	)		(2,242	)		(843	)
Miscellaneous expenses ⁽³⁾		(244	)		(1,580	)		90			(1,145	)

Total cost of revenues, selling and marketing expenses and general and administrative expenses	₹	192,082		₹	185,471		₹	385,814		₹	368,834

⁽¹⁾	Depreciation, amortization and impairment includes an impairment charge on intangible assets amounting to ₹437 and ₹1,147 for the three and six months ended September 30, 2023 and 2024, respectively (Refer to Note 6).

⁽²⁾

(Gain)/loss on sale of property, plant and equipment for the three and six months ended September 30, 2023 and 2024, includes gain on sale of immovable properties of ₹(2,368) and gain on relinquishment of the lease hold rights of land, and transfer of building along with other assets of ₹(885), respectively.

⁽³⁾

Miscellaneous expenses are net of reversals of contingent consideration of ₹490 and ₹167 for the three months ended September 30, 2023 and 2024, respectively and of ₹506 and ₹167 for the six months ended September 30, 2023 and 2024, respectively (Refer to Note 17). Miscellaneous expenses are net of insurance claim received of ₹1,805 during the three and six months ended September 30, 2024.

22. Finance expenses

Three months ended September 30,

Six months ended September 30,

2023

2024

2023

2024

Interest expense ⁽¹⁾

₹

3,033

₹

3,569

₹

6,119

₹

6,857

₹

3,033

₹

3,569

₹

6,119

₹

6,857

⁽¹⁾	Includes Interest expense on lease liabilities of ₹336 and ₹384 for the three months ended September 30, 2023 and 2024, respectively and ₹652 and ₹747 for the six months ended September 30, 2023, and 2024, respectively.

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


	Three months ended September 30,						Six months ended September 30,
	2023			2024			2023			2024
Interest income	₹	4,158		₹	6,576		₹	9,402		₹	12,203
Dividend income from equity investments designated as
FVTOCI		1			1			2			1
Net gain from investments classified as FVTPL		737			2,618			2,073			4,471
Net loss from investments classified as FVTOCI		(86	)		—			(125	)		—

Finance and other income	₹	4,810		₹	9,195		₹	11,352		₹	16,675

Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL	₹	(350	)	₹	(368	)	₹	531		₹	(553	)
Other foreign exchange gains/(losses), net		618			(28	)		(325	)		(49	)

Foreign exchange gains/(losses), net	₹	268		₹	(396	)	₹	206		₹	(602	)

24. 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 equity 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 September 30,

Six months ended September 30,

2023

2024

2023

2024

Profit attributable to equity holders of the Company

₹

26,463

₹

32,088

₹

55,164

₹

62,120

Weighted average number of equity shares outstanding

5,232,867,366

5,226,755,635

5,357,394,940

5,226,444,619

Basic earnings per equity share

₹

5.06

₹

6.14

₹

10.30

₹

11.89

Diluted: Diluted earnings per equity 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 equity shares that could have been acquired at fair value (determined as the average market price of the Company’s equity shares during the period). The number of equity shares calculated as above is compared with the number of equity shares that would have been issued assuming the exercise of the share options.


	Three months ended September 30,				Six months ended September 30,
	2023		2024		2023		2024
Profit attributable to equity holders of the Company	₹	26,463	₹	32,088	₹	55,164	₹	62,120
Weighted average number of equity shares outstanding		5,232,867,366		5,226,755,635		5,357,394,940		5,226,444,619
Effect of dilutive equivalent share options		12,773,832		14,323,302		12,683,623		13,441,789

Weighted average number of equity shares for diluted earnings per equity share		5,245,641,198		5,241,078,937		5,370,078,563		5,239,886,408

Diluted earnings per equity share	₹	5.04	₹	6.12	₹	10.27	₹	11.85

Earnings per share for each of the three months ended June 30, 2023 and September 30, 2023 will not add up to earnings per share for the six months ended September 30, 2023, on account of buyback of equity shares.

25. Employee compensation

Three months ended September 30,

Six months ended September 30,

2023

2024

2023

2024

Salaries and bonus

₹

132,179

₹

128,528

₹

265,979

₹

254,656

Employee benefits plans

4,794

4,861

9,726

9,697

Share-based compensation ⁽¹⁾

1,563

1,306

3,107

2,635

₹

138,536

₹

134,695

₹

278,812

₹

266,988

⁽¹⁾	Includes ₹8 and ₹(5) for the six months ended September 30, 2023 and 2024 respectively, towards cash settled ADS RSUs.

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

Three months ended September 30,

Six months ended September 30,

2023

2024

2023

2024

Cost of revenues

₹

114,844

₹

113,949

₹

232,577

₹

226,120

Selling and marketing expenses

12,996

12,412

25,608

24,376

General and administrative expenses

10,696

8,334

20,627

16,492

₹

138,536

₹

134,695

₹

278,812

₹

266,988

The Company has granted 3,731 and 3,345,406 options under RSU option plan during the three and six months ended September 30, 2024, respectively (56,015 and 3,273,900 for the three and six months ended September 30, 2023, respectively); 228,413 and 8,395,500 options under ADS option plan during the three and six months ended September 30, 2024, respectively (292,127 and 8,353,252 for the three and six months ended September 30, 2023, respectively).

The Company has also granted Nil and 2,014,993 Performance based stock options (RSU) during the three and six months ended September 30, 2024, respectively (Nil and 1,892,498 for the three and six months ended September 30, 2023, respectively); Nil and 5,297,557 Performance based stock options (ADS) during the three and six months ended September 30, 2024, respectively (Nil and 5,648,833 for the three and six months ended September 30, 2023, respectively).

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). Performance based stock options will vest based on the performance parameters of the Company.

26. Commitments and contingencies

Capital commitments: As at March 31, 2024 and September 30, 2024 the Company had committed to spend approximately ₹ 10,322 and ₹ 8,166 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases. Refer to Note 7 for uncalled capital commitments on investment in equity instruments.

Guarantees: As at March 31, 2024 and September 30, 2024, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 13,455 and ₹ 13,163 respectively, as part of the bank line of credit.

Contingencies and lawsuits: The Company is subject to legal proceedings and claims resulting from tax assessment orders/ penalty notices issued under the Income Tax Act, 1961, 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 Company’s assessments are completed for the years up to March 31, 2019. The Company has received demands on multiple tax issues. These claims are primarily arising out of denial of deduction under section 10A of the Income Tax Act, 1961 in respect of profit earned by the Company’s undertaking in Software Technology Park at Bengaluru, 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 which either has been or may be contested by the Income tax authorities before the Hon’ble Supreme Court of India. Other claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing adjustments on intercompany / inter unit transactions and other issues.

Income tax claims against the Company amounting to ₹ 95,520 and ₹ 97,903 are not acknowledged as debt as at March 31, 2024 and September 30, 2024, respectively. 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 amounting to ₹ 18,799 and ₹ 19,440 as of March 31, 2024, and September 30, 2024, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

27. Segment 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. 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.

Information on reportable segments for the three months ended September 30, 2023, is as follows:

IT Services

IT Products

Reconciling
Items

Total

Americas 1

Americas 2

Europe

APMEA

Total

Revenue

₹

66,813

₹

66,914

₹

63,976

₹

26,255

₹

223,958

₹

1,469

₹

—

₹

225,427

Segment result

15,287

14,023

7,547

2,985

39,842

(467

)

(2,246

)

37,129

Unallocated

(3,784

)

—

(3,784

)

Segment result total

₹

36,058

₹

(467

)

₹

(2,246

)

₹

33,345

Finance expenses

(3,033

)

Finance and other income

4,810

Share of net profit/(loss) of associate accounted for using the equity method

(30

)

Profit before tax

₹

35,092

Income tax expense

(8,419

)

Profit for the period

₹

26,673

Depreciation, amortization and impairment

₹

8,970

Information on reportable segments for the three months ended September 30, 2024, is as follows:

IT Services

IT Products

Reconciling
Items

Total

Americas 1

Americas 2

Europe

APMEA

Total

Revenue

₹

68,393

₹

67,932

₹

61,821

₹

23,811

₹

221,957

₹

663

₹

—

₹

222,620

Segment result

13,338

15,005

7,821

3,070

39,234

(183

)

39,061

Unallocated

(1,912

)

—

(1,912

)

Segment result total

₹

37,322

₹

(183

)

₹

37,149

Finance expenses

(3,569

)

Finance and other income

9,195

Share of net profit/(loss) of associate and joint venture accounted for using the equity method

Profit before tax

₹

42,778

Income tax expense

(10,512

)

Profit for the period

₹

32,266

Depreciation, amortization and impairment

₹

8,308

Information on reportable segments for the six months ended September 30, 2023, is as follows:

IT Services

IT Products

Reconciling
Items

Total

Americas 1

Americas 2

Europe

APMEA

Total

Revenue

₹

132,420

₹

135,217

₹

131,110

₹

52,765

₹

451,512

₹

2,163

₹

—

₹

453,675

Segment result

28,824

28,192

17,515

5,785

80,316

(628

)

(4,086

)

75,602

Unallocated

(7,741

)

—

(7,741

)

Segment result total

₹

72,575

₹

(628

)

₹

(4,086

)

₹

67,861

Finance expense

(6,119

)

Finance and other income

11,352

Share of net profit/(loss) of associates accounted for using the equity method

(27

)

Profit before tax

₹

73,067

Income tax expense

(17,534

)

Profit for the period

₹

55,533

Depreciation, amortization and impairment

₹

16,350

Information on reportable segments for the six months ended September 30, 2024, is as follows:

IT Services

IT Products

Reconciling
Items

Total

Americas 1

Americas 2

Europe

APMEA

Total

Revenue

₹

136,093

₹

135,270

₹

122,243

₹

47,314

₹

440,920

₹

1,132

₹

—

₹

442,052

Segment result

27,025

30,538

13,694

5,511

76,768

(230

)

76,607

Unallocated

(3,389

)

—

(3,389

)

Segment result total

₹

73,379

₹

(230

)

₹

73,218

Finance expense

(6,857

)

Finance and other income

16,675

Share of net profit/(loss) of associate and joint venture accounted for using the equity method

(42

)

Profit before tax

₹

82,994

Income tax expense

(20,362

)

Profit for the period

₹

62,632

Depreciation, amortization and impairment

₹

15,597

Revenues from India, being Company’s country of domicile, is ₹ 6,039 and ₹ 5,194 for the three months ended September 30, 2023 and 2024, respectively and ₹ 12,046 and ₹ 10,117 for the six months ended September 30, 2023, and 2024, respectively.

Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:

Three months ended September 30,

Six months ended September 30,

2023

2024

2023

2024

United States of America

₹

128,301

₹

130,241

₹

254,798

₹

259,674

United Kingdom

27,455

24,235

57,218

49,341

₹155,756

₹154,476

₹312,016

₹309,015

No customer individually accounted for more than 10% of the revenues during the three and six months ended September 30, 2023 and 2024.

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:

“Reconciling Items” includes elimination of inter-segment transactions and other corporate activities.

Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.

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.

Restructuring cost of ₹ 2,249 and ₹ 4,136 for the three and six months ended September 30, 2023, respectively is included under Reconciling items.

“Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of ₹ 3,484 and ₹ 2,919, for the three months ended September 30, 2023 and 2024, respectively and of ₹ 5,294 and ₹ 4,701 for the six months ended September 30, 2023 and 2024, respectively and change in fair value of contingent consideration of ₹ (490) and ₹ (167), for the three months ended September 30, 2023 and 2024, respectively and of ₹ (506) and ₹ (167) for the six months ended September 30, 2023 and 2024, respectively.

Segment results of IT Services segment for the three and six months ended September 30, 2023 are after considering additional amortization due to change in estimate of useful life of the customer-related intangibles in an earlier Business combination. (Refer to Note 6)

Segment results of IT Services segment are after recognition of share-based compensation expense of ₹ 1,563 and ₹ 1,306 for the three months ended September 30, 2023 and 2024, respectively and ₹ 3,107 and ₹ 2,635 for the six months ended September 30, 2023 and 2024 respectively.

Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ (2,320) and ₹ (820) for the three months ended September 30, 2023 and 2024, respectively and ₹ (2,242) and ₹ (843) for the six months ended September 30, 2023 and 2024 respectively.

28. List of subsidiaries, associate and joint venture as at September 30, 2024 is provided below:


Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Consulting India Private Limited			India

Capco Technologies Private Limited			India

Wipro Technology Product Services Private Limited			India

Wipro Chengdu Limited			China

Wipro Holdings (UK) Limited			U.K.

Wipro HR Services India Private Limited			India

Wipro IT Services Bangladesh Limited			Bangladesh

Wipro IT Services UK Societas			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 Bahrain Limited Co. W.L.L		Bahrain
	Wipro Czech Republic IT Services s.r.o.		Czech Republic

	Wipro CRM Services (formerly known as Wipro 4C NV)		Belgium


		Wipro 4C Consulting France SAS	France
		Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V)	Netherlands
		Wipro CRM Services ApS	Denmark
		Wipro CRM Services UK Limited	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 Ltda	Brazil
		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 Financial Outsourcing Services Limited		U.K.

		Wipro UK Limited	U.K.

	Wipro Gulf LLC		Sultanate of
			Oman
	Wipro Holdings Hungary Korlátolt Felelősségű Társaság		Hungary

		Wipro Holdings Investment Korlátolt Felelősségű Társaság	Hungary

	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		Ukraine
	Wipro IT Services Poland SP Z.O.O		Poland
	Wipro IT Services S.R.L.		Romania
	Wipro Regional Headquarter		Saudi Arabia
	Wipro Technologies Australia Pty Ltd	Wipro Ampion Holdings Pty Ltd ⁽¹⁾	Australia
			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

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

India Private Limited

Wipro, LLC			USA

	Wipro Gallagher Solutions, LLC		USA
	Wipro Insurance Solutions, LLC		USA


	Wipro IT Services, LLC	Aggne Global Inc. ⁽³⁾	USA
		Aggne Global Inc. ⁽³⁾	USA
		Cardinal US Holdings, Inc.⁽¹⁾	USA
		Edgile, LLC	USA
		HealthPlan Services, Inc. ⁽¹⁾	USA
		Infocrossing, LLC	USA
		International TechneGroup Incorporated ⁽¹⁾	USA
		Wipro NextGen Enterprise Inc. ⁽¹⁾	USA
		Rizing Intermediate Holdings, Inc. ⁽¹⁾	USA
		Wipro Appirio, Inc. ⁽¹⁾	USA
		Wipro Designit Services, Inc. ⁽¹⁾	USA
		Wipro Telecom Consulting LLC	USA
		Wipro VLSI Design Services, LLC	USA

Aggne Global IT Services Private Limited ⁽³⁾			India

Wipro, Inc.⁽⁴⁾			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.

⁽³⁾	The company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT Services, LLC holds 60% of the equity securities of Aggne Global Inc.

⁽⁴⁾	Wipro, Inc. has been incorporated as a wholly-owned subsidiary of the Company with effect from September 30, 2024.

⁽¹⁾

Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, Wipro NextGen Enterprise 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 and Wipro Portugal S.A. are as follows:


Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
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

Wipro NextGen Enterprise Inc.			USA

	LeanSwift AB		Sweden

Rizing Intermediate Holdings, Inc.			USA

	Rizing Lanka (Private) Ltd	Attune Netherlands B.V. ⁽⁵⁾	Sri Lanka

			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 Pte Ltd. ⁽⁵⁾	Singapore



The Capital Markets Company BV			Belgium

	CapAfric Consulting (Pty) Ltd		South Africa
	Capco Belgium BV		Belgium
	Capco Consultancy (Malaysia) Sdn. Bhd		Malaysia
	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
	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

Wipro Ampion Holdings Pty Ltd			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.

	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 Sistemas De		Brazil
	Informatica Ltda

Wipro Portugal S.A.			Portugal

	Wipro Technologies GmbH		Germany

		Wipro Business Solutions GmbH ⁽⁵⁾	Germany
		Wipro IT Services Austria GmbH	Austria

⁽⁵⁾	Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH are as follows:


Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Netherlands B.V.			Netherlands

	Rizing Consulting USA, Inc.		USA
	Rizing Germany GmbH		Germany
	Attune Italia S.R.L		Italy
	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

Wipro Business Solutions GmbH			Germany

	Wipro Technology Solutions S.R.L		Romania

As at September 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse 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

29. Buyback of equity shares

During the six months ended September 30, 2023, the Company concluded the buyback of 269,662,921 equity shares (at a price of ₹ 445 per equity share) as approved by the Board of Directors on April 27, 2023. This has resulted in a total cash outflow of ₹ 145,173 (including tax on buyback of ₹ 24,783 and transaction costs related to buyback of ₹ 390). In line with the requirement of the Companies Act, 2013, an amount of ₹ 3,768 and ₹ 141,405 has been utilized from share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ₹ 539 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback, the paid-up equity share capital has reduced by ₹ 539.

30. Events after the reporting period

The Board of Directors in their meeting held on October 17, 2024 approved issue of bonus shares, commonly known as issue of stock dividend in the US, in the proportion of 1:1, i.e. 1 (one) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity shares held (including ADS holders) as on the record date, subject to approval by the Members of the Company through Postal Ballot. The bonus issue, if approved, will not affect the ratio of ADSs to equity shares, such that each ADS after the bonus issue will continue to represent one equity share of par value of ₹ 2 per share. On completion of bonus issue, the Earnings Per Share for all periods presented will be adjusted retrospectively.



As per our report of even date attached	For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm Registration No: 117366W/W - 100018			Managing Director

Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 110815

Bengaluru

October 17, 2024