Wipro : Annual Report

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Index

Corporate Overview

Overview of the Report About Wipro Empowering Resilience Resilience meets crisis Financial Highlights

Key Performance Metrics Sustainability Highlights Chairman's Letter Board of Directors Leadership Speak

Cautionary Statement Regarding Forward-Looking Statement

Management & Board Reports

01

Management Discussion and Analysis

02

Industry Overview 26

04

Business Overview 26

06

Our Business Strategy 28

08

Operating Segment Overview 31

10

Good Governance and Management Practices 36

12

Capitals and Value Creation 39

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Financial Capital 43

20

Human Capital 53

22

Intellectual Capital 56

Social & Relationship Capital 58

Natural Capital 63

Board's Report 69

Corporate Governance Report 115

Financial Statements

Standalone Financial Statements under Ind AS 137

Consolidated Financial Statements under Ind AS 207

Consolidated Financial Statements under IFRS 279

Business Responsibility Report 336

Glossary 343

Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT Services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov.We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

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Overview of the Report

Welcome to our 5thIntegrated Report!

This is our fifth Annual Report which includes financial and non-financial performance of IT business is and aligned to principles of International Integrated Reporting Framework (referred to as framework) developed by the International Integrated Reporting Council (IIRC).

In addition, the 2019-20 annual report is aligned to GRI Standards* required by Sustainability Reporting Guidelines of Global Reporting Initiative (GRI), Sustainability Accounting Standard Board (SASB), United Nation Global Compact (UNGC) and Business Responsibility Report (BRR) requirements of Securities and Exchange Board of India (SEBI). The Natural Capital section of this report includes the recommendations set out by the Task Force on Climate-related Financial Disclosures (TCFD) and CDSB (Climate Disclosures Standards Board) framework.

The report complies with financial and statutory data requirements of the Companies Act, 2013 (including the Rules made thereunder), Accounting Standards, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Secretarial Standards.

The topics covered in the report were identified through materiality determination exercise and stakeholder engagement process. The report incorporates financial and non- financial information - governance, environmental and social - in a manner that can help stakeholders understand how a company creates and sustains value over the long term.

**Additional supporting metrics are available athttps://www.wipro.com/investors/annual-reports/

About Wipro

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 180,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

We began our business as a vegetable oil manufacturer in 1945 at Amalner, a small town in Western India and thereafter, forayed into soaps and other consumer care products. During the early 1980s, we entered the Indian IT industry by manufacturing and selling mini computers. In the 1990s, we leveraged our hardware R&D design and software development expertise and began offering software services to global clients. In 2013, we demerged the non-IT Diversified Businesses. With a track record of over 25 years in IT Services, we are, today, focused entirely on the global Information Technology business. Wipro is listed on National Stock Exchange and Bombay Stock Exchange in India and New York Stock Exchange in the US.

For more information, please visit www. wipro.com

Values

The Spirit of Wipro is the core of Wipro. These are our Values. It is about who we are. It is our character. It is reflected consistently in all our behavior. The Spirit is deeply rooted in the unchanging essence of Wipro. It also embraces what we must aspire to be. It is the indivisible synthesis of the four values. The Spirit is a beacon. It is what gives us direction and a clear sense of purpose. It energizes us and is the touchstone for all that we do.

Be passionate about clients' success. We succeed when we make our clients successful. We collaborate to sharpen our insights and amplify this success. We execute with excellence. Always.

We treat every human being with respect. We nurture an open environment where people are encouraged to learn, share and grow. We embrace diversity of thought, of cultures, and of people.

75 Years of transformation powered by Values, People, Purpose and Innovation

Annual Report 2019-20

We will be global in our thinking and our actions. We are responsible citizens of the world. We are energized by the deep connectedness between people, ideas, communities and the environment.

Integrity is our core and is the basis of everything. It is about following the law, but it's more. It is about delivering on our commitments. It is about honesty and fairness in action. It is about being ethical beyond any doubt, in the toughest of circumstances.

The world changed in a fortnight. As COVID-19 spread across communities, homes and affected businesses, citizens and enterprises alike were forced to rethink how they engage with one another. The global response has paved the way to an altered future, one in which business priorities & conversations have pivoted - maybe for forever. Enterprises are now worried less about disruptive technology, and more about how they can leverage technology to navigate disruption.

decisions have enabled us to meet the needs of changing markets, and will position us to emerge from the current climate stronger.

Over the years, Wipro has built deep expertise across industry domains, technologies & delivery models to enable growth and innovation for our clients. These strategic

We have partnered with enterprises around the world to help them chart their paths forward. The adoption of digital business models will accelerate at an unprecedented pace. Technology will enable companies to maintain business continuity and build a foundation for sustainable growth. And ultimately, it will help our clients, our communities and our company be more resilient.

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Our Clients

With traditional businesses interrupted, many clients have expanded into new market segments and built new business models with Wipro by their side. We helped a leading group-purchasing organization develop and launch a new brand and online marketplace to meet the needs of non-acute healthcare facilities. As COVID-19 caused a spike in demand for certain items, the marketplace granted healthcare providers access to essential products they might not otherwise be able to procure. While filling this short-term and urgent need, the new marketplace will also enable the client to serve an untapped market for years to come.

Meanwhile, two of the world's largest technology companies collaborated with Wipro to reimagine their supply-chain engagements. For one, we developed a new tool so the client could deliver streamlined and personalized communications across their global supplier network. For another, we migrated the functionality of four monolith applications to 39 microservices, reducing the client's supply-chain maintenance costs and improving its time to market by 100%. With global supply chains reeling, these technologies will ensure our clients can maintain their high quality and respond with greater agility to future market changes.

Working with Wipro, enterprises have realized that the cloud is far more than a tool to improve efficiency and reduce costs. Cloud services play a crucial role across functions and are a foundation from which to accelerate business transformation. We helped a multinational food- and drink-processing company consolidate and migrate its technology landscape from three regions onto a single hybrid-cloud platform. Without disrupting its business, the client reduced its IT spends by 25% while improving its time to market, positioning it to respond with greater agility to future market changes.

Cybersecurity has long been core in our increasingly digitized world. As remote work and distributed talent become the norm, security will be a foundational piece for all sectors and value chains. A leading UK insurance provider worked with Wipro on a long-term roadmap to transform its enterprise security architecture to meet these future demands. By integrating contextual threat intelligence, behavior-based attacker detection and security automation, the client improved its overall security and met regulatory requirements while reducing its vulnerability to cyberattacks, which the World Economic Forum has labeled one of the top-four global threats.

Our Communities

The Spirit of Wipro underscores our unwavering commitment to client success. We also fully embrace our responsibility to be good global citizens. Technology can be a powerful tool for business, and it can deliver incredible results when leveraged for the common good.

When the COVID-19 lockdown began, more than 100 million migrant workers in India who wanted to return home often struggled for food, shelter and transport. We engaged with a group of non-governmental organization to rapidly develop and deploy a platform that connected people in need with assistance agencies across the country. As of May end, the platform had enabled support for more than 50,000 requests for help.

Our Company

Evolution is a Wipro hallmark. We will continue to embrace change to ensure our leadership position in a future that's still being defined. Many of our investments will prove critical as our clients, community and world begin to normalize.

While enterprises and Chief Marketing Officer (CMOs) reimagine the online and offline customer experience, Wipro's acquisition of Rational Interaction thrusts us squarely into the Customer Experience (CX) conversation. While Artificial Intelligence (AI) becomes a critical component in forecasting revenue and discovering cures for disease, our Wipro HOLMESTMcognitive platform positions us to contribute. And while social distancing forces a remote-work approach, "Talent as a Service" through Topcoder and our Agile Anywhere engineering framework make Wipro an invaluable resource for businesses worldwide.

As society, business and technology changes, some aspects will remain constant. With the cloud now a staple of modern commerce and operations, our full-stack offerings and Cloud Studios position us to continue delivering meaningful solutions and positive outcomes. With billions of IoT devices now deployed worldwide, our broad Engineering Services can help clients capitalize on those connections and their related data. With the definition of security now expanded beyond physical barriers, our portfolio of Cyber Defense platforms can help protect enterprises across all industries, devices, and geographies. And with companies now seeking powerful yet practical technologies to accelerate their transformation, Wipro Ventures will continue to bring cutting-edge solutions directly to our - and our clients' - doorstep.

Enterprises have responded to the pandemic by taking a broader view of technology. As we emerge from the current climate, business leaders - much like governments and private citizens - will shift from reactive to proactive thinking. No longer will the focus be on responding to crisis, but on instilling ways of working and embracing solutions that empower a resilient future. Wipro is prepared to help forge that future, one in which everyone thrives: our clients, our communities and our company.

Wipro Limited