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    507685   INE075A01022

WIPRO LIMITED

(507685)
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Wipro : Results for the Quarter ended December 31, 2021 under IFRS IT Services delivers strong revenue growth for the quarter at 27.5% YoY, IT Services Segment Margins at 17.6% - Form 6-K

01/14/2022 | 04:12pm EST

Results for the Quarter ended December 31, 2021 under IFRS

IT Services delivers strong revenue growth for the quarter at 27.5% YoY,

IT Services Segment Margins at 17.6%

Bangalore, India and New Jersey, USA - January 12, 2022 - Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the Quarter ended December 31, 2021.

Highlights of the Results

Results for the Quarter ended December 31, 2021:

Gross Revenue was ₹203.1 billion ($2.7 billion1), an increase of 3.3% QoQ and 29.6% YoY

IT Services Segment Revenue was at $2,639.7 million, an increase of 2.3% QoQ and 27.5% YoY

Non-GAAP2 constant currency IT Services Segment Revenue increased by 3.0% QoQ and 28.5% YoY

IT Services Operating Margin3 for the quarter was at 17.6%, a decrease of 19 bps QoQ

Net Income for the quarter was ₹29.7 billion ($399.1 million1), increase of 1.3% QoQ

Earnings Per Share for the quarter was at ₹5.43 ($0.071), an increase of 4.2% YoY

Operating Cash Flow was at ₹30.1 billion ($404.2 million1), which is 101.3% of Net Income

Our closing strength of employees for IT Services was at 231,671, an increase of 41,363 employees on a net basis YoY. We added 10,306 employees during the quarter

Wipro declared an interim dividend of ₹1 ($0.0131) per equity share/ADS

Performance for the quarter ended December 31, 2021

Thierry Delaporte, CEO and Managing Director said, "Wipro has delivered a fifth consecutive quarter of strong performance, both on revenues, and margins. Order bookings have been strong too, and we have added seven new customers in the more than $100 Mn revenue league, in the last 12 months. Our strategy and improved execution continue to serve us well, and we are confident of building on this momentum. We are also excited to have completed the acquisitions of Edgile and LeanSwift Solutions in the quarter, both of which will add to our capabilities significantly."

Jatin Dalal, Chief Financial Officer said, "We delivered robust operating margins after absorbing substantial investments on salary increases, owing to continued improvement in operating metrics. We also improved our working capital, by reducing our Days Sales Outstanding. This has resulted in strong operating cash flow conversion, of 101.3% of net income. Additionally, we have declared an interim dividend of ₹1 per equity share."

Outlook for the quarter ending March 31, 2022

We expect Revenue from our IT Services business to be in the range of $2,692 million to $2,745 million*. This translates to a sequential growth of 2.0% to 4.0%.

*

Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.13, AUD/USD at 0.73, USD/INR at 75.73 and CAD/USD at 0.79

1.

For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = ₹ 74.39, as published by the Federal Reserve Board of Governors on December 31, 2021. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2021 was US$1= ₹ 76.12

2.

Constant currency revenue for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period

3.

IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials

IT Services

Wipro continued its momentum in winning large deals with our customers as described below:

A US-based healthcare company has awarded Wipro a business process and platform services contract spanning claims processing and setting up a customer service center using Wipro's proprietary healthcare platform. Wipro will enable the client to expand its product offerings and go-to-market strategies and grow in this business segment.

A leading US-basedstudent-aid organization has awarded Wipro a multi-million dollar engagement to manage and streamline their mainframe operations to support their mission critical platform and help enhance end-user experience.

Wipro has won a multi-million dollar engagement with a US-based industrial manufacturing company to drive workplace transformation that delivers best-in-classend-user experience with an effective approach for mergers and acquisitions integrations.

Wipro has won an engagement with a leading US-based retail brokerage for a large integration program that includes modernizing and scaling applications across its multiple lines of business.

A technology-driven travel marketplace has selected Wipro as its strategic partner to modernize its core travel platform and help set up a capability hub in Mexico. The modernized platform will significantly enhance customer experience and help generate new revenue streams for the customer.

Digital Services Highlights

We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:

A large, Brazil-based water and waste management company has awarded Wipro a strategic engagement to transform their internal processes, improve operational efficiency, and enhance competitiveness leveraging Wipro FullStride Cloud Services.

A leading US-based Cloud Security and Identity Governance solutions provider has selected Wipro to develop demanding functionalities and enhancements to support their core Product Development function. Wipro will help the customer meet growing demands, enable a quicker time to market and scale their software business globally.

A leading US-based financial advice firm has selected Wipro and Capco as strategic partners to deliver multiple digital transformation programs. Together with Capco, Wipro will lead an innovation program to facilitate greater adoption of new technologies to accelerate the company's digital transformation journey.

Wipro has won an engagement with a US-based multi-state healthcare organization to deliver modernized member services. Wipro will leverage a new cloud-based, globalized contact center service delivery model to digitally transform and optimize stakeholder experience and ensure cost savings, quality, compliance and growth for the customer.

2

Analyst Recognition

Wipro has been recognized as a Leader for the second consecutive time in the 2021 Gartner® Magic Quadrant for Managed Network Services (Ted Corbett et al., 10 Nov 2021)

Wipro positioned as a Leader in The Forrester Wave: Data Management Service Providers, Q4 2021

Wipro was featured in the Top 3 players in HFS Top 10: Life Sciences Service Providers 2021

Wipro was featured in the Top 4 players in HFS Top 10: Energy Services 2021

Wipro was rated as a Leader in Avasant High-Tech Industry Digital Services 2021-2022 RadarView

Wipro was positioned as a Leader in IDC MarketScape: Worldwide Salesforce Implementation Services 2021 Vendor Assessment (Doc # US47073921, Nov 2021)

Wipro was rated as a Leader and Star Performer in Everest Group's Enterprise Quality Assurance (QA) Services PEAK Matrix® Assessment 2022

Wipro was recognized as a Leader in Everest Group's Cloud Services PEAK Matrix® Assessment 2022 - Europe, North America

Wipro was recognized as a Leader in Everest Group's Advanced Analytics and Insights (AA&I) Services PEAK Matrix® Assessment 2022

Wipro ranks among the Top Service Providers in Customer Satisfaction and Innovation categories in Whitelane & Navisco Germany IT Outsourcing Study 2021

Wipro ranks among the Top Service Providers in Customer Satisfaction and Innovation categories in Whitelane French IT Outsourcing Study 2021

Wipro was recognized as a Leader in Everest Group's Intelligent Automation in Healthcare - Solutions PEAK Matrix® Assessment 2022

Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

IT Products

IT Products Segment Revenue for the quarter was ₹1.8 billion ($23.8 million1)

IT Products Segment Results for the quarter was a profit of ₹0.1 billion ($1.3 million1)

India business from State Run Enterprises (ISRE)

India SRE Segment Revenue for the quarter was ₹1.6 billion ($21.8 million1)

India SRE Segment Results for the quarter was a profit of ₹0.1 billion ($1.8 million1)

3

Please refer to the table on page 9 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table on page 9 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

This non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. In addition to this non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the quarter ended December 31, 2021, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com

Quarterly Conference Call

We will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (08:45 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP20220112

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading 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 220,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Contact for Investor Relations Contact for Media & Press
Aparna Iyer Abhishek Kumar Jain Vipin Nair
Phone: +91-80-6142 7139 Phone: +91-80-6142 6143 Phone: +91-80-6142 6450
iyer.aparna@wipro.com abhishekkumar.jain@wipro.com vipin.nair1@wipro.com

4

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro's beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro's control. Such statements include, but are not limited to, statements regarding Wipro's growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

# # #

(Tables to follow)

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

As at March 31, 2021 As at December 31, 2021
Convenience translation into
US dollar in millions

Refer footnote in page 1

ASSETS

Goodwill

139,127 242,945 3,266

Intangible assets

13,085 44,320 596

Property, plant and equipment

85,192 90,248 1,213

Right-of-Use assets

16,420 18,445 248

Financial assets

Derivative assets

16 35 ^

Investments

10,576 17,543 236

Trade receivables

4,358 1,301 17

Other financial assets

6,088 6,052 81

Investments accounted for using the equity method

1,464 775 10

Deferred tax assets

1,664 2,357 32

Non-current tax assets

14,323 10,222 137

Other non-current assets

15,935 12,377 166

Total non-current assets

308,248 446,620 6,002

Inventories

1,064 1,025 14

Financial assets

Derivative assets

4,064 5,277 71

Investments

175,707 235,740 3,169

Cash and cash equivalents

169,793 107,458 1,445

Trade receivables

94,298 122,365 1,645

Unbilled receivables

27,124 38,908 523

Other financial assets

7,245 9,608 129

Contract assets

16,507 16,680 224

Current tax assets

2,461 4,185 56

Other current assets

24,923 29,504 397

Total current assets

523,186 570,750 7,673

TOTAL ASSETS

831,434 1,017,370 13,675

EQUITY

Share capital

10,958 10,962 147

Share premium

714 1,304 18

Retained earnings

466,692 555,789 7,471

Share-based payment reserve

3,071 4,094 55

SEZ Re-investment reserve

41,154 44,167 594

Other components of equity

30,506 37,609 506

Equity attributable to the equity holders of the Company

553,095 653,925 8,791

Non-controlling interests

1,498 446 6

TOTAL EQUITY

554,593 654,371 8,797

LIABILITIES

Financial liabilities

Loans and borrowings

7,458 55,417 745

Derivative liabilities

- 1 ^

Lease liabilities

13,513 15,056 202

Other financial liabilities

2,291 3,676 49

Deferred tax liabilities

4,633 14,989 201

Non-current tax liabilities

11,069 14,520 195

Other non-current liabilities

7,835 8,238 111

Provisions

2 6 ^

Total non-current liabilities

46,801 111,903 1,503

Financial liabilities

Loans, borrowings and bank overdrafts

75,874 78,501 1,055

Derivative liabilities

1,070 340 5

Trade payables and accrued expenses

78,870 87,506 1,175

Lease liabilities

7,669 8,647 116

Other financial liabilities

1,470 3,906 53

Contract liabilities

22,535 28,161 379

Current tax liabilities

17,324 18,992 255

Other current liabilities

24,552 24,238 326

Provisions

676 805 11

Total current liabilities

230,040 251,096 3,375

TOTAL LIABILITIES

276,841 362,999 4,878

TOTAL EQUITY AND LIABILITIES

831,434 1,017,370 13,675

^  Value is less than 1

6

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

Three months ended December 31, Nine months ended December 31,
2020 2021 2021 2020 2021 2021
Convenience
translation into
US dollar in
millions

Refer footnote in
page 1
Convenience
translation into
US dollar in
millions

Refer footnote in
page 1

Revenues

156,700 203,136 2,731 456,976 582,334 7,828

Cost of revenues

(104,313 ) (142,778 ) (1,919 ) (313,400 ) (407,907 ) (5,483 )

Gross profit

52,387 60,358 812 143,576 174,427 2,345

Selling and marketing expenses

(11,326 ) (13,988 ) (189 ) (30,721 ) (40,857 ) (549 )

General and administrative expenses

(7,814 ) (12,036 ) (162 ) (25,997 ) (33,854 ) (455 )

Foreign exchange gains/(losses), net

566 1,187 16 2,109 3,280 44

Other operating income/(loss), net

- 14 ^ (81 ) 2,179 29

Results from operating activities

33,813 35,535 477 88,886 105,175 1,414

Finance expenses

(1,400 ) (1,403 ) (19 ) (3,966 ) (3,608 ) (49 )

Finance and other income

5,975 3,578 48 16,465 12,311 165

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

101 76 1 126 73 1

Profit before tax

38,489 37,786 507 101,511 113,951 1,531

Income tax expense

(8,524 ) (8,063 ) (108 ) (22,590 ) (22,547 ) (303 )

Profit for the period

29,965 29,723 399 78,921 91,404 1,228

Profit attributable to:

Equity holders of the Company

29,667 29,690 399 78,225 91,318 1,227

Non-controlling interests

298 33 ^ 696 86 1

Profit for the period

29,965 29,723 399 78,921 91,404 1,228

Earnings per equity share:

Attributable to equity holders of the Company

Basic

5.21 5.43 0.07 13.74 16.71 0.22

Diluted

5.17 5.42 0.07 13.46 16.67 0.22

Weighted average number of equity shares used in computing earnings per equity share

Basic

5,696,798,493 5,467,954,878 5,467,954,878 5,694,731,405 5,465,359,077 5,465,359,077

Diluted

5,741,070,466 5,481,204,821 5,481,204,821 5,812,779,105 5,478,766,612 5,478,766,612
^

Value is less than 1

7

Additional Information:

Particulars

Three months ended Nine months ended Year ended
December 31,
2021
September 30,
2021
December 31,
2020
December 31,
2021
December 31,
2020
March 31,
2021
Audited Audited Audited Audited Audited Audited

Revenue

IT Services

Americas 1

56,644 53,205 45,015 159,532 131,581 178,091

Americas 2

61,076 59,260 44,702 175,441 133,346 179,821

Europe

59,620 58,619 42,880 172,700 120,334 165,441

APMEA

23,596 22,715 20,717 67,543 61,637 82,462

Total of IT Services

200,936 193,799 153,314 575,216 446,898 605,815

IT Products

1,767 1,894 1,563 4,972 5,568 7,685

ISRE

1,623 1,867 2,388 5,427 6,610 8,912

Reconciling Items

(3 ) 47 1 (1 ) 9 13

Total Revenue

204,323 197,607 157,266 585,614 459,085 622,425

Other operating income/(loss), net

IT Services

14 15 - 2,179 (81 ) (81 )

Total Other operating income/(loss), net

14 15 - 2,179 (81 ) (81 )

Segment Result

IT Services

Americas 1

11,390 10,521 8,075 31,290 23,177 33,040

Americas 2

12,057 11,819 10,190 35,226 31,089 41,589

Europe

9,172 9,186 9,283 26,683 22,969 31,673

APMEA

2,483 3,028 2,778 8,577 8,402 11,476

Unallocated

173 (156 ) 2,945 73 3,896 5,153

Other operating income/(loss), net

14 15 - 2,179 (81 ) (81 )

Total of IT Services

35,289 34,413 33,271 104,028 89,452 122,850

IT Products

96 94 78 137 (100 ) 45

ISRE

134 393 471 1,002 474 1,061

Reconciling Items

16 20 (7 ) 8 (940 ) (903 )

Total

35,535 34,920 33,813 105,175 88,886 123,053

Finance expenses

(1,403 ) (1,459 ) (1,400 ) (3,608 ) (3,966 ) (5,088 )

Finance and Other Income

3,578 4,114 5,975 12,311 16,465 20,912

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

76 (10 ) 101 73 126 130

Profit before tax

37,786 37,565 38,489 113,951 101,511 139,007

8

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (ISRE).

IT Services: As announced on November 12, 2020, effective January 1, 2021, the Company re-organized IT Services segment.to four Strategic Market Units ("SMUs") - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa ("APMEA").

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America ("LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

IT Products: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

India State Run Enterprise segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by the Government of India and/ or any State Governments.

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended December 31, 2021

IT Services Revenue as per IFRS

$ 2,639.7

Effect of Foreign currency exchange movement

$ 17.2

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates

$ 2,656.9

Three Months ended December 31, 2021

IT Services Revenue as per IFRS

$ 2,639.7

Effect of Foreign currency exchange movement

$ 21.2

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year

$ 2,660.9

9

Disclaimer

Wipro Limited published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 21:11:19 UTC.


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Sales 2022 790 B 10 626 M 10 626 M
Net income 2022 123 B 1 649 M 1 649 M
Net cash 2022 214 B 2 884 M 2 884 M
P/E ratio 2022 27,9x
Yield 2022 1,13%
Capitalization 3 396 B 45 659 M 45 669 M
EV / Sales 2022 4,03x
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Nbr of Employees 220 000
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Mean consensus HOLD
Number of Analysts 39
Last Close Price 621,30 INR
Average target price 701,64 INR
Spread / Average Target 12,9%
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Managers and Directors
Thierry Delaporte CEO, Executive Director & Managing Director
Jatin Pravinchandra Dalal President & Chief Financial Officer
Rishad Azim Premji Executive Chairman
Subha Tatavarti Chief Technology Officer
Harmeet Chauhan Global Head-Engineering, Research & Development
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