Wipro : Transcript of Anuual General Meeting 2021-2022

July 22, 2021

The Manager - Listing BSE Limited

(BSE: 507685)

The Manager - Listing

National Stock Exchange of India Limited

(NSE: WIPRO)

The Market Operations

NYSE, New York

(NYSE: WIT)

Dear Sir/Madam,

Sub: Transcript of 75th Annual General Meeting of Wipro Limited

Please find enclosed the transcript of the 75th Annual General Meeting of the Company held on Wednesday, July 14, 2021 at 9 A.M IST. This will also be available on the Company's website www.wipro.com/investors/annual-reports/.

This is for your information and records.

Thanking you,

For Wipro Limited

M Sanaulla Khan

Company Secretary

WIPRO LIMITED

TRANSCRIPT OF THE 75TH ANNUAL GENERAL MEETING OF WIPRO LIMITED HELD AT

9.00 A.M. IST ON WEDNESDAY, JULY 14, 2021 THROUGH VIDEO CONFERENCING

Rishad Premji:

Good morning and a warm welcome to our Company's 75th Annual General Meeting, I'm Rishad Premji, Chairman of Wipro Limited. I hope all of you and your loved ones are safe and keeping well during these tough times. I also hope that all of you are vaccinated or on your way to getting there, so that we can emerge out of this pandemic stronger and return back to our normal lives. Let me introduce you to the members of the board and senior management present with us today. Joining from Bengaluru, Mr. Azim Premji, Founder Chairman, Mr. Jatin Dalal, Chief Financial Officer and Mr. Sanaulla Khan, Company Secretary. We have other directors of the board also joining us from different locations. I will introduce them one by one. Mr. Thierry Delaporte, Wipro CEO and Managing Director is joining us from France. Mr. Deepak Satwalekar, Independent Director, Chairman of our Audit, Risk and Compliance Committee, and also Chairman of our Administrative and Investor Grievance Committee, is joining us from Mumbai. Mr. Bill Owens is joining us from the U.S., Independent Director. He's also the Chairman of our Board Governance, Nomination and Compensation Committee. Mrs. Ireena Vittal, Lead Independent Director, is joining us from Gurgaon. Dr. Patrick Ennis, Independent Director, is joining us from the U.S. Mr. Patrick Dupuis, Independent Director, is joining us from the U.S., and our newest board member Ms. Tulsi Naidu, Independent Director is joining us from London. In addition, we also have Mr. Vikas Bagaria, Partner, Deloitte Haskins and Sells LLP, Statutory Auditor, and Mr. V. Sreedharan and Mr. Pradeep Kulkarni from V. Sreedharan and Associates, Secretary Auditors who've also joined us today. Sana, is there a quorum for this meeting?

Sanaulla Khan:

Yes, Mr. Chairman, we have over 70 members present for the Annual General Meeting and can commence the proceedings of the meeting.

Rishad Premji:

Thank you, Sana. The Company Secretary informs me that we have sufficient quorum of members participating through video conferencing. Accordingly, the meeting is properly constituted, and I call this meeting to order. I request Sana, our Company Secretary to read the arrangements made for the members at the 75th Annual General Meeting. Sana, over to you.

Sanaulla Khan:

Good morning ladies and gentlemen, welcome to the 75th Annual General Meeting of Wipro Limited. This meeting is being held through video conferencing in accordance with the circulars issued by the Ministry of Corporate Affairs, applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations. The Company has enabled the members participate at the 75th Annual General Meeting through the video conferencing facility, as due to the pandemic, we are unable to arrange for the physical meeting of the shareholders. The proceedings of this meeting are being web-casted live for all the shareholders as per the details provided in the Notice to the Annual General Meeting. The proceedings of this meeting are being recorded for compliance purposes. In accordance with the provisions of the Companies Act and the SEBI Listing Regulations, the members have been provided with the facility to exercise their right to vote by electronic means both through remote e-voting facility and e-voting at the Annual General

Meeting. Remote e-voting facility was made available to all Members holding shares as on the cut-off date July 7, 2021, during the period commencing from 9 AM IST on Saturday, July 10, 2021, till 5 PM IST on Tuesday, July 13, 2021. Remote e-voting has been blocked on July 13, 2021 at 5 PM.

Members joining the meeting through video conferencing facility who have not yet cast their vote by means of the remote e-voting, may vote through the insta-polle-voting facility provided at this Annual General Meeting. The members who have cast their vote by remote e-voting prior to the meeting shall not be casting their vote once again. The Board of Directors has appointed Mr. V. Sreedharan from V. Sreedharan and Associates as the scrutinizer for this meeting. Based on the report of the scrutinizer, the combined results of remote e-voting and the e-voting done at the meeting today will be announced and displayed on the website of the Company and will also be submitted to the stock exchanges as per the requirements under the SEBI Listing Regulations. I now request Mr. Rishad Premji, Chairman, to continue with the proceedings of the meeting.

Rishad Premji:

Thanks, Sana. Thank you. I'm satisfied that all efforts feasible under the circumstances have been made by the Company, to enable members to participate and vote on the items being considered at this meeting. Before we take up the items as per the notice, I would like to share with shareholders the performance of our Company during the financial year 2021, and the general outlook for the sector.

Good morning, and welcome again to all of you and welcome to this special 75th Annual General Meeting. On behalf of our Board of Directors, I'd like to thank you again for joining us today.

This has been a difficult year for so many of us. But despite all the pain and suffering, the unbreakable human spirit has shone through, in the kindness, empathy, and compassion displayed by our families, our colleagues and our customers. Global cooperation has never been more important. The vaccines developed in record time for COVID, are one of the greatest examples of collaboration and pioneering science. We must now do all we can to scale the supply chain and build mechanisms for equitable distribution of these life-saving vaccines.

In these last 15 months as a community, so much has changed. We have unlearnt old habits, welcomed technology into our lives in ways never considered before and challenge ourselves to adapt to new ways of working. I am so glad and so proud that Wipro has been a trusted partner for our customers and our employees, right through this journey. Collectively, we have emerged much stronger.

Technology is often at the forefront of economic recovery, but this time it has been especially so. The pandemic has resulted in structural changes across almost all industries and challenged established ways of working. Whether it's digital commerce or tele-medicine, technology enabled businesses have emerged rapidly over these past 15 months with cloud technology becoming the cornerstone of this transformation. As vaccination efforts ramp up globally and economy starts seeing a rebound, our customers are ever so keen to invest in and also deeply accelerate their digital transformation. With the rapid shift to digital, the demand for talent will likely outpace supply and become a key dependency for growth. Already, we see new delivery models such as the work from anywhere model and crowdsourcing becoming mainstay. We expect virtual, remote, community-based and distributed work models to be the future of work.

I believe your Company- Wipro is well positioned to leverage as well as enables such transformations. In the last six months, we have made some bold changes to help serve our customers better. Early last year, we set out to make the first big change, embracing the direction set by Thierry Delaporte, our CEO and Managing Director. The Board and I have great confidence in Thierry, and his leadership, and I feel more optimistic about our future today than ever before. The changes we have made have been difficult, but necessary. And it has made us a stronger and we believe a better organization.

A key design of our new business model is proximity to customers. Our model has a deep focus on countries, industry sectors, service, and solution offerings, and strong ecosystem partnerships. These changes along with the operating model that makes us agile and nimble and is about impact at speed is critical for success in the new post crisis world. Overall, I see a much stronger external market orientation at your Company. Several new leaders across the globe have joined us, energized by our purpose and our ambition to take forward this transformation and add to the diversity of thought and innovation at our Company. Our acquisition of Capco, which is a leading strategy and consulting firm in the banking and financial services industry was our largest ever acquisition, which we completed earlier this year. And yet another bold move for us. With the purchase consideration of $ 1.45 billion, Capco brings to us over 700 million in annual revenues and over 5,000 consultants across the world.

As I speak to you today, India, where over one lakh sixty thousand or 160,000 of our employees are based is emerging out of a devastating second wave of COVID-19. It has been incredibly hard for many of us and for many of our colleagues and their families. In this time of deep stress and grief, we are doing everything, everything we can to help our employees. This includes providing COVID-19 isolation centers for our staff and for their families, partnering with major hospitals to provide medical support to critically ill employees, additional medical reimbursement, and additional leaves related to COVID as well as vaccination at our campuses. We have so far vaccinated over 35,000 people at our campuses. And over 55% of our employees are vaccinated in India as far as we know. The need for self-care and mental wellbeing has clearly become a space to prioritize. In doing that, we want to make it comfortable for our employees to reach out, share, and be able to seek help whenever there is a need. We have partnered with leading global EAP providers to facilitate this 24/7.

Earlier last year, when the pandemic broke out, we triggered our business continuity plans to quickly enable remote working. We have settled well into these new ways of working and continue to make our customers successful. Today, 97% of our colleagues work from home. This was possible because of the inspirational, inclusive and seamless teamwork by our colleagues across the globe. I want to recognize and celebrate this tremendous commitment, resilience, and ownership our teams have demonstrated over these last 15 months. We enjoy that confidence, and I have no doubt that a hybrid model will be the mode of work in the future.

Now, while we have a much stronger for the COVID-19 pandemic, we are acutely aware that it is widened socioeconomic inequities. Our responsibility towards our communities has increased manifold. In April 2020, Wipro Limited along with the Wipro Enterprises Pvt. Ltd. and the Azim Premji foundation, the Wipro's largest shareholder together committed 1,125 crores, approximately $150 million towards tackling the unprecedented health and humanitarian crisis coming out of the COVID outbreak. Over these past 12 months, we have supported more than 1,500 projects covering humanitarian aid, integrated health care support, and livelihood regeneration. We have reached out directly to more than 18 million people through our

coordinated and comprehensive COVID-19 response to provide both humanitarian aid and support the creation of livelihoods for those most effected. Earlier this year to deal with the unprecedented second wave, we have ramped up our response on multiple fronts. Our approach has been to address short-term emergency response as well as contribute to strengthening our public health infrastructure. The hospital we had set up in one of our campuses in Pune, Maharashtra, which we converted into a 450 bed COVID care hospital continues to save lives. We have treated over 6,000 patients in this past year at the hospital. Our overall health care efforts have built capacity and run programs, closely collaborating with the public health system to serve geographies that have a population of over 150 million people, the most vulnerable population in our country. We are now supporting multiple state governments on the vaccination program, and the foundation has committed an additional ₹1,000 crores for this.

Another major challenge facing humanity today is the climate crisis. We at Wipro have always and deeply believed that organizations must be at the forefront to address this. Our climate change program goes back nearly two decades, and this year we announced our commitment to achieve net-zero greenhouse gas emissions by 2040 in line with the objectives of the Paris agreement. Our approach emphasizes the importance of not just reaching that goal but doing so in a way that aligns with Wipro's core values of integrity and business responsibility.

We are without doubt, committed to enhancing value for all our stakeholders.

So let me talk a little bit about the performance. Even as we focus on our employee safety and customer success, we drove focused action on our costs to respond to a deceleration in revenues in the first quarter of the year as the pandemic took hold globally. Just as effectively, we quickly pivoted to meet the rising demand through an efficient supply chain in the second half of the financial year. For the year ending 31st March 2021, our IT Services Revenues was at $8.1 billion, a decline of 1.4% YoY in reported currency. Our Net Income at ₹.107.9 billion grew by 11% YoY, aided by improved operating margins. For the full year, the EPS was at ₹19.11 per share, up 14.6% YoY. Our market cap and share price increased by over 108% in the last 12 months.

This year is also special for us because we complete 75 years since our incorporation. From the humble beginnings in Amalner, in Maharashtra to the global IT player, we are today. This fabulous journey would not have been possible for us, but for the tireless efforts of our employees and their dedication and their inventiveness. They truly embodied the spirit of Wipro. As a result, Wipro is recognized the world over as an exemplar of corporate citizenship with the highest standards of governance, ethics and values. What we encourage as a culture and how we come across as remarkably important was influencing change in our Company. I personally champion the culture and the Five Habits, which are our ways of working. These are 1- being respectful, 2 - being responsive, 3 - always communicating 4 - demonstrating stewardship and 5 - building trust. Sparking an inclusive cultural movement is moving the whole organization to a high-performance mindset without values and habits embedded in every touch.

I'm also excited to welcome Ms. Tulsi Naidu to the Wipro Board, as a Non-Executive Independent Director. A knowledge and experience and strong business acumen spanning the entire financial services sector will further strengthen the Board and its impact on your Company.

Lastly and importantly, I am thankful to our clients, to our partners, to our employees, and to all other stakeholders who have placed their trust and confidence in us. I am very excited about the