UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of July 2015
Commission File Number 001-16139
Wipro Limited
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrants name into English)
Karnataka, India
(Jurisdiction of incorporation or organization)
Doddakannelli
Sarjapur
Road
Bangalore, Karnataka 560035, India +91-80-2844-0011
(Address of principal executive offices)
Indicate by
check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ
Form 40-F ¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ¨ No þ
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): Yes ¨ No þ
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or
other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or
under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security
holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
We hereby furnish the Commission with copies of the following information concerning our public disclosures regarding our results of
operations for the quarter ended June 30, 2015. The following information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On July 23, 2015, we announced our results of operations for the three months ended June 30, 2015. We issued a press release
announcing our results under IFRS, copy of which is attached to this Form 6-K as Item 99.1.
On July 23, 2015, we held a press
conference to announce our results. The presentation made by the registrant at the press conference is attached to this Form 6-K as Item 99.2.
We placed advertisements in certain Indian newspapers concerning our results of operations for the three months ended June 30, 2015 under
IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.3.
We make available on our website the
Condensed Consolidated Interim Financial Statements as of and for the three months ended June 30, 2015 under IFRS. A copy of such financial statements are attached to this Form 6-K as Item 99.4.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly organized.
|
WIPRO LIMITED |
|
/s/ Jatin Pravinchandra Dalal |
Jatin Pravinchandra Dalal |
Chief Financial Officer |
Dated: July 29, 2015
INDEX TO EXHIBITS
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Item |
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99.1 |
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IFRS Press Release |
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99.2 |
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Presentation made by the Company at the Press Conference on July 23, 2015 |
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99.3 |
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Form of Advertisement Placed in Indian Newspapers |
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99.4 |
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Consolidated Interim Financial Statements under IFRS |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Results for the quarter ended June 30, 2015 under IFRS
Gross Revenues grew 10% YoY
IT Services Revenue grew in line with guidance
Bangalore, India and East Brunswick, New Jersey, USA July 23, 2015 Wipro Limited (NYSE:WIT) today announced financial results
under International Financial Reporting Standards (IFRS) for its first quarter ended June 30, 2015.
Highlights of the Results for the Quarter
ended June 30, 2015:
|
|
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Gross Revenues were
122.4 billion ($1.9 billion1), an increase of 10% YoY. |
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Net Income2 was
21.9 billion ($344 million1), an increase of 4% YoY. |
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IT Services Segment Revenue was $1,794.1 million, a sequential increase of 1.1% |
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Non-GAAP constant currency IT Services Segment Revenue in dollar terms grew 0.2% sequentially and grew 8.1% YoY |
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IT Services Segment Revenue in Rupee terms was
115.8 billion ($1.8 billion1), an increase of 10% YoY. |
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IT Services Segment Results was
24.3 billion ($382 million1), an increase of 1% YoY. |
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IT Services Segment Margins was 21.0% for the quarter. |
Performance for the quarter ended June 30,
2015
T K Kurien, Member of the Board & Chief Executive Officer of Wipro, said On the Run side, deals are
getting increasingly competitive and we are focused on increasing the levels of automation, while on the Change side, new stakeholders are influencing buying decisions in the Digital space. On the Run side, we continued to win deals
which deploy Wipro HOLMESTM, our Artificial Intelligence platform to drive down costs for our customers. On the Change side, we have announced the acquisition of Designit, one of the
largest independent global strategic design firms. Designits design capabilities in synergy with Wipros scale in technology services will position Wipro uniquely in Digital, as an integrated design & technology player.
Jatin Dalal, Chief Financial Officer of Wipro, said We continued to drive productivity and improve operating levers even as we
invested for growth in people, process and IP. In the quarter, we maintained strong cash flow generation while operating margins were, on predictable lines, modestly lower due to employee compensation measures.
Outlook for the Quarter ending September 30, 2015
We expect Revenues from our IT Services business to be in the range of $ 1,821 million to $ 1,857 million*.
* Guidance is based on the following exchange rates: GBP/USD at 1.56, Euro/USD at 1.13, AUD/USD at 0.78, USD/INR at 63.86 and USD/CAD at 1.22
IT Services
The IT Services segment had a
headcount of 161,789 as of June 30, 2015. We added 36 new customers during the quarter.
1. |
For the convenience of the reader, the amounts in Indian Rupees in this release have been translated into United States Dollars at the noon buying rate in New York City on June 30, 2015, for cable transfers in
Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1=
63.59. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2015 was US$1=
64.53 |
2. |
Refers to Profit for the period attributable to equity holders of the company |
Wipro continued its momentum in winning Large Deals globally as described below:
Wipro has been selected by one of the largest upstream oil and gas companies in Oman as its IT Partner to implement an Integrated IT Services
Contract. The five-year engagement aims to improve operational efficiency across the organisation by integrating managed services for help desk, applications and telecom.
Wipro won a multi-year total outsourcing deal spanning Applications, Infrastructure and Business Process Services in a pay-per-use model from one of the
largest construction companies with operations around the world. This engagement will transform the customers technology estate to drive simplification, scalability, agility and cost optimisation.
Wipro won an IT outsourcing deal from a global leader in marketing services for Small and Medium Businesses (SMBs). Wipro will provide applications and
infrastructure services to the customers business units in the US, UK and Spain. The deal includes tools for automation and innovation, all of which are being offered in an Opex-based commercial model.
Corporation Bank has chosen Wipro to transform its existing core banking solution. This is a technology transformation initiative covering core transaction
processing, channels across Internet and Mobile Banking, Risk Based Internal Audit and Enterprise Performance Management Applications. This project aims at providing Corporation Bank and its customers with an enhanced uptime and better response.
Wipro Ventures
During this fiscal year,
Wipro made an investment in Talena, an early-stage company building innovative Big Data Availability Management Solutions.
Wipro also made an investment
in Vicarious, an early-stage company developing the next-generation of Artificial Intelligence algorithms and solutions.
Digital highlights
Wipro Digital, the digital business unit of Wipro Limited, on July 9, 2015, announced its intention to acquire Designit, an award-winning
global strategic design firm specializing in designing transformative product-service experiences. This investment marks a further stage in Wipros move to evolve the digital offerings it takes to market, combining its reputation and heritage
in deep engineering and transformative technology with human centered-design methods.
Wipro has been awarded a strategic Application Development and
Management contract by Allied Irish Bank, a leading bank in Ireland offering a full range of personal and corporate banking services. Wipro will manage and transform their Digital and Online Channels, Data and Enterprise support services &
Applications estate over a period of 5 years.
This win builds on recent successes by Wipro Digital, including selection by a North American bank to
redesign and implement a transformational B2B payment portal as well as working with the Lawn Tennis Association of the UK as their official Digital Technology Services Partner.
Awards and accolades
Wipro was been ranked among
the top service providers in the 2015 Nordic IT Outsourcing Study, an annual study on IT outsourcing and IT service provider performance in the Nordic region, conducted by Whitelane Research and PA Consulting Group. Wipro received an
overall customer satisfaction score of 80% from its customers in Sweden, which was significantly higher than the average score (72%) for other service providers.
Wipro has been rated as a High Performer by leading global analyst firm HfS Research, in the
Population Health and Care Management (PHM) Business Services for U.S. Healthcare Providers and Payers, April 2015 Blueprint report.
Everest Group 2015
Workplace PEAK Matrix positions Wipro in the Leaders quadrant based on overall market success and delivery capabilities. Everest Group also positioned Wipro in the Leaders category based on overall market success and delivery
capabilities in its 2015 PEAK Matrix for Banking AO (Application Outsourcing). Additionally, Wipro has been placed in the Leaders quadrant by Everest Group in its 2015 PEAK Matrix for Mortgage BPO.
IT Products
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Our IT Products Segment delivered Revenue of
8.2 billion ($128 million1) for the quarter ended June 30, 2015, an increase of 7% YoY. |
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IT Products Segment Results for the quarter ended June 30, 2015 was
139 million ($2 million1). |
Please refer the table on page
6 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 6 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.
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 June 30, 2015, 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 (09:45 a.m. US Eastern Time) to discuss our performance for the quarter. 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 (NYSE: WIT)
Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients do
business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of Business through Technologyhelping clients create successful and adaptive businesses. A company recognized
globally for its comprehensive portfolio of services, a practitioners approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of over 150,000, serving clients in 175+ cities across 6
continents
For more information, please visit www.wipro.com
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Contact for Investor Relations |
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Contact for Media & Press |
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Aravind V S |
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Abhishek Kumar Jain |
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Vipin Nair |
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Phone: +91-80-2505 6186 |
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Phone: +1 978 826 4700 |
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Phone: +91-80-3991-6154 |
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aravind.viswanathan@wipro.com |
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abhishekkumar.jain@wipro.com |
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vipin.nair1@wipro.com |
Forward-looking statements
The forward-looking statements contained herein represent Wipros beliefs regarding future events, many of which are by their nature, inherently uncertain
and outside Wipros control. Such statements include, but are not limited to, statements regarding Wipros 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, 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 companys 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)
Wipro limited and subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
(Rupees in millions, except share and per share data, unless otherwise stated)
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|
|
|
|
|
|
|
|
As of March 31, |
|
|
As of June 30, |
|
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|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
Convenience translation into US dollar in millions (unaudited) - Refer footnote 1 on Page 1 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
68,078 |
|
|
|
69,240 |
|
|
|
1,089 |
|
Intangible assets |
|
|
7,931 |
|
|
|
7,983 |
|
|
|
126 |
|
Property, plant and equipment |
|
|
54,206 |
|
|
|
55,738 |
|
|
|
877 |
|
Derivative assets |
|
|
736 |
|
|
|
271 |
|
|
|
4 |
|
Available for sale investments |
|
|
3,867 |
|
|
|
4,013 |
|
|
|
63 |
|
Non-current tax assets |
|
|
11,409 |
|
|
|
11,551 |
|
|
|
182 |
|
Deferred tax assets |
|
|
2,945 |
|
|
|
3,636 |
|
|
|
57 |
|
Other non-current assets |
|
|
14,369 |
|
|
|
14,179 |
|
|
|
223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
163,541 |
|
|
|
166,611 |
|
|
|
2,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
4,849 |
|
|
|
4,736 |
|
|
|
74 |
|
Trade receivables |
|
|
91,531 |
|
|
|
91,740 |
|
|
|
1,443 |
|
Other current assets |
|
|
73,359 |
|
|
|
69,487 |
|
|
|
1,093 |
|
Unbilled revenues |
|
|
42,338 |
|
|
|
46,259 |
|
|
|
727 |
|
Available for sale investments |
|
|
53,908 |
|
|
|
110,585 |
|
|
|
1,739 |
|
Current tax assets |
|
|
6,490 |
|
|
|
6,949 |
|
|
|
109 |
|
Derivative assets |
|
|
5,077 |
|
|
|
3,250 |
|
|
|
51 |
|
Cash and cash equivalents |
|
|
158,940 |
|
|
|
132,937 |
|
|
|
2,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
436,492 |
|
|
|
465,943 |
|
|
|
7,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
600,033 |
|
|
|
632,554 |
|
|
|
9,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
4,937 |
|
|
|
4,938 |
|
|
|
78 |
|
Share premium |
|
|
14,031 |
|
|
|
14,120 |
|
|
|
222 |
|
Retained earnings |
|
|
372,248 |
|
|
|
394,177 |
|
|
|
6,199 |
|
Share based payment reserve |
|
|
1,312 |
|
|
|
1,688 |
|
|
|
27 |
|
Other components of equity |
|
|
15,454 |
|
|
|
14,485 |
|
|
|
228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to the equity holders of the Company |
|
|
407,982 |
|
|
|
429,408 |
|
|
|
6,754 |
|
Non-controlling interest |
|
|
1,646 |
|
|
|
1,827 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
409,628 |
|
|
|
431,235 |
|
|
|
6,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
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|
|
|
|
|
|
|
|
Longterm loans and borrowings |
|
|
12,707 |
|
|
|
12,702 |
|
|
|
200 |
|
Deferred tax liabilities |
|
|
3,240 |
|
|
|
3,186 |
|
|
|
50 |
|
Derivative liabilities |
|
|
71 |
|
|
|
41 |
|
|
|
1 |
|
Non-current tax liabilities |
|
|
6,695 |
|
|
|
6,269 |
|
|
|
99 |
|
Other non-current liabilities |
|
|
3,658 |
|
|
|
5,441 |
|
|
|
86 |
|
Provisions |
|
|
5 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
26,376 |
|
|
|
27,651 |
|
|
|
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and borrowings and bank overdrafts |
|
|
66,206 |
|
|
|
69,082 |
|
|
|
1,085 |
|
Trade payables and accrued expenses |
|
|
58,745 |
|
|
|
63,962 |
|
|
|
1,006 |
|
Unearned revenues |
|
|
16,549 |
|
|
|
16,829 |
|
|
|
265 |
|
Current tax liabilities |
|
|
8,036 |
|
|
|
8,932 |
|
|
|
140 |
|
Derivative liabilities |
|
|
753 |
|
|
|
1,261 |
|
|
|
20 |
|
Other current liabilities |
|
|
12,223 |
|
|
|
12,238 |
|
|
|
192 |
|
Provisions |
|
|
1,517 |
|
|
|
1,364 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
164,029 |
|
|
|
173,668 |
|
|
|
2,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
190,405 |
|
|
|
201,319 |
|
|
|
3,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
600,033 |
|
|
|
632,554 |
|
|
|
9,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wipro limited and subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
(Rupees in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended June 30, |
|
|
|
2014 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
Convenience translation into US dollar in millions (unaudited) - Refer footnote 1 on Page 1 |
|
Gross revenues |
|
|
111,358 |
|
|
|
122,376 |
|
|
|
1,923 |
|
Cost of revenues |
|
|
(74,941 |
) |
|
|
(84,787 |
) |
|
|
(1,333 |
) |
Gross profit |
|
|
36,417 |
|
|
|
37,589 |
|
|
|
590 |
|
Selling and marketing expenses |
|
|
(7,557 |
) |
|
|
(8,044 |
) |
|
|
(126 |
) |
General and administrative expenses |
|
|
(6,187 |
) |
|
|
(6,853 |
) |
|
|
(108 |
) |
Foreign exchange gains/(losses), net |
|
|
1,098 |
|
|
|
1,330 |
|
|
|
21 |
|
Results from operating activities |
|
|
23,771 |
|
|
|
24,022 |
|
|
|
377 |
|
Finance expenses |
|
|
(888 |
) |
|
|
(1,286 |
) |
|
|
(20 |
) |
Finance and other income |
|
|
4,239 |
|
|
|
5,242 |
|
|
|
82 |
|
Profit before tax |
|
|
27,122 |
|
|
|
27,978 |
|
|
|
439 |
|
Income tax expense |
|
|
(5,942 |
) |
|
|
(5,945 |
) |
|
|
(93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the company |
|
|
21,032 |
|
|
|
21,877 |
|
|
|
344 |
|
Non-controlling interest |
|
|
148 |
|
|
|
156 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per equity share: |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity share holders of the company |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8.57 |
|
|
|
8.91 |
|
|
|
0.14 |
|
Diluted |
|
|
8.54 |
|
|
|
8.89 |
|
|
|
0.14 |
|
Weighted average number of equity shares used in computing earnings per equity share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,455,543,231 |
|
|
|
2,455,804,709 |
|
|
|
2,455,804,709 |
|
Diluted |
|
|
2,462,939,809 |
|
|
|
2,460,584,039 |
|
|
|
2,460,584,039 |
|
Additional Information |
|
|
|
|
|
|
|
|
|
|
|
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
IT Services Business Units |
|
|
|
|
|
|
|
|
|
|
|
|
BFSI |
|
|
28,065 |
|
|
|
31,020 |
|
|
|
489 |
|
HLS |
|
|
11,290 |
|
|
|
12,988 |
|
|
|
204 |
|
RCTG |
|
|
14,727 |
|
|
|
17,380 |
|
|
|
273 |
|
ENU |
|
|
16,822 |
|
|
|
17,577 |
|
|
|
276 |
|
MFG |
|
|
19,110 |
|
|
|
21,524 |
|
|
|
338 |
|
GMT |
|
|
15,069 |
|
|
|
15,284 |
|
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES TOTAL |
|
|
105,083 |
|
|
|
115,773 |
|
|
|
1,820 |
|
IT PRODUCTS |
|
|
7,660 |
|
|
|
8,174 |
|
|
|
128 |
|
RECONCILING ITEMS |
|
|
(287 |
) |
|
|
(241 |
) |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
112,456 |
|
|
|
123,706 |
|
|
|
1,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Result |
|
|
|
|
|
|
|
|
|
|
|
|
IT Services Business Units |
|
|
|
|
|
|
|
|
|
|
|
|
BFSI |
|
|
6,624 |
|
|
|
7,013 |
|
|
|
111 |
|
HLS |
|
|
2,131 |
|
|
|
2,759 |
|
|
|
43 |
|
RCTG |
|
|
3,188 |
|
|
|
3,140 |
|
|
|
49 |
|
ENU |
|
|
4,553 |
|
|
|
3,812 |
|
|
|
60 |
|
MFG |
|
|
4,368 |
|
|
|
4,327 |
|
|
|
69 |
|
GMT |
|
|
3,762 |
|
|
|
2,698 |
|
|
|
42 |
|
OTHERS |
|
|
|
|
|
|
|
|
|
|
|
|
UNALLOCATED |
|
|
(623 |
) |
|
|
530 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL IT SERVICES |
|
|
24,003 |
|
|
|
24,279 |
|
|
|
382 |
|
IT PRODUCTS |
|
|
165 |
|
|
|
139 |
|
|
|
2 |
|
RECONCILING ITEMS |
|
|
(397 |
) |
|
|
(396 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
23,771 |
|
|
|
24,022 |
|
|
|
378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCE EXPENSE |
|
|
(888 |
) |
|
|
(1,286 |
) |
|
|
(20 |
) |
FINANCE AND OTHER INCOME |
|
|
4,239 |
|
|
|
5,242 |
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX |
|
|
27,122 |
|
|
|
27,978 |
|
|
|
440 |
|
INCOME TAX EXPENSE |
|
|
(5,942 |
) |
|
|
(5,945 |
) |
|
|
(94 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE PERIOD |
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment result represents operating profits of the segments and dividend income and gains or losses (net) relating to
strategic investments, which are presented within Finance and other income in the statement of Income.
The Company is organized by the
following operating segments; IT Services and IT Products.
The IT Services segment primarily consists of IT Service offerings to our customers organized
by industry verticals as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail, Consumer, Transport and Government (RCTG), Energy, Natural Resources and Utilities (ENU), Manufacturing (MFG), Global
Media and Telecom (GMT). Starting with quarter ended September 30, 2014, it also includes Others which comprises dividend income and gains or losses (net) relating to strategic investments, which are presented within Finance and other
income in the statement of Income. Key service offering to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics,
consulting, infrastructure outsourcing services and business process services.
In the IT Products segment, 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 products, software licenses
and other related deliverables.
Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS
($MN)
|
|
|
|
|
|
|
|
|
|
|
Three Months ended June 30, 2015 |
|
IT Services Revenue as per IFRS |
|
$ |
1,794 |
|
|
IT Services Revenue as per IFRS |
|
$ |
1,794 |
|
Effect of Foreign currency exchange movement |
|
$ |
(16) |
|
|
Effect of Foreign currency exchange movement |
|
$ |
87 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Constant Currency IT Services |
|
|
|
|
|
Non-GAAP Constant Currency IT Services |
|
|
|
|
Revenue based on previous quarter exchange rates |
|
$ |
1,778 |
|
|
Revenue based on previous year exchange rates |
|
$ |
1,881 |
|
©
2015 WIPRO LTD | WWW.WIPRO.COM 1
Performance for Quarter
ended June 30, 2015 Jatin Dalal Senior Vice President and Chief Financial Officer July 23, 2015 Exhibit 99.2 |
©
2015 WIPRO LTD | WWW.WIPRO.COM 2
Financial Summary for the Quarter Ended
June 30, 2015 (IFRS) Wipro Limited Q1 16 (Rs million) YoY Growth Revenues 122,376 10% Results from Operating Activities (EBIT) 24,022 1% Net Income 21,877 4% Net Income refers to Profit for the period attributable to equity shareholders of the company
Operating Cash Flow refers to Net Cash generated from Operating Activities as
presented in consolidated interim statements of Cash Flows
Gross Cash is the sum of (i) cash and cash equivalents plus (ii) Available for Sale Investments current, and (iii) Interest bearing deposits with corporates - current. Free Cash Flow is defined as Net cash generated from operating activities plus (i) Cash outflows on Purchase of property, plant and equipment and
(ii) Proceeds from Sale of property, plant and equipment as presented
in consolidated interim statements of Cash Flows. For detailed
reconciliations, please refer slide 11 in appendix Revenue of the Company
grew 10% YoY in the quarter. Net Income grew 4% YoY. Robust Operating
& Free Cash Flow generation at 101% & 85% of Net Income respectively
Gross Cash position of Rs. 276,622 million or $ 4.35 Billion
|
©
2015 WIPRO LTD | WWW.WIPRO.COM 3
Highlights for the quarter
Segments Revenue (Rs million) YoY Growth Segment Results (margin) (Rs million) YoY Growth IT Services 115,773 10% 24,279 1% IT Products 8,174 7% 139 -16% IT Services Segment USD Revenue grew by 1.1% sequentially and 3.1% on a YoY basis
Number of $75 million+ accounts increased by 2 from 15 to 17
Net Headcount addition of 3,572 in the quarter
For reconciliation of
non-GAAP constant currency IT Services USD revenues please refer to slide
11 Addition of 36 new customers in quarter to take the total number of
active customers to 1,071 IT Services Segment Margins was 21.0% for the
quarter Non-GAAP constant currency IT Services Segment USD Revenue
grew 0.2% QoQ and grew 8.1% YoY |
©
2015 WIPRO LTD | WWW.WIPRO.COM 4
IT Services - Revenue Dynamics for Quarter Ended June 30, 2015 1. Retail, Consumer Goods and Transportation grew 14.7% on a constant currency YoY basis
2. Healthcare, Life sciences and Services grew 10.3% on a constant currency YoY basis
3. Manufacturing and Hi-tech grew 10.3% on a constant currency YoY basis 1. India and Middle East grew 25.2% on a constant currency YoY basis 2. APAC and Other Emerging Markets grew 13.3% on a constant currency YoY basis 3. Americas grew 9.9% on a constant currency YoY basis Geographies 1. Product Engineering Services grew 14.0% on a YoY reported basis 2. Global Infrastructure Services grew 13.2% on a YoY reported basis 3. Wipro Analytics grew 7.6% on a YoY reported basis Service Lines The growth percentages have been calculated based on USD revenues for the Business Unit/ Service line/ Geography Business units |
©
2015 WIPRO LTD | WWW.WIPRO.COM 5
Looking ahead * Guidance is based on the following exchange rates: GBP/USD at 1.56, Euro/USD at 1.13, AUD/USD
at 0.78, USD/INR at 63.86 and USD/CAD at 1.22
Looking ahead for the quarter ending September 30, 2015
We expect the Revenue from our IT
Services business to be in the range
$ 1,821 million to $ 1,857 million*
Jan Feb Apr May Jul Aug Sep Oct Dec 2015-16 |
©
2015 WIPRO LTD | WWW.WIPRO.COM 6
Supplemental Data Key Operating Metrics of IT Services |
©
2015 WIPRO LTD | WWW.WIPRO.COM 7
Key Operating Metrics in IT Services for the
Quarter ended June 30, 2015
Particulars Q116 Q415 Q115 Revenue Composition Global Media & Telecom 13.2% 13.5% 14.3% Finance Solutions 26.8% 26.5% 26.7% Manufacturing & Hitech 18.6% 18.3% 18.2% Healthcare, Life Sciences & Services 11.2% 11.7% 10.8% Retail, Consumer Goods & Transportation 15.0% 14.5% 14.0% Energy, Natural Resources & Utilities 15.2% 15.5% 16.0% Geography Composition Americas 52.5% 51.7% 49.8% Europe 25.6% 26.3% 29.6% India & Middle East Business 10.6% 10.7% 9.1% APAC & Other Emerging Markets 11.3% 11.3% 11.5% People related Number of employees 161,789 158,217 147,452 |
©
2015 WIPRO LTD | WWW.WIPRO.COM 8
Thank You Jatin.Dalal@wipro.com Jatin Dalal Senior Vice President & Chief Financial Officer |
©
2015 WIPRO LTD | WWW.WIPRO.COM 9
Appendix |
© 2015 WIPRO LTD | WWW.WIPRO.COM
10 Reconciliation of Selected GAAP measures to Non-GAAP measures Reconciliation of Gross Cash WIPRO LIMITED AND SUBSIDIARIES (Amounts in INR millions) As of Jun 30, 2015 Computation of Gross cash position Cash and cash equivalents 132,937 Available for sale investments - current 110,585 Interest bearing deposits with corporates - current 33,100 Total 276,622 WIPRO LIMITED AND SUBSIDIARIES (Amounts in INR millions) Three months ended Jun 30, 2015 Profit for the period [A] 21,877 Computation of Free cash flow Net cash generated from operating activities 21,995 Add/(deduct) cash inflow/(outflow) on : Purchase of Property,plant and equipment (3,401) Proceeds from sale of Property,plant and equipment 95 Free cash flow attributable to equity holders of the company [B] 18,689 Free cash flow as a percentage of Net income [B/A] 85% Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($MN) IT Services Revenue as per IFRS $ 1,794 IT Services Revenue as per IFRS $ 1,794 Effect of Foreign currency exchange movement $ (16) Effect of Foreign currency exchange movement $ 87 Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates $ 1,778 Non-GAAP Constant Currency IT Services Revenue based on previous year exchange rates $ 1,881 Reconciliation of Free Cash Flow Reconciliation of Non-GAAP constant currency Revenue |
Exhibit 99.3
WIPRO LIMITED
|
CONSOLIDATED STATUTORILYAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015 |
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Particulars |
|
Quarter ended |
|
|
Year ended |
|
|
|
|
|
June 30, 2015 |
|
|
March 31, 2015 |
|
|
June 30, 2014 |
|
|
March 31, 2015 |
|
1 |
|
Income from operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Net Sales/income from operations (net of excise duty) |
|
|
123,706 |
|
|
|
121,714 |
|
|
|
112,455 |
|
|
|
473,180 |
|
|
|
b) Other operating income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Total income from operations (net) |
|
|
123,706 |
|
|
|
121,714 |
|
|
|
112,455 |
|
|
|
473,180 |
|
2 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Cost of materials consumed |
|
|
1 |
|
|
|
- |
|
|
|
19 |
|
|
|
34 |
|
|
|
b) Purchase of stock-in-trade |
|
|
7,251 |
|
|
|
8,457 |
|
|
|
6,552 |
|
|
|
29,802 |
|
|
|
c) (Increase)/Decrease in inventories of finished stock, work-in-progress and stock in process |
|
|
97 |
|
|
|
(508 |
) |
|
|
(78 |
) |
|
|
(2,588 |
) |
|
|
d) Employee compensation |
|
|
59,007 |
|
|
|
56,827 |
|
|
|
53,889 |
|
|
|
224,838 |
|
|
|
e) Depreciation and amortisation expense |
|
|
3,367 |
|
|
|
3,267 |
|
|
|
2,834 |
|
|
|
12,823 |
|
|
|
f) Sub contracting/technical fees/third party application |
|
|
14,541 |
|
|
|
13,379 |
|
|
|
11,679 |
|
|
|
52,247 |
|
|
|
g) Other expenditure |
|
|
15,420 |
|
|
|
15,736 |
|
|
|
13,789 |
|
|
|
60,601 |
|
|
|
Total expense |
|
|
99,684 |
|
|
|
97,158 |
|
|
|
88,684 |
|
|
|
377,757 |
|
3 |
|
Profit from operations before other income, finance costs and exceptional items (1-2) |
|
|
24,022 |
|
|
|
24,556 |
|
|
|
23,771 |
|
|
|
95,423 |
|
4 |
|
Other Income |
|
|
5,242 |
|
|
|
5,476 |
|
|
|
4,239 |
|
|
|
19,859 |
|
5 |
|
Profit from ordinary activities before finance costs and exceptional items (3+4) |
|
|
29,264 |
|
|
|
30,032 |
|
|
|
28,010 |
|
|
|
115,282 |
|
6 |
|
Finance Cost |
|
|
1,286 |
|
|
|
912 |
|
|
|
888 |
|
|
|
3,599 |
|
7 |
|
Profit from ordinary activities after finance costs but before exceptional items (5-6) |
|
|
27,978 |
|
|
|
29,120 |
|
|
|
27,122 |
|
|
|
111,683 |
|
8 |
|
Exceptional items |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
9 |
|
Profit from ordinary activities before tax (7+8) |
|
|
27,978 |
|
|
|
29,120 |
|
|
|
27,122 |
|
|
|
111,683 |
|
10 |
|
Tax expense |
|
|
5,945 |
|
|
|
6,255 |
|
|
|
5,942 |
|
|
|
24,624 |
|
11 |
|
Net profit from ordinary activities after tax (9-10) |
|
|
22,033 |
|
|
|
22,865 |
|
|
|
21,180 |
|
|
|
87,059 |
|
12 |
|
Extraordinary items (net of tax expense) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
13 |
|
Net profit for the period (11+12) |
|
|
22,033 |
|
|
|
22,865 |
|
|
|
21,180 |
|
|
|
87,059 |
|
14 |
|
Share in earnings of associates |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
15 |
|
Minority interest |
|
|
(156 |
) |
|
|
(145 |
) |
|
|
(148 |
) |
|
|
(531 |
) |
16 |
|
Net profit after taxes, minority interest and share of profit of associates (13+14+15) |
|
|
21,877 |
|
|
|
22,720 |
|
|
|
21,032 |
|
|
|
86,528 |
|
17 |
|
Paid up equity share capital (Face value
2 per share) |
|
|
4,938 |
|
|
|
4,937 |
|
|
|
4,934 |
|
|
|
4,937 |
|
18 |
|
Reserves excluding revaluation reserves as per balance sheet of previous accounting year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
403,045 |
|
19 |
|
EARNINGS PER SHARE (EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before extraordinary items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (in
) |
|
|
8.91 |
|
|
|
9.25 |
|
|
|
8.57 |
|
|
|
35.25 |
|
|
|
Diluted (in
) |
|
|
8.89 |
|
|
|
9.21 |
|
|
|
8.54 |
|
|
|
35.13 |
|
|
|
After extraordinary items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (in
) |
|
|
8.91 |
|
|
|
9.25 |
|
|
|
8.57 |
|
|
|
35.25 |
|
|
|
Diluted (in
) |
|
|
8.89 |
|
|
|
9.21 |
|
|
|
8.54 |
|
|
|
35.13 |
|
20 |
|
Public shareholding (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares |
|
|
608,937,579 |
|
|
|
608,633,451 |
|
|
|
607,403,337 |
|
|
|
608,633,451 |
|
|
|
Percentage of holding (as a % of total public shareholding) |
|
|
25.15 |
% |
|
|
25.14 |
% |
|
|
25.11 |
% |
|
|
25.14 |
% |
21 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Number of shares |
|
|
Nil |
|
|
|
Nil |
|
|
|
Nil |
|
|
|
Nil |
|
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
Nil |
|
|
|
Nil |
|
|
|
Nil |
|
|
|
Nil |
|
|
|
-Percentage of shares (as a % of the total share capital of the company) |
|
|
Nil |
|
|
|
Nil |
|
|
|
Nil |
|
|
|
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Number of shares (2) |
|
|
1,812,022,464 |
|
|
|
1,812,022,464 |
|
|
|
1,812,022,464 |
|
|
|
1,812,022,464 |
|
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
-Percentage of shares (as a % of the total share capital of the company, excluding ADS Shareholding) |
|
|
74.85 |
% |
|
|
74.86 |
% |
|
|
74.89 |
% |
|
|
74.86 |
% |
(1) |
Public shareholding as defined under clause 40A of the listing agreement (excludes shares beneficially held by promoters and holders of American
Depository Receipt) |
(2) |
Includes 440,557,453 (March 31, 2015: 440,557,453; June 30, 2014: 440,557,453 ) equity shares on which Promoter does not have beneficiary
interest. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Status of redressal of complaints
received for the period April 1, 2015 to June 30, 2015 |
|
Sl No. |
|
Nature of the complaint |
|
Nature |
|
Unresolved as at 01.04.2015 |
|
|
Complaints received during the quarter |
|
|
Complaints disposed during the quarter |
|
|
Unresolved
as at
30.06.2015 |
|
1 |
|
Non-Receipt of Securities |
|
Complaint |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
2 |
|
Non Receipt of Annual Reports |
|
Complaint |
|
|
- |
|
|
|
125 |
|
|
|
125 |
|
|
|
- |
|
3 |
|
Correction / Duplicate / Revalidation of dividend warrants / Demerger Fractional Payout Warrants |
|
Request |
|
|
- |
|
|
|
84 |
|
|
|
84 |
|
|
|
- |
|
4 |
|
SEBI/Stock Exchange Complaints |
|
Complaint |
|
|
- |
|
|
|
4 |
|
|
|
4 |
|
|
|
- |
|
5 |
|
Non Receipt of Dividend warrants |
|
Complaint |
|
|
- |
|
|
|
42 |
|
|
|
42 |
|
|
|
- |
|
|
|
TOTAL |
|
|
|
|
- |
|
|
|
255 |
|
|
|
255 |
|
|
|
- |
|
Note: There are certain pending cases relating to disputes over title to shares in which the company has been
made a party. However these cases are not material in nature.
1. |
The consolidated interim financial results of the Company for the quarter ended June 30, 2015 have been approved by the directors of the
Company at its meeting held on July 23, 2015. The statutory auditors have expressed an unqualified audit opinion. |
2. |
The consolidated interim financial results have been prepared from the condensed consolidated interim financial statements, which are
prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), as issued by the International Accounting Standards Board (IASB). |
3. |
The total revenue from operations represent the aggregate revenue and includes foreign exchange gains / (losses), net amounting to
1,330,
294 and
1,098 for the quarter ended June 30, 2015, March 31, 2015 and June 30, 2014, respectively,
3,637 for the year ended March 31, 2015 and is net of excise duty amounting to Nil, Nil, and
1 for the quarter ended June 30, 2015, March 31, 2015 and June 30, 2014, respectively,
2 for the year ended March 31, 2015. |
Derivative assets and liabilities:
The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities, forecasted cash flows
denominated in foreign currency and net investment in foreign operations. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, 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 counterparties as non-material.
The following table presents the aggregate contracted principal amounts of the Companys derivative contracts
outstanding:
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
|
|
June 30, 2015 |
|
|
March 31, 2015 |
|
Designated derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
Sell |
|
$ |
|
|
804 |
|
|
$ |
|
|
836 |
|
|
|
£ |
|
|
228 |
|
|
£ |
|
|
198 |
|
|
|
|
|
|
258 |
|
|
|
|
|
220 |
|
|
|
AUD |
|
|
86 |
|
|
AUD |
|
|
83 |
|
Interest rate swaps |
|
$ |
|
|
150 |
|
|
$ |
|
|
150 |
|
Net investment hedges in foreign operations |
|
|
|
|
|
|
|
|
|
|
|
|
Others |
|
$ |
|
|
135 |
|
|
$ |
|
|
145 |
|
Non designated derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
Sell |
|
$ |
|
|
910 |
|
|
$ |
|
|
1,304 |
|
|
|
£ |
|
|
97 |
|
|
£ |
|
|
67 |
|
|
|
|
|
|
65 |
|
|
|
|
|
60 |
|
|
|
AUD |
|
|
43 |
|
|
AUD |
|
|
53 |
|
|
|
¥ |
|
|
490 |
|
|
¥ |
|
|
490 |
|
|
|
SGD |
|
|
13 |
|
|
SGD |
|
|
13 |
|
|
|
ZAR |
|
|
129 |
|
|
ZAR |
|
|
69 |
|
|
|
CAD |
|
|
25 |
|
|
CAD |
|
|
30 |
|
|
|
CHF |
|
|
10 |
|
|
CHF |
|
|
10 |
|
Buy |
|
$ |
|
|
920 |
|
|
$ |
|
|
790 |
|
5. |
The list of subsidiaries is included in the condensed consolidated financial statements of Wipro Limited and subsidiaries for the quarter ended
June 30, 2015, are available on our company website www.wipro.com. |
Segment
Information
The Company is organized by the following operating segments; IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals
as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail, Consumer, Transport and Government (RCTG), Energy, Natural Resources and Utilities (ENU), Manufacturing and High-Tech (MFG), Global Media and
Telecom (GMT). It also includes Others which comprises dividend income and gains or losses (net) relating to strategic investments, which are presented within Other income in the Consolidated Financial Result. Key service offerings to
customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process
services.
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.
The Chairman and Managing Director of the Company has
been identified as the Chief Operating Decision Maker (CODM) as defined by IFRS 8, Operating Segments. The Chairman of the Company evaluates the segments based on their revenue growth and operating income.
Assets and liabilities used in the Companys 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 segment is as follows:
TABLE 2
The
Company has four geographic segments: India, Americas, Europe and Rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
Year ended |
|
|
|
June 30, 2015 |
|
|
March 31, 2015 |
|
|
June 30, 2014 |
|
|
March 31, 2015 |
|
India |
|
|
13,354 |
|
|
|
13,427 |
|
|
|
11,072 |
|
|
|
45,814 |
|
Americas |
|
|
61,061 |
|
|
|
58,583 |
|
|
|
52,876 |
|
|
|
227,328 |
|
Europe |
|
|
30,006 |
|
|
|
30,454 |
|
|
|
31,367 |
|
|
|
124,523 |
|
Rest of the world |
|
|
19,285 |
|
|
|
19,250 |
|
|
|
17,141 |
|
|
|
75,517 |
|
|
|
|
123,706 |
|
|
|
121,714 |
|
|
|
112,456 |
|
|
|
473,182 |
|
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.
|
No client individually accounted for more than 10% of the revenues during the three months ended June 30, 2015, March 31, 2015 and
June 30, 2014, and year ended March 31, 2015. |
|
Notes:
|
a) |
Reconciling items includes elimination of inter-segment transactions, dividend income/ gains/ losses relating to strategic investments
and other corporate activities. |
|
|
b) |
Segment result represents operating profits of the segments and dividend income and gains or losses (net) relating to strategic investments, which
are presented within Other income in the Consolidated Financial Result. |
|
|
c) |
Revenues include excise duty of Nil, Nil, and
1 for the quarter ended June 30, 2015, March 31, 2015 and June 30, 2014, respectively,
2 for the year ended March 31, 2015. For the purpose of segment reporting, the segment revenues are net of excise duty. Excise duty is reported in reconciling items. |
|
|
d) |
Revenue from sale of traded cloud based licenses is reported as part of IT Services revenues. |
|
|
e) |
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 Income from operation in the Consolidated Financial Result). |
|
|
f) |
For evaluating performance of the individual operating segments, stock compensation expense is allocated on the basis of straight line amortization.
The differential impact of accelerated amortization of stock compensation expense over stock compensation expense allocated to the individual operating segments is reported in reconciling items. |
|
|
g) |
For evaluating the performance of the individual operating segments, amortization of customer and marketing related intangibles acquired through
business combinations are reported in reconciling items. |
|
|
h) |
The Company generally offers multi-year payment terms in certain total outsourcing contracts. These payment terms primarily relate to IT hardware,
software and certain transformation services in outsourcing contracts. Corporate treasury provides internal financing to the business units offering multi-year payments terms. The finance income on deferred consideration earned under these contracts
is included in the revenue of the respective segment and is eliminated under reconciling items. |
|
|
6. |
The Company has granted 2,747,400, Nil, 2,485,000 options under RSU Options Plan and 1,487,700, Nil, 1,688,500 options under ADS Options Plan during
the quarter ended June 30, 2015, March 31, 2015 and June 30, 2014 and 2,480,000 options under RSU Options Plan and 1,689,500 options under ADS Options Plan during the year ended March 31, 2015. |
|
|
|
On August 15, 2014, the Company obtained control of ATCO I-Tek Inc., a Canadian entity, by acquiring 100% of its share capital and certain
assets of IT services business of ATCO I-Tek Australia (hereafter the acquisitions are collectively referred to as acquisition of ATCO I-Tek) for an all-cash consideration of
11,420 (Canadian Dollars 204 million). ATCO I-Tek provides IT services to ATCO Group. The acquisition will strengthen Wipros IT services delivery model in North America and Australia. |
|
|
|
As part of conclusion of certain closing conditions,
349 had been reduced from the purchase price. Consequently, the Company concluded the fair value adjustments of the assets acquired and liabilities assumed on acquisition. |
|
The following table presents the allocation of purchase price:
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Pre-acquisition carrying amount |
|
|
Fair value adjustments |
|
|
Purchase price allocated |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
71 |
|
|
|
- |
|
|
|
71 |
|
Property, plant & equipment (including capital work-in-progress and
software) |
|
|
1,689 |
|
|
|
(278 |
) |
|
|
1,411 |
|
Trade receivables |
|
|
210 |
|
|
|
- |
|
|
|
210 |
|
Other assets |
|
|
296 |
|
|
|
- |
|
|
|
296 |
|
Customer related intangibles |
|
|
- |
|
|
|
8,228 |
|
|
|
8,228 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables and accrued liabilities |
|
|
(798 |
) |
|
|
- |
|
|
|
(798 |
) |
Deferred income taxes, net |
|
|
(138 |
) |
|
|
(2,017 |
) |
|
|
(2,155 |
) |
Total |
|
|
1,330 |
|
|
|
5,933 |
|
|
|
7,263 |
|
Goodwill |
|
|
|
|
|
|
|
|
|
|
3,808 |
|
Total purchase price |
|
|
|
|
|
|
|
|
|
|
11,071 |
|
|
|
The goodwill of
3,808 comprises value of expected synergies arising from the acquisition. Goodwill is not expected to be deductible for income tax purposes. |
|
|
|
Subsequent to the period end, on July 9, 2015, the Company entered into a definitive agreement to acquire Designit A/S (Designit),
a global strategic design firm specializing in designing transformative product-service experiences, for a total purchase consideration of approximately EURO 85 million, including a deferred earn-out component. The acquisition strengthens the
Companys move to evolve its Digital offerings. The acquisition is subject to completion of customary closing conditions. |
|
|
9. |
Stand-alone information (Audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Particulars |
|
Quarter ended |
|
|
Year Ended |
|
|
June 30, 2015 |
|
|
March 31, 2015 |
|
|
June 30, 2014 |
|
|
March 31, 2015 |
|
Income from Operations (Net) |
|
|
109,276 |
|
|
|
106,515 |
|
|
|
101,041 |
|
|
|
416,350 |
|
Profit before tax |
|
|
25,620 |
|
|
|
27,346 |
|
|
|
26,434 |
|
|
|
105,570 |
|
Profit after tax |
|
|
19,882 |
|
|
|
21,416 |
|
|
|
20,672 |
|
|
|
81,931 |
|
|
|
|
|
|
|
|
By Order of the Board, |
|
WIPRO LIMITED |
|
|
for Wipro Ltd. |
|
Regd. Office: Doddakannelli, |
Place: Bangalore |
|
Azim H Premji |
|
Sarjapur Road, Bangalore 560 035. |
Date: July 23, 2015 |
|
Chairman |
|
www.wipro.com |
CIN: L32102KA1945PLC020800;
Registered Office : Wipro Limited, Doddakanneli, Sarjapur Road, Bangalore560035, India
Website: www.wipro.com; Email id info@wipro.com; Tel: +91-80-2844 0011; Fax: +91-80-2844 0054
Exhibit 99.4
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS UNDER IFRS
AS OF AND FOR THE THREE MONTHS ENDED JUNE 30, 2015
1
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
As of June 30, |
|
|
|
Notes |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
5 |
|
|
68,078 |
|
|
|
69,240 |
|
|
|
1,089 |
|
Intangible assets |
|
5 |
|
|
7,931 |
|
|
|
7,933 |
|
|
|
126 |
|
Property, plant and equipment |
|
4 |
|
|
54,206 |
|
|
|
55,738 |
|
|
|
877 |
|
Derivative assets |
|
13 |
|
|
736 |
|
|
|
271 |
|
|
|
4 |
|
Available for sale investments |
|
7 |
|
|
3,867 |
|
|
|
4,013 |
|
|
|
63 |
|
Non-current tax assets |
|
|
|
|
11,409 |
|
|
|
11,551 |
|
|
|
182 |
|
Deferred tax assets |
|
|
|
|
2,945 |
|
|
|
3,636 |
|
|
|
57 |
|
Other non-current assets |
|
10 |
|
|
14,369 |
|
|
|
14,179 |
|
|
|
223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
|
|
|
163,541 |
|
|
|
166,611 |
|
|
|
2,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
8 |
|
|
4,849 |
|
|
|
4,736 |
|
|
|
74 |
|
Trade receivables |
|
|
|
|
91,531 |
|
|
|
91,740 |
|
|
|
1,443 |
|
Other current assets |
|
10 |
|
|
73,359 |
|
|
|
69,487 |
|
|
|
1,093 |
|
Unbilled revenues |
|
|
|
|
42,338 |
|
|
|
46,259 |
|
|
|
727 |
|
Available for sale investments |
|
7 |
|
|
53,908 |
|
|
|
110,585 |
|
|
|
1,739 |
|
Current tax assets |
|
|
|
|
6,490 |
|
|
|
6,949 |
|
|
|
109 |
|
Derivative assets |
|
13 |
|
|
5,077 |
|
|
|
3,250 |
|
|
|
51 |
|
Cash and cash equivalents |
|
9 |
|
|
158,940 |
|
|
|
132,937 |
|
|
|
2,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
|
436,492 |
|
|
|
465,943 |
|
|
|
7,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
600,033 |
|
|
|
632,554 |
|
|
|
9,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
4,937 |
|
|
|
4,938 |
|
|
|
78 |
|
Share premium |
|
|
|
|
14,031 |
|
|
|
14,120 |
|
|
|
222 |
|
Retained earnings |
|
|
|
|
372,248 |
|
|
|
394,177 |
|
|
|
6,199 |
|
Share based payment reserve |
|
|
|
|
1,312 |
|
|
|
1,688 |
|
|
|
27 |
|
Other components of equity |
|
|
|
|
15,454 |
|
|
|
14,485 |
|
|
|
228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to the equity holders of the Company |
|
|
|
|
407,982 |
|
|
|
429,408 |
|
|
|
6,754 |
|
Non-controlling interest |
|
|
|
|
1,646 |
|
|
|
1,827 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
|
409,628 |
|
|
|
431,235 |
|
|
|
6,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long - term loans and borrowings |
|
11 |
|
|
12,707 |
|
|
|
12,702 |
|
|
|
200 |
|
Deferred tax liabilities |
|
|
|
|
3,240 |
|
|
|
3,186 |
|
|
|
50 |
|
Derivative liabilities |
|
13 |
|
|
71 |
|
|
|
41 |
|
|
|
1 |
|
Non-current tax liabilities |
|
|
|
|
6,695 |
|
|
|
6,269 |
|
|
|
99 |
|
Other non-current liabilities |
|
12 |
|
|
3,658 |
|
|
|
5,441 |
|
|
|
86 |
|
Provisions |
|
12 |
|
|
5 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
|
|
26,376 |
|
|
|
27,651 |
|
|
|
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and borrowings and bank overdrafts |
|
11 |
|
|
66,206 |
|
|
|
69,082 |
|
|
|
1,085 |
|
Trade payables and accrued expenses |
|
|
|
|
58,745 |
|
|
|
63,962 |
|
|
|
1,006 |
|
Unearned revenues |
|
|
|
|
16,549 |
|
|
|
16,829 |
|
|
|
265 |
|
Current tax liabilities |
|
|
|
|
8,036 |
|
|
|
8,932 |
|
|
|
140 |
|
Derivative liabilities |
|
13 |
|
|
753 |
|
|
|
1,261 |
|
|
|
20 |
|
Other current liabilities |
|
12 |
|
|
12,223 |
|
|
|
12,238 |
|
|
|
192 |
|
Provisions |
|
12 |
|
|
1,517 |
|
|
|
1,364 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
|
164,029 |
|
|
|
173,668 |
|
|
|
2,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
|
|
190,405 |
|
|
|
201,319 |
|
|
|
3,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
|
|
600,033 |
|
|
|
632,554 |
|
|
|
9,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed consolidated interim financial statements
|
|
|
|
|
|
|
As per our report of even date attached |
|
For and on behalf of the Board of Directors |
|
|
|
|
for B S R & Co. LLP |
|
Azim H Premji |
|
N Vaghul |
|
|
Chartered Accountants |
|
Chairman |
|
Director |
|
|
Firms Registration No: 101248W/W- 100022 |
|
& Managing Director |
|
|
|
|
|
|
|
|
Vijay Mathur |
|
Jatin Pravinchandra Dalal |
|
T K Kurien |
|
M Sanaulla Khan |
Partner |
|
Chief Financial Officer |
|
Executive Director |
|
Company Secretary |
Membership No. 046476 |
|
|
|
& Chief Executive Officer |
|
|
|
|
|
|
Mumbai |
|
Bangalore |
|
|
|
|
July 23, 2015 |
|
July 23, 2015 |
|
|
|
|
2
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended June 30, |
|
|
|
Notes |
|
2014 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv) |
|
Gross revenues |
|
17 |
|
|
111,358 |
|
|
|
122,376 |
|
|
|
1,923 |
|
Cost of revenues |
|
18 |
|
|
(74,941 |
) |
|
|
(84,787 |
) |
|
|
(1,333 |
) |
Gross profit |
|
|
|
|
36,417 |
|
|
|
37,589 |
|
|
|
590 |
|
Selling and marketing expenses |
|
18 |
|
|
(7,557 |
) |
|
|
(8,044 |
) |
|
|
(126 |
) |
General and administrative expenses |
|
18 |
|
|
(6,187 |
) |
|
|
(6,853 |
) |
|
|
(108 |
) |
Foreign exchange gains/(losses), net |
|
|
|
|
1,098 |
|
|
|
1,330 |
|
|
|
21 |
|
Results from operating activities |
|
|
|
|
23,771 |
|
|
|
24,022 |
|
|
|
377 |
|
Finance expenses |
|
19 |
|
|
(888 |
) |
|
|
(1,286 |
) |
|
|
(20 |
) |
Finance and other income |
|
20 |
|
|
4,239 |
|
|
|
5,242 |
|
|
|
82 |
|
Profit before tax |
|
|
|
|
27,122 |
|
|
|
27,978 |
|
|
|
439 |
|
Income tax expense |
|
16 |
|
|
(5,942 |
) |
|
|
(5,945 |
) |
|
|
(93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
|
|
21,032 |
|
|
|
21,877 |
|
|
|
344 |
|
Non-controlling interest |
|
|
|
|
148 |
|
|
|
156 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per equity share: |
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity share holders of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
8.57 |
|
|
|
8.91 |
|
|
|
0.14 |
|
Diluted |
|
|
|
|
8.54 |
|
|
|
8.89 |
|
|
|
0.14 |
|
Weighted average number of equity shares used in computing earnings per equity share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
2,455,543,231 |
|
|
|
2,455,804,709 |
|
|
|
2,455,804,709 |
|
Diluted |
|
|
|
|
2,462,939,809 |
|
|
|
2,460,584,039 |
|
|
|
2,460,584,039 |
|
The accompanying notes form an integral part of these condensed consolidated interim financial statements
|
|
|
|
|
|
|
As per our report of even date attached |
|
For and on behalf of the Board of Directors |
|
|
|
|
for B S R & Co. LLP |
|
Azim H Premji |
|
N Vaghul |
|
|
Chartered Accountants |
|
Chairman |
|
Director |
|
|
Firms Registration No: 101248W/W- 100022 |
|
& Managing Director |
|
|
|
|
|
|
|
|
Vijay Mathur |
|
Jatin Pravinchandra Dalal |
|
T K Kurien |
|
M Sanaulla Khan |
Partner |
|
Chief Financial Officer |
|
Executive Director |
|
Company Secretary |
Membership No. 046476 |
|
|
|
& Chief Executive Officer |
|
|
|
|
|
|
Mumbai |
|
Bangalore |
|
|
|
|
July 23, 2015 |
|
July 23, 2015 |
|
|
|
|
3
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended June 30, |
|
|
|
Notes |
|
2014 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv) |
|
Profit for the period |
|
|
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
Items that will not be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plan actuarial gains/(losses) |
|
|
|
|
(50 |
) |
|
|
(660 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50 |
) |
|
|
(660 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences |
|
15 |
|
|
832 |
|
|
|
1,603 |
|
|
|
25 |
|
Net change in fair value of cash flow hedges |
|
13,16 |
|
|
(249 |
) |
|
|
(1,999 |
) |
|
|
(30 |
) |
Net change in fair value of available for sale investments |
|
7,16 |
|
|
259 |
|
|
|
112 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
842 |
|
|
|
(284 |
) |
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income, net of taxes |
|
|
|
|
792 |
|
|
|
(944 |
) |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
|
|
|
21,972 |
|
|
|
21,089 |
|
|
|
333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
|
|
21,825 |
|
|
|
20,908 |
|
|
|
330 |
|
Non-controlling interest |
|
|
|
|
147 |
|
|
|
181 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,972 |
|
|
|
21,089 |
|
|
|
333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed consolidated interim financial statements
|
|
|
|
|
|
|
As per our report of even date attached |
|
For and on behalf of the Board of Directors |
|
|
|
|
for B S R & Co. LLP |
|
Azim H Premji |
|
N Vaghul |
|
|
Chartered Accountants |
|
Chairman |
|
Director |
|
|
Firms Registration No: 101248W/W- 100022 |
|
& Managing Director |
|
|
|
|
|
|
|
|
Vijay Mathur |
|
Jatin Pravinchandra Dalal |
|
T K Kurien |
|
M Sanaulla Khan |
Partner |
|
Chief Financial Officer |
|
Executive Director |
|
Company Secretary |
Membership No. 046476 |
|
|
|
& Chief Executive Officer |
|
|
|
|
|
|
Mumbai |
|
Bangalore |
|
|
|
|
July 23, 2015 |
|
July 23, 2015 |
|
|
|
|
4
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other components of equity |
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Particulars |
|
No. of Shares* |
|
|
Share capital |
|
|
Share premium |
|
|
Retained earnings |
|
|
Share based payment reserve |
|
|
Foreign currency translation reserve |
|
|
Cash flow hedging reserve |
|
|
Other reserves |
|
|
Shares held by controlled trust |
|
|
attributable to the equity holders of the Company |
|
|
Non- controlling interest |
|
|
Total equity |
|
As at April 1, 2014 |
|
|
2,466,317,273 |
|
|
|
4,932 |
|
|
|
12,664 |
|
|
|
314,952 |
|
|
|
1,021 |
|
|
|
10,060 |
|
|
|
499 |
|
|
|
(87 |
) |
|
|
(542 |
) |
|
|
343,499 |
|
|
|
1,387 |
|
|
|
344,886 |
|
Total comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,032 |
|
|
|
148 |
|
|
|
21,180 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
832 |
|
|
|
(249 |
) |
|
|
209 |
|
|
|
|
|
|
|
792 |
|
|
|
(1 |
) |
|
|
791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income far the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,032 |
|
|
|
|
|
|
|
832 |
|
|
|
(249 |
) |
|
|
209 |
|
|
|
|
|
|
|
21,824 |
|
|
|
147 |
|
|
|
21,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction with owners of the company, recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of equity shares on exercise of options |
|
|
918,275 |
|
|
|
2 |
|
|
|
229 |
|
|
|
|
|
|
|
(229 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
2 |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(314 |
) |
|
|
(314 |
) |
Compensation cost related to employee share based payment transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31 |
) |
|
|
353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
322 |
|
|
|
|
|
|
|
322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
918,275 |
|
|
|
2 |
|
|
|
229 |
|
|
|
(31 |
) |
|
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324 |
|
|
|
(314 |
) |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2014 |
|
|
2,467,235,548 |
|
|
|
4,934 |
|
|
|
12,893 |
|
|
|
335,953 |
|
|
|
1,145 |
|
|
|
10,892 |
|
|
|
250 |
|
|
|
122 |
|
|
|
(542 |
) |
|
|
365,647 |
|
|
|
1,220 |
|
|
|
366,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience translation into US $ in million (Unaudited) Refer note 2(iv) |
|
|
|
|
|
|
82 |
|
|
|
215 |
|
|
|
5,594 |
|
|
|
19 |
|
|
|
181 |
|
|
|
4 |
|
|
|
2 |
|
|
|
(9 |
) |
|
|
6,088 |
|
|
|
20 |
|
|
|
6,108 |
|
5
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other components of equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Particulars |
|
No. of Shares* |
|
|
Share capital |
|
|
Share premium |
|
|
Retained earnings |
|
|
Share based payment reserve |
|
|
Foreign currency translation reserve |
|
|
Cash flow hedging reserve |
|
|
Other reserves |
|
|
Shares held by controlled trust |
|
|
Equity attributable to the equity holders of the Company |
|
|
Non- controlling interest |
|
|
Total equity |
|
As at April 1,2015 |
|
|
2,469,043,038 |
|
|
|
4,937 |
|
|
|
14,031 |
|
|
|
372,248 |
|
|
|
1,312 |
|
|
|
11,249 |
|
|
|
3,550 |
|
|
|
655 |
|
|
|
|
|
|
|
407,982 |
|
|
|
1,646 |
|
|
|
409,628 |
|
Total comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,877 |
|
|
|
156 |
|
|
|
22,033 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,578 |
|
|
|
(1,999 |
) |
|
|
(548 |
) |
|
|
|
|
|
|
(969 |
) |
|
|
25 |
|
|
|
(944 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,877 |
|
|
|
|
|
|
|
1,578 |
|
|
|
(1,999 |
) |
|
|
(548 |
) |
|
|
|
|
|
|
20,908 |
|
|
|
181 |
|
|
|
21,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction with owners of the company, recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of equity shares on exercise of options |
|
|
257,763 |
|
|
|
1 |
|
|
|
89 |
|
|
|
|
|
|
|
(89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
Compensation cost related to employee share based payment transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 |
|
|
|
465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
517 |
|
|
|
|
|
|
|
517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
257,763 |
|
|
|
1 |
|
|
|
89 |
|
|
|
52 |
|
|
|
376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
518 |
|
|
|
|
|
|
|
518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2015 |
|
|
2,469,300,801 |
|
|
|
4,938 |
|
|
|
14,120 |
|
|
|
394,177 |
|
|
|
1,688 |
|
|
|
12,827 |
|
|
|
1,551 |
|
|
|
107 |
|
|
|
|
|
|
|
429,408 |
|
|
|
1,827 |
|
|
|
431,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience translation into US $ in million (Unaudited) Refer note 2(iv) |
|
|
|
|
|
|
78 |
|
|
|
222 |
|
|
|
6,199 |
|
|
|
27 |
|
|
|
202 |
|
|
|
24 |
|
|
|
2 |
|
|
|
|
|
|
|
6,754 |
|
|
|
29 |
|
|
|
6,783 |
|
* |
Includes 16,640,212 and 14,829,824 treasury shares as of June 30, 2014 and 2015, respectively. |
The
accompanying notes form an integral part of these condensed consolidated interim financial statements
|
|
|
|
|
|
|
As per our report of even date attached |
|
For and on behalf of the Board of Directors |
|
|
|
|
for B S R & Co. LLP |
|
Azim H Premji |
|
N Vaghul |
|
|
Chartered Accountants |
|
Chairman |
|
Director |
|
|
Firms Registration No: 101248W/W- 100022 |
|
& Managing Director |
|
|
|
|
|
|
|
|
Vijay Mathur |
|
Jatin Pravinchandra Dalal |
|
T K Kurien |
|
M Sanaulla Khan |
Partner |
|
Chief Financial Officer |
|
Executive Director |
|
Company Secretary |
Membership No. 046476 |
|
|
|
& Chief Executive Officer |
|
|
|
|
|
|
Mumbai |
|
Bangalore |
|
|
|
|
July 23, 2015 |
|
July 23, 2015 |
|
|
|
|
6
WIPRO LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
(
in millions, except share and per share data, unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended June 30, |
|
|
|
2014 |
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
Translation into US$ in millions (Unaudited) Refer note 2(iv) |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
21,180 |
|
|
|
22,033 |
|
|
|
346 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss/ (gain) on sale of property, plant and equipment and intangible assets, net |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(0 |
) |
Depreciation and amortization |
|
|
2,834 |
|
|
|
3,367 |
|
|
|
53 |
|
Exchange loss, net |
|
|
2,099 |
|
|
|
703 |
|
|
|
11 |
|
Gain on sale of investments, net |
|
|
(898 |
) |
|
|
(413 |
) |
|
|
(6 |
) |
Share based compensation expense |
|
|
322 |
|
|
|
482 |
|
|
|
8 |
|
Income tax expense |
|
|
5,942 |
|
|
|
5,945 |
|
|
|
93 |
|
Dividend and interest (income)/expenses, net |
|
|
(3,140 |
) |
|
|
(4,513 |
) |
|
|
(71 |
) |
Changes in operating assets and liabilities; net of effects from acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables |
|
|
(789 |
) |
|
|
(209 |
) |
|
|
(3 |
) |
Unbilled revenue |
|
|
(2,346 |
) |
|
|
(3,921 |
) |
|
|
(62 |
) |
Inventories |
|
|
(85 |
) |
|
|
113 |
|
|
|
2 |
|
Other assets |
|
|
(2,043 |
) |
|
|
(1,115 |
) |
|
|
(18 |
) |
Trade payables, accrued expenses and other liabilities and provision |
|
|
3,824 |
|
|
|
5,092 |
|
|
|
80 |
|
Unearned revenue |
|
|
181 |
|
|
|
280 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash generated from operating activities before taxes |
|
|
27,079 |
|
|
|
27,843 |
|
|
|
437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid, net |
|
|
(5,415 |
) |
|
|
(5,848 |
) |
|
|
(92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities |
|
|
21,664 |
|
|
|
21,995 |
|
|
|
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(3,271 |
) |
|
|
(3,401 |
) |
|
|
(53 |
) |
Proceeds from sale of property, plant and equipment |
|
|
50 |
|
|
|
95 |
|
|
|
1 |
|
Purchase of available for sale investments |
|
|
(158,301 |
) |
|
|
(225,500 |
) |
|
|
(3,546 |
) |
Proceeds from sale of available for sale investments |
|
|
122,796 |
|
|
|
169,019 |
|
|
|
2,659 |
|
Investment in inter-corporate deposits |
|
|
(13,000 |
) |
|
|
(6,900 |
) |
|
|
(109 |
) |
Refund of inter-corporate deposits |
|
|
|
|
|
|
12,000 |
|
|
|
189 |
|
Payment for deferred consideration in respect of business acquisition |
|
|
(243 |
) |
|
|
|
|
|
|
|
|
Interest received |
|
|
3,214 |
|
|
|
3,648 |
|
|
|
57 |
|
Dividend received |
|
|
109 |
|
|
|
26 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(48,646 |
) |
|
|
(51,013 |
) |
|
|
(801 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of equity shares/shares pending allotment |
|
|
2 |
|
|
|
1 |
|
|
|
0 |
|
Repayment of loans and borrowings |
|
|
(32,960 |
) |
|
|
(28,973 |
) |
|
|
(456 |
) |
Proceeds from loans and borrowings |
|
|
28,124 |
|
|
|
30,912 |
|
|
|
486 |
|
Interest paid on loans and borrowings |
|
|
(254 |
) |
|
|
(409 |
) |
|
|
(6 |
) |
Payment of cash dividend (including dividend tax thereon) |
|
|
(314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from/(used in) financing activities |
|
|
(5,402 |
) |
|
|
1,525 |
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents during the period |
|
|
(32,384 |
) |
|
|
(27,493 |
) |
|
|
(432 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
299 |
|
|
|
731 |
|
|
|
11 |
|
Cash and cash equivalents at the beginning of the period |
|
|
114,201 |
|
|
|
158,713 |
|
|
|
2,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period (Note 9) |
|
|
82,116 |
|
|
|
131,951 |
|
|
|
2,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed consolidated interim financial statements
|
|
|
|
|
|
|
As per our report of even date attached |
|
For and on behalf of the Board of Directors |
|
|
|
|
|
|
for B S R & Co. LLP |
|
Azim H Premji |
|
N Vaghul |
|
|
Chartered Accountants |
|
Chairman |
|
Director |
|
|
Firms Registration No: 101248W/W- 100022 |
|
& Managing Director |
|
|
|
|
|
|
|
|
Vijay Mathur |
|
Jatin Pravinchandra Dalal |
|
T K Kurien |
|
M Sanaulla Khan |
Partner |
|
Chief Financial Officer |
|
Executive Director |
|
Company Secretary |
Membership No. 046476 |
|
|
|
& Chief Executive Officer |
|
|
|
|
|
|
Mumbai |
|
Bangalore |
|
|
|
|
July 23, 2015 |
|
July 23, 2015 |
|
|
|
|
7
WIPRO LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(
in millions, except share and per share data, unless otherwise stated)
Wipro Limited (Wipro or the
Parent Company), together with its subsidiaries (collectively, the Company or the Group) is a leading India based provider of IT Services, including Business Process Services (BPS), globally.
Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited,
Doddakannelli, Sarjapur Road, Bangalore 560 035, Karnataka, India. Wipro has its primary listing with Bombay Stock Exchange and National Stock Exchange in India. The Companys American Depository Shares representing equity shares are
also listed on the New York Stock Exchange. These condensed consolidated interim financial statements were authorized for issue by the Companys Board of Directors on July 23, 2015.
2. |
Basis of preparation of financial statements |
|
(i) |
Statement of compliance |
These condensed consolidated interim financial
statements have been prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), 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, 2015.
These condensed consolidated interim financial statements do not include all the information required for full annual financial statements prepared in accordance with IFRS.
|
(ii) |
Basis of preparation |
These condensed consolidated interim financial
statements are prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.
The condensed consolidated interim financial statements correspond to the classification provisions contained in IAS
1(revised), Presentation of Financial Statements. For clarity, various items are aggregated in the statements of income and statements of financial position. These items are disaggregated separately in the Notes, where applicable.
The accounting policies have been consistently applied to all periods presented in these condensed consolidated interim financial statements.
All amounts included in the condensed consolidated interim 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.
|
(iii) |
Basis of measurement |
The condensed consolidated interim financial
statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items that have been measured at fair value as required by relevant IFRS:
|
a. |
Derivative financial instruments; |
|
b. |
Available-for-sale financial assets; and |
|
c. |
The defined benefit asset/ (liability) is recognised at the present value of defined benefit obligation less fair value of plan assets. |
8
|
(iv) |
Convenience translation (unaudited) |
The accompanying condensed
consolidated interim financial statements have been prepared and reported in Indian rupees, the national currency of India. Solely for the convenience of the readers, the condensed consolidated interim financial statements as of and for the quarter
ended June 30, 2015, have been translated into United States dollars at the certified foreign exchange rate of $ 1 =
63.59, as published by Federal Reserve Board of Governors on June 30, 2015. 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.
|
(v) |
Use of estimates and judgment |
The preparation of the consolidated
financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from those estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the condensed consolidated interim financial statements are included in the following notes:
|
a) |
Revenue recognition: 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, recognized revenue and profit 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. |
|
b) |
Goodwill: Goodwill is tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value.
The recoverable amount of cash generating units is higher of value-in-use and fair value less cost to sell. The calculation involves use of significant estimates and assumptions which includes turnover and earnings multiples, growth rates and net
margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions. |
|
c) |
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. |
|
d) |
Deferred taxes: 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
the expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future
taxable income during the carry-forward period are reduced. |
|
e) |
Business combination: In accounting for business combinations, judgment is required in identifying whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the
acquisition date fair value of the identifiable assets acquired, and liabilities 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. |
9
|
f) |
Other estimates: The preparation of financial statements involves estimates and assumptions that affect the reported amount of assets, liabilities, disclosure of contingent liabilities at the date of financial
statements and the reported amount of revenues and expenses for the reporting period. Specifically, the Company estimates the uncollectability of accounts receivable by analyzing historical payment patterns, customer concentrations, customer
credit-worthiness and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. Similarly, the Company provides for inventory obsolescence, excess inventory and inventories with carrying
values in excess of net realizable value based on assessment of the future demand, market conditions and specific inventory management initiatives. If market conditions and actual demands are less favorable than the Companys estimates,
additional inventory provisions may be required. In all cases inventory is carried at the lower of historical cost and net realizable value. The stock compensation expense is determined based on the Companys estimate of equity instruments that
will eventually vest. |
Non-marketable equity investments are initially recorded at cost and subsequently measured at fair
value. Fair value of investments is determined using the market and income approaches. The market approach includes the use of financial metrics and ratios of comparable companies, such as revenue, earnings, comparable performance multiples, recent
financial rounds and the level of marketability of the investments. The selection of comparable companies requires management judgment and is based on a number of factors, including comparable company sizes, growth rates, and development stages. The
income approach includes the use of discounted cash flow model, which requires significant estimates regarding the investees revenue, costs, and discount rates based on the risk profile of comparable companies. Estimates of revenue and costs
are developed using available historical and forecast data.
3. |
Significant accounting policies |
Please refer to the Companys
Annual Report for the year ended March 31, 2015 for a discussion of the Companys other critical accounting policies.
New
Accounting standards adopted by the Company:
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those followed in the preparation of the Companys annual consolidated financial statements for the year ended March 31, 2015, except for the adoption of amendments and
interpretations effective as of April 1, 2015. Although these amendments and amendments apply for the first time in the current financial year, they do not have a material impact on the condensed consolidated interim financial statements.
New accounting standards not yet adopted:
A number of new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after
April 1, 2015, and have not been applied in preparing these condensed consolidated interim financial statements. New standards, amendments to standards and interpretations that could have a potential impact on the consolidated financial
statements of the Company are:
IFRS 9 Financial instruments
In July 2014, the IASB completed its project to replace IAS 39, Financial Instruments: Recognition and Measurement by
publishing the final version of IFRS 9: Financial Instruments. IFRS 9 introduces a single approach for the classification and measurement of financial assets according to their cash flow characteristics and the business model they are managed in,
and provides a new impairment model based on expected credit losses. IFRS 9 also includes new guidance regarding the application of hedge accounting to better reflect an entitys risk management activities especially with regard to managing
non-financial risks. The new standard is effective for annual reporting periods beginning on or after January 1, 2018, while early application is permitted. The application of IFRS 9 may have a material impact on the classification, measurement
and presentation of the Companys financial assets and liabilities. The Company is currently assessing the impact of adopting IFRS 9 on the Companys consolidated financial statements.
10
IFRS 15 Revenue from Contracts with Customers
IFRS 15 supersedes all existing revenue requirements in IFRS (IAS 11 Construction Contracts, IAS 18 Revenue and related
interpretations). According to the new standard, revenue is recognized to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those
goods or services. IFRS 15 establishes a five step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. Extensive disclosures will be
required, including disaggregation of total revenue; information about performance obligation; changes in contract asset and liability account balances between periods and key judgments and estimates. The standard permits the use of either the
retrospective or cumulative effect transition method. The standard is effective for annual periods beginning on or after January 1, 2017; early application is permitted. In May 2015, the IASB, through an exposure draft, proposed changing the
effective date to periods beginning on or after January 1, 2018 instead of January 1, 2017. The Company is currently assessing the impact of adopting IFRS 15 on the Companys consolidated financial statements.
4. Property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
|
|
Buildings |
|
|
Plant and machinery* |
|
|
Furniture fixtures and equipment |
|
|
Vehicles |
|
|
Total |
|
Gross carrying value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
3,687 |
|
|
|
24,062 |
|
|
|
72,310 |
|
|
|
12,347 |
|
|
|
966 |
|
|
|
113,372 |
|
Translation adjustment |
|
|
1 |
|
|
|
13 |
|
|
|
138 |
|
|
|
26 |
|
|
|
2 |
|
|
|
180 |
|
Additions |
|
|
|
|
|
|
89 |
|
|
|
2,824 |
|
|
|
199 |
|
|
|
2 |
|
|
|
3,114 |
|
Disposal / adjustments |
|
|
|
|
|
|
(36 |
) |
|
|
(748 |
) |
|
|
(129 |
) |
|
|
(36 |
) |
|
|
(949 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2014 |
|
|
3,688 |
|
|
|
24,128 |
|
|
|
74,524 |
|
|
|
12,443 |
|
|
|
934 |
|
|
|
115,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation/impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
|
|
|
|
3,815 |
|
|
|
52,315 |
|
|
|
9,535 |
|
|
|
944 |
|
|
|
66,609 |
|
Translation adjustment |
|
|
|
|
|
|
5 |
|
|
|
87 |
|
|
|
16 |
|
|
|
|
|
|
|
108 |
|
Depreciation |
|
|
|
|
|
|
177 |
|
|
|
2,115 |
|
|
|
351 |
|
|
|
2 |
|
|
|
2,645 |
|
Disposal / adjustments |
|
|
|
|
|
|
(36 |
) |
|
|
(740 |
) |
|
|
(54 |
) |
|
|
(35 |
) |
|
|
(865 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2014 |
|
|
|
|
|
|
3,961 |
|
|
|
53,777 |
|
|
|
9,848 |
|
|
|
911 |
|
|
|
68,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value as at June 30, 2014 |
|
|
3,688 |
|
|
|
20,167 |
|
|
|
20,747 |
|
|
|
2,595 |
|
|
|
23 |
|
|
|
47,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value including Capital work-in-progress as at June 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross carrying value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
3,687 |
|
|
|
24,062 |
|
|
|
72,310 |
|
|
|
12,347 |
|
|
|
966 |
|
|
|
113,372 |
|
Translation adjustment |
|
|
(2 |
) |
|
|
50 |
|
|
|
122 |
|
|
|
(120 |
) |
|
|
(22 |
) |
|
|
28 |
|
Additions |
|
|
|
|
|
|
446 |
|
|
|
11,978 |
|
|
|
873 |
|
|
|
36 |
|
|
|
13,333 |
|
Additions through business combination |
|
|
|
|
|
|
89 |
|
|
|
871 |
|
|
|
120 |
|
|
|
1 |
|
|
|
1,081 |
|
Disposal / adjustments |
|
|
|
|
|
|
(132 |
) |
|
|
(5,687 |
) |
|
|
(522 |
) |
|
|
(151 |
) |
|
|
(6,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015 |
|
|
3,685 |
|
|
|
24,515 |
|
|
|
79,594 |
|
|
|
12,698 |
|
|
|
830 |
|
|
|
121,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation/impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
|
|
|
|
3,815 |
|
|
|
52,315 |
|
|
|
9,535 |
|
|
|
944 |
|
|
|
66,609 |
|
Translation adjustment |
|
|
|
|
|
|
36 |
|
|
|
243 |
|
|
|
(71 |
) |
|
|
2 |
|
|
|
210 |
|
Depreciation |
|
|
|
|
|
|
755 |
|
|
|
9,220 |
|
|
|
1,430 |
|
|
|
12 |
|
|
|
11,417 |
|
Disposal / adjustments |
|
|
|
|
|
|
(93 |
) |
|
|
(5,149 |
) |
|
|
(258 |
) |
|
|
(149 |
) |
|
|
(5,649 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015 |
|
|
|
|
|
|
4,513 |
|
|
|
56,629 |
|
|
|
10,636 |
|
|
|
809 |
|
|
|
72,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value as at March 31, 2015 |
|
|
3,685 |
|
|
|
20,002 |
|
|
|
22,965 |
|
|
|
2,062 |
|
|
|
21 |
|
|
|
48,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value including Capital work-in-progress as at March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross carrying value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2015 |
|
|
3,685 |
|
|
|
24,515 |
|
|
|
79,594 |
|
|
|
12,698 |
|
|
|
830 |
|
|
|
121,322 |
|
Translation adjustment |
|
|
5 |
|
|
|
72 |
|
|
|
647 |
|
|
|
63 |
|
|
|
4 |
|
|
|
791 |
|
Additions |
|
|
|
|
|
|
124 |
|
|
|
2,415 |
|
|
|
189 |
|
|
|
2 |
|
|
|
2,730 |
|
Disposal / adjustments |
|
|
|
|
|
|
|
|
|
|
(450 |
) |
|
|
(311 |
) |
|
|
(16 |
) |
|
|
(777 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2015 |
|
|
3,690 |
|
|
|
24,711 |
|
|
|
82,206 |
|
|
|
12,639 |
|
|
|
820 |
|
|
|
124,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
|
|
Buildings |
|
|
Plant and machinery* |
|
|
Furniture fixtures and equipment |
|
|
Vehicles |
|
|
Total |
|
Accumulated depreciation/impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2015 |
|
|
|
|
|
|
4,513 |
|
|
|
56,629 |
|
|
|
10,636 |
|
|
|
809 |
|
|
|
72,587 |
|
Translation adjustment |
|
|
|
|
|
|
23 |
|
|
|
370 |
|
|
|
42 |
|
|
|
|
|
|
|
435 |
|
Depreciation |
|
|
|
|
|
|
193 |
|
|
|
2,558 |
|
|
|
294 |
|
|
|
8 |
|
|
|
3,053 |
|
Disposal / adjustments |
|
|
|
|
|
|
(39 |
) |
|
|
(455 |
) |
|
|
(217 |
) |
|
|
3 |
|
|
|
(708 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2015 |
|
|
|
|
|
|
4,690 |
|
|
|
59,102 |
|
|
|
10,755 |
|
|
|
820 |
|
|
|
75,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value as at June 30, 2015 |
|
|
3,690 |
|
|
|
20,021 |
|
|
|
23,104 |
|
|
|
1,884 |
|
|
|
|
|
|
|
48,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value including Capital work-in-progress as at June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Including computer equipment and software |
5. Goodwill and intangible assets
The movement in goodwill balance is given below:
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2015 |
|
|
Three months ended June 30, 2015 |
|
Balance at the beginning of the period |
|
|
63,422 |
|
|
|
68,078 |
|
Translation adjustment |
|
|
1,098 |
|
|
|
1,162 |
|
Acquisition through business combination, net |
|
|
3,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the end of the period |
|
|
68,078 |
|
|
|
69,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
|
Customer related |
|
|
Marketing related |
|
|
Total |
|
Gross carrying value: |
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
3,404 |
|
|
|
1,100 |
|
|
|
4,504 |
|
Translation adjustment |
|
|
6 |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2014 |
|
|
3,410 |
|
|
|
1100 |
|
|
|
4,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated amortization and impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
1,892 |
|
|
|
676 |
|
|
|
2,568 |
|
Translation adjustment |
|
|
|
|
|
|
(1 |
) |
|
|
(1 |
) |
Amortization |
|
|
116 |
|
|
|
26 |
|
|
|
142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2014 |
|
|
2,008 |
|
|
|
701 |
|
|
|
2,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value as at June 30, 2014 |
|
|
1,402 |
|
|
|
399 |
|
|
|
1,801 |
|
Gross carrying value: |
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
3,404 |
|
|
|
1,100 |
|
|
|
4,504 |
|
Translation adjustment |
|
|
(1,015 |
) |
|
|
(95 |
) |
|
|
(1,110 |
) |
Disposal/ adjustment |
|
|
|
|
|
|
(100 |
) |
|
|
(100 |
) |
Acquisition through business combination |
|
|
8,228 |
|
|
|
|
|
|
|
8,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015 |
|
|
10,617 |
|
|
|
905 |
|
|
|
11,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
|
Customer related |
|
|
Marketing related |
|
|
Total |
|
Accumulated amortization and impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2014 |
|
|
1,892 |
|
|
|
676 |
|
|
|
2,568 |
|
Translation adjustment |
|
|
|
|
|
|
(104 |
) |
|
|
(104 |
) |
Disposal/ adjustment |
|
|
|
|
|
|
(82 |
) |
|
|
(82 |
) |
Amortization and impairment |
|
|
1,044 |
|
|
|
165 |
|
|
|
1,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015 |
|
|
2,936 |
|
|
|
655 |
|
|
|
3,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value as at March 31, 2015 |
|
|
7,681 |
|
|
|
250 |
|
|
|
7,931 |
|
Gross carrying value: |
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2015 |
|
|
10,617 |
|
|
|
905 |
|
|
|
11,522 |
|
Translation adjustment |
|
|
345 |
|
|
|
33 |
|
|
|
378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2015 |
|
|
10,962 |
|
|
|
938 |
|
|
|
11,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated amortization and impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2015 |
|
|
2,936 |
|
|
|
655 |
|
|
|
3,591 |
|
Translation adjustment |
|
|
|
|
|
|
31 |
|
|
|
31 |
|
Amortization |
|
|
277 |
|
|
|
18 |
|
|
|
295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2015 |
|
|
3,213 |
|
|
|
704 |
|
|
|
3,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying value as at June 30, 2015 |
|
|
7,749 |
|
|
|
234 |
|
|
|
7,983 |
|
Amortization expense on intangible assets is included in selling and marketing expenses in the condensed
consolidated interim statement of income.
6. Business combination
ATCO I-Tek Inc.
On August 15, 2014, the Company obtained control of ATCO I-Tek Inc., a Canadian entity, by acquiring 100% of its share
capital and certain assets of IT services business of ATCO I-Tek Australia (hereafter the acquisitions are collectively referred to as acquisition of ATCO I-Tek) for an all-cash consideration of
11,420 (Canadian Dollars 204 million). ATCO I-Tek provides IT services to ATCO Group. The acquisition will strengthen Wipros IT services delivery model in North America and Australia.
As part of conclusion of certain closing conditions,
349 had been reduced from the purchase price. Consequently, the Company concluded the fair value adjustments of the assets acquired and liabilities assumed on acquisition.
13
The following table presents the allocation of purchase price:
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Pre-acquisition carrying amount |
|
|
Fair value adjustments |
|
|
Purchase price allocated |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
71 |
|
|
|
|
|
|
|
71 |
|
Property, plant & equipment (including capital work-in-progress and software) |
|
|
1,689 |
|
|
|
(278 |
) |
|
|
1,411 |
|
Trade receivables |
|
|
210 |
|
|
|
|
|
|
|
210 |
|
Other assets |
|
|
296 |
|
|
|
|
|
|
|
296 |
|
Customer related intangibles |
|
|
|
|
|
|
8,228 |
|
|
|
8,228 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables and accrued liabilities |
|
|
(798 |
) |
|
|
|
|
|
|
(798 |
) |
Deferred income taxes, net |
|
|
(138 |
) |
|
|
(2,017 |
) |
|
|
(2,155 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1,330 |
|
|
|
5,933 |
|
|
|
7,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
|
|
|
|
|
3,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase price |
|
|
|
|
|
|
|
|
|
|
11,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The goodwill of
3,808 comprises value of expected synergies arising from the acquisition. Goodwill is not expected to be deductible for income tax purposes.
14
7. Available for sale investments
Available for sale investments consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015 |
|
|
As at June 30, 2015 |
|
|
|
Cost* |
|
|
Gross gain recognized directly in equity |
|
|
Gross loss recognized directly in equity |
|
|
Fair Value |
|
|
Cost* |
|
|
Gross gain recognized directly in equity |
|
|
Gross loss recognized directly in equity |
|
|
Fair Value |
|
Investment in liquid and short-term mutual funds and others |
|
|
56,437 |
|
|
|
1,340 |
|
|
|
|
(2) |
|
|
57,775 |
|
|
|
113,254 |
|
|
|
1,344 |
|
|
|
|
|
|
|
114,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
56,437 |
|
|
|
1,340 |
|
|
|
|
(2) |
|
|
57,775 |
|
|
|
113,254 |
|
|
|
1,344 |
|
|
|
|
|
|
|
114,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,585 |
|
Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,013 |
|
* |
Available for sale investments includes investments amounting to
103 (March 31, 2015:
Nil) pledged as margin money deposits for entering into currency future contracts. |
8. Inventories
Inventories consist of the following:
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Stores and spare parts |
|
|
932 |
|
|
|
917 |
|
Raw materials and components |
|
|
3 |
|
|
|
2 |
|
Work in progress |
|
|
2 |
|
|
|
|
|
Finished goods and traded goods |
|
|
3,912 |
|
|
|
3,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,849 |
|
|
|
4,736 |
|
|
|
|
|
|
|
|
|
|
9. Cash and cash equivalents
Cash and cash equivalents as of March 31, 2015 and June 30, 2015 consists of cash and balances on deposit with banks. Cash and cash
equivalents consists of the following:
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Cash and bank balances |
|
|
47,198 |
|
|
|
18,271 |
|
Demand deposits with banks (1) |
|
|
111,742 |
|
|
|
114,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
158,940 |
|
|
|
132,937 |
|
|
|
|
|
|
|
|
|
|
(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 consists of the following for the purpose of the cash flow statement:
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Cash and cash equivalents |
|
|
82,116 |
|
|
|
132,937 |
|
Bank overdrafts |
|
|
|
|
|
|
(986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
82,116 |
|
|
|
131,951 |
|
|
|
|
|
|
|
|
|
|
15
10. Other assets
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Current |
|
|
|
|
|
|
|
|
Inter corporate and term deposits (1) (2) |
|
|
38,500 |
|
|
|
33,400 |
|
Prepaid expenses |
|
|
10,562 |
|
|
|
12,178 |
|
Due from officers and employees |
|
|
3,488 |
|
|
|
3,491 |
|
Finance lease receivables |
|
|
3,461 |
|
|
|
2,795 |
|
Advance to suppliers |
|
|
2,430 |
|
|
|
2,294 |
|
Deferred contract costs |
|
|
3,610 |
|
|
|
3,937 |
|
Interest receivable |
|
|
5,290 |
|
|
|
6,304 |
|
Deposits |
|
|
763 |
|
|
|
773 |
|
Balance with excise, customs and other authorities |
|
|
1,786 |
|
|
|
1,409 |
|
Others (3) (4) |
|
|
3,469 |
|
|
|
2,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
73,359 |
|
|
|
69,487 |
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
Prepaid expenses including rentals for leasehold land |
|
|
6,630 |
|
|
|
7,033 |
|
Finance lease receivables |
|
|
2,899 |
|
|
|
2,579 |
|
Deferred contract costs |
|
|
4,445 |
|
|
|
4,206 |
|
Deposits |
|
|
65 |
|
|
|
22 |
|
Others |
|
|
330 |
|
|
|
339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,369 |
|
|
|
14,179 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
87,728 |
|
|
|
83,666 |
|
|
|
|
|
|
|
|
|
|
(1) |
Such deposits earn a fixed rate of interest and will be liquidated within 12 months |
(2) |
Term deposits include deposits amounting to
300 (March 31, 2015:
300) lien marked as margin money deposits for entering into currency future contracts. |
(3) |
Others include
30 (March 31, 2015:
77) due from Wipro Enterprises Private Limited (formerly Wipro Enterprises Limited) and its subsidiaries. |
(4) |
Others include
426 (March 31, 2015:
400) representing assets held for sale. |
11. Loans and borrowings
A summary of loans and borrowings is as follows:
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31 , 2015 |
|
|
June 30, 2015 |
|
Short-term borrowings from banks |
|
|
64,335 |
|
|
|
67,258 |
|
External commercial borrowings |
|
|
9,375 |
|
|
|
9,548 |
|
Obligations under finance leases |
|
|
4,878 |
|
|
|
4,794 |
|
Term loans |
|
|
325 |
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
Total loans and borrowings |
|
|
78,913 |
|
|
|
81,784 |
|
|
|
|
|
|
|
|
|
|
12. Other liabilities and provisions
|
|
|
|
|
|
|
|
|
|
|
As at |
|
Other liabilities: |
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Current: |
|
|
|
|
|
|
|
|
Statutory and other liabilities |
|
|
3,530 |
|
|
|
3,251 |
|
Employee benefit obligations |
|
|
4,802 |
|
|
|
5,454 |
|
Advance from customers |
|
|
2,200 |
|
|
|
2,193 |
|
Others (1) |
|
|
1,691 |
|
|
|
1,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,223 |
|
|
|
12,238 |
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
As at |
|
Other liabilities: |
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Non-current: |
|
|
|
|
|
|
|
|
Employee benefit obligations |
|
|
3,062 |
|
|
|
4,759 |
|
Others |
|
|
596 |
|
|
|
682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,658 |
|
|
|
5,441 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
15,881 |
|
|
|
17,679 |
|
|
|
|
|
|
|
|
|
|
(1) |
Others include
206 (March 31, 2015:
340) due to Wipro Enterprises Private Limited (formerly Wipro Enterprises Limited) and its subsidiaries. |
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Provisions: |
|
|
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
|
|
Provision for warranty |
|
|
306 |
|
|
|
320 |
|
Others |
|
|
1,211 |
|
|
|
1,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,517 |
|
|
|
1,364 |
|
|
|
|
|
|
|
|
|
|
Non-current: |
|
|
|
|
|
|
|
|
Provision for warranty |
|
|
5 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1,522 |
|
|
|
1,376 |
|
|
|
|
|
|
|
|
|
|
Provision for warranty represents cost associated with providing sales support services which
are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 to 2 years. Other provisions primarily include provisions for tax related contingencies and litigations. The timing of cash outflows in respect of
such provision cannot be reasonably determined.
13. Financial instruments
Derivative assets and liabilities:
The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities, forecasted cash flows
denominated in foreign currency and net investment in foreign operations. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, 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 counterparties as non-material.
The following table presents the aggregate contracted principal amounts of the Companys derivative contracts outstanding:
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Designated derivative instruments |
|
|
|
|
|
|
|
|
Sell |
|
$ |
836 |
|
|
$ |
804 |
|
|
|
£ |
198 |
|
|
£ |
228 |
|
|
|
|
220 |
|
|
|
258 |
|
|
|
AUD |
83 |
|
|
AUD |
86 |
|
Interest rate swaps |
|
$ |
150 |
|
|
$ |
150 |
|
Net investment hedges in foreign operations |
|
|
|
|
|
|
|
|
Others |
|
$ |
145 |
|
|
$ |
135 |
|
17
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
March 31, 2015 |
|
|
June 30, 2015 |
|
Non designated derivative instruments |
|
|
|
|
|
|
|
|
Sell |
|
$ |
1,304 |
|
|
$ |
910 |
|
|
|
£ |
67 |
|
|
£ |
97 |
|
|
|
|
60 |
|
|
|
65 |
|
|
|
AUD |
53 |
|
|
AUD |
43 |
|
|
|
¥ |
490 |
|
|
¥ |
490 |
|
|
|
SGD |
13 |
|
|
SGD |
13 |
|
|
|
ZAR |
69 |
|
|
ZAR |
129 |
|
|
|
CAD |
30 |
|
|
CAD |
25 |
|
|
|
CHF |
10 |
|
|
CHF |
10 |
|
Buy |
|
$ |
790 |
|
|
$ |
920 |
|
The following table summarizes activity in the cash flow hedging reserve within equity related
to all derivative instruments classified as cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
As at June 30, |
|
|
|
2014 |
|
|
2015 |
|
Balance as at the beginning of the period |
|
|
567 |
|
|
|
4,268 |
|
|
|
|
|
|
|
|
|
|
Deferred cancellation gain/(loss) |
|
|
|
|
|
|
47 |
|
Changes in fair value of effective portion of derivatives |
|
|
(252 |
) |
|
|
(2,439 |
) |
|
|
|
|
|
|
|
|
|
Gain/(loss) on cash flow hedging derivatives, net |
|
|
(252) |
|
|
|
(2,392) |
|
|
|
|
|
|
|
|
|
|
Balance as at the end of the period |
|
|
315 |
|
|
|
1,876 |
|
|
|
|
|
|
|
|
|
|
Deferred tax asset/(liability) thereon |
|
|
(65) |
|
|
|
(325) |
|
|
|
|
|
|
|
|
|
|
Balance as at the end of the period, net of deferred tax |
|
|
250 |
|
|
|
1,551 |
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015, June 30, 2014 and 2015, there were no significant 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.
14. Fair value hierarchy
Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled revenues, finance lease
receivables, employee and other advances and eligible current and non-current assets, long and short-term loans and borrowings, finance lease payables, bank overdrafts, trade payable, eligible current liabilities and non-current liabilities. The
fair value of financial assets and liabilities approximate their carrying amount largely due to the short-term nature of such assets and liabilities.
Investments in liquid and short-term mutual funds, which are classified as available-for-sale are measured using quoted market
prices at the reporting date multiplied by the quantity held.
The fair value of derivative financial instruments is
determined based on observable market inputs including currency spot and forward rates, yield curves, currency volatility etc.
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).
18
Level 3 Inputs for the assets or liabilities that are not based on
observable market data (unobservable inputs).
The following table presents fair value of hierarchy of assets and
liabilities measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2015 |
|
|
As at June 30, 2015 |
|
Particulars |
|
Fair value measurements at reporting date using |
|
|
Fair value measurements at reporting date using |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Cash flow hedges |
|
|
4,237 |
|
|
|
|
|
|
|
4,237 |
|
|
|
|
|
|
|
2,178 |
|
|
|
|
|
|
|
2,178 |
|
|
|
|
|
- Net investment hedges |
|
|
140 |
|
|
|
|
|
|
|
140 |
|
|
|
|
|
|
|
144 |
|
|
|
|
|
|
|
144 |
|
|
|
|
|
- Others |
|
|
1,436 |
|
|
|
|
|
|
|
912 |
|
|
|
524 |
|
|
|
1,199 |
|
|
|
|
|
|
|
675 |
|
|
|
524 |
|
Available for sale financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Investment in liquid and short-term mutual funds |
|
|
10,202 |
|
|
|
10,202 |
|
|
|
|
|
|
|
|
|
|
|
47,166 |
|
|
|
47,166 |
|
|
|
|
|
|
|
|
|
- Other investments |
|
|
43,706 |
|
|
|
2,046 |
|
|
|
41,660 |
|
|
|
|
|
|
|
63,419 |
|
|
|
2,211 |
|
|
|
61,208 |
|
|
|
|
|
- Investment in equity instruments |
|
|
3,867 |
|
|
|
|
|
|
|
|
|
|
|
3,867 |
|
|
|
4,013 |
|
|
|
|
|
|
|
|
|
|
|
4,013 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Cash flow hedges |
|
|
80 |
|
|
|
|
|
|
|
80 |
|
|
|
|
|
|
|
354 |
|
|
|
|
|
|
|
354 |
|
|
|
|
|
- Net investment hedges |
|
|
264 |
|
|
|
|
|
|
|
264 |
|
|
|
|
|
|
|
275 |
|
|
|
|
|
|
|
275 |
|
|
|
|
|
- Others |
|
|
480 |
|
|
|
|
|
|
|
480 |
|
|
|
|
|
|
|
673 |
|
|
|
|
|
|
|
673 |
|
|
|
|
|
The following methods and assumptions were used to estimate the fair value of the level 2
financial instruments included in the above table.
Derivative instruments (assets and liabilities): The Company
enters into derivative financial instruments with various counter-parties, 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 on June 30, 2015, 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.
Available for sale investments (Investment in commercial papers): Fair value of available-for-sale financial assets is
derived based on the indicative quotes of price and yields prevailing in the market as on June 30, 2015.
Details of assets and
liabilities considered under Level 3 classification:
|
|
|
|
|
|
|
|
|
|
|
Available for sale investments Equity instruments |
|
|
Derivative Assets Others |
|
Opening Balance as on April 1, 2014 |
|
|
2,676 |
|
|
|
110 |
|
|
|
|
|
|
|
|
|
|
Additions |
|
|
546 |
|
|
|
433 |
|
Disposals/ payouts |
|
|
(916 |
) |
|
|
|
|
Gain/(loss) recognized in statement of income |
|
|
608 |
|
|
|
(19 |
) |
Gain recognized in other comprehensive income |
|
|
953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing balance as on March 31, 2015 |
|
|
3,867 |
|
|
|
524 |
|
|
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
Available for sale investments Equity instruments |
|
|
Derivative Assets Others |
|
Opening Balance as on April 1, 2015 |
|
|
3,867 |
|
|
|
524 |
|
Additions/(Deletions) |
|
|
146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing balance as on June 30, 2015 |
|
|
4,013 |
|
|
|
524 |
|
|
|
|
|
|
|
|
|
|
20
Description of significant unobservable inputs to valuation:
|
|
|
|
|
|
|
|
|
Item |
|
Valuation
technique |
|
Significant
unobservable
inputs |
|
Input |
|
Sensitivity of the input to fair value |
Available for sale investments in unquoted equity shares |
|
Discounted cash flow model |
|
Long term growth rate |
|
2% |
|
0.5% increase (decrease) in growth rate would result in increase (decrease) in fair value of AFS investments by
44, (
40) respectively |
|
|
|
|
|
|
|
|
|
Discount rate |
|
14% |
|
0.5% increase (decrease) in discount rate would result in increase (decrease) in fair value of AFS investments by
85 (
91) respectively |
|
|
|
|
|
|
|
Market multiple approach |
|
Revenue multiple |
|
4.1X |
|
0.5% increase (decrease) in revenue multiple would result in increase (decrease) in fair value of AFS investments by
148 (
152) respectively |
|
|
|
|
|
Derivative assets |
|
Option pricing model |
|
Volatility of comparable companies |
|
45% |
|
2.5% increase (decrease) in volatility would result in increase (decrease) in fair value of the derivative asset by
32, (
33) respectively |
|
|
|
|
|
Time to liquidation event |
|
|
|
|
|
4.5 years |
|
1 year increase (decrease) in time to liquidation event would result in increase
(decrease) in fair value of the derivative asset by
63, (
85), respectively |
15. Foreign currency translation reserve
The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Balance at the beginning of the period |
|
|
10,060 |
|
|
|
11,249 |
|
|
|
|
|
|
|
|
|
|
Translation difference related to foreign operations, net |
|
|
606 |
|
|
|
1,757 |
|
Change in effective portion of hedges of net investment in foreign operations |
|
|
226 |
|
|
|
(179 |
) |
|
|
|
|
|
|
|
|
|
Total change during the period |
|
|
832 |
|
|
|
1,578 |
|
|
|
|
|
|
|
|
|
|
Balance at the end of the period |
|
|
10,892 |
|
|
|
12,827 |
|
|
|
|
|
|
|
|
|
|
16. Income taxes
Income tax expense / (credit) has been allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Income tax expense as per the statement of income |
|
|
5,942 |
|
|
|
5,945 |
|
Income tax included in other comprehensive income on: |
|
|
|
|
|
|
|
|
Unrealized gain on available for sale investments |
|
|
41 |
|
|
|
(106 |
) |
Gain / (loss) on cash flow hedging derivatives |
|
|
(3 |
) |
|
|
(393 |
) |
Defined benefit plan actuarial gains / (losses) |
|
|
(15 |
) |
|
|
(187 |
) |
|
|
|
|
|
|
|
|
|
Total income taxes |
|
|
5,965 |
|
|
|
5,259 |
|
|
|
|
|
|
|
|
|
|
21
Income tax expense consists of the following:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Current taxes |
|
|
|
|
|
|
|
|
Domestic |
|
|
5,090 |
|
|
|
4,833 |
|
Foreign |
|
|
934 |
|
|
|
1,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,024 |
|
|
|
6,003 |
|
|
|
|
|
|
|
|
|
|
Deferred taxes |
|
|
|
|
|
|
|
|
Domestic |
|
|
(182) |
|
|
|
(98) |
|
Foreign |
|
|
100 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(82) |
|
|
|
(58) |
|
|
|
|
|
|
|
|
|
|
Total income tax expense |
|
|
5,942 |
|
|
|
5,945 |
|
|
|
|
|
|
|
|
|
|
Income tax expense is net of reversal of provisions recorded in earlier periods, which are no longer required,
amounting to
578 and
355 for the three months ended June 30, 2014 and 2015 respectively.
17. Revenues
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Rendering of services |
|
|
103,846 |
|
|
|
113,866 |
|
Sale of products |
|
|
7,512 |
|
|
|
8,510 |
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
111,358 |
|
|
|
122,376 |
|
|
|
|
|
|
|
|
|
|
18. Expenses by nature
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Employee compensation |
|
|
53,889 |
|
|
|
59,007 |
|
Raw materials, finished goods and stores and spares consumed |
|
|
6,578 |
|
|
|
7,441 |
|
Sub-contracting/technical fees/third party application |
|
|
11,679 |
|
|
|
14,541 |
|
Travel |
|
|
5,038 |
|
|
|
5,657 |
|
Depreciation and amortization |
|
|
2,834 |
|
|
|
3,367 |
|
Repairs |
|
|
2,276 |
|
|
|
2,684 |
|
Advertisement |
|
|
330 |
|
|
|
433 |
|
Communication |
|
|
1,279 |
|
|
|
1,278 |
|
Rent |
|
|
965 |
|
|
|
1,265 |
|
Power and fuel |
|
|
786 |
|
|
|
745 |
|
Legal and professional fees |
|
|
784 |
|
|
|
980 |
|
Rates, taxes and insurance |
|
|
460 |
|
|
|
660 |
|
Provision for doubtful debt |
|
|
292 |
|
|
|
219 |
|
Miscellaneous expenses |
|
|
1,495 |
|
|
|
1,407 |
|
|
|
|
|
|
|
|
|
|
Total cost of revenues, selling and marketing and general and administrative expenses |
|
|
88,685 |
|
|
|
99,684 |
|
|
|
|
|
|
|
|
|
|
19. Finance expense
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Interest expense |
|
|
202 |
|
|
|
316 |
|
Exchange fluctuation on foreign currency borrowings, net |
|
|
686 |
|
|
|
970 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
888 |
|
|
|
1,286 |
|
|
|
|
|
|
|
|
|
|
22
20. Finance and other income
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Interest income |
|
|
3,232 |
|
|
|
4,803 |
|
Dividend income |
|
|
109 |
|
|
|
26 |
|
Gain on sale of investments |
|
|
898 |
|
|
|
413 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
4,239 |
|
|
|
5,242 |
|
|
|
|
|
|
|
|
|
|
21. 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 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 |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Profit attributable to equity holders of the Company |
|
|
21,032 |
|
|
|
21,877 |
|
Weighted average number of equity shares outstanding |
|
|
2,455,543,231 |
|
|
|
2,455,804,709 |
|
Basic earnings per share |
|
|
8.57 |
|
|
|
8.91 |
|
Diluted: Diluted earnings per 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 shares that could have been acquired at fair value
(determined as the average market price of the Companys shares during the period). The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Profit attributable to equity holders of the Company |
|
|
21,032 |
|
|
|
21,877 |
|
Weighted average number of equity shares outstanding |
|
|
2,455,543,231 |
|
|
|
2,455,804,709 |
|
Effect of dilutive equivalent share options |
|
|
7,396,578 |
|
|
|
4,779,330 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of equity shares for diluted earnings per share |
|
|
2,462,939,809 |
|
|
|
2,460,584,039 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
8.54 |
|
|
|
8.89 |
|
22. Employee benefits
|
a) |
Employee costs include: |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Salaries and bonus |
|
|
52,466 |
|
|
|
57,342 |
|
Employee benefit plans |
|
|
|
|
|
|
|
|
Gratuity |
|
|
162 |
|
|
|
186 |
|
Contribution to provident and other funds |
|
|
939 |
|
|
|
997 |
|
Share based compensation |
|
|
322 |
|
|
|
482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
53,889 |
|
|
|
59,007 |
|
|
|
|
|
|
|
|
|
|
23
|
b) |
The employee benefit cost is recognized in the following line items in the statement of income: |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
Cost of revenues |
|
|
45,358 |
|
|
|
49,947 |
|
Selling and marketing expenses |
|
|
5,432 |
|
|
|
5,748 |
|
General and administrative expenses |
|
|
3,099 |
|
|
|
3,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
53,889 |
|
|
|
59,007 |
|
|
|
|
|
|
|
|
|
|
The Company has granted 2,485,000 and 2,747,400 options under RSU option plan and 1,688,500 and 1,487,700
options under ADS option plan during the three months ended June 30, 2014 and 2015.
23. Commitments and contingencies
Capital commitments: As at March 31, 2015 and June 30, 2015, the Company had committed to spend approximately
1,262 and
1,681 respectively, under agreements to purchase property and equipment. These amounts are net of capital advances paid in respect of these purchases.
Guarantees: As at March 31, 2015 and June 30, 2015, performance and financial guarantees provided by banks on behalf of
the Company to the Indian Government, customers and certain other agencies amount to approximately
21,235 and
22,685, respectively, as part of the bank line of credit.
Contingencies and lawsuits: The
Company is subject to legal proceedings and claims (including tax assessment orders/ penalty notices) 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 significant of such matters are discussed below.
In March 2004, the Company
received a tax demand for year ended March 31, 2001 arising primarily on account of denial of deduction under section 10A of the Income Tax Act, 1961 (Act) in respect of profit earned by the Companys undertaking in Software Technology
Park at Bangalore. The same issue was repeated in the successive assessments for the years ended March 31, 2002 to March 31, 2010 and the aggregate demand is
46,515 (including interest of
13,673). 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, 2007. Further appeals
have been filed by the Income tax authorities before the Honble High Court. The Honble High Court has heard and disposed-off the appeals up to years ended March 31, 2004. Order of the Honble High Court is not yet received.
On similar issues for years prior to years ended March 2001, the Honble High Court in Karnataka has upheld the claim
of the Company under section 10A of the Act. For the years ended March 31, 2008 and March 31, 2009, the appeals are pending before Income Tax Appellate Tribunal (Tribunal). For year ended March 31, 2010, the Dispute Resolution Panel
(DRP) allowed the claim of the Company under section 10A of the Act. The Income tax authorities have filed an appeal before the Tribunal.
For year ended March 2011, the Company received the draft assessment order in March 2015, on similar grounds as that of earlier
years, with a demand of
7,852 (including interest of
2,547) for the year ended March 31, 2011.
Considering the facts and nature of
disallowance and the order of the appellate authority/ Honble Karnataka High Court upholding the claims of the Company for earlier years, the Company believes that the final outcome of the above disputes should be in favor of the Company and
there should not be any material adverse impact on the financial statements.
The contingent liability in respect of
disputed demands for excise duty, custom duty, sales tax and other matters amounts to
2,560 and
2,642 as of March 31, 2015 and June 30, 2015.
24
24. Segment information
The Company is organized by the following operating segments; IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals as follows:
Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail, Consumer, Transport and Government (RCTG), Energy, Natural Resources and Utilities (ENU), Manufacturing and High-Tech (MFG), Global Media and Telecom
(GMT). It also includes Others which comprises dividend income and gains or losses (net) relating to strategic investments, which are presented within Finance and other income in the statement of Income. Key service offerings to
customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process
services.
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.
The Chairman and Managing Director of the Company has been identified as the Chief
Operating Decision Maker (CODM) as defined by IFRS 8, Operating Segments. The Chairman of the Company evaluates the segments based on their revenue growth and operating income.
Assets and liabilities used in the Companys 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 segment for the three months ended June 30, 2014 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Services |
|
|
IT Products |
|
|
Reconciling Items |
|
|
Entity total |
|
|
|
BFSI |
|
|
HLS |
|
|
RCTG |
|
|
ENU |
|
|
MFG |
|
|
GMT |
|
|
Others |
|
|
Total |
|
|
|
|
Revenue |
|
|
28,065 |
|
|
|
11,290 |
|
|
|
14,727 |
|
|
|
16,822 |
|
|
|
19,110 |
|
|
|
15,069 |
|
|
|
|
|
|
|
105,083 |
|
|
|
7,660 |
|
|
|
(287 |
) |
|
|
112,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Result |
|
|
6,624 |
|
|
|
2,131 |
|
|
|
3,188 |
|
|
|
4,553 |
|
|
|
4,368 |
|
|
|
3,762 |
|
|
|
|
|
|
|
24,626 |
|
|
|
165 |
|
|
|
(397 |
) |
|
|
24,394 |
|
Unallocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(623 |
) |
|
|
|
|
|
|
|
|
|
|
(623 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Result Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,003 |
|
|
|
165 |
|
|
|
(397 |
) |
|
|
23,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(888 |
) |
Finance and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,942 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information on reportable segment for the three months ended June 30, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Services |
|
|
IT Products |
|
|
Reconciling Items |
|
|
Entity total |
|
|
|
BFSI |
|
|
HLS |
|
|
RCTG |
|
|
ENU |
|
|
MFG |
|
|
GMT |
|
|
Others |
|
|
Total |
|
|
|
|
Revenue |
|
|
31,020 |
|
|
|
12,988 |
|
|
|
17,380 |
|
|
|
17,577 |
|
|
|
21,524 |
|
|
|
15,284 |
|
|
|
|
|
|
|
115,773 |
|
|
|
8,174 |
|
|
|
(241 |
) |
|
|
123,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Result |
|
|
7,013 |
|
|
|
2,759 |
|
|
|
3,140 |
|
|
|
3,812 |
|
|
|
4,327 |
|
|
|
2,698 |
|
|
|
|
|
|
|
23,749 |
|
|
|
139 |
|
|
|
(396 |
) |
|
|
23,492 |
|
Unallocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
530 |
|
|
|
|
|
|
|
|
|
|
|
530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Result Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,279 |
|
|
|
139 |
|
|
|
(396 |
) |
|
|
24,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,286 |
) |
Finance and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,945 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
The Company has four geographic segments: India, Americas, Europe and Rest of the world. Revenues
from the geographic segments based on domicile of the customer are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
June 30, 2014 |
|
|
June 30, 2015 |
|
India |
|
|
11,072 |
|
|
|
13,354 |
|
Americas |
|
|
52,876 |
|
|
|
61,061 |
|
Europe |
|
|
31,367 |
|
|
|
30,006 |
|
Rest of the world |
|
|
17,141 |
|
|
|
19,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
112,456 |
|
|
|
123,706 |
|
|
|
|
|
|
|
|
|
|
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.
No client individually accounted for more than 10% of
the revenues during the three months ended June 30, 2014 and 2015.
Notes:
a) |
Reconciling items includes elimination of inter-segment transactions, dividend income/ gains/ losses relating to strategic investments and other corporate activities. |
b) |
Segment result represents operating profits of the segments and dividend income and gains or losses (net) relating to strategic investments, which are presented within Finance and other income in the
statement of Income. |
c) |
Revenues include excise duty of
1 and Nil for the period ended June 30, 2014 and 2015, respectively. For the purpose of segment reporting, the segment revenues are net of excise duty. Excise duty is reported in reconciling items.
|
d) |
Revenue from sale of traded cloud based licenses is reported as part of IT Services revenues. |
e) |
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 statement of income).
|
f) |
For evaluating performance of the individual operating segments, stock compensation expense is allocated on the basis of straight line amortization. The differential impact of accelerated amortization of stock
compensation expense over stock compensation expense allocated to the individual operating segments is reported in reconciling items. |
g) |
For evaluating the performance of the individual operating segments, amortization of customer and marketing related intangibles acquired through business combinations are reported in reconciling items.
|
h) |
The Company generally offers multi-year payment terms in certain total outsourcing contracts. These payment terms primarily relate to IT hardware, software and certain transformation services in outsourcing contracts.
Corporate treasury provides internal financing to the business units offering multi-year payments terms. The finance income on deferred consideration earned under these contracts is included in the revenue of the respective segment and is eliminated
under reconciling items. |
25. List of subsidiaries as of June 30, 2015 are provided in the table below.
|
|
|
|
|
|
|
Subsidiaries |
|
Subsidiaries |
|
Subsidiaries |
|
Country of Incorporation |
Wipro LLC |
|
|
|
|
|
USA |
|
|
Wipro Gallagher Solutions Inc |
|
Opus Capital Markets Consultants LLC |
|
USA |
|
|
Infocrossing Inc. |
|
|
|
USA |
|
|
Wipro Promax Analytics Solutions LLC |
|
|
|
USA |
|
|
Wipro Insurance Solutions LLC Macaw Merger
Inc. Wipro IT Services Inc. |
|
|
|
USA USA USA |
26
|
|
|
|
|
|
|
Subsidiaries |
|
Subsidiaries |
|
Subsidiaries |
|
Country of Incorporation |
Wipro Overseas IT Services Pvt Ltd |
|
|
|
|
|
India |
|
|
|
|
Wipro Japan KK |
|
|
|
|
|
Japan |
|
|
|
|
Wipro Shanghai Limited |
|
|
|
|
|
China |
|
|
|
|
Wipro Trademarks Holding Limited |
|
|
|
|
|
India |
|
|
|
|
Wipro Travel Services Limited |
|
|
|
|
|
India |
|
|
|
|
Wipro Holdings (Mauritius) Limited |
|
|
|
|
|
Mauritius |
|
|
Wipro Holdings UK Limited |
|
|
|
U.K. |
|
|
|
|
Wipro Information Technology Austria GmbH(A) |
|
Austria |
|
|
|
|
Wipro Digital ApS 3D Networks (UK) Limited
Wipro Europe Limited (A) |
|
Denmark U.K. U.K. |
|
|
|
|
Wipro Promax Analytics Solutions (Europe) Limited |
|
UK |
|
|
|
|
Wipro Cyprus Private Limited |
|
|
|
|
|
Cyprus |
|
|
Wipro Doha LLC# |
|
|
|
Doha |
|
|
Wipro Technologies S.A DE C. V |
|
|
|
Mexico |
|
|
Wipro BPO Philippines LTD. Inc |
|
|
|
Philippines |
|
|
Wipro Holdings Hungary Korlátolt Felelősségű Társaság |
|
|
|
Hungary |
|
|
Wipro Technologies Argentina SA |
|
|
|
Argentina |
|
|
Wipro Information Technology Egypt SAE |
|
|
|
Egypt |
|
|
Wipro Arabia Limited* |
|
|
|
Saudi Arabia |
|
|
Wipro Poland Sp Z.o.o |
|
|
|
Poland |
|
|
Wipro IT Services Poland Sp. z o. o |
|
|
|
Poland |
|
|
Wipro Technologies Australia Pty Ltd (formerly Wipro Promax Analytics Solutions Pty Ltd) |
|
|
|
Australia |
|
|
Wipro Corporate Technologies Ghana Limited |
|
|
|
Ghana |
|
|
Wipro Technologies South Africa (Proprietary) Limited |
|
|
|
South Africa |
|
|
|
|
Wipro Technologies Nigeria Limited |
|
Nigeria |
|
|
|
|
|
|
Wipro Information Technology Netherlands BV. |
|
|
|
Netherland |
|
|
|
|
Wipro Portugal S.A.(A) |
|
Portugal |
|
|
|
|
Wipro Technologies Limited, Russia |
|
Russia |
|
|
|
|
Wipro Technology Chile SPA |
|
Chile |
|
|
|
|
Wipro Technologies Canada Limited(A) |
|
Canada |
27
|
|
|
|
|
|
|
Subsidiaries |
|
Subsidiaries |
|
Subsidiaries |
|
Country of Incorporation |
|
|
|
|
Wipro Information Technology Kazakhstan LLP |
|
Kazakhstan |
|
|
|
|
Wipro Technologies W.T. Sociedad Anonima Wipro Outsourcing Services (Ireland) LimitedWipro IT Services Ukraine LLC
Wipro Technologies Norway AS Wipro Technologies
VZ, C.A. |
|
Costa Rica Ireland Ukraine
Norway Venezuela |
|
|
|
|
Wipro Technologies Peru S.A.C |
|
Peru |
|
|
|
|
|
|
Wipro Technologies SRL |
|
|
|
Romania |
|
|
PT WT Indonesia |
|
|
|
Indonesia |
|
|
|
|
|
|
Wipro Australia Pty Limited |
|
|
|
Australia |
|
|
|
|
Wipro Promax Holdings Pty Ltd(A) |
|
Australia |
|
|
|
|
|
|
Wipro (Thailand) Co Limited |
|
|
|
Thailand |
|
|
|
|
|
|
Wipro Bahrain Limited WLL |
|
|
|
Bahrain |
|
|
|
|
|
|
Wipro Gulf LLC Wipro Technologies Spain
S.L. |
|
|
|
Sultanate of Oman Spain |
|
|
|
|
Wipro Networks Pte Limited |
|
|
|
|
|
Singapore |
|
|
|
|
|
|
Wipro Technologies SDN BHD |
|
|
|
Malaysia |
|
|
|
|
Wipro Chengdu Limited |
|
|
|
|
|
China |
|
|
|
|
Wipro Airport IT Services Limited* |
|
|
|
|
|
India |
* |
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 74% of the equity securities of Wipro Airport IT Services Limited
|
# |
51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial interest in these holdings is with the Company. |
The Company controls The Wipro SA Broad Based Ownership Scheme Trust and Wipro SA Broad Based Ownership
Scheme SPV (RF) (PTY) LTD incorporated in South Africa.
(A) |
Step Subsidiary details of Wipro Information Technogoty Austria GmbH, Wipro Portugal S.A, Wipro Europe Limited, Wipro Promax Holdings Pty Ltd and Wipro Technologies
Canada limited are as follows: |
|
|
|
|
|
Subsidiaries |
|
Subsidiaries |
|
Country of
Incorporation |
Wipro Information Technogoty Austria GmbH |
|
|
|
Austria |
|
|
Wipro Technologies Austria GmbH |
|
Austria |
|
|
New Logic Technologies SARL |
|
France |
|
|
|
Wipro Europe Limited (formerly SAIC Europe
Limited) |
|
|
|
U.K. |
|
|
|
|
|
Wipro UK Limited |
|
U.K. |
28
|
|
|
|
|
Subsidiaries |
|
Subsidiaries |
|
Country of
Incorporation |
|
|
Wipro Europe SARL |
|
France |
|
|
|
Wipro Portugal S.A. |
|
|
|
Portugal |
|
|
SAS Wipro France |
|
France |
|
|
Wipro Retail UK Limited |
|
U.K. |
|
|
Wipro do Brasil Technologia Ltda |
|
Brazil |
|
|
Wipro Technologies Gmbh |
|
Germany |
|
|
Wipro Do Brasil Sistemetas De Informatica Ltd |
|
Brazil |
|
|
|
Wipro Promax Holdings Pty Ltd |
|
|
|
Australia |
|
|
Wipro Promax IP Pty Ltd (formerly PAG IP Pty Ltd) |
|
Australia |
|
|
|
Wipro Technologies Canada Limited |
|
|
|
Canada |
|
|
Wipro Solutions Canada Limited |
|
Canada |
26. Bank balances
Details of balances with banks as of June 30, 2015 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Name |
|
In Current Account |
|
|
In Deposit Account |
|
|
Total |
|
Axis Bank |
|
|
|
|
|
|
26,602 |
|
|
|
26,602 |
|
ICICI Bank Ltd |
|
|
29 |
|
|
|
24,254 |
|
|
|
24,283 |
|
Bank of Baroda |
|
|
|
|
|
|
17,640 |
|
|
|
17,640 |
|
Canara Bank |
|
|
|
|
|
|
14,890 |
|
|
|
14,890 |
|
Corporation Bank |
|
|
|
|
|
|
9,500 |
|
|
|
9,500 |
|
Citi Bank |
|
|
6,105 |
|
|
|
771 |
|
|
|
6,876 |
|
HSBC |
|
|
4,775 |
|
|
|
1,805 |
|
|
|
6,580 |
|
Yes Bank |
|
|
|
|
|
|
4,500 |
|
|
|
4,500 |
|
Vijaya Bank |
|
|
|
|
|
|
4,300 |
|
|
|
4,300 |
|
Oriental Bank of Commerce |
|
|
|
|
|
|
4,000 |
|
|
|
4,000 |
|
Wells Fargo Bank |
|
|
3,834 |
|
|
|
|
|
|
|
3,834 |
|
IDBI Bank Ltd |
|
|
55 |
|
|
|
3,050 |
|
|
|
3,105 |
|
Punjab National Bank |
|
|
|
|
|
|
1,500 |
|
|
|
1,500 |
|
Saudi British Bank |
|
|
100 |
|
|
|
611 |
|
|
|
711 |
|
Bank of Montreal |
|
|
579 |
|
|
|
|
|
|
|
579 |
|
Deutsche Bank |
|
|
543 |
|
|
|
|
|
|
|
543 |
|
HDFC Bank |
|
|
281 |
|
|
|
114 |
|
|
|
395 |
|
Standard Chartered Bank |
|
|
129 |
|
|
|
160 |
|
|
|
289 |
|
ING Vysya Ltd |
|
|
8 |
|
|
|
250 |
|
|
|
258 |
|
Shinhan Bank |
|
|
2 |
|
|
|
255 |
|
|
|
257 |
|
Ratnakar Bank |
|
|
|
|
|
|
250 |
|
|
|
250 |
|
Indian Overseas Bank |
|
|
2 |
|
|
|
144 |
|
|
|
146 |
|
Bank Of America |
|
|
117 |
|
|
|
|
|
|
|
117 |
|
Abu Dhabi Commercial Bank |
|
|
82 |
|
|
|
|
|
|
|
82 |
|
Standard Bank |
|
|
74 |
|
|
|
|
|
|
|
74 |
|
BBVA Provincial |
|
|
1 |
|
|
|
70 |
|
|
|
71 |
|
ANZ Bank |
|
|
48 |
|
|
|
|
|
|
|
48 |
|
State Bank of India |
|
|
42 |
|
|
|
|
|
|
|
42 |
|
Others including cash and cheques on hand |
|
|
1,463 |
|
|
|
2 |
|
|
|
1,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
18,269 |
|
|
|
114,668 |
|
|
|
132,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
27. Subsequent event
Subsequent to the period end, on July 9, 2015, the Company entered into a definitive agreement to acquire Designit A/S
(Designit), a global strategic design firm specializing in designing transformative product-service experiences, for a total purchase consideration of approximately EURO 85 million, including a deferred earn-out component. The
acquisition strengthens the Companys move to evolve its Digital offerings. The acquisition is subject to completion of customary closing conditions.
The accompanying notes form an integral part of these condensed consolidated interim financial statements
|
|
|
|
|
|
|
As per our report of even date attached |
|
For and on behalf of the Board of Directors |
|
|
|
|
for B S R & Co. LLP |
|
Azim H Premji |
|
N Vaghul |
|
|
Chartered Accountants |
|
Chairman |
|
Director |
|
|
Firms Registration No: 101248W/W- 100022 |
|
& Managing Director |
|
|
|
|
|
|
|
|
Vijay Mathur |
|
Jatin Pravinchandra Dalal |
|
T K Kurien |
|
M Sanaulla Khan |
Partner |
|
Chief Financial Officer |
|
Executive Director |
|
Company Secretary |
Membership No. 046476 |
|
|
|
& Chief Executive Officer |
|
|
|
|
|
|
Mumbai |
|
Bangalore |
|
|
|
|
July 23, 2015 |
|
July 23, 2015 |
|
|
|
|
30
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