WIT Wipro Ltd

 

 

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 October 2015

Commission File Number 001-16139

 

 

Wipro Limited

(Exact name of Registrant as specified in its charter)

 

 

Not Applicable

(Translation of Registrant’s 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  x             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    x

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  x

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 registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s 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 registrant’s 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.

 

 

 

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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 September 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 October 21, 2015, we announced our results of operations for the three months and six months ended September 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 October 21, 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 and six months ended September 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 September 30, 2015 under IFRS. A copy of such financial statements are attached to this Form 6-K as Item 99.4.

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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.

 

Dated: October 28, 2015

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INDEX TO EXHIBITS

 

Item
99.1		IFRS Press Release
99.2		Presentation made by the Company at the Press Conference on October 21, 2015
99.3		Form of Advertisement Placed in Indian Newspapers
99.4		Consolidated Interim Financial Statements under IFRS

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

Results for the quarter ended September 30, 2015 under IFRS

Net Income grew 7% YoY

IT Services Revenue grew 3.1% in constant currency

Bangalore, India and East Brunswick, New Jersey, USA – October 21, 2015 — Wipro Limited (NYSE:WIT) today announced financial results under International Financial Reporting Standards (IFRS) for its second quarter ended September 30, 2015.

Highlights of the Results:

 

•

Gross Revenues were 125.1 billion ($1.9 billion1), an increase of 7% YoY.

 

•

Net Income2 was 22.4 billion ($341 million1), an increase of 7% YoY.

 

•

IT Services Segment Revenue was $1,831.9 million, a sequential increase of 2.1%

 

•

Non-GAAP constant currency IT Services Segment Revenue in dollar terms grew 3.1% sequentially and grew 8.4% YoY

 

•

IT Services Segment Revenue was 120.4 billion ($1,838.6 million1), an increase of 10% YoY.

 

•

IT Services Segment Profit3 was 25.0 billion ($381 million1), an increase of 4% YoY.

 

•

IT Services Segment Margins was 20.7% for the quarter.

 

•

Headcount increased by 6,607 to 168,396.

Performance for the quarter ended September 30, 2015

T K Kurien, Member of the Board & Chief Executive Officer of Wipro, said – “During the quarter, we grew IT Services Revenues in dollar terms by 3.1% in constant currency and maintained margins in a narrow range. Wipro Digital, strengthened uniquely by the addition of Designit, with both strategic design process capability along with Wipro’s technological capability is positioning us uniquely as an integrated design and technology player. Wipro HOLMES^TM, our cognitive intelligence platform, is engaged in 12 projects in business-critical areas for marquee customers and positioning Wipro favorably in the marketplace.”

Jatin Dalal, Chief Financial Officer of Wipro, said – “Our investments in next-gen delivery practices generated productivity to significantly mitigate the impact of wage hikes and utilization on operating margins. The impact of cross-currency on operating margins were compensated by the benefits from rupee depreciation.”

Outlook for the Quarter ending December 31, 2015

We expect Revenues from our IT Services business to be in the range of $ 1,841 million to $ 1,878 million*.

 

*	Guidance is based on the following exchange rates: GBP/USD at 1.55, Euro/USD at 1.12, AUD/USD at 0.72, USD/INR at 65.34 and USD/CAD at 1.33

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 September 30, 2015, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1= 65.50. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2015 was US$1= 65.74

2.	Refers to ‘Profit for the period attributable to equity holders of the company’

3.	Refers to Segment Results

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IT Services

The IT Services segment had a headcount of 168,396 as of September 30, 2015. We added 67 new customers during the quarter.

Wipro sustained its momentum in winning Large Deals globally as described below:

One of Wipro’s largest oil & gas supermajor customers extended the scope of its engagement with the company in its Downstream segment and in Global Functions. The long standing engagement now incorporates application management services for the customer’s refineries and petrochemical plants around the world and across all its global functions.

Wipro has been selected by a leading automotive tier 1 company in the U.S. as a preferred supplier of Embedded Engineering Services to assist in the development of their existing and advanced technologies in the areas of the Connected Car. Through this engagement, Wipro will assist the client to develop advance technology to support their entry into new market segments including next generation infotainment systems, human machine interfaces, heads-up displays and advance driver assist systems.

Wipro has won a multi-year engagement with a world renowned airline that represents both a renewal of existing business as well as a foray into new services to be provided from a new geography. The transformational program enabled by Wipro will bring analytical insights into the delivery of services to further enhance end-user customer experience for the client.

A multi-national beverage company has chosen Wipro to upgrade its IT infrastructure, provide end-to-end support for critical business applications and support its IT operations.

Telenor entered into an understanding with Wipro to transform its IT delivery model in two of its Asian operating companies. As part of the engagement, Wipro will set up a IT Synergy services model, to achieve significant efficiency in IT costs and service delivery. Telenor selected Wipro for its global leadership in the telecom industry and infrastructure services. The project is part of Telenor’s ambition to realize a One-IT vision across its operations in Asia.

Wipro has been selected by CIDCO of Maharashtra Ltd, an undertaking of Govt. of Maharashtra, for a safe and smart city project to deploy IT infrastructure and surveillance for the areas under CIDCO administration between Kharghar and New Panvel in Mumbai. This includes the installation and connectivity of 574 cameras across 293 locations that conduct automatic number plate and speed detection. In addition, it also consists of other smart city components like emergency calling booths, public address systems, variable messaging signs, gunshot detection sensors, parking availability information, and a centralised command center.

Wipro has entered into a strategic engagement with Airtel for a Big Data transformation project wherein Wipro will leverage new age technology to build a next generation Data Ware Housing platform based on Hadoop. In addition to the transformation of the existing business intelligence ecosystem, Wipro will bring agility and flexibility into the new platform to help Airtel achieve its objectives of an enriched customer experience by giving customers the best offers possible.

Digital highlights

Wipro has been chosen by Chelsea Football Club as its official digital and IT partner. Chelsea FC, the reigning champions of the English Premier League, is one of the earliest adopters of Digital to engage and differentiate themselves - both as a team and as a club. Wipro will support Chelsea FC in this transformation journey by bringing together strategy, design and technology. Chelsea FC will work with Wipro to create experiences for millions of fans that span not only the in-stadium, game-day experience but also their digital experience, anytime and anywhere.

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Wipro would be developing a multi-cloud-based video distribution workflow solution for an Over-the-Top (OTT) service provider that would allow them to scale, increase reliability and geographic reach. Wipro is enabling delivery of media services, leveraging different cloud providers’ services and automating the cloud provider selection decision. This would be a first in the OTT industry for delivering media dynamically by leveraging different cloud services provider, based on cost optimization, reliability and scale.

Designit, the global strategic design firm that became part of Wipro in the quarter ended September 30, 2015, continues to attract leading global brands as they reimagine customer experience.

 

•

Scandinavian Airlines has selected Designit to help the airline rethink and redesign the future customer experience for its large base of over 4 million frequent flyers.

 

•

Designit has also been appointed by a major European automotive brand to rethink and redesign its entire service experience for customers that visit the brand’s dealerships for maintenance and service work.

 

•

Designit has been appointed by a global Pharmaceutical brand to work on reimagining and improving its innovation process and to take the brand on a journey to rethink the business offering beyond the core pharmaceutical products of today and to drive the digital business transformation of tomorrow.

Open Source Highlights

Wipro’s Open Source practice continued its momentum to win strategic deals to help customers in their Open Source transformation journey across industries. Some marquee wins include digitization of “Diabetics Care” for a global healthcare organization, transforming the retail banking digital touch points for a global financial services organization and the migration of applications from a legacy to open source platform as part of a superannuation program for an insurance and banking corporation.

Awards and accolades

Wipro’s Aftermarket Services Transformation practice from the company’s Manufacturing & Hi-Tech SBU has been positioned as a ‘Leader’ by IDC, a leading consulting and research firm, in its report titled “IDC MarketScape: Worldwide Manufacturing Service Life-Cycle Management SI/BPO 2015 Vendor Assessment”. The report highlights Wipro’s IP – Looking Glass Industrial Internet Platform, depth of domain knowledge and partnership eco-system.

Wipro has been positioned as a ‘Leader’ by Everest Group, a leading consulting and research firm, in its IT Outsourcing in Life Sciences Industry – Service Provider Landscape with PEAK Matrix™ Assessment 2015 report for offering an integrated portfolio of offerings for a connected healthcare ecosystem, with solutions spanning patient access, HCP engagement, drug adherence, clinical trials, analytics-based transformation, BPO, and marketing support for mature brands.

Wipro has been cited as a ‘Leader’ and ‘Star Performer’ by Everest Group in its recently released report ‘IT Outsourcing in Global Capital Markets – Service Provider Landscape with PEAK Matrix™ Assessment 2015’.

Additionally, Wipro has been cited as a ‘Leader’ and ‘Star Performer’ by Everest Group, in its recently released report ‘Banking BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2015’.

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Everest Group also cited Wipro as a ‘Leader’ and ‘Star Performer’ in its recently released report ‘Everest PEAK Matrix™ Assessment 2015 for Independent Testing Services.

Wipro has been included in the Dow Jones Sustainability Index (DJSI), World for the 6th consecutive year. Wipro is also a member of the DJSI Emerging Markets Index. A total of 1845 companies were assessed from around the world of which 317 have been chosen as the DJSI (World) constituents for the year 2015-16; the IT Services sector saw 76 companies participating globally of which 8 have been selected in the World Index.

IT Products

 

•

Our IT Products Segment delivered Revenue of 5.4 billion ($83 million1) for the quarter ended September 30, 2015

Please refer to the table on page 7 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 7 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 September 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 Technology” - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner’s 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

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For more information, please visit www.wipro.com

 

Contact for Investor Relations				Contact for Media & Press
Aravind V S		Abhishek Kumar Jain		Vipin Nair
Phone: +91-80-4676 6186		Phone: +1 978 826 4700		Phone: +91-80-4676-6154
aravind.viswanathan@wipro.com		abhishekkumar.jain@wipro.com		vipin.nair1@wipro.com

Forward-looking statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

# # #

(Tables to follow)

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Wipro limited and subsidiaries

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

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

 

		As of March 31,				As of September 30,
		2015				2015				2015
										Convenience translation into US dollar in millions (unaudited) - Refer footnote 1 on Page 1
ASSETS
Goodwill			68,078				75,246				1,149
Intangible assets			7,931				8,740				133
Property, plant and equipment			54,206				57,403				876
Derivative assets			736				302				5
Available for sale investments			3,867				4,374				67
Non-current tax assets			11,409				11,551				176
Deferred tax assets			2,945				4,094				63
Other non-current assets			14,369				13,772				210
Total non-current assets			163,541				175,482				2,679
Inventories			4,849				5,571				85
Trade receivables			91,531				96,539				1,474
Other current assets			73,359				94,199				1,438
Unbilled revenues			42,338				47,806				730
Available for sale investments			53,908				123,315				1,883
Current tax assets			6,490				7,549				115
Derivative assets			5,077				3,075				47
Cash and cash equivalents			158,940				100,486				1,534
Total current assets			436,492				478,540				7,306
TOTAL ASSETS			600,033				654,022				9,985
EQUITY
Share capital			4,937				4,940				75
Share premium			14,031				14,335				219
Retained earnings			372,248				395,826				6,043
Share based payment reserve			1,312				1,776				27
Other components of equity			15,454				16,339				249
Equity attributable to the equity holders of the Company			407,982				433,216				6,613
Non-controlling interest			1,646				1,936				30
Total equity			409,628				435,152				6,643
LIABILITIES
Long - term loans and borrowings			12,707				15,884				243
Deferred tax liabilities			3,240				3,394				52
Derivative liabilities			71				71				1
Non-current tax liabilities			6,695				6,474				99
Other non-current liabilities			3,658				6,838				104
Provisions			5				12				—
Total non-current liabilities			26,376				32,673				499
Loans and borrowings and bank overdrafts			66,206				83,427				1,274
Trade payables and accrued expenses			58,745				61,515				940
Unearned revenues			16,549				17,040				260
Current tax liabilities			8,036				9,437				144
Derivative liabilities			753				1,124				17
Other current liabilities			12,223				12,451				190
Provisions			1,517				1,203				18
Total current liabilities			164,029				186,197				2,843
TOTAL LIABILITIES			190,405				218,870				3,342
TOTAL EQUITY AND LIABILITIES			600,033				654,022				9,985

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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 September 30,												Six months ended September 30,
		2014				2015				2015				2014				2015				2015
										Convenience translation into US dollar in millions (unaudited)- Refer footnote 1 on Page 1												Convenience translation into US dollar in millions (unaudited) - Refer footnote 1 on Page  1
Gross revenues			116,838				125,135				1,910				228,196				247,511				3,779
Cost of revenues			(80,866	)			(85,824	)			(1,310	)			(155,807	)			(170,611	)			(2,605	)
Gross profit			35,972				39,311				600				72,389				76,900				1,174
Selling and marketing expenses			(7,628	)			(8,708	)			(133	)			(15,185	)			(16,752	)			(256	)
General and administrative expenses			(6,605	)			(6,847	)			(105	)			(12,792	)			(13,700	)			(209	)
Foreign exchange gains/(losses), net			1,323				533				8				2,421				1,863				28
Results from operating activities			23,062				24,289				370				46,833				48,311				737
Finance expenses			(989	)			(1,589	)			(24	)			(1,877	)			(2,875	)			(44	)
Finance and other income			5,109				6,194				95				9,348				11,436				175
Profit before tax			27,182				28,894				441				54,304				56,872				868
Income tax expense			(6,199	)			(6,486	)			(99	)			(12,141	)			(12,431	)			(190	)
Profit for the period			20,983				22,408				342				42,163				44,441				678
Attributable to:
Equity holders of the company			20,848				22,354				341				41,880				44,231				675
Non-controlling interest			135				54				1				283				210				3
Profit for the period			20,983				22,408				342				42,163				44,441				678
Earnings per equity share:
Attributable to equity share holders of the company
Basic			8.49				9.10				0.14				17.05				18.01				0.27
Diluted			8.45				9.08				0.14				16.98				17.97				0.27
Weighted average number of equity shares used in computing earnings per equity share
Basic			2,455,543,231				2,456,285,585				2,456,285,585				2,455,543,231				2,456,223,408				2,456,223,408
Diluted			2,467,151,917				2,461,507,934				2,461,507,934				2,466,597,110				2,460,985,436				2,460,985,436
Additional Information
Segment Revenue
IT Services Business Units
BFSI			28,411				32,253				492				56,476				63,273				966
HLS			12,176				13,746				210				23,466				26,734				408
RCTG			15,218				18,112				277				29,945				35,492				542
ENU			18,333				17,664				270				35,155				35,241				538
MFG			19,894				22,562				344				39,004				44,086				673
GMT			15,203				16,091				246				30,272				31,375				479
IT SERVICES TOTAL			109,235				120,428				1,839				214,318				236,201				3,606
IT PRODUCTS			9,152				5,442				83				16,812				13,616				208
RECONCILING ITEMS			(226	)			(202	)			(3	)			(513	)			(443	)			(7	)
TOTAL			118,161				125,668				1,920				230,617				249,374				3,807
Segment Result
IT Services Business Units
BFSI			6,245				6,935				106				12,869				13,948				213
HLS			2,422				3,044				46				4,553				5,803				89
RCTG			3,205				3,262				50				6,393				6,402				98
ENU			5,000				3,497				53				9,553				7,309				112
MFG			4,034				4,801				73				8,402				9,128				139
GMT			3,496				3,137				48				7,258				5,835				89
OTHERS			608				—				—				583				—				—
UNALLOCATED			(987	)			276				4				(1,611	)			806				12
TOTAL IT SERVICES			24,023				24,952				381				48,000				49,231				752
IT PRODUCTS			62				(208	)			(3	)			227				(69	)			(1	)
RECONCILING ITEMS			(1,023	)			(455	)			(7	)			(1,394	)			(851	)			(13	)
TOTAL			23,062				24,289				371				46,833				48,311				738
FINANCE EXPENSE			(989	)			(1,589	)			(24	)			(1,877	)			(2,875	)			(44	)
FINANCE AND OTHER INCOME			5,109				6,194				95				9,348				11,436				175
PROFIT BEFORE TAX			27,182				28,894				441				54,304				56,872				868
INCOME TAX EXPENSE			(6,199	)			(6,486	)			(99	)			(12,141	)			(12,431	)			(190	)
PROFIT FOR THE PERIOD			20,983				22,408				342				42,163				44,441				678

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)

 

Performance for Quarter ended September 30, 2015 Jatin Dalal Senior Vice President and Chief Financial Officer October 21, 2015 Exhibit 99.2

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Financial Summary for the Quarter Ended September 30, 2015 (IFRS) Wipro Limited Q2 16 (Rs million) YoY Growth Revenues 125,135 7% Operating Profit 24,289 5% Net Income 22,354 7% Operating Profit refers to Results from Operating Activities 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 7% YoY surpassing the Rs 125 billion mark Net Income of the Company grew 7% YoY Gross Cash position was Rs. 283,553 million or $ 4.33 Billion

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Highlights for the quarter IT Services Segment USD Revenue grew by 2.1% sequentially and 3.4% on a YoY basis. Net Headcount addition of 6,607 in the quarter. Headcount now stands at 168,396. For reconciliation of non-GAAP constant currency IT Services USD revenues please refer to slide 11 Segment Profit refers to Segment Results Addition of 67 new customers in quarter to take the total number of active customers to 1,100. IT Services Segment Margins was 20.7% for the quarter, in a narrow range of Q1 margins. Non-GAAP constant currency IT Services Segment USD Revenue grew 3.1% QoQ and grew 8.4% YoY. During the quarter, Wipro Digital consummated the acquisition of Designit. IT Services Segment Revenue was Rs 120.4 billion, an increase of 10% YoY.

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IT Services - Revenue Dynamics for Quarter Ended September 30, 2015 Retail, Consumer Goods and Transportation grew 16.4% on a constant currency YoY basis Financial Services grew 10.8% on a constant currency YoY basis Manufacturing and Hi-tech grew 10.7% on a constant currency YoY basis Americas grew 9.1% on a constant currency YoY basis India and Middle East grew 23.8% on a constant currency YoY basis APAC and Other Emerging Markets grew 10.5% on a constant currency YoY basis Geographies Product Engineering Services grew 17.2% on a YoY reported basis Business Process Service grew 9.7% on a YoY reported basis Wipro Analytics grew 8.4% on a YoY reported basis Business units Service Lines The growth percentages have been calculated based on USD revenues for the Business Unit/ Service line/ Geography

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Looking ahead * Guidance is based on the following exchange rates: GBP/USD at 1.55, Euro/USD at 1.12, AUD/USD at 0.72, USD/INR at 65.34 and USD/CAD at 1.33 Looking ahead for the quarter ending December 31, 2015 We expect the Revenue from our IT Services business to be in the range of $ 1,841 million to $ 1,878 million* Jan Feb Apr May Jun Jul Aug Sep Oct Nov Dec 2015-16 Mar

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Supplemental Data Key Operating Metrics of IT Services

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Key Operating Metrics in IT Services for the Quarter ended September 30, 2015 Particulars Q2’16 Q1’16 Q2’15 Revenue Composition Global Media & Telecom 13.4% 13.2% 13.9% Finance Solutions 26.7% 26.8% 26.0% Manufacturing & Hitech 18.7% 18.6% 18.2% Healthcare, Life Sciences & Services 11.4% 11.2% 11.2% Retail, Consumer Goods & Transportation 15.1% 15.0% 13.9% Energy, Natural Resources & Utilities 14.7% 15.2% 16.8% Geography Composition Americas 53.0% 52.5% 51.0% Europe 25.2% 25.6% 27.8% India & Middle East Business 10.6% 10.6% 9.2% APAC & Other Emerging Markets 11.2% 11.3% 12.0% People related Number of employees 168,396 161,789 154,297

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Thank You Jatin.Dalal@wipro.com Jatin Dalal Senior Vice President & Chief Financial Officer

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Appendix

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Reconciliation of Selected GAAP measures to Non-GAAP measures Reconciliation of Gross Cash WIPRO LIMITED AND SUBSIDIARIES (Amounts in INR millions)   As of   Sept 30, 2015 Computation of Gross cash position   Cash and cash equivalents 100,486 Available for sale investments - current 123,315 Interest bearing deposits with corporates - current 59,752 Total 283,553 WIPRO LIMITED AND SUBSIDIARIES (Amounts in INR millions)   Three months ended   Sept 30, 2015 Profit for the period [A] 22,354     Computation of Free cash flow   Net cash generated from operating activities 15,774 Add/(deduct) cash inflow/(outflow) on :       Purchase of Property,plant and equipment (4097) Proceeds from sale of Property,plant and equipment 35 Free cash flow attributable to equity holders of the company [B] 11,712 Free cash flow as a percentage of Net income [B/A] 52%     Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($MN) IT Services Revenue as per IFRS $1,831.9 IT Services Revenue as per IFRS $1,831.9 Effect of Foreign currency exchange movement $ 18.2 Effect of Foreign currency exchange movement $ 88.3 Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates $ 1,850.1   Non-GAAP Constant Currency IT Services Revenue based on previous year exchange rates $1,920.2 Reconciliation of Free Cash Flow Reconciliation of Non-GAAP constant currency Revenue

Exhibit 99.3

WIPRO LIMITED

CONSOLIDATED STATUTORILY AUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2015

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

 

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Place: Bangalore Date: October 21, 2015		By order of the Board, For, Wipro Limited Azim H Premji Chairman		WIPRO LIMITED Regd. Office: Doddakannelli, Sarjapur Road,Bangalore – 560 035. www.wipro.com

 

 

CIN: L32102KA1945PLC020800 ;

Registered Office : Wipro Limited, Doddakanneli, Sarjapur Road, Bangalore - 560035, 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 AND SIX MONTHS ENDED SEPTEMBER 30, 2015

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

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

 

				As of March 31,				As of September 30,
		Notes		2015				2015				2015
												Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv)
ASSETS
Goodwill		5			68,078				75,246				1,149
Intangible assets		5			7,931				8,740				133
Property, plant and equipment		4			54,206				57,403				876
Derivative assets		13,14			736				302				5
Available for sale investments		7			3,867				4,374				67
Non-current tax assets					11,409				11,551				176
Deferred tax assets					2,945				4,094				63
Other non-current assets		10			14,369				13,772				210
Total non-current assets					163,541				175,482				2,679
Inventories		8			4,849				5,571				85
Trade receivables					91,531				96,539				1,474
Other current assets		10			73,359				94,199				1,438
Unbilled revenues					42,338				47,806				730
Available for sale investments		7			53,908				123,315				1,883
Current tax assets					6,490				7,549				115
Derivative assets		13,14			5,077				3,075				47
Cash and cash equivalents		9			158,940				100,486				1,534
Total current assets					436,492				478,540				7,306
TOTAL ASSETS					600,033				654,022				9,985
EQUITY
Share capital					4,937				4,940				75
Share premium					14,031				14,335				219
Retained earnings					372,248				395,826				6,043
Share based payment reserve					1,312				1,776				27
Other components of equity					15,454				16,339				249
Equity attributable to the equity holders of the Company					407,982				433,216				6,613
Non-controlling interest					1,646				1,936				30
Total equity					409,628				435,152				6,643
LIABILITIES
Long - term loans and borrowings		11			12,707				15,884				243
Deferred tax liabilities					3,240				3,394				52
Derivative liabilities		13,14			71				71				1
Non-current tax liabilities					6,695				6,474				99
Other non-current liabilities		12			3,658				6,838				104
Provisions		12			5				12				—
Total non-current liabilities					26,376				32,673				499
Loans and borrowings and bank overdrafts		11			66,206				83,427				1,274
Trade payables and accrued expenses					58,745				61,515				940
Unearned revenues					16,549				17,040				260
Current tax liabilities					8,036				9,437				144
Derivative liabilities		13,14			753				1,124				17
Other current liabilities		12			12,223				12,451				190
Provisions		12			1,517				1,203				18
Total current liabilities					164,029				186,197				2,843
TOTAL LIABILITIES					190,405				218,870				3,342
TOTAL EQUITY AND LIABILITIES					600,033				654,022				9,985

 

 

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
Firm’s 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
October 21, 2015		October 21, 2015

 

2

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME

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

 

				Three months ended September 30,												Six months ended September 30,
		Notes		2014				2015				2015				2014				2015				2015
												Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv)												Convenience translation into US dollar in millions (unaudited) Refer
Gross revenues		17			116,838				125,135				1,910				228,196				247,511				3,779
Cost of revenues		18			(80,866	)			(85,824	)			(1,310	)			(155,807	)			(170,611	)			(2,605	)
Gross profit					35,972				39,311				600				72,389				76,900				1,174
Selling and marketing expenses		18			(7,628	)			(8,708	)			(133	)			(15,185	)			(16,752	)			(256	)
General and administrative expenses		18			(6,605	)			(6,847	)			(105	)			(12,792	)			(13,700	)			(209	)
Foreign exchange gains/(losses), net					1,323				533				8				2,421				1,863				28
Results from operating activities					23,062				24,289				370				46,833				48,311				737
Finance expenses		19			(989	)			(1,589	)			(24	)			(1,877	)			(2,875	)			(44	)
Finance and other income		20			5,109				6,194				95				9,348				11,436				175
Profit before tax					27,182				28,894				441				54,304				56,872				868
Income tax expense		16			(6,199	)			(6,486	)			(99	)			(12,141	)			(12,431	)			(190	)
Profit for the period					20,983				22,408				342				42,163				44,441				678
Attributable to:
Equity holders of the Company					20,848				22,354				341				41,880				44,231				675
Non-controlling interest					135				54				1				283				210				3
Profit for the period					20,983				22,408				342				42,163				44,441				678
Earnings per equity share:		21
Attributable to equity share holders of the Company
Basic					8.49				9.10				0.14				17.05				18.01				0.27
Diluted					8.45				9.08				0.14				16.98				17.97				0.27
Weighted average number of equity shares used in computing earnings per equity share
Basic					2,455,543,231				2,456,285,585				2,456,285,585				2,455,543,231				2,456,223,408				2,456,223,408
Diluted					2,467,151,917				2,461,507,934				2,461,507,934				2,466,597,110				2,460,985,436				2,460,985,436

 

 

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 Firm’s Registration No: 101248W/W- 100022		Chairman & Managing Director		Director
Vijay Mathur		Jatin Pravinchandra Dalal		T K Kurien		M Sanaulla Khan
Partner Membership No. 046476		Chief Financial Officer		Executive Director & Chief Executive Officer		Company Secretary
Mumbai		Bangalore
October 21, 2015		October 21, 2015

 

3

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

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

 

				Three months ended September 30,												Six months ended September 30,
		Notes		2014				2015				2015				2014				2015				2015
												Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv)												Convenience translation into US dollar in millions (unaudited) Refer Note 2(iv)
Profit for the period					20,983				22,408				342				42,163				44,441				678
Items that will not be reclassified to profit or loss
Defined benefit plan actuarial gains/(losses)					(23	)			(64	)			(1	)			(73	)			(724	)			(11	)
					(23	)			(64	)			(1	)			(73	)			(724	)			(11	)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences		15			771				1,924				29				1,603				3,527				54
Net change in fair value of cash flow hedges		13,16			679				(348	)			(4	)			430				(2,347	)			(35	)
Net change in fair value of available for sale investments		7,16			52				397				6				311				509				8
					1,502				1,973				31				2,344				1,689				27
Total other comprehensive income, net of taxes					1,479				1,909				30				2,271				965				16
Total comprehensive income for the period					22,462				24,317				372				44,434				45,406				694
Attributable to:
Equity holders of the Company					22,303				24,208				371				44,128				45,116				690
Non-controlling interest					159				109				2				306				290				4
					22,462				24,317				373				44,434				45,406				694

 

 

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 Firm’s Registration No: 101248W/W- 100022		Chairman & Managing Director		Director
Vijay Mathur		Jatin Pravinchandra Dalal		T K Kurien		M Sanaulla Khan
Partner Membership No. 046476		Chief Financial Officer		Executive Director & Chief Executive Officer		Company Secretary
Mumbai		Bangalore
October 21, 2015		October 21, 2015

 

4

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

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

 

Particulars		No. of Shares*				Share Capital				Share premium				Retained earnings				Share based payment reserve				Other components of equity												Shares held by controlled trust				Equity attributable to the equity holders of the Company				Non-controlling Interest				Total equity
																						Foreign currency translation reserve				Cash flow hedging reserve				Other reserves
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			—				—				—				41,880				—				—				—				—				—				41,880				283				42,163
Other comprehensive income			—				—				—				—				—				1,580				430				238				—				2,248				23				2,271
Total comprehensive income for the period			—				—				—				41,880				—				1,580				430				238				—				44,128				306				44,434
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			1,458,120				3				426				—				(426	)			—				—				—				—				3				—				3
Dividends			—				—				—				(14,350	)			—				—				—				—				—				(14,350	)			(314	)			(14,664	)
Compensation cost related to employee share based payment transactions			—				—				—				(35	)			692				—				—				—				—				657				—				657
			1,458,120				3				426				(14,385	)			266				—				—				—				—				(13,690	)			(314	)			(14,004	)
As at September 30, 2014			2,467,775,393				4,935				13,090				342,447				1,287				11,640				929				151				(542	)			373,937				1,379				375,316
Convenience translation into US $ in million (Unaudited) Refer note 2(iv)							80				211				5,530				21				188				15				2				(9	)			6,039				22				6,061

 

5

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

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

 

Particulars		No. of Shares*				Share capital				Share premium				Retained earnings				Share based payment reserve				Other components of equity												Shares held by controlled trust				Equity attributable to the equity holders of the Company				Non-controlling Interest				Total equity
																						Foreign currency translation reserve				Cash flow hedging reserve				Other reserves
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			—				—				—				44,231				—				—				—				—				—				44,231				210				44,441
Other comprehensive income			—				—				—				—				—				3,447				(2,347	)			(215	)			—				885				80				965
Total comprehensive income for the period			—				—				—				44,231				—				3,447				(2,347	)			(215	)			—				45,116				290				45,406
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			851,170				3				304				—				(304	)			—				—				—				—				3				—				3
Dividends			—				—				—				(20,701	)			—				—				—				—				—				(20,701	)			—				(20,701	)
Compensation cost related to employee share based payment transactions			—				—				—				48				768				—				—				—				—				816				—				816
			851,170				3				304				(20,653	)			464				—				—				—				—				(19,882	)			—				(19,882	)
As at September 30, 2015			2,469,894,208				4,940				14,335				395,826				1,776				14,696				1,203				440				—				433,216				1,936				435,152
Convenience translation into US $ in million (Unaudited) Refer note 2(iv)							75				219				6,043				27				224				18				7				—				6,613				30				6,643

 

*	Includes 16,640,212 and 14,829,824 treasury shares as of September 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 Firm’s Registration No: 101248W/W- 100022		Chairman & Managing Director		Director
Vijay Mathur		Jatin Pravinchandra Dalal		T K Kurien		M Sanaulla Khan
Partner Membership No. 046476		Chief Financial Officer		Executive Director & Chief Executive Officer		Company Secretary
Mumbai		Bangalore
October 21, 2015		October 21, 2015

 

6

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

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

 

		Six months ended September 30,
		2014				2015				2015
										Convenience Translation into US$ in millions (Unaudited) Refer note 2(iv)
Cash flows from operating activities:
Profit for the period			42,163				44,441				678
Adjustments:
Loss/ (gain) on sale of property, plant and equipment and intangible assets, net			14				(6	)			—
Depreciation and amortization			5,909				6,897				105
Exchange loss, net			2,525				2,317				35
Gain on sale of investments, net			(2,252	)			(1,251	)			(19	)
Share based compensation expense			582				782				12
Income tax expense			12,141				12,431				190
Dividend and interest (income)/expenses, net			(6,667	)			(9,544	)			(146	)
Changes in operating assets and liabilities; net of effects from acquisitions
Trade receivables			(2,658	)			(4,616	)			(70	)
Unbilled revenue			(3,145	)			(5,305	)			(81	)
Inventories			(484	)			(722	)			(11	)
Other assets			(2,123	)			1,394				21
Trade payables, accrued expenses and other liabilities and provision			(269	)			2,829				43
Unearned revenue			746				491				7
Cash generated from operating activities before taxes			46,482				50,138				764
Income taxes paid, net			(10,985	)			(12,369	)			(189	)
Net cash generated from operating activities			35,497				37,769				575
Cash flows from investing activities:
Purchase of property, plant and equipment			(5,857	)			(7,498	)			(114	)
Proceeds from sale of property, plant and equipment			313				130				2
Purchase of available for sale investments			(319,076	)			(432,130	)			(6,597	)
Proceeds from sale of available for sale investments			315,184				364,545				5,566
Impact of investment hedging activities, net			—				(99	)			(2	)
Investment in inter-corporate deposits			(13,000	)			(33,252	)			(508	)
Refund of inter-corporate deposits			1,000				12,000				183
Payment for deferred consideration in respect of business acquisition			(243	)			—				—
Payment for business acquisitions, net of cash acquired			(11,349	)			(4,089	)			(62	)
Interest received			5,283				8,353				128
Dividend received			171				54				1
Net cash used in investing activities			(27,574	)			(91,986	)			(1,403	)
Cash flows from financing activities:
Proceeds from issuance of equity shares/shares pending allotment			3				3				—
Repayment of loans and borrowings			(55,563	)			(62,648	)			(956	)
Proceeds from loans and borrowings			55,660				76,074				1,161
Interest paid on loans and borrowings			(396	)			(660	)			(10	)
Payment of cash dividend (including dividend tax thereon)			(14,672	)			(20,701	)			(316	)
Net cash generated used in financing activities			(14,968	)			(7,932	)			(121	)
Net decrease in cash and cash equivalents during the period			(7,045	)			(62,149	)			(949	)
Effect of exchange rate changes on cash and cash equivalents			71				529				8
Cash and cash equivalents at the beginning of the period			114,201				158,713				2,423
Cash and cash equivalents at the end of the period (Note 9)			107,227				97,093				1,482

 

 

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 Firm’s Registration No: 101248W/W- 100022		Chairman & Managing Director		Director
Vijay Mathur		Jatin Pravinchandra Dalal		T K Kurien		M Sanaulla Khan
Partner Membership No. 046476		Chief Financial Officer		Executive Director & Chief Executive Officer		Company Secretary
Mumbai		Bangalore
October 21, 2015		October 21, 2015

 

7

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WIPRO LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

 

1.	The Company overview

Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries (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 - 560035, Karnataka, India. Wipro has its primary listing with Bombay Stock Exchange and National Stock Exchange in India. The Company’s 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 Company’s Board of Directors on October 21, 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 the defined benefit obligation less fair value of plan assets.

 

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(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 six months ended September 30, 2015, have been translated into United States dollars at the certified foreign exchange rate of $ 1 = 65.50, as published by the Federal Reserve Board of Governors on September 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 condensed consolidated interim 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 is 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.

 

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f)

Other estimates: 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. The stock compensation expense is determined based on the Company’s 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 Company’s Annual Report for the year ended March 31, 2015 for a discussion of the Company’s 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 Company’s annual consolidated financial statements for the year ended March 31, 2015, except for the adoption of new standards and interpretations effective as of April 1, 2015. Although these 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 entity’s 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 Company’s financial assets and liabilities. The Company is currently assessing the impact of adopting IFRS 9 on the Company’s consolidated financial statements.

 

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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 September 2015, the IASB issued an amendment to IFRS 15, deferring the adoption of the standard 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 Company’s 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			2				66				451				13				(4	)			528
Additions			—				112				6,198				429				11				6,750
Additions through business combination			—				105				1,027				189				1				1,322
Disposal / adjustments			—				(108	)			(1,296	)			(215	)			(57	)			(1,676	)
As at September 30, 2014			3,689				24,237				78,690				12,763				917				120,296
Accumulated depreciation/impairment:
As at April 1, 2014			—				3,815				52,315				9,535				944				66,609
Translation adjustment			—				30				333				9				—				372
Depreciation			—				365				4,287				754				3				5,409
Disposal / adjustments			—				(95	)			(1,077	)			(123	)			(54	)			(1,349	)
As at September 30, 2014			—				4,115				55,858				10,175				893				71,041
Capital work-in-progress																							5,474
Net carrying value as at September 30, 2014																							54,729
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 as at March 31, 2015																							54,206

 

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		Land				Buildings				Plant and machinery*				Furniture fixtures and equipment				Vehicles				Total
Gross carrying value:
As at April 1, 2015			3,685				24,515				79,594				12,698				830				121,322
Translation adjustment			11				168				1,294				82				(9	)			1,546
Additions			—				207				6,661				426				8				7,302
Additions through business combination			—				14				—				40				1				55
Disposal / adjustments			—				—				(732	)			(427	)			(28	)			(1,187	)
As at September 30, 2015			3,696				24,904				86,817				12,819				802				129,038
Accumulated depreciation/impairment:
As at April 1, 2015			—				4,513				56,629				10,636				809				72,587
Translation adjustment			—				58				815				58				(3	)			928
Depreciation			—				398				5,245				566				11				6,220
Disposal / adjustments			—				(39	)			(698	)			(323	)			(21	)			(1,081	)
As at September 30, 2015			—				4,930				61,991				10,937				796				78,654
Capital work-in-progress																							7,019
Net carrying value as at September 30, 2015																							57,403

 

*	Including computer equipment and software

 

5.	Goodwill and intangible assets

The movement in goodwill balance is given below:

 

		Year ended March 31, 2015				Six months ended September 30, 2015
Balance at the beginning of the period			63,422				68,078
Translation adjustment			1,098				3,061
Acquisition through business combination, net			3,558				4,107
Balance at the end of the period			68,078				75,246

 

		Intangible assets
		Customer related				Marketing related				Total
Gross carrying value:
As at April 1, 2014			3,404				1,100				4,504
Translation adjustment			(118	)			(23	)			(141	)
Acquisition through business combination			8,073				—				8,073
As at September 30, 2014			11,359				1,077				12,436
Accumulated amortization and impairment:
As at April 1, 2014			1,892				676				2,568
Translation adjustment			—				(31	)			(31	)
Amortization			359				52				411
As at September 30, 2014			2,251				697				2,948
Net carrying value as at September 30, 2014			9,108				380				9,488
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

 

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		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	)
Deduction/ 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			60				88				148
Acquisition through business combination			597				741				1,338
As at September 30, 2015			11,274				1,734				13,008
Accumulated amortization and impairment:
As at April 1, 2015			2,936				655				3,591
Translation adjustment			—				48				48
Amortization			554				75				629
As at September 30, 2015			3,490				778				4,268
Net carrying value as at September 30, 2015			7,783				957				8,740

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 11,071 (Canadian Dollars 198 million) post conclusion of closing conditions and fair value adjustments. ATCO I-Tek provides IT services to ATCO Group. The acquisition will strengthen Wipro’s IT services delivery model in North America and Australia.

The following table presents the allocation of purchase price:

 

Description		Pre-acquisition carrying amount				Fair value adjustments				Purchase price allocated
Net assets			1,330				(278	)			1,052
Customer related intangibles			—				8,228				8,228
Deferred tax liabilities			—				(2,017	)			(2,017	)
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 deductible for income tax purposes.

 

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Designit AS

On August 6, 2015, the Company obtained control of Designit AS (“Designit”) by acquiring 100% of its share capital. Designit is a Denmark based global strategic design firm specializing in designing transformative product-service experiences. The acquisition will strengthen the Company’s digital offerings, combining engineering and transformative technology with human centered-design methods.

The acquisition was executed through a share purchase agreement for a consideration of 6,540 million (EUR 93 million) which includes a deferred earn-out component of 2,092 million (EUR 30 million), which is linked to achievement of revenues and earnings over a period of 3 years ending June 30, 2018. The fair value of the earn-out liability was estimated by applying the discounted cash flow approach considering discount rate of 13% and probability adjusted revenue and earnings estimates. This earn-out liability was fair valued at 1,287 million and recorded as part of preliminary purchase price allocation.

The following table presents the provisional allocation of purchase price:

 

Description		Pre-acquisition carrying amount				Fair value adjustments				Purchase price allocated
Net assets			580				—				580
Customer related intangibles			—				597				597
Brand			—				638				638
Non-compete agreement			—				103				103
Deferred tax liabilities			—				(290	)			(290	)
Total			580				1,048				1,628
Goodwill											4,107
Total purchase price											5,735

Net assets acquired include 359 of cash and cash equivalents and trade receivables valued at 392.

The goodwill of 4,107 comprises value of acquired workforce and expected synergies arising from the acquisition. Goodwill is not deductible for income tax purposes.

The pro-forma effects of this acquisition on the Company’s operations were not material.

The purchase consideration has been allocated on a provisional basis based on management’s estimates. The Company is in the process of making a final determination of the fair value of assets and liabilities. Finalization of the purchase price allocation may result in certain adjustments to the above allocation.

 

7.	Available for sale investments

Available for sale investments consists of the following:

 

		As at March 31, 2015																As at September 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				125,780				1,909				—				127,689
Total			56,437				1,340				(2	)			57,775				125,780				1,909				—				127,689
Current															53,908																123,315
Non-current															3,867																4,374

 

*	Available for sale investments include investments amounting to 105 (March 31, 2015: Nil) pledged for entering into currency future contracts.

 

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8.	Inventories

Inventories consist of the following:

 

		As at
		March 31, 2015				September 30, 2015
Stores and spare parts			932				918
Raw materials and components			5				7
Finished goods and traded goods			3,912				4,646
			4,849				5,571

 

9.	Cash and cash equivalents

Cash and cash equivalents as of March 31, 2015 and September 30, 2015 consist of cash and balances on deposit with banks. Cash and cash equivalents consist of the following:

 

		As at
		March 31, 2015				September 30, 2015
Cash and bank balances			47,198				17,084
Demand deposits with banks (1)			111,742				83,402
			158,940				100,486

 

(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
		September 30, 2014				September 30, 2015
Cash and cash equivalents			108,811				100,486
Bank overdrafts			(1,584	)			(3,393	)
			107,227				97,093

 

10.	Other assets

 

		As at
		March 31, 2015				September 30, 2015
Current
Inter corporate and term deposits (1) (2)			38,500				59,752
Prepaid expenses			10,562				11,595
Due from officers and employees			3,488				3,154
Finance lease receivables			3,461				2,163
Advance to suppliers			2,430				2,095
Deferred contract costs			3,610				4,058
Interest receivable			5,290				5,990
Deposits			763				700
Balance with excise, customs and other authorities			1,786				1,703
Others (3) (4)			3,469				2,989
			73,359				94,199
Non current
Prepaid expenses including rentals for leasehold land			6,630				7,197
Finance lease receivables			2,899				2,280
Deferred contract costs			4,445				4,089
Deposits			65				26
Others			330				180
			14,369				13,772
Total			87,728				107,971

 

(1)	Such deposits earn a fixed rate of interest and will be liquidated within 12 months.

 

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(2)	Term deposits include deposits amounting to 300 (March 31, 2015: 300) which are lien marked as margin money deposits for entering into currency future contracts.

(3)	Others include 3 (March 31, 2015: 77) due from Wipro Enterprises Private Limited (formerly Wipro Enterprises Limited) and its subsidiaries.

(4)	Others include 430 (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				September 30, 2015
Short-term borrowings from banks			64,335				83,043
External commercial borrowings			9,375				9,839
Obligations under finance leases			4,878				5,962
Term loans			325				467
Total loans and borrowings			78,913				99,311

 

12.	Other liabilities and provisions

 

		As at
		March 31, 2015				September 30, 2015
Other liabilities
Current:
Statutory and other liabilities			3,530				2,962
Employee benefit obligations			4,802				5,993
Advance from customers			2,200				2,190
Others (1)			1,691				1,306
			12,223				12,451
Non-current:
Employee benefit obligations			3,062				5,153
Others			596				1,685
			3,658				6,838
Total			15,881				19,289

 

(1)	Others include 36 (March 31, 2015: 340) due to Wipro Enterprises Private Limited (formerly Wipro Enterprises Limited) and its subsidiaries

 

		As at
		March 31, 2015				September 30, 2015
Provisions
Current:
Provision for warranty			306				314
Others			1,211				889
			1,517				1,203
Non-current:
Provision for warranty			5				12
Total			1,522				1,215

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.

 

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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 counterparty as non-material.

The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:

 

		As at
		March 31, 2015				September 30, 2015
Designated derivative instruments
Sell		$	836			$	870
		£	198			£	243
		€	220			€	283
		AUD	83			AUD	122
Interest rate swaps		$	150			$	150
Net investment hedges in foreign operations
Others		$	145			$	125
Non designated derivative instruments
Sell		$	1,304			$	780
		£	67			£	52
		€	60			€	88
		AUD	53			AUD	28
		¥	490			¥	490
		SGD	13			SGD	3
		ZAR	69			ZAR	20
		CAD	30			CAD	11
		CHF	10			CHF	10
Buy		$	790			$	970

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 September 30,
		2014				2015
Balance as at the beginning of the period			567				4,268
Deferred cancellation gain/(loss)			—				48
Changes in fair value of effective portion of derivatives			559				(2,870	)
Gain/ (loss) on cash flow hedging derivatives, net			559				(2,822	)
Balance as at the end of the period			1,126				1,446
Deferred tax asset/(liability) thereon			(197	)			(243	)
Balance as at the end of the period, net of deferred tax			929				1,203

 

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As at March 31, 2015, September 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).

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 September 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				—				1,835				—				1,835				—
- Net investment hedges			140				—				140				—				125				—				125				—
- Others			1,436				—				912				524				1,417				—				873				544
Available for sale financial assets:
- Investment in liquid and short-term mutual funds			10,202				10,202				—				—				43,965				43,965				—				—
- Other Investments			43,706				2,046				41,660				—				79,350				2,499				76,851				—
- Investment in equity instruments			3,867				—				—				3,867				4,374				—				—				4,374
Liabilities
Derivative instruments
- Cash flow hedges			80				—				80				—				437				—				437				—
- Net investment hedges			264				—				264				—				255				—				255				—
- Others			480				—				480				—				503				—				503				—
Contingent consideration			110				—				—				110				1,589				—				—				1,589

 

18

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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 September 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 September 30, 2015.

Details of assets and liabilities considered under Level 3 classification:

 

		Available for sale investments – Equity instruments				Derivative Assets – Others				Liabilities – Contingent consideration
Opening balance as on April 1, 2014			2,676				110				(789	)
Additions			546				433				—
Disposals/ payouts			(916	)			—				39
Measurement period adjustment to goodwill			—				—				193
Gain/loss recognized in statement of income			608				(19	)			447
Gain recognized in other comprehensive income			953				—				—
Closing balance as on March 31, 2015			3,867				524				(110	)

 

		Available for sale investments – Equity instruments				Derivative Assets – Others				Liabilities – Contingent consideration
Opening balance as on April 1, 2015			3,867				524				(110	)
Additions			338				—				(1,373	)
Gain/loss recognized in statement of income			—				20				—
Gain/loss recognized in foreign currency translation reserve			—				—				(69	)
Gain/loss recognized in other comprehensive income			169				—				—
Loss included in ‘Finance Expense’ – Net change in fair value (unrealized)			—				—				(37	)
Closing balance as on September 30, 2015			4,374				544				(1,589	)

 

19

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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  34, ( 34) 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 67, ( 75), 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 September 30,
		2014				2015
Balance at the beginning of the period			10,060				11,249
Translation difference related to foreign operations, net			1,506				4,017
Change in effective portion of hedges of net investment in foreign operations			74				(570	)
Total change during the period			1,580				3,447
Balance at the end of the period			11,640				14,696

 

16.	Income taxes

Income tax expense / (credit) has been allocated as follows:

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Income tax expense as per the statement of income			6,199				6,486				12,141				12,431
Income tax included in other comprehensive income on:
Unrealized gain on investment securities			23				169				64				62
Gain / (loss) on cash flow hedging derivatives			133				(82	)			129				(475	)
Defined benefit plan actuarial gains / (losses)			(7	)			(18	)			(21	)			(204	)
Total income taxes			6,348				6,555				12,313				11,814

 

20

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Income tax expense consists of the following:

 

		Three months ended September 30								Six months ended September 30
		2014				2015				2014				2015
Current taxes
Domestic			5,098				5,322				10,188				10,155
Foreign			1,313				1,374				2,247				2,544
			6,411				6,696				12,435				12,699
Deferred taxes
Domestic			(411	)			(166	)			(311	)			(264	)
Foreign			199				(44	)			17				(4	)
			(212	)			(210	)			(294	)			(268	)
Total income tax expense			6,199				6,486				12,141				12,431

Income tax expense is net of reversal of provisions recorded in earlier periods, which are no longer required, amounting to (68) and 270 for the three months ended September 30, 2014 and 2015 respectively and 510 and 625 for the six months ended September 30, 2014 and 2015 respectively.

 

17.

Revenues

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Rendering of services			107,795				119,468				211,641				233,334
Sale of products			9,043				5,667				16,555				14,177
Total revenues			116,838				125,135				228,196				247,511

 

18.	Expenses by nature

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Employee compensation			56,947				61,314				110,836				120,321
Sub-contracting/technical fees			13,082				15,880				24,772				30,441
Cost of hardware and software			8,197				5,375				15,694				13,565
Travel			5,312				5,984				10,350				11,641
Facility expenses			3,802				4,060				7,037				8,125
Depreciation and amortization			3,075				3,530				5,909				6,897
Communication			1,221				1,281				2,501				2,559
Legal and professional fees			880				943				1,663				1,923
Rates, taxes and insurance			598				636				1,058				1,296
Advertisement			371				618				701				1,051
Provision for doubtful debt			285				444				577				663
Miscellaneous expenses			1,329				1,314				2,686				2,581
Total cost of revenues, selling and marketing and general and administrative expenses			95,099				101,379				183,784				201,063

 

19.	Finance expense

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Interest expense			227				325				429				641
Exchange fluctuation on foreign currency borrowings, net			762				1,264				1,448				2,234
Total			989				1,589				1,877				2,875

 

21

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20.	Finance and other income

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Interest income			3,693				5,328				6,925				10,131
Dividend income			62				28				171				54
Gain on sale of investments			1,354				838				2,252				1,251
Total			5,109				6,194				9,348				11,436

 

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 September 30,								Six months ended September 30,
		2014				2015				2014				2015
Profit attributable to equity holders of the Company			20,848				22,354				41,880				44,231
Weighted average number of equity shares outstanding			2,455,543,231				2,456,285,585				2,455,543,231				2,456,223,408
Basic earnings per share			8.49				9.10				17.05				18.01

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 Company’s 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 September 30								Six months ended September 30
		2014				2015				2014				2015
Profit attributable to equity holders of the Company			20,848				22,354				41,880				44,231
Weighted average number of equity shares outstanding			2,455,543,231				2,456,285,585				2,455,543,231				2,456,223,408
Effect of dilutive equivalent share options			11,608,686				5,222,349				11,053,879				4,762,028
Weighted average number of equity shares for diluted earnings per share			2,467,151,917				2,461,507,934				2,466,597,110				2,460,985,436
Diluted earnings per share			8.45				9.08				16.98				17.97

 

22

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22.	Employee benefits

 

a)

Employee costs include

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Salaries and bonus			55,494				59,510				107,960				116,852
Employee benefit plans
Gratuity			134				278				323				464
Contribution to provident and other funds			1,059				1,226				1,971				2,223
Share based compensation			260				300				582				782
			56,947				61,314				110,836				120,321

 

b)

The employee benefit cost is recognized in the following line items in the statement of income

 

		Three months ended September 30,								Six months ended September 30,
		2014				2015				2014				2015
Cost of revenues			47,192				51,888				93,308				101,835
Selling and marketing expenses			5,645				6,027				11,077				11,775
General and administrative expenses			4,110				3,399				6,451				6,711
			56,947				61,314				110,836				120,321

The Company has granted 83,000 and 2,830,400 options under RSU option plan during the three and six months ended September 2015 respectively (Nil and 2,480,000 for three and six months ended September 30, 2014); 10,000 and 1,497,700 options under ADS during the three and six months ended September 2015 respectively (35,000 and 1,689,500 for three and six months ended September 30, 2014).

 

23.	Commitments and contingencies

Capital commitments: As at March 31, 2015 and September 30, 2015, the Company had committed to spend approximately  1,262 and 1,557 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 September 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  23,637, 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 Company’s 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 Hon’ble High Court. The Hon’ble High Court has heard and disposed-off majority of the issues in favor of the Company up to year ended March 31, 2004.

On similar issues for years prior to years ended March 2001, the Hon’ble 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.

 

23

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For year ended March 31, 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).

Considering the facts and nature of disallowance and the orders of the appellate authority and the Honorable 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, customs duty, sales tax and other matters amounts to 2,560 and 2,624 as of March 31, 2015 and September 30, 2015, respectively.

 

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 (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 offering to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, digital, 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 Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Information on reportable segment for the three months ended September 30, 2014 is as follows:

 

		IT Services																																IT Products				Reconciling Items				Entity total
		BFSI				HLS				RCTG				ENU				MFG				GMT				Others				Total
Revenue			28,411				12,176				15,218				18,333				19,894				15,203				—				109,235				9,152				(226	)			118,161
Segment Result			6,245				2,422				3,205				5,000				4,034				3,496				608				25,010				62				(1,023	)			24,049
Unallocated																															(987	)			—				—				(987	)
Segment Result Total																															24,023				62				(1,023	)			23,062
Finance expense																																											(989	)
Finance and other income																																											5,109
Profit before tax																																											27,182
Income tax expense																																											(6,199	)
Profit for the period																																											20,983
Depreciation and amortization																																											3,075

 

24

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Information on reportable segment for the three months ended September 30, 2015 is as follows:

 

		IT Services																																IT Products				Reconciling Items				Entity total
		BFSI				HLS				RCTG				ENU				MFG				GMT				Others				Total
Revenue			32,253				13,746				18,112				17,664				22,562				16,091				—				120,428				5,442				(202	)			125,668
Segment Result			6,935				3,044				3,262				3,497				4,801				3,137				—				24,676				(208	)			(455	)			24,013
Unallocated																															276				—				—				276
Segment Result Total																															24,952				(208	)			(455	)			24,289
Finance expense																																											(1,589	)
Finance and other income																																											6,194
Profit before tax																																											28,894
Income tax expense																																											(6,486	)
Profit for the period																																											22,408
Depreciation and amortization																																											3,530

Information on reportable segment for the six months ended September 30, 2014 is as follows:

 

		IT Services																																IT Products				Reconciling Items				Entity total
		BFSI				HLS				RCTG				ENU				MFG				GMT				Others				Total
Revenue			56,476				23,466				29,945				35,155				39,004				30,272				—				214,318				16,812				(513	)			230,617
Segment Result			12,869				4,553				6,393				9,553				8,402				7,258				583				49,611				227				(1,394	)			48,444
Unallocated																															(1,611	)			—				—				(1,611	)
Segment Result Total																															48,000				227				(1,394	)			46,833
Finance expense																																											(1,877	)
Finance and other income																																											9,348
Profit before tax																																											54,304
Income tax expense																																											(12,141	)
Profit for the period																																											42,163
Depreciation and amortization																																											5,909

Information on reportable segment for the six months ended September 30, 2015 is as follows:

 

		IT Services																																IT Products				Reconciling Items				Entity total
		BFSI				HLS				RCTG				ENU				MFG				GMT				Others				Total
Revenue			63,273				26,734				35,492				35,241				44,086				31,375				—				236,201				13,616				(443	)			249,374
Segment Result			13,948				5,803				6,402				7,309				9,128				5,835				—				48,425				(69	)			(851	)			47,505
Unallocated																															806				—				—				806
Segment Result Total																															49,231				(69	)			(851	)			48,311
Finance expense																																											(2,875	)
Finance and other income																																											11,436
Profit before tax																																											56,872
Income tax expense																																											(12,431	)
Profit for the period																																											44,441
Depreciation and amortization																																											6,897

 

25

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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 September 30								Six months ended September 30
		2014				2015				2014				2015
India			10,668				12,073				21,739				25,427
Americas			57,133				64,094				110,009				125,155
Europe			30,884				30,629				62,251				60,635
Rest of the world			19,476				18,872				36,618				38,157
			118,161				125,668				230,617				249,374

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 six months ended September 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 2 and Nil for the six months ended September 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 business 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 business segments is reported in reconciling items.

 

g)

For evaluating the performance of the individual business segments, amortization of intangibles arising out of 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.

 

26

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25.	List of subsidiaries as of September 30, 2015 are provided in the table below.

 

Subsidiaries		Subsidiaries		Subsidiaries		Country of Incorporation
Wipro LLC (formerly Wipro Inc).						USA
		Wipro Gallagher Solutions Inc		Opus Capital Markets Consultants LLC		USA
		Infocrossing Inc.				USA
		Wipro Promax Analytics Solutions LLC [Formerly Promax Analytics Solutions Americas LLC]				USA
		Wipro Insurance Solutions LLC Macaw Merger Inc. Wipro IT Services Inc				USA USA USA
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) (Formerly Wipro Holdings Austria GmbH) Wipro Digital Aps (A)		Austria Denmark
				3D Networks (UK) Limited Wipro Europe Limited ((formerly SAIC Europe Limited)) (A)		U.K. U.K.
				Wipro Promax Analytics Solutions (Europe) Limited [formerly Promax Analytics Solutions (Europe) Ltd]		UK
Wipro Cyprus Private Limited						Cyprus
		Wipro Doha LLC#				Qatar
		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 Zoo				Poland
		Wipro IT Services Poland Sp. z o. o				Poland
		Wipro Technologies Australia Pty Ltd (formerly Promax Applications Group Pty Ltd)				Australia

 

27

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Subsidiaries		Subsidiaries		Subsidiaries		Country of Incorporation
		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 Solutions Canada Limited		Canada
				Wipro Information Technology Kazakhstan LLP		Kazakhstan
				Wipro Technologies W.T. Sociedad Anonima		Costa Rica
				Wipro Outsourcing Services (Ireland) Limited		Ireland
				Wipro IT Services Ukraine LLC		Ukraine
				Wipro Technologies Norway AS		Norway
				Wipro Technologies VZ, C.A.		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 (formerly 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 (formerly 3D 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.

 

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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.

Wipro LLC a wholly owned subsidiary of Wipro Limited has invested in Drivestream Inc and holds 19.02% of equity.

 

(A)	Step Subsidiary details of Wipro Information Technogoty Austria GmbH, Wipro Europe Limited, Wipro Portugal S.A, Wipro Promax Holdings Pty Ltd and Wipro Digital Aps are as follows:

 

Subsidiaries		Subsidiaries		Country of Incorporation
				Austria
Wipro Information Technogoty Austria GmbH (Formerly Wipro Holdings Austria GmbH)
		Wipro Technologies Austria GmbH		Austria
		New Logic Technologies SARL		France
Wipro Europe Limited (formerly SAIC Europe Limited)				U.K.
		Wipro UK Limited		U.K.
		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 (formerly Promax Holdings Pty Ltd)				Australia
		Wipro Promax IP Pty Ltd (formerly PAG IP Pty Ltd)		Australia
Wipro Digital Aps		Designit A/S Designit Denmark A/S Designit MunchenGmbH Denextep Consulting S.L Designit Oslo A/S Designit Sweden AB Designit T.L.V Ltd. Designit Tokyo Ltd.		Denmark Denmark Denmark Germany Spain Norway Sweden Israel Japan

 

26.	Bank Balances

Details of balances with banks as of September 30, 2015 are as follows:

 

Bank Name		In Current Account				In Deposit Account				Total
Axis Bank			8				26,616				26,624
Bank of Baroda			—				17,640				17,640
ICICI Bank			46				14,223				14,269
Citi Bank			4,586				981				5,567
Corporation Bank			—				4,743				4,743
Yes Bank			22				4,500				4,522
Vijaya Bank			—				4,300				4,300
Canara Bank			—				4,150				4,150
Oriental Bank of Commerce			—				4,000				4,000
HSBC			1,994				982				2,976
Wells Fargo Bank			1,813				—				1,813

 

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Bank Name		In Current Account				In Deposit Account				Total
Bank of Montreal			788				—				788
HDFC			457				134				591
Standard Chartered Bank			342				135				477
Saudi British Bank			153				262				415
Others including cash and cheques on hand			6,875				736				7,611
Total			17,084				83,402				100,486

 

 

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 Firm’s Registration No: 101248W/W- 100022		Chairman & Managing Director		Director
Vijay Mathur		Jatin Pravinchandra Dalal		T K Kurien		M Sanaulla Khan
Partner Membership No. 046476		Chief Financial Officer		Executive Director & Chief Executive Officer		Company Secretary
Mumbai		Bangalore
October 21, 2015		October 21, 2015

 

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