Confidential Internal Public – General Use -Internal
FOR IMMEDIATE RELEASE
Wipro announces results for the quarter ended September 30, 2024
Net income grew 6.8% QoQ and 21.3% YoY.
IT Services revenue grew 1.3% QoQ. Margin expands 35 basis points QoQ.
Large Deal Bookings at $1.5 billion, highest in 10 quarters.
Operating cash flows at 132.3% of net income.
EAST BRUNSWICK, N.J. | BANGALORE, India – October 17, 2024: Wipro Limited (NYSE:
WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company,
announced financial results under International Financial Reporting Standards (IFRS) for the
quarter ended September 30, 2024.
Highlights of the Results
Results for the Quarter ended September 30, 2024:
1. Gross revenue was at ₹223.0 billion ($2,662.6 million1
), an increase of 1.5% QoQ and
decrease of 1.0% YoY.
2. IT services segment revenue was at $2,660.1 million, an increase of 1.3% QoQ and decrease
of 2.0% YoY.
3. Non-GAAP2 constant currency IT Services segment revenue increased 0.6% QoQ and
decreased 2.3% YoY.
4. Total bookings3 was at $3,561 million. Large deal bookings4 was at $1,489 million, an increase
of 28.8% QoQ and 16.8% YoY in constant currency2
.
5. IT services operating margin5
for the quarter was at 16.8%, an increase of 0.3% QoQ and
0.7% YoY.
6. Net income for the quarter was at ₹32.1 billion ($383.1 million1
), an increase of 6.8% QoQ
and 21.3% YoY.
7. Earnings per share for the quarter was at ₹6.14 ($0.071
), an increase of 6.8% QoQ and 21.3%
YoY.
8. Operating cash flows of ₹42.7 billion ($509.7 million1
), an increase of 10.5% YoY and at
132.3% of Net Income for the quarter.
9. Voluntary attrition6 was at 14.5% on a trailing 12-month basis.
10. Wipro’s Board of Directors recommended issue of bonus shares to shareholders (including
stock dividend to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held),
subject to approval of shareholders.
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Outlook for the Quarter ending December 31, 2024
We expect revenue from our IT Services business segment to be in the range of $2,607 million
to $2,660 million*. This translates to sequential guidance of (-) 2.0% to 0.0% in constant currency
terms.
* Outlook for the Quarter ending December 31, 2024, is based on the following exchange rates: GBP/USD at 1.32,
Euro/USD at 1.10, AUD/USD at 0.68, USD/INR at 83.65 and CAD/USD at 0.74
Performance for the Quarter ended September 30, 2024
Srini Pallia, CEO and Managing Director, said “Based on strong execution in Q2, we met our
expectations for revenue growth, bookings, and margins. We continued to expand our top
accounts, large deal bookings surpassed $1 Bn once again, and Capco maintained its
momentum for another consecutive quarter. We grew in three out of four markets, as well as, in
BFSI, Consumer and Technology and Communications sectors. We will continue to invest in our
clients, our strategic priorities, and building a strong AI powered Wipro”
Aparna Iyer, Chief Financial Officer, said “I am pleased with our performance across all
parameters including Revenue, Bookings, Operating margin, cash flow and EPS. On the back of
operational improvements, we further expanded our margins by 35 basis points and our EPS
grew 6.8% QoQ. Our operating cash flow continues to be robust at 132.3% of net income in Q2.
As a result, cumulatively in the first half of this year we generated nearly $1B in operating cash
flow.”
1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into
United States Dollars at the certified foreign exchange rate of US$1 = ₹83.76, as published by the Federal
Reserve Board of Governors on September 30, 2024. However, the realized exchange rate in our IT Services
business segment for the quarter ended September 30, 2024, was US$1= ₹83.44
2. Constant currency for a period is the product of volumes in that period times the average actual exchange
rate of the corresponding comparative period.
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new
orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or
reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using thenexisting foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange
rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant
currency growth rates, refer to note 2.
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.
6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.
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Highlights of Strategic Deal Wins
In the second quarter, Wipro continued to win large and strategic deals across industries. Key
highlights include:
1. A US-based health insurance provider has selected Wipro to streamline its operations.
By consolidating the client vendor landscape, Wipro will mitigate the risks associated
with relying on multiple providers. The Wipro team will leverage its varied expertise to
drive efficiency and innovation, optimize costs, as well as provide the tools and expertise
to ensure the accuracy, integrity and security of the customer’s data. This project will
ensure better care coordination and health outcomes.
2. A global apparel leader has selected Wipro to enhance its direct-to-consumer strategy
and digital footprint. Wipro will transform the client’s IT operations and improve overall
product development. Wipro will also deploy artificial intelligence in key areas. The
project will drive innovation, optimize operations and create a seamless customer
experience across both physical and online platforms.
3. A US-based health insurance company has selected Wipro to improve its operations.
The Wipro team will consolidate the client’s vendor landscape and provide services with
innovative solutions & accelerators to improve overall operational efficiency. This work
will enhance customer and employee experience as well as ensure smooth service
delivery. Wipro’s deep domain knowledge and consultative and innovative approach, as
well as its track record of flawless delivery were key factors contributing to this win.
4. A US-based wholesale food distributor has selected Wipro to reimagine its business
operations. Leveraging AI and process transformation tools, Wipro will create a
centralized system across key support functions including Human Resources, Financial
Planning & Analysis and Data Management. This will help the client enhance efficiency,
standardize processes, and achieve cost-effectiveness across its organization.
5. A US-based Free Space Optics Communications pioneer has selected Wipro to
engineer their next-generation product & provide global operations and manufacturing
support. Wipro will deliver integrated services across hardware, manufacturing, and
operational support. Wipro will provide engineering support by leveraging its experience
in AI-based silicon and Smart Network Applications, coupled with Field Operations
capabilities. This strategic program will deliver enhanced customer experience with high
economic value and support the client in rapid product evolution across global markets.
6. Wipro was selected by an American health insurance provider for a workforce
management and business process transformation project. The project incorporates AI
capabilities to improve efficiency and reduce operation turn-around time by 20%. Wipro
will also upskill and equip associates with advanced AI and data analytics skills,
providing value-added services to business stakeholders and end-users.
7. A US-based independent health solutions and pharmacy benefit company has selected
Wipro to implement the “Payer-in-a-box” Medicare Prescription Payment Plan
(MPPP360) platform in compliance with the Centre for Medicare & Medicaid Services’
(CMS) guidance. Wipro will help streamline the client’s member opt in/opt out and billing
and delinquency processes, seamlessly integrate the new CMS provisions, and simplify
prescription cost management for enrolled beneficiaries.
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8. A European automotive manufacturer has selected Wipro to modernize its IT
infrastructure. Wipro will centralize the client’s operations to provide a more stable
ecosystem. The team will also develop innovative employee experience solutions, as
well as vulnerability management and application maintenance services. This project will
improve the client’s time-to-market, significantly reduce their technical debt, and futureproof their business.
9. A UK-based wealth management firm has selected Wipro to provide end-to-end
administration service. The team will transform and modernize the client’s technology
infrastructure as well as manage their entire middle and back-office functions. This
transformation will enable the client to be more agile, drive growth and continue to
provide market-leading proposition to its customers.
10. Following its acquisition by a private equity firm, a France-based leader in digital &
consulting services has selected Wipro to re-imagine the Finance & Procurement
Services into a digital, agile and cost-efficient organization. The Wipro team will deploy
tailored solutions to streamline and automate the client’s Order to Cash, General
Accounting, Controlling, Source to Pay and end-to-end Procurement processes. A new
dedicated business process outsourcing center will also be created in Spain. This project
will deliver a cost reduction of up to 30% and establish an innovation fund, to futureproof the client’s business.
11. A global financial technology company has selected Wipro to support their growth. The
Wipro team will provide talent and technology to enhance the client’s transaction
monitoring and customer lifecycle management processes. Wipro will also implement
best-in-class AI and automation solutions to optimize operations and increase overall
efficiency. This project will enable the client to scale their business while ensuring
regulatory compliance.
12. A global food and drink processing conglomerate has selected Wipro to enhance their
delivery quality, governance, and employee experience. Wipro will implement
automation technology to reduce manual intervention and monitoring in order to improve
service delivery quality. Wipro will also leverage its AI and Gen AI capabilities to support
the implementation of AI productivity platforms and an employee Centre of Excellence.
From this engagement, the customer will see improved customer satisfaction and
increased overall quality of delivery.
13. A leading Indian private bank has extended its engagement with Wipro to enhance its
technology infrastructure and deliver support services for critical ‘Run the Bank’
applications. Aimed at creating a resilient, high-performing, and scalable technology
environment, the Wipro team will strengthen end-user services and technology
infrastructure, focusing on Cloud, Data and Analytics, and Security. This project will
boost operational efficiency and support the bank’s growth ambitions across various
functions including Retail, Corporate Banking, Credit, Treasury, and Loans.
14. A Middle East based manufacturing company has selected Wipro to transform its
business forecasting and operational efficiency by integrating Wipro’s Smart Forecast
and Working Capital Insights initiatives in their day-to-day functions. Wipro will deploy AI
and big data analytics to improve decision-making, revenue optimization, forecasting
accuracy, and overall transparency across functions. The combination of Wipro’s
initiatives will enhance the client’s predictive abilities, analytics, decision-making, risk
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mitigation, and capability to realize opportunities.
15. An American financial services company has selected Wipro to provide in-depth
customer analytics and insights. Wipro will implement AI and GenAI-based solutions to
provide a unified and comprehensive 360-degree view of client activity to better serve
their needs. These insights will also be the basis of recommendations for discount
pricing, deposit levels, and trading volumes. Subsequent phases of this project will
expand to a strategic AI-powered data lake that encompasses more of the client’s
services.
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Analyst Recognition
1. Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Public
Cloud IT Transformation Services
2. Wipro was featured as a Leader in Avasant’s Advanced Network Services 2024
RadarView™
3. Wipro was designated as a Leader in Everest Group’s Open Banking IT Services PEAK
Matrix® Assessment 2024
4. Wipro was recognized as a Leader in Everest Group’s Salesforce Services PEAK Matrix®
Assessment 2024
5. Wipro was rated as a Leader in Everest Group’s Digital Workplace Services PEAK Matrix®
Assessment 2024 – North America & Europe
6. Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Business Process
as a Service (BPaaS) – Solutions PEAK Matrix® Assessment 2024
7. Wipro was recognized as a Leader in ISG Provider Lens™ – Google Cloud Partner
Ecosystem 2024 (all quadrants)
8. Wipro was rated as a Leader in ISG Provider Lens™ – Network – Software Defined
Solutions and Services 2024 (all quadrants)
9. Wipro was positioned as a Leader in ISG Provider Lens™ – Cybersecurity – Solutions and
Services 2024 (multiple quadrants)
10. Wipro was recognized as a Leader in IDC MarketScape: Worldwide Professional Services
Providers for Retailers 2024 Vendor Assessment (Doc # US51168224 Sep 2024)
11. Wipro was positioned as a Leader in Everest Group’s Lending Services Operations PEAK
Matrix® Assessment 2024
Source & Disclaimer: *Gartner, “Magic Quadrant for Public Cloud IT Transformation Services”, Mark Ray, et al, 5 August
2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally,
and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with
permission. All rights reserved.
Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise
technology users to select only those vendors with the highest ratings or other designation. Gartner’s research
publications consist of the opinions of Gartner’s research organization and should not be construed as statements of
fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as
part of a syndicated subscription service, by Gartner, Inc. (“Gartner”), and is not a representation of fact. Gartner
Content speaks as of its original publication date (and not as of the date of this press release, and the opinions
expressed in the Gartner Content are subject to change without notice.
IT Products
1. IT Products segment revenue for the quarter was ₹0.7 billion ($7.9 million1
)
2. IT Products segment results for the quarter were (-) ₹0.2 billion ((-) $2.2 million1
)
Please refer to the table on page 13 for reconciliation between IFRS IT Services Revenue and IT
Services Revenue on a non-GAAP constant currency basis.
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About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and 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 13 provides IT Services Revenue on a constant currency basis, which is a nonGAAP financial measure that is calculated by translating IT Services Revenue from the current
reporting period into U.S. dollars based on the currency conversion rate in effect for the prior
reporting period. We refer to growth rates in constant currency so that business results may be
viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating
period-to-period comparisons of our business performance. Further, in the normal course of
business, we may divest a portion of our business which may not be strategic. We refer to the
growth rates in both reported and constant currency adjusting for such divestments in order to
represent the comparable growth rates.
Our key metrics and non-GAAP financial measures are 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. Our key metrics and non-GAAP
financial measures are not comparable to, nor should be substituted for, an analysis of our
revenue over time and involve estimates and judgments. In addition to our non-GAAP measures,
the financial statements prepared in accordance with IFRS and the reconciliation of these nonGAAP financial measures with the most directly comparable IFRS financial measure should be
carefully evaluated.
Results for the Quarter ended September 30, 2024, prepared under IFRS, along with
individual business segment reports, are available in the Investors section of our website
www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m.
U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference
call will be available online through a webcast and can be accessed at the following linkhttps://links.ccwebcast.com/?EventId=WIP171024
An audio recording of the management discussions and the question-and-answer session will
be available online and will be accessible in the Investor Relations section of our website at
www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and
consulting company focused on building innovative solutions that address clients’ most complex
digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design,
engineering, and operations, we help clients realize their boldest ambitions and build future-ready,
sustainable businesses. With over 230,000 employees and business partners across 65
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countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in
an ever-changing world. For additional information, visit us at www.wipro.com
Contact for Investor Relations Contact for Media & Press
Dipak Kumar Bohra Abhishek Jain Dinesh Joshi
Phone: +91-80-6142 7201 Phone: +91-80-6142 6143 Phone: +91 92052-64001
dipak.bohra@wipro.com abhishek.jain2@wipro.com media-relations@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, the benefits its customers experience and its plans, expectations
and intentions. Wipro cautions readers that the forward-looking statements contained herein are
subject to risks and uncertainties that could cause actual results to differ materially from the results
anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks
and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to
generate and manage growth, complete proposed corporate actions, intense competition in IT
services, our ability to maintain our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame
contracts, client concentration, restrictions on immigration, our ability to manage our international
operations, reduced demand for technology in our key focus areas, disruptions in
telecommunication networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the success of the companies in which
we make strategic investments, withdrawal of fiscal governmental incentives, political instability,
war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use
of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings
with the United States Securities and Exchange Commission, including, but not limited to, Annual
Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time,
make additional written and oral forward-looking statements, including statements contained in
the company’s filings with the Securities and Exchange Commission and our reports to
shareholders. We do not undertake to update any forward-looking statement that may be made
from time to time by us or on our behalf.
# # #
(Tables to follow)
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WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(₹ in millions, except share and per share data, unless otherwise stated)
As at March 31, 2024 As at September 30, 2024
Convenience translation into
US dollar in millions
(unaudited)
ASSETS
Goodwill 316,002 319,207 3,811
Intangible assets 32,748 28,195 336
Property, plant and equipment 81,608 78,822 941
Right-of-Use assets 17,955 21,854 261
Financial assets
Derivative assets 25 – –
Investments 21,629 31,385 375
Trade receivables 4,045 587 7
Other financial assets 5,550 5,148 61
Investments accounted for using the equity method 1,044 1,008 12
Deferred tax assets 1,817 1,922 23
Non-current tax assets 9,043 7,782 93
Other non-current assets 10,331 7,744 92
Total non-current assets 501,797 503,654 6,012
Inventories 907 1,052 13
Financial assets
Derivative assets 1,333 651 8
Investments 311,171 407,309 4,863
Cash and cash equivalents 96,953 104,592 1,249
Trade receivables 115,477 112,655 1,345
Unbilled receivables 58,345 64,776 773
Other financial assets 10,536 8,973 107
Contract assets 19,854 17,788 212
Current tax assets 6,484 6,086 73
Other current assets 29,602 32,561 389
Total current assets 650,662 756,443 9,032
TOTAL ASSETS 1,152,459 1,260,097 15,044
EQUITY
Share capital 10,450 10,463 125
Share premium 3,291 6,000 72
Retained earnings 630,936 693,688 8,282
Share-based payment reserve 6,384 6,315 75
Special Economic Zone re-investment reserve 42,129 41,497 495
Other components of equity 56,693 60,380 721
Equity attributable to the equity holders of the Company 749,883 818,343 9,770
Non-controlling interests 1,340 1,798 21
TOTAL EQUITY 751,223 820,141 9,791
LIABILITIES
Financial liabilities
Loans and borrowings 62,300 62,653 748
Lease liabilities 13,962 18,965 226
Derivative liabilities 4 1 ^
Other financial liabilities 4,985 5,862 70
Deferred tax liabilities 17,467 16,625 198
Non-current tax liabilities 37,090 40,122 479
Other non-current liabilities 12,970 14,823 177
Total non-current liabilities 148,778 159,051 1,898
Financial liabilities
Loans, borrowings and bank overdrafts 79,166 103,157 1,232
Lease liabilities 9,221 8,047 96
Derivative liabilities 558 1,064 13
Trade payables and accrued expenses 88,566 82,810 989
Other financial liabilities 2,272 2,976 36
Contract liabilities 17,653 18,439 220
Current tax liabilities 21,756 30,599 365
Other current liabilities 31,295 32,004 382
Provisions 1,971 1,809 22
Total current liabilities 252,458 280,905 3,355
TOTAL LIABILITIES 401,236 439,956 5,253
TOTAL EQUITY AND LIABILITIES 1,152,459 1,260,097 15,044
^ Value is less than 0.5
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WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(₹ in millions, except share and per share data, unless otherwise stated)
Three months ended September 30, Six months ended September 30,
2023 2024 2024 2023 2024 2024
Convenience
translation into
US dollar in
millions
(unaudited)
Convenience
translation into
US dollar in
millions
(unaudited))
Revenues 225,159 223,016 2,663 453,469 442,654 5,285
Cost of revenues (159,191) (155,049) (1,851) (320,452) (308,355) (3,681)
Gross profit 65,968 67,967 812 133,017 134,299 1,604
Selling and marketing expenses (18,767) (17,388) (207) (35,351) (33,232) (397)
General and administrative expenses (14,124) (13,034) (156) (30,011) (27,247) (325)
Foreign exchange gains/(losses), net 268 (396) (5) 206 (602) (7)
Results from operating activities 33,345 37,149 444 67,861 73,218 875
Finance expenses (3,033) (3,569) (43) (6,119) (6,857) (82)
Finance and other income 4,810 9,195 110 11,352 16,675 199
Share of net profit/ (loss) of associate and joint
venture accounted for using the equity method (30) 3 ^ (27) (42) (1)
Profit before tax 35,092 42,778 511 73,067 82,994 991
Income tax expense (8,419) (10,512) (126) (17,534) (20,362) (243)
Profit for the period 26,673 32,266 385 55,533 62,632 748
Profit attributable to:
Equity holders of the Company 26,463 32,088 383 55,164 62,120 742
Non-controlling interests 210 178 2 369 512 6
Profit for the period 26,673 32,266 385 55,533 62,632 748
Earnings per equity share:
Attributable to equity holders of the Company
Basic 5.06 6.14 0.07 10.30 11.89 0.14
Diluted 5.04 6.12 0.07 10.27 11.85 0.14
Weighted average number of equity shares
used in computing earnings per equity share
Basic 5,232,867,366 5,226,755,635 5,226,755,635 5,357,394,940 5,226,444,619 5,226,444,619
Diluted 5,245,641,198 5,241,078,937 5,241,078,937 5,370,078,563 5,239,886,408 5,239,886,408
^ Value is less than 0.5
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Information on reportable segments for the three months ended September 30, 2024, June 30, 2024, September 30, 2023, six months
ended September 30, 2024, September 30, 2023, and year ended March 31, 2024 are as follows:
Particulars
Three months ended Six months ended Year ended
September
30, 2024
June
30, 2024
September
30, 2023
September
30, 2024
September
30, 2023
March
31, 2024
Audited Audited Audited Audited Audited Audited
Segment revenue
IT Services
Americas 1 68,393 67,700 66,813 136,093 132,420 268,230
Americas 2 67,932 67,338 66,914 135,270 135,217 269,482
Europe 61,821 60,422 63,976 122,243 131,110 253,927
APMEA 23,811 23,503 26,255 47,314 52,765 102,177
Total of IT Services 221,957 218,963 223,958 440,920 451,512 893,816
IT Products 663 469 1,469 1,132 2,163 4,127
Total segment revenue 222,620 219,432 225,427 442,052 453,675 897,943
Segment result
IT Services
Americas 1 13,338 13,687 15,287 27,025 28,824 59,364
Americas 2 15,005 15,533 14,023 30,538 28,192 59,163
Europe 7,821 5,873 7,547 13,694 17,515 33,354
APMEA 3,070 2,441 2,985 5,511 5,785 12,619
Unallocated (1,912) (1,477) (3,784) (3,389) (7,741) (20,304)
Total of IT Services 37,322 36,057 36,058 73,379 72,575 144,196
IT Products (183) (47) (467) (230) (628) (371)
Reconciling Items 10 59 (2,246) 69 (4,086) (7,726)
Total segment result 37,149 36,069 33,345 73,218 67,861 136,099
Finance expenses (3,569) (3,288) (3,033) (6,857) (6,119) (12,552)
Finance and other income 9,195 7,480 4,810 16,675 11,352 23,896
Share of net profit/ (loss) of associate and
joint venture accounted for using the
equity method 3 (45) (30) (42) (27) (233)
Profit before tax 42,778 40,216 35,092 82,994 73,067 147,210
Additional Information:
The Company is organized into the following operating segments: IT Services and IT
Products.
IT Services: The IT Services segment primarily consists of IT services offerings to customers
organized by four Strategic Market Units (“SMUs”) – Americas 1, Americas 2, Europe and Asia
Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized
by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry
sectors in the United States of America: Communications, media and information services,
Software and gaming, New age technology, Consumer goods, medical devices and life sciences,
Healthcare, and Technology products and services. Americas 2 includes the entire business in
Canada and the following industry sectors in the United States of America: Banking and financial
services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.
Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and
Southern Europe.
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APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and
Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the
customer’s primary buying center of such services. With respect to certain strategic global
customers, revenue may be generated from multiple countries based on such customer’s buying
centers, but the total revenue related to these strategic global customers are attributed to a single
SMU based on the geographical location of key decision makers.
IT Products: The Company is a value-added reseller of security, packaged and SaaS 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 these items is reported as revenue from the sale of IT Products.
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Reconciliation of selected GAAP measures to Non-GAAP measures
1. Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services
Revenue as per IFRS ($Mn)
Three Months ended September 30, 2024
IT Services Revenue as per IFRS $2,660.1
Effect of Foreign currency exchange movement ($18.0)
Non-GAAP Constant Currency IT Services Revenue
based on previous quarter exchange rates $2,642.0
Three Months ended September 30, 2024
IT Services Revenue as per IFRS $2,660.1
Effect of Foreign currency exchange movement ($10.1)
Non-GAAP Constant Currency IT Services Revenue
based on exchange rates of comparable period in previous year
$2,650.0
2. Reconciliation of Free Cash Flow for three months and six months ended
September 30, 2024
Amount in
INR Mn
Amount in
INR Mn
Three
months
ended
Six months
ended
30-Sep-24 30-Sep-24
Net Income for the period [A] 32,266 62,632
Computation of Free Cash Flow
Net cash generated from operating activities [B] 42,690 82,649
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment (2,398) (5,017)
Proceeds from sale of property, plant and equipment 1,423 1,459
Free Cash Flow [C] 41,715 79,091
Operating Cash Flow as percentage of Net Income [B/A] 132.3% 132.0%
Free Cash Flow as percentage of Net Income [C/A] 129.3% 126.3%
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Confidential Internal Public – General Use -Internal
