consolidated-financial-statement-q3fy23

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2022
0
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(₹ in millions, except share and per share data, unless otherwise stated)
Notes As at March 31, 2022 As at December 31, 2022
Convenience translation into US
dollar in millions (unaudited)
Refer to Note 2(iii)
ASSETS
Goodwill 6 246,989 309,525 3,742
Intangible assets 6 43,555 45,847 554
Property, plant and equipment 4 90,898 90,147 1,090
Right-of-Use assets 5 18,870 19,381 234
Financial assets
Derivative assets 17 6 88 1
Investments 8 19,109 20,808 252
Trade receivables 4,765 4,626 56
Other financial assets 11 6,084 6,123 74
Investments accounted for using the equity method 774 782 9
Deferred tax assets 2,298 4,043 49
Non-current tax assets 10,256 11,450 138
Other non-current assets 12 14,826 14,045 170
Total non-current assets 458,430 526,865 6,369
Inventories 9 1,334 2,019 24
Financial assets
Derivative assets 17 3,032 930 11
Investments 8 241,655 291,743 3,527
Cash and cash equivalents 10 103,836 87,307 1,055
Trade receivables 115,219 124,761 1,510
Unbilled receivables 60,809 56,316 681
Other financial assets 11 42,914 9,532 115
Contract assets 20,647 25,181 304
Current tax assets 2,373 4,463 54
Other current assets 12 28,933 36,123 437
Total current assets 620,752 638,375 7,718
TOTAL ASSETS 1,079,182 1,165,240 14,087
EQUITY
Share capital 10,964 10,974 133
Share premium 1,566 3,151 38
Retained earnings 551,252 635,267 7,680
Share-based payment reserve 5,258 6,086 74
Special Economic Zone re-investment reserve 47,061 47,014 568
Other components of equity 42,057 52,382 633
Equity attributable to the equity holders of the Company 658,158 754,874 9,126
Non-controlling interests 515 402 5
TOTAL EQUITY 658,673 755,276 9,131
LIABILITIES
Financial liabilities
Loans and borrowings 13 56,463 61,718 746
Lease liabilities 15,177 15,520 188
Derivative liabilities 17 48 165 2
Other financial liabilities 14 2,961 2,267 27
Deferred tax liabilities 12,141 13,338 161
Non-current tax liabilities 17,818 21,846 264
Other non-current liabilities 15 7,571 9,865 119
Provisions 16 1 ^ ^
Total non-current liabilities 112,180 124,719 1,507
Financial liabilities
Loans, borrowings and bank overdrafts 13 95,233 96,511 1,167
Lease liabilities 9,056 9,300 112
Derivative liabilities 17 585 7,199 87
Trade payables and accrued expenses 99,034 89,613 1,084
Other financial liabilities 14 33,110 4,341 52
Contract liabilities 27,915 26,903 325
Current tax liabilities 13,231 19,580 237
Other current liabilities 15 27,394 29,274 354
Provisions 16 2,771 2,524 31
Total current liabilities 308,329 285,245 3,449
TOTAL LIABILITIES 420,509 409,964 4,956
TOTAL EQUITY AND LIABILITIES 1,079,182 1,165,240 14,087
^ Value is less than 1
The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
January 13, 2023
1
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three months ended December 31, Nine months ended December 31,
Notes 2021 2022 2022 2021 2022 2022
Convenience Convenience
translation into translation into
US dollar in US dollar in
millions millions
(unaudited) Refer (unaudited) Refer
to Note 2(iii) to Note 2(iii)
Revenues 20 203,136 232,290 2,808 582,334 672,973 8,136
Cost of revenues 21 (142,778) (163,273) (1,974) (407,907) (482,708) (5,836)
Gross profit 60,358 69,017 834 174,427 190,265 2,300
Selling and marketing expenses 21 (13,988) (17,752) (215) (40,857) (48,251) (583)
General and administrative expenses 21 (12,036) (15,020) (181) (33,854) (43,467) (525)
Foreign exchange gains/(losses), net 23 1,187 1,391 17 3,280 3,482 42
Other operating income 26 14 - - 2,179 - -
Results from operating activities 35,535 37,636 455 105,175 102,029 1,234
Finance expenses 22 (1,403) (2,902) (35) (3,608) (7,217) (87)

Finance and other income 23 3,578 4,992 61 12,311 12,722 154
Share of net profit/ (loss) of associates accounted
76 26 ^ 73 (61) (1)
for using the equity method
Profit before tax 37,786 39,752 481 113,951 107,473 1,300
Income tax expense 19 (8,063) (9,102) (110) (22,547) (24,743) (299)
Profit for the period 29,723 30,650 371 91,404 82,730 1,001
Profit attributable to:

Equity holders of the Company 29,690 30,529 370 91,318 82,755 1,001
Non-controlling interests 33 121 1 86 (25) ^
Earnings per equity share: 24

Attributable to equity holders of the Company
Basic 5.43 5.57 0.07 16.71 15.12 0.18
Diluted 5.42 5.56 0.07 16.67 15.08 0.18
Weighted average number of equity shares

used in computing earnings per equity share
Basic 5,467,954,878 5,480,138,169 5,480,138,169 5,465,359,077 5,475,982,068 5,475,982,068
Diluted 5,481,204,821 5,486,025,875 5,486,025,875 5,478,766,612 5,487,483,177 5,487,483,177

Bengaluru
January 13, 2023
2
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2021 2022 2022 2021 2022 2022
Convenience Convenience
translation into translation into
US dollar in US dollar in
millions millions
(unaudited) Refer (unaudited) Refer
to Note 2(iii) to Note 2(iii)
Other comprehensive income (OCI)

Items that will not be reclassified to profit or loss in
subsequent periods
Remeasurements of the defined benefit plans, net 104 (230) (3) (675) 377 5
Net change in fair value of investment in equity instruments
measured at fair value through OCI 2,643 (503) (6) 8,248 1,010 12
2,747 (733) (9) 7,573 1,387 17
Items that will be reclassified to profit or loss in
subsequent periods
Foreign currency translation differences (303) 8,765 106 (163) 17,423 211
Reclassification of foreign currency translation differences
on sale of investment in associates and liquidation of
subsidiaries to statement of income (116) (93) (1) (151) (116) (1)
Net change in time value of option contracts designated as
cash flow hedges 107 (718) (9) 165 (1,019) (12)
Net change in intrinsic value of option contracts designated
as cash flow hedges 13 232 3 (77) (95) (1)
Net change in fair value of forward contracts designated as
cash flow hedges 126 (2,350) (28) 777 (3,850) (47)
Net change in fair value of investment in debt instruments
measured at fair value through OCI (802) 599 7 (995) (3,355) (41)
(975) 6,435 78 (444) 8,988 109
Total other comprehensive income, net of taxes 1,772 5,702 69 7,129 10,375 126
Total comprehensive income for the period 31,495 36,352 440 98,533 93,105 1,127
Total comprehensive income attributable to:

Equity holders of the Company 31,459 36,217 438 98,421 93,080 1,127
Non-controlling interests 36 135 2 112 25 ^
31,495 36,352 440 98,533 93,105 1,127

Bengaluru
January 13, 2023
3
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other components of equity
Special Equity
Share Share- Economic Foreign attributable to
capital, based Zone re- currency Cash flow the equity Non-
Number of fully paid- Share Retained payment investment translation hedging Other holders of the controlling
Particulars shares (1) up premium earnings reserve reserve reserve (2) reserve reserves (2) Company interests Total equity
As at April 1, 2021 5,479,138,555 10,958 714 466,692 3,071 41,154 22,936 1,730 5,840 553,095 1,498 554,593
Comprehensive income for the period
Profit for the period - - 91,318 - - - - - 91,318 86 91,404
Other comprehensive income - - - - - (340) 865 6,578 7,103 26 7,129
Total comprehensive income for the period - - 91,318 - - (340) 865 6,578 98,421 112 98,533
Issue of equity shares on exercise of options 2,144,656 4 590 - (590) - - - - 4 - 4

Issue of shares by controlled trust on exercise of options (1) - - - 785 (785) - - - - - - -
Compensation cost related to employee share-based payment - - - 7 2,398 - - - - 2,405 - 2,405
Transferred to special economic zone reinvestment reserve - - - (3,013) - 3,013 - - - - - -
Dividend - - - - - - - - - - (1,135) (1,135)
Others - - - - - - - - - - (29) (29)
Other transactions for the period 2,144,656 4 590 (2,221) 1,023 3,013 - - - 2,409 (1,164) 1,245
As at December 31, 2021 5,481,283,211 10,962 1,304 555,789 4,094 44,167 22,596 2,595 12,418 653,925 446 654,371
(1) Includes 15,752,068 treasury shares held as at December 31, 2021 by a controlled trust. 3,649,147 shares have been transferred by the controlled trust to eligible employees on exercise of options during the nine months ended December 31, 2021.
(2) Refer to Note 18
4
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other components of equity
Special Equity
Share Share- Economic Foreign attributable to
capital, based Zone re- currency Cash flow the equity Non-
Number of fully paid- Share Retained payment investment translation hedging Other holders of the controlling
Particulars shares (1) up premium earnings reserve reserve reserve (2) reserve reserves (2) Company interests Total equity
As at April 1, 2022 5,482,070,115 10,964 1,566 551,252 5,258 47,061 26,850 1,477 13,730 658,158 515 658,673
Adjustment on adoption of amendments to IAS 37 - - (51) - - - - - (51) - (51)
Adjusted balance as at April 1, 2022 5,482,070,115 10,964 1,566 551,201 5,258 47,061 26,850 1,477 13,730 658,107 515 658,622
Comprehensive income for the period
Profit for the period - - 82,755 - - - - - 82,755 (25) 82,730
Other comprehensive income - - - - - 17,257 (4,964) (1,968) 10,325 50 10,375
Total comprehensive income for the period - - 82,755 - - 17,257 (4,964) (1,968) 93,080 25 93,105
Issue of equity shares on exercise of options 4,692,551 10 1,585 - (1,585) - - - - 10 - 10

Issue of shares by controlled trust on exercise of options (1) - - 1,256 (1,256) - - - - - - -
Compensation cost related to employee share-based payment - - 8 3,669 - - - - 3,677 - 3,677
Transferred from special economic zone re-investment reserve - - 47 - (47) - - - - - -
Others - - - - - - - - - (138) (138)
Other transactions for the period 4,692,551 10 1,585 1,311 828 (47) - - - 3,687 (138) 3,549
As at December 31, 2022 5,486,762,666 10,974 3,151 635,267 6,086 47,014 44,107 (3,487) 11,762 754,874 402 755,276
Convenience translation into US dollar in millions (unaudited)
Refer to Note 2(iii) 133 38 7,680 74 568 533 (42) 142 9,126 5 9,131
(1) Includes 10,518,721 treasury shares held as at December 31, 2022 by a controlled trust. 4,171,008 shares have been transferred by the controlled trust to eligible employees on exercise of options during the nine months ended December 31, 2022.
(2) Refer to Note 18

Bengaluru
January 13, 2023
5
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Nine months ended December 31,

2021 2022 2022
Convenience
translation into US
dollar in millions
(unaudited) Refer to
Note 2(iii)
Cash flows from operating activities
Profit for the period 91,404 82,730 1,001
Adjustments to reconcile profit for the period to net cash generated from operating
activities
Gain on sale of property, plant and equipment, net (421) (230) (3)
Depreciation, amortization and impairment expense 23,566 24,936 301
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings (1,994) 2,647 32
Share-based compensation expense 2,398 3,669 44
Share of net (profit)/loss of associates accounted for using equity method (73) 61 1
Income tax expense 22,547 24,743 299
Finance and other income, net of finance expenses (7,218) (5,505) (67)
Gain from sale of business and investment accounted for using the equity method (2,179) - -
Gain on derecognition of contingent consideration payable - (1,284) (16)
Loss on sale of business - 9 ^
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables (16,660) (3,075) (37)
Unbilled receivables and contract assets (6,141) 3,556 43
Inventories 43 (666) (8)
Other assets (2,146) (3,563) (41)
Trade payables, accrued expenses, other liabilities and provisions (3,685) (9,792) (118)
Contract liabilities 4,289 (2,280) (28)
Cash generated from operating activities before taxes 103,730 115,956 1,403
Income taxes paid, net (16,248) (22,653) (274)
Net cash generated from operating activities 87,482 93,303 1,129
Cash flows from investing activities
Payment for purchase of property, plant and equipment (15,965) (11,819) (143)
Proceeds from disposal of property, plant and equipment 704 449 5
Payment for purchase of investments (771,180) (582,035) (7,036)
Proceeds from sale of investments 715,040 532,692 6,441
Proceeds from restricted interim dividend account - 27,410 331
Payment for business acquisitions including deposits and escrow, net of cash acquired (129,760) (45,566) (551)
Proceeds from sale of investment accounted for using the equity method 1,636 - -
Proceeds from sale of business, net of cash - 11 ^
Interest received 10,240 9,942 120
Dividend received 2 3 ^
Net cash used in investing activities (189,283) (68,913) (833)
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment 4 10 ^
Repayment of loans and borrowings (149,830) (108,431) (1,311)
Proceeds from loans and borrowings 201,877 107,350 1,298
Payment of lease liabilities (7,414) (7,330) (89)
Payment for deferred contingent consideration (117) (1,251) (15)
Interest and finance expenses paid (3,976) (6,536) (79)
Payment of dividend - (27,337) (330)
Payment of dividend to non-controlling interests holders (1,135) - -
Net cash generated from/(used in) financing activities 39,409 (43,525) (526)
Net decrease in cash and cash equivalents during the period (62,392) (19,135) (231)
Effect of exchange rate changes on cash and cash equivalents 173 2,597 31
Cash and cash equivalents at the beginning of the period 169,663 103,833 1,255
Cash and cash equivalents at the end of the period (Note 10) 107,444 87,295 1,055

Bengaluru
January 13, 2023
6
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. The Company overview
Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries and controlled trusts (collectively, “we”, “us”, “our”, “the
Company” or the “Group”) is a global information technology (“IT”), consulting and business process services (“BPS”) company.
Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli,
Sarjapur Road, Bengaluru – 560 035, Karnataka, India. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India
Ltd. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.
The Company’s Board of Directors authorized these interim condensed consolidated financial statements for issue on January 13, 2023.
2. Basis of preparation of interim condensed consolidated financial statements
(i) Statement of compliance and basis of preparation
These interim condensed consolidated financial statements have been prepared in compliance with IAS 34, “Interim Financial Reporting”, 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, 2022. These interim condensed consolidated financial statements do not include all the
information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its
interpretations (“IFRS”).
The interim condensed consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation
of Financial Statements”. For clarity, various items are aggregated in the interim condensed consolidated statements of income and interim
condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the financial statement, where
applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial
statements except for the adoption of new accounting standards, amendments and interpretations effective from April 1, 2022.
All amounts included in the interim condensed consolidated 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. Previous year figures have been regrouped/rearranged, wherever
necessary.
(ii) Basis of measurement
These interim condensed consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for
the following material items which have been measured at fair value as required by relevant IFRS:
a. Derivative financial instruments;

b. Financial instruments classified as fair value through other comprehensive income or fair value through profit or loss;
c. The defined benefit liability/(asset) recognized as the present value of defined benefit obligation less fair value of plan assets; and
d. Contingent consideration.
(iii) Convenience translation (unaudited)
The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency
of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three
and nine months ended December 31, 2022, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹
82.72 as published by Federal Reserve Board of Governors on December 31, 2022. 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. Due to rounding off, the translated numbers
presented throughout the document may not add up precisely to the totals.
(iv) Use of estimates and judgment
The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires the management to make judgments,
accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Accounting estimates are monetary amounts in the interim condensed consolidated financial statements that are subject to measurement
uncertainty. An accounting policy may require items in the interim condensed consolidated financial statements to be measured at monetary
amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve
the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest
available and reliable information. Actual results may differ from those accounting estimates.
Accounting estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognized in the period
in which the estimates are changed and in any future periods affected. In particular, information about material areas of estimation, uncertainty
and critical judgments in applying accounting policies that have material effect on the amounts recognized in the interim condensed consolidated
financial statements are included in the following notes:
7
a) Revenue recognition: The Company applies judgement to determine whether each product or service promised to a customer is
capable of being distinct, and is distinct in the context of the contract, if not, the promised product or service is combined and
accounted as a single performance obligation. The Company allocates the arrangement consideration to separately identifiable
performance obligation deliverables based on their relative stand-alone selling price. In cases where the Company is unable to
determine the stand-alone selling price the Company uses expected cost-plus margin approach in estimating the stand-alone selling
price. 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, revenue recognized, profit and timing of revenue for remaining
performance obligations 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. Volume discounts are recorded as a reduction of
revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future
revenue from the customer.
b) Impairment testing: Goodwill and intangible assets with indefinite useful life recognized on business combination are tested for
impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of an asset or
a cash generating unit to which an asset pertains is less than the carrying value. The Company assesses acquired intangible assets
with finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal.
The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which
include turnover, 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.
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 expected reversal of deferred tax liabilities and projected future taxable income in
making this assessment. The amount of deferred tax assets considered realizable, however, could reduce in the near term if estimates
of future taxable income during the carry-forward period are reduced.
d) Business combinations: In accounting for business combinations, judgment is required to assess whether an identifiable intangible
asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets
acquired (including useful life estimates), liabilities assumed, 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.
e) Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated absences and the present
value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the determination of the
discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
f) Expected credit losses on financial assets: The impairment provisions of financial assets are based on assumptions about risk of
default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the
expected credit loss calculation based on the Company’s history of collections, customer’s creditworthiness, existing market
conditions as well as forward looking estimates at the end of each reporting period.
g) Provisions and contingent liabilities: The Company estimates the provisions that have present obligations as a result of past events
and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each
reporting date and are adjusted to reflect the current best estimates.
The Company uses significant judgement to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where
it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount
cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.
h) Uncertainty relating to the global health pandemic on COVID-19: In assessing the recoverability of receivables including
unbilled receivables, contract assets and contract costs, goodwill, intangible assets, and certain investments, the Company has
8
considered internal and external information up to the date of approval of these interim condensed consolidated financial statements
including credit reports and economic forecasts. Based on the current indicators of future economic conditions, the Company expects
to recover the carrying amount of these assets.
The Company bases its assessment on the belief that the probability of occurrence of forecasted transactions is not impacted by
COVID-19. The Company has considered the effect of changes, if any, in both counterparty credit risk and its own credit risk while
assessing hedge effectiveness and measuring hedge ineffectiveness and continues to believe that COVID-19 has no impact on
effectiveness of its hedges.
The impact of COVID-19 may be different from what we have estimated as of the date of approval of these interim condensed
consolidated financial statements and the Company will continue to closely monitor any material changes to future economic
conditions.
3. Material accounting policy information
Please refer to the Company’s Annual report for the year ended March 31, 2022, for a discussion of the Company’s other material accounting
policy information except for the adoption of new accounting standards, amendments and interpretations effective on or after April 1, 2022.
New amendment adopted by the Company effective from April 1, 2022:
Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling a Contract
On May 14, 2020, the IASB issued “Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)”, amending the standard regarding
costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. The amendment specifies that the
“cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be
incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The adoption of this amendment
has resulted in a reduction of ₹ 51 in opening retained earnings, primarily due to allocation of other costs that relate directly to fulfilling contracts.
New amendments not yet adopted:
Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2022 and have
not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and
interpretations that could have potential impact on the interim condensed consolidated financial statements of the Company are:
Amendments to IAS 12 – “Income Taxes”
On May 7, 2021, the IASB amended IAS 12 “Income Taxes” and published 'Deferred Tax related to Assets and Liabilities arising from a Single
Transaction (Amendments to IAS 12)' that clarify how companies account for deferred tax on transactions such as leases and decommissioning
obligations. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first
time. The amendments clarify that this exemption does not apply to transactions such as leases and decommissioning obligations and companies
are required to recognize deferred tax on such transactions. These amendments are effective for annual reporting periods beginning on or after
January 1, 2023 and are to be applied retrospectively, with earlier application permitted. The Company is currently evaluating the impact of
amendments to IAS 12 on the interim condensed consolidated financial statements.
Amendments to IAS 1 – Presentation of Financial Statements
On January 23, 2020, the IASB issued “Classification of liabilities as Current or Non-Current (Amendments to IAS 1)” providing a more general
approach to the classification of liabilities under IAS 1 based on the contractual arrangement in place at the reporting date. The amendments aim
to promote consistency in applying the requirements by helping companies to determine whether, in the statement of financial position, debt and
other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-
current. The amendments also clarified the classification requirements for debt a company might settle by converting it into equity. These
amendments are effective for annual reporting periods beginning on or after January 1, 2023, and are to be applied retrospectively, with earlier
application permitted. The adoption of amendments to IAS 1 is not expected to have any material impact on the interim condensed consolidated
financial statements.
Amendments to IAS 1 – Presentation of Financial Statements
On October 31, 2022, IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)'.The amendments specify that covenants to
be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the
amendments require a company to disclose information about these covenants in the notes to the financial statements. The amendments are
effective for reporting periods beginning on or after January 1, 2024, with earlier application permitted. The adoption of these amendments to IAS
1 are not expected to have any material impact on the interim condensed consolidated financial statements.
9
4. Property, plant and equipment
Furniture
Plant and
Land Buildings fixtures and Vehicles Total
equipment *
equipment
Gross carrying value:
As at April 1, 2021 ₹ 3,815 ₹ 39,414 ₹ 110,855 ₹ 20,692 ₹ 418 ₹ 175,194
Additions 961 494 11,333 1,485 3 14,276
Additions through business combinations - - 372 337 3 712
Disposals (30) (240) (3,572) (632) (112) (4,586)
Translation adjustment (3) (1) 89 7 1 93
As at December 31, 2021 ₹ 4,743 ₹ 39,667 ₹ 119,077 ₹ 21,889 ₹ 313 ₹ 185,689
Accumulated depreciation/ impairment:
As at April 1, 2021 ₹ - ₹ 8,785 ₹ 85,040 ₹ 15,089 ₹ 397 ₹ 109,311
Depreciation and impairment - 1,190 9,062 1,592 7 11,851
Disposals - (239) (3,195) (564) (109) (4,107)
Translation adjustment - 1 97 12 1 111
As at December 31, 2021 ₹ - ₹ 9,737 ₹ 91,004 ₹ 16,129 ₹ 296 ₹ 117,166
Capital work-in-progress ₹ 21,725
Net carrying value including Capital work-in-progress as at December 31, 2021 ₹ 90,248

As at April 1, 2021 ₹ 3,815 ₹ 39,414 ₹ 110,855 ₹ 20,692 ₹ 418 ₹ 175,194
Additions 1,031 1,676 19,411 2,384 7 24,509
Additions through business combinations - - 370 335 3 708
Disposals (30) (440) (7,863) (826) (115) (9,274)
Translation adjustment (3) 36 698 60 4 795
As at March 31, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 22,645 ₹ 317 ₹ 191,932
As at April 1, 2021 ₹ - ₹ 8,785 ₹ 85,040 ₹ 15,089 ₹ 397 ₹ 109,311
Depreciation and impairment - 1,536 12,305 2,141 10 15,992
Disposals - (346) (7,451) (725) (112) (8,634)
Translation adjustment - 28 571 52 2 653
As at March 31, 2022 ₹ - ₹ 10,003 ₹ 90,465 ₹ 16,557 ₹ 297 ₹ 117,322
Net carrying value including Capital work-in-progress as at March 31, 2022 ₹ 90,898

As at April 1, 2022 ₹ 4,813 ₹ 40,686 ₹ 123,471 ₹ 22,645 ₹ 317 ₹ 191,932
Additions 40 5,030 9,382 3,018 4 17,474
Additions through business combinations - 7 357 6 3 373
Disposals (3) (84) (2,635) (737) (5) (3,464)
Translation adjustment 8 130 1,718 151 1 2,008
As at December 31, 2022 ₹ 4,858 ₹ 45,769 ₹ 132,293 ₹ 25,083 ₹ 320 ₹ 208,323
As at April 1, 2022 ₹ - ₹ 10,003 ₹ 90,465 ₹ 16,557 ₹ 297 ₹ 117,322
Depreciation and impairment - 941 10,061 1,713 7 12,722
Disposals - (77) (2,428) (584) (4) (3,093)
Translation adjustment - 82 1,410 111 1 1,604
As at December 31, 2022 ₹ - ₹ 10,949 ₹ 99,508 ₹ 17,797 ₹ 301 ₹ 128,555
Net carrying value including Capital work-in-progress as at December 31, 2022 ₹ 90,147
* Including net carrying value of computer equipment and software amounting to ₹ 21,139, ₹ 25,162 and ₹ 23,466, as at December 31,
2021, March 31, 2022 and December 31, 2022, respectively.
10
5. Right-of-Use assets Category of Right-of-Use asset
Plant and
Land Buildings Vehicles Total
equipment *
As at April 1, 2021 ₹ 2,082 ₹ 18,844 ₹ 3,918 ₹ 926 ₹ 25,770
Additions 15 5,352 432 92 5,891
Additions through business combinations - 2,922 - 36 2,958
Disposals (801) (2,385) (1,091) (136) (4,413)
Translation adjustment - (126) 10 (13) (129)
As at December 31, 2021 ₹ 1,296 ₹ 24,607 ₹ 3,269 ₹ 905 ₹ 30,077
Accumulated depreciation:
As at April 1, 2021 ₹ 55 ₹ 6,703 ₹ 2,157 ₹ 435 ₹ 9,350
Depreciation 19 4,208 709 206 5,142
Disposals (20) (1,967) (746) (109) (2,842)
Translation adjustment - (23) 12 (7) (18)
As at December 31, 2021 ₹ 54 ₹ 8,921 ₹ 2,132 ₹ 525 ₹ 11,632
Net carrying value as at December 31, 2021 ₹ 18,445

As at April 1, 2021 ₹ 2,082 ₹ 18,844 ₹ 3,918 ₹ 926 ₹ 25,770
Additions 15 7,517 429 105 8,066
Additions through business combinations - 2,920 - 36 2,956
Disposals (819) (3,360) (1,861) (149) (6,189)
Translation adjustment - 72 25 (14) 83
As at March 31, 2022 ₹ 1,278 ₹ 25,993 ₹ 2,511 ₹ 904 ₹ 30,686
As at April 1, 2021 ₹ 55 ₹ 6,703 ₹ 2,157 ₹ 435 ₹ 9,350
Depreciation 24 5,572 849 264 6,709
Disposals (21) (2,667) (1,518) (121) (4,327)
Translation adjustment - 68 24 (8) 84
As at March 31, 2022 ₹ 58 ₹ 9,676 ₹ 1,512 ₹ 570 ₹ 11,816
Net carrying value as at March 31, 2022 ₹ 18,870

As at April 1, 2022 ₹ 1,278 ₹ 25,993 ₹ 2,511 ₹ 904 ₹ 30,686
Additions - 5,175 403 137 5,715
Additions through business combinations - 201 - - 201
Disposals - (3,084) (4) (242) (3,330)
Translation adjustment - 790 129 31 950
As at December 31, 2022 ₹ 1,278 ₹ 29,075 ₹ 3,039 ₹ 830 ₹ 34,222
As at April 1, 2022 ₹ 58 ₹ 9,676 ₹ 1,512 ₹ 570 ₹ 11,816
Depreciation 14 4,255 419 179 4,867
Disposals - (2,101) (1) (203) (2,305)
Translation adjustment - 351 92 20 463
As at December 31, 2022 ₹ 72 ₹ 12,181 ₹ 2,022 ₹ 566 ₹ 14,841
Net carrying value as at December 31, 2022 ₹ 19,381
* Including net carrying value of computer equipment and software amounting to ₹ 7, ₹ 6 and ₹ 5, as at December 31, 2021, March 31,
2022 and December 31, 2022, respectively
6. Goodwill and intangible assets

The movement in goodwill balance is given below: For the period ended
March 31, 2022 December 31, 2022
Balance at the beginning of the period ₹ 139,127 ₹ 246,989
Translation adjustment 5,293 21,949
Acquisition through business combinations(1) (Refer to Note 7) 102,569 40,627
Disposals (Refer to Note 31) - (40)
Balance at the end of the period ₹ 246,989 ₹ 309,525
11
(1)Acquisitionthrough business combinations for the year ended March 31, 2022 and nine months ended December 31, 2022 is after considering
the impact of ₹ 116 and ₹ 57 towards measurement period changes in purchase price allocation of acquisitions made during the year ended March
31, 2021 and 2022, respectively.
The movement in intangible assets is given below:

Intangible assets
Marketing-
Customer-related Total
related
As at April 1, 2021 ₹ 26,326 ₹ 1,611 ₹ 27,937
Acquisition through business combinations 27,857 9,822 37,679
Deductions/adjustments (11,695) (215) (11,910)
Translation adjustment 322 (3) 319
As at December 31, 2021 ₹ 42,810 ₹ 11,215 ₹ 54,025
Accumulated amortization/ impairment:
As at April 1, 2021 ₹ 14,248 ₹ 604 ₹ 14,852
Amortization and impairment 5,636 937 6,573
Deductions/Adjustments (11,695) (215) (11,910)
Translation adjustment 189 1 190
As at December 31, 2021 ₹ 8,378 ₹ 1,327 ₹ 9,705
Net carrying value as at December 31, 2021 ₹ 34,432 ₹ 9,888 ₹ 44,320

As at April 1, 2021 ₹ 26,326 ₹ 1,611 ₹ 27,937
Acquisition through business combinations 27,834 9,814 37,648
Translation adjustment 1,190 218 1,408
As at March 31, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
As at April 1, 2021 ₹ 14,248 ₹ 604 ₹ 14,852
Amortization and impairment 6,872 1,338 8,210
Translation adjustment 347 29 376
As at March 31, 2022 ₹ 9,483 ₹ 1,756 ₹ 11,239
Net carrying value as at March 31, 2022 ₹ 33,883 ₹ 9,672 ₹ 43,555

As at April 1, 2022 ₹ 43,366 ₹ 11,428 ₹ 54,794
Acquisition through business combinations (Refer to Note 7) 5,480 482 5,962
Deductions/adjustments (1) (1,570) - (1,570)
Translation adjustment 3,734 1,004 4,738
As at December 31, 2022 ₹ 51,010 ₹ 12,914 ₹ 63,924
As at April 1, 2022 ₹ 9,483 ₹ 1,756 ₹ 11,239
Amortization and impairment (2) 5,638 1,709 7,347
Deductions/adjustments (1,534) - (1,534)
Translation adjustment 817 208 1,025
As at December 31, 2022 ₹ 14,404 ₹ 3,673 ₹ 18,077
Net carrying value as at As at December 31, 2022 ₹ 36,606 ₹ 9,241 ₹ 45,847
Includes ₹ 36 towards measurement period adjustment in customer-related intangible in an acquisition completed during the year ended March
(1)
31, 2022.
(2) During the nine months ended December 31, 2022, decline in the revenue and earnings estimates led to revision of recoverable value of customer-
relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has
recognized impairment charge ₹ 1,166 for the three and nine months ended December 31, 2022, as part of amortization and impairment.
Amortization expense on intangible assets is included in selling and marketing expenses in the interim condensed consolidated statement of income.
12
7. Business combinations
Summary of acquisitions during the nine months ended December 31, 2022 is given below:
During the nine months ended December 31, 2022, the Company has completed two business combinations by acquiring 100% equity interest in:
(a) Convergence Acceleration Solutions, LLC (“CAS Group”), a US-based consulting and program management company that specializes in
driving large-scale business and technology transformation for Fortune 100 communications service providers. The acquisition advances the
Company’s strategic consulting capabilities as we help our clients drive large scale business and technology transformation. The acquisition
was consummated on April 11, 2022, for total consideration (upfront cash to acquire control and contingent consideration) of ₹ 5,587.
(b) Rizing Intermediate Holdings, Inc and its subsidiaries (“Rizing”), a global SAP consulting firm with industry expertise and consulting
capabilities in enterprise asset management, consumer industries, and human experience management. Rizing complements the Company in
capabilities (EAM, HCM and S/4HANA), in industries such as Energy and Utilities, Retail and Consumer Products, Manufacturing and Hi
Tech in geographies across North America, Europe, Asia, and Australia. The acquisition was consummated on May 20, 2022, for a total cash
consideration of ₹ 43,845.
The following table presents the purchase price allocation:
Description CAS Group Rizing

Net assets ₹ 524 ₹ 4,114
Fair value of customer-related intangibles 1,617 3,863
Fair value of marketing-related intangibles - 482
Deferred tax liabilities on intangible assets - (1,738)
Total ₹ 2,141 ₹ 6,721
Goodwill 3,446 37,124
Total purchase price ₹ 5,587 ₹ 43,845
Net Assets include:

Cash and cash equivalents ₹ 127 ₹ 2,114
Fair value of acquired trade receivables included in net assets ₹ 451 ₹ 3,228
Gross contractual amount of acquired trade receivables ₹ 451 ₹ 3,241
Less: Allowance for lifetime expected credit loss - (13)
Transaction costs included in general and administrative expenses ₹ 19 ₹ 99
The purchase price allocation for CAS Group and Rizing is provisional and will be finalized as soon as practicable within the measurement period,
but in no event later than one year following the date of acquisition.
The goodwill of ₹ 40,570 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is
allocated to IT Services segment and is not deductible for income tax purposes except for CAS group in the United States of America.
The total consideration of CAS Group includes a contingent consideration linked to achievement of revenues and earnings over a period of 3 years
ending December 31, 2024, and range of contingent consideration payable is between ₹ Nil and ₹ 2,277. The fair value of the contingent
consideration is estimated by applying the discounted cash-flow approach considering discount rate of 4.58% and probability adjusted revenue
and earnings estimates. The undiscounted fair value of contingent consideration is ₹ 1,804 as at the date of acquisition. The discounted fair value
of contingent consideration of ₹ 1,662 is recorded as part of provisional purchase price allocation.
The pro-forma effects of acquisition during the three and nine months ended December 31, 2022, on the Company’s results were not material.
8. Investments
As at
Non-current
Financial instruments at FVTPL
Equity instruments ₹ 1,976 ₹ 3,795
Fixed maturity plan mutual funds 513 1,277
Financial instruments at FVTOCI
Equity instruments 14,963 15,736
Financial instruments at amortized cost
Inter corporate and term deposits 1,657 ^
₹ 19,109 ₹ 20,808
Current
Financial instruments at FVTPL
Short-term mutual funds ₹ 15,550 ₹ 24,668
13
Financial instruments at FVTOCI
Non-convertible debentures, government securities, commercial papers, certificate of
deposit and bonds 204,839 256,262
Financial instruments at amortized cost
Inter corporate and term deposits (1) 21,266 10,813
₹ 241,655 ₹ 291,743
₹ 260,764 ₹ 312,551
(1)These deposits earn a fixed rate of interest. Term deposits include current deposits in lien with banks primarily on account of term deposits held
as margin money deposits against guarantees amounting to ₹ 641 (March 31, 2022: Term deposits current of ₹ 654).
9. Inventories
As at
Stores and spare parts ₹ 28 ₹ 26
Finished and traded goods 1,306 1,993
₹ 1,334 ₹ 2,019
10. Cash and cash equivalents

As at
Cash and bank balances ₹ 61,882 ₹ 67,265
Demand deposits with banks (1) 41,954 20,042
₹ 103,836 ₹ 87,307
(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 consist of the following for the purpose of the statement of cash flows:
As at
December 31, 2021 December 31, 2022
Cash and cash equivalents ₹ 107,458 ₹ 87,307
Bank overdrafts (14) (12)
₹ 107,444 ₹ 87,295
11. Other financial assets
As at
Non-current
Security deposits ₹ 1,396 ₹ 1,528
Finance lease receivables 4,262 4,563
Others 426 32
₹ 6,084 ₹ 6,123
Current
Security deposits ₹ 1,513 ₹ 1,660
Dues from officers and employees 1,301 1,076
Interest receivables 1,835 235
Finance lease receivables 5,065 6,172
Deposit in interim dividend account 27,410 -
Others 5,790 389
₹ 42,914 ₹ 9,532
₹ 48,998 ₹ 15,655
12. Other assets

As at
Non-current
Prepaid expenses ₹ 7,079 ₹ 5,779
Costs to obtain contract (1) 3,128 3,173
Costs to fulfil contract (2) 295 278
Others 4,324 4,815
₹ 14,826 ₹ 14,045
Current
Prepaid expenses ₹ 15,839 ₹ 18,001
14
Dues from officers and employees 251 1,137
Advance to suppliers 3,179 5,723
Balance with GST and other authorities 7,566 8,078
Costs to obtain contract (1) 820 964
Costs to fulfil contract (2) 55 119
Others 1,223 2,101
₹ 28,933 ₹ 36,123
₹ 43,759 ₹ 50,168
(1) Costs to obtain contract amortization is ₹ 222 and ₹ 224 during the three months ended December 31, 2021 and 2022 respectively, ₹ 674 and
₹ 664 during the nine months ended December 31, 2021 and 2022 respectively.
(2) Costs to fulfil contract amortization is ₹ 14 and ₹ 15 during the three months ended December 31, 2021 and 2022 respectively, ₹ 40 and ₹ 43
during the nine months ended December 31, 2021 and 2022 respectively.
13. Loans, borrowings and bank overdrafts

As at
Non-current
Unsecured Notes 2026 ₹ 56,403 ₹ 61,661
Loans from institutions other than banks 60 57
₹ 56,463 ₹ 61,718
Current
Borrowings from Banks ₹ 95,143 ₹ 96,490
Loans from institutions other than banks 87 9
Bank overdrafts 3 12
₹ 95,233 ₹ 96,511
₹ 151,696 ₹ 158,229
14. Other financial liabilities

As at
Non-current
Contingent consideration (Refer to Note 17) ₹ 2,423 ₹ 1,851
Cash Settled ADS RSUs 2 -
Deposits and others 536 416
₹ 2,961 ₹ 2,267
Current
Contingent consideration (Refer to Note 17) ₹ 1,906 ₹ 2,126
Advance from customers 1,582 971
Cash Settled ADS RSUs 18 6
Interim dividend payable 27,337 -
Capital Creditors 626 381
Deposits and others 1,641 857
₹ 33,110 ₹ 4,341
₹ 36,071 ₹ 6,608
15. Other liabilities

As at
Non-current
Employee benefits obligations ₹ 2,720 ₹ 4,038
Others 4,851 5,827
₹ 7,571 ₹ 9,865
Current
Employee benefits obligations ₹ 15,310 ₹ 14,869
Statutory and other liabilities 10,933 12,804
Advance from customers 629 1,071
Others 522 530
₹ 27,394 ₹ 29,274
₹ 34,965 ₹ 39,139
15
16. Provisions
As at
Non-current
Provision for warranty ₹ 1 ^
₹ 1 ₹ ^
Current
Provision for warranty ₹ 294 ₹ 362
Provision for onerous contracts 1,946 1,654
Others 531 508
₹ 2,771 ₹ 2,524
₹ 2,772 ₹ 2,524
^ Value is less than ₹ 1
17. Financial instruments:
Derivative assets and liabilities:
The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency
and net investment in foreign operations. The company is also exposed to interest rate fluctuations on investments in floating rate financial assets.
The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest
rates, 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:
(in millions)
As at
Notional Fair value Notional Fair value
Designated derivative instruments
Sell: Forward contracts USD 1,413 ₹ 509 USD 1,016 ₹ (2,687)
€ 191 ₹ 668 € 127 ₹ (361)
£ 173 ₹ 645 £ 139 ₹ (310)
AUD 170 ₹ (217) AUD 109 ₹ (7)
Range forward option contracts USD 493 ₹ 217 USD 1,095 ₹ (1,010)
€ 6 ₹ 8 € 55 ₹ (131)
£ 28 ₹ 119 £ 65 ₹ 18
AUD 11 ₹ (6) AUD 38 ₹ 37
Interest Rate Swaps INR - ₹ - INR 4,750 ₹ (112)

USD - ₹ - USD 200 ₹ 165
Non-designated derivative instruments

Sell: Forward contracts * USD 1,452 ₹ 536 USD 1,456 ₹ (1,161)
€ 109 ₹ 1 € 190 ₹ (268)
£ 91 ₹ 81 £ 100 ₹ (186)
AUD 47 ₹ (122) AUD 57 ₹ (83)
SGD 4 ₹ (1) SGD 12 ₹ (20)
ZAR 8 ₹ ^ ZAR 43 ₹ (3)
CAD 47 ₹ (25) CAD 70 ₹ 43
SAR 33 ₹ (1) SAR 135 ₹ ^
PLN 14 ₹ (2) PLN 29 ₹ (14)
CHF 5 ₹ (5) CHF 2 ₹ (10)
QAR 11 ₹ (4) QAR 4 ₹ (2)
TRY 30 ₹ 6 TRY 30 ₹ (7)
NOK 13 ₹ (3) NOK 13 ₹ (4)
OMR 2 ₹ ^ OMR 1 ₹ ^
SEK 17 ₹ (2) SEK 3 ₹ ^
JPY 513 ₹ 20 JPY 1,984 ₹ (42)
DKK 2 ₹ ^ DKK 26 ₹ (2)
AED - ₹ - AED 19 ₹ ^
CNH - ₹ - CNH 1 ₹ ^
16
Buy: Forward contracts SEK 22 ₹ 2 SEK - ₹ -
DKK 16 ₹ (2) DKK - ₹ -
CHF 2 ₹ (1) CHF - ₹ -
AED 26 ₹ ^ AED 5 ₹ ^
JPY 447 ₹ (18) JPY - ₹ -
CNH 11 ₹ ^ CNH - ₹ -
NOK 12 ₹ (1) NOK 12 ₹ ^
QAR - ₹ - QAR 4 ₹ 2
ZAR - ₹ - ZAR 7 ₹ 1
Range forward option contracts USD - ₹ - USD 305 ₹ (192)

£ - ₹ - £ 20 ₹ 2
€ - ₹ - € 40 ₹ (2)
Interest Rate Swaps INR 4,750 ₹ 3 INR - ₹ -
₹ 2,405 ₹ (6,346)
^ Value is less than ₹ 1
* USD 1,452 and USD 1,456 includes USD/PHP sell forward of USD 86 and USD 46 as at March 31, 2022 and December 31, 2022, respectively.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to
offset changes in cash flows of hedged items.
The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash
flow hedges:
2021 2022
Balance as at the beginning of the period ₹ 2,182 ₹ 1,943
Changes in fair value of effective portion of derivatives 4,128 (5,854)
Net (gain)/loss reclassified to statement of income on occurrence of hedged
transactions (1) (2,874) (487)
Gain/(loss) on cash flow hedging derivatives, net ₹ 1,254 ₹ (6,341)
Translation (gain)/loss - (6)
Balance as at the end of the period ₹ 3,436 ₹ (4,404)
Deferred tax thereon (841) 917
Balance as at the end of the period, net of deferred tax ₹ 2,595 ₹ (3,487)
Includes net (gain)/loss reclassified to revenue of ₹ (3,583) and ₹ 646 for the nine months ended December 31, 2021, and 2022, respectively
(1)
and net (gain)/loss reclassified to cost of revenues of ₹ 709 and ₹ (1,133) for the nine months ended December 31, 2021, and 2022, respectively.
As at December 31, 2021 and 2022, 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.
Fair value:
Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and
other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, trade payables and accrued expenses, and eligible
current liabilities and non-current liabilities.
The fair value of cash and cash equivalents, trade receivables, unbilled receivables, loans, borrowings and bank overdrafts, trade payables and
accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these
instruments. The Company’s long-term debt has been contracted at market rates of interest. Accordingly, the carrying value of such long-term
debt approximates fair value. Further, finance lease receivables are periodically evaluated based on individual credit worthiness of customers.
Based on this evaluation, the Company records allowance for estimated losses on these receivables. As at March 31, 2022 and December 31, 2022,
the carrying value of such receivables, net of allowances approximates the fair value.
Investments in short-term mutual funds and fixed maturity plan mutual funds, which are classified as FVTPL are measured using net asset values
at the reporting date multiplied by the quantity held. Fair value of investments in non-convertible debentures, government securities, commercial
papers, certificate of deposit and bonds classified as FVTOCI is determined based on the indicative quotes of price and yields prevailing in the
market at the reporting date. Fair value of investments in equity instruments classified as FVTOCI or FVTPL is determined using market multiples
method.
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.
17
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 hierarchy of assets and liabilities measured at fair value on a recurring basis:
As at March 31, 2022 As at December 31, 2022
Particular Fair value measurements at reporting date Fair value measurements at reporting date
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets
Derivative instruments:
Cash flow hedges ₹ 2,242 ₹ - ₹ 2,242 ₹ - ₹ 799 ₹ - ₹ 799 ₹ -
Others 796 - 796 - 219 - 219 -
Investments:
Short-term mutual funds 15,550 15,550 - - 24,668 24,668 - -
Fixed maturity plan mutual
513 - 513 - 1,277 - 1,277 -
funds
Equity instruments 16,939 41 574 16,324 19,531 135 - 19,396
Non-convertible debentures,
government securities,
204,839 1,251 203,588 - 256,262 1,227 255,035 -
commercial papers, certificate
of deposit and bonds
Liabilities
Derivative instruments:
Cash flow hedges ₹ (299) ₹ - ₹ (299) ₹ - ₹ (5,197) ₹ - ₹ (5,197) ₹ -
Others (334) - (334) - (2,167) - (2,167) -
Contingent consideration (4,329) - - (4,329) (3,977) - - (3,977)
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 counterparties, 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 at December 31, 2022, 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.
Investment in Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds: Fair value of these
instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.
Investment in equity instruments and fixed maturity plan mutual funds: Fair value of these instruments is derived based on the indicative
quotes of price prevailing in the market as at reporting date.
The following methods and assumptions were used to estimate the fair value of the level 3 financial instruments included in the above table.
Investment in equity instruments: Fair value of these instruments is determined using market multiples method.
Details of assets and liabilities considered under Level 3 classification

As at
Investment in equity instruments March 31, 2022 December 31, 2022
Additions 3,973 1,733
Disposals (7,697) (611)
Unrealized gain recognized in statement of income 40 26
Gain recognized in other comprehensive income 9,423 602
18
Translation adjustment 358 1,322
As at
Contingent consideration March 31, 2022 December 31, 2022
Balance at the beginning of the period ₹ (2,293) ₹ (4,329)
Additions (2,533) (1,662)
Reversals (1) 468 1,284
Payouts 309 1,251
Finance expense recognized in statement of income (117) (107)
Translation adjustment (163) (414)
Balance at the end of the period ₹ (4,329) ₹ (3,977)
(1) Towards change in fair value of earn-out liability as a result of changes in estimates of revenue and earnings over the earn-out period.
18. Foreign currency translation reserve and Other reserves

The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:

2021 2022
Translation difference related to foreign operations, net (189) 17,373
Reclassification of foreign currency translation differences on sale of investment in (151) (116)
associates and liquidation of subsidiaries to statement of income
The movement in other reserves is summarized below:
Other Reserves
Investment in debt Investment in

Remeasurements Capital
instruments equity instruments
Particulars of the defined Redemption
measured at fair measured at fair
benefit plans Reserve
value through OCI value through OCI
As at April 1, 2021 ₹ (897) ₹ 4,237 ₹ 1,378 ₹ 1,122

Other comprehensive income (675) (995) 8,248 -
As at December 31, 2021 ₹ (1,572) ₹ 3,242 ₹ 9,626 ₹ 1,122
As at April 1, 2022 ₹ (498) ₹ 3,018 ₹ 10,088 ₹ 1,122

Other comprehensive income 377 (3,355) 1,010 -
As at December 31, 2022 ₹ (121) ₹ (337) ₹ 11,098 ₹ 1,122
19. Income taxes

2021 2022 2021 2022
Income tax expense as per the interim condensed consolidated
₹ 8,063 ₹ 9,102 ₹ 22,547 ₹ 24,743
statement of income
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities (194) 66 658 (341)
Gains/(losses) on cash flow hedging derivatives 28 (776) 389 (1,383)
Remeasurements of the defined benefit plans 52 (50) (216) 99
₹ 7,949 ₹ 8,342 ₹ 23,378 ₹ 23,118
Income tax expense consists of the following:

2021 2022 2021 2022
Current taxes ₹ 7,735 ₹ 8,717 ₹ 23,150 ₹ 26,316

Deferred taxes 328 385 ₹ (603) (1,573)
₹ 8,063 ₹ 9,102 ₹ 22,547 ₹ 24,743
19
Income tax expenses are net of (provision recorded)/reversal of taxes pertaining to earlier periods, amounting to ₹ 548 and ₹ 463 for the three
months ended December 31, 2021 and 2022, and ₹ 3,768 and ₹ 755 for the nine months ended December 31, 2021 and 2022.
20. Revenues
The tables below present disaggregated revenue from contracts with customers by business segment, sector and nature of contract. The Company
believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.
20
Information on disaggregation of revenues for the three months ended December 31, 2021 is as follows:
IT Services
IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹ 56,356 ₹ 60,727 ₹ 59,232 ₹ 23,429 ₹ 199,744 ₹ - ₹ 1,623 ₹ 201,367
Sale of products - - - - - 1,769 - 1,769
₹ 56,356 ₹ 60,727 ₹ 59,232 ₹ 23,429 ₹ 199,744 ₹ 1,769 ₹ 1,623 ₹ 203,136
B. Revenue by sector
Banking, Financial Services and Insurance ₹ 923 ₹ 37,710 ₹ 23,724 ₹ 7,870 ₹ 70,227
Health 18,871 37 3,790 918 23,616
Consumer 23,354 680 8,003 3,280 35,317
Communications 2,608 301 3,287 3,802 9,998
Energy, Natural Resources and Utilities 176 8,482 9,919 4,808 23,385
Manufacturing 63 6,731 5,808 809 13,411
Technology 10,361 6,786 4,701 1,942 23,790
₹ 56,356 ₹ 60,727 ₹ 59,232 ₹ 23,429 ₹ 199,744 ₹ 1,769 ₹ 1,623 ₹ 203,136
C. Revenue by nature of contract
Fixed price and volume based ₹ 31,075 ₹ 33,931 ₹ 35,575 ₹ 14,386 ₹ 114,967 ₹ - ₹ 1,262 ₹ 116,229
Time and materials 25,281 26,796 23,657 9,043 84,777 - 361 85,138
Products - - - - - 1,769 - 1,769
₹ 56,356 ₹ 60,727 ₹ 59,232 ₹ 23,429 ₹ 199,744 ₹ 1,769 ₹ 1,623 ₹ 203,136
Information on disaggregation of revenues for the three months ended December 31, 2022 is as follows:
IT Services
A. Revenue
Sale of products - - - - - 1,721 - 1,721
₹ 67,436 ₹ 70,746 ₹ 65,882 ₹ 25,102 ₹ 229,166 ₹ 1,721 ₹ 1,403 ₹ 232,290
Banking, Financial Services and Insurance ₹ 1,360 ₹ 43,779 ₹ 26,806 ₹ 8,217 ₹ 80,162
Health 21,461 65 4,756 1,091 27,373
Consumer 28,556 1,032 9,538 4,197 43,323
Communications 3,417 358 3,457 3,402 10,634
Manufacturing 65 8,531 6,301 895 15,792
Technology 12,418 6,967 4,800 1,588 25,773
₹ 67,436 ₹ 70,746 ₹ 65,882 ₹ 25,102 ₹ 229,166 ₹ 1,721 ₹ 1,403 ₹ 232,290
Time and materials 28,565 34,412 28,199 10,443 101,619 - 282 101,901
Products - - - - - 1,721 - 1,721
₹ 67,436 ₹ 70,746 ₹ 65,882 ₹ 25,102 ₹ 229,166 ₹ 1,721 ₹ 1,403 ₹ 232,290
21
Information on disaggregation of revenues for the nine months ended December 31, 2021 is as follows:
IT Services
A. Revenue
Sale of products - - - - - 4,974 - 4,974
₹ 158,764 ₹ 174,469 ₹ 171,624 ₹ 67,076 ₹ 571,933 ₹ 4,974 ₹ 5,427 ₹ 582,334
Health 54,446 82 10,365 2,510 67,403
Consumer 65,509 1,852 23,330 9,036 99,727
Communications 6,941 898 9,651 11,276 28,766
Manufacturing 170 19,054 17,391 2,303 38,918
Technology 29,535 20,202 13,849 5,559 69,145
₹ 158,764 ₹ 174,469 ₹ 171,624 ₹ 67,076 ₹ 571,933 ₹ 4,974 ₹ 5,427 ₹ 582,334
Time and materials 71,976 75,912 67,657 25,029 240,574 - 1,122 241,696
Products - - - - - 4,974 - 4,974
₹ 158,764 ₹ 174,469 ₹ 171,624 ₹ 67,076 ₹ 571,933 ₹ 4,974 ₹ 5,427 ₹ 582,334
Information on disaggregation of revenues for the nine months ended December 31, 2022 is as follows:
IT Services
A. Revenue
Sale of products - - - - - 4,916 - 4,916
₹ 193,956 ₹ 206,756 ₹ 188,197 ₹ 74,643 ₹ 663,552 ₹ 4,916 ₹ 4,505 ₹ 672,973
Health 60,909 176 13,180 2,997 77,262
Consumer 82,009 2,924 27,516 11,873 124,322
Communications 10,090 1,062 9,957 10,907 32,016
Manufacturing 132 24,874 17,859 2,560 45,425
Technology 36,499 20,840 14,038 5,171 76,548
₹ 193,956 ₹ 206,756 ₹ 188,197 ₹ 74,643 ₹ 663,552 ₹ 4,916 ₹ 4,505 ₹ 672,973
Time and materials 81,889 101,442 81,661 31,215 296,207 - 1,021 297,228
Products - - - - - 4,916 - 4,916
₹ 193,956 ₹ 206,756 ₹ 188,197 ₹ 74,643 ₹ 663,552 ₹ 4,916 ₹ 4,505 ₹ 672,973
22
21. Expenses by nature
2021 2022 2021 2022
Employee compensation ₹ 114,860 ₹ 136,173 ₹ 328,773 ₹ 399,568
Sub-contracting and technical fees 28,190 28,486 80,086 87,071
Cost of hardware and software 1,705 1,967 5,083 5,438
Travel 2,281 3,773 5,361 9,880
Facility expenses 6,352 8,018 18,222 24,072
Depreciation, amortization and impairment (1) 7,459 9,229 23,566 24,936
Communication 1,391 1,467 4,371 4,506
Legal and professional fees 2,015 2,091 5,942 5,663
Rates, taxes and insurance 1,175 1,741 3,208 4,440
Marketing and brand building 499 679 1,434 2,223
Lifetime expected credit loss/ (write-back) (203) 101 (408) ^
Miscellaneous expenses (2) 3,078 2,320 6,980 6,629
Total cost of revenues, selling and marketing expenses ₹ 168,802 ₹ 196,045 ₹ 482,618 ₹ 574,426
and general and administrative expenses
Includes impairment charge of ₹ 1,166 for the three and nine months ended December 31, 2022, on account of revision in recoverable value of
(1)
customer-relationship intangible assets and marketing related intangible assets recognized on business combinations, due to decline in revenue
and earnings estimates. (Refer to Note 6)
22. Finance expenses

2021 2022 2021 2022
Interest expense ₹ 1,403 ₹ 2,902 ₹ 3,608 ₹ 7,217
₹ 1,403 ₹ 2,902 ₹ 3,608 ₹ 7,217
23. Finance and other income and Foreign exchange gains/(losses), net
2021 2022 2021 2022
Interest income ₹ 3,185 ₹ 4,570 ₹ 9,493 ₹ 11,900
Dividend income - 1 2 3
Exchange fluctuation gain on foreign currency borrowings - - 1,485 -
Net gain from investments classified as FVTPL 392 422 965 836
Net gain/(loss) from investments classified as FVTOCI 1 (1) 366 (17)
Finance and other income ₹ 3,578 ₹ 4,992 ₹ 12,311 ₹ 12,722
Foreign exchange gains/(losses), net, on financial
instruments measured at FVTPL ₹ 1,224 ₹ (3,396) ₹ 1,549 ₹ (5,716)
Other foreign exchange gains/(losses), net
(37) 4,787 1,731 9,198
Foreign exchange gains/(losses), net ₹ 1,187 ₹ 1,391 ₹ 3,280 ₹ 3,482
24. Earnings per 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.
2021 2022 2021 2022
Profit attributable to equity holders of the Company ₹ 29,690 ₹ 30,529 ₹ 91,318 ₹ 82,755
Weighted average number of equity shares outstanding 5,467,954,878 5,480,138,169 5,465,359,077 5,475,982,068
Basic earnings per share ₹ 5.43 ₹ 5.57 ₹ 16.71 ₹ 15.12
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.
23
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.
2021 2022 2021 2022
Profit attributable to equity holders of the Company ₹ 29,690 ₹ 30,529 ₹ 91,318 ₹ 82,755
Weighted average number of equity shares outstanding 5,467,954,878 5,480,138,169 5,465,359,077 5,475,982,068
Effect of dilutive equivalent share options 13,249,943 5,887,706 13,407,535 11,501,109
Weighted average number of equity shares for diluted
5,481,204,821 5,486,025,875 5,478,766,612 5,487,483,177
earnings per share
Diluted earnings per share ₹ 5.42 ₹ 5.56 ₹ 16.67 ₹ 15.08
25. Employee compensation

2021 2022 2021 2022
Salaries and bonus ₹ 110,094 ₹ 130,325 ₹ 314,754 ₹ 381,767
Employee benefits plans 3,961 4,754 11,585 14,140
Share-based compensation* 805 1,094 2,434 3,661
₹ 114,860 ₹ 136,173 ₹ 328,773 ₹ 399,568
* Includes ₹ 36 and ₹ (8) for the nine months ended December 31, 2021, and 2022 respectively, towards cash settled ADS RSUs.
The employee benefit cost is recognized in the following line items in the interim condensed consolidated statement of income:
2021 2022 2021 2022
Cost of revenues ₹ 97,347 ₹ 116,079 ₹ 279,119 ₹ 340,461
Selling and marketing expenses 10,897 12,289 30,541 34,807
General and administrative expenses 6,616 7,805 19,113 24,300
₹ 114,860 ₹ 136,173 ₹ 328,773 ₹ 399,568
The Company has granted 2,223,845 and 2,506,860 options under RSU option plan during the three and nine months ended December 31, 2022
(1,235,938 and 1,316,899 for the three and nine months December 31, 2021); 6,234,477 and 7,877,090 options under ADS option plan during the
three and nine months ended December 31, 2022 (2,831,623 and 3,649,391 for the three and nine months ended December 31, 2021).
The Company has also granted Nil Performance based stock options (RSU) during the three and nine months ended December 31, 2022,
respectively (1,134,173 for the three and nine months ended December 31, 2021); Nil Performance based stock options (ADS) during the three
and nine months ended December 31, 2022, respectively (2,121,329 for three and nine months ended December 31, 2021).
The RSU grants were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and the ADS grants were issued under
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan).
26. Other operating income
During the nine months ended December 31, 2021, as a result of acquisition by another investor, the Company sold its investment in Ensono
Holdings, LLC for a consideration of ₹ 5,614 and recognized a cumulative gain of ₹ 1,249 (net of tax ₹ 429) in other comprehensive income being
profit on sale of investment designated as FVTOCI. The Company also recognized ₹ 1,230 for the nine months ended December 31, 2021 under
other operating income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.
During the nine months ended December 31, 2021, as a result of acquisition of by another investor, the Company sold its investment in Denim
Group, Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method, for a consideration of ₹ 1,648 and
recognized a cumulative gain of ₹ 949 in other operating income/(loss), net including reclassification of exchange differences on foreign currency
translation.
27. Commitments and contingencies
Capital commitments: As at March 31, 2022 and December 31, 2022 the Company had committed to spend ₹ 11,376 and ₹ 8,055 respectively,
under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases.
Guarantees: As at March 31, 2022 and December 31,2022, guarantees provided by banks on behalf of the Company to the Indian Government,
customers and certain other agencies aggregate to ₹ 17,094 and ₹ 16,469 respectively, as part of the bank line of credit.
Contingencies and lawsuits: The Company is subject to legal proceedings and claims resulting from tax assessment orders/ penalty notices issued
under the Income Tax Act, 1961, 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.
24
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 Company’s assessments are completed for the years up to March 31, 2019. The Company has received demands on multiple tax issues. These
claims are primarily arising out of denial of deduction under section 10A of the Income Tax Act, 1961 in respect of profit earned by the Company’s
undertaking in Software Technology Park at Bengaluru, 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, 2008 which either has been or may be contested
by the Income tax authorities before the Hon’ble Supreme Court of India. Other claims relate to disallowance of tax benefits on profits earned
from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing
adjustments on intercompany / inter unit transactions and other issues.
Income tax claims against the Company amounting to ₹ 92,476 and ₹ 94,230 are not acknowledged as debt as at March 31, 2022 and December
31, 2022, respectively. These matters are pending before various Appellate Authorities and the management expects its position will likely be
upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.
The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounting to ₹ 12,092 and ₹
12,001 as of March 31, 2022, and December 31, 2022, respectively. However, the resolution of these disputed demands is not likely to have a
material and adverse effect on the results of operations or the financial position of the Company.
The Hon’ble Supreme Court of India, through a ruling in February 2019, provided interpretation on the components of Salary on which the
Company and its employees are to contribute towards Provident Fund under the Employee’s Provident Fund Act. Based on the current evaluation,
the Company believes it is not probable that certain components of Salary paid by the Company will be subject to contribution towards Provident
Fund due to the Hon’ble Supreme Court order. The Company will continue to monitor and evaluate its position based on future events and
developments.
28. Segment information
The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (“ISRE”).
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 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:
healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information
services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United
States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom
and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. 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.
Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design,
technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package
implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and
hardware and software design.
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.
ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India and/or any State
Governments.
The Chairman 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.
25
Information on reportable segments for the three months ended December 31, 2021, is as follows:
IT Services Reconciling
Americas 1 Americas 2 Europe APMEA Total Items
Revenue ₹ 56,644 ₹ 61,076 ₹ 59,620 ₹ 23,596 ₹ 200,936 ₹ 1,767 ₹ 1,623 ₹ (3) ₹ 204,323
Other operating income - - - - 14 - - - 14
Segment Result 11,390 12,057 9,172 2,483 35,102 96 134 16 35,348
Unallocated 173 - - - 173
Segment Result Total ₹ 35,289 ₹ 96 ₹ 134 ₹ 16 ₹ 35,535
Finance expenses (1,403)
Finance and other income 3,578
Share of net profit/(loss) of associates accounted
for using the equity method 76
Profit before tax ₹ 37,786
Income tax expense (8,063)
Profit for the period ₹ 29,723
Depreciation, amortization and impairment ₹ 7,459
Information on reportable segments for the three months ended December 31, 2022, is as follows:
Revenue ₹ 67,788 ₹ 71,168 ₹ 66,323 ₹ 25,278 ₹ 230,557 ₹ 1,721 ₹ 1,403 ₹ - ₹ 233,681
Other operating income - - - - - - - - -
Segment Result 12,986 14,776 9,485 2,476 39,723 41 102 (11) 39,855
Unallocated (2,219) - - - (2,219)
Segment Result Total ₹ 37,504 ₹ 41 ₹ 102 ₹ (11) ₹ 37,636
Finance expenses (2,902)
26
Information on reportable segments for the nine months ended December 31, 2021, is as follows:
Revenue ₹ 159,532 ₹ 175,441 ₹ 172,700 ₹ 67,543 ₹ 575,216 ₹ 4,972 ₹ 5,427 ₹ (1) ₹ 585,614
Other operating income/(loss), net - - - - 2,179 - - - 2,179
Segment Result 31,290 35,226 26,683 8,577 101,776 137 1,002 8 102,923
Unallocated 73 - - - 73
Segment Result Total ₹ 104,028 ₹ 137 ₹ 1,002 ₹ 8 ₹ 105,175
Finance expense (3,608)
Information on reportable segments for the nine months ended December 31, 2022, is as follows:
Revenue ₹ 194,840 ₹ 207,811 ₹ 189,283 ₹ 75,100 ₹ 667,034 ₹ 4,916 ₹ 4,505 ₹ - ₹ 676,455
Other operating income/(loss), net - - - - - - - - -
Segment Result 36,374 41,449 24,734 6,274 108,831 (117) 421 (1,412) 107,723
Unallocated (5,694) - - - (5,694)
Segment Result Total ₹ 103,137 ₹ (117) ₹ 421 ₹ (1,412) ₹ 102,029
Finance expense (7,217)
for using the equity method (61)
27
Revenues from India, being Company’s country of domicile, is ₹ 6,620 and ₹ 6,267 for three months ended December 31, 2021, and 2022,
respectively and ₹ 19,143 and ₹ 18,936 for nine months ended December 31, 2021, and 2022, respectively.
Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:
2021 2022 2021 2022
United States of America ₹ 110,731 ₹ 130,648 ₹ 312,380 ₹ 378,447

United Kingdom 26,135 29,278 74,514 ₹ 83,637
₹ 136,866 ₹ 159,926 ₹ 386,894 ₹ 462,084
No customer individually accounted for more than 10% of the revenues during the three and nine months ended December 31, 2021, and 2022.
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.
Notes:
a) “Reconciling items” includes elimination of inter-segment transactions and other corporate activities.
b) Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.
c) 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 interim condensed consolidated statement of income).
d) Other operating income of ₹ 14 and ₹ Nil is included as part of IT Services segment results for three months ended December 31, 2021
and 2022 respectively and ₹ 2,179 and ₹ Nil is included as part of IT Services segment results for nine months ended December 31, 2021
and 2022 respectively. (Refer to Note 26)
e) Restructuring cost of ₹ Nil and ₹ 29 is included under Reconciling items for the three months ended December 31, 2021 and 2022
respectively and ₹ Nil and ₹ 1,389 for the nine months ended December 31, 2021 and 2022 respectively.
f) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 805 and ₹ 1,094 for the three
months ended December 31, 2021 and 2022, respectively and ₹ 2,434 and ₹ 3,661 for the nine months ended December 31, 2021 and
2022 respectively.
29. List of subsidiaries and investments accounted for using equity method as at December 31, 2022 is provided below:
Country of
Subsidiaries Subsidiaries Subsidiaries
Incorporation
Attune Consulting India Private India
Limited
Capco Technologies Private India
Limited
Encore Theme Technologies India
Private Limited
Wipro Chengdu Limited China
Wipro Holdings (UK) Limited UK
Designit A/S Denmark
Designit Denmark A/S Denmark
Designit Germany GmbH Germany
Designit Oslo A/S Norway
Designit Spain Digital, S.L.U Spain
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
Wipro 4C NV Belgium
Wipro 4C Consulting France SAS France
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V Netherlands
Wipro Weare4C UK Limited (1) UK
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro Financial Outsourcing Services UK
Limited (Formerly known as Wipro
Europe Limited)
Wipro UK Limited UK
Wipro Financial Services UK Limited UK
Wipro Gulf LLC Sultanate of
Oman
Wipro IT Services S.R.L. Romania
28
Wipro HR Services India Private India
Limited
Wipro IT Services Bangladesh Bangladesh
Limited
Wipro IT Services UK Societas UK
Grove Holdings 2 S.á.r.l Luxembourg
Capco Brasil Serviços E Consultoria Em Brazil
Informática Ltda
The Capital Markets Company BV (3) Belgium
PT. WT Indonesia Indonesia
Rainbow Software LLC Iraq
Wipro Arabia Limited (2) Saudi Arabia
Women's Business Park Technologies Saudi Arabia
Limited (2)
Wipro Doha LLC Qatar
Wipro Holdings Hungary Korlátolt Hungary
Felelősségű Társaság
Wipro Holdings Investment Korlátolt Hungary
Felelősségű Társaság
Wipro Information Technology Egypt Egypt
SAE
Wipro Information Technology Netherlands
Netherlands BV.
Wipro do Brasil Technologia Ltda (1) Brazil
Wipro Information Technology Kazakhstan Kazakhstan
LLP
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Portugal S.A. (1) Portugal

Wipro Solutions Canada Limited Canada
Wipro Technologies Limited Russia
Wipro Technologies Peru SAC Peru
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Technology Chile SPA Chile
Wipro IT Service Ukraine, LLC Ukraine
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
Wipro Ampion Holdings Pty Ltd (1) (Formerly Australia
known as Ampion Holdings Pty Ltd)
Wipro Technologies SA Argentina

Wipro Technologies SA DE CV Mexico
Wipro Technologies South Africa South Africa
(Proprietary) Limited
Wipro Technologies Nigeria Limited Nigeria
Wipro Technologies SRL Romania
Wipro (Thailand) Co. Limited Thailand
Wipro Japan KK Japan
Designit Tokyo Co., Ltd. Japan
Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China
Wipro Technologies SDN BHD Malaysia
Wipro Overseas IT Services India
Private Limited
Wipro Philippines, Inc. Philippines
Wipro Shanghai Limited China
Wipro Trademarks Holding India
Limited
Wipro Travel Services Limited India
Wipro VLSI Design Services India
India Private Limited
Wipro, LLC USA
29
Wipro Gallagher Solutions, LLC USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
Cardinal US Holdings, Inc.(1) USA
Convergence Acceleration Solutions, LLC USA
Designit North America, Inc. USA
Edgile, LLC USA
HealthPlan Services, Inc. (1) USA
Infocrossing, LLC USA
International TechneGroup Incorporated (1) USA
LeanSwift Solutions, Inc.(1) USA
Rizing Intermediate Holdings, Inc. (1) USA
Wipro Appirio, Inc. (1) USA
Wipro Designit Services, Inc. (1) USA
Wipro VLSI Design Services, LLC USA
The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’, ‘Wipro SA Broad Based Ownership Scheme SPV (RF)
(PTY) LTD' incorporated in South Africa and Wipro Foundation in India.
(2)
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 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.
(1)
Step Subsidiary details of Wipro Ampion Holdings Pty Ltd, Cardinal US Holdings, Inc., HealthPlan Services, Inc., International
TechneGroup Incorporated, LeanSwift Solutions, Inc., Rizing Intermediate Holdings, Inc., Wipro Appirio, Inc., Wipro Designit Services,
Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A and Wipro Weare4C UK Limited are as follows:
Country of
Incorporation
Wipro Ampion Holdings Pty Ltd Australia
(Formerly known as Ampion
Holdings Pty Ltd)
Wipro Ampion Pty Ltd (Formerly Australia
known as Ampion Pty Ltd)
Wipro Iris Holdco Pty Ltd (3) (Formerly known Australia
as Iris Holdco Pty Ltd)
Wipro Revolution IT Pty Ltd (Formerly Australia
known as Revolution IT Pty Ltd)
Crowdsprint Pty Ltd Australia

Wipro Shelde Australia Pty Ltd Australia
(Formerly known as Shelde Pty Ltd)
Cardinal US Holdings, Inc. USA
ATOM Solutions LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
The Capital Markets Company LLC USA
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, USA
LLC
International TechneGroup USA
Incorporated
International TechneGroup Ltd. UK
ITI Proficiency Ltd Israel
Wipro Italia S.R.L. Italy
MechWorks S.R.L. Italy
LeanSwift Solutions, Inc. USA
LeanSwift AB Sweden
LeanSwift Solutions, LLC USA
Rizing Intermediate Holdings, USA
Inc.
Attune Lanka (Pvt) Ltd Sri Lanka
Attune Netherlands B.V. (3) Netherlands
30
Rizing Intermediate LLC (3) USA
Wipro Appirio, Inc. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited UK
Wipro Appirio, K.K. Japan
Topcoder, LLC. USA
Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro do Brasil Technologia Brazil
Ltda
Wipro do Brasil Servicos Ltda Brazil
Wipro Do Brasil Sistemetas De Brazil
Informatica Ltd
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro Business Solutions GmbH (3) Germany
Wipro IT Services Austria GmbH Austria
Wipro Weare4C UK Limited UK
CloudSocius DMCC United Arab
Emirates
(3)
Step Subsidiary details of Attune Netherlands B.V., Wipro Iris Holdco Pty Ltd, Rizing Intermediate LLC, The Capital Markets Company
BV and Wipro Business Solutions GmbH are as follows:
Country of
Incorporation
Attune Netherlands B.V. Netherlands
Attune Australia Pty Ltd Australia
Attune Consulting USA, Inc. USA
Attune Germany GmbH Germany
Attune Italia S.R.L Italy
Attune Management LLC USA
Attune UK Ltd. UK
Wipro Iris Holdco Pty Ltd Australia
(Formerly known as Iris Holdco
Pty Ltd)
Wipro Iris Bidco Pty Ltd (Formerly Australia
known as Iris Bidco Pty Ltd)
Rizing Intermediate LLC USA
Rizing Canada Holdings Corp. Canada
Rizing Solutions Canada Inc. Canada
Rizing LLC (4) USA
The Capital Markets Company Belgium
BV
CapAfric Consulting (Pty) Ltd South Africa
Capco Belgium BV Belgium
Capco Consultancy (Malaysia) Sdn. Malaysia
Bhd
Capco Consultancy (Thailand) Ltd Thailand
Capco Consulting Singapore Pte. Ltd Singapore
Capco Greece Single Member P.C Greece
Capco Poland sp. z.o.o Poland
The Capital Markets Company (UK) UK
Ltd
Capco (UK) 1, Limited UK
The Capital Markets Company BV Netherlands
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) China

Company Limited
31
The Capital Markets Company Limited Canada
Capco (Canada) GP ULC Canada

The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company S.A.S France
The Capital Markets Company s.r.o Slovakia
Wipro Business Solutions GmbH Germany
Wipro Technology Solutions S.R.L Romania
(4) Step Subsidiary details of Rizing LLC is as follows:
Country of
Incorporation
Rizing LLC USA
Aasonn Philippines Inc. Philippines
Rizing B.V. Netherlands
Rizing Consulting Ireland Limited Ireland
Rizing Consulting Pty Ltd. Australia
Rizing Geospatial LLC USA
Rizing GmbH Germany
Rizing Limited UK
Rizing Middle East DMCC United Arab
Emirates
Rizing Pte Ltd. Singapore
Rizing New Zealand Ltd. New Zealand
Rizing Philippines Inc. Philippines
Rizing SDN BHD Malaysia
Rizing Solutions Pty Ltd Australia
Synchrony Global SDN BHD Malaysia
Vesta Middle East FZE United Arab
Emirates
As at December 31, 2022, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.
The list of controlled trusts and firms are:

Name of the entity Country of incorporation
Capco (Canada) LP (5) Canada
Wipro Equity Reward Trust India
Wipro Foundation India
(5) The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners, respectively.
30. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on
November 13, 2020, and has invited suggestions from stake holders which are under active consideration by the Ministry. Based on an initial
assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian
subsidiaries is not expected to be material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its
Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are notified
and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine
the financial impact are published.
31. On December 21, 2022, the Company sold 100% membership interests in Wipro Opus Risk Solutions LLC for upfront cash consideration of
₹ 53 and recognized a loss of ₹ 9 on disposal.
32
32. Events after the reporting period
The Board of Directors in their meeting held on January 13, 2023, declared an interim dividend of ₹ 1 /- (USD 0.01) per equity share and
ADR (50% on an equity share of par value of ₹ 2 /-)

Bengaluru
January 13, 2023
33

consolidated-financial-statement-q3fy23

Uploaded by

Copyright:

Available Formats

consolidated-financial-statement-q3fy23

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

consolidated-financial-statement-q3fy23

Uploaded by

Copyright:

Available Formats

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Finance expenses 22 (1,403) (2,902) (35) (3,608) (7,217) (87)

Profit attributable to:

Earnings per equity share: 24

Weighted average number of equity shares

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Other comprehensive income (OCI)

Total comprehensive income attributable to:

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Issue of equity shares on exercise of options 2,144,656 4 590 - (590) - - - - 4 - 4

Issue of equity shares on exercise of options 4,692,551 10 1,585 - (1,585) - - - - 10 - 10

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Nine months ended December 31,

Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

1. The Company overview

2. Basis of preparation of interim condensed consolidated financial statements

(i) Statement of compliance and basis of preparation

(ii) Basis of measurement

a. Derivative financial instruments;

(iii) Convenience translation (unaudited)

(iv) Use of estimates and judgment

3. Material accounting policy information

New amendment adopted by the Company effective from April 1, 2022:

Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling a Contract

New amendments not yet adopted:

Amendments to IAS 12 – “Income Taxes”

Amendments to IAS 1 – Presentation of Financial Statements

Amendments to IAS 1 – Presentation of Financial Statements

Gross carrying value:

Gross carrying value:

Gross carrying value:

Gross carrying value:

6. Goodwill and intangible assets

The movement in intangible assets is given below:

Net carrying value as at December 31, 2021 ₹ 34,432 ₹ 9,888 ₹ 44,320

Gross carrying value:

Net carrying value as at March 31, 2022 ₹ 33,883 ₹ 9,672 ₹ 43,555

Gross carrying value:

Net carrying value as at As at December 31, 2022 ₹ 36,606 ₹ 9,241 ₹ 45,847

The following table presents the purchase price allocation:

Description CAS Group Rizing

Net Assets include:

Transaction costs included in general and administrative expenses ₹ 19 ₹ 99

10. Cash and cash equivalents

12. Other assets

13. Loans, borrowings and bank overdrafts

14. Other financial liabilities

15. Other liabilities

17. Financial instruments:

Derivative assets and liabilities:

Interest Rate Swaps INR - ₹ - INR 4,750 ₹ (112)

Non-designated derivative instruments

Range forward option contracts USD - ₹ - USD 305 ₹ (192)

Interest Rate Swaps INR 4,750 ₹ 3 INR - ₹ -

Details of assets and liabilities considered under Level 3 classification

18. Foreign currency translation reserve and Other reserves

Nine months ended December 31,

The movement in other reserves is summarized below: