IT services segment operating margin increases 40 bps QoQ.

Net income increases 5.2% QoQ.

FY 24 Large deal bookings at $4.6 billion, a YoY increase of 17.4%.

Operating cash flows at 158.6% of net income for the year.

Wipro Limited (NYSE:WIT, BSE: 507685, NSE: WIPRO))), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2024.

Highlights of the Results

Results for the Quarter ended March 31, 2024:

Gross revenue reached Rs 222.1 billion ($2.7 billion¹), flat QoQ.
IT services segment revenue was at $2,657.4 million, an increase of 0.1% QoQ and decrease of 6.4% YoY.
Non-GAAP² constant currency IT Services segment revenue decreased 0.3% QoQ, and 6.6% YoY.
Total bookings³ was at $3.6 billion. Large deal bookings⁴ was at $1.2 billion, increase of 31.1% QoQ and 9.5% YoY.
IT services operating margin⁵ for the quarter was at 16.4%, up by 40 bps QoQ.
Net income for the quarter was at Rs 28.3 billion ($341.0 million¹), an increase of 5.2% QoQ.
Earnings per share for the quarter was at Rs 5.43 ($0.07¹), an increase of 5.2% QoQ.
Operating cash flows of Rs 52.2 billion ($626.1 million¹), an increase of 9.0% QoQ and at 182.6% of Net Income for the quarter.
Voluntary attrition was at 14.2% on a trailing 12-month basis.

Results for the Year ended March 31, 2024:

Gross revenue reached Rs 897.6 billion ($10.8 billion¹), a decrease of 0.8% YoY.
IT services segment revenue was at $10,805.3 million, a decrease of 3.8% YoY.
Non-GAAP² constant currency IT Services segment revenue decreased 4.4% YoY.
Large deal bookings⁴ was at $4.6 billion, up by 17.4% YoY. Total bookings³ was at $14.9 billion decrease of 5.5% YoY.
IT services operating margin⁵ for the year was at 16.1%, up by 50 bps YoY.
Net income for the year was at Rs 110.5 billion ($1,325.3 million¹), a decrease of 2.7% YoY.
Earnings per share for the year was at Rs 20.89 ($0.25¹), an increase of 0.8% YoY.
Operating cash flows of Rs 176.2 billion ($2,114.0 million¹), an increase of 34.9% YoY and at 158.6% of Net Income for the year.

Outlook for the Quarter ending June 30, 2024

We expect revenue from our IT Services business segment to be in the range of $2,617 million to $2,670 million*. This translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms.

^{* Outlook for the Quarter ending June 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.08, AUD/USD at 0.66, USD/INR at 83.19 and CAD/USD at 0.74}

Performance for the Quarter and Year ended March 31, 2024

Srini Pallia, CEO and Managing Director, said, "FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead. We are on the brink of a major technological shift. Artificial intelligence is transforming our clients' needs as they seek to harness its power for competitive advantage and enhanced business value. At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals. Although there's a considerable amount of work ahead of us, I am confident that together, with our collective effort, we can pave the way for the next chapter of growth."

Aparna Iyer, Chief Financial Officer, said, "We expanded our margins by 40 basis points during the quarter resulting in EPS growth of 5.2% QoQ in Q4. Despite a challenging macro-environment our IT services margin expanded by 50 basis points for the full year FY24. We generated highest operating cash flow in recent years which is at 183% of our net- income in Q4 and 159% on a full year basis."

Capital Allocation:

The Board of Directors confirmed the interim dividend of Rs 1 declared by the Board earlier at its meeting held on January 12th, 2024, shall be considered as the final dividend for the financial year 2023-24.

For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 83.34, as published by the Federal Reserve Board of Governors on March 31, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2024, was US$1= Rs 83.09
Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.
Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.
Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The YoY growth rates for the quarter ended March 31, 2024 were computed by rebase lining Q4'23 numbers.

Highlights of Strategic Deal Wins

In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

A multinational healthcare and insurance organization has selected Wipro to transform its technology-enabled health services business to increase adoption of value-based care and enhance member experience. Wipro will help the client re-imagine its end-to-end member, patient, and provider journey by building a standardized, interoperable, and integrated care delivery platform. Overall, the project will improve talent allocation and care coordination by leveraging GenAI. It will also reduce costs and improve the quality of healthcare.
Wipro was selected by a US-based health information technology company to scale their Release of Medical Information business that covers over 2,000 hospitals and 15,000 clinics in the country. Wipro will deploy automation-enabled workflows to ensure seamless patient data handling, allowing the client to create new efficiencies and expand its business.
A major US-based health insurance provider for government-sponsored health programs selected Wipro as its technology and operations transformation partner. Leveraging its proprietary Medicare Advantage platform, Wipro will offer the client an AI-driven, modular member enrolment platform, which will streamline business operations. The project will lead to reduced operating expenses, improved compliance and STAR rating of its products, and enhanced member experience.
A leading US-based telecom wireless operator has selected Wipro as a strategic partner to provide managed services and overhaul the client's IT and digital operations. As part of this deal, Wipro will implement and operate a leading IT SaaS operating platform across the organization, drive data driven insights, enhance digital and billing operating platforms, and drive better security and quality engineering practices.
A large omnichannel lifestyle retailer in Brazil has awarded Wipro a multi-year deal to modernize and transform its operations to support its strong growth ambitions. In a first of its kind in the region, Wipro will migrate the client's retail landscape, including the merchandising and planning modules, to a cloud-based platform, creating a more agile, resilient, and efficient system. This will drive increased productivity, reduce costs, and support the client's sustainability goals.
A US-based multinational department store has selected Wipro to develop an automation framework that will help the client streamline and improve its business processes and systems. Through this engagement, Wipro will help the client identify inefficiencies and enable continuous improvement of business system features. Wipro will also conduct ongoing performance testing to ensure a seamless user experience and enhance customer satisfaction. This will lead to a 20% improvement in time to market, supporting the client's market expansion across brick-and-mortar and online stores.
A leading US-based technology company has selected Wipro to provide integrity and labelling services for its platforms and tools. Wipro will deploy its trained data experts to review and label large volumes of content and accelerate turnaround times to meet the client's changing business needs. Wipro teams will improve the accuracy and precision of data, thereby enhancing the client's GenAI/machine learning algorithm.
A US-based regional bank has selected Wipro to deliver a multi-faceted transformation across their ecosystem. This multi-year engagement will include cloud and data, cyber security, and infrastructure to deliver enhanced business value to their customers. These programs will enable the client to increase operational efficiency, achieve a better cybersecurity posture, and a faster time to market.
An American bank has selected Wipro to setup a near shore bi-lingual alert monitoring unit to enhance their anti-money laundering operations. Wipro has been selected for their exceptional quality, efficient and scalable delivery model, and proven track record in the financial crime compliance space.
A US-based bank and financial services company has selected Wipro to digitally transform their business. Wipro will support integration of new technology initiatives centered on modernizing existing business applications, processes, and data management. This multi-year technology transformation will support the client's growth strategy and accelerate their goal of becoming a full-service bank.
Wipro was selected by a Singapore government agency for its finance digitization and cloud transformation program. Wipro will maintain and drive product upgrades to process daily transactions seamlessly. This will enhance the user experience and provide the client with a 360-degree view of interactions. Wipro will also rationalize and consolidate the client's IT services for business-critical Corporate and Enterprise applications on a fully digital platform. This will enable greater productivity, enhance efficiency, and improve effectiveness for the client, thereby accelerating their digital transformation journey.
A European-based bicycle manufacturer selected Wipro to manage their entire integrated IT landscape. The Wipro team will run everything from their customer-facing digital tower to all back-end and IT applications. Wipro will also transform and run the client's core infrastructure, including complete cyber security operations and their entire data backbone. This multi-year engagement will lead to streamlined, consolidated, and synchronized IT processes, boosted cybersecurity, elevated customer experience, and reduced costs.
A German global automotive parts manufacturer selected Wipro to transform their IT back-end systems into a hybrid cloud-based solution. The solution will enable the client to standardize and digitize their back-end ecosystem while increasing their cybersecurity posture. The client will be more agile and resilient as a result of the project.
A global insurance broker has selected Wipro to unify and scale its business. Wipro will digitize and streamline the client's bid, product, and onboarding processes across multiple geographies. The project will integrate the client's customer relationship management solutions into their broader technology estate using a templatized platform-based approach with Salesforce & MuleSoft. The team will also provide continuous platform evolution and business support. The project will enable a more cohesive business and technology landscape, leading to better efficiencies, an improved customer experience, and new growth opportunities.

Analyst Recognition

Wipro was named a Leader in The Forrester Wave™: Application Modernization and Migration Services, Q1 2024
Wipro was named as a Leader in IDC MarketScape: Worldwide Blockchain Services 2024 Vendor Assessment (Doc # US49434623 Feb 2024)
Wipro was positioned as a Leader in ISG Provider Lens™ - Sustainability and ESG 2023 (all quadrants)
Wipro was rated as a Leader in ISG Provider Lens™ Healthcare Digital Services 2023 (all quadrants)
Wipro was recognized as a Leader in ISG Provider Lens™ Oracle Cloud and Technology Ecosystem 2023 (all quadrants)
Wipro was classified as a Leader in ISG Provider Lens™ - Intelligent Automation – Services and Solutions 2023 (multiple quadrants)
Wipro was featured as a Horizon 3 - Leader in HFS Horizons: Assuring the Generative Enterprise™, 2024
Wipro was recognized as a Leader in Everest Group's Application Transformation Services PEAK Matrix® Assessment 2024 – North America & Europe
Wipro was designated as a Leader in Avasant's Hybrid Enterprise Cloud Services 2023-2024 RadarView™
Wipro was named as a Leader in Avasant's SAP S/4HANA Services 2023-2024 RadarView™
Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Outsourced Digital Workplace Services

^{Source & Disclaimer: *Gartner, "Magic Quadrant for Public Cloud IT Transformation Services", Mark Ray, et al, 16 August 2023.}^{GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

The Gartner content described herein (the "Gartner Content") represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this [type of filing]), and the opinions expressed in the Gartner Content are subject to change without notice.}

IT Products

IT Products segment revenue for the quarter was Rs 1.2 billion ($13.9 million¹)
IT Products segment results for the quarter were Rs 0.14 billion ($1.72 million¹)
IT Products segment revenue for the year was Rs 4.1 billion ($49.5 million¹)
IT Products segment results for the year were (-Rs 0.37 billion) (-$4.45 million¹)

Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the Quarter and Year ended March 31, 2024, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter and the year. The audio from the conference call will be available online through a webcast and can be accessed at the following link-

https://links.ccwebcast.com/?EventId=WIP190424

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE:WIT, BSE: 507685, NSE: WIPRO))) is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro's beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro's control. Such statements include, but are not limited to, statements regarding Wipro's growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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


	As at March 31, 2023	As at March 31, 2024
			Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
ASSETS
Goodwill	307,970	316,002	3,792
Intangible assets	43,045	32,748	393
Property, plant and equipment	88,659	81,608	979
Right-of-Use assets	18,702	17,955	215
Financial assets
Derivative assets	29	25	^
Investments	20,720	21,629	260
Trade receivables	863	4,045	49
Other financial assets	6,330	5,550	67
Investments accounted for using the equity method	780	1,044	13
Deferred tax assets	2,100	1,817	22
Non-current tax assets	11,922	9,043	109
Other non-current assets	13,606	10,331	124
Total non-current assets	514,726	501,797	6,023
Inventories	1,188	907	11
Financial assets
Derivative assets	1,844	1,333	16
Investments	309,232	311,171	3,734
Cash and cash equivalents	91,880	96,953	1,163
Trade receivables	126,350	115,477	1,387
Unbilled receivables	60,515	58,345	700
Other financial assets	9,096	10,536	126
Contract assets	23,001	19,854	238
Current tax assets	5,091	6,484	78
Other current assets	32,899	29,602	355
Total current assets	661,096	650,662	7,808

TOTAL ASSETS	1,175,822	1,152,459	13,831

EQUITY
Share capital	10,976	10,450	125
Share premium	3,689	3,291	39
Retained earnings	660,964	630,936	7,571
Share-based payment reserve	5,632	6,384	77
Special Economic Zone re-investment reserve	46,803	42,129	506
Other components of equity	53,100	56,693	680
Equity attributable to the equity holders of the Company	781,164	749,883	8,998
Non-controlling interests	589	1,340	16
TOTAL EQUITY	781,753	751,223	9,014

LIABILITIES
Financial liabilities
Loans and borrowings	61,272	62,300	748
Lease liabilities	15,953	13,962	168
Derivative liabilities	179	4	^
Other financial liabilities	2,649	4,985	60
Deferred tax liabilities	15,153	17,467	210
Non-current tax liabilities	21,777	37,090	445
Other non-current liabilities	9,333	12,970	156
Provisions	^	-	-
Total non-current liabilities	126,316	148,778	1,787
Financial liabilities
Loans, borrowings and bank overdrafts	88,821	79,166	950
Lease liabilities	8,620	9,221	111
Derivative liabilities	2,825	558	7
Trade payables and accrued expenses	89,054	88,566	1,062
Other financial liabilities	4,141	2,272	27
Contract liabilities	22,682	17,653	212
Current tax liabilities	18,846	21,756	261
Other current liabilities	30,215	31,295	376
Provisions	2,549	1,971	24
Total current liabilities	267,753	252,458	3,030
TOTAL LIABILITIES	394,069	401,236	4,817

TOTAL EQUITY AND LIABILITIES	1,175,822	1,152,459	13,831
^ Value is less than 1

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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


	Three months ended March 31,						Year ended March 31,
	2023		2024		2024		2023		2024		2024
					Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)						Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Revenues	231,903		222,083		2,665		904,876		897,603		10,770
Cost of revenues	(162,738	)	(157,219	)	(1,886	)	(645,446	)	(631,497	)	(7,577	)
Gross profit	69,165		64,864		779		259,430		266,106		3,193

Selling and marketing expenses	(16,906	)	(15,443	)	(185	)	(65,157	)	(69,972	)	(840	)
General and administrative expenses	(15,672	)	(13,920	)	(167	)	(59,139	)	(60,375	)	(724	)
Foreign exchange gains/(losses), net	990		(128	)	(2	)	4,472		340		4
Results from operating activities	37,577		35,373		425		139,606		136,099		1,633

Finance expenses	(2,860	)	(3,308	)	(40	)	(10,077	)	(12,552	)	(151	)
Finance and other income	5,463		6,759		81		18,185		23,896		287
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method	4		(202	)	(2	)	(57	)	(233	)	(3	)
Profit before tax	40,184		38,622		464		147,657		147,210		1,766
Income tax expense	(9,249	)	(10,040	)	(120	)	(33,992	)	(36,089	)	(433	)
Profit for the period	30,935		28,582		344		113,665		111,121		1,333

Profit attributable to:
Equity holders of the Company	30,745		28,346		341		113,500		110,452		1,325
Non-controlling interests	190		236		3		165		669		8
Profit for the period	30,935		28,582		344		113,665		111,121		1,333

Earnings per equity share:
Attributable to equity holders of the Company
Basic	5.61		5.43		0.07		20.73		20.89		0.25
Diluted	5.60		5.41		0.07		20.68		20.82		0.25

Weighted average number of equity shares used in computing earnings per equity share

Basic	5,481,366,536		5,222,350,323		5,222,350,323		5,477,466,573		5,288,285,555		5,288,285,555
Diluted	5,489,878,685		5,235,175,711		5,235,175,711		5,488,991,175		5,305,712,314		5,305,712,314
^ Value is less than 1

Particulars	Three months ended						Year ended
	March 31, 2024		December 31, 2023		March 31, 2023		March 31, 2024		March 31, 2023
	Audited		Audited		Audited		Audited		Audited
Segment revenue
IT Services
Americas 1	67,229		68,581		66,430		268,230		261,270
Americas 2	67,724		66,541		70,563		269,482		278,374
Europe	61,344		61,473		67,562		253,927		256,845
APMEA	24,499		24,913		27,207		102,177		106,812
Total of IT Services	220,796		221,508		231,762		893,816		903,301
IT Products	1,159		805		1,131		4,127		6,047
Total segment revenue	221,955		222,313		232,893		897,943		909,348

Segment result
IT Services
Americas 1	14,081		16,459		13,445		59,364		51,555
Americas 2	15,791		15,180		15,940		59,163		59,689
Europe	7,933		7,906		11,024		33,354		37,667
APMEA	3,401		3,433		3,030		12,619		10,681
Unallocated	(5,011	)	(7,552	)	(5,773	)	(20,304	)	(18,368	)
Total of IT Services	36,195		35,426		37,666		144,196		141,224
IT Products	143		114		(59	)	(371	)	(176	)
Reconciling Items	(965	)	(2,675	)	(30	)	(7,726	)	(1,442	)
Total segment result	35,373		32,865		37,577		136,099		139,606
Finance expenses	(3,308	)	(3,125	)	(2,860	)	(12,552	)	(10,077	)
Finance and other income	6,759		5,785		5,463		23,896		18,185
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method	(202	)	(4	)	4		(233	)	(57	)
Profit before tax	38,622		35,521		40,184		147,210		147,657

Additional Information:

Effective April 1, 2023, we merged our India State Run Enterprise segment ("ISRE") with our IT Services segment. Currently, the Company is organized into the following operating segments: IT Services and IT Products.

IT Services: As announced on November 12, 2020, effective January 1, 2021, we re-organized our IT Services segment into 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 Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America ("LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, the Middle East, Southeast Asia, Japan and Africa.

IT Products: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

Reconciliation of selected GAAP measures to Non-GAAP measures

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended March 31, 2024
IT Services Revenue as per IFRS	$2,657.4
Effect of Foreign currency exchange movement	($8.5)

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates	$2,648.9

Three Months ended March 31, 2024
IT Services Revenue as per IFRS	$2,657.4
Effect of Foreign currency exchange movement	($4.4)

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year	$2,653.0

Year ended March 31, 2024
IT Services Revenue as per IFRS	$10,805.3
Effect of Foreign currency exchange movement	($61.0)

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates	$10,744.4

Reconciliation of Free Cash Flow for three months and year ended March 31, 2024

	Amount in INR Mn
	Three months ended	Year ended
	March 31, 2024	March 31, 2024
Net Income for the period [A]	28,582	111,121
Computation of Free Cash Flow
Net cash generated from operating activities [B]	52,179	176,216
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment	(4,248)	(10,510)
Proceeds from sale of property, plant and equipment	119	4,022
Free Cash Flow [C]	48,050	169,728
Operating Cash Flow as percentage of Net Income [B/A]	182.6%	158.6%
Free Cash Flow as percentage of Net Income [C/A]	168.1%	152.7%

View source version on businesswire.com: https://www.businesswire.com/news/home/20240419642626/en/

Wipro Announces Results for the Quarter and Year ended March 31, 2024