EX-99.1 2 f55660exv99w1.htm EX-99.1 exv99w1
Exhibit 1
(WIPRO LOGO)
FOR IMMEDIATE RELEASE
Results for the quarter and year ended March 31, 2010 under IFRS
Wipro Records 21% YoY Growth in Profit After Tax in Q4 FY10
     Board of Directors recommends final dividend of Rs 6 per share and a Bonus Issue of 2:3
Bangalore, India and East Brunswick, New Jersey, USA — April 23, 2010 — Wipro Limited (NYSE:WIT) today announced financial results under International Financial Reporting Standards (IFRS) for its fourth fiscal quarter and year ended March 31, 2010.
Highlights of the Results:
Results for the Quarter ended March 31, 2010
Ø   IT Services Revenue in constant currency was $1,180 million, with a sequential increase of 4.7%. On a YoY basis, the constant currency revenue increase was 7.8%.
 
Ø   Total Revenues were Rs. 69.83 billion ($1.55 billion1), representing an increase of 8% over the same period last year.
 
Ø   IT Services Revenue in dollar terms was $1,166 million, a sequential increase of 3.5% and YoY increase of 11.5%.
 
Ø   Net Income was Rs. 12.09 billion ($269 million1) on a GAAP basis, representing an increase of 21% over the same period last year.
 
Ø   Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) was Rs. 12.12 billion ($270 million1), representing an increase of 21% over the same period last year.
 
Ø   IT Services Revenues were Rs. 52.60 billion ($1,170 million1), representing an increase of 7% over the same period last year.
 
Ø   IT Services Earnings Before Interest and Tax (EBIT) was Rs. 12.72 billion ($283 million1), representing an increase of 20% over the same period last year.
 
Ø   IT Services added 27 new clients in the quarter.
 
Ø   Net addition of 5,325 employees in the current quarter.
 
Ø   Local Nationals overseas have increased by 10% to 39% over the same period last year..
 
Ø   IT Products recorded a 2% growth in Revenues over the same period last year.
 
Ø   Consumer Care and Lighting Revenue grew 27% over the same period last year and EBIT grew 16%
Results for the year ended March 31, 2010
Ø   Total Revenues were Rs. 271.24 billion ($6.03 billion1), representing an increase of 6% over the same period last year.
 
Ø   IT Services Revenues were $4,390 million, an increase of 1.6% YoY and 1.8% in constant currency.
 
Ø   Net Income was Rs. 45.93 billion ($1.02 billion1), representing an increase of 18% over the same period last year.
 
1.   For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on March 31, 2010, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1=Rs.44.95. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2010 was US$1=Rs.45.11

 

 

Ø   Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) was Rs. 45.86 billion ($1.02 billion1), representing an increase of 18% over the same period last year.
 
Ø   IT Services Revenues were Rs. 202.49 billion ($4.50 billion1), representing an increase of 6% over the same period last year.
 
Ø   IT Services Earnings Before Interest and Tax (EBIT) was Rs. 47.41 billion ($1.05 Billion1), representing an increase of 18% over the same period last year.
 
Ø   IT Services added 121 new clients in the year.
 
Ø   IT Products Revenue grew 11% over the same period last year and EBIT grew by 29%.
 
Ø   Consumer Care and Lighting Revenue grew 17% over the same period last year, and EBIT grew 19%.
 
Ø   Our Board of Directors recommends a final cash dividend of Rs. 6 per share/ADS, subject to shareholder approval at the Annual General Meeting scheduled in July 2010.
 
Ø   Board of Directors recommends issue of bonus shares to shareholders (including to ADS holders) in the ratio of two additional shares for every three shares held subject to shareholder approval in the Annual General Meeting scheduled in July 2010.
Performance for the year ended March 31, 2010 and Outlook for our Quarter ending June 30, 2010
Azim Premji Chairman of Wipro, commenting on the results said -
“We have seen another strong quarter of broad based, volume led growth. We saw good recovery in our challenged verticals of Technology and Telecom. The business environment is returning to normal. For the quarter ending June 30, 2010, we expect revenues from our IT Services business to be in the range of $1,190 million to $1,215 million.*”
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said -
“We had a satisfying quarter. We delivered close to the upper end of our guidance with revenues of $1,180 million in constant currency. We have driven up margins by 60 basis points despite headwinds of wage increases, rupee appreciation and the impact of cross currency.”
 
* Guidance is based on the following constant currency exchange rates: GBP/USD at 1.54, Euro/USD at 1.36, AUD/USD at O.91, USD/INR at 45.60
Wipro Limited
Total Revenue for our year ended March 31, 2010 was Rs. Rs. 271.24 billion ($6.03 billion1), representing an increase of 6% over the same period last year. Net Income for our year ended March 31, 2010 was Rs. 45.93 billion ($1.02 billion1), representing an increase of 18% over the same period last year. Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) for the year ended March 31, 2010 was Rs. 45.86 billion ($1.02 million1), representing an increase of 18% over the same period last year. Earnings Per Share for our year ended March 31, 2010 was Rs. 31.52 ($0.701), representing an increase of 18% over the same period last year. Non-GAAP Adjusted Earnings Per Share (excluding the impact of accelerated amortization of stock based compensation) for our year ended March 31, 2010 were Rs. 31.5 ($0.71 ), representing an increase of 18% over the same period last year.
Total Revenue for our quarter ended March 31, 2010 was Rs. 69.83 billion ($1.55 billion1), representing an increase of 8% over the same period last year. Net Income for our quarter ended March 31, 2010 was Rs. 12.09 billion ($269 million1), representing an increase of 21% over the same period last year. Non-GAAP

 

 

Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) for our quarter ended March 31, 2010 was Rs. 12.12 billion ($270 million1), representing an increase of 21% over the same period last year. Earnings Per Share for our quarter ended March 31, 2010 were Rs. 8.29 ($0.181). Non-GAAP Adjusted Earnings Per Share (excluding the impact of accelerated amortization of stock based compensation) for our quarter ended March 31, 2010 were Rs. 8.3 ($0.181), representing an increase of 21% over the same period last year.
Reconciliation between IFRS net income and Non-GAAP adjusted net income (excluding impact of accelerated stock based compensation) is provided in the table on page 9.
IT Services (75% of Total Revenue and 92% of Operating Income for our year ended March 31, 2010)
Our IT Services business segment recorded Revenue of Rs. 202.49 billion2 ($4.5 billion1) for our year ended March 31, 2010, representing an increase of 6% over the same period last year. EBIT for this segment was Rs. 47.41 billion ($1.05 billion1) for our year ended March 31, 2010, representing an increase of 18% over the same period last year.
Our Operating Income to Revenue for this segment was 23.4% for year ended March 31, 2010.
Our IT Services business segment recorded Revenue of Rs. 52.60 billion2 ($1,170 million1) for our quarter ended March 31, 2010, representing an increase of 7% over the same period last year. EBIT for this segment was Rs. 12.72 billion ($283 million1) for our quarter ended March 31, 2010, representing an increase of 20% over the same period last year.
Our Operating Income to Revenue for this segment was 24.2% for our quarter ended March 31, 2010.
We had 108,071 employees as of March 31, 2010, an increase of 5,325 people this quarter.
Wipro’s capability to be a transformational partner to our clients coupled with global domain expertise helped us secure several large deals this quarter.
In the insurance space, Wipro entered into a seven year strategic agreement with The Main Street America Group, a leading provider of commercial, personal and surety insurance products exclusively sold through independent agents to individuals, families and small businesses in 24 US states. Wipro will supplement Main Street America’s IT organization in its endeavor to support its present and future business needs.
Wipro has signed a multi-year, strategic partnership with consumer electronics retailer Best Buy Co., Inc. As part of the deal Wipro will provide a comprehensive range of technology and business services to the retailer across the globe. The expansion of the relationship aims to leverage mutual strength and make this a very strategic and large relationship for both parties. As part of the relationship, Wipro will also setup a lab store focused on innovation and enhancing customer experience.
 
2   IT Services business segment Revenues were Rs. 202.4 billion ($4.5 billion) for the year ended March 31, 2010 under the Indian GAAP. The difference of Rs.21 million ($0.47 million1) is primarily attributable to differences in accounting standards under Indian GAAP and IFRS.
 
    IT Services business segment Revenues were Rs. 52.63 billion ($1.2 billion) for the quarter ended March 31, 2010 under the Indian GAAP. The difference of Rs. 33 million ($0.73 million1) is primarily attributable to differences in accounting standards under Indian GAAP and IFRS.

 

 

Wipro signed a 6-year deal with a large Consumer Product company. As part of this strategic deal Wipro will manage end to end Infrastructure for setting up centralized Global IT operation that includes data center consolidation, hosting, assets, contracts and human capital within an overarching service management framework across 15 countries in Americas, Europe, LATAM and Asia Pacific.
A large US-based pharmaceutical company is leveraging Wipro’s understanding of the pharmaceutical domain and it’s proven delivery capability in the application management space for their strategic initiative aimed at process standardization across the various units and help them achieve significant benefits.
Awards and Recognition
Wipro’s innovative application services model, CIGMA (Centre for Integrated Global Management of Applications) won the NASSCOM IT Innovation Award in the Process Innovation category for the year. This award recognizes innovation in a company’s business processes, models, inputs, go-to-market strategies, delivery models to realize significant business value.
Strategy and globalization
In recognition of our efforts to create job opportunities in the local community in Atlanta, we received the 2010 Global Impact Award from Metro Atlanta Chamber of Commerce under the category of Economic Development — Foreign Direct Investment — for success in job creation and positive impact on Atlanta’s economy in 2009.
During this quarter, Wipro also announced the launch of two cloud based strategic retail solutions, Digital Customer Experience Platform and Loss Prevention Platform at the National Retail Federation Conference. These solutions help integrate social media, community features and personalization to provide an engaging customer experience and help retailers cut “time to value” by half with minimal capital spend and a pay-by-drink model. We also launched IT Cloud Advisory and Assessment Services for customers to help them leverage the adoption of Cloud Computing into their IT environments.
Thought Leadership
Wipro and Knowledge@Wharton teamed up to conduct a global “Innovation Tournament”, a tournament which concluded during this quarter and received over 120 nominations from across the globe. The tournament conducted in three phases ended with the selection of 10 finalists through a voting system. A panel of eminent judges selected three winners for developing and presenting the most innovative managerial “tools” that companies could use to improve their business by increasing revenues, reducing expenditures and improving customer experience.
Wipro also released its second ‘Sustainability Report’, detailing various sustainability-related activities and achievements through financial year 2008-09. The report is prepared in line with the GRI framework (Global Reporting Initiative) and has been rated A+ by GRI and audited by Det Norske Veritas (DNV). Highlights include a 19% improvement in energy efficiency over the last 5 years and 32% of water requirements met through water recycling and harvesting.
IT Products (14% of Total Revenue and 3% of Operating Income for our year ended March 31, 2010)
Our IT Products segment recorded Revenue of Rs. 38.21 billion ($850 million1) for our year ended March 31, 2010, representing an increase of 11% over the same period last year. EBIT for this segment was Rs.

 

 

1.76 billion ($39 million1) for our year ended March 31, 2010, representing an increase of 29% over the same period last year.
The ratio of Operating Income to Revenue for this segment was 4.6% for our year ended March 31, 2010
Return on Average Capital Employed (ROCE) for our IT Services and Products segment was 39% for our year ended March 31, 2010.
Our IT Products segment recorded Revenue of Rs. 8.90 billion ($198 million1) for our quarter ended March 31, 2010, representing an increase of 2% over the same period last year. EBIT for this segment was Rs. 262 million ($6 million1) for our quarter ended March 31, 2010.
The ratio of Operating Income to Revenue for this segment was 2.9% for our quarter ended March 31, 2010.
Return on Average Capital Employed (ROCE) for our IT Services and Products segment was 41% for our quarter ended March 31, 2010
Consumer Care and Lighting (8% of Total Revenue and 6% of Operating Income for our year ended March 31, 2010)
Our Consumer Care and Lighting business segment recorded Revenue of Rs. 22.58 billion ($502 million1) for our year ended March 31, 2010, representing an increase of 17% over the same period last year. EBIT for this segment was Rs. 3,080 million ($69 million1) for our year ended March 31, 2010, representing an increase of 19% over the same period last year.
Our Operating Income to Revenue for this segment was 13.6% for our year ended March 31, 2010. ROCE for this segment was 16% for our year ended March 31, 2010, compared to 14% for the same period last year.
Our Consumer Care and Lighting business segment recorded Revenue of Rs. 6.08 billion ($135 million1) for our quarter ended March 31, 2010, representing an increase of 27% over the same period last year. EBIT for this segment was Rs. 807 million ($18 million1) for our quarter ended March 31, 2010, representing an increase of 16% over the same period last year.
Our Operating Income to Revenue for this segment was 13.3% for our quarter ended March 31, 2010. ROCE for this segment was 16% for our quarter ended March 31, 2010, compared to 15% for the same period last year.
About Non-GAAP financial measures
This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table on page 9 provides our Adjusted Net Income for the period, which is a non-GAAP measure that excludes the impact of accelerated amortization in respect of stock options that vest in a graded manner.

 

 

This Non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS, and may be different from non-GAAP measures used by other companies. In addition to this non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of this non-GAAP financial measure with the most directly comparable IFRS financial measure should be carefully evaluated.
The Company believes that the presentation of this Non-GAAP Adjusted Net Income, when shown in conjunction with the corresponding IFRS measure, provides useful information to investors and management regarding financial and business trends relating to its Net Income for the period. The Company considers a stock option award with the graded vesting schedule to be in substance a single award not multiple stock option awards. Further, the Company considers the services of the employee in each year covered by the stock option award to be equally valuable and accordingly believes that the straight line amortization reflects the economic substance of the stock awards. However, the Company records the related stock compensation expenses on an accelerated amortization basis for IFRS reporting. Therefore, we believe that making available an adjusted net income number that excludes the impact of accelerated amortization from net income provides useful supplemental information to both management and investors about our financial and business trends.
For our internal budgeting process, our management also uses financial statements that exclude the impact of accelerated amortization relating to stock options that vest in a graded manner. The management of the Company also uses Non-GAAP Adjusted Net Income, in addition to the corresponding IFRS measure, in reviewing our financial results.
A material limitation associated with the use of Non-GAAP Adjusted Net Income as compared to the IFRS measure of net income is that it does not include costs which are recurring in nature and may not be comparable with the calculation of Net Income for other companies in our industry. The Company compensates for these limitations by providing full disclosure of the effects of this non-GAAP measure, by presenting the corresponding IFRS financial measure and by providing a reconciliation to the corresponding IFRS measure.
Our results for the year ended March 31, 2010, computed under Indian GAAP and IFRS, along with our individual business segment reports, are available in the Investors section of our website at www.wipro.com.
Quarterly Conference Calls
We will hold conference calls today at 02:00 p.m. Indian Standard Time (04:30 a.m. US Eastern Time) and at 6:45 p.m. Indian Standard Time (9:15 a.m. US Eastern Time) to discuss our performance for the quarter and answer questions sent to email ID: rajendra.shreemal@wipro.com or sridhar.ramasubbu@wipro.com.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 provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services company globally. Wipro’s IT Services business was assessed at Level 5 for CMMI V 1.2 across Offshore and Onsite development centers.

 

 

Wipro also has a strong presence in niche market segments of Infrastructure Engineering and Consumer Products & Lighting.
Wipro’s American Depositary Shares (ADSs) are listed on the New York Stock Exchange, and our equity shares are listed in India on the Stock Exchange — Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com, www.wiprocorporate.com and www.wipro.in
     
Contact for Investor Relations
  Contact for Media & Press
Rajendra Kumar Shreemal
  Sachin Mulay
Vice President
  Head — Corporate Brand & Communication
Phone: +91-80-2844-0079
  +91-80-2505-6110
Fax: +91-80-2844-0051
  +91-80-2844-0350
rajendra.shreemal@wipro.com
  sachin.mulay@wipro.com
Sridhar Ramasubbu
Vice President
Phone: +1 408-242-6285
sridhar.ramasubbu@wipro.com
Forward-looking and Cautionary Statements
In addition to historical information, this press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are, by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions.
Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
###
(Tables to follow)

 

 

WIPRO LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Rupees in millions, except share and per share data, unless otherwise stated)
                         
    As of March 31,
    2009   2010   2010
                    Convenience
                    translation into
                    US$ in millions
ASSETS
                        
Goodwill
     56,143       53,802       1,197  
Intangible assets
     3,493       4,011       89  
Property, plant and equipment
     49,794       53,458       1,189  
Investment in equity accounted investees
     1,670       2,345       52  
Deferred tax assets
     4,369       1,686       38  
Other non-current assets
     8,083       9,112       203  
 
                        
Total non-current assets
     123,552       124,414       2,768  
 
                        
 
                        
Inventories
     7,587       7,926       176  
Trade receivables
     48,652       50,928       1,133  
Other current assets
     14,941       24,594       547  
Unbilled revenues
     14,108       16,708       372  
Available for sale investments
     16,543       30,420       677  
Current tax assets
     9,827       10,060       224  
Cash and cash equivalents
     49,117       64,878       1,443  
 
                        
Total current assets
     160,775       205,514       4,572  
 
                        
TOTAL ASSETS
     284,327       329,928       7,340  
 
                        
 
                        
EQUITY
                        
Share capital
     2,930       2,936       65  
Share premium
     27,280       29,188       649  
Retained earnings
     126,646       165,789       3,688  
Share based payment reserve
     3,745       3,140       70  
Other components of equity
     (12,915 )     (4,399 )     (98 )
Shares held by controlled trust
     (542 )     (542 )     (12 )
 
                        
Equity attributable to the equity holders of the company
     147,144       196,112       4,363  
Minority Interest
     237       437       10  
 
                        
Total equity
     147,381       196,549       4,373  
 
                        
 
                        
LIABILITIES
                        
Long — term loans and borrowings
     19,681       18,107       403  
Deferred tax liabilities
     474       380       8  
Employee benefit obligations
     3,111       2,967       66  
Derivative liabilities
     8,767       3,786       84  
Other non-current liabilities and provisions
     1,669       769       17  
 
                        
Total non-current liabilities
     33,702       26,009       579  
 
                        
 
                        
Loans and borrowings and bank overdrafts
     37,211       44,404       988  
Trade payables and accrued expenses
     41,650       40,570       903  
Unearned revenues
     8,734       7,462       166  
Current tax liabilities
     6,492       7,915       176  
Derivative liabilities
     3,255       471       10  
Other current liabilities and provisions
     5,902       6,548       146  
 
                        
Total current liabilities
     103,244       107,370       2,389  
 
                        
 
                        
TOTAL LIABILITIES
     136,946       133,379       2,967  
 
                        
TOTAL EQUITY AND LIABILITIES
     284,327       329,928       7,340  
 
                        

 

 

WIPRO LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
(Rupees in millions, except share and per share data, unless otherwise stated)
                                                 
    Three months ended March 31,   Year ended March 31,
                         
    2009   2010   2010   2009   2010   2010
                    Convenience                   Convenience
                    translation into                   translation into
                    US $ in millions                   US $ in millions
Gross revenues
     65,275       69,772       1,552       256,891       271,957       6,050  
 
                                                
Cost of revenues
     (45,365 )     (47,764 )     (1,063 )     (180,215 )     (186,299 )     (4,145 )
Gross profit
     19,910       22,008       490       76,676       85,658       1,906  
 
                                                
Selling and marketing expenses
     (4,318 )     (5,061 )     (113 )     (17,313 )     (18,608 )     (414 )
General and administrative expenses
     (3,576 )     (3,640 )     (81 )     (14,510 )     (14,823 )     (330 )
Foreign exchange gains/(losses), net
     (761 )     57       1       (1,553 )     (716 )     (16 )
 
                                                
Results from operating activities
     11,255       13,364       297       43,300       51,511       1,146  
 
                                                
Finance and other income / (expenses), net
     232       1,612       36       1,233       3,369       75  
Share of profits of equity accounted associates
     35       176       4       362       530       12  
 
                                                
Profit before tax
     11,522       15,152       337       44,895       55,410       1,233  
 
                                                
Income tax expense
     (1,461 )     (3,015 )     (67 )     (6,035 )     (9,294 )     (207 )
 
                                                
Profit for the period
     10,061       12,137       270       38,860       46,116       1,026  
 
                                                
 
                                                
Attributable to:
                                                
Equity holders of the company
     10,011       12,091       269       38,761       45,931       1,022  
Minority interest
     50       46       1       99       185       4  
 
                                                
Profit for the period
     10,061       12,137       270       38,860       46,116       1,026  
 
                                                
 
                                                
Earnings per equity share:
                                                
Basic
     6.88       8.29       0.19       26.66       31.52       0.70  
Diluted
     6.85       8.23       0.18       26.50       31.25       0.70  
 
                                                
Weighted average number of equity shares used in computing EPS earnings per equity share
                                                
Basic
     1,455,333,151       1,458,860,954       1,458,860,954       1,454,135,089       1,457,415,146       1,457,415,146  
Diluted
     1,461,158,479       1,469,818,675       1,469,818,675       1,462,636,212       1,469,830,993       1,469,830,993  
 
                                                
Additional Information
                                                
Segment Revenue
                                                
IT Services
     49,306       52,596       1,170       191,613       202,490       4,505  
IT Products
     8,761       8,900       198       34,277       38,205       850  
IT Services & Products
     58,067       61,496       1,368       225,890       240,695       5,355  
Consumer Care and Lighting
     4,802       6,084       135       19,249       22,584       502  
Others
     1,645       2,249       50       10,199       7,962       177  
Total
     64,514       69,829       1,553       255,338       271,241       6,034  
 
                                                
Operating Income
                                                
IT Services
     10,641       12,718       283       40,197       47,408       1,055  
IT Products
     317       262       6       1,363       1,764       39  
IT Services & Products
     10,958       12,980       289       41,560       49,172       1,094  
Consumer Care and Lighting
     695       807       18       2,592       3,080       69  
Others
     (399 )     (423 )     (9 )     (852 )     (741 )     (16 )
Total
     11,255       13,364       297       43,300       51,511       1,146  
 
                                                
Reconciliation of adjusted Non- GAAP profit to profit as per IFRS
                                                
 
                                                
Profit for the period attributable to Equity holders of the Company
     10,011       12,091       269       38,761       45,931       1,022  
 
                                                
Adjustments :
                                                
Accelerated amortization of stock options that vest in a graded manner
     (14 )     32       1       161       (69 )     (2 )
 
                                                
 
                                                
Non-GAAP adjusted profit
     9,997       12,123       270       38,922       45,862       1,020