EX-99.1

Exhibit 99.1


FOR IMMEDIATE RELEASE

Results for the Quarter ended June 30, 2019 under IFRS

EPS grew by 12.5% YoY; Digital grew by 34.6% YoY

Bangalore, India and East Brunswick, New Jersey, USA – July 17, 2019 - Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for its quarter ended June 30, 2019.

Highlights of the Results

Results for the Quarter ended June 30, 2019:

•

Gross Revenue was ₹147.2 billion ($2.1 billion¹), an increase of 5.3% YoY

•

IT Services Segment Revenue was $2,038.8 million, an adjusted² increase of 4.3% YoY

•

Non-GAAP³ constant currency IT Services Segment Revenue declined by 0.7% QoQ. Adjusted² Non-GAAP³ constant currency IT Services Segment Revenue grew 5.9% YoY

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IT Services Operating Margin⁴ for the quarter was at 18.4%, an increase of 0.8% YoY

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Net Income for the quarter was ₹23.9 billion ($346 million¹), an increase of 12.6% YoY

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EPS for the quarter was ₹3.97 per share, an increase of 12.5% YoY

Performance for the quarter ended June 30, 2019

Abidali Z. Neemuchwala, CEO and Executive Director said, “Our efforts on client mining have resulted in an addition of three customers in more than $100 Mn bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets.”

Jatin Dalal, Chief Financial Officer said, “We delivered IT Services margins of 18.4% and Free Cash Flows of 98.8% of our Net Income. We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future.”

Outlook for the Quarter ending September 30, 2019

We expect Revenue from our IT Services business to be in the range of $2,039 million to $2,080 million*. This translates to a sequential growth of 0.0% to 2.0%.

The Company had previously announced a buyback proposal for purchase of up to 323.1 million equity shares of ₹2 each from the shareholders on a proportionate basis by way of a tender offer at a price of ₹325 per equity share payable in cash for an aggregate amount not exceeding ₹105 billion. After receipt of shareholders’ approval, the Company has filed the draft letter of offer for the buyback with SEBI. Upon receipt of approval from SEBI, we will complete the buyback process.

*	Outlook is based on the following exchange rates: GBP/USD at 1.27, Euro/USD at 1.13, AUD/USD at 0.69, USD/INR at 69.59 and USD/CAD at 1.33

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 = ₹68.92, as published by the Federal Reserve Board of Governors on June 30, 2019. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2019 was US$1= ₹70.39.

YoY & QoQ growth rates for Q1’20 have been computed by adjusting revenues of Q4’19 & Q1’19 for the impact from the divestment of our hosted data center services business and Workday & Cornerstone business. Non-adjusted growth was -1.8% QoQ and 2.5% YoY.

Constant currency revenue for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.

IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials

IT Services

Wipro continued its momentum in winning large deals globally as described below:

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Wipro has won a multi-year technology and operations transformation contract from an European Bank. The program will enable the bank to optimize its existing technology and operations landscape, and invest in business transformation initiatives.

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Wipro has won a multi-year engagement to support a key business transformation program at a leading UK-based insurance company.

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Wipro has been awarded a Robotic Process Automation (RPA) contract by a US-based manufacturing company. Wipro will leverage its automation solutions and capabilities to develop BOTs for the client.

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Wipro has won a business process services engagement with a large US-based telecom company. The program will leverage Wipro’s order management and fulfillment capabilities coupled with its telecom domain expertise.

•

Wipro has won a managed services contract from an eye care company. The company will manage and support cyber security, enterprise software and infrastructure services for the client.

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A global airline has selected Wipro to improve passenger experience and loyalty by implementing digital self-service channels and transforming the airline’s IT infrastructure.

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A large Canadian airport has awarded a strategic five-year IT operations and digital transformation contract to Wipro. The engagement will leverage Wipro’s integrated service delivery model, domain expertise, cloud and infrastructure services and the Wipro HOLMES^TM artificial intelligence platform to transform the airport’s operations and enhance passenger experience.

Digital & Cloud Application Services Highlights

We continue to see increasing traction in digital oriented deals as illustrated below:

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A global apparel company has selected Wipro as a strategic partner for a multi-year engagement in its digital and cloud transformation journey. Wipro will support the client’s IT infrastructure along with the integration and modernization of its entire application portfolio.

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A US digital health pharmaceutical company has chosen Wipro Digital as its service delivery enablement partner to help improve the adoption and deployment of digital product and service experiences for its customers.

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A multinational computer solutions company has selected Wipro Digital for cloud native modernization of its supply chain applications leveraging the Pivotal Cloud Foundry platform.

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A large North American health insurer has selected Wipro Digital to support its ongoing engineering transformation and new ways of working while improving the speed, quality and volume of software releases across its IT environment.

Analyst Accolades and Awards

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Wipro was positioned as a Leader in IDC MarketScape Worldwide Artificial Intelligence Services 2019 Vendor Assessment (Doc #US44514819, April 2019)

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Wipro was ranked among the HFS Top10 Finance and Accounting Service Providers, 2019

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Wipro was ranked among the HFS Top 10 Energy Service Providers, 2019

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Wipro was featured as a leading service provider in the HFS Top 10 Google AI Services, 2019

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Wipro was recognized as a leader by Everest Group in Digital Workplace Services PEAK Matrix^TM 2019

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Wipro was positioned as a leader by Everest Group in Next-generation IT Infrastructure Services in Insurance PEAK Matrix^™ Assessment 2019

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Wipro was recognized as a leader by Everest Group in Enterprise Platform IT Services in BFS PEAK Matrix^™ Assessment 2019

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Wipro was positioned as a Leader in Gartner Magic Quadrant for Data Center Outsourcing and Hybrid Infrastructure Managed Services, North America. 13 June 2019

Disclaimer: 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 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. All product names, logos, and brands are property of their respective owners.

IT Products

•

IT Products Segment Revenue for the quarter was ₹ 2.4 billion ($35.0 million¹).

•

IT Products Operating Margin for the quarter was -16.9%.

India State Run Enterprises (ISRE)

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India SRE Segment Revenue for the quarter was ₹ 2.1 billion ($31.1 million¹).

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India SRE Operating Margin for the quarter was -29.7%.

Please refer the table on page 8 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAP Financial Measures

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

The table on page 8 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance.

This non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. In addition to this non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the quarter ended June 30, 2019, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com

Quarterly Conference Call

We will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (09:45 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- http://services.choruscall.eu/links/wipro190717.html

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 global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 170,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.


Contact for Investor Relations		Contact for Media & Press
Aparna Iyer	Abhishek Kumar Jain	Vipin Nair
Phone: +91-80-6142 7139	Phone: +91-80-6142 6143	Phone: +91-80-6142 6450
iyer.aparna@wipro.com	abhishekkumar.jain@wipro.com	vipin.nair1@wipro.com

Forward-Looking Statements

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

# # # (Tables to follow)

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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


	As at March 31, 2019		As at June 30, 2019
					Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)
ASSETS
Goodwill		116,980		116,926		1,697
Intangible assets		13,762		13,098		190
Property, plant and equipment		70,601		71,626		1,039
Right-of-use assets		—		16,107		234
Financial assets
Derivative assets		173		161		2
Investments		6,916		7,375		107
Trade receivables		4,373		4,373		63
Other financial assets		5,146		5,091		74
Investments accounted for using the equity method		1,235		1,216		18
Deferred tax assets		5,604		6,587		96
Non-current tax assets		20,603		11,445		166
Other non-current assets		15,872		11,009		160

Total non-current assets		261,265		265,014		3,846

Inventories		3,951		4,142		60
Financial assets
Derivative assets		4,931		4,732		69
Investments		220,716		182,348		2,646
Cash and cash equivalents		158,529		241,405		3,503
Trade receivables		100,489		95,819		1,390
Unbilled receivables		22,880		26,903		390
Other financial assets		14,611		8,987		130
Contract assets		15,038		16,692		242
Current tax assets		7,435		6,197		90
Other current assets		23,086		23,918		347

		571,666		611,143		8,867
Assets held for sale		240		—		—

Total current assets		571,906		611,143		8,867


TOTAL ASSETS		833,171		876,157		12,713

EQUITY
Share capital		12,068		12,071		175
Securities premium reserve		533		970		14
Retained earnings		534,700		558,063		8,097
Share-based payment reserve		2,617		2,299		33
Other components of equity		18,198		19,502		283

Equity attributable to the equity holders of the Company		568,116		592,905		8,602
Non-controlling interest		2,637		2,770		40

TOTAL EQUITY		570,753		595,675		8,642

LIABILITIES
Financial liabilities
Long - term loans and borrowings		28,368		22,475		326
Lease liabilities		—		10,748		156
Other financial liabilities		—		5		—
Deferred tax liabilities		3,417		4,161		60
Non-current tax liabilities		11,023		12,361		179
Other non-current liabilities		5,258		5,428		79
Provisions		2		2		—

Total non-current liabilities		48,068		55,180		800

Financial liabilities
Loans, borrowings and bank overdrafts		71,099		81,502		1,183
Derivative liabilities		1,310		1,556		23
Trade payables and accrued expenses		88,304		84,041		1,219
Lease liabilities		—		6,115		89
Other financial liabilities		644		669		10
Contract liabilities		24,768		22,398		325
Current tax liabilities		9,541		10,586		154
Other current liabilities		18,046		17,889		260
Provisions		638		546		8

Total current liabilities		214,350		225,302		3,271

TOTAL LIABILITIES		262,418		280,482		4,071


TOTAL EQUITY AND LIABILITIES		833,171		876,157		12,713

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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


	Three months ended June 30,
	2018			2019			2019
							Convenience translation into US dollar in millions (unaudited) Refer Note 2(iii)
Revenues		139,777			147,161			2,135
Cost of revenues		(100,350	)		(104,273	)		(1,513	)

Gross profit		39,427			42,888			622
Selling and marketing expenses		(10,813	)		(10,953	)		(159	)
General and administrative expenses		(8,608	)		(8,119	)		(118	)
Foreign exchange gains/(losses), net		771			858			12
Other operating income		2,529			699			10

Results from operating activities		23,306			25,373			367
Finance expenses		(1,649	)		(1,584	)		(23	)
Finance and other income		5,197			6,947			101
Share of net profit /(loss) of associates accounted for using the equity method		(53	)		(16	)		—

Profit before tax		26,801			30,720			445
Income tax expense		(5,865	)		(6,699	)		(97	)

Profit for the period		20,936			24,021			348

Profit attributable to:
Equity holders of the Company		21,206			23,874			346
Non-controlling interest		(270	)		147			2

Profit for the period		20,936			24,021			348

Earnings per equity share:
Attributable to equity share holders of the Company
Basic		3.53			3.97			0.06
Diluted		3.53			3.96			0.06
Weighted average number of equity shares used in computing earnings per equity share
Basic		6,004,821,199			6,010,597,369			6,010,597,369
Diluted		6,015,725,623			6,025,352,442			6,025,352,442


Particulars	Three months ended									Year ended
	June 30, 2019			March 31, 2019			June 30, 2018			March 31, 2019
	Audited			Audited			Audited			Audited
Revenue
IT Services
BFSI		45,395			46,043			39,994			175,262
Health BU		18,871			19,288			18,200			75,081
CBU		22,366			23,667			20,596			89,313
ENU		18,432			18,628			17,099			72,830
TECH		18,660			18,402			19,504			76,591
MFG		11,336			11,551			11,247			46,496
COMM		8,454			8,286			7,710			32,680

Total of IT Services		143,514			145,865			134,350			568,253
IT Products		2,409			2,759			3,532			12,312
ISRE		2,143			1,787			2,653			8,544
Reconciling Items		(47	)		(32	)		13			(49	)

Total Revenue		148,019			150,379			140,548			589,060

Other operating Income
IT Services		699			1,546			2,529			4,344

Total Other Operating Income		699			1,546			2,529			4,344

Segment Result
IT Services
BFSI		9,335			9,649			7,220			33,831
Health BU		2,929			1,940			2,076			8,638
CBU		3,506			4,716			2,608			16,828
ENU		2,196			2,787			2,731			7,081
TECH		3,526			3,031			4,064			15,916
MFG		2,092			2,262			1,398			8,327
COMM		1,518			985			758			4,396
Unallocated		720			1,161			695			3,142
Other Operating Income		699			1,546			2,529			4,344

Total of IT Services		26,521			28,077			24,079			102,503

IT Products		(407	)		(93	)		(740	)		(1,047	)
ISRE		(636	)		(775	)		(111	)		(1,829	)
Reconciling Items		(105	)		111			78			283

Total		25,373			27,320			23,306			99,910
Finance Expense		(1,584	)		(2,530	)		(1,649	)		(7,375	)
Finance and Other Income		6,947			7,228			5,197			22,923
Share of profit/ (loss) of equity accounted investee		(16	)		(17	)		(53	)		(43	)

Profit before tax		30,720			32,001			26,801			115,415

IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals. Effective April 1, 2018, consequent to change in organization structure, the Company reorganized its industry verticals. The Manufacturing (MFG) and Technology Business unit (TECH) are split from the former Manufacturing & Technology (MNT) business unit.

The revised industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Health Business unit (Health BU) previously known as Health Care and Life Sciences Business unit (HLS), Consumer Business unit (CBU), Energy, Natural Resources & Utilities (ENU), Manufacturing (MFG), Technology (TECH) and Communications (COMM). Key service offerings to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process services.

Comparative information has been restated to give effect to the above changes.

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.

India State Run Enterprise services segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by Government of India and/ or any State Governments.

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


Three Months ended June 30, 2019
IT Services Revenue as per IFRS	$	2,038.8
Effect of Foreign currency exchange movement	$	12.4

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates	$	2,051.2


Three Months ended June 30, 2019
IT Services Revenue as per IFRS	$	2,038.8
Effect of Foreign currency exchange movement	$	31.6

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year	$	2,070.4