Registration statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 |
Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Shell Company Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
American Depositary Shares, each ₹represented by one Equity Share, par value 2 per share |
☒ |
Accelerated Filer |
☐ | ||||
Non-accelerated filer |
☐ |
Emerging growth company |
☐ |
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP ☐ |
Other ☐ | |||
International Accounting Standards Board ☒ |
Auditor ID: 0 |
Auditor Name: |
Auditor Location: |
• |
our strategy to finance our operations, including our planned construction and expansion; |
• |
future marketing efforts, advertising campaigns, and promotional efforts; |
• |
future growth and market share projections, including projections regarding developments in technology and the effect of growth on our management and other resources; |
• |
our expectations of the potential impact of the ongoing Coronavirus Disease 2019 (“ COVID-19 |
• |
the effect of facility expansion on our fixed costs; |
• |
our future expansion plans; |
• |
our future acquisition strategy, including plans to acquire or make investments in complementary businesses, technologies, services or products, or enter into strategic partnerships with parties who can provide access to those assets; |
• |
the future impact of our acquisitions; |
• |
our strategy and intentions regarding new product branding; |
• |
the future competitive landscape and the effects of different pricing strategies; |
• |
the effect of current tax laws, including the branch profit tax; |
• |
the effect of future tax laws on our business; |
• |
the outcome of any legal proceeding, hearing, or dispute (including tax hearings) and the resulting effects on our business; |
• |
our ability to implement and maintain effective internal control over financial reporting; |
• |
projections that the legal proceedings and claims that have arisen in the ordinary course of our business will not have a material and adverse effect on the results of operations or the financial position of the Company; |
• |
expectations of future dividend payout or other corporate actions such as a buyback, bonus issue, etc.; |
• |
projections that our cash and cash equivalent along with cash generated from operations will be sufficient to meet our working capital requirements and certain of our obligations; |
• |
our compensation strategy; |
• |
projections regarding currency transactions, including the effect of exchange rates on the Indian rupee and the U.S. dollar; |
• |
the nature of our revenue streams, including the portion of our IT Services revenue generated from a limited number of corporate clients; |
• |
the effect of a strategically located network of software development centers, and whether it will provide us with cost advantages; |
• |
our ability to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology; |
• |
projections regarding future economic policy, legislation, foreign investment, currency exchange and other policy matters that may affect our business; |
• |
the nature and flexibility of our business model; |
• |
expectations as to our future revenue, margins, expenses and capital requirements; and |
• |
our exposure to market risks. |
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Item 19. |
177 |
Item 1. |
Identity of Directors, Senior Management and Advisers |
Item 2. |
Offer Statistics and Expected Timetable |
Item 3. |
Key Information |
• | Our revenues and expenses are difficult to predict because they can fluctuate significantly given the nature of the markets in which we operate. |
• | Our revenue depends to a large extent on a limited number of clients, and our revenue could decline if we lose a major client. |
• | Our revenue and operating results may be affected by the rate of growth in the use of technology in business and the type and level of technology spending by our clients. |
• | If our clients are unable to pay our dues and receivables, our results of operations and cash flows could be adversely affected. |
• | Our revenues are highly dependent on clients primarily located in the Americas (including the United States) and Europe, as well as on clients concentrated in certain industries; therefore, an economic slowdown or factors that affect the economic health of the United States, Europe or these industries would adversely affect our business. |
• | Restrictive changes to immigration laws may hamper our growth and cause our revenue to decline. |
• | We may be subject to litigation and be required to pay damages for deficient services or for violating intellectual property rights, data breach or breach of confidentiality. |
• | Some of our long-term client contracts contain benchmarking and most favored customer provisions which, if triggered, could result in lower contractual revenues and profitability in the future. |
• | Our work with government clients exposes us to additional risks inherent in the government contracting environment. |
• | Many of our client contracts can be terminated without cause, with little or no notice and without termination charges, which could negatively impact our revenue and profitability. |
• | Cyber-attacks and other security incidents, both real and perceived, impacting the confidentiality and integrity of our information technology and digital infrastructure could lead to loss of reputation and financial obligations. |
• | Adverse changes to our relationships with key alliance partners could adversely affect our revenues and results of operations. |
• | Our business will suffer if we fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which we focus. |
• | We are making substantial investments in new facilities and physical infrastructures, and our profitability could be reduced if our business does not grow proportionately. |
• | We may invest in companies for strategic reasons that may not be successful or meet our expectations. |
• | We may engage in future acquisitions that may not be successful or meet our expectations. |
• | If our pricing structures do not accurately anticipate the cost, complexity and duration of our work, then our contracts could be unprofitable. |
• | Wage increases in India or our inability to hire in low cost locations may diminish our competitive advantage against companies located in the United States and Europe and may reduce our profit margins. |
• | We may incur substantial costs for environmental regulatory compliance and other social and governance initiatives. |
• | Our profitability could suffer if we are unable to continue to successfully manage our costs. |
• | Our success depends in large part upon the strength of our management team and other highly skilled professionals. If we fail to attract, retain and manage transition of these personnel, our business may be unable to grow and our revenue could decline. |
• | the size, complexity, timing, pricing terms and profitability of significant projects, as well as changes in the corporate decision-making process of our clients; |
• | increased pricing pressure from our competitors; |
• | our ability to increase sales of our services to new customers and expand sales to our existing customers; |
• | industry consolidation leading to stronger competitors that are able to compete better; |
• | competitors being more established in certain markets, making our geographic expansion strategy in those markets more challenging; |
• | the proportion of services we perform at our clients’ sites rather than at our offshore facilities; |
• | seasonal changes that affect the mix of services we provide to our clients or the relative proportion of services and product revenue; |
• | seasonal changes that affect purchasing patterns among our customers of servers, communication devices and other products; |
• | our expectations regarding the potential and continuing impacts on our business of the COVID-19 pandemic; |
• | unanticipated cancellations, contract terminations or deferral of projects or those occurring as a result of our clients reorganizing their operations; |
• | our ability to accurately forecast our client’s demand patterns to ensure the availability of trained employees to satisfy such demand; |
• | the effect of increased wage pressure in India and other locations and the time we require to train and productively utilize our new employees; |
• | our ability to generate historical levels of yield on our investments; and |
• | our ability to identify and acquire new businesses. |
• | the duration of tax holidays or exemptions and the availability of other Indian Government incentives; |
• | currency exchange fluctuations, specifically movement of the Indian Rupee against the U.S. Dollar, the Pound Sterling, the Euro, the Canadian Dollar and the Australian Dollar, as significant portion of our revenues are in these currencies; |
• | political uncertainties, changes in regulations, or other economic factors, including the economic conditions, in India, the United States, the United Kingdom, the European Union, Middle East and other geographies in which we operate; |
• | uncertain or changing economic conditions particular to a business segment or to particular customer markets within that segment; and |
• | increase in cost of operations in countries that we operate in on account of changes in minimum wage regulations. |
• | Government entities often reserve the right to audit our contract costs, including allocated indirect costs, and conduct inquiries and investigations of our business practices with respect to our government contracts. If the client finds that the costs are not chargeable, then we will not be allowed to bill for them, or the cost must be refunded to the client if it has already been paid to us. Findings from an audit may also result in prospective adjustments of previously agreed upon rates for our work and may affect our future margins. |
• | If a government client discovers improper or illegal activities in the course of audits or investigations, we may become subject to various civil and criminal penalties and administrative sanctions, which may include termination of contracts, forfeiture of profits, suspension of payments, fines and suspensions or unilateral debarment from doing business with other agencies of that government. The inherent limitations of internal controls may not prevent or detect all improper or illegal activities, regardless of their adequacy, and therefore we can only mitigate, and not eliminate, this risk. |
• | Government contracts are often subject to more extensive scrutiny and publicity than contracts with commercial clients. Negative publicity related to our government contracts, regardless of its accuracy, may further damage our business by affecting our ability to compete for new contracts among commercial and governmental entities. |
• | Political and economic factors such as pending elections, changes in leadership among key governmental decision makers, revisions to governmental tax policies, reduced tax revenues and public health crises, such as COVID-19, can affect the number and terms of new government contracts signed. |
• | Terms and conditions of government contracts tend to be more onerous and are often more difficult to negotiate than those for commercial contracts. |
• | Government contracts may not include a cap on direct or consequential damages, which could cause additional risk and expense in these contracts. |
• | Agreements with government clients may be subject to periodic funding approval. Funding reductions or delays could adversely impact public sector demand for our offerings. |
• | Participation in government contracts could subject us to stricter regulatory requirements, which may increase our cost of compliance. |
• | Delays in acceptances of delivery milestones or release of payments could adversely affect our cashflows. |
• | the business or financial condition of our clients or the economy generally; |
• | a change in strategic priorities, resulting in a reduced level of IT spending; |
• | a demand for price reductions; |
• | a change in outsourcing strategy such as moving to client in-house IT departments or to our competitors; and |
• | consolidation of IT spending by our clients, whether arising out of mergers and acquisitions, or otherwise. |
• | recruiting, training and retaining sufficiently skilled technical, marketing and management personnel; |
• | maintaining an effective internal control system and properly educating and training employees to mitigate the risk of individuals engaging in unlawful or fraudulent activity or otherwise exposing us to unacceptable business risks; |
• | maintaining our high standards of service and high levels of client satisfaction; |
• | developing and improving our internal administrative infrastructure, particularly our financial, operational, communications and other internal systems including data management in our IT applications and Management Information Systems, and transitioning from historical systems to new or improved infrastructure that may require additional resources and efforts to implement, troubleshoot or otherwise integrate into existing processes and procedures; |
• | preserving our culture, values and entrepreneurial environment; |
• | assimilating and integrating disparate IT systems, personnel and employment practices, our culture and values, and operations of acquired companies; and |
• | managing our procurement, supply chain and vendor management processes. |
• | if the transaction consideration is paid in cash, up to 400% of the net worth of the acquiring company as per its latest audited financial statement; or |
• | if the acquisition is funded with cash from the acquiring company’s existing foreign currency accounts or with cash proceeds from the issue of ADRs, Global Depositary Receipts, External Commercial Borrowings or Foreign Currency Convertible Bonds. |
• | Be passionate about clients’ success; |
• | Treat each person with respect; |
• | Be global and responsible; and |
• | Have unyielding integrity in everything we do. |
• | Being respectful; |
• | Being responsive; |
• | Always communicating; |
• | Demonstrating stewardship; and |
• | Building trust. |
• | Capco and its subsidiaries (“ Capco |
• | Ampion Holdings Pty Ltd and its subsidiaries (“ Ampion |
• | Edgile, LLC (“ Edgile |
• | LeanSwift Solutions Inc. and its subsidiaries (“ LeanSwift |
• | Eximius Design, LLC and Eximius Design India Private Limited, a leading engineering services company with expertise in semiconductor, software and systems design; |
• | Encore Theme Technologies Private Limited, a Finastra trade finance solutions partner across the Middle East, Africa, India and Asia Pacific; |
• | 4C NV and its subsidiaries, a Salesforce multi-cloud partner in Europe, U.K. and the Middle East; |
• | IVIA Serviços de Informática Ltda., a specialized IT services provider to financial services, retail and manufacturing sectors in Brazil; |
• | Rational Interaction, a full-service digital customer experience solutions firm that brings the strategic capabilities of a consultancy together with the creative and digital prowess of an agency; |
• | International TechneGroup Incorporated, a global digital engineering and manufacturing solutions company and a world leader in computer aided design and product lifecycle management interoperability software services. |
• | be a trusted partner to our clients in their transformation journey and enable them in achieving leadership in their respective industries; |
• | deliver value to our clients as part of their transformation journey through sector focused ‘Business Solutions’, ‘Digital’ and ‘Technology’ capabilities, cutting edge innovation, leveraging our strategic partnerships and our world class talent; and |
• | stay resolute in our commitment to the societies and communities in which we live and work. |
1. |
Accelerate growth – focus and scale |
2. |
Strengthen clients and partnerships |
3. |
Lead with business solutions |
4. |
Building talent at Scale |
5. |
Simplified operating model |
• | The Americas 1 and Americas 2 SMUs are structured by sectors; and |
• | The Europe and APMEA SMUs are structured by countries, with dedicated focus on identified sectors. |
• | iDEAS, comprising of Integrated Digital, Engineering and Application Services; and |
• | iCORE, which is Infra Cloud, Operations, and Risk and Enterprise Cybersecurity. |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
( ₹ in millions) |
||||||||||||
IT Services |
593,798 | 605,815 | 781,824 | |||||||||
IT Products |
11,657 | 7,685 | 6,173 | |||||||||
ISRE |
7,950 | 8,912 | 7,295 | |||||||||
Reconciling items |
(4 | ) | 13 | (3 | ) | |||||||
|
|
|
|
|
|
|||||||
613,401 |
622,425 |
795,289 |
||||||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
( ₹ in millions) |
||||||||||||
India |
29,374 | 27,156 | 25,939 | |||||||||
United States of America |
338,490 | 336,009 | 427,021 | |||||||||
United Kingdom |
65,258 | 67,852 | 101,437 | |||||||||
Rest of the world |
180,279 | 191,408 | 240,892 | |||||||||
|
|
|
|
|
|
|||||||
613,401 |
622,425 |
795,289 |
||||||||||
|
|
|
|
|
|
• | Cloud Transformation & NextGen Platforms |
• | Wipro Engineering |
• | Wipro Digital DX |
• | Designit: design-led transformation solutions that better connect brands, organizations, and businesses to their end customers through a global team of researchers, analysts and design visionaries. |
• | Industry Domain and Consulting |
• | Applications and Data |
• | Cloud Infrastructure Services CIS |
• | Cybersecurity and Risk Services CRS next-gen cybersecurity offering that seamlessly integrates the business needs of today with the future needs of tomorrow. Our CyberSecurists help customers achieve a resilient cyber future through advisory-led security and risk management solutions. For us, cyber defense is not just proposals and promises, or simply keystrokes and code. It is pure, cutting-edge security in action delivered with genuine expertise. |
• | Digital Operations and Platforms DOP |
Number of clients in |
||||||||||||
Per client revenue (US$) |
Year ended March 31, 2020 |
Year ended March 31, 2021 |
Year ended March 31, 2022 |
|||||||||
1-3 million |
233 | 217 | 269 | |||||||||
3-5 million |
81 | 92 | 113 | |||||||||
5-50 million |
220 | 217 | 247 | |||||||||
50-100 million |
25 | 29 | 31 | |||||||||
> 100 million |
15 | 11 | 19 | |||||||||
|
|
|
|
|
|
|||||||
Total > 1 million |
574 |
566 |
679 |
|||||||||
|
|
|
|
|
|
• | Strengthening relationships |
• | Unrelenting focus on our clients’ ambitions |
• | Simplified sales model |
• | Large deals expertise |
1. | Our ability to orchestrate value for our clients by stitching together industry knowledge, technology expertise, and ecosystem capabilities to solve complex problems faced by our clients. |
2. | A comprehensive and integrated suite of business solutions powered by leading-edge technologies like Wipro FullStride cloud services, cybersecurity, data and AI, and engineering and research and development. |
3. | Our portfolio of industry-specific business solutions such as digital bank of the future, Open Subsurface Data Universe platform for oil and gas, and core modernization for a telecom company for faster 5G deployment. |
4. | Our investments in developing intellectual property (“ IP TM , Wipro virtuadeskTM , etc. that enable us to deliver enormous efficiency and time-to-market |
5. | Crowdsourcing (“ Topcoder QaaS TaaS |
6. | A global delivery model, enabled by our “4M” framework – which is Model, Method, Machinery and Mindset. Model is about driving global, distributed, and boundary-less ways of working; Method is about agile and no-shore; Machinery is about leveraging our AI and automation assets; and Mindset is about problem discovery, customer intimacy, and constant learning. |
7. | Our bold and high-performance culture fueled by our Five Habits and our focus on upskilling / reskilling helps us nurture diverse ideas and teams, as well as attract and retain best talent across key markets. |
8. | Our emphasis on acquiring companies with new age technologies and integrating them with our service offerings, to maximize synergies for our clients. |
9. | We are a relationship-oriented, customer-centric, and an easy-to-do-business-with go-to-market |
10. | We are a purpose-led business that is recognized globally for high ethical standards, strong corporate governance, and an unwavering commitment to sustainability. We nurture inclusivity as an intrinsic part of Wipro’s culture. Our deep resolve to improve the communities we live and work in, is appreciated by our customers, investors, analysts, and employees. |
• | Americas 1 includes the entire business of Latin America (“ LATAM |
• | Americas 2 includes the entire business of Canada and the following industry sectors in the U.S.: 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, the Middle East, South East Asia, Japan and Africa. |
1. | Our decades of experience in serving in the IT business, proven track record of delivery excellence and satisfied customers who recommend our services to other corporations. |
2. | Our deep understanding of the market especially in India. |
3. | Our trusted ability to provide impartial advice on selection of products. |
4. | The Wipro brand that is recognized for serving the Indian market over seventy-five years. |
5. | Our commitment to environmental sustainability as well as deep engagement with communities. |
1. | Our deep technology knowledge and domain expertise specifically in BFSI and ENU. |
2. | Our strong partnership with key alliance partners including hardware and software partners. |
3. | Significant experience in successfully delivering key marquee programs and strong reference across the ISRE sector. |
(a) | improving the energy efficiency of our facilities for a sustained reduction in energy consumption; |
(b) | increasing the use of renewable energy in our owned facilities in India through private power purchase agreements and captive solar power; and |
(c) | combining behavioral, technological and collaborative approaches that help reduce the carbon footprint of air travel, commuting and purchased goods and services. |
Item 5. |
Operating and Financial Review and Prospects |
• | Capco, a global management and technology consultancy company providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific; |
• | Ampion, a provider of cyber security, DevOps and quality engineering services; |
• | Edgile, a transformational cybersecurity consulting provider that focuses on risk and compliance, information and cloud security and digital identity; |
• | LeanSwift, a system integrator of Infor Products whose service capabilities include enterprise resource planning, e-commerce, digital transformation, supply chain, warehouse management systems, business intelligence and integrations; |
• | Eximius Design, LLC and Eximius Design India Private Limited, a leading engineering services company with strong expertise in semiconductor, software and systems design; |
• | Encore Theme Technologies Private Limited, a Finastra trade finance solutions partner across the Middle East, Africa, India and Asia Pacific; |
• | 4C NV and its subsidiaries, a Salesforce multi-cloud partner in Europe, U.K., and the Middle East, helping companies unlock commercial value and achieve business transformation by consistently putting customers first; |
• | IVIA Serviços de Informática Ltda., is a company specialized in information technology that develops solutions to improve and expand the business of its customers, either by reducing costs, increasing productivity or generating innovation; |
• | Rational Interaction, a full-service digital customer experience solutions firm that brings the strategic capabilities of a consultancy together with the creative and digital prowess of an agency; |
• | International TechneGroup Incorporated, a global digital engineering and manufacturing solutions company and a world leader in computer aided design and product lifecycle management interoperability software services. |
• | Annual increases in salaries, progressions and bonuses, and strong demand for digital and other niche skills are expected to result in wage inflation; |
• | Increased hiring and training costs due to higher attrition rates; |
• | Discretionary spending relating to travel, facilities and marketing spends gradually scaling back; |
• | Limited ability of the market to accept increase in prices for our offerings to fully offset incremental costs; |
• | Investment in acquisitions with onsite capabilities which can potentially contribute lower margins; |
• | The impact of exchange rate fluctuations on our Indian Rupee realizations; |
• | Investment in domain architects, deep subject matter experts and diversified local leadership; |
• | Increase in onshore effort mix as customers return to office; |
• | Loss of revenue due to vendor consolidation or insourcing at the customer end; and |
• | Lower utilization rates for our resources, arising from reduction in demand for our services from customers or contract terminations. |
• | Pyramid structure by increasing hiring from university campuses as a core aspect of our margin management; |
• | Better price realization to combat current inflationary environment; |
• | Differentiating our offerings by providing premium services across the Digital value-chain, including consulting and advisory, strategy, design, Wipro FullStride cloud services and connected offerings; |
• | Emphasizing a hybrid delivery model to retain the utilization of our IT professionals; |
• | Aligning our resources to expected demand and pivoting ourselves to meet new opportunities; |
• | Using next-generation technology-led business process services like Wipro HOLMESTM to drive superior customer experience and maximize returns and bring down operating costs; |
• | Driving revenue and cost synergies of acquired businesses; and |
• | Investing in non-linearity through our IP portfolio that de-link the linear relationship between revenue and efforts expended. |
Wipro Limited and subsidiaries |
||||||||||||
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions, except earnings per share data) |
||||||||||||
Revenue (1) |
622,425 | 795,289 | 27.77 | % | ||||||||
Cost of revenue |
(423,205 | ) | (555,872 | ) | 31.35 | % | ||||||
Gross profit |
199,220 | 239,417 | 20.18 | % | ||||||||
Selling and marketing expenses |
(41,400 | ) | (54,935 | ) | 32.69 | % | ||||||
General and administrative expenses |
(34,686 | ) | (46,382 | ) | 33.72 | % | ||||||
Other operating income/(loss), net (2) |
(81 | ) | 2,186 | 2798.77 | % | |||||||
Operating income |
123,053 | 140,286 | 14.00 | % | ||||||||
Profit attributable to equity holders |
107,946 | 122,191 | 13.20 | % | ||||||||
As a percentage of revenue: |
||||||||||||
Selling and marketing expenses |
6.65 | % | 6.91 | % | 26bps | |||||||
General and administrative expenses |
5.57 | % | 5.83 | % | 26bps | |||||||
Gross margins (3) |
32.01 | % | 30.02 | % | (199)bps | |||||||
Operating margin (3) |
19.77 | % | 17.59 | % | (218)bps | |||||||
Earnings per share |
||||||||||||
Basic |
19.11 | 22.35 | ||||||||||
Diluted |
19.07 | 22.29 |
(1) | For segment reporting, we have included the impact of exchange rate fluctuations in revenue. Excluding the impact of exchange rate fluctuations, revenue, as reported in our statement of income, is ₹ ₹ |
(2) | Other operating income/(loss), net represents: |
(i) | For the year ended March 31, 2021, change in fair value of the callable units upon partial achievement of cumulative business targets pertaining to the sale of our hosted data center services business. |
(ii) | For the year ended March 31, 2022, (a) ₹ ₹ |
(3) | Gross margin and operating margin as a percentage of revenue have been calculated by including Other operating income/(loss), net with Revenue. |
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions) |
||||||||||||
Revenue: |
||||||||||||
IT Services |
605,815 | 781,824 | 29.05% | |||||||||
IT Products |
7,685 | 6,173 | (19.67)% | |||||||||
ISRE |
8,912 | 7,295 | (18.14)% | |||||||||
Reconciling items |
13 | (3 | ) | (123.08)% | ||||||||
|
|
|
|
|
|
|||||||
622,425 |
795,289 |
27.77% |
||||||||||
|
|
|
|
|
|
|||||||
Segments results: |
||||||||||||
IT Services |
122,850 | 139,078 | 13.21% | |||||||||
IT Products |
45 | 115 | 155.56% | |||||||||
ISRE |
1,061 | 1,173 | 10.56% | |||||||||
Reconciling items |
(903 | ) | (80 | ) | 91.14% | |||||||
|
|
|
|
|
|
|||||||
123,053 |
140,286 |
14.00% |
||||||||||
|
|
|
|
|
|
Percentage of revenues |
||||||||
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
United States of America |
54 | % | 54 | % | ||||
United Kingdom |
11 | % | 13 | % | ||||
India |
4 | % | 3 | % | ||||
Rest of the world |
31 | % | 30 | % |
Year ended March 31, |
Year on Year change |
|||||||||||||||
Cost of revenues |
2021 |
2022 |
2022-21 |
2022-21 |
||||||||||||
( ₹ in millions) |
( ₹ in millions) |
|||||||||||||||
Employee Compensation |
282,983 | 382,446 | 99,463 | 35.15% | ||||||||||||
Cost of hardware and software |
7,684 | 6,431 | (1,253 | ) | (16.31)% | |||||||||||
Sub-contracting and technical fees |
82,470 | 106,580 | 24,110 | 29.23% | ||||||||||||
Travel |
4,731 | 6,403 | 1,672 | 35.34% | ||||||||||||
Depreciation, amortization and impairment |
18,900 | 20,980 | 2,080 | 11.01% | ||||||||||||
Facility expenses |
18,386 | 23,021 | 4,635 | 25.21% | ||||||||||||
Communication |
4,546 | 4,250 | (296 | ) | (6.51)% | |||||||||||
Others |
3,505 | 5,761 | 2,256 | 64.37% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
423,205 |
555,872 |
132,667 |
31.35% |
|||||||||||||
|
|
|
|
|
|
|
|
Year ended March 31, |
Year on Year change |
|||||||||||||||
Selling and marketing expenses |
2021 |
2022 |
2022-21 |
2022-21 |
||||||||||||
( ₹ in millions) |
( ₹ in millions) |
|||||||||||||||
Employee Compensation |
31,236 | 41,339 | 10,103 | 32.34% | ||||||||||||
Travel |
209 | 454 | 245 | 117.22% | ||||||||||||
Depreciation, amortization and impairment |
6,798 | 8,309 | 1,511 | 22.23% | ||||||||||||
Facility expenses |
593 | 566 | (27 | ) | (4.55)% | |||||||||||
Communication |
382 | 438 | 56 | 14.66% | ||||||||||||
Marketing and brand building |
1,011 | 2,010 | 999 | 98.81% | ||||||||||||
Others |
1,171 | 1,819 | 648 | 55.34% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
41,400 |
54,935 |
13,535 |
32.69% |
|||||||||||||
|
|
|
|
|
|
|
|
Year ended March 31, |
Year on Year change |
|||||||||||||||
General and administrative expenses |
2021 |
2022 |
2022-21 |
2022-21 |
||||||||||||
( ₹ in millions) |
( ₹ in millions) |
|||||||||||||||
Employee Compensation |
18,152 | 26,290 | 8,138 | 44.83% | ||||||||||||
Travel |
318 | 463 | 145 | 45.60% | ||||||||||||
Facility expenses |
1,276 | 1,682 | 406 | 31.82% | ||||||||||||
Legal and professional fees |
4,817 | 6,606 | 1,789 | 37.14% | ||||||||||||
Lifetime expected credit loss/ (write-back) |
1,506 | (797 | ) | (2,303 | ) | (152.92)% | ||||||||||
Staff recruitment expenses |
1,970 | 6,475 | 4,505 | 228.68% | ||||||||||||
Others |
6,647 | 5,663 | (984 | ) | (14.80)% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
34,686 |
46,382 |
11,696 |
33.72% |
|||||||||||||
|
|
|
|
|
|
|
|
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions) |
||||||||||||
Revenue: |
||||||||||||
IT Services Strategic Market Units |
||||||||||||
Americas 1 |
178,091 | 217,874 | 22.34% | |||||||||
Americas 2 |
179,821 | 239,404 | 33.13% | |||||||||
Europe |
165,441 | 233,443 | 41.10% | |||||||||
APMEA |
82,462 | 91,103 | 10.48% | |||||||||
|
|
|
|
|
|
|||||||
605,815 |
781,824 |
29.05% |
||||||||||
|
|
|
|
|
|
|||||||
Segments Result: |
||||||||||||
IT Services Strategic Market Units |
||||||||||||
Americas 1 |
33,040 | 42,820 | 29.60% | |||||||||
Americas 2 |
41,589 | 47,376 | 13.91% | |||||||||
Europe |
31,673 | 35,739 | 12.84% | |||||||||
APMEA |
11,476 | 10,523 | (8.30)% | |||||||||
Unallocated |
5,153 | 434 | (91.58)% | |||||||||
Other operating income/(loss), net |
(81 | ) | 2,186 | 2798.77% | ||||||||
|
|
|
|
|
|
|||||||
122,850 |
139,078 |
13.21% |
||||||||||
|
|
|
|
|
|
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions) |
||||||||||||
Revenue (1) |
605,815 | 781,824 | 29.05 | % | ||||||||
Cost of revenue |
(408,411 | ) | (543,425 | ) | 33.06 | % | ||||||
Gross profit |
197,404 | 238,399 | 20.77 | % | ||||||||
Selling and marketing expenses |
(40,985 | ) | (54,688 | ) | 33.43 | % | ||||||
General and administrative expenses |
(33,488 | ) | (46,819 | ) | 39.81 | % | ||||||
Other operating income/(loss), net |
(81 | ) | 2,186 | 2798.77 | % | |||||||
Segment results (2) |
122,850 | 139,078 | 13.21 | % | ||||||||
As a percentage of revenue: |
||||||||||||
Selling and marketing expenses |
6.77 | % | 6.99 | % | 22 | bps | ||||||
General and administrative expenses |
5.53 | % | 5.99 | % | 46 | bps | ||||||
Gross margins (3) |
32.59 | % | 30.41 | % | (218) | bps | ||||||
Segment results (3) |
20.28 | % | 17.74 | % | (254) | bps |
(1) | For the purpose of segment reporting, we have included the impact of exchange rate fluctuations amounting to ₹ ₹ |
(2) | Includes other operating income of ₹ ₹ |
(3) | Gross margin and segment results as a percentage of revenue have been calculated by including Other operating income/(loss), net with Segment Revenue. |
Year ended March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Percentage of revenues |
Percentage of Segment results |
Percentage of revenues |
Percentage of Segment results |
|||||||||||||
Strategic Market Units |
||||||||||||||||
Americas 1 |
29.4 | % | 26.9 | % | 27.9 | % | 30.8 | % | ||||||||
Americas 2 |
29.7 | % | 33.9 | % | 30.6 | % | 34.1 | % | ||||||||
Europe |
27.3 | % | 25.8 | % | 29.9 | % | 25.7 | % | ||||||||
APMEA |
13.6 | % | 9.3 | % | 11.6 | % | 7.5 | % | ||||||||
Unallocated |
NA | 4.2 | % | NA | 0.3 | % | ||||||||||
Other operating income/(loss), net |
NA | (0.1 | )% | NA | 1.6 | % |
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
Sector |
||||||||
Banking, Financial Services and Insurance |
30.7 | % | 34.7 | % | ||||
Consumer |
16.4 | % | 17.5 | % | ||||
Health |
13.5 | % | 11.7 | % | ||||
Energy, Natural Resources and Utilities |
13.1 | % | 12.2 | % | ||||
Technology |
13.0 | % | 12.1 | % | ||||
Manufacturing |
8.1 | % | 6.8 | % | ||||
Communications |
5.2 | % | 5.0 | % |
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions) |
||||||||||||
Revenue (1) |
7,685 | 6,173 | (19.67 | )% | ||||||||
Cost of revenue |
(7,465 | ) | (6,279 | ) | (15.89 | )% | ||||||
Gross profit |
220 | (106 | ) | (148.18 | )% | |||||||
Selling and marketing expenses |
(109 | ) | (104 | ) | (4.59 | )% | ||||||
General and administrative expenses |
(66 | ) | 325 | (592.42 | )% | |||||||
Segment results |
45 | 115 | 155.56 | % | ||||||||
As a percentage of revenue: |
||||||||||||
Selling and marketing expenses |
1.42 | % | 1.68 | % | 26bps | |||||||
General and administrative expenses |
0.86 | % | (5.26 | )% | (612 | )bps | ||||||
Gross margins |
2.86 | % | (1.72 | )% | (458 | )bps | ||||||
Segment results |
0.59 | % | 1.86 | % | 127bps |
(1) | For the purpose of segment reporting, we have included the impact of exchange rate fluctuations amounting to ₹ ₹ |
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions) |
||||||||||||
Revenue (1) |
8,912 | 7,295 | (18.14 | )% | ||||||||
Cost of revenue |
(7,282 | ) | (6,063 | ) | (16.74 | )% | ||||||
Gross profit |
1,630 | 1,232 | (24.42 | )% | ||||||||
Selling and marketing expenses |
(294 | ) | (133 | ) | (54.76 | )% | ||||||
General and administrative expenses |
(275 | ) | 74 | (126.91 | )% | |||||||
Segment results |
1,061 | 1,173 | 10.56 | % | ||||||||
As a percentage of revenue: |
||||||||||||
Selling and marketing expenses |
3.30 | % | 1.82 | % | (148 | )bps | ||||||
General and administrative expenses |
3.09 | % | (1.01 | )% | (410 | )bps | ||||||
Gross margins |
18.29 | % | 16.89 | % | (140 | )bps | ||||||
Segment results |
11.91 | % | 16.08 | % | 417bps |
(1) | For the purpose of segment reporting, we have included the impact of exchange rate fluctuations amounting to ₹ ₹ |
• | exchange differences arising from the translation or settlement of transactions in foreign currency, except for exchange differences on debt denominated in foreign currency (which are reported within finance expenses and finance and other income); and |
• | the changes in fair value for derivatives not designated as hedging derivatives and ineffective portions of the hedging instruments. For forward foreign exchange contracts which are designated and effective as cash flow hedges, the marked to market gains and losses are deferred and reported as a component of other comprehensive income in shareholder’s equity and subsequently recorded in the income statement when the hedged transactions occur, along with the hedged items. |
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
% of Revenues |
||||||||
U.S. Dollar (US$) |
61 | % | 59 | % | ||||
Pound Sterling (GBP) |
10 | % | 11 | % | ||||
Euro (EUR) |
8 | % | 10 | % | ||||
Indian Rupee (INR) |
5 | % | 5 | % | ||||
Australian Dollar (AUD) |
5 | % | 5 | % | ||||
Canadian Dollar (CAD) |
3 | % | 3 | % | ||||
Others |
8 | % | 7 | % |
Year ended March 31, |
Appreciation / (Depreciation) of INR in percentage |
|||||||||||
Average exchange rate during the period: |
2021 |
2022 |
||||||||||
U.S. Dollar (US$) |
74.27 | 74.41 | (0.19 | )% | ||||||||
Pound Sterling (GBP) |
97.03 | 101.70 | (4.81 | )% | ||||||||
Euro (EUR) |
86.61 | 86.58 | 0.03 | % | ||||||||
Australian Dollar (AUD) |
53.26 | 54.99 | (3.25 | )% | ||||||||
Canadian Dollar (CAD) |
56.13 | 59.27 | (5.59 | )% |
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
Exchange rate at the beginning of the year: |
||||||||
U.S. Dollar (US$) |
75.59 | 73.11 | ||||||
Pound Sterling (GBP) |
93.32 | 100.65 | ||||||
Euro (EUR) |
82.70 | 85.75 | ||||||
Australian Dollar (AUD) |
46.03 | 55.66 | ||||||
Canadian Dollar (CAD) |
53.02 | 58.02 | ||||||
Exchange rate at the end of the year: |
||||||||
U.S. Dollar (US$) |
73.11 | 75.78 | ||||||
Pound Sterling (GBP) |
100.65 | 99.41 | ||||||
Euro (EUR) |
85.75 | 84.07 | ||||||
Australian Dollar (AUD) |
55.66 | 56.73 | ||||||
Canadian Dollar (CAD) |
58.02 | 60.50 | ||||||
Appreciation / (Depreciation) of INR in percentage |
||||||||
U.S. Dollar (US$) |
3.28 | % | (3.65 | )% | ||||
Pound Sterling (GBP) |
(7.85 | )% | 1.23 | % | ||||
Euro (EUR) |
(3.69 | )% | 1.96 | % | ||||
Australian Dollar (AUD) |
(20.92 | )% | (1.92 | )% | ||||
Canadian Dollar (CAD) |
(9.43 | )% | (4.27 | )% |
a. |
Environment |
i. | Contribute effectively to addressing climate change: net-zero greenhouse gas emissions by 2040, which is in line with the Paris Agreement’s objective of limiting the global temperature increase to 1.5°C. We also set an intermediate target of a 55% reduction in our absolute emission levels by 2030 compared to 2017 for (a) direct emissions from sources owned or controlled by us (“Scope 1 Scope 2 Scope 3 net-zero by 2040. The primary levers of our decarbonization drive are: |
(a) | improving the energy efficiency of our facilities for a sustained reduction in energy consumption; |
(b) | increasing the use of renewable energy in our owned facilities in India through private power purchase agreements and captive solar power; and |
(c) | combining behavioral, technological and collaborative approaches that help reduce the carbon footprint of air travel, commuting and purchased goods and services. |
ii. | Responsibly manage our use of scarce water resources: |
iii. | Minimize waste generation from operations and its impact on communities: |
iv. | Enhance the biodiversity quotient of owned campuses: |
b. |
Social |
i. | Maintaining and enhancing workplace diversity and fostering a culture of inclusion that protects human dignity and empowers employees by (a) increasing diversity of gender, ethnicity and disability; (b) increasing female representation in senior leadership levels to 20% by 2025; and (c) fostering a company-wide culture of inclusion. |
ii. | Empowering employees through a culture of continuous learning, open communication and ethical conduct by (a) providing ample opportunities at every stage of an employee’s career cycle for the employee to engage in continuous learning that encourages innovative thinking and execution and (b) catalyzing and encouraging employees to internalize our values and culture as embodied in the Spirit of Wipro, the Brand Promise and the Five Habits. |
iii. | Prioritizing health, well-being and safety at all times by adopting a holistic lifecycle approach that emphasizes the health and mental well-being of employees and cascading safe work practices across the value chain. |
iv. | Contributing to societal progress and community well-being by working in a focused manner on the dimensions of education, ecology and primary health care. We also support proximate communities in times of extreme crisis. |
v. | Building capacity in the academic ecosystem through faculty and student learning programs. |
vi. | Collaboratively developing and enhancing a sustainable and responsible supply chain by proactively expanding the diversity of our supplier base with an active focus on women-owned enterprises, minority-owned enterprises and MSMEs. We are committed to responsible supplier conduct with respect to environmental and human rights in the supply chain and a transparent supplier governance process that guarantees fair practices and zero tolerance for corruption. |
c. |
Governance |
i. | We are committed to building and maintaining the highest standards of governance at the board and executive levels through (a) effective sustainability risk oversight; (b) strong data privacy protection for stakeholders; (c) a rigorous and fair ombuds process; and (d) transparent and balanced disclosures. |
Year ended March 31, |
Year on Year change |
|||||||||||
2021 |
2022 |
2022-21 |
||||||||||
( ₹ in millions) |
||||||||||||
Net cash generated from /(used in): |
||||||||||||
Operating activities |
147,550 | 110,797 | (36,753 | ) | ||||||||
Investing activities |
7,739 | (224,495 | ) | (232,234 | ) | |||||||
Financing activities |
(128,840 | ) | 46,586 | 175,426 | ||||||||
Net change in cash and cash equivalents |
26,449 | (67,112 | ) | (93,561 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents |
(890 | ) | 1,282 | 2,172 |
Total contractual payment |
Payments due in |
|||||||||||||||
Particulars |
2022-23 |
2023-27 |
2027-28 onwards |
|||||||||||||
(₹ in millions) |
||||||||||||||||
Loans, borrowings and bank overdrafts (1) (2) |
157,572 |
97,693 | 59,879 | — | ||||||||||||
Lease Liabilities (3) |
27,735 |
9,923 | 16,167 | 1,645 | ||||||||||||
Contingent consideration (4) |
4,437 |
1,922 | 2,515 | — | ||||||||||||
Interim dividend payable |
27,337 |
27,337 | — | — | ||||||||||||
Other liabilities |
4,405 |
3,867 | 538 | — | ||||||||||||
Capital commitments (5) |
11,376 |
6,214 | 2,162 | 3,000 | ||||||||||||
Purchase obligations |
22,767 |
19,128 | 3,591 | 48 |
(1) | For further information on currency and interest rate structures, refer to Note 14 of the Notes to Consolidated Financial Statements. |
(2) | Includes future cash outflow towards estimated interest on borrowings. Interest payments for long-term fixed rate debts have been calculated based on applicable rates and payment dates. Interest payments on floating rate debt have been calculated based on the payment dates and implied forward interest rates as of March 31, 2022 for each relevant debt instrument. |
(3) | Includes future cash outflow toward deferred interest on lease liabilities and certain committed leases which have not yet commenced. For further information on lease liabilities, refer to Note 5 and Note 14 in the Notes to Consolidated Financial Statements. |
(4) | The fair value of the contingent consideration is estimated by applying the discounted cash flow approach considering probability adjusted revenues and earnings estimates. The amount in the table above is the undiscounted fair value and does not include contingent consideration towards our acquisition of CAS Group. |
(5) | Represents contractual commitments related to capital expenditures on construction or expansion of software development facilities. |
Item 6. |
Directors, Senior Management and Employees |
Name |
Age |
Position | ||
Rishad A. Premji |
45 | Chairman of the Board (designated as “Executive Chairman”) | ||
Azim H. Premji |
76 | Non-Executive, Non-Independent Director (designated as “Founder Chairman”) | ||
Thierry Delaporte |
54 | Chief Executive Officer and Managing Director | ||
William Arthur Owens |
81 | Independent Director | ||
Ireena Vittal |
53 | Independent Director | ||
Dr. Patrick J. Ennis |
58 | Independent Director | ||
Patrick Dupuis |
59 | Independent Director | ||
Deepak M. Satwalekar |
73 | Independent Director | ||
Tulsi Naidu |
48 | Independent Director | ||
Jatin Pravinchandra Dalal |
47 | President and Chief Financial Officer |
Name |
Salary and allowances US$ |
Commission/ variable Pay US$ |
Others US$ |
Long-term compensation (Deferred Benefit) (4) (5) US$ |
Total US$ |
|||||||||||||||
Rishad A. Premji (1)(2) |
1,119,362 | 634,487 | 1,255 | 63,918 | 1,819,022 | |||||||||||||||
Thierry Delaporte (3)(6) |
1,739,157 | 2,548,069 | 4,192,022 | 2,039,926 | 10,519,174 | |||||||||||||||
Jatin Pravinchandra Dalal (6) |
322,580 | 222,048 | 995,754 | 50,760 | 1,591,142 |
(1) | Mr. Rishad A. Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits of Wipro Limited for fiscal year 2022 over the previous fiscal year. |
(2) | Mr. Rishad A. Premji’s compensation also included cash bonus (part of his fixed salary) on an accrual basis, which is payable over a period of time. |
(3) | The compensation disclosed for Mr. Thierry Delaporte includes components such as a one-time cash award, as per the terms approved by the shareholders at the Annual General Meeting of the Shareholders in July 2020. |
(4) | Deferred benefits are payable to employees by way of our contribution to the Provident Fund, Pension Fund and Social Insurance (health and retirement funds) as applicable. The Provident Fund is a statutory fund to which the Company and our employees contribute every month. A lump sum payment on separation and a pension payment on attaining the age of superannuation are payable from the balance standing to the credit of the Fund, as per the Employee Provident Fund and Miscellaneous Provisions Act, 1952. |
(5) | Under our pension plans, any pension that is payable to an employee is not computed on the basis of final compensation, but on the accumulated pension fund to the credit of the employee as at the date of separation, death, disability or retirement. |
(6) | The remuneration of executive officers is computed on an accrual basis. It includes the amortization of RSUs granted to them, which vest over a period of time and RSUs that will vest based on performance parameters of the Company. |
Name |
Expiration of current term of office |
Term of office | ||
Rishad A. Premji |
July 30, 2024 | 5 years | ||
Azim H. Premji |
July 30, 2024 | 5 years | ||
Thierry Delaporte |
July 5, 2025 | 5 years | ||
William Arthur Owens |
July 31, 2022 | 5 years | ||
Ireena Vittal |
September 30, 2023 | 5 years | ||
Dr. Patrick J. Ennis |
March 31, 2026 | 5 years | ||
Patrick Dupuis |
March 31, 2026 | 5 years | ||
Deepak M. Satwalekar |
June 30, 2025 | 5 years | ||
Tulsi Naidu (1) |
June 30, 2026 | 5 years |
(1) |
On May 13, 2021, the Board of Directors approved the appointment of Ms. Tulsi Naidu as an Independent Director for a term of five years, with effect from July 1, 2021 to June 30, 2026. The said appointment was approved by shareholders of the Company at the 75 th Annual General Meeting held on July 14, 2021. |
• | Auditing and accounting matters, including recommending the appointment of our independent auditors to the shareholders; |
• | Compliance with legal and statutory requirements; |
• | Integrity of the Company’s financial statements, discussions with the independent auditors regarding the scope of the annual audits, and fees to be paid to the independent auditors; |
• | Performance of the Company’s internal audit function, independent auditors and accounting practices; |
• | Review of related party transactions and functioning of whistle blower mechanism; |
• | Implementation of the applicable provisions of the Sarbanes Oxley Act of 2002 (the “ Sarbanes Oxley Act |
• | Review of utilization of loans and advances from, and investment by, the Company in its subsidiaries exceeding ₹ |
• | Evaluation of internal financial controls, monitoring and reviewing of the risk management plan and such other functions including cyber security as the Board of Directors may deem fit; |
• | To formulate a detailed risk management policy which shall include: |
a) | A framework for identification of internal and external risks specifically faced by the Company, in particular including financial, operational, sectoral, sustainability (specifically, environmental, social and governance related risks and impact), information and cyber security risks |
b) | Measures for risk mitigation |
c) | Systems for internal controls |
d) | Business contingency plan |
• | To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management and internal control systems; |
• | Evaluate risks related to cyber security and significant risk exposures of the Company and assess steps taken by the management to mitigate the exposures in a timely manner (including business continuity and disaster recovery planning). |
• | Identifying, and recommending to the Board for appointment or removal of directors and senior management, in accordance with the criteria laid down, and carrying out evaluations of each director’s performance. |
• | Developing and recommending to the Board corporate governance guidelines applicable to the Company; |
• | Evaluating the Board on a continuing basis, including an assessment of the effectiveness of the full Board, operations of the Board Committees and contributions of individual directors; |
• | Establishing policies and procedures to assess the requirements for induction of new members to the Board; |
• | Implementing policies and processes relating to corporate governance principles; |
• | Ensuring that appropriate procedures are in place to assess Board membership needs and Board effectiveness; |
• | Reviewing the Company’s policies that relate to matters of corporate social responsibility (“ CSR |
• | Formulating the Disclosure Policy, its review and approval of disclosures; |
• | Approving and evaluating the compensation plans, policies and programs for full-time directors and senior management; |
• | Acting as Administrator of the Company’s Employee Stock Option Plans and Employee Stock Purchase Plans drawn up from time to time; |
• | Reviewing and recommending of all remuneration, in whatever form, payable to senior management; and |
• | Implementing an effective mechanism for succession planning, which focuses on orderly succession of Directors, including Executive Directors and other senior management team and other executive officers. |
• | Redressal of grievances of the shareholders of the Company pertaining to transfer or transmission of shares, non-receipt of annual report and declared dividends, issue of new or duplicate share certificates, and grievances pertaining to corporate actions; |
• | Approving consolidation, split or sub-division of share certificates, transmission of shares, issue of duplicate share certificates, re-materialization of shares; |
• | Reviewing the grievance redressal mechanism implemented by the Company in coordination with Company’s Registrar and Transfer Agent (“ RTA |
• | Reviewing the measures taken by the Company for effective exercise of voting rights by shareholders; |
• | Implementing and overseeing the procedures and processes in handling and maintenance of records, transfer of securities and payment of dividend by the Company, RTA and dividend processing bank; |
• | Reviewing the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants, annual reports and statutory notices by the shareholders of the Company; |
• | Overseeing administrative matters like opening and closure of Company’s bank accounts, grant and revocation of general, specific and banking powers of attorney; and |
• | Considering and approving allotment of equity shares pursuant to exercise of stock options, setting up branch offices and other administrative matters as delegated by Board from time to time. |
Name |
Equity Shares beneficially owned |
Percentage of Total Equity Shares Outstanding |
Equity Shares Underlying Options Granted |
Exercise Price (US$) |
Date of expiration | |||||||||||||
Azim H. Premji (1) |
4,001,950,248 | 73.00 | — | — | — | |||||||||||||
Thierry Delaporte (3) |
118,000 | # |
* | 900,000 | ** |
0.03 | June 2023 | |||||||||||
200,000 | ** |
0.03 | July 2024 | |||||||||||||||
400,356 | ** |
0.03 | July 2024 | |||||||||||||||
133,452 | ** |
0.03 | November 2025 | |||||||||||||||
593,120 | ** |
0.03 | November 2028 | |||||||||||||||
Rishad A. Premji |
1,738,057 | *** |
* | — | — | — | ||||||||||||
William Arthur Owens |
— | — | — | — | — | |||||||||||||
Ireena Vittal |
— | — | — | — | — | |||||||||||||
Patrick Dupuis |
— | — | — | — | — | |||||||||||||
Patrick J. Ennis |
— | — | — | — | — | |||||||||||||
Deepak M. Satwalekar |
— | — | — | — | — | |||||||||||||
Tulsi Naidu |
— | — | — | — | — | |||||||||||||
Jatin Pravinchandra Dalal (2)(3) |
210,621 | * | 140,000 | 0.03 | July 2023 | |||||||||||||
48,000 | 0.03 | August 2023 | ||||||||||||||||
77,189 | 0.03 | July 2024 | ||||||||||||||||
31,500 | 0.03 | August 2024 | ||||||||||||||||
40,200 | 0.03 | November 2024 | ||||||||||||||||
33,082 | 0.03 | November 2025 |
(1) | Includes 928,946,043 shares held by Hasham Traders (a partnership firm), of which Mr. Azim H. Premji is a partner, 1,119,892,315 shares held by Prazim Traders (a partnership firm), of which Mr. Azim H. Premji is a partner, 1,135,618,360 shares held by Zash Traders (a partnership firm), of which Mr. Azim H. Premji is a partner, 1,425,034 shares held by Hasham Investment and Trading Company Pvt. Ltd., of which Mr. Azim H. Premji is a director, 558,676,017 shares held by Azim Premji Trust, of which Azim Premji Trustee Company Private Limited is the trustee company, of which Mr. Azim H. Premji is a director and shareholder, and 242,823,816 shares held by Mr. Azim H. Premji and members of his |
immediate family. In addition, 14,568,663 shares are held by Azim Premji Philanthropic Initiatives Private Limited. Mr. Azim H. Premji disclaims beneficial ownership of 14,568,663 shares held by Azim Premji Philanthropic Initiatives Private Limited and 558,676,017 shares held by Azim Premji Trust. |
(2) | The equity shares beneficially owned include vested and unexercised options to purchase equity shares exercisable within 60 days of March 31, 2022. |
(3) | The equity shares underlying options granted include options that will vest based on performance parameters of the Company. |
# | Represents ADS having equivalent underlying equity shares, acquired pursuant to exercise of stock options. |
* | Represents less than 1% of the total equity shares outstanding as of March 31, 2022. |
** | Represents ADS Stock Options having equivalent underlying equity shares. |
*** | Equity shares held by Mr. Rishad A. Premji are jointly with his relative and included in shareholding of Mr. Azim H. Premji. |
Name of plan |
Number of options (1) |
Range of exercise prices (1) |
Effective date |
Termination date |
Other remarks | |||||||||||
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan) |
59,797,979 | US$ | 0.03 | June 11, 2004 | — | Perpetual until the options are available for grant under the plan | ||||||||||
Wipro employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan) |
59,797,979 | ₹ |
2 | July 21, 2005 | — | Perpetual until the options are available for grant under the plan | ||||||||||
Wipro employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) |
49,831,651 | ₹ |
2 | July 18, 2007 | — | Perpetual until the options are available for grant under the plan | ||||||||||
Wipro Equity Reward Trust Employee Stock Purchase Plan, 2013 |
39,546,197 | ₹ |
2 | May 30, 2013 | May 29, 2023 | — |
(1) | Subject to adjustment for corporate action from time to time. |
Item 7. |
Major Shareholders and Related Party Transactions |
Name of Beneficial Owner |
Class of Security |
Number of Shares Beneficially Held as of March 31, 2022 |
% of Class of Total Shares Outstanding |
|||||||||
Azim H. Premji (1) |
Equity | 4,001,950,248 | 73.00 | |||||||||
Hasham Traders |
Equity | 928,946,043 | 16.95 | |||||||||
Prazim Traders |
Equity | 1,119,892,315 | 20.43 | |||||||||
Zash Traders |
Equity | 1,135,618,360 | 20.72 | |||||||||
Azim Premji Trust |
Equity | 558,676,017 | 10.19 |
(1) | Includes shares held by Hasham Traders, Prazim Traders, Zash Traders and Azim Premji Trust as detailed above. Additionally, it also includes 1,425,034 shares held by Hasham Investment and Trading Company Private Limited, 242,823,816 shares held by Mr. Azim H. Premji and members of his immediate family and 14,568,663 shares are held by Azim Premji Philanthropic Initiatives Private Limited. Mr. Azim H. Premji disclaims beneficial ownership of shares held by Azim Premji Philanthropic Initiatives Private Limited and shares held by Azim Premji Trust. |
Item 8. |
Financial Information |
• | Report of the independent registered public accounting firm; |
• | Consolidated Statements of Financial Position as of March 31, 2021 and 2022; Consolidated Statements of Income for the years ended March 31, 2020, 2021 and 2022; |
• | Consolidated Statements of Comprehensive Income for the years ended March 31, 2020, 2021 and 2022; |
• | Consolidated Statements of Changes in Equity for the years ended March 31, 2020, 2021 and 2022; |
• | Consolidated Statements of Cash Flows for the years ended March 31, 2020, 2021 and 2022; and |
• | Notes to the Consolidated Financial Statements. |
Item 9. |
The Offer and Listing |
• | To undertake and carry on the business of providing all kinds of information technology based and enabled services in India and internationally, electronic remote processing services, eServices, including all types of Internet-based and Web enabled services, transaction processing, fulfillment services, business support services including but not limited to providing financial and related services such as billing services, processing services, database services, data entry business marketing services, business information and management services, training and consultancy services to businesses, organizations, firms, corporations, trusts, local bodies, states, governments and other entities; establishing and operating service processing centers for providing services for back office and processing requirements, marketing, sales and credit collection services for companies engaged in the business of remote processing and IT enabled services from a place of business in India or elsewhere, contacting and communicating to and on behalf of overseas customers by voice, data image or letters using dedicated international private lines to handle business process management, remote help desk management; and remote management. |
• | To carry on business in India and elsewhere as a manufacturer, assembler, designer, builder, seller, buyer, exporter, importer, factors, agents, hirers and dealers of computer hardware and software and any related aspects thereof. |
• | To carry on all or any of the business of soap and candle makers, tallow merchants, chemists, druggists, dry salters, oil-merchants, manufacturers of dyes, paints, chemicals and explosives and manufacturers of and dealers in pharmaceutical, chemical, medicinal and other preparations or compounds, perfumery and proprietary articles and photographic materials and derivatives and other similar articles of every description. |
• | To carry on business as manufacturers, sellers, buyers, exporters, importers, and dealers of fluid power products. |
• | To carry on the business of extracting, manufacturing and dealing in hydrogenated vegetable oil. |
• | To carry on the business of providing solutions for water treatment including but not limited to ultra-pure water, wastewater treatment, water reuse, desalination and related activities. |
• | To carry on the business of renewable energy systems and food and agricultural product processing and related industries. |
• | To carry on any other trade or business whatsoever as can in the opinion of us be advantageously or conveniently carried on by us. |
• | we do not timely request that the rights be distributed to you or we request that the rights not be distributed to you; |
• | we fail to deliver satisfactory documents to the Depositary; or |
• | it is not reasonably practicable to distribute the rights. |
i) | Through its General Circular dated October 29, 2021, the MCA announced a relaxation on the levy of additional fees for filing e-forms AOC-4, AOC- XBRL, AOC-4 (CFS), AOC-4 (Non-XBRL), MGT-7 and MGT-7A until December 31, 2021. This relaxation was further extended until February 28, 2022 and then to March 31, 2022, through circulars dated December 29, 2021 and February 14, 2022, respectively. |
ii) | The MCA, through the Companies (Meetings of Board and its Powers) Amendment Rules, 2021, has permanently omitted rule 4 of the prior rules, which means that companies may now freely transact all business in their board meetings conducted through video conferencing or other audio-visual means. |
iii) | Through its General Circulars dated December 8 and 14, 2021, the MCA permitted companies with AGMs due in the year 2021 and 2022, to conduct such AGMs through video conference or other audio-visual means on or before June 30, 2022, subject to compliance with certain conditions. |
This | relaxation was further extended until December 31, 2022, through General Circular dated May 5, 2022. |
iv) | Through its General Circular dated December 8, 2021, the MCA permitted companies to conduct their Extra-Ordinary General Meetings (“ EGMs |
• | The amended regulations prescribed the following modifications to the eligibility criteria for appointment as an ID: |
a) | The ID shall not have had a pecuniary relationship with the company for the preceding three years (this was previously the preceding two years. |
b) | None of the relatives of the ID shall hold any security or interest in the company, its holding, subsidiary or associate company during the current financial year or immediately preceding financial year for a face value in excess of ₹ paid-up capital of the company, whichever is lower. Prior to the amendment, the percentage was linked with gross turnover instead of paid-up capital. |
c) | None of the relatives of the ID shall be indebted to the company, its holding, subsidiary or associate company during the current financial year or immediately preceding financial year for a value in excess of ₹ |
d) | None of the relatives of the ID provided guarantee or provided any security in connection with the indebtedness of the company, its holding, subsidiary or associate company or its promoters or directors, in excess of 2% of its gross turnover or total income or ₹ |
• | Appointment and/or re-appointment and removal of IDs is required to be done through a special resolution of shareholders for all listed entities. The shareholder approval for appointment of a director, including IDs, is to be taken at the following general meeting or within 3 months of the appointment on the board, whichever is earlier. |
• | The nomination and remuneration committee (“ NRC |
• | At least two-thirds of the members of a listed company’s NRC and audit committee are required to be IDs. |
• | In cases of resignation of an ID, the following disclosures shall be made to the stock exchanges: a) letter of resignation along with detailed reasons for the resignation as given by the said director, b) names of listed entities in which the resigning director holds directorships and details of membership of board committees, if any, and c) confirmation that there is no other material reasons other than those provided, for the resignation of director. |
• | Requirement of undertaking directors and officers insurance has been extended to the top 1,000 companies by market capitalization. |
• | Definition of related party: The amended SEBI Listing Regulations adopts the definition of ‘related party’ from Section 2(76) of the Companies Act, 2013. In addition, the previous definition under the SEBI Listing Regulations also included entities belonging to the promoter or promoter group of the listed entity and holding 20% or more of the shareholding of the listed entity. As per the amended regulations, effective April 1, 2022, any individual or entity forming part of the promoter or promoter group of the listed entity, regardless of shareholding, shall be deemed to be a related party. |
• | Scope of related party transactions: The definition of RPT under the amended SEBI Listing Regulations has been amended to cover transactions undertaken at the subsidiary level. Now, transactions undertaken between two subsidiaries will also be an RPT and will be subject to the listed entity’s approval. |
• | Materiality of RPTs: Prior to the amendment, a transaction was considered as material during a financial year if it exceeded 10% of the annual consolidated turnover as per the last audited financial statements of the listed entity. Pursuant to the amended SEBI Listing Regulations, an RPT would be considered as material if the transaction entered into individually or taken together with previous transactions during a financial year exceeds ₹ |
• | Enhanced role of the audit committee: All related party transactions and subsequent material modifications shall require prior approval of the audit committee of the listed entity. The amended SEBI Listing Regulations include the following additional roles for the audit committee of a listed entity: |
a) | To define “material modifications” and disclose it as part of the policy on materiality of RPTs and on dealing with RPTs. |
b) | To provide prior approval for an RPT to which the subsidiary of a listed entity is a party but the listed entity is not a party, if the value of such transaction whether entered into individually or taken together with previous transactions during a financial year exceeds 10% of the annual consolidated turnover, as per the last audited financial statements of the listed entity. |
c) | With effect from April 1, 2023, prior approval of the audit committee of a listed entity shall be required, if the value of such transaction whether entered into individually or taken together with previous transactions during a financial year, exceeds 10% of the annual standalone turnover, as per the last audited financial statements of the subsidiary. |
• | Detailed disclosures: A listed entity shall submit to the stock exchanges, on a half yearly basis, disclosures of RPTs in the format as specified by SEBI and according to the following timelines: |
a) | Within 15 days from the date of publication of its standalone and consolidated financial results (effective April 1, 2022). |
b) | On the date of publication of its standalone and consolidated financial results (effective April 1, 2023). |
• | Shareholder approval: Pursuant to the amended SEBI Listing Regulations, any material RPT and any material modification to such transaction shall require prior approval of a listed entity’s shareholders. Previously, only material RPTs required approval of shareholders of a listed entity. |
• | Expanded definition of “employee”: An employee, except in relation to sweat equity, now includes an employee of the company who is working in India or outside India and shall also include employees of group companies, including associate companies. Further, the SBEB Regulations specifically state that a non-executive director is also included within the ambit of the term ‘employee’, not being a promoter or a member of the promoter group. |
• | Mode of implementation of share-based employee benefit schemes: Under the SBEB Regulations, companies are given the liberty to change the mode of implementation of the schemes i.e., either directly by the Company or through the trust established under the SBEB Regulations (the “ Trust |
• | Appropriation of shares by the Trust: Previously, the unappropriated inventory of shares lying with the Trust, which were not backed by grants, were required to be appropriated by the end of subsequent financial year. Now, under the SBEB Regulations, such unappropriated inventory of shares can be appropriated by the second subsequent financial year, subject to the approval of the nomination and remuneration committee. |
• | Variation in the terms of share-based employee benefit schemes: Pursuant to the SBEB Regulations, companies can vary the terms of share-based employee benefit schemes to meet any regulatory requirement, without seeking shareholders’ approval. |
• | Vesting of options in case of death or permanent incapacity: In the event of death or permanent incapacity of the employee while in employment, all the options or any other benefit granted under a scheme to him or her till his or her death or permanent incapacity shall vest, with immediate effect from the date of his or her death or permanent incapacity. |
• | Vesting in case of retirement or superannuation: Under the SBEB Regulations, in the event of cessation of employment due to retirement or superannuation, the options or any other benefits granted to such employee will continue to vest in accordance with their respective vesting schedules even after retirement or superannuation in accordance with company policies and applicable law. |
• | Evaluate the impact of the COVID-19 pandemic on its business, performance and financials, both qualitatively and quantitatively, to the extent possible. |
• | Disseminate available information about the impact in a timely and cogent manner to its investors and stakeholders, subject to application of materiality. |
• | Additional disclosure requirements: a) while submitting financial statements under Regulation 33 of the SEBI Listing Regulations, listed companies may specify/include the impact of the COVID-19 pandemic on their financial statements, to the extent possible and b) provide regular updates, as and when there are any material developments. |
• | To simplify the provisions governing foreign investment in India. |
• | To vest the Central Government with power over non-debt instruments. |
• | To vest the RBI with the power over debt instruments. |
• | a period or periods amounting to 182 days or more; or |
• | 60 days or more and, within the four preceding years has been in India for a period or periods amounting to 365 days or more. |
• | Per the Finance Act, 2020, an Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India subject to fulfillment of certain conditions. This amendment is effective from April 1, 2021. |
• | Gains from a sale of ADSs outside India, by a non-resident to another non-resident are not taxable in India. |
• | Long-term capital gains realized by a resident holder from the transfer of the ADSs will be subject to tax at the rate of 10%. Short-term capital gains on such a transfer as per the provisions of the Income-tax Act will be taxed at graduated rates with a maximum of 30%. |
• | Long-term capital gains realized by a non-resident upon the sale of equity shares obtained through the redemption of ADSs, or settlement of such sale being made off a recognized stock exchange, are subject to tax at a rate of 10% as per the provisions of the Income-tax Act, 1961. |
• | Long-term capital gains realized by a non-resident upon the sale of equity shares obtained through the redemption of ADSs, or settlement of such sale being made on a recognized stock exchange, is exempt from tax for sale executed before March 31, 2018 and the short-term capital gains on such sale will be taxed at 15%. An additional tax called “Securities Transaction Tax”, or “STT” (described in detail below) will be levied at the time of settlement. Finance Act 2018 has introduced a new section “112A” effective April 01, 2018—Long-term capital gains on such sale executed from April 1, 2018 will be taxable, subject to a threshold exemption of ₹ |
• | In addition to the above, a surcharge as set forth below and an additional surcharge called “Health and Education Cess” of 4% (effective financial year commencing April 1, 2018) is levied as follows: |
Category of person |
Net Income Range (in ₹ |
Surcharge rate for FY 2021-22 | ||
Individual/HUF/AOP/BOI/artificial Juridical Person |
0-5 million 5 million – 10 million 10 million – 20 million 20 million – 50 million Above 50 million |
Nil 10% 15% 25% 37% | ||
Firms/Co-operative Society/Local Authority |
0-10 million Above 10 million |
Nil 12% (7% from FY 2022-23) | ||
Domestic Company |
0 – 10 million 10 million – 100 million Above 100 million |
Nil 7% 12% (rate is 10% for Companies opting for section 115BAA) | ||
Foreign Company |
0 – 10 million 10 million – 100 million Above 100 million |
Nil 2% 5% |
• | The above rates may be reduced by the applicable tax treaty in case of non-residents. The capital gains tax is computed by applying the appropriate tax rates to the difference between the sale price and the purchase price of the equity shares or ADSs. In the case of employees who receive shares allotted as part of a company’s stock option plan, the purchase price shall be the fair market value which has been taken into account for the purpose of computing the perquisite on salaries. In 1992, the government allowed established Indian companies to issue FCCB. Effective April 2008, the conversion of FCCBs into shares or debentures of any company shall not be treated as a ‘transfer’ and consequently will not be subject to capital gains tax upon conversion. Further, the cost of acquisition of the shares received upon conversion of the bond shall be the price at which the corresponding bond was acquired. |
• | Any gain realized by a non-resident or resident employee on the sale of equity shares is subject to Indian capital gains tax, which, in the case of a non-resident is to be withheld at the source by the buyer. However, as per the provisions of Section 196D(2) of the Income-tax Act, 1961, no withholding tax is required to be deducted by way of capital gains arising to Foreign Institutional Investors as defined in Section 115AD of the Income-tax Act, 1961 on the transfer of securities as defined in Section 115AD of the Income-tax Act, 1961. |
Taxable securities transaction |
Rate |
Payable by | ||||
Purchase of an equity share in a company where— |
0.1 | % | Purchaser | |||
(a) the transaction of such purchase is entered into in a recognized stock exchange; and |
||||||
(b) the contract for the purchase of such share is settled by the actual delivery or transfer of such share. |
||||||
Sale of an equity share in a company where— |
0.1 | % | Seller | |||
(a) the transaction of such sale is entered into in recognized stock exchange; and |
||||||
(b) the contract for the sale of such share is settled by the actual delivery or transfer of such share. |
||||||
Sale of a unit of an equity-oriented fund, where— |
0.001 | % | Seller | |||
(a) the transaction of such sale is entered into in a recognized stock exchange; and |
||||||
(b) the contract for the sale of such unit is settled by the actual delivery or transfer of such unit. |
||||||
Sale of an equity share in a company or a unit of an equity-oriented fund, where— |
0.025 | % | Seller | |||
(a) the transaction of such sale is entered into in a recognized stock exchange; and |
||||||
(b) the contract for the sale of such share or unit is settled otherwise than by the actual delivery or transfer of such share or unit. |
||||||
(a) Sale of an option in securities |
0.017 | % | Seller | |||
(b) Sale of an option in securities, where option is exercised |
0.125 | % | Purchaser | |||
(c) Sale of a futures in securities |
0.01 | % | Seller | |||
Sale of a unit of an equity-oriented fund to the Mutual Fund. |
0.001 | % | Seller |
• | The arrangement creates rights and obligations, which are not normally created between parties dealing at arm’s length. |
• | It results in misuse or abuse of provisions of tax laws. |
• | It lacks commercial substance or is deemed to lack commercial substance. |
• | It is carried out in a manner, which is normally not employed for a bona fide purpose. |
• | 75% or more of its gross income for the taxable year is passive income; or |
• | on average for the taxable year by value, or, if it is not a publicly traded corporation and so elects or is a controlled foreign corporation, by adjusted basis, if 50% or more of its assets produce or are held for the production of passive income. |
• | pay an interest charge together with tax calculated at ordinary income rates on “excess distributions,” as the term is defined in relevant provisions of U.S. tax laws, and on any gain on a sale or other disposition of ADSs or equity shares; |
• | if an election is made for us to be a “qualified electing fund” (as the term is defined in relevant provisions of the U.S. tax laws), include in their taxable income their pro rata share of undistributed amounts of our income; or |
• | if the equity shares are “marketable” and a mark-to-market mark-to-market |
(i) | each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and |
(ii) | each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, US$ 5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge. |
(i) | a fee of US$ 0.05 or less per ADS for any Cash distribution made pursuant to the Deposit Agreement, |
(ii) | a fee of US$ 1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof, |
(iii) | a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders entitled thereto, |
(iv) | an aggregate fee of US$ 0.05 per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and |
(v) |
a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of the Depositary’s agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its Custodian’s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions). |
(i) |
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; |
(ii) |
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, as issued by the IASB and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
(iii) |
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements. |
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
( ₹ in millions) |
||||||||
Audit fees |
₹ |
83 |
₹ |
138 |
||||
Tax fees |
44 |
78 |
||||||
All other fees |
13 |
19 |
||||||
|
|
|
|
|||||
Total |
₹ |
140 |
₹ |
235 |
||||
|
|
|
|
• |
Listing regulations with the Indian Stock Exchanges state that where the chairperson of the Board of Directors is a non-executive director, at least one-third of the Board of Directors shall comprise of independent directors and where the listed entity does not have a regular non-executive chairperson, at least half of the Board of Directors shall comprise of independent directors. On the other hand, NYSE listing requirements specify that a majority of the Board of Directors must consist of independent directors. |
• |
Listing regulations with the Indian Stock Exchanges require that a majority of the members of the Audit Committee be independent directors while the NYSE listing requirements specify that all the members of the Audit Committee must be independent directors. |
• |
A Shareholders Grievance Committee (Stakeholders Relationship Committee) is mandatory under listing regulations with the Indian Stock Exchanges. This is not a requirement under NYSE listing requirements. |
• |
Criteria for determining directors to be independent also differ between the two countries’ listing requirements. |
• |
Listing regulations with the Indian Stock Exchanges require submission of report on Related Party Transactions on a consolidated basis and publication of the same on the company’s website in the format specified by the accounting standard on a half-yearly basis. |
• |
Listing regulations with the Indian Stock Exchanges require detailed reasons to be provided in the event of any resignation by statutory auditors or independent directors. |
• |
Listing regulations with the Indian Stock Exchanges require that a company ensure that for the purposes of quarterly consolidated financial results, at least 80% of each of the consolidated revenue, assets and profits shall have been subject to audit or limited review. |
• |
Listing regulations with the Indian Stock Exchanges require certain disclosures in a company’s annual report, including details of significant changes (i.e., change of 25% or more as compared to the immediately preceding financial year) in key financial ratios, including debtors turnover, inventory turnover, interest coverage ratio, current ratio, debt equity ratio, operating profit margin and net profit margin, along with detailed explanations. |
• |
Listing regulations with the Indian Stock Exchanges require the Nomination and Remuneration Committee to recommend to the Board of Directors all remuneration, in whatever form payable, to senior management. |
• |
We tested the effectiveness of controls relating to (1) recording of efforts incurred and estimation of efforts required to complete the remaining performance obligations, and (2) access and application controls pertaining to time recording and allocation systems, which prevents unauthorized changes to recording of efforts incurred. |
• |
We evaluated management’s ability to reasonably estimate the progress towards satisfying the performance obligation by comparing actual information to estimates for performance obligations that have been fulfilled. |
• |
We selected a sample of fixed price contracts with customers accounted using percentage-of-completion |
• |
Read the contract and based on the terms and conditions evaluated whether recognizing revenue over time using percentage of completion method was appropriate, and the contract was included in management’s calculation of revenue over time. |
• |
Evaluated the appropriateness of and consistency in the application of management’s policies and methodologies to estimate progress towards satisfying the performance obligation. |
• |
Compared efforts incurred to date with Company’s estimate of efforts incurred to date to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining efforts to complete the contract. |
• |
Tested the estimate for consistency with the status of delivery of milestones and customer acceptances to identify possible delays in achieving milestones, which require changes in estimated efforts to complete the remaining performance obligations. |
• |
Evaluated other information that supported the estimates of the progress towards satisfying the performance obligation. |
As at March 31, |
||||||||||||||
Notes |
2021 |
2022 |
2022 |
|||||||||||
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii) |
||||||||||||||
ASSETS |
||||||||||||||
Goodwill |
6 | |||||||||||||
Intangible assets |
6 | |||||||||||||
Property, plant and equipment |
4 | |||||||||||||
Right-of-Use |
5 | |||||||||||||
Financial assets |
||||||||||||||
Derivative assets |
19 | ^ | ||||||||||||
Investments |
8 | |||||||||||||
Trade receivables |
9 | |||||||||||||
Other financial assets |
12 | |||||||||||||
Investments accounted for using the equity method |
8 | |||||||||||||
Deferred tax assets |
21 | |||||||||||||
Non-current tax assets |
||||||||||||||
Other non-current assets |
13 | |||||||||||||
|
|
|
|
|
|
|||||||||
Total non-current assets |
||||||||||||||
|
|
|
|
|
|
|||||||||
Inventories |
10 | |||||||||||||
Financial assets |
||||||||||||||
Derivative assets |
19 | |||||||||||||
Investments |
8 | |||||||||||||
Cash and cash equivalents |
11 | |||||||||||||
Trade receivables |
9 | |||||||||||||
Unbilled receivables |
||||||||||||||
Other financial assets |
12 | |||||||||||||
Contract assets |
||||||||||||||
Current tax assets |
||||||||||||||
Other current assets |
13 | |||||||||||||
|
|
|
|
|
|
|||||||||
Total current assets |
||||||||||||||
|
|
|
|
|
|
|||||||||
TOTAL ASSETS |
||||||||||||||
|
|
|
|
|
|
|||||||||
EQUITY |
||||||||||||||
Share capital |
||||||||||||||
Share premium |
||||||||||||||
Retained earnings |
||||||||||||||
Share-based payment reserve |
||||||||||||||
Special Economic Zone Re-investment reserve |
||||||||||||||
Other components of equity |
||||||||||||||
|
|
|
|
|
|
|||||||||
Equity attributable to the equity holders of the Company |
||||||||||||||
Non-controlling interests |
||||||||||||||
|
|
|
|
|
|
|||||||||
TOTAL EQUITY |
||||||||||||||
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||
Financial liabilities |
||||||||||||||
Loans and borrowings |
14 | |||||||||||||
Lease liabilities |
5, 14 | |||||||||||||
Derivative liabilities |
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities |
16 | |||||||||||||
Deferred tax liabilities |
21 | |||||||||||||
Non-current tax liabilities |
||||||||||||||
Other non-current liabilities |
17 | |||||||||||||
Provisions |
18 | ^ | ||||||||||||
|
|
|
|
|
|
|||||||||
Total non-current liabilities |
||||||||||||||
|
|
|
|
|
|
|||||||||
Financial liabilities |
||||||||||||||
Loans, borrowings and bank overdrafts |
14 | |||||||||||||
Lease liabilitie s |
|
5, 14 |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
19 | |||||||||||||
Trade payables and accrued expenses |
15 | |||||||||||||
Other financial liabilities |
16 | |||||||||||||
Contract liabilities |
||||||||||||||
Current tax liabilities |
||||||||||||||
Other current liabilities |
17 | |||||||||||||
Provisions |
18 | |||||||||||||
|
|
|
|
|
|
|||||||||
Total current liabilities |
||||||||||||||
|
|
|
|
|
|
|||||||||
TOTAL LIABILITIES |
||||||||||||||
|
|
|
|
|
|
|||||||||
TOTAL EQUITY AND LIABILITIES |
^ |
Value is less than 1 |
Year ended March 31, |
||||||||||||||||||||
Notes |
2020 |
2021 |
2022 |
2022 |
||||||||||||||||
Convenience translation into US dollar in millions (unaudited) Refer to |
||||||||||||||||||||
Revenues |
24 | |||||||||||||||||||
Cost of revenues |
25 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Gross profit |
||||||||||||||||||||
Selling and marketing expenses |
25 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
General and administrative expenses |
25 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Foreign exchange gains/(losses), net |
28 | |||||||||||||||||||
Other operating income/(loss), net |
26 | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Results from operating activities |
||||||||||||||||||||
Finance expenses |
27 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Finance and other income |
28 | |||||||||||||||||||
Share of net profit /(loss) of associates accounted for using the equity method |
8 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Profit before tax |
||||||||||||||||||||
Income tax expense |
21 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Profit for the year |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Profit attributable to: |
||||||||||||||||||||
Equity holders of the Company |
||||||||||||||||||||
Non-controlling interests |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Profit for the year |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Earnings per equity share: |
29 | |||||||||||||||||||
Attributable to equity holders of the Company |
||||||||||||||||||||
Basic |
||||||||||||||||||||
Diluted |
||||||||||||||||||||
Weighted average number of equity shares used in computing earnings per equity share |
||||||||||||||||||||
Basic |
||||||||||||||||||||
Diluted |
^ |
Value is less than 1 |
Year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii) |
||||||||||||||||
Profit for the year |
||||||||||||||||
Other comprehensive income (OCI) |
||||||||||||||||
Items that will not be reclassified to profit or loss in subsequent periods |
||||||||||||||||
Remeasurements of the defined benefit plans, net |
( |
) | ||||||||||||||
Net change in fair value of investment in equity instruments measured at fair value through OCI |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
( |
) |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Items that will be reclassified to profit or loss in subsequent periods |
||||||||||||||||
Foreign currency translation differences |
( |
) | ||||||||||||||
Reclassification of foreign currency translation differences on sale of investment in associates and liquidation of subsidiaries to statement of income |
( |
) | ( |
) | ||||||||||||
Net change in time value of option contracts designated as cash flow hedges |
( |
) | ||||||||||||||
Net change in intrinsic value of option contracts designated as cash flow hedges |
( |
) | ( |
) | ( |
) | ||||||||||
Net change in fair value of forward contracts designated as cash flow hedges |
( |
) | ( |
) | ( |
) | ||||||||||
Net change in fair value of investment in debt instruments measured at fair value through OCI |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other comprehensive income, net of taxes |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total comprehensive income for the year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total comprehensive income attributable to: |
||||||||||||||||
Equity holders of the Company |
||||||||||||||||
Non-controlling interests |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
^ |
Value is less than 1 |
Other components of equity |
Equity attributable to the equity holders of the Company |
Non-controlling interests |
Total equity |
|||||||||||||||||||||||||||||||||||||||||||||
Particulars |
Number of Shares (1) |
Share capital, fully paid-up |
Share premium |
Retained earnings |
Share- based payment reserve |
Special Economic Zone Re-investment reserve |
Foreign currency translation reserve |
Cash flow hedging reserve |
Other reserves (2) |
|||||||||||||||||||||||||||||||||||||||
As at April 1, 2019 |
||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment on adoption of IFRS 16 |
— |
— |
— |
( |
) |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Adjusted balance as at April 1, 2019 |
||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year |
||||||||||||||||||||||||||||||||||||||||||||||||
Profit for the |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Issue of equity shares on exercise of options |
— | ( |
) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Buyback of equity shares (3) |
( |
) | ( |
) | — | ( |
) | — | — | — | — | ( |
) |
— | ( |
) | ||||||||||||||||||||||||||||||||
Transaction cost related to buyback of equity shares |
— | — | — | ( |
) | — | — | — | — | — | ( |
) |
— |
( |
) | |||||||||||||||||||||||||||||||||
Issue of shares by controlled trust on exercise of options (1) |
— | — | — | ( |
) | — | — | — | — | — |
— | — |
||||||||||||||||||||||||||||||||||||
Compensation cost related to employee share-based payment |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Effect of modification of ADS RSUs from equity settled to cash settled (4) |
— | — | — | — | ( |
) | — | — | — | — | ( |
) |
— |
( |
) | |||||||||||||||||||||||||||||||||
Transferred to special economic zone re-investment reserve |
— | — | — | ( |
) | — | — | — | — | — |
— |
— |
||||||||||||||||||||||||||||||||||||
Dividend (including dividend tax thereon) (3) |
— | — | — | ( |
) | — | — | — | — | — | ( |
) |
— | ( |
) | |||||||||||||||||||||||||||||||||
Dividend to Non-controlling interests holders |
— | — | — | — | — | — | — | — | — | — |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Other transactions for the year |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
As at March 31, 2020 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other components of equity |
Equity attributable to the equity holders of the Company |
Non-controlling interests |
Total equity |
|||||||||||||||||||||||||||||||||||||||||||||
Particulars |
Number of Shares (1) |
Share capital, fully paid-up |
Share premium |
Retained earnings |
Share- based payment reserve |
Special Economic Zone Re-investment reserve |
Foreign currency translation reserve |
Cash flow hedging reserve |
Other reserves (2) |
|||||||||||||||||||||||||||||||||||||||
As at April 1, 2020 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year |
||||||||||||||||||||||||||||||||||||||||||||||||
Profit for the year |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Issue of equity shares on exercise of options |
— | ( |
) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Buyback of equity shares, including tax thereon (3) |
( |
) | ( |
) | ( |
) | ( |
) | — | — | — | — | ( |
) |
— | ( |
) | |||||||||||||||||||||||||||||||
Transaction cost related to buyback of equity shares |
— | — | — | ( |
) | — | — | — | — | — | ( |
) |
— | ( |
) | |||||||||||||||||||||||||||||||||
Issue of shares by controlled trust on exercise of options (1) |
— | — | — | ( |
) | — | — | — | — | — |
— | — |
||||||||||||||||||||||||||||||||||||
Effect of modification of ADS RSUs from cash settled to equity settled (4) |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost related to employee share-based payment |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Transferred from special economic zone re-investment reserve |
— | — | — | — | ( |
) | — | — | — | — |
— | — |
||||||||||||||||||||||||||||||||||||
Dividend (3) |
— | — | — | ( |
) | — | — | — | — | — | ( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Others |
— | — | — | — | — | — | — | — | — | — |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Other transactions for the year |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
As at March 31, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these consolidated financial statements. |
Other components of equity |
Equity attributable to the equity holders of the Company |
Non-controlling interests |
Total equity |
|||||||||||||||||||||||||||||||||||||||||||||
Particulars |
Number of Shares (1) |
Share capital, fully paid-up |
Share premium |
Retained earnings |
Share- based payment reserve |
Special Economic Zone Re-investment reserve |
Foreign currency translation reserve |
Cash flow hedging reserve |
Other reserves (2) |
|||||||||||||||||||||||||||||||||||||||
As at April 1, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income for the year |
||||||||||||||||||||||||||||||||||||||||||||||||
Profit for the year |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total comprehensive income for the year |
— |
— |
— |
— |
— |
( |
) |
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Issue of equity shares on exercise of options |
— | ( |
) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Issue of shares by controlled trust on exercise of options (1) |
— | — | — | ( |
) | — | — | — | — | — |
— | — |
||||||||||||||||||||||||||||||||||||
Compensation cost related to employee share-based payment |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Transferred to special economic zone re-investment reserve |
— | — | — | ( |
) | — | — | — | — | — |
— | — |
||||||||||||||||||||||||||||||||||||
Dividend (3) |
— | — | — | ( |
) | — | — | — | — | — | ( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Others |
— | — | — | — | — | — | — | — | — | — |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Other transactions for the year |
( |
) |
— |
— |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
As at March 31, 2022 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii) |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( 1 ) |
Includes |
(2) |
Refer to Note 20 |
(3) |
Refer to Note 22 |
(4) |
Refer to Note 30 |
Year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii) |
||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Profit for the year |
||||||||||||||||
Adjustments to reconcile profit for the year to net cash generated from operating activities: |
||||||||||||||||
Gain on sale of property, plant and equipment, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Depreciation, amortization and impairment expense |
||||||||||||||||
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings |
( |
) | ( |
) | ( |
) | ||||||||||
Share-based compensation expense |
||||||||||||||||
Share of net profit of associates accounted for using the equity method |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income tax expense |
||||||||||||||||
Finance and other income, net of finance expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
(Gain)/loss from sale of business and investment accounted for using the method |
( |
) | ( |
) | ( |
) | ||||||||||
Gain on derecognition of contingent consideration payable |
( |
) | ( |
) | ||||||||||||
Changes in operating assets and liabilities; net of effects from acquisitions: |
||||||||||||||||
Trade receivables |
( |
) | ( |
) | ( |
) | ||||||||||
Unbilled receivables and Contract assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Inventories |
( |
) | ( |
) | ||||||||||||
Other assets |
( |
) | ( |
) | ( |
) | ||||||||||
Trade payables, accrued expenses, other liabilities and provisions |
( |
) | ||||||||||||||
Contract liabilities |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash generated from operating activities before taxes |
||||||||||||||||
Income taxes paid, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash generated from operating activities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flows from investing activities: |
||||||||||||||||
Payment for purchase of property, plant and equipment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from disposal of property, plant and equipment |
||||||||||||||||
Payment for purchase of investments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from sale of investments |
||||||||||||||||
Payment into restricted |
( |
) | ( |
) | ||||||||||||
Payment for business acquisitions including deposits and escrow, net of cash acquired |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from sale of business |
||||||||||||||||
Proceeds from sale of investment accounted for using the equity method |
||||||||||||||||
Interest received |
||||||||||||||||
Dividend received |
^ | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash generated from/(used in) investing activities |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flows from financing activities: |
||||||||||||||||
Proceeds from issuance of equity shares and shares pending allotment |
^ | |||||||||||||||
Repayment of loans and borrowings |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from loans and borrowings |
||||||||||||||||
Payment of lease liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Payment for buyback of equity shares, including transaction cost |
( |
) | ( |
) | ||||||||||||
Payment of tax on buyback of equity shares |
( |
) | ||||||||||||||
Payment for deferred contingent consideration |
( |
) | ( |
) | ||||||||||||
Interest and finance expenses paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Payment of dividend |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Payment of tax on cash dividend |
( |
) | ||||||||||||||
Payment of dividend to Non-controlling interests holders |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash generated from/(used in) financing activities |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase/ (decrease) in cash and cash equivalents during the year |
( |
) | ( |
) | ( |
) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) | ||||||||||||||
Cash and cash equivalents at the beginning of the year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents at the end of the year (Note 11) |
||||||||||||||||
|
|
|
|
|
|
|
|
^ |
Value is less than 1 |
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) is recognized as the present value of defined benefit obligation less fair value of plan assets; and |
d. | Contingent consideration. |
a) |
Revenue recognition |
b) |
Impairment testing value-in-use |
c) |
Income taxes |
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 |
e) |
Defined benefit plans and compensated absences |
f) |
Expected credit losses on financial assets: |
g) |
Useful lives of property, plant and equipment |
h) |
Useful lives of intangible assets |
i) |
Provisions and contingent liabilities: |
j) |
Uncertainty relating to the global health pandemic on COVID-19: ss |
• | financial assets which include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, investments in equity and debt securities and eligible current and non-current assets; Financial assets are derecognized when substantial risks and rewards of ownership of the financial asset have been transferred. In cases where substantial risks and rewards of ownership of the financial assets are neither transferred nor retained, financial assets are derecognized only when the Company has not retained control over the financial asset. |
• | financial liabilities which include long and short-term loans and borrowings, bank overdrafts, trade payables and accrued expenses, lease liabilities and eligible current and non-current liabilities. |
• | the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and |
• | the contractual terms of the instrument give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding. |
• | the asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial asset; and |
• | the contractual terms of the instrument give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding. |
Category |
Useful life |
|||
Buildings | |
| ||
Plant and equipment | |
| ||
Computer equipment and software | |
| ||
Furniture, fixtures and equipment | |
| ||
Vehicles | |
|
Category |
Useful life |
|||
Customer-related intangibles |
|
| ||
Marketing-related intangibles |
|
|
• |
Any change in scope or price is considered to be a contract modification. The Company accounts for modifications to existing contracts by assessing whether the services added are distinct and whether the pricing is at the stand-alone selling price. Services added that are not distinct are accounted for on a cumulative catch up basis, while those that are distinct are accounted for prospectively, either as a separate contract if the additional services are priced at the stand-alone selling price, or as a termination of the existing contract and creation of a new contract if not priced at the stand-alone selling price. |
• |
The Company accounts for variable considerations like volume discounts, rebates and pricing incentives to customers and penalties as reduction of revenue on a systematic and rational basis over the period of the contract. The Company estimates an amount of such variable consideration using expected value method or the single most likely amount in a range of possible consideration depending on which method better predicts the amount of consideration to which the Company may be entitled and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. |
• |
Revenues are shown net of allowances / returns, sales tax, value added tax, goods and services tax and applicable discounts and allowances. |
• |
The Company accrues the estimated cost of warranties at the time when the revenue is recognized. The accruals are based on the Company’s historical experience of material usage and service delivery costs. |
• |
Incremental costs that relate directly to a contract and incurred in securing a contract with a customer are recognized as an asset when the Company expects to recover these costs and amortized over the contract term. |
• |
The Company recognizes contract fulfilment cost as an asset if those costs specifically relate to a contract or to an anticipated contract, the costs generate or enhance resources that will be used in satisfying performance obligations in future; and the costs are expected to be recovered. The asset so recognized is amortized on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. |
• |
The Company assesses the timing of the transfer of goods or services to the customer as compared to the timing of payments to determine whether a significant financing component exists. As a practical expedient, the Company does not assess the existence of a significant |
financing component when the difference between payment and transfer of deliverables is a year or less. If the difference in timing arises for reasons other than the provision of finance to either the customer or us, no financing component is deemed to exist. |
• |
The Company may enter into arrangements with third-party suppliers to resell products or services. In such cases, the Company evaluates whether the Company is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). In doing so, the Company first evaluates whether the Company controls the good or service before it is transferred to the customer. If Company controls the good or service before it is transferred to the customer, Company is the principal; if not, the Company is the agent. |
• |
Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contract and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. |
Land |
Buildings |
Plant and equipment (1) |
Furniture fixtures and equipment |
Vehicles |
Total |
|||||||||||||||||||
Gross carrying value: |
||||||||||||||||||||||||
As at April 1, 2020 |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
||||||||||||||||||
Additions |
||||||||||||||||||||||||
Additions through Business combinations |
— | — | — | |||||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Translation adjustment |
( |
) | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As at March 31, 2021 |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
||||||||||||||||||
Accumulated depreciation/ impairment: |
||||||||||||||||||||||||
As at April 1, 2020 |
₹ |
— | ₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||
Depreciation and impairment (2) |
— | |||||||||||||||||||||||
Disposals |
— | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Translation adjustment |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As at March 31, 2021 |
₹ |
— |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||
Capital work-in-progress |
₹ |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net carrying value including Capital work-in-progress |
₹ |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Gross carrying value: |
||||||||||||||||||||||||
As at April 1, 2021 |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
||||||||||||||||||
Additions |
||||||||||||||||||||||||
Additions through Business combinations |
— | — | ||||||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Translation adjustment |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As at March 31, 2022 |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
||||||||||||||||||
Accumulated depreciation/ impairment: |
||||||||||||||||||||||||
As at April 1, 2021 |
₹ |
— | ₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||
Depreciation and impairment (2) |
— | |||||||||||||||||||||||
Disposals |
— | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Translation adjustment |
— | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As at March 31, 2022 |
₹ |
— |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||
Capital work-in-progress |
₹ |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net carrying value including Capital work-in-progress |
₹ |
|||||||||||||||||||||||
|
|
(1) |
Including net carrying value of computer equipment and software amounting to ₹ ₹ |
( 2 ) |
Includes impairment charge on certain software platforms amounting to ₹ ₹ ₹ |
Category of Right-of-Use |
||||||||||||||||||||
Land |
Buildings |
Plant and equipment * |
Vehicles |
Total |
||||||||||||||||
Gross carrying value: |
||||||||||||||||||||
As at April 1, 2020 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
Additions |
||||||||||||||||||||
Additions through Business combinations |
— | — | ||||||||||||||||||
Disposals |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Translation adjustment |
— | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
As at March 31, 2021 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
Accumulated depreciation: |
||||||||||||||||||||
As at April 1, 2020 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
Depreciation |
||||||||||||||||||||
Disposals |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Translation adjustment |
— | ( |
) | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
As at March 31, 2021 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
|
|
|||||||||||||||||||
Net carrying value as at March 31, 2021 |
₹ |
|||||||||||||||||||
|
|
Gross carrying value: |
||||||||||||||||||||
As at April 1, 2021 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
Additions |
||||||||||||||||||||
Additions through Business combinations |
— | — | ||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Translation adjustment |
— | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
As at March 31, 2022 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
Accumulated depreciation: |
||||||||||||||||||||
As at April 1, 2021 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
Depreciation |
||||||||||||||||||||
Disposals |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Translation adjustment |
— | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
As at March 31, 2022 |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||
|
|
|||||||||||||||||||
Net carrying value as at March 31, 2022 |
₹ |
|||||||||||||||||||
|
|
* |
Including net carrying value of computer equipment amounting to ₹ ₹ |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Interest expenses on lease liabilities |
₹ |
|
₹ |
|
₹ |
|||||||
Rent expense recognized under facility expenses pertaining to: |
||||||||||||
Leases of low-value assets |
||||||||||||
Leases with less than twelve months of lease term |
||||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
Balance at the beginning of the year |
₹ |
₹ |
||||||
Translation adjustment |
( |
) | ||||||
Acquisition through business combinations* (Refer to Note 7) |
||||||||
|
|
|
|
|||||
Balance at the end of the year |
₹ |
₹ |
||||||
|
|
|
|
* | Acquisition through business combinations for the year ended March 31, 2021 and 2022 is after considering the impact of ₹ ₹ |
Year ended March 31, |
||||||||
CGUs |
2021 |
2022 |
||||||
Americas 1 |
₹ |
₹ |
||||||
Americas 2 |
||||||||
Europe |
||||||||
Asia Pacific Middle East Africa |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
Intangible assets |
||||||||||||
Customer-related |
Marketing-related |
Total |
||||||||||
Gross carrying value: |
||||||||||||
As at April 1, 2020 |
₹ |
₹ |
₹ |
|||||||||
Acquisition through business combinations (Refer to Note 7) |
||||||||||||
Deductions/ a djustments |
( |
) | ( |
) | ( |
) | ||||||
Translation adjustment |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
As at March 31, 2021 |
₹ |
₹ |
₹ |
|||||||||
Accumulated amortization/ impairment: |
||||||||||||
As at April 1, 2020 |
₹ |
₹ |
₹ |
|||||||||
Amortization and impairment * |
||||||||||||
Deductions/ a djustments |
( |
) | ( |
) | ( |
) | ||||||
Translation adjustment |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
As at March 31, 2021 |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
|||||||
Net carrying value as at March 31, 2021 |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
|||||||
Gross carrying value: |
||||||||||||
As at April 1, 2021 |
₹ |
₹ |
₹ |
|||||||||
Acquisition through business combinations (Refer to Note 7) |
||||||||||||
Deductions/ a djustments |
( |
) | ( |
) | ( |
) | ||||||
Translation adjustment |
||||||||||||
|
|
|
|
|
|
|||||||
As at March 31, 2022 |
₹ |
₹ |
₹ |
|||||||||
Accumulated amortization/ impairment: |
||||||||||||
As at April 1, 2021 |
₹ |
₹ |
₹ |
|||||||||
Amortization and impairment * |
||||||||||||
Deductions/ a djustments |
( |
) | ( |
) | ( |
) | ||||||
Translation adjustment |
||||||||||||
|
|
|
|
|
|
|||||||
As at March 31, 2022 |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
|||||||
Net carrying value as at March 31, 2022 |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
* | During the year ended March 31, 2021, a change in business strategy of a customer led to a significant decline in the revenue and earnings estimates, resulting in revision of recoverable value of customer-relationship intangible assets recognized on business combination. Further, the Company integrated certain brands acquired as part of a business combination, resulting in discontinuance of the acquired brands. Consequently, the Company has recognized impairment charge ₹ for the year ended March 31, 2021 as part of amortization and impairment. |
* |
During the year ended March 31, 2021, due to change in our estimate of useful life of customer-related intangibles in an earlier business combination, the Company has recognized additional amortization charge of ₹ |
Acquisition |
Net carrying value |
Estimated remaining amortization period |
||||||
Capco - customer-related intangible |
₹ |
|
| |||||
Capco - marketing-related intangible |
||||||||
Edgile, LLC |
|
| ||||||
Ampion Holdings Pty Ltd |
|
- |
| |||||
Vara Infotech Private Limited |
|
- |
| |||||
Rational Interaction, Inc. |
|
- |
| |||||
Eximius Design, LLC |
|
- |
| |||||
4C NV |
|
- |
| |||||
IVIA Serviços de Informática Ltda |
|
| ||||||
International TechneGroup Incorporated |
|
| ||||||
LeanSwift Solutions Inc. |
- |
|||||||
Encore Theme Technologies Private Limited |
|
- |
| |||||
Others |
|
- |
| |||||
|
|
|
| |||||
Total |
|
| ||||||
|
|
|
|
a) |
₹ IVIA |
b) |
₹ 4C |
c) |
₹ ETT |
d) |
₹ Eximius |
Description |
Purchase price allocated |
|||
Net assets |
₹ |
|
||
Fair Value of Customer-related intangibles |
||||
Fair Value of Marketing-related intangibles |
||||
Deferred tax liabilities on intangible assets |
( |
) | ||
|
|
|||
Total |
₹ |
|||
Goodwill |
||||
|
|
|||
Total purchase price |
₹ |
|||
|
|
(a) |
Capco and its subsidiaries (“Capco”) end-to-end ₹ |
(b) |
Ampion Holdings Pty Ltd and its subsidiaries (“Ampion”) ₹ |
(c) |
Edgile, LLC (“Edgile”) US-based transformational cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. This acquisition helps address the fast-growing demand for transformational cybersecurity consulting among Global 2000 enterprises. Together, Wipro and Edgile will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security in action. In collaboration with an extensive roster of alliance partners from Wipro and Edgile, we will enable organizations to accelerate their digital transformation and operate in virtual and digital supply chains. The acquisition was consummated on December 31, 2021 for total consideration (upfront cash payout to acquire control and contingent consideration) of ₹ |
(d) |
LeanSwift Solutions Inc. and its subsidiaries (“LeanSwift”) ₹ |
Description |
Capco |
Ampion |
Edgile |
LeanSwift |
||||||||||||
Net assets |
₹ |
₹ |
₹ |
₹ |
||||||||||||
Fair value of Customer-related intangibles |
||||||||||||||||
Fair value of Marketing-related intangibles |
||||||||||||||||
Deferred tax liabilities on intangible assets |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
₹ |
₹ |
₹ |
₹ |
||||||||||||
Goodwill |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total purchase price |
₹ |
₹ |
₹ |
₹ |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets include: |
||||||||||||||||
Cash and cash equivalents |
₹ |
₹ |
₹ |
₹ |
||||||||||||
Fair value of acquired trade receivables included in net assets |
₹ |
₹ |
₹ |
₹ |
||||||||||||
Gross contractual amount of acquired trade receivables |
||||||||||||||||
Less: Allowance for lifetime expected credit loss |
( |
) |
( |
) | ||||||||||||
Transaction costs included in general and administrative expenses |
₹ |
₹ |
₹ |
₹ |
(a) |
Convergence Acceleration Solutions, LLC (“CAS Group”) 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 ₹ |
Description |
CAS Group |
|||
Net assets |
₹ |
|||
Fair value of Customer-related intangibles |
||||
Total |
₹ |
|||
Goodwill |
||||
Total purchase price |
₹ |
|||
(b) |
Rizing Intermediate Holdings, Inc and its subsidiaries (“Rizing”) ₹ |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
||||||||
Financial instruments at FVTPL |
||||||||
Equity instruments |
₹ |
— |
₹ |
|||||
Fixed maturity plan mutual funds |
— |
|||||||
Financial instruments at FVTOCI |
||||||||
Equity instruments |
||||||||
Financial instruments at amortized cost |
||||||||
Inter corporate and term deposits * |
||||||||
₹ |
₹ |
|||||||
Current |
||||||||
Financial instruments at FVTPL |
||||||||
Short-term mutual funds |
₹ |
₹ |
||||||
Financial instruments at FVTOCI |
||||||||
Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds |
||||||||
Financial instruments at amortized cost |
||||||||
Inter corporate and term deposits* |
||||||||
₹ |
₹ |
|||||||
Total |
₹ |
₹ |
||||||
As at March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Carrying amount of the Company’s interest in associates accounted for using the equity method |
₹ |
|
₹ |
|
₹ |
For the year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Company’s share of net profit / (loss) of associates accounted for using the equity method in consolidated statement of income |
₹ |
₹ |
₹ |
Carrying value |
||||||||
As at March 31, |
||||||||
Particulars |
2021 |
2022 |
||||||
Non-current |
||||||||
Tricentis Corporation |
₹ |
₹ |
||||||
YugaByte, Inc. |
||||||||
TLV Partners, L.P. |
||||||||
Vectra Networks, Inc |
||||||||
CyCognito Ltd. |
||||||||
TLV Partners II, L.P. |
||||||||
Immuta, Inc. |
||||||||
Incorta , Inc. |
||||||||
Harte Hanks Inc. |
||||||||
B Capital Fund II, L.P. |
||||||||
Work-Bench Ventures II-A, LP |
||||||||
Tradeshift Inc. |
||||||||
Boldstart Ventures IV, L.P. |
||||||||
Vicarious FPC, Inc. |
||||||||
Boldstart Opportunities II, L.P. |
||||||||
Glilot Capital Partners III L.P. |
||||||||
TLV Partners III, L.P. |
||||||||
Avaamo Inc. |
||||||||
Vulcan Cyber Ltd. |
||||||||
Sealights Technologies Ltd. |
||||||||
Netspring Data, Inc. |
||||||||
Headspin Inc. |
||||||||
Moogsoft (Herd) Inc. |
||||||||
Squadcast, Inc. |
||||||||
Wep Peripherals Ltd. |
||||||||
Wep Solutions Limited |
||||||||
Work-Bench Ventures III-A, LP |
||||||||
Altizon Systems Private Limited |
||||||||
Drivestream India Private Limited |
||||||||
CloudKnox Security Inc. |
||||||||
IntSights Cyber Intelligence Limited |
||||||||
Ensono Holdings, LLC |
||||||||
Total |
₹ |
₹ |
||||||
Carrying value |
||||||||
As at March 31, |
||||||||
Particulars |
2021 |
2022 |
||||||
Non-current |
||||||||
Lilt, Inc. |
|
₹ |
— |
|
|
₹ |
|
|
YugaByte, Inc. |
|
|
— |
|
|
|
|
|
CyCognito Ltd. |
|
|
— |
|
|
|
|
|
Nexus Ventures VI, L.P. |
|
|
— |
|
|
|
|
|
Functionize, Inc. |
|
|
— |
|
|
|
|
|
vFunction Inc. |
|
|
— |
|
|
|
|
|
SYN Ventures Fund LP |
|
|
— |
|
|
|
|
|
Sealights Technologies Ltd . |
|
|
— |
|
|
|
|
|
Incorta , Inc. |
|
|
— |
|
|
|
|
|
TLV Partners IV, L.P. |
|
|
— |
|
|
|
|
|
Boldstart Opportunities III, L.P. |
|
|
— |
|
|
|
|
|
Sorenson Ventures, L.P. |
|
|
— |
|
|
|
|
|
Glilot Capital Partners IV, L.P |
|
|
— |
|
|
|
|
|
Altizon Systems Private Limited |
|
|
— |
|
|
|
|
|
Total |
₹ |
— |
₹ |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Trade receivables |
₹ |
₹ |
||||||
Allowance for lifetime expected credit loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
|||||
Non-current |
||||||||
Current |
||||||||
|
|
|
|
|
|
|
|
|
The activity in the allowance for lifetime expected credit loss is given below: |
||||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Balance at the beginning of the year |
₹ |
|
₹ |
|
||||
Additions / (write-back), net (Refer to Note 25) |
( |
) | ||||||
Charged against allowance |
( |
) | ( |
) | ||||
Translation adjustment |
||||||||
|
|
|
|
|||||
Balance at the end of the year |
₹ |
₹ |
||||||
|
|
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Stores and spare parts |
₹ |
₹ |
||||||
Finished and traded goods |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
As at March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Cash and bank balances |
₹ |
₹ |
₹ |
|||||||||
Demand deposits with banks * |
||||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
* |
These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal. |
|
As at March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Cash and cash equivalents (as above) |
₹ |
₹ |
₹ |
|||||||||
Bank overdrafts |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
||||||||
Security deposits |
₹ |
₹ |
||||||
Interest receivables |
||||||||
Finance lease receivables |
||||||||
Others |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
Current |
||||||||
Security deposits |
₹ |
₹ |
||||||
Dues from officers and employees |
||||||||
Interest receivables |
||||||||
Finance lease receivables |
||||||||
Deposit in interim dividend account |
||||||||
Others |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
Minimum lease payments |
|
Present value of minimum lease payments | ||||||||||||||||
As at March 31, |
||||||||||||||||||
2021 |
2022 |
2021 |
2022 |
|||||||||||||||
Not later than one year |
₹ |
₹ |
|
|
₹ |
₹ |
||||||||||||
Later than one year but not later than five years |
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross investment in lease |
|
|
||||||||||||||||
Less: Unearned finance income |
( |
) | ( |
) | |
|
— | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Present value of minimum lease payment receivables |
₹ |
₹ |
|
|
₹ |
₹ |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-current |
|
|
||||||||||||||||
Current |
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
|
|
|
|
|
|
|
|
Prepaid expenses |
₹ |
₹ |
||||||
Costs to obtain contract |
||||||||
Costs to fulfil contract |
||||||||
Others (Refer to Note 35) |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
Current |
||||||||
Prepaid expenses |
₹ |
₹ |
||||||
Dues from officers and employees |
||||||||
Advance to suppliers |
||||||||
Balance with GST and other authorities |
||||||||
Costs to obtain contract |
||||||||
Costs to fulfil contract |
||||||||
Others |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
* | Costs to obtain contract amortization of ₹ ₹ ₹ |
** | Costs to fulfil contract amortization of ₹ ₹ ₹ |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
||||||||
Unsecured Notes 2026 * |
₹ |
₹ |
||||||
Borrowings from banks |
||||||||
Loans from institutions other than banks |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
|||||
Current |
||||||||
Bank overdrafts |
₹ |
₹ |
||||||
Borrowings from Banks |
||||||||
Loans from institutions other than banks |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
* |
On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, issued US$ ₹ (SGX-ST). |
As at March 31, 2021 |
As at March 31, 2022 |
|||||||||||||||||||
Currency |
Foreign currency in millions |
Indian Rupee |
Foreign currency in millions |
Indian Rupee |
Final maturity |
|||||||||||||||
Unsecured Notes 2026 |
||||||||||||||||||||
U.S. Dollar (US$) |
— | — | ||||||||||||||||||
Unsecured loans |
||||||||||||||||||||
U.S. Dollar (US$) |
— | — | ||||||||||||||||||
Canadian Dollar (CAD) |
^ | — | — | |||||||||||||||||
Indian Rupee (INR) |
— | — | ||||||||||||||||||
Australian Dollar (AUD) |
^ | — | — | |||||||||||||||||
Pound Sterling (GBP) |
^ | — | — | |||||||||||||||||
Euro (EUR) |
^ | ^ | ||||||||||||||||||
₹ |
₹ |
|||||||||||||||||||
Non-current portion of long-term loans and borrowings |
||||||||||||||||||||
Current portion of long-term loans and borrowings |
^ | Value is less than 1 |
Non-cash changes |
||||||||||||||||||||||||||||
April 1, 2020 |
Cash flow |
Issue expenses on Notes |
Net additions to Lease Liabilities |
Effective interest rate adjustment |
Foreign exchange movements |
March 31, 2021 |
||||||||||||||||||||||
Borrowings |
₹ |
77,647 | ₹ |
₹ |
— | ₹ |
— | ₹ |
— | ₹ |
( |
) | ₹ |
|||||||||||||||
Bank overdrafts |
395 | ( |
) | — | — | — | — | |||||||||||||||||||||
Lease Liabilities |
19,198 | ( |
) | — | — | |||||||||||||||||||||||
₹ |
97,240 |
₹ (2,713 |
) |
₹ |
— | ₹ |
₹ |
— |
₹ |
( |
) |
₹ |
||||||||||||||||
Non-cash changes |
||||||||||||||||||||||||||||
April 1, 2021 |
Cash flow |
Issue expenses on Notes |
Net additions to Lease Liabilities |
Effective interest rate adjustment |
Foreign exchange movements |
March 31, 2022 |
||||||||||||||||||||||
Borrowings |
₹ |
83,202 | ₹ |
₹ |
( |
) | ₹ |
— | ₹ |
₹ |
₹ |
|
||||||||||||||||
Bank overdrafts |
130 | ( |
) | — | — | — | — | |||||||||||||||||||||
Lease Liabilities |
21,182 | ( |
) | — | — | |||||||||||||||||||||||
₹ |
104,514 |
₹ |
₹ |
( |
) | ₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Trade payables |
₹ |
₹ |
||||||
Accrued expenses |
||||||||
₹ |
₹ |
|||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
||||||||
Contingent consideration (Refer to Note 19) |
||||||||
Advance from customers |
||||||||
Cash Settled ADS RSUs |
₹ |
₹ |
||||||
Deposits and others |
||||||||
₹ |
₹ |
|||||||
Current |
||||||||
Contingent consideration (Refer to Note 19) |
||||||||
Advance from customers |
||||||||
Cash Settled ADS RSUs |
₹ |
₹ |
||||||
Interim dividend payable |
||||||||
Deposits and others |
||||||||
₹ |
₹ |
|||||||
₹ |
₹ |
|||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
||||||||
Employee benefits obligations |
₹ |
₹ |
||||||
Others |
||||||||
₹ |
₹ |
|||||||
Current |
||||||||
Statutory and other liabilities |
₹ |
₹ |
||||||
Employee benefits obligations |
||||||||
Advance from customers |
||||||||
Others |
||||||||
₹ |
₹ |
|||||||
₹ |
₹ |
|||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Non-current |
||||||||
Provision for warranty |
₹ |
₹ |
||||||
₹ |
₹ |
|||||||
Current |
||||||||
Provision for warranty |
₹ |
₹ |
||||||
Provision for onerous contracts* |
||||||||
Others |
||||||||
₹ |
₹ |
|||||||
₹ |
₹ |
|||||||
* |
For the year ended March 31, 2021, provision for onerous contracts was included under Trade payables and accrued expenses in the statement of financial position and has been reclassified under Provisions. |
Year ended March 31, 2021 |
Year ended March 31, 2022 |
|||||||||||||||||||||||||||||||
Provision for warranty |
Provision for onerous contracts |
Others |
Total |
Provision for warranty |
Provision for onerous contracts |
Others |
Total |
|||||||||||||||||||||||||
Balance at the beginning of the year |
₹ |
319 | ₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||
Additional provision during the year |
245 | |||||||||||||||||||||||||||||||
Utilized/written-back during the year |
(349 | ) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Balance at the end of the year |
₹ |
215 |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Financial Assets: |
||||||||
Cash and cash equivalents |
₹ |
₹ |
||||||
Investments |
||||||||
Financial instruments at FVTPL |
||||||||
Financial instruments at FVTOCI |
||||||||
Financial instruments at Amortized cost |
||||||||
Other financial assets |
||||||||
Trade receivables |
||||||||
Unbilled receivables |
||||||||
Other assets |
||||||||
Derivative assets |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
|||||
Financial Liabilities: |
||||||||
Trade payables and other liabilities |
||||||||
Trade payables and accrued expenses |
₹ |
₹ |
||||||
Lease liabilities |
||||||||
Other liabilities |
||||||||
Loans, borrowings and bank overdrafts |
||||||||
Derivative liabilities |
||||||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
Financial assets |
||||||||||||
Gross amounts of recognized other financial assets |
Gross amounts of recognized financial liabilities set off in the statement of financial position |
Net amounts of recognized other financial assets presented in the statement of financial position |
||||||||||
As at March 31, 2021 |
₹ |
₹ |
( |
₹ |
||||||||
As at March 31, 2022 |
₹ |
₹ |
( |
) |
₹ |
Financial liabilities |
||||||||||||
Gross amounts of recognized trade payables and other payables |
Gross amounts of recognized financial liabilities set off in the statement of financial position |
Net amounts of recognized trade payables and other payables presented in the statement of financial position |
||||||||||
As at March 31, 2021 |
₹ |
₹ |
( |
) |
₹ |
|||||||
As at March 31, 2022 |
₹ |
₹ |
( |
) |
₹ |
Particular |
As at March 31, 2021 |
As at March 31, 2022 |
||||||||||||||||||||||||||||||
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 |
₹ |
₹ |
— | ₹ |
₹ |
— | ₹ |
₹ |
₹ |
₹ |
||||||||||||||||||||||
Others |
— | — | ||||||||||||||||||||||||||||||
Investments: |
||||||||||||||||||||||||||||||||
Short-term mutual funds |
— | — | ||||||||||||||||||||||||||||||
Fixed maturity plan mutual funds |
— |
— | — | — | ||||||||||||||||||||||||||||
Equity instruments |
||||||||||||||||||||||||||||||||
Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds |
|
— | ||||||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Derivative instruments: |
||||||||||||||||||||||||||||||||
Cash flow hedges |
₹ |
( |
) |
₹ |
— | ₹ |
( |
) | ₹ |
— | ₹ |
( |
) |
₹ |
₹ |
( |
) | ₹ |
||||||||||||||
Others |
( |
) |
— | ( |
) | — | ( |
) |
( |
) | ||||||||||||||||||||||
Contingent consideration |
( |
) |
— | — | ( |
) | ( |
) |
( |
) |
As at March 31, |
||||||||
Investment in equity instruments |
2021 |
2022 |
||||||
Balance at the beginning of the year |
₹ |
₹ |
||||||
Additions |
||||||||
Disposals |
( |
) | ( |
) | ||||
Transfers out of level 3 |
( |
) | ||||||
Unrealized gain recognized in statement of income (Refer to Note 2 8 ) |
— | |||||||
Gain recognized in other comprehensive income |
||||||||
Translation adjustment |
( |
) | ||||||
|
|
|
|
|||||
Balance at the end of the year |
₹ |
₹ |
||||||
|
|
|
|
As at March 31, |
||||||||
Contingent consideration |
2021 |
2022 |
||||||
Balance at the beginning of the year |
₹ |
₹ |
( |
) | ||||
Additions |
( |
) | ( |
) | ||||
Reversals |
||||||||
Payouts |
||||||||
Finance expense recognized in statement of income |
( |
) | ( |
) | ||||
Translation adjustment |
( |
) | ||||||
|
|
|
|
|||||
Balance at the end of the year |
₹ |
( |
) |
₹ |
( |
) |
(in million) |
||||||||||||||||||||||||
As at March 31, |
||||||||||||||||||||||||
2021 |
2022 |
|||||||||||||||||||||||
Notional |
Fair value |
Notional |
Fair value |
|||||||||||||||||||||
Designated derivative instruments |
||||||||||||||||||||||||
Sell: Forward contracts |
USD | ₹ |
USD | ₹ |
||||||||||||||||||||
€ | ₹ |
€ | ₹ |
|||||||||||||||||||||
£ | ₹ |
( |
) | £ | ₹ |
|||||||||||||||||||
AUD | ₹ |
( |
) | AUD | ₹ |
( |
) | |||||||||||||||||
Range forward option contracts |
USD | ₹ |
USD | ₹ |
||||||||||||||||||||
€ | ₹ |
€ | ₹ |
|||||||||||||||||||||
£ | ₹ |
( |
) | £ | ₹ |
|||||||||||||||||||
AUD | ₹ |
( |
) | AUD | ₹ |
( |
) | |||||||||||||||||
Non-designated derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Sell: Forward contracts * |
USD | ₹ |
USD | ₹ |
||||||||||||||||||||
€ | ₹ |
€ | ₹ |
|||||||||||||||||||||
£ | ₹ |
£ | ₹ |
|||||||||||||||||||||
AUD | ₹ |
AUD | ₹ |
( |
) | |||||||||||||||||||
SGD | ₹ |
SGD | ₹ |
( |
) | |||||||||||||||||||
ZAR | ₹ |
( |
) | ZAR | ₹ |
^ | ||||||||||||||||||
CAD | ₹ |
CAD | ₹ |
( |
) | |||||||||||||||||||
SAR | ₹ |
( |
) | SAR | ₹ |
( |
) | |||||||||||||||||
PLN | ₹ |
PLN | ₹ |
( |
) | |||||||||||||||||||
CHF | ₹ |
CHF | ₹ |
( |
) | |||||||||||||||||||
QAR | ₹ |
( |
) | QAR | ₹ |
( |
) | |||||||||||||||||
TRY | ₹ |
TRY | ₹ |
|||||||||||||||||||||
NOK | ₹ |
^ | NOK | ₹ |
( |
) | ||||||||||||||||||
OMR | ₹ |
( |
) | OMR | ₹ |
^ | ||||||||||||||||||
SEK | ₹ |
SEK | ₹ |
( |
) | |||||||||||||||||||
JPY | ₹ |
JPY | ₹ |
|||||||||||||||||||||
DKK | ₹ |
DKK | ₹ |
^ | ||||||||||||||||||||
Buy: Forward contracts |
SEK | ₹ |
( |
) | SEK | ₹ |
||||||||||||||||||
DKK | ₹ |
( |
) | DKK | ₹ |
( |
) | |||||||||||||||||
CHF | ₹ |
( |
) | CHF | ₹ |
( |
) | |||||||||||||||||
RMB | ₹ |
( |
) | RMB | ₹ |
|||||||||||||||||||
AED | ₹ |
^ | AED | ₹ |
^ | |||||||||||||||||||
JPY | ₹ |
JPY | ₹ |
( |
) | |||||||||||||||||||
CNH | ₹ |
CNH | ₹ |
^ | ||||||||||||||||||||
NOK | ₹ |
NOK | ₹ |
( |
) | |||||||||||||||||||
Interest Rate Swaps |
INR | ₹ |
INR | ₹ |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
₹ |
₹ |
|||||||||||||||||||||||
|
|
|
|
* | USD |
^ | Value is less than ₹ |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Balance as at the beginning of the year |
₹ |
( |
) | ₹ |
||||
|
|
|
|
|
|
|
|
|
Changes in fair value of effective portion of derivatives |
||||||||
Net (gain)/loss reclassified to consolidated statement of income on occurrence of hedged transactions * |
( |
) | ||||||
|
|
|
|
|||||
Gain/(loss) on cash flow hedging derivatives, net |
₹ |
₹ |
( |
) | ||||
|
|
|
|
|||||
Balance as at the end of the year |
||||||||
Deferred tax thereon |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balance as at the end of the year, net of deferred ta x |
₹ |
₹ |
||||||
|
|
|
|
* | Includes net (gain)/loss reclassified to revenue of ₹ ₹ ₹ ₹ |
As at March 31, 2021 |
||||||||||||||||||||||||||||
US $ |
Euro |
Pound Sterling |
Australian Dollar |
Canadian Dollar |
Other currencies # |
Total |
||||||||||||||||||||||
Trade receivables |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||
Unbilled receivables |
||||||||||||||||||||||||||||
Contract assets |
||||||||||||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||||||||||
Other assets |
||||||||||||||||||||||||||||
Lease Liabilities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Trade payables, accrued expenses and other liabilities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net assets/ (liabilities) |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2022 |
||||||||||||||||||||||||||||
US $ |
Euro |
Pound Sterling |
Australian Dollar |
Canadian Dollar |
Other currencies # |
Total |
||||||||||||||||||||||
Trade receivables |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||
Unbilled receivables |
||||||||||||||||||||||||||||
Contract assets |
||||||||||||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||||||||||
Other assets |
||||||||||||||||||||||||||||
Lease Liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Trade payables, accrued expenses and other liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net assets/ (liabilities) |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# |
Other currencies reflect currencies such as Swiss Franc, Singapore Dollar, UAE Dirhams etc. |
As at March 31, 2021 |
||||||||||||||||||||||||
Carrying value |
Less than 1 year |
1-2 years |
2-4 years |
Beyond 4 years |
Total |
|||||||||||||||||||
Loans, borrowings and bank overdrafts * |
₹ |
₹ |
₹ |
₹ |
₹ |
— | ₹ |
|||||||||||||||||
Lease Liabilities * |
||||||||||||||||||||||||
Trade payables and accrued expenses |
— | — | — | |||||||||||||||||||||
Derivative liabilities |
— | |||||||||||||||||||||||
Other liabilities # |
— |
As at March 31, 2022 |
||||||||||||||||||||||||
Carrying value |
Less than 1 year |
1-2 years |
2-4 years |
Beyond 4 years |
Total |
|||||||||||||||||||
Loans, borrowings and bank overdrafts * |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
||||||||||||||||||
Lease Liabilities * |
||||||||||||||||||||||||
Trade payables and accrued expenses |
||||||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||||||
Other liabilities # |
* |
Includes future cash outflow towards estimated interest on borrowings and lease liabilities. |
# |
Includes future cash outflow towards estimated interest on contingent consideration |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Cash and cash equivalents |
₹ |
₹ |
||||||
Investments—Current |
||||||||
Loans, borrowings and bank overdrafts |
( |
) |
( |
) | ||||
|
|
|
|
|||||
₹ |
₹ |
|||||||
|
|
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Balance at the beginning of the year |
₹ |
₹ |
||||||
Translation difference related to foreign operations, net |
( |
) |
||||||
Reclassification of foreign currency translation differences on sale of investment in associates and liquidation of subsidiaries to statement of income |
— |
( |
) | |||||
|
|
|
|
|||||
Balance at the end of the year |
₹ |
₹ |
||||||
|
|
|
|
Other Reserves |
||||||||||||||||
Particulars |
Remeasurements of the defined benefit plans |
Investment in debt instruments measured at fair value through OCI |
Investment in equity instruments measured at fair value through OCI |
Capital Redemption Reserve |
||||||||||||
As at April 1, 2019 |
₹ |
( |
) |
₹ |
₹ |
( |
) |
₹ |
||||||||
Other comprehensive income |
( |
) | — | |||||||||||||
Buyback of equity shares |
— | — | — | |||||||||||||
As at March 31, 2020 |
₹ |
( |
) |
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2020 |
₹ |
( |
) |
₹ |
₹ |
₹ |
||||||||||
Other comprehensive income |
— | |||||||||||||||
Buyback of equity shares |
— | — | — | |||||||||||||
As at March 31, 2021 |
₹ |
( |
) |
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at April 1, 2021 |
₹ |
( |
) |
₹ |
₹ |
₹ |
||||||||||
Other comprehensive income |
( |
) | — | |||||||||||||
As at March 31, 2022 |
₹ |
( |
) |
₹ |
₹ |
₹ |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Income tax expense as per the consolidated statement of income |
₹ |
₹ |
₹ |
|||||||||
Income tax included in other comprehensive income on: |
||||||||||||
Gains/(losses) on investment securities |
( |
) |
||||||||||
Gains/(losses) on cash flow hedging derivatives |
( |
) |
||||||||||
Remeasurements of the defined benefit plans |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
Income tax expense consists of the following: |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Current taxes |
||||||||||||
Domestic |
₹ |
₹ |
₹ |
|||||||||
Foreign |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred taxes |
||||||||||||
Domestic |
( |
) | ||||||||||
Foreign |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
( |
) | |||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Profit before tax |
₹ |
₹ |
₹ |
|||||||||
Enacted income tax rate in India |
||||||||||||
|
|
|
|
|
|
|||||||
Computed expected tax expense |
||||||||||||
Effect of: |
||||||||||||
Income exempt from tax |
( |
( |
( |
|||||||||
Basis differences that will reverse during a tax holiday period |
( |
|||||||||||
Income taxed at higher / (lower) rates |
( |
( |
( |
|||||||||
Taxes related to prior years |
( |
( |
( |
|||||||||
Changes in unrecognized deferred tax assets |
( |
|||||||||||
Expenses disallowed for tax purpose |
||||||||||||
Others, net |
( |
( |
||||||||||
|
|
|
|
|
|
|||||||
Income tax expense |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
|||||||
Effective income tax rate |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Carry forward losses * |
₹ |
₹ |
||||||
Trade payables, accrued expenses and other liabilities |
||||||||
Allowances for lifetime expected credit loss |
||||||||
Contract asset |
||||||||
Others |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Property, plant and equipment |
( |
) | ( |
) | ||||
Amortizable goodwill |
( |
) | ( |
) | ||||
Intangible assets |
( |
) | ( |
) | ||||
Interest income and fair value movement of investments |
( |
) | ( |
) | ||||
Cash flow hedges |
( |
) | ( |
) | ||||
Contract liabilities |
( |
) | ||||||
Special Economic Zone Re-investment Reserve |
( |
) | ( |
) | ||||
|
|
|
|
|||||
( |
) |
( |
) | |||||
|
|
|
|
|||||
Net deferred tax assets/(liabilities) |
₹ |
( |
) |
₹ |
( |
) | ||
Amounts presented in consolidated statement of financial position: |
||||||||
Deferred tax assets |
₹ |
₹ |
||||||
Deferred tax liabilities |
₹ |
( |
) | ₹ |
( |
) |
* | Includes deferred tax asset recognized on carry forward losses pertaining to business combinations. |
Movement during the year ended March 31, 2020 |
As at April 1, 2019 |
Credit/(charge) in the consolidated statement of income |
Credit/(charge) in other comprehensive income * |
On account of business combination |
As at March 31, 2020 |
|||||||||||||||
Carry forward losses |
₹ |
₹ |
( |
) | ₹ |
₹ |
— | ₹ |
||||||||||||
Trade payables, accrued expenses and other liabilities |
— | |||||||||||||||||||
Allowances for lifetime expected credit loss |
( |
) | ( |
) | — | |||||||||||||||
Minimum alternate tax |
— | — | — | |||||||||||||||||
Property, plant and equipment |
( |
) | — | ( |
) | |||||||||||||||
Amortizable goodwill |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Intangible assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Interest income and fair value movement of investments |
( |
) | — | ( |
) | |||||||||||||||
Cash flow hedges |
( |
) | — | — | ||||||||||||||||
Contract asset / (Contract liabilities) |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Special Economic Zone Re-investment Reserve |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||
Others |
( |
) | — | ( |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
₹ |
₹ |
( |
) |
₹ |
₹ |
( |
) |
₹ |
|||||||||||
|
|
|
|
|
|
|
|
|
|
Movement during the year ended March 31, 2021 |
As at April 1, 2020 |
Credit/(charge) in the consolidated statement of income |
Credit/(charge) in other comprehensive income * |
Others |
As at March 31, 2021 |
|||||||||||||||
Carry forward losses |
₹ |
₹ |
( |
) | ₹ |
( |
) | ₹ |
( |
) | ₹ |
|||||||||
Trade payables, accrued expenses and other liabilities |
( |
) | ||||||||||||||||||
Allowances for lifetime expected credit loss |
( |
) | — | |||||||||||||||||
Minimum alternate tax |
( |
) | — | — | — | |||||||||||||||
Property, plant and equipment |
( |
) | ( |
) | ( |
) | ||||||||||||||
Amortizable goodwill |
( |
) | — | ( |
) | |||||||||||||||
Intangible assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Interest income and fair value movement of investments |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Cash flow hedges |
— | ( |
) | — | ( |
) | ||||||||||||||
Contract asset / (Contract liabilities) |
( |
) | ( |
) | ||||||||||||||||
Special Economic Zone Re-investment Reserve |
( |
) | — | — | ( |
) | ||||||||||||||
Others |
( |
) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
₹ |
₹ |
( |
) |
₹ |
( |
) |
₹ |
( |
) |
₹ |
( |
) | |||||||
|
|
|
|
|
|
|
|
|
|
Movement during the year ended March 31, 2022 |
As at April 1, 2021 |
Credit/(charge) in the consolidated statement of income |
Credit/(charge) in other comprehensive income * |
On account of business combinations and others |
As at March 31, 2022 |
|||||||||||||||
Carry forward losses |
₹ |
₹ |
₹ |
₹ |
( |
) | ₹ |
|||||||||||||
Trade payables, accrued expenses and other liabilities |
||||||||||||||||||||
Allowances for lifetime expected credit loss |
( |
) | — | |||||||||||||||||
Property, plant and equipment |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||
Amortizable goodwill |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Intangible assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Interest income and fair value movement of investments |
( |
) | ( |
) | ( |
) | ||||||||||||||
Cash flow hedges |
( |
) | — | ( |
) | — | ( |
) | ||||||||||||
Contract asset / (Contract liabilities) |
( |
) | ( |
) | ||||||||||||||||
Special Economic Zone Re-investment Reserve |
( |
) | — | — | ( |
) | ||||||||||||||
Others |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
₹ |
( |
) |
₹ |
₹ |
( |
) |
₹ |
( |
) | ₹ |
( |
) | |||||||
|
|
|
|
|
|
|
|
|
|
* |
Includes impact of foreign currency translat ion. |
As at March 31, |
||||||||||||
2021 |
2022 |
% Change |
||||||||||
Equity attributable to the equity shareholders of the Company |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
|||||||
As percentage of total capital |
||||||||||||
Current loans, borrowings and bank overdrafts |
||||||||||||
Non-current long-term loans and borrowings |
||||||||||||
Lease liabilities |
||||||||||||
|
|
|
|
|
|
|||||||
Total loans, borrowings and bank overdrafts and lease liabilities |
₹ |
₹ |
||||||||||
As percentage of total capital |
||||||||||||
|
|
|
|
|
|
|||||||
Total capital |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
IT Services |
IT Products |
ISRE |
Total |
|||||||||||||||||||||||||||||
Americas 1 |
Americas 2 |
Europe |
APMEA |
Total |
||||||||||||||||||||||||||||
A. Revenue |
||||||||||||||||||||||||||||||||
Rendering of services |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
— |
₹ |
₹ |
|||||||||||||||||||||||
Sale of products |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
B. Revenue by sector |
||||||||||||||||||||||||||||||||
Banking, Financial Services and Insurance |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||||
Health |
||||||||||||||||||||||||||||||||
Consumer |
||||||||||||||||||||||||||||||||
Communications |
||||||||||||||||||||||||||||||||
Energy, Natural Resources and Utilities |
||||||||||||||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||||||||||
Technology |
||||||||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
C. Revenue by nature of contract |
||||||||||||||||||||||||||||||||
Fixed price and volume based |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
— |
₹ |
₹ |
|||||||||||||||||||||||
Time and materials |
— |
|||||||||||||||||||||||||||||||
Products |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
IT Services |
IT Products |
ISRE |
Total |
|||||||||||||||||||||||||||||
Americas 1 |
Americas 2 |
Europe |
APMEA |
Total |
||||||||||||||||||||||||||||
A. Revenue |
||||||||||||||||||||||||||||||||
Rendering of services |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
— | ₹ |
₹ |
|||||||||||||||||||||||
Sale of products |
— | — | — | — | — | — | ||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
B. Revenue by sector |
||||||||||||||||||||||||||||||||
Banking, Financial Services and Insurance |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||||
Health |
||||||||||||||||||||||||||||||||
Consumer |
||||||||||||||||||||||||||||||||
Communications |
||||||||||||||||||||||||||||||||
Energy, Natural Resources and Utilities |
||||||||||||||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||||||||||
Technology |
||||||||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
C. Revenue by nature of contract |
||||||||||||||||||||||||||||||||
Fixed price and volume based |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
— | ₹ |
₹ |
|||||||||||||||||||||||
Time and materials |
— | |||||||||||||||||||||||||||||||
Products |
— | — | — | — | — | — | ||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
IT Services |
IT Products |
ISRE |
Total |
|||||||||||||||||||||||||||||
Americas 1 |
Americas 2 |
Europe |
APMEA |
Total |
||||||||||||||||||||||||||||
A. Revenue |
||||||||||||||||||||||||||||||||
Rendering of services |
₹ |
|
₹ |
|
₹ |
|
₹ |
|
₹ |
|
₹ |
— | ₹ |
|
₹ |
|||||||||||||||||
Sale of products |
— | — | ||||||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
B. Revenue by sector |
||||||||||||||||||||||||||||||||
Banking, Financial Services and Insurance |
₹ |
₹ |
|
₹ |
₹ |
|
₹ |
|
||||||||||||||||||||||||
Health |
||||||||||||||||||||||||||||||||
Consumer |
||||||||||||||||||||||||||||||||
Communications |
||||||||||||||||||||||||||||||||
Energy, Natural Resources and Utilities |
||||||||||||||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||||||||||
Technology |
||||||||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
C. Revenue by nature of contract |
||||||||||||||||||||||||||||||||
Fixed price and volume based |
₹ |
|
₹ |
|
₹ |
|
₹ |
|
₹ |
|
₹ |
— | ₹ |
|
₹ |
|||||||||||||||||
Time and materials |
— | |||||||||||||||||||||||||||||||
Products |
— | — | ||||||||||||||||||||||||||||||
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Employee compensation |
₹ |
₹ |
₹ |
|||||||||
Sub-contracting and technical fees |
||||||||||||
Cost of hardware and software |
||||||||||||
Travel |
||||||||||||
Facility expenses |
||||||||||||
Depreciation, amortization and impairment |
||||||||||||
Communication |
||||||||||||
Legal and professional fees |
||||||||||||
Rates, taxes and insurance |
||||||||||||
Marketing and brand building |
||||||||||||
Lifetime expected credit loss/ (write-back) |
( |
) | ||||||||||
Miscellaneous expenses |
||||||||||||
Total cost of revenues, selling and marketing expenses and general and administrative expenses |
₹ |
₹ |
₹ |
|||||||||
* | Depreciation, amortization, and impairment includes an impairment charge on certain software platforms, capital work-in-progress, and equipment and intangible assets amounting to ₹ ₹ ₹ |
** | Miscellaneous expenses for the year ended March 31, 2021, includes an amount of ₹ COVID-19 contributions. |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Interest expense |
₹ |
|
₹ |
|
₹ |
|
||||||
Exchange fluctuation loss on foreign currency borrowings |
— | |||||||||||
₹ |
₹ |
₹ |
||||||||||
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Interest income |
₹ |
|
₹ |
|
₹ |
|
||||||
Dividend income |
||||||||||||
Exchange fluctuation gain on foreign currency borrowings |
||||||||||||
Net gain from investments classified as FVTPL |
||||||||||||
Net gain from investments classified as FVTOCI |
||||||||||||
|
|
|
|
|
|
|||||||
Finance and other income |
₹ |
₹ |
₹ |
|||||||||
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL |
||||||||||||
Other foreign exchange gains/(losses), net |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Foreign exchange gains/(losses), net |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Profit attributable to equity holders of the Company |
₹ |
₹ |
₹ |
|||||||||
Weighted average number of equity shares outstanding |
||||||||||||
|
|
|
|
|
|
|||||||
Basic earnings per share |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Profit attributable to equity holders of the Company |
₹ |
₹ |
₹ |
|||||||||
Weighted average number of equity shares outstanding |
||||||||||||
Effect of dilutive equivalent share options |
||||||||||||
|
|
|
|
|
|
|||||||
Weighted average number of equity shares for diluted earnings per share |
||||||||||||
|
|
|
|
|
|
|||||||
Diluted earnings per share |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
Name of Plan |
Number of options reserved under the plan |
Range of exercise price |
||||||
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan) * |
US $ | |||||||
Wipro Employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan) * |
₹ |
|||||||
Wipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) * |
₹ |
|||||||
Wipro Equity Reward Trust Employee Stock Purchase Plan, 2013 ** |
₹ |
* |
The maximum contractual term for these Stock Option Plans and RSU Option Plans is perpetual until the options are available for grant under the plan. |
** |
The maximum contractual term for these Stock Option Plans is up to May 29, 2023 until the options are available for grant under the plan. |
Year ended March 31, |
| |||||||||||||||
2020 |
|
|
2021 |
|
|
2022 |
| |||||||||
Range of exercise price and Weighted average exercise price |
Numbers of options |
Outstanding at the beginning of the year |
₹ |
|
||||||||||||||
US $ | |
|||||||||||||||
Granted |
₹ |
|
||||||||||||||
US $ | |
|||||||||||||||
Adjustment of Performance based stock options |
₹ |
( |
) | ( |
) | |||||||||||
US $ | |
( |
) | ( |
) | |||||||||||
Exercised |
₹ |
|
( |
) | ( |
) | ( |
) | ||||||||
US $ | |
( |
) | ( |
) | ( |
) | |||||||||
Modification |
₹ |
|
— | — | ||||||||||||
US $ | |
( |
) | |||||||||||||
Forfeited and expired |
₹ |
|
( |
) | ( |
) | ( |
) | ||||||||
US $ | |
( |
) | ( |
) | ( |
) | |||||||||
Outstanding at the end of the year |
₹ |
|
||||||||||||||
US $ | |
|||||||||||||||
Exercisable at the end of the year |
₹ |
|
||||||||||||||
US $ | |
* | Includes Performance based stock options will vest based on the performance parameters of the Company. |
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
Number of options |
||||||||
Outstanding at the beginning of the year |
||||||||
Modification ** |
( |
) | ||||||
Exercised |
( |
) | ( |
) | ||||
Forfeited and lapsed |
( |
) | ( |
) | ||||
Outstanding at the end of the year |
||||||||
Exercisable at the end of the year |
Year ended March 31, |
||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||
Range of exercise price and Weighted average exercise price |
Number of options |
Weighted Average Remaining life (months) |
Number of options |
Weighted Average Remaining life (months) |
Number of options |
Weighted Average Remaining life (months) |
||||||||||||||||||
₹ |
||||||||||||||||||||||||
US $ |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Salaries and bonus |
₹ |
|
₹ |
|
₹ |
|
||||||
Employee benefits plans |
||||||||||||
Share-based compensation |
||||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
* | Includes ₹ |
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Cost of revenues |
₹ |
|
₹ |
|
₹ |
|
||||||
Selling and marketing expenses |
||||||||||||
General and administrative expenses |
||||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Re-measurement of net defined benefit liability/(asset) |
||||||||||||
Return on plan assets excluding interest income—loss/(gain) |
₹ |
₹ |
( |
) | ₹ |
( |
) | |||||
Actuarial loss/(gain) arising from financial assumptions |
( |
) | ||||||||||
Actuarial loss/(gain) arising from demographic assumptions |
( |
) | ||||||||||
Actuarial loss/(gain) arising from experience adjustments |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
( |
) |
₹ |
( |
) | ||||||
|
|
|
|
|
|
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Current service cost |
₹ |
|
₹ |
|
₹ |
|||||||
Net interest on net defined benefit liability/(asset) |
||||||||||||
|
|
|
|
|
|
|||||||
Net charge to statement of income |
₹ |
₹ |
₹ |
|||||||||
|
|
|
|
|
|
|||||||
Actual return on plan assets |
₹ |
|
₹ |
|
₹ |
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Defined benefit obligation at the beginning of the year |
₹ |
|
₹ |
|
||||
Acquisitions (Refer to Note 7 and 35) |
||||||||
Current service cost |
||||||||
Interest on obligation |
||||||||
Benefits paid |
( |
) | ( |
) | ||||
Remeasurement loss/(gain) |
||||||||
Actuarial loss/(gain) arising from financial assumptions |
( |
) | ||||||
Actuarial loss/(gain) arising from demographic assumptions |
( |
) | ||||||
Actuarial loss/(gain) arising from experience adjustments |
( |
) | ||||||
Translation adjustment |
( |
) | ||||||
|
|
|
|
|||||
Defined benefit obligation at the end of the year |
₹ |
₹ |
||||||
|
|
|
|
Change in plan assets is summarized below: |
||||||||
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Fair value of plan assets at the beginning of the year |
₹ |
|
₹ |
|
||||
Acquisitions |
||||||||
Expected return on plan assets |
||||||||
Employer contributions |
||||||||
Benefits paid |
( |
) | ( |
) | ||||
Remeasurement (loss)/gain |
||||||||
Return on plan assets excluding interest income—(loss)/gain |
||||||||
Translation adjustment |
( |
) | ||||||
|
|
|
|
|||||
Fair value of plan assets at the end of the year |
₹ |
₹ |
||||||
|
|
|
|
|||||
Present value of unfunded obligation |
₹ |
( |
) | ₹ |
( |
) | ||
|
|
|
|
|||||
Recognized asset/(liability) |
₹ |
( |
) | ₹ |
( |
) | ||
|
|
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Discount rate |
% | % | ||||||
Expected return on plan assets |
% | % | ||||||
Expected rate of salary increase |
% | % | ||||||
Duration of defined benefit obligations |
Expected contribution to the fund during the year ending March 31, 2023 |
₹ |
|||
|
|
|||
Estimated benefit payments from the fund for the year ending March 31: |
||||
2023 |
₹ |
|||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
Thereafter |
||||
|
|
|||
Total |
₹ |
|||
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Fair value of plan assets |
₹ |
₹ |
||||||
Present value of defined benefit obligation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net shortfall |
₹ |
₹ |
||||||
|
|
|
|
As at March 31, |
||||||||
2021 |
2022 |
|||||||
Discount rate for the term of the obligation |
% | % | ||||||
Average remaining tenure of investment portfolio |
||||||||
Guaranteed rate of return |
% | % |
32. |
Related party relationship and transactions |
Subsidiaries |
Subsidiaries |
Subsidiaries |
Country of Incorporation | |||
known as Wipro Opus Mortgage Solutions LLC) |
||||||
Incorporated |
||||||
|
||||||
** |
||||||
|
||||||
Korlátolt Felelősségű Társaság |
|
||||||
* | All the above direct subsidiaries are |
** |
Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc, International TechneGroup Incorporated, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty Ltd, and LeanSwift Solutions, Inc. are as follows: |
Subsidiaries |
Subsidiaries |
Subsidiaries |
Country of Incorporation | |||
(formerly known as Metro-nom GmbH) |
||||||
| ||||||
|
||||||
|
||||||
|
|
|
|
|
|
|
*** |
St e p Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) and Iris Holdco Pty Ltd are as follows: |
Subsidiaries |
Subsidiaries |
Subsidiaries |
Country of Incorporation | |||
(formerly known as Metro-nom GmbH) |
||||||
known as Metro Systems Romania S.R.L) |
||||||
**** |
Step Subsidiary details of Capco (US) GP LLC is as follows: |
Subsidiaries |
Subsidiaries |
Subsidiaries |
Country of Incorporation | |||
The list of controlled trusts are: |
||
Name of the entity |
Country of incorporation | |
|
The other related parti e s are: |
Name of the related parties: |
Nature | |
Azim Premji Foundation |
Entity controlled by Promoters | |
Azim Premji Foundation for Development |
Entity controlled by Promoters | |
Hasham Traders |
Entity controlled by Promoters | |
Prazim Traders |
Entity controlled by Promoters | |
Zash Traders |
Entity controlled by Promoters | |
Hasham Investment and Trading Co. Pvt. Ltd |
Entity controlled by Promoters | |
Azim Premji Philanthropic Initiatives Pvt. Ltd |
Entity controlled by Promoters | |
Azim Premji Trust |
Entity controlled by Promoters | |
Wipro Enterprises (P) Limited |
Entity controlled by Promoters | |
Wipro GE Healthcare Private Limited |
Joint Venture between Wipro Enterprises (P) Limited and General Electric |
Key management personnel |
||
Rishad A. Premji |
Chairman of the board (designated as “Executive chairman”) | |
Thierry Delaporte |
Chief Executive Officer and Managing Director | |
Azim H. Premji |
Non-Executive non-Independent director (designated as “Founder Chairman”) (1) | |
William Arthur Owens |
Independent Director | |
M.K. Sharma |
Independent Director (2) | |
Ireena Vittal |
Independent Director | |
Dr. Patrick J. Ennis |
Independent Director | |
Patrick Dupuis |
Independent Director | |
Deepak M. Satwalekar |
Independent Director | |
Tulsi Naidu |
Independent Director (3) | |
Jatin Pravinchandra Dalal |
Chief Financial Officer |
Entities controlled by Directors |
Key Management Personnel |
|||||||||||||||||||||||
Transactions / balances |
2020 |
2021 |
2022 |
2020 |
2021 |
2022 |
||||||||||||||||||
Sale of goods and services |
₹ |
₹ |
₹ |
₹ |
— | ₹ |
— | ₹ |
||||||||||||||||
Assets purchased |
— | — | ||||||||||||||||||||||
Dividend |
||||||||||||||||||||||||
Buyback of shares |
||||||||||||||||||||||||
Rental income |
— | — | ||||||||||||||||||||||
Rent Paid |
||||||||||||||||||||||||
Others |
— | — | ||||||||||||||||||||||
Key management personnel * |
||||||||||||||||||||||||
Remuneration and short-term benefits |
₹ |
— | ₹ |
— | ₹ |
₹ |
₹ |
₹ |
||||||||||||||||
Other benefits |
— | — | ||||||||||||||||||||||
Balance as at the year end |
||||||||||||||||||||||||
Receivables |
₹ |
₹ |
₹ |
₹ |
— | ₹ |
— | ₹ |
||||||||||||||||
Payables |
— | — |
* | Post-employment benefits comprising compensated absences is not disclosed, as this is determined for the Company as a whole. Other benefits include ₹ ₹ ₹ as of March 31, 2020, 2021 and 2022, respectively towards amortization of Restricted Stock Units (“RSUs”) granted to them which vest over a period of time. This also includes RSU’s that will vest based on performance parameters of the Company. |
33. |
Commitments and contingencies |
34. |
Segment information |
IT Services |
IT Products |
ISRE |
Reconciling Items |
Total |
||||||||||||||||||||||||||||||||
Americas 1 |
Americas 2 |
Europe |
APMEA |
Total |
||||||||||||||||||||||||||||||||
Revenue |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
( |
) | ₹ |
|||||||||||||||||||||||||
Other operating income/(loss), net |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Segment r esult |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Unallocated |
— | — | — | |||||||||||||||||||||||||||||||||
Segment r esult t otal |
₹ |
₹ |
( |
) |
₹ |
( |
) |
₹ |
₹ |
|||||||||||||||||||||||||||
Finance expense |
( |
) | ||||||||||||||||||||||||||||||||||
Finance and other income |
||||||||||||||||||||||||||||||||||||
Share of net profit/(loss) of associates accounted for using the equity method |
||||||||||||||||||||||||||||||||||||
Profit before tax |
₹ |
|||||||||||||||||||||||||||||||||||
Income tax expense |
( |
) | ||||||||||||||||||||||||||||||||||
Profit for the year |
₹ |
|||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment |
₹ |
|||||||||||||||||||||||||||||||||||
IT Services |
IT Products |
ISRE |
Reconciling Items |
Total |
||||||||||||||||||||||||||||||||
Americas 1 |
Americas 2 |
Europe |
APMEA |
Total |
||||||||||||||||||||||||||||||||
Revenue |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
|||||||||||||||||||||||||||
Other operating income/(loss), net |
— | — | — | — | ( |
) |
— | — | — | ( |
) | |||||||||||||||||||||||||
Segment r esult |
( |
) | ||||||||||||||||||||||||||||||||||
Unallocated |
— | — | — | |||||||||||||||||||||||||||||||||
Segment r esult t otal |
₹ |
₹ |
₹ |
₹ |
( |
) |
₹ |
|||||||||||||||||||||||||||||
Finance expense |
( |
) | ||||||||||||||||||||||||||||||||||
Finance and other income |
||||||||||||||||||||||||||||||||||||
Share of net profit/(loss) of associates accounted for using the equity method |
||||||||||||||||||||||||||||||||||||
Profit before tax |
₹ |
|||||||||||||||||||||||||||||||||||
Income tax expense |
( |
) | ||||||||||||||||||||||||||||||||||
Profit for the year |
₹ |
|||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment |
₹ |
|||||||||||||||||||||||||||||||||||
IT Services |
IT Products |
ISRE |
Reconciling Items |
Total |
||||||||||||||||||||||||||||||||
Americas |
Americas 2 |
Europe |
APMEA |
Total |
||||||||||||||||||||||||||||||||
Revenue |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
₹ |
( |
) | ₹ |
|||||||||||||||||||||||||
Other operating income/(loss), net |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Segment r esult |
( |
) | ||||||||||||||||||||||||||||||||||
Unallocated |
— | — | — | |||||||||||||||||||||||||||||||||
Segment r esult t otal |
₹ |
₹ |
₹ |
₹ |
( |
) |
₹ |
|||||||||||||||||||||||||||||
Finance expense |
( |
) | ||||||||||||||||||||||||||||||||||
Finance and other income |
||||||||||||||||||||||||||||||||||||
Share of net profit/(loss) of associates accounted for using the equity method |
||||||||||||||||||||||||||||||||||||
Profit before tax |
₹ |
|||||||||||||||||||||||||||||||||||
Income tax expense |
( |
) | ||||||||||||||||||||||||||||||||||
Profit for the year |
₹ |
|||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment |
₹ |
|||||||||||||||||||||||||||||||||||
Year ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
United States of America |
₹ |
₹ |
₹ |
|||||||||
United Kingdom |
||||||||||||
|
|
|
|
|
|
|||||||
₹ |
₹ |
₹ |
||||||||||
|
|
|
|
|
|
a) | Effective beginning of fiscal year ended March 31, 2021, revenue from sale of traded cloud-based licenses is no longer reported in IT Services revenue and finance income on deferred consideration earned under total outsourcing contracts is not included in segment revenue. Further, for evaluating performance of the individual operating segments, stock compensation expense is allocated based on the accelerated amortization as per IFRS 2. Segment information for the year ended March 31, 2020 has been re-stated to give effect to these changes. |
b) | “Reconciling items” includes elimination of inter-segment transactions and other corporate activities. |
c) | Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues. |
d) | 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 consolidated statement of income). |
e) | During the year ended March 31, 2021, the Company has contributed ₹ COVID-19 and is reported in Reconciling items. |
f) | Other operating income/(loss) of ₹ ₹ ₹ |
g) | Segment results for the year ended March 31, 2021, are after considering the impact of impairment charge of ₹ ₹ ₹ ₹ |
h) | Segment results for year ended March 31, 2021, are after considering additional amortization of ₹ |
i) | Segment results of IT Services segment are after recognition of share-based compensation expense ₹ ₹ ₹ |
35. |
As part of a customer contract with Metro AG, the Company has acquired Metro-nom GmbH (currently known as Wipro Business Solutions GmbH) and Metro Systems Romania S.R.L (currently known as Wipro Technology Solutions S.R.L), the IT units of Metro AG in Germany and Romania, respectively, for a consideration of ₹ ₹ |
36. |
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. |
37. |
Events after the reporting period |
a) |
On April 11, 2022, the Company acquired CAS Group. |
b) |
On May 20, 2022, the Company acquired Rizing. |
Incorporated by Reference | ||||||||||||
Exhibit Number |
Exhibit Description |
Form |
File No. |
Exhibit |
Filing Date |
Filed Herewith | ||||||
1.1 |
F-1 |
333-46278 |
3.3 |
9/21/2000 |
||||||||
1.2 |
6-K |
001-16139 |
99.2 |
2/28/2019 |
||||||||
1.3 |
6-K |
001-16139 |
99.3 |
7/18/2019 |
||||||||
2.1 |
F-6 |
333-218348 |
(a)(4) |
5/30/2017 |
||||||||
2.2 |
F-1 |
333-46278 |
4.2 |
9/21/2000 |
||||||||
2.3 |
20-F |
001-16139 |
2.3 |
6/9/2021 |
||||||||
4.1 |
F-1 |
333-46278 |
10.1 |
9/21/2000 |
||||||||
4.2 |
F-1 |
333-46278 |
10.2 |
9/21/2000 |
||||||||
4.3 |
F-1 |
333-46278 |
10.3 |
9/21/2000 |
||||||||
4.4 |
20-F |
001-16139 |
10.4 |
5/17/2004 |
||||||||
4.5 |
20-F |
001-16139 |
4.5 |
5/26/2016 |
||||||||
4.6 |
20-F |
001-16139 |
4.10 |
5/26/2016 |
||||||||
4.7 |
20-F |
001-16139 |
4.11 |
5/26/2016 |
||||||||
4.8 |
20-F |
001-16139 |
99.5 |
5/30/2008 |
||||||||
4.9 |
20-F |
001-16139 |
99.6 |
5/30/2008 |
||||||||
4.10 |
20-F |
001-16139 |
99.7 |
5/30/2008 |
||||||||
4.11 |
20-F |
001-16139 |
10.5 |
5/17/2004 |
||||||||
4.12 |
20-F |
001-16139 |
4.8 |
6/13/2005 |
Incorporated by Reference | ||||||||||||
Exhibit Number |
Exhibit Description |
Form |
File No. |
Exhibit |
Filing Date |
Filed Herewith | ||||||
4.13 |
20-F |
001-16139 |
4.9 |
6/13/2005 |
||||||||
8.1 |
X | |||||||||||
12.1 |
X | |||||||||||
12.2 |
X | |||||||||||
13.1 |
X | |||||||||||
15.1 |
X | |||||||||||
15.2 |
20-F |
001-16139 |
99.4 |
6/9/2003 |
||||||||
17 |
X | |||||||||||
101.INS |
Inline XBRL Instance Document |
X | ||||||||||
101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
X | ||||||||||
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
X | ||||||||||
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
X | ||||||||||
101.LAB |
Inline XBRL Taxonomy Extension Labels Linkbase Document |
X | ||||||||||
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
X | ||||||||||
104 |
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
X |
/s/ Rishad A. Premji |
/s/ Jatin Pravinchandra Dalal | |||||||
Date: June 8, 2022 |
|
Rishad A. Premji, Chairman |
|
Jatin Pravinchandra Dalal, Chief Financial Officer |