6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of July 2023

Commission File Number 001-16139

Wipro Limited

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

Karnataka, India

(Jurisdiction of incorporation or organization)

Doddakannelli

Sarjapur Road

Bangalore, Karnataka 560035, India +91-80-2844-0011

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    Yes  ☐    No  ☒

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):    Yes  ☐    No  ☒

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Wipro Limited, a company organized under the laws of the Republic of India (the “Company”), hereby furnishes the Commission with the following information concerning our public disclosures regarding our results of operations for the quarter ended June 30, 2023. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On July 13, 2023, we announced our results of operations for the quarter ended June 30, 2023. We issued a press release announcing our results under IFRS, a copy of which is attached to this Form 6-K as Item 99.1.

We placed advertisements in certain Indian newspapers concerning our results of operations for the quarter ended June 30, 2023, under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Item 99.2.

We made available on our website the Condensed Consolidated Interim Financial Statements as of and for the three months ended June 30, 2023, under IFRS. A copy of such financial statements is attached to this Form 6K as Item 99.3.

We filed with stock exchanges in India a statement of statutorily audited consolidated financial results for the three months ended June 30, 2023, under IFRS. A copy of such financial statements is attached to this Form 6K as Item 99.4.

We filed with stock exchanges in India a datasheet containing operating metrics for the quarter ended June 30, 2023. A copy of such data sheet is attached to this Form 6-K as Item 99.5.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.

WIPRO LIMITED
By:	/s/ Jatin Pravinchandra Dalal
Jatin Pravinchandra Dalal
Chief Financial Officer

Dated: July 14, 2023

INDEX TO EXHIBITS

Item
99.1	IFRS Press Release
99.2	Form of Advertisement Placed in Indian Newspapers
99.3	Consolidated Interim Financial Statements under IFRS
99.4	Statutorily Audited Consolidated Financial Results filed with stock exchanges in India
99.5	Data sheet containing operating metrics filed with stock exchanges in India

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Wipro Announces Results for the Quarter ended June 30, 2023,

Delivers Net Income growth of 12% YoY

Total Bookings of $3.7 billion for the Quarter

Large deal Bookings growth of 9% YoY. Highest in last 8 Quarters

Operating Cash Flows at 130% of Net Income

EAST BRUNSWICK, N.J. | BANGALORE, India – July 13, 2023: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2023.

Highlights of the Results

Results for the Quarter ended June 30, 2023:

1. Gross Revenue reached ₹ 228.3 billion ($2.8 billion¹), an increase of 6.0% YoY

2. IT Services Segment Revenue increased to $2,778.5 million, an increase of 0.8% YoY and an increase of 6.1% YoY in INR terms

3. Non-GAAP² constant currency IT Services segment revenue decreased 2.8% QoQ, increased 1.1% YoY

4. Total Bookings³ was at $3.7 billion and large deal bookings⁴ was at $1.2 billion, up by 9% YoY

5. IT Services Operating Margin⁵ for the quarter was at 16.0%, up 112 bps YoY

6. Net Income for the quarter was at ₹ 28.7 billion ($349.8 million¹), an increase of 12.0% YoY

7. Earnings Per Share for the quarter was at ₹ 5.23 ($0.06¹), an increase of 11.5% YoY

8. Operating Cash Flows at 130% of Net Income for the quarter was at ₹ 37.5 billion ($457.1 million¹)

9. Voluntary attrition⁶ has continued to moderate QoQ, coming in at an 8-quarter low of 14% in Q1’24

Outlook for the Quarter ending September 30, 2023

We expect Revenue from our IT Services business segment to be in the range of $2,722 million to $2,805 million*. This translates to sequential guidance of -2.0% to +1.0% in constant currency terms.

* Outlook for the Quarter ending September 30, 2023, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.10, AUD/USD at 0.67, USD/INR at 82.34 and CAD/USD at 0.76

1

Performance for the Quarter ended June 30, 2023

“Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” said Thierry Delaporte, CEO and Managing Director. “Despite a gradual reduction in clients’ discretionary spending, we maintained new business momentum. We earned our clients’ trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses, and help capture market share. The launch of Wipro ai360 and the USD 1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses.”

Jatin Dalal, Chief Financial Officer, said, “Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment. Our operating Margin for the first quarter was 16% an expansion of 112 basis point YoY. We generated strong operating cash flows at 130% of our net income for the Quarter. EPS for the quarter grew by 11.5% YoY.”

Analyst Recognition

1. Wipro was positioned as a Leader in IDC MarketScape: Worldwide Artificial Intelligence Services 2023 Vendor Assessment (Doc # US49647023 May 2023)

2. Wipro was positioned as a Leader in Avasant’s Applied AI Services RadarView^™ 2022 – 2023

3. Wipro was positioned a Leader in Everest Group’s Application Automation Services PEAK Matrix^® Assessment 2023

4. Wipro was rated a Leader in Everest Group’s Enterprise Blockchain Services PEAK Matrix^® Assessment 2023

5. Wipro was featured as a Leader in Avasant’s Cybersecurity Services RadarView^™ 2023

6. Wipro was rated as a Leader in ISG Provider Lens^™ – Network-Software Defined Solutions and Services 2023 - US, UK, Germany (multiple quadrants)

7. Wipro was named as a Leader in ISG Provider Lens^™ – ServiceNow Ecosystem Partners 2023 - US (multiple quadrants)

8. Wipro was recognized as a Leader in ISG Provider Lens^™ – Salesforce Ecosystem Partners 2023—US, UK, Germany (multiple quadrants)

9. Wipro was recognized a Leader in Everest Group’s Intelligent Process Automation (IPA) PEAK Matrix^® Assessment 2023

10. Wipro was rated as a Leader in Avasant’s Multisourcing Service Integration RadarView^™ 2022 – 2023

IT Products

• IT Products segment revenue for the quarter was ₹ 0.69 billion ($8.5 million¹)

• IT Products segment results for the quarter was a loss of ₹ 0.16 billion ($2.0 million¹)

Please refer to the table on page 11 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

2

Highlights of Strategic Deal Wins

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

• A Fortune 100 global healthcare payer has extended its partnership with Wipro for a multi- year deal, consolidating and transforming their contact center operations. The Wipro team will collaborate with the client to develop solutions to reduce and deflect call volumes, improve productivity, as well as develop AI to simplify processes and improve their Net Promoter Score (NPS).

• Wipro has been awarded a contract by a leading global cycle manufacturer to run an end-to-end transformation program covering business operations in sales, manufacturing, and finance & supply chain across 15 countries. Through this program Wipro will consolidate multiple Enterprise Resource Planning (ERP) systems into a single harmonised Dynamics 365 Finance and Operations (F&O) platform. This will improve inventory and supply chain visibility, leading to better order fulfilment including contract negotiation and value realisation for the procurement function; minimize downtime through better production planning for manufacturing and create better cashflow visibility for finance; while setting up a data foundation to become an AI-driven insights-led organisation.

• A major US airport selected Wipro to help them reduce their carbon footprint, aligned to Airports Carbon Accreditation (ACA) requirements. Wipro will assist by delivering a greenhouse gas inventory analysis, carbon reduction roadmap, sustainability transparency reporting, and the design for their annual report. Wipro will leverage its unique Wipro Impact Framework to align the client to ACA accreditation requirements, while also enabling them to ready for future.

• An energy services and delivery company has selected Wipro to standardize their software development process. The project will enable the client to more efficiently develop software using automation, agile principles, continuous integration, as well as a redesigned team structure. This transformation project will allow for a better flow of business value for the client, reduce technical debt, enable cloud adoption and create an enhanced experience for their customers.

• A global transportation, e-commerce, and business services company has selected Wipro to help address challenges around business transformation, cost optimization and capacity management. The Wipro team will have the ownership and accountability of Specialized Managed Services focused on continuous improvement and outcome-based services. The Wipro team will ensure the retention of institutional knowledge of more than 50 portfolio applications delivering predictable outcomes, driving strategic initiatives, and complementing client’s optimization charter to drive better efficiencies and enhanced user experiences.

• One of the largest home improvement retailers has selected Wipro to help them operate and transform their retail and core finance functions. Wipro and the client will co-create a solution to improve operational efficiencies, optimize costs, and ensure zero disruption during peak periods. The project will also help them gain and retain key talent by supporting flexible work from home model.

3

• A leading India-based private sector bank has selected Wipro to transform their traditional Managed Services support model to a Modern Workplace model to enhance their overall user experience and create a hyper-personalized and frictionless workplace. Wipro will deliver rapid transformation through a machine-first approach with cognition, hyper- automation, and analytics. Automation will drive the resolution of up to 25% of the tickets raised. Through an employee-centric design for streamlined banking services, Wipro will enable standardized operations globally, eliminate redundancies and improve service quality with a focus on compliance. Wipro will also provide an efficient, scalable, secure, and centralized estate to improve asset and vendor management.

• A global tech giant chose Wipro to help them reduce their products’ total cost of ownership. Over the course of this multi-year deal, Wipro will set up a dedicated facility to reduce their operational cost burden. The project will involve Quality Assurance automation to improve productivity, reduce costs, and generate additional revenue.

• A general insurance company has selected Wipro to fulfil a multi-year transformation program to migrate their claims legacy landscape to the cloud. One the key aspect of this project is the migration of the client’s inbound and outbound communication as well as documentation to a cloud-based platform. To achieve this, the Wipro team built a bespoke version of our DocHawk tool to seamlessly integrate it into the client’s infrastructure. The client has seen an immediate cost saving of over 30% with the option to expand this efficiency across all other critical programs.

• A global pharmaceutical and medical device company selected Wipro to enable them to track, manage and report complaints. In this highly regulated industry, they needed a partner who had extensive experience in the medical sector, could provide multilingual support, and ensure they remained compliant with relevant regulatory bodies. Wipro devised a unique solution including a multi-lingual contact center, with the ability to support calls, emails, and surface mails. As well as a robust Quality Assurance process, in compliance with FDA guidelines, supported by an automated auditing process to ensure accuracy of data submission to government regulatory bodies, helping the client meet regulatory submission requirements.

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = ₹ 82.06, as published by the Federal Reserve Board of Governors on June 30, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2023 was US$1= ₹ 81.90

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

3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2

4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value

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

6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP

7. Effective April 1, 2023, we merged our ISRE segment with our IT Services segment. The QoQ and YoY growth rates for the quarter ended June 30, 2023 were computed by rebaselining ISRE numbers in Q4’23 and Q1’23

4

About Key Metrics and Non-GAAP Financial Measures

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

The table on page 11 provides IT Services Revenue on a constant currency basis, which is a non- GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

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

Results for the Quarter ended June 30, 2023, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:30 p.m. Indian Standard Time (10:00 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP130723

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

5

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With around 250,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

Contact for Investor Relations		Contact for Media & Press
Dipak Kumar Bohra	Abhishek Jain
Phone: +91-80-6142 7201	Phone: +91-80-6142 6143	Phone: +91-80-6142 6450
dipak.bohra@wipro.com	abhishek.jain2@wipro.com	media-relations@wipro.com

Forward-Looking Statements

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

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

# # #

(Tables to follow)

6

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

	As at March 31, 2023		As at June 30, 2023
					Convenience translation into US dollar in millions Refer footnote in page 4
ASSETS
Goodwill		307,970		306,970		3,741
Intangible assets		43,045		41,155		502
Property, plant and equipment		88,659		86,464		1,054
Right-of-Use assets		18,702		18,448		225
Financial assets
Derivative assets		29		193		2
Investments		20,720		20,782		253
Trade receivables		863		861		10
Other financial assets		6,330		6,368		78
Investments accounted for using the equity method		780		782		10
Deferred tax assets		2,100		1,942		24
Non-current tax assets		11,922		12,295		150
Other non-current assets		13,606		13,247		161
Total non-current assets		514,726		509,507		6,210
Inventories		1,188		1,375		17
Financial assets
Derivative assets		1,844		3,297		40
Investments		309,232		351,156		4,279
Cash and cash equivalents		91,880		83,616		1,019
Trade receivables		126,350		114,457		1,395
Unbilled receivables		60,515		64,467		786
Other financial assets		9,096		12,478		152
Contract assets		23,001		25,168		307
Current tax assets		5,091		4,750		58
Other current assets		32,899		30,344		370
Total current assets		661,096		691,108		8,423
TOTAL ASSETS		1,175,822		1,200,615		14,633
EQUITY
Share capital		10,976		10,978		134
Share premium		3,689		4,155		51
Retained earnings		660,964		545,698		6,650
Share-based payment reserve		5,632		6,268		76
Special Economic Zone re-investment reserve		46,803		45,891		559
Other components of equity		53,100		56,039		683
Equity attributable to the equity holders of the Company		781,164		669,029		8,153
Non-controlling interests		589		624		8
TOTAL EQUITY		781,753		669,653		8,161
LIABILITIES
Financial liabilities
Loans and borrowings		61,272		61,197		746
Lease liabilities		15,953		16,079		196
Derivative liabilities		179		45		1
Other financial liabilities		2,649		1,547		19
Deferred tax liabilities		15,153		15,772		192
Non-current tax liabilities		21,777		23,504		286
Other non-current liabilities		9,333		10,151		124
Provisions		^		—		—
Total non-current liabilities		126,316		128,295		1,564
Financial liabilities
Loans, borrowings and bank overdrafts		88,821		88,712		1,081
Lease liabilities		8,620		8,706		106
Derivative liabilities		2,825		1,448		18
Trade payables and accrued expenses		89,054		80,735		984
Other financial liabilities		4,141		123,413		1,504
Contract liabilities		22,682		19,595		239
Current tax liabilities		18,846		20,898		255
Other current liabilities		30,215		56,760		692
Provisions		2,549		2,400		29
Total current liabilities		267,753		402,667		4,908
TOTAL LIABILITIES		394,069		530,962		6,472
TOTAL EQUITY AND LIABILITIES		1,175,822		1,200,615		14,633
^ Value is less than 1

7

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

	Three months ended June 30,
	2022			2023			2023
							Convenience translation into US dollar in millions Refer footnote in page 4
Revenues		215,286			228,310			2,782
Cost of revenues		(155,600	)		(161,261	)		(1,965	)
Gross profit		59,686			67,049			817
Selling and marketing expenses		(15,359	)		(16,584	)		(202	)
General and administrative expenses		(13,471	)		(15,887	)		(194	)
Foreign exchange gains/(losses), net		1,034			(62	)		(1	)
Results from operating activities		31,890			34,516			420
Finance expenses		(2,045	)		(3,086	)		(38	)
Finance and other income		3,690			6,542			80
Share of net profit/ (loss) of associates accounted for using the equity method		(15	)		3			^
Profit before tax		33,520			37,975			462
Income tax expense		(7,931	)		(9,115	)		(111	)
Profit for the period		25,589			28,860			351
Profit attributable to:
Equity holders of the Company		25,636			28,701			349
Non-controlling interests		(47	)		159			2
Profit for the period		25,589			28,860			351
Earnings per equity share:
Attributable to equity holders of the Company
Basic		4.69			5.23			0.06
Diluted		4.67			5.12			0.06
Weighted average number of equity shares used in computing earnings per equity share
Basic		5,471,449,783			5,482,733,329			5,482,733,329
Diluted		5,485,057,994			5,600,307,315			5,600,307,315
^ Value is less than 1

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Additional Information:

	Three months ended									Year ended
Particulars	June 30, 2023			March 31, 2023			June 30, 2022			March 31, 2023
	Audited			Audited			Audited			Audited
Segment revenue
IT Services
Americas 1		65,607			66,430			61,702			261,270
Americas 2		68,303			70,563			66,613			278,374
Europe		67,134			67,562			60,276			256,845
APMEA		26,510			27,207			25,783			106,812
Total of IT Services		227,554			231,762			214,374			903,301
IT Products		694			1,131			1,946			6,047
Total segment revenue		228,248			232,893			216,320			909,348
Segment result
IT Services
Americas 1		13,537			13,445			11,570			51,555
Americas 2		14,169			15,940			13,224			59,689
Europe		9,968			11,024			7,986			37,667
APMEA		2,800			3,030			2,069			10,681
Unallocated		(3,957	)		(5,773	)		(2,844	)		(18,368	)
Total of IT Services		36,517			37,666			32,005			141,224
IT Products		(161	)		(59	)		(55	)		(176	)
Reconciling Items		(1,840	)		(30	)		(60	)		(1,442	)
Total segment result		34,516			37,577			31,890			139,606
Finance expenses		(3,086	)		(2,860	)		(2,045	)		(10,077	)
Finance and Other Income		6,542			5,463			3,690			18,185
Share of net profit/ (loss) of associates accounted for using the equity method		3			4			(15	)		(57	)
Profit before tax		37,975			40,184			33,520			147,657

9

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

IT Services: As announced on November 12, 2020, effective January 1, 2021, we re-organized our IT Services segment into four Strategic Market Units (“SMUs”)—Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM”). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

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

10

Reconciliation of selected GAAP measures to Non-GAAP measures

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

Three Months ended June 30, 2023
IT Services Revenue as per IFRS	$	2,778.5
Effect of Foreign currency exchange movement	$	(19.5	)
Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates	$	2,759.0

Three Months ended June 30, 2023
IT Services Revenue as per IFRS	$	2,778.5
Effect of Foreign currency exchange movement	$	8.1
Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year	$	2,786.6

Reconciliation of Free Cash Flow for three months ended June 30, 2023

	Amount in INR Mn
	Three months ended June 30, 2023
Net Income for the period [A]		28,860
Computation of Free Cash Flow
Net cash generated from operating activities [B]		37,513
Add/ (deduct) cash inflow/ (outflow) on:
Purchase of property, plant and equipment		(2,209	)
Proceeds from sale of property, plant and equipment		1,030
Free Cash Flow [C]		36,334
Operating Cash Flow as percentage of Net Income [B/A]		130.0	%
Free Cash Flow as percentage of Net Income [C/A]		125.9	%

11

EX-99.2

Exhibit 99.2

UNEQUAL DISTRIBUTION OF RAIN Water levels in southern reservoirs decline 30% Audited Financial Results of Wipro Limited under Ind AS p . Quarter ended Quarter ended Quarter ended Kanicuiars Jun& 3{) ZQ23 March 3112023 June 30,2022 Total income from operations (net) 225,310 231,903 215,286 Net Profit / (Loss) before tax and exceptional 37,975 40,184 33,520 items Net Profit / (Loss) before tax but after 37,975 40,184 33,520 exceptional items Net Profit / (Loss) after tax and exceptional 28,860 30,935 25,589 items Total Comprehensive Income after tax 31,717 31,685 27,150 [ Equity Share Capital 10,978 10,976 10,965 Reserves (excluding Revaluation Reserve)1 765,703 765,703 643,066 as shown in the Audited Balance Sheet Earnings Per Share (of T 2/- each) Basic: 5.23 5.61 4.69 Diluted; 5.12 5.60 4.67 ‘Balance forthe three months ended June 30r 2023 and March 31, 2023 represent balances as perthe audited consolidated balance sheet for the year ended March 31,2023 and balance for the three months ended June 30,2022 represent balances as per the audited consolidated balance sheet forthe year ended March 31,2022, as required by the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited consolidated financial results (under Ind AS) of the Company for the three months ended June 30, 2023 have been approved by the Board of Directors of the Company at its meeting held on July 13, 2023. The statutory auditors have expressed an unmodified audit opinion. Standalone Audited Financial Results of Wipro Limited under Ind AS p . . Quarter ended Quarter ended Quarter ended HarLlcuLars june ao, 2023 March 31,2023 June 30,2022 TotaL income from operations (net) 172,028 174,773 162,556 Net Profit / (Loss) before tax and exceptional 34,211 31,425 29,437 items Net Profit / (Loss) before tax but after 34,211 31,425 29,437 exceptional items Net Profit / (Loss) after tax and exceptional 25,878 22,641 22,166 items Total Comprehensive Income after tax 29,008 24,632 16,909 The audited standalone financial results (under Ind AS) of the Company for the three months ended June 30, 2023 have been approved by the Soard of Directors of the Company at its meeting held on July 13, 2023. The statutory auditors have expressed an unmodified audit opinion. Note: 1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBl (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Bombay Stock Exchange website (URL; www.bseindta.com), the National Stock Exchange website (URL; www.nseindia.com) and on the Company’s website (URL: www.wipro.com). By Order of the Board, For Wipro Limited Place: Bengaluru Rishad A. Premji Date: July 13, 2023 Chairman

EX-99.3

Exhibit 99.3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE MONTHS ENDED JUNE 30, 2023

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

	Notes		As at March 31, 2023		As at June 30, 2023
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
ASSETS
Goodwill		6		307,970		306,970		3,741
Intangible assets		6		43,045		41,155		502
Property, plant and equipment		4		88,659		86,464		1,054
Right-of-Use assets		5		18,702		18,448		225
Financial assets
Derivative assets		17		29		193		2
Investments		8		20,720		20,782		253
Trade receivables				863		861		10
Other financial assets		11		6,330		6,368		78
Investments accounted for using the equity method				780		782		10
Deferred tax assets				2,100		1,942		24
Non-current tax assets				11,922		12,295		150
Other non-current assets		12		13,606		13,247		161
Total non-current assets				514,726		509,507		6,210
Inventories		9		1,188		1,375		17
Financial assets
Derivative assets		17		1,844		3,297		40
Investments		8		309,232		351,156		4,279
Cash and cash equivalents		10		91,880		83,616		1,019
Trade receivables				126,350		114,457		1,395
Unbilled receivables				60,515		64,467		786
Other financial assets		11		9,096		12,478		152
Contract assets				23,001		25,168		307
Current tax assets				5,091		4,750		58
Other current assets		12		32,899		30,344		370
Total current assets				661,096		691,108		8,423
TOTAL ASSETS				1,175,822		1,200,615		14,633
EQUITY
Share capital				10,976		10,978		134
Share premium				3,689		4,155		51
Retained earnings				660,964		545,698		6,650
Share-based payment reserve				5,632		6,268		76
Special Economic Zone re-investment reserve				46,803		45,891		559
Other components of equity				53,100		56,039		683
Equity attributable to the equity holders of the Company				781,164		669,029		8,153
Non-controlling interests				589		624		8
TOTAL EQUITY				781,753		669,653		8,161
LIABILITIES
Financial liabilities
Loans and borrowings		13		61,272		61,197		746
Lease liabilities				15,953		16,079		196
Derivative liabilities		17		179		45		1
Other financial liabilities		14		2,649		1,547		19
Deferred tax liabilities				15,153		15,772		192
Non-current tax liabilities				21,777		23,504		286
Other non-current liabilities		15		9,333		10,151		124
Provisions		16		^		—		—
Total non-current liabilities				126,316		128,295		1,564
Financial liabilities
Loans, borrowings and bank overdrafts		13		88,821		88,712		1,081
Lease liabilities				8,620		8,706		106
Derivative liabilities		17		2,825		1,448		18
Trade payables and accrued expenses				89,054		80,735		984
Other financial liabilities		14		4,141		123,413		1,504
Contract liabilities				22,682		19,595		239
Current tax liabilities				18,846		20,898		255
Other current liabilities		15		30,215		56,760		692
Provisions		16		2,549		2,400		29
Total current liabilities				267,753		402,667		4,908
TOTAL LIABILITIES				394,069		530,962		6,472
TOTAL EQUITY AND LIABILITIES				1,175,822		1,200,615		14,633

^ Value is less than 1

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Thierry Delaporte
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Jatin Pravinchandra Dalal		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru July 13, 2023

1

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

			Three months ended June 30,
	Notes		2022			2023			2023
									Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Revenues		20		215,286			228,310			2,782
Cost of revenues		21		(155,600	)		(161,261	)		(1,965	)
Gross profit				59,686			67,049			817
Selling and marketing expenses		21		(15,359	)		(16,584	)		(202	)
General and administrative expenses		21		(13,471	)		(15,887	)		(194	)
Foreign exchange gains/(losses), net		23		1,034			(62	)		(1	)
Results from operating activities				31,890			34,516			420
Finance expenses		22		(2,045	)		(3,086	)		(38	)
Finance and other income		23		3,690			6,542			80
Share of net profit/ (loss) of associates accounted for using the equity method				(15	)		3			^
Profit before tax				33,520			37,975			462
Income tax expense		19		(7,931	)		(9,115	)		(111	)
Profit for the period				25,589			28,860			351
Profit attributable to:
Equity holders of the Company				25,636			28,701			349
Non-controlling interests				(47	)		159			2
Profit for the period				25,589			28,860			351
Earnings per equity share:		24
Attributable to equity holders of the Company
Basic				4.69			5.23			0.06
Diluted				4.67			5.12			0.06
Weighted average number of equity shares used in computing earnings per equity share
Basic				5,471,449,783			5,482,733,329			5,482,733,329
Diluted				5,485,057,994			5,600,307,315			5,600,307,315

^ Value is less than 1

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Thierry Delaporte
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Jatin Pravinchandra Dalal		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru July 13, 2023

2

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

	Three months ended June 30,
	2022			2023			2023
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Profit for the period		25,589			28,860			351
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net		312			(45	)		^
Net change in fair value of investment in equity instruments measured at fair value through OCI		1,333			16			^
		1,645			(29	)		^
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences		5,631			(362	)		(4	)
Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income		—			2			^
Net change in time value of option contracts designated as cash flow hedges		(246	)		40			^
Net change in intrinsic value of option contracts designated as cash flow hedges		(206	)		512			6
Net change in fair value of forward contracts designated as cash flow hedges		(983	)		1,648			20
Net change in fair value of investment in debt instruments measured at fair value through OCI		(4,102	)		1,039			13
		94			2,879			35
Total other comprehensive income, net of taxes		1,739			2,850			35
Total comprehensive income for the period		27,328			31,710			386
Total comprehensive income attributable to:
Equity holders of the Company		27,351			31,640			385
Non-controlling interests		(23	)		70			1
		27,328			31,710			386

^ Value is less than 1

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Thierry Delaporte
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Jatin Pravinchandra Dalal		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru July 13, 2023

3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

															Other components of 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 (2)		Cash flow hedging reserve (3)			Other reserves (2)			Equity attributable to the equity holders of the Company			Non- controlling interests			Total equity
As at April 1, 2022		5,482,070,115		10,964		1,566		551,252			5,258			47,061		26,850		1,477			13,730			658,158			515			658,673
Adjustment on adoption of amendments to IAS 37		—		—		—		(51	)		—			—		—		—			—			(51	)		—			(51	)
Adjusted balance as at April 1, 2022		5,482,070,115		10,964		1,566		551,201			5,258			47,061		26,850		1,477			13,730			658,107			515			658,622
Comprehensive income for the period
Profit for the period				—		—		25,636			—			—		—		—			—			25,636			(47	)		25,589
Other comprehensive income				—		—		—			—			—		5,607		(1,435	)		(2,457	)		1,715			24			1,739
Total comprehensive income for the period				—		—		25,636			—			—		5,607		(1,435	)		(2,457	)		27,351			(23	)		27,328
Issue of equity shares on exercise of options		276,665		1		92		—			(92	)		—		—		—			—			1			—			1
Issue of shares by controlled trust on exercise of options (1)				—		—		186			(186	)		—		—		—			—			—			—			—
Compensation cost related to employee share-based payment				—		—		2			1,430			—		—		—			—			1,432			—			1,432
Transferred to Special Economic Zone re-investment reserve				—		—		(931	)		—			931		—		—			—			—			—			—
Others				—		—		—			—			—		—		—			—			—			(77	)		(77	)
Other transactions for the period		276,665		1		92		(743	)		1,152			931		—		—			—			1,433			(77	)		1,356
As at June 30, 2022		5,482,346,780		10,965		1,658		576,094			6,410			47,992		32,457		42			11,273			686,891			415			687,306

⁽¹⁾  Includes 13,979,651 treasury shares held as at June 30, 2022 by a controlled trust. 710,078 shares have been transferred by the controlled trust to eligible employees on exercise of options during the three months ended June 30, 2022.

⁽²⁾  Refer to Note 18

⁽³⁾  Refer to Note 17

4

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

																Other components of 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 (2)			Cash flow hedging reserve (3)			Other reserves (2)		Equity attributable to the equity holders of the Company			Non- controlling interests			Total equity
As at April 1, 2023		5,487,917,741		10,976		3,689		660,964			5,632			46,803			43,255			(1,403	)		11,248		781,164			589			781,753
Comprehensive income for the period
Profit for the period		—		—		—		28,701			—			—			—			—			—		28,701			159			28,860
Other comprehensive income		—		—		—		—			—			—			(359	)		2,200			1,098		2,939			(89	)		2,850
Total comprehensive income for the period		—		—		—		28,701			—			—			(359	)		2,200			1,098		31,640			70			31,710
Issue of equity shares on exercise of options		924,252		2		466		—			(466	)		—			—			—			—		2			—			2
Issue of shares by controlled trust on exercise of options (1)		—		—		—		444			(444	)		—			—			—			—		—			—			—
Compensation cost related to employee share-based payment		—		—		—		3			1,546			—			—			—			—		1,549			—			1,549
Transferred from Special Economic Zone re-investment reserve		—		—		—		912			—			(912	)		—			—			—		—			—			—
Liability for Buyback of equity shares, including tax thereon (4)		—		—		—		(144,978	)		—			—			—			—			—		(144,978	)		—			(144,978	)
Transaction costs related to Buyback		—		—		—		(348	)		—			—			—			—			—		(348	)		—			(348	)
Others		—		—		—		—			—			—			—			—			—		—			(35	)		(35	)
Other transactions for the period		924,252		2		466		(143,967	)		636			(912	)		—			—			—		(143,775	)		(35	)		(143,810	)
As at June 30, 2023		5,488,841,993		10,978		4,155		545,698			6,268			45,891			42,896			797			12,346		669,029			624			669,653
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)				134		51		6,650			76			559			523			10			150		8,153			8			8,161

⁽¹⁾  Includes 8,607,941 treasury shares held as at June 30, 2023 by a controlled trust. 1,287,895 shares have been transferred by the controlled trust to eligible employees on exercise of options during the three months ended June 30, 2023.

⁽²⁾  Refer to Note 18

⁽³⁾  Refer to Note 17

⁽⁴⁾  Refer to Note 29

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Thierry Delaporte
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Jatin Pravinchandra Dalal		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 13, 2023

5

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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

	Three months ended June 30,
	2022			2023			2023
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Cash flows from operating activities
Profit for the period		25,589			28,860			351
Adjustments to reconcile profit for the period to net cash generated from operating activities:
(Gain)/loss on sale of property, plant and equipment, net		(122	)		78			1
Depreciation, amortization and impairment expense		7,738			7,380			90
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings		1,944			(226	)		(3	)
Share-based compensation expense		1,430			1,546			19
Share of net (profit)/loss of associates accounted for using equity method		15			(3	)		^
Income tax expense		7,931			9,115			111
Finance and other income, net of finance expenses		(1,645	)		(3,456	)		(42	)
Gain on derecognition of contingent consideration payable		(86	)		(16	)		^
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables		(7,348	)		11,933			145
Unbilled receivables and Contract assets		(7,966	)		(6,047	)		(74	)
Inventories		(337	)		(182	)		(2	)
Other assets		(3,642	)		5,292			64
Trade payables, accrued expenses, other liabilities and provisions		(14,740	)		(8,052	)		(98	)
Contract liabilities		(2,534	)		(3,072	)		(37	)
Cash generated from operating activities before taxes		6,227			43,150			525
Income taxes paid, net		(4,443	)		(5,637	)		(69	)
Net cash generated from operating activities		1,784			37,513			456
Cash flows from investing activities:
Payment for purchase of property, plant and equipment		(4,862	)		(2,209	)		(27	)
Proceeds from disposal of property, plant and equipment, including advances		167			1,030			13
Payment for purchase of investments		(166,530	)		(269,072	)		(3,279	)
Proceeds from sale of investments		176,501			239,800			2,922
Proceeds from restricted interim dividend account		27,410			—			—
Payment for business acquisitions including deposits and escrow, net of cash acquired		(46,353	)		—			—
Payment into escrow and term deposits pertaining to Buyback		—			(15,230	)		(186	)
Interest received		3,764			6,869			84
Dividend received		2			1			^
Net cash used in investing activities		(9,901	)		(38,811	)		(473	)
Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending allotment		1			2			^
Repayment of loans and borrowings		(39,979	)		(15,000	)		(183	)
Proceeds from loans and borrowings		58,645			15,000			183
Payment of lease liabilities		(2,681	)		(2,399	)		(29	)
Payment for deferred contingent consideration		(227	)		(1,286	)		(15	)
Interest and finance expenses paid		(1,787	)		(2,626	)		(32	)
Payment of dividend		(27,337	)		—			—
Payment for transaction costs related to Buyback		—			(201	)		(2	)
Net cash used in financing activities		(13,365	)		(6,510	)		(78	)
Net decrease in cash and cash equivalents during the period		(21,482	)		(7,808	)		(95	)
Effect of exchange rate changes on cash and cash equivalents		475			(461	)		(5	)
Cash and cash equivalents at the beginning of the period		103,833			91,861			1,119
Cash and cash equivalents at the end of the period (Note 10)		82,826			83,592			1,019

^ Value is less than 1

The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached	For and on behalf of the Board of Directors

for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Thierry Delaporte
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Jatin Pravinchandra Dalal		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 13, 2023

6

WIPRO LIMITED AND SUBSIDIARIES

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

1. The Company overview

Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries and controlled trusts (collectively, “we”, “us”, “our”, “the Company” or the “Group”) is a global information technology (“IT”), consulting and business process services (“BPS”) company.

Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru – 560 035, Karnataka, India. The Company has its primary listing with BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depository Shares (“ADS”) representing equity shares are also listed on the New York Stock Exchange.

The Company’s Board of Directors authorized these interim condensed consolidated financial statements for issue on July 13, 2023.

2. Basis of preparation of interim condensed consolidated financial statements

(i) Statement of compliance and basis of preparation

These interim condensed consolidated financial statements have been prepared in compliance with IAS 34, “Interim Financial Reporting”, as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2023. These interim condensed consolidated financial statements do not include all the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”).

The interim condensed consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation of Financial Statements”. For clarity, various items are aggregated in the interim condensed consolidated statements of income, interim condensed consolidated statements of comprehensive income and interim condensed consolidated statements of financial position. These items are disaggregated separately in the notes to the interim condensed consolidated financial statements, where applicable. The accounting policies have been consistently applied to all periods presented in these interim condensed consolidated financial statements except for the adoption of new accounting standards, amendments and interpretations effective from April 1, 2023.

All amounts included in the interim condensed consolidated financial statements are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. Previous period figures have been regrouped/rearranged, wherever necessary.

(ii) Basis of measurement

These interim condensed consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items which have been measured at fair value as required by relevant IFRS:

a. Derivative financial instruments;

b. Financial instruments classified as fair value through other comprehensive income or fair value through profit or loss;

c. The defined benefit liability/(asset) recognized as the present value of defined benefit obligation less fair value of plan assets; and

d. Contingent consideration.

(iii) Convenience translation (unaudited)

The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three months ended June 30, 2023, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 82.06 as published by Federal Reserve Board of Governors on June 30, 2023. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the document may not add up precisely to the totals.

(iv) Use of estimates and judgment

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires the management to make judgments, accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Accounting estimates are monetary amounts in the interim condensed consolidated financial statements that are subject to measurement uncertainty. An accounting policy may require items in the interim condensed consolidated financial statements to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available and reliable information. Actual results may differ from those accounting estimates.

Accounting estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected. In particular, information about material areas of estimation, uncertainty and critical judgments in applying accounting policies that have material effect on the amounts recognized in the interim condensed consolidated financial statements are included in the following notes:

7

a) Revenue recognition: The Company applies judgement to determine whether each product or service promised to a customer is capable of being distinct, and is distinct in the context of the contract, if not, the promised product or service is combined and accounted as a single performance obligation. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive (the “Transaction Price”). The Company allocates the Transaction Price to separately identifiable performance obligation deliverables based on their relative stand-alone selling price. In cases where the Company is unable to determine the stand-alone selling price the Company uses expected cost-plus margin approach in estimating the stand-alone selling price. The Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, revenue recognized, profit and timing of revenue for remaining performance obligations are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable. Volume discounts are recorded as a reduction of revenue. When the amount of discount varies with the levels of revenue, volume discount is recorded based on estimate of future revenue from the customer.

b) Impairment testing: Goodwill recognized on business combination is tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of goodwill or a cash generating unit to which goodwill pertains, is less than the carrying value. The Company assesses acquired intangible assets with finite useful life for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of an asset or a cash generating unit is higher of value-in-use and fair value less cost of disposal. The calculation of value in use of an asset or a cash generating unit involves use of significant estimates and assumptions which include turnover, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

c) Income taxes: The major tax jurisdictions for the Company are India and the United States of America.

Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.

Deferred tax is recorded on temporary differences between the tax bases of assets and liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of deferred tax assets considered realizable, however, could reduce in the near term if estimates of future taxable income during the carry-forward period are reduced.

d) Business combinations: In accounting for business combinations, judgment is required to assess whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired (including useful life estimates), liabilities assumed, and contingent consideration assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these judgments, estimates, and assumptions can materially affect the results of operations.

e) Defined benefit plans and compensated absences: The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

f) Expected credit losses on financial assets: The impairment provisions of financial assets are based on assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the expected credit loss calculation based on the Company’s history of collections, customer’s creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.

g) Useful lives of property, plant and equipment: The Company depreciates property, plant and equipment on a straight-line basis over estimated useful lives of the assets. The charge in respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.

h) Useful lives of intangible assets: The Company amortizes intangible assets on a straight-line basis over estimated useful lives of the assets. The useful life is estimated based on a number of factors including the effects of obsolescence, demand, competition and other economic factors such as the stability of the industry and known technological advances and the level of maintenance expenditures required to obtain the expected future cash flows from the assets. The estimated useful life is reviewed at least annually.

8

i) Provisions and contingent liabilities: The Company estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting date and are adjusted to reflect the current best estimates.

The Company uses significant judgement to disclose contingent liabilities. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the financial statements.

3. Material accounting policy information

Please refer to the Company’s Annual report for the year ended March 31, 2023, for a discussion of the Company’s other material accounting policy information except for the adoption of new accounting standards, amendments and interpretations effective on or after April 1, 2023.

New amendment adopted by the Company effective from April 1, 2023:

Amendments to IAS 1 – Presentation of Financial Statements: On January 23, 2020, the IASB issued “Classification of liabilities as Current or Non-Current (Amendments to IAS 1)” providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangement in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies to determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments also clarified the classification requirements for debt a company might settle by converting it into equity. These amendments are effective for annual reporting periods beginning on or after January 1, 2023, and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IAS 1 did not have any material impact on the interim condensed consolidated financial statements.

Amendments to IAS 1 – Presentation of Financial Statements: On October 31, 2022, IASB issued ‘Non-current Liabilities with Covenants (Amendments to IAS 1)’. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. The amendments are effective for reporting periods beginning on or after January 1, 2024, with earlier application permitted. The adoption of these amendments to IAS 1 did not have any material impact on the interim condensed consolidated financial statements.

Amendments to IAS 12 – “Income Taxes”: On May 7, 2021, the IASB amended IAS 12 “Income Taxes” and published ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)’ that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. The amendments clarify that this exemption does not apply to transactions such as leases and decommissioning obligations and companies are required to recognize deferred tax on such transactions. These amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively, with earlier application permitted. The adoption of these amendments to IAS 12 did not have any material impact on the interim condensed consolidated financial statements.

New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2023 and have not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the interim condensed consolidated financial statements of the Company are:

Amendments to IAS 12 – “Income Taxes”: On 23 May 2023, the IASB issued International Tax Reform—Pillar Two Model Rules—Amendments to IAS 12 “Income Taxes” to clarify the application of IAS 12 to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The Amendments introduced:

a) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and

b) disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.

The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. The Company is currently evaluating the impact of these amendments on the consolidated financial statements.

Amendments to IFRS 16 – Leases: On September 22, 2022, IASB issued ‘Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)’ that specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16 and will not change the accounting for leases unrelated to sale and leaseback transactions. These amendments are effective for annual reporting periods beginning on or after January 1, 2024, and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IFRS 16 is not expected to have any material impact on the interim condensed consolidated financial statements.

9

4. Property, plant and equipment

	Land			Buildings			Plant and			Furniture			Office			Vehicles			Total
							equipment (1)			fixtures			equipment
Gross carrying value:
As at April 1, 2022	₹	4,813		₹	40,686		₹	123,471		₹	15,386		₹	7,259		₹	317		₹	191,932
Additions		—			38			3,720			242			84			1			4,085
Additions through Business																				373
combinations		—			7			357			6			—			3
Disposals		(3	)		(7	)		(490	)		(2	)		(6	)		—			(508	)
Translation adjustment		(4	)		(18	)		319			6			(3	)		—			300
As at June 30, 2022	₹	4,806		₹	40,706		₹	127,377		₹	15,638		₹	7,334		₹	321		₹	196,182
Accumulated depreciation/ impairment:
As at April 1, 2022	₹	—		₹	10,003		₹	90,465		₹	10,814		₹	5,743		₹	297		₹	117,322
Depreciation and impairment		—			318			3,390			395			150			2			4,255
Disposals		—			(1	)		(439	)		(1	)		(6	)		—			(447	)
Translation adjustment		—			3			320			9			(3	)		—			329
As at June 30, 2022	₹	—		₹	10,323		₹	93,736		₹	11,217		₹	5,884		₹	299		₹	121,459
Capital work-in-progress																			₹	16,953
Net carrying value including Capital work-in-progress as at June 30, 2022																			₹	91,676
Gross carrying value:
As at April 1, 2022	₹	4,813		₹	40,686		₹	123,471		₹	15,386		₹	7,259		₹	317		₹	191,932
Additions		40			7,269			12,191			3,917			964			7			24,388
Additions through Business combinations		—			7			357			6			—			3			373
Disposals		(3	)		(435	)		(20,016	)		(1,325	)		(474	)		(168	)		(22,421	)
Translation adjustment		10			173			1,729			102			69			2			2,085
As at March 31, 2023	₹	4,860		₹	47,700		₹	117,732		₹	18,086		₹	7,818		₹	161		₹	196,357
Accumulated depreciation/ impairment:
As at April 1, 2022	₹	—		₹	10,003		₹	90,465		₹	10,814		₹	5,743		₹	297		₹	117,322
Depreciation and impairment		—			1,217			13,305			1,794			600			10			16,926
Disposals		—			(395	)		(19,655	)		(1,158	)		(463	)		(163	)		(21,834	)
Translation adjustment		—			102			1,386			70			48			1			1,607
As at March 31, 2023	₹	—		₹	10,927		₹	85,501		₹	11,520		₹	5,928		₹	145		₹	114,021
Capital work-in-progress																			₹	6,323
Net carrying value including Capital work-in-progress as at March 31, 2023																			₹	88,659
Gross carrying value:
As at April 1, 2023	₹	4,860		₹	47,700		₹	117,732		₹	18,086		₹	7,818		₹	161		₹	196,357
Additions		—			97			1,176			446			60			1			1,780
Disposals		—			(1	)		(3,661	)		(38	)		(1	)		—			(3,701	)
Translation adjustment		(1	)		26			(16	)		(6	)		(14	)		1			(10	)
As at June 30, 2023	₹	4,859		₹	47,822		₹	115,231		₹	18,488		₹	7,863		₹	163		₹	194,426
Accumulated depreciation/ impairment:
As at April 1, 2023	₹	—		₹	10,927		₹	85,501		₹	11,520		₹	5,928		₹	145		₹	114,021
Depreciation and impairment		—			358			2,993			532			162			2			4,047
Disposals		—			(1	)		(3,312	)		(26	)		(1	)		—			(3,340	)
Translation adjustment		—			13			(14	)		—			(9	)		1			(9	)
As at June 30, 2023	₹	—		₹	11,297		₹	85,168		₹	12,026		₹	6,080		₹	148		₹	114,719
Capital work-in-progress																			₹	6,757
Net carrying value including Capital work-in-progress as at June 30, 2023																			₹	86,464

⁽¹⁾  Including net carrying value of computer equipment and software amounting to ₹ 25,828, ₹ 22,425 and ₹ 20,495, as at June 30, 2022, March 31, 2023 and June 30, 2023, respectively.

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5. Right-of-Use assets

	Category of Right-of-Use asset
	Land		Buildings			Plant and equipment (1)			Vehicles			Total
Gross carrying value:
As at April 1, 2022	₹	1,278	₹	25,993		₹	2,511		₹	904		₹	30,686
Additions		—		1,433			45			72			1,550
Additions through business combinations		—		201			—			—			201
Disposals		—		(919	)		—			(88	)		(1,007	)
Translation adjustment		—		(23	)		—			(14	)		(37	)
As at June 30, 2022	₹	1,278	₹	26,685		₹	2,556		₹	874		₹	31,393
Accumulated depreciation:
As at April 1, 2022	₹	58	₹	9,676		₹	1,512		₹	570		₹	11,816
Depreciation		5		1,386			125			74			1,590
Disposals		—		(739	)		—			(81	)		(820	)
Translation adjustment		—		17			9			(8	)		18
As at June 30, 2022	₹	63	₹	10,340		₹	1,646		₹	555		₹	12,604
Net carrying value as at June 30, 2022												₹	18,789
Gross carrying value:
As at April 1, 2022	₹	1,278	₹	25,993		₹	2,511		₹	904		₹	30,686
Additions		—		6,015			1,109			236			7,360
Additions through business combinations		—		201			—			—			201
Disposals		—		(5,085	)		(1,160	)		(317	)		(6,562	)
Translation adjustment		—		822			120			42			984
As at March 31, 2023	₹	1,278	₹	27,946		₹	2,580		₹	865		₹	32,669
Accumulated depreciation:
As at April 1, 2022	₹	58	₹	9,676		₹	1,512		₹	570		₹	11,816
Depreciation		19		5,651			614			238			6,522
Disposals		—		(3,564	)		(1,003	)		(263	)		(4,830	)
Translation adjustment		—		364			69			26			459
As at March 31, 2023	₹	77	₹	12,127		₹	1,192		₹	571		₹	13,967
Net carrying value as at March 31, 2023												₹	18,702
Gross carrying value:
As at April 1, 2023	₹	1,278	₹	27,946		₹	2,580		₹	865		₹	32,669
Additions		—		1,520			—			64			1,584
Disposals		—		(934	)		(367	)		(42	)		(1,343	)
Translation adjustment		—		(20	)		6			(3	)		(17	)
As at June 30, 2023	₹	1,278	₹	28,512		₹	2,219		₹	884		₹	32,893
Accumulated depreciation:
As at April 1, 2023	₹	77	₹	12,127		₹	1,192		₹	571		₹	13,967
Depreciation		5		1,361			109			48			1,523
Disposals		—		(706	)		(292	)		(35	)		(1,033	)
Translation adjustment		—		(10	)		—			(2	)		(12	)
As at June 30, 2023	₹	82	₹	12,772		₹	1,009		₹	582		₹	14,445
Net carrying value as at June 30, 2023												₹	18,448

⁽¹⁾  Comprised of net carrying value of computer equipment.

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

	For the period ended
	March 31, 2023			June 30, 2023
Balance at the beginning of the period	₹	246,989		₹	307,970
Translation adjustment		20,335			(511	)
Acquisition through business combinations(1)		40,687			(489	)
Disposals		(41	)		—
Balance at the end of the period	₹	307,970		₹	306,970

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⁽¹⁾  Acquisition through business combinations for the year ended March 31, 2023 and three months ended June 30, 2023 is after considering the impact of ₹ 57 and ₹ 489 towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2022 and 2023, respectively.

The movement in intangible assets is given below:

	Intangible assets
	Customer-related			Marketing- related			Total
Gross carrying value:
As at April 1, 2022	₹	43,366		₹	11,428		₹	54,794
Acquisition through business combinations		5,480			482			5,962
Deductions/adjustments (1)		(38	)		—			(38	)
Translation adjustment		1,522			411			1,933
As at June 30, 2022	₹	50,330		₹	12,321		₹	62,651
Accumulated amortization/ impairment:
As at April 1, 2022	₹	9,483		₹	1,756		₹	11,239
Amortization and impairment		1,455			438			1,893
Translation adjustment		266			54			320
As at June 30, 2022	₹	11,204		₹	2,248		₹	13,452
Net carrying value as at June 30, 2022	₹	39,126		₹	10,073		₹	49,199
Gross carrying value:
As at April 1, 2022	₹	43,366		₹	11,428		₹	54,794
Acquisition through business combinations		5,602			482			6,084
Deductions/adjustments (1)		(2,555	)		(862	)		(3,417	)
Translation adjustment		3,400			876			4,276
As at March 31, 2023	₹	49,813		₹	11,924		₹	61,737
Accumulated amortization/ impairment:
As at April 1, 2022	₹	9,483		₹	1,756		₹	11,239
Amortization and impairment (2)		7,718			2,236			9,954
Deductions/adjustments		(2,519	)		(862	)		(3,381	)
Translation adjustment		735			145			880
As at March 31, 2023	₹	15,417		₹	3,275		₹	18,692
Net carrying value as at March 31, 2023	₹	34,396		₹	8,649		₹	43,045
Gross carrying value:
As at April 1, 2023	₹	49,813		₹	11,924		₹	61,737
Translation adjustment		(98	)		(25	)		(123	)
As at June 30, 2023	₹	49,715		₹	11,899		₹	61,614
Accumulated amortization/ impairment:
As at April 1, 2023	₹	15,417		₹	3,275		₹	18,692
Amortization and impairment		1,420			390			1,810
Translation adjustment		(34	)		(9	)		(43	)
As at June 30, 2023	₹	16,803		₹	3,656		₹	20,459
Net carrying value as at June 30, 2023	₹	32,912		₹	8,243		₹	41,155

⁽¹⁾  Includes ₹ 38 and ₹ 36 for the period ended June 30, 2022 and March 31, 2023 respectively, towards measurement period adjustment in customer-related intangible in an acquisition completed during the year ended March 31, 2022.

⁽²⁾  During the year ended March 31, 2023, decline in the revenue and earnings estimates led to revision of recoverable value of customer-relationship intangible assets and marketing related intangible assets recognized on business combinations. Consequently, the Company has recognized impairment charge of ₹ 1,816 for the year ended March 31, 2023, as part of amortization and impairment.

Amortization expense on intangible assets is included in selling and marketing expenses in the interim condensed consolidated statement of income.

12

7. Business combinations

Rizing Intermediate Holdings, Inc and its subsidiaries (“Rizing”), a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer industries, and human experience management. Rizing complements the Company in capabilities (EAM, HCM and S/4HANA), in industries such as Energy and Utilities, Retail and Consumer Products, Manufacturing and Hi Tech in geographies across North America, Europe, Asia, and Australia. The acquisition was consummated on May 20, 2022, for total cash consideration of ₹ 43,845. During the three months ended June 30, 2023, the Company finalized the purchase price allocation as below.

Description	Amount
Net assets	₹	4,425
Fair value of customer-related intangibles		3,894
Fair value of marketing-related intangibles		482
Deferred tax liabilities on intangible assets		(1,750	)
Total	₹	7,051
Goodwill		36,794
Total purchase price	₹	43,845
Net Assets include:
Cash and cash equivalents	₹	2,114
Fair value of acquired trade receivables included in net assets	₹	3,220
Gross contractual amount of acquired trade receivables	₹	3,233
Less: Allowance for lifetime expected credit loss		(13	)

The goodwill of ₹ 36,794 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is allocated to IT Services segment and is not deductible for income tax purposes.

8. Investments

	As at
	March 31, 2023		June 30, 2023
Non-current
Financial instruments at FVTPL
Equity instruments	₹	3,773	₹	3,812
Fixed maturity plan mutual funds		1,300		1,324
Financial instruments at FVTOCI
Equity instruments		15,647		15,646
Financial instruments at amortized cost
Inter corporate and term deposits		^		^
	₹	20,720	₹	20,782
Current
Financial instruments at FVTPL
Short-term mutual funds	₹	40,262	₹	157,972
Financial instruments at FVTOCI
Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds		245,195		160,675
Financial instruments at amortized cost
Inter corporate and term deposits (1)		23,775		32,509
	₹	309,232	₹	351,156
	₹	329,952	₹	371,938

^ Value is less than 1

⁽¹⁾  These deposits earn a fixed rate of interest. Term deposits include current deposits in lien with banks primarily on account of term deposits of ₹ 12,951 (March 31, 2023: ₹ 653) held as margin money deposits against guarantees including ₹ 12,472 towards buyback of equity shares (Refer to Note 29).

9. Inventories

	As at
	March 31, 2023		June 30, 2023
Stores and spare parts	₹	30	₹	33
Finished and traded goods		1,158		1,342
	₹	1,188	₹	1,375

10. Cash and cash equivalents

	As at
	March 31, 2023		June 30, 2023
Cash and bank balances	₹	60,417	₹	61,996
Demand deposits with banks (1)		31,463		21,620
	₹	91,880	₹	83,616

⁽¹⁾  These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal.

13

Cash and cash equivalents consist of the following for the purpose of the statement of cash flows:

	As at
	June 30, 2022			June 30, 2023
Cash and cash equivalents	₹	82,828		₹	83,616
Bank overdrafts		(2	)		(24	)
	₹	82,826		₹	83,592

11. Other financial assets

	As at
	March 31, 2023		June 30, 2023
Non-current
Security deposits	₹	1,566	₹	1,315
Finance lease receivables		4,742		5,035
Others		22		18
	₹	6,330	₹	6,368
Current
Security deposits	₹	1,549	₹	1,964
Dues from officers and employees		735		731
Interest receivables		386		635
Finance lease receivables		5,672		5,604
Escrow balances with bank for buyback of equity shares		—		3,000
Others		754		544
	₹	9,096	₹	12,478
	₹	15,426	₹	18,846

12. Other assets

	As at
	March 31, 2023		June 30, 2023
Non-current
Prepaid expenses	₹	5,375	₹	5,120
Costs to obtain contract (1)		2,936		2,675
Costs to fulfil contract (2)		261		246
Others		5,034		5,206
	₹	13,606	₹	13,247
Current
Prepaid expenses	₹	19,164	₹	19,594
Dues from officers and employees		799		704
Advance to suppliers		2,506		1,221
Balance with GST and other authorities		7,929		6,431
Costs to obtain contract (1)		978		970
Costs to fulfil contract (2)		59		59
Others		1,464		1,365
	₹	32,899	₹	30,344
	₹	46,505	₹	43,591

⁽¹⁾  Costs to obtain contract amortization of ₹ 214 and ₹ 328 during the three months ended June 30, 2022 and 2023 respectively.

⁽²⁾  Costs to fulfil contract amortization of ₹ 14 and ₹ 15 during the three months ended June 30, 2022 and 2023 respectively.

13. Loans, borrowings and bank overdrafts

	As at
	March 31, 2023		June 30, 2023
Non-current
Unsecured Notes 2026	₹	61,272	₹	61,197
	₹	61,272	₹	61,197
Current
Borrowings from banks	₹	88,745	₹	88,631
Loans from institutions other than banks		57		57
Bank overdrafts		19		24
	₹	88,821	₹	88,712
	₹	150,093	₹	149,909

14

14. Other financial liabilities

	As at
	March 31, 2023		June 30, 2023
Non-current
Contingent consideration (Refer to Note 17)	₹	1,545	₹	535
Deposits and others		1,104		1,012
	₹	2,649	₹	1,547
Current
Liability towards buyback of equity shares	₹	—	₹	120,000
Contingent consideration (Refer to Note 17)		1,508		1,234
Advance from customers		1,373		1,095
Cash settled ADS RSUs		6		4
Capital creditors		215		220
Deposits and others		1,039		860
	₹	4,141	₹	123,413
	₹	6,790	₹	124,960

15. Other liabilities

	As at
	March 31, 2023		June 30, 2023
Non-current
Employee benefits obligations	₹	2,947	₹	3,214
Others		6,386		6,937
	₹	9,333	₹	10,151
Current
Tax on liability towards buyback of equity shares	₹	—	₹	24,978
Employee benefits obligations		15,885		16,052
Statutory and other liabilities		13,155		13,613
Advance from customers and others		645		1,479
Others		530		638
	₹	30,215	₹	56,760
	₹	39,548	₹	66,911

16. Provisions

	As at
	March 31, 2023		June 30, 2023
Non-current
Provision for warranty	₹	^	₹	—
	₹	^	₹	—
Current
Provision for onerous contracts	₹	1,590	₹	1,672
Provision for warranty		456		230
Others		503		498
	₹	2,549	₹	2,400
	₹	2,549	₹	2,400

^ Value is less than 1

17. Financial instruments:

Derivative assets and liabilities:

The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company is also exposed to interest rate fluctuations on investments in floating rate financial assets and floating rate borrowings. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, interest rates, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparty as immaterial.

15

The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:

(in million)

	As at
	March 31, 2023						June 30, 2023
	Notional			Fair value			Notional			Fair value
Designated derivative instruments
Sell: Forward contracts		USD	977	₹	(262	)		USD	1,179	₹	1,248
		€	94	₹	(497	)		€	93	₹	(249	)
		£	138	₹	(728	)		£	152	₹	(711	)
		AUD	89	₹	9			AUD	65	₹	26
Range forward option contracts		USD	1,157	₹	(19	)		USD	958	₹	692
		€	49	₹	(112	)		€	47	₹	(3	)
		£	60	₹	(69	)		£	47	₹	(54	)
		AUD	34	₹	29			AUD	58	₹	(91	)
Interest rate swaps		INR	4,750	₹	(113	)		INR	4,750	₹	(94	)
		USD	—	₹	—			USD	200	₹	333
Non-designated derivative instruments
Sell: Forward contracts (1)		USD	1,550	₹	736			USD	1,552	₹	713
		€	171	₹	(176	)		€	200	₹	126
		£	129	₹	(100	)		£	114	₹	56
		AUD	56	₹	69			AUD	41	₹	(9	)
		SGD	14	₹	1			SGD	14	₹	8
		ZAR	43	₹	(7	)		ZAR	—	₹	—
		CAD	69	₹	(25	)		CAD	20	₹	(7	)
		SAR	147	₹	(6	)		SAR	206	₹	(4	)
		CHF	9	₹	5			CHF	—	₹	—
		QAR	4	₹	(2	)		QAR	—	₹	—
		TRY	30	₹	(1	)		TRY	86	₹	16
		NOK	13	₹	6			NOK	—	₹	—
		OMR	1	₹	^			OMR	2	₹	(1	)
		SEK	3	₹	^			SEK	—	₹	—
		JPY	784	₹	6			JPY	400	₹	8
		DKK	33	₹	(4	)		DKK	33	₹	5
		AED	20	₹	^			AED	5	₹	^
		CNH	1	₹	^			CNH	1	₹	1
Buy: Forward contracts		AED	5	₹	^			AED	—	₹	—
		NOK	12	₹	^			NOK	95	₹	(10	)
		QAR	4	₹	2			QAR	11	₹	4
		ZAR	7	₹	1			ZAR	51	₹	^
		PLN	26	₹	13			PLN	18	₹	11
		SEK	—	₹	—			SEK	15	₹	(6	)
		JPY	—	₹	—			JPY	261	₹	(11	)
Range forward option contracts		USD	30	₹	31			USD	—	₹	—
Interest rate swaps		USD	200	₹	82			USD	—	₹	—
				₹	(1,131	)				₹	1,997

^ Value is less than 1

⁽¹⁾  USD 1,550 and USD 1,552 includes USD/PHP sell forward of USD 77 and USD 117 as at March 31, 2023 and June 30, 2023, respectively.

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

16

The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:

	Three months ended June 30,
	2022			2023
Balance as at the beginning of the period	₹	1,943		₹	(1,762	)
Changes in fair value of effective portion of derivatives		(1,033	)		1,846
Net (gain)/loss reclassified to statement of income on occurrence of hedged transactions (1)		(855	)		1,013
Ineffective portion of derivative instruments classified to statement of income		—			(33	)
Gain/(loss) on cash flow hedging derivatives, net	₹	(1,888	)	₹	2,826
Balance as at the end of the period	₹	55		₹	1,064
Deferred tax thereon		(13	)		(267	)
Balance as at the end of the period, net of deferred tax	₹	42		₹	797

⁽¹⁾  Includes net (gain)/loss reclassified to revenue of ₹ (794) and ₹ 914 for the three months ended June 30, 2022, and 2023, respectively and net (gain)/loss reclassified to cost of revenues of ₹ (61) and ₹ 99 for the three months ended June 30, 2022, and 2023, respectively.

As at June 30, 2022 and 2023, there were no significant gains or losses on derivative transactions or portions thereof that have become ineffective as hedges or associated with an underlying exposure that did not occur.

Fair value:

Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, trade payables and accrued expenses, and eligible current liabilities and non-current liabilities.

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, short-term loans, borrowings and bank overdrafts, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these instruments. Finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for estimated credit losses on these receivables. As at March 31, 2023 and June 30, 2023, the carrying value of such receivables, net of allowances approximates the fair value. The Company’s Unsecured Notes 2026 are contracted at fixed coupon rate of 1.50% and market yield of Unsecured Notes 2026 as of June 30, 2023 is 5.653%.

Investments in short-term mutual funds and fixed maturity plan mutual funds, which are classified as FVTPL are measured using net asset values at the reporting date multiplied by the quantity held. Fair value of investments in non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds classified as FVTOCI is determined based on the indicative quotes of price and yields prevailing in the market at the reporting date. Fair value of investments in equity instruments classified as FVTOCI or FVTPL is determined using market approach primarily based on market multiples method.

The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves and currency volatility.

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There were no transfer between Level 1, 2 and 3 during the year ended March 31, 2023 and three months ended June 30, 2023.

17

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

	As at
	March 31, 2023											June 30, 2023
	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	₹	772		₹	—	₹	772		₹	—		₹	2,380		₹	—	₹	2,380		₹	—
Others		1,101			—		1,101			—			1,110			—		1,110			—
Investments:
Short-term mutual funds		40,262			40,262		—			—			157,972			157,972		—			—
Fixed maturity plan mutual funds		1,300			—		1,300			—			1,324			—		1,324			—
Equity instruments		19,420			99		—			19,321			19,458			74		—			19,384
Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds		245,195			1,256		243,939			—			160,675			1,250		159,425			—
Liabilities
Derivative instruments:
Cash flow hedges	₹	(2,534	)	₹	—	₹	(2,534	)	₹	—		₹	(1,316	)	₹	—	₹	(1,316	)	₹	—
Others		(470	)		—		(470	)		—			(177	)		—		(177	)		—
Contingent consideration		(3,053	)		—		—			(3,053	)		(1,769	)		—		—			(1,769	)

The following methods and assumptions were used to estimate the fair value of the level 2 financial instruments included in the above table.

Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at June 30, 2023, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

Investment in Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds: Fair value of these instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.

Investment in fixed maturity plan mutual funds: Fair value of these instruments is derived based on the indicative quotes of price prevailing in the market as at reporting date.

The following methods and assumptions were used to estimate the fair value of the level 3 financial instruments included in the above table.

Investment in equity instruments: Fair value of these instruments is determined using market approach primarily based on market multiples method.

Details of assets and liabilities considered under Level 3 classification

	As at
Investment in equity instruments	March 31, 2023			June 30, 2023
Balance at the beginning of the period	₹	16,324		₹	19,321
Additions		2,093			78
Disposals (1)		(632	)		(46	)
Unrealized gain/(loss) recognized in statement of income		(2	)		(12	)
Gain recognized in other comprehensive income		291			19
Translation adjustment		1,247			24
Balance at the end of the period	₹	19,321		₹	19,384

⁽¹⁾  During the year ended March 31, 2023, the Company sold its shares in Vicarious FPC, Inc. and Harte Hanks Inc. at a fair value of ₹ 1,150 and recognized a cumulative gain of ₹30 in other comprehensive income.

18

	As at
Contingent consideration	March 31, 2023			June 30, 2023
Balance at the beginning of the period	₹	(4,329	)	₹	(3,053	)
Additions		(1,662	)		—
Reversals (1)		1,671			16
Payouts		1,784			1,286
Finance expense recognized in statement of income		(131	)		(20	)
Translation adjustment		(386	)		2
Balance at the end of the period	₹	(3,053	)	₹	(1,769	)

⁽¹⁾  Towards change in fair value of earn-out liability as a result of changes in estimates of revenue and earnings over the earn-out period.

18. Foreign currency translation reserve and Other reserves

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

	Three months ended June 30,
	2022		2023
Balance at the beginning of the period	₹	26,850	₹	43,255
Translation difference related to foreign operations, net		5,607		(361	)
Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income		—		2
Balance at the end of the period	₹	32,457	₹	42,896

The movement in other reserves is summarized below:

	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, 2022	₹	(498	)	₹	3,018		₹	10,088	₹	1,122
Other comprehensive income		312			(4,102	)		1,333		—
As at June 30, 2022	₹	(186	)	₹	(1,084	)	₹	11,421	₹	1,122
As at April 1, 2023	₹	(548	)	₹	(119	)	₹	10,793	₹	1,122
Other comprehensive income		43			1,039			16		—
As at June 30, 2023	₹	(505	)	₹	920		₹	10,809	₹	1,122

19. Income taxes

	Three months ended June 30,
	2022			2023
Income tax expense as per the interim condensed consolidated statement of income	₹	7,931		₹	9,115
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities		(393	)		162
Gains/(losses) on cash flow hedging derivatives		(453	)		626
Remeasurements of the defined benefit plans		95			33
	₹	7,180		₹	9,936

Income tax expense consists of the following:

	Three months ended June 30,
	2022			2023
Current taxes	₹	9,029		₹	9,135
Deferred taxes		(1,098	)		(20	)
	₹	7,931		₹	9,115

Income tax expenses are net of reversal of taxes pertaining to earlier periods, amounting to ₹ (68) and ₹ (627) for the three months ended June 30, 2022 and 2023, respectively.

19

For the three months ended June 30, 2023, the Company has applied mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules under International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12.

20. Revenues

The tables below present disaggregated revenue from contracts with customers by business segment (Refer to Note 27 “Segment Information”), sector and nature of contract. The Company believes that the below disaggregation best depicts the nature, amount, timing and uncertainty of revenue and cash flows from economic factors.

Effective April 1, 2023, the Company has reorganized its segments by merging India State Run Enterprises (“ISRE”) segment as part of its APMEA SMU within IT Services segment. Comparative period disaggregated revenue information has been restated to give effect to this change.

20

Information on disaggregation of revenues for the three months ended June 30, 2022 is as follows:

	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total
A. Revenue
Rendering of services	₹	61,440	₹	66,300	₹	59,957	₹	25,643	₹	213,340	₹	—	₹	213,340
Sale of products		—		—		—		—		—		1,946		1,946
	₹	61,440	₹	66,300	₹	59,957	₹	25,643	₹	213,340	₹	1,946	₹	215,286
B. Revenue by sector
Banking, Financial Services and Insurance	₹	1,085	₹	40,988	₹	24,536	₹	9,094	₹	75,703
Health		19,444		42		3,929		884		24,299
Consumer		25,721		896		8,820		4,193		39,630
Communications		3,192		341		3,134		3,883		10,550
Energy, Natural Resources and Utilities		217		9,273		9,304		4,986		23,780
Manufacturing		17		7,843		5,583		904		14,347
Technology		11,764		6,917		4,651		1,699		25,031
	₹	61,440	₹	66,300	₹	59,957	₹	25,643	₹	213,340	₹	1,946	₹	215,286
C. Revenue by nature of contract
Fixed price and volume based	₹	35,884	₹	33,859	₹	33,977	₹	15,224	₹	118,944	₹	—	₹	118,944
Time and materials		25,556		32,441		25,980		10,419		94,396		—		94,396
Products		—		—		—		—		—		1,946		1,946
	₹	61,440	₹	66,300	₹	59,957	₹	25,643	₹	213,340	₹	1,946	₹	215,286

Information on disaggregation of revenues for the three months ended June 30, 2023 is as follows:

	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total
A. Revenue
Rendering of services	₹	65,622	₹	68,321	₹	67,155	₹	26,518	₹	227,616	₹	—	₹	227,616
Sale of products		—		—		—		—		—		694		694
	₹	65,622	₹	68,321	₹	67,155	₹	26,518	₹	227,616	₹	694	₹	228,310
B. Revenue by sector
Banking, Financial Services and Insurance	₹	784	₹	42,015	₹	25,522	₹	9,041	₹	77,362
Health		21,727		85		4,823		1,250		27,885
Consumer		26,355		1,114		10,799		4,269		42,537
Communications		3,486		347		3,123		3,462		10,418
Energy, Natural Resources and Utilities		106		10,294		11,111		5,845		27,356
Manufacturing		47		8,484		6,893		1,038		16,462
Technology		13,117		5,982		4,884		1,613		25,596
	₹	65,622	₹	68,321	₹	67,155	₹	26,518	₹	227,616	₹	694	₹	228,310
C. Revenue by nature of contract
Fixed price and volume based	₹	37,524	₹	35,450	₹	39,723	₹	15,942	₹	128,639	₹	—	₹	128,639
Time and materials		28,098		32,871		27,432		10,576		98,977		—		98,977
Products		—		—		—		—		—		694		694
	₹	65,622	₹	68,321	₹	67,155	₹	26,518	₹	227,616	₹	694	₹	228,310

21

21. Expenses by nature

	Three months ended June 30,
	2022			2023
Employee compensation	₹	126,134		₹	140,276
Sub-contracting and technical fees		29,454			26,385
Cost of hardware and software		2,143			806
Travel		3,070			4,175
Facility expenses (1)		3,299			3,452
Software license expense for internal use (1)		4,577			4,607
Depreciation, amortization and impairment		7,738			7,380
Communication		1,543			1,249
Legal and professional fees (2)		3,893			2,251
Rates, taxes and insurance		1,497			1,462
Marketing and brand building		900			977
Lifetime expected credit loss/ (write-back)		(22	)		300
Miscellaneous expenses (2)		204			412
Total cost of revenues, selling and marketing expenses and general and administrative expenses	₹	184,430		₹	193,732

⁽¹⁾  Software license expense for internal use has been reclassified from Facility expenses to a separate nature of expense for the three months ended June 30, 2022.

⁽²⁾  Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and professional fees for the three months ended June 30, 2022.

22. Finance expenses

	Three months ended June 30,
	2022		2023
Interest expense	₹	2,045	₹	3,086
	₹	2,045	₹	3,086

23. Finance and other income and Foreign exchange gains/(losses), net

	Three months ended June 30,
	2022			2023
Interest income	₹	3,579		₹	5,244
Dividend income		2			1
Net gain from investments classified as FVTPL		116			1,336
Net loss from investments classified as FVTOCI		(7	)		(39	)
Finance and other income	₹	3,690		₹	6,542
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL	₹	(1,751	)	₹	881
Other foreign exchange gains/(losses), net		2,785			(943	)
Foreign exchange gains/(losses), net	₹	1,034		₹	(62	)

24. Earnings per equity share:

A reconciliation of profit for the period and equity shares used in the computation of basic and diluted earnings per equity share is set out below:

Basic: Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period, excluding equity shares purchased by the Company and held as treasury shares.

	Three months ended June 30,
	2022		2023
Profit attributable to equity holders of the Company	₹	25,636	₹	28,701
Weighted average number of equity shares outstanding		5,471,449,783		5,482,733,329
Basic earnings per equity share	₹	4.69	₹	5.23

Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity shares outstanding during the period for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company.

The calculation is performed in respect of share options to determine the number of shares that could have been acquired at fair value (determined as the average market price of the Company’s shares during the period). The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

22

The calculation of the potential dilutive effect on earnings per share on buyback of equity shares includes the incremental equity shares arrived as the difference between the number of ordinary shares assumed at the fair value (determined as the average market price of the Company’s shares during the period) and the number of ordinary shares received from satisfying the buyback offer.

	Three months ended June 30,
	2022		2023
Profit attributable to equity holders of the Company	₹	25,636	₹	28,701
Weighted average number of equity shares outstanding		5,471,449,783		5,482,733,329
Effect of dilutive equivalent share options		13,608,211		10,422,480
Dilutive effect from buyback of equity shares		—		107,151,506
Weighted average number of equity shares for diluted earnings per share		5,485,057,994		5,600,307,315
Diluted earnings per equity share	₹	4.67	₹	5.12

25. Employee compensation

	Three months ended June 30,
	2022		2023
Salaries and bonus	₹	120,141	₹	133,800
Employee benefits plans		4,548		4,932
Share-based compensation (1)		1,445		1,544
	₹	126,134	₹	140,276

⁽¹⁾  Includes ₹ 15 and ₹ (2) for the three months ended June 30, 2022, and 2023 respectively, towards cash settled ADS RSUs.

The employee benefit cost is recognized in the following line items in the interim condensed consolidated statement of income:

	Three months ended June 30,
	2022		2023
Cost of revenues	₹	107,864	₹	117,733
Selling and marketing expenses		11,122		12,612
General and administrative expenses		7,148		9,931
	₹	126,134	₹	140,276

The Company has granted 3,217,885 options under RSU option plan during the three months ended June 30, 2023 (173,269 for the three months ended June 30, 2022); 8,061,125 options under ADS option plan during the three months ended June 30, 2023 (1,113,342 for the three months ended June 30, 2022).

The Company has also granted 1,892,498 Performance based stock options (RSU) during the three months ended June 30, 2023, respectively (Nil for the three months ended June 30, 2022); 5,648,833 Performance based stock options (ADS) during the three months ended June 30, 2023, respectively (Nil for three months ended June 30, 2022).

The RSU grants were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and the ADS grants were issued under Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan). Performance based stock options will vest based on the performance parameters of the Company.

26. Commitments and contingencies

Capital commitments: As at March 31, 2023 and June 30, 2023 the Company had committed to spend approximately ₹ 7,675 and ₹ 7,786 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases.

Guarantees: As at March 31, 2023 and June 30, 2023, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 16,076 and ₹ 26,403 (including ₹ 12,150 towards Buyback as referred in Note 29) respectively, as part of the bank line of credit.

Contingencies and lawsuits: The Company is subject to legal proceedings and claims resulting from tax assessment orders/ penalty notices issued under the Income Tax Act, 1961, which have arisen in the ordinary course of its business. Some of the claims involve complex issues and it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of such proceedings. However, the resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

The Company’s assessments are completed for the years up to March 31, 2019. The Company has received demands on multiple tax issues. These claims are primarily arising out of denial of deduction under section 10A of the Income Tax Act, 1961 in respect of profit earned by the Company’s undertaking in Software Technology Park at Bengaluru, the appeals filed against the said demand before the Appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2008 which either has been or may be contested

23

by the Income tax authorities before the Hon’ble Supreme Court of India. Other claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing adjustments on intercompany / inter unit transactions and other issues.

Income tax claims against the Company amounting to ₹ 91,465 and ₹ 92,491 are not acknowledged as debt as at March 31, 2023 and June 30, 2023, respectively. These matters are pending before various Appellate Authorities and the management expects its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company’s financial position and results of operations.

The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounting to ₹ 15,240 and ₹ 15,248 as of March 31, 2023, and June 30, 2023, respectively. However, the resolution of these disputed demands is not likely to have a material and adverse effect on the results of operations or the financial position of the Company.

27. Segment information

Effective April 1, 2023, the Company has reorganized its segments by merging ISRE segment as part of its APMEA SMU within IT Services segment. Comparative period segment information has been restated to give effect to this change.

The Company is now organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.

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

The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.

Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

24

Information on reportable segments for the three months ended June 30, 2022, is as follows:

	IT Services											IT Products			Reconciling			Total
	Americas 1		Americas 2		Europe		APMEA		Total						Items
Revenue	₹	61,702	₹	66,613	₹	60,276	₹	25,783	₹	214,374		₹	1,946		₹	—		₹	216,320
Segment Result		11,570		13,224		7,986		2,069		34,849			(55	)		(60	)		34,734
Unallocated										(2,844	)		—			—			(2,844	)
Segment result total									₹	32,005		₹	(55	)	₹	(60	)	₹	31,890
Finance expenses																			(2,045	)
Finance and other income																			3,690
Share of net profit/(loss) of associates accounted for using the equity method																			(15	)
Profit before tax																		₹	33,520
Income tax expense																			(7,931	)
Profit for the period																		₹	25,589
Depreciation, amortization and impairment																		₹	7,738

Information on reportable segments for the three months ended June 30, 2023, is as follows:

	IT Services											IT Products			Reconciling			Total
	Americas 1		Americas 2		Europe		APMEA		Total						Items
Revenue	₹	65,607	₹	68,303	₹	67,134	₹	26,510	₹	227,554		₹	694		₹	—		₹	228,248
Segment Result		13,537		14,169		9,968		2,800		40,474			(161	)		(1,840	)		38,473
Unallocated										(3,957	)		—			—			(3,957	)
Segment result total									₹	36,517		₹	(161	)	₹	(1,840	)	₹	34,516
Finance expenses																			(3,086	)
Finance and other income																			6,542
Share of net profit/(loss) of associates accounted for using the equity method																			3
Profit before tax																		₹	37,975
Income tax expense																			(9,115	)
Profit for the period																		₹	28,860
Depreciation, amortization and impairment																		₹	7,380

25

Revenues from India, being Company’s country of domicile, is ₹ 6,507 and ₹ 6,007 for the three months ended June 30, 2022, and 2023, respectively.

Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:

	Three months ended June 30,
	2022		2023
United States of America	₹	120,491	₹	126,497
United Kingdom		26,606	₹	29,763
	₹	147,097	₹	156,260

No customer individually accounted for more than 10% of the revenues during the three months ended June 30, 2022, and 2023.

Management believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.

Notes:

a) “Reconciling items” includes elimination of inter-segment transactions and other corporate activities.

b) Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.

c) For the purpose of segment reporting, the Company has included the impact of foreign exchange gains/(losses), net in revenues (which is reported as a part of operating profit in the interim condensed consolidated statement of income).

d) Restructuring cost of ₹ Nil and ₹ 1,887 is included under Reconciling items for the three months ended June 30, 2022 and 2023 respectively.

e) Effective April 1, 2023, amortization and impairment of intangibles assets arising from business combination and change in fair value of contingent consideration due to change in estimates is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes. Accordingly, for the three months ended June 30, 2023, ₹ 1,810 and ₹ (16) towards amortization and impairment of intangible assets and change in fair value of contingent consideration, respectively, is included under “Unallocated” within IT Services segment. (₹ 1,893 and ₹ (86) for the three months ended June 30, 2022).

f) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,445 and ₹ 1,544 for the three months ended June 30, 2022 and 2023, respectively.

28. List of subsidiaries and investments accounted for using equity method as at June 30, 2023 is provided below:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Consulting India Private Limited			India
Capco Technologies Private Limited			India
Encore Theme Technologies Private Limited			India
Wipro Chengdu Limited			China
Wipro Holdings (UK) Limited			U.K.
	Designit A/S		Denmark
		Designit Denmark A/S	Denmark
		Designit Germany GmbH	Germany
		Designit Oslo A/S	Norway
		Designit Spain Digital, S.L.U	Spain
		Designit Sweden AB	Sweden
		Designit T.L.V Ltd.	Israel
	Wipro 4C NV		Belgium
		Wipro 4C Consulting France SAS	France
		Wipro 4C Danmark ApS	Denmark
		Wipro 4C Nederland B.V	Netherlands
		Wipro Weare4C UK Limited (1)	U.K.
	Wipro Bahrain Limited Co. W.L.L		Bahrain
	Wipro Financial Outsourcing Services		U.K.
	Limited
		Wipro UK Limited	U.K.
	Wipro Gulf LLC		Sultanate of
			Oman
	Wipro IT Services S.R.L.		Romania
Wipro HR Services India Private Limited			India

26

Wipro IT Services Bangladesh Limited			Bangladesh
Wipro IT Services UK Societas			U.K.
	Grove Holdings 2 S.á.r.l		Luxembourg
		Capco Solution Services GmbH	Germany
		The Capital Markets Company Italy Srl	Italy
		Capco Brasil Serviços E Consultoria Em	Brazil
		Informática Ltda
		The Capital Markets Company BV (1)	Belgium
	PT. WT Indonesia		Indonesia
	Rainbow Software LLC		Iraq
	Wipro Arabia Limited (2)		Saudi Arabia
		Women’s Business Park Technologies	Saudi Arabia
		Limited (2)
	Wipro Doha LLC		Qatar
	Wipro Holdings Hungary Korlátolt		Hungary
	Felelősségű Társaság
		Wipro Holdings Investment Korlátolt	Hungary
		Felelősségű Társaság
	Wipro Information Technology Egypt		Egypt
	SAE
	Wipro Information Technology		Netherlands
	Netherlands BV.
		Wipro do Brasil Technologia Ltda (1)	Brazil
		Wipro Information Technology Kazakhstan	Kazakhstan
		LLP
		Wipro Outsourcing Services (Ireland) Limited	Ireland
		Wipro Portugal S.A. (1)	Portugal
		Wipro Solutions Canada Limited	Canada
		Wipro Technologies Limited	Russia
		Wipro Technologies Peru SAC	Peru
		Wipro Technologies W.T. Sociedad Anonima	Costa Rica
		Wipro Technology Chile SPA	Chile
	Wipro IT Service Ukraine, LLC		U.K.raine
	Wipro IT Services Poland SP Z.O.O		Poland
	Wipro Technologies Australia Pty Ltd		Australia
		Wipro Ampion Holdings Pty Ltd (1)	Australia
	Wipro Technologies SA		Argentina
	Wipro Technologies SA DE CV		Mexico
	Wipro Technologies South Africa		South Africa
	(Proprietary) Limited
		Wipro Technologies Nigeria Limited	Nigeria
	Wipro Technologies SRL		Romania
	Wipro (Thailand) Co. Limited		Thailand
Wipro Japan KK			Japan
	Designit Tokyo Co., Ltd.		Japan
Wipro Networks Pte Limited			Singapore
	Wipro (Dalian) Limited		China
	Wipro Technologies SDN BHD		Malaysia
Wipro Overseas IT Services Private Limited			India
Wipro Philippines, Inc.			Philippines
Wipro Shanghai Limited			China
Wipro Trademarks Holding Limited			India
Wipro Travel Services Limited			India
Wipro VLSI Design Services India Private Limited			India
Wipro, LLC			USA
	Wipro Gallagher Solutions, LLC		USA
	Wipro Insurance Solutions, LLC		USA
	Wipro IT Services, LLC		USA

27

Cardinal US Holdings, Inc.(1)	USA
Convergence Acceleration Solutions, LLC	USA
Designit North America, Inc.	USA
Edgile, LLC	USA
HealthPlan Services, Inc. (1)	USA
Infocrossing, LLC	USA
International TechneGroup Incorporated (1)	USA
LeanSwift Solutions, Inc.(1)	USA
Rizing Intermediate Holdings, Inc. (1)	USA
Wipro Appirio, Inc. (1)	USA
Wipro Designit Services, Inc. (1)	USA
Wipro VLSI Design Services, LLC	USA

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’, ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India.

⁽²⁾  All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.

⁽¹⁾  Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, LeanSwift Solutions, Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Wipro Weare4C UK Limited are as follows:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Cardinal US Holdings, Inc.			USA
	ATOM Solutions LLC		USA
	Capco Consulting Services LLC		USA
	Capco RISC Consulting LLC		USA
	The Capital Markets Company LLC		USA
HealthPlan Services, Inc.			USA
	HealthPlan Services Insurance Agency, LLC		USA
International TechneGroup Incorporated			USA
	International TechneGroup Ltd.		U.K.
	ITI Proficiency Ltd		Israel
	MechWorks S.R.L.		Italy
LeanSwift Solutions, Inc.			USA
	LeanSwift AB		Sweden
Rizing Intermediate Holdings, Inc.			USA
	Rizing Lanka (Pvt) Ltd		Sri Lanka
		Attune Netherlands B.V. (3)	Netherlands
	Rizing Solutions Canada Inc.		Canada
	Rizing LLC		USA
		Aasonn Philippines Inc.	Philippines
		Rizing B.V.	Netherlands
		Rizing Consulting Ireland Limited	Ireland
		Rizing Consulting Pty Ltd.	Australia
		Rizing Geospatial LLC	USA
		Rizing GmbH	Germany
		Rizing Limited	U.K.
		Rizing Middle East DMCC	United Arab
			Emirates
		Rizing Pte Ltd. (3)	Singapore
		Vesta Middle East FZE	United Arab
			Emirates
The Capital Markets Company BV			Belgium
	CapAfric Consulting (Pty) Ltd		South Africa
	Capco Belgium BV		Belgium

28

	Capco Consultancy (Malaysia) Sdn. Bhd		Malaysia
	Capco Consultancy (Thailand) Ltd		Thailand
	Capco Consulting Singapore Pte. Ltd		Singapore
	Capco Greece Single Member P.C		Greece
	Capco Poland sp. z.o.o		Poland
	The Capital Markets Company (UK) Ltd		U.K.
		Capco (UK) 1, Limited	U.K.
	The Capital Markets Company BV		Netherlands
	The Capital Markets Company GmbH		Germany
		Capco Austria GmbH	Austria
	The Capital Markets Company Limited		Hong Kong
		Capco Consulting Services (Guangzhou)	China
		Company Limited
	The Capital Markets Company Limited		Canada
	The Capital Markets Company S.á.r.l		Switzerland
		Andrion AG	Switzerland
	The Capital Markets Company S.A.S		France
	The Capital Markets Company s.r.o		Slovakia
Wipro Ampion Holdings Pty Ltd			Australia
	Wipro Ampion Pty Ltd		Australia
		Wipro Iris Holdco Pty Ltd (3)	Australia
	Wipro Revolution IT Pty Ltd		Australia
	Crowdsprint Pty Ltd		Australia
	Wipro Shelde Australia Pty Ltd		Australia
Wipro Appirio, Inc.			USA
	Wipro Appirio (Ireland) Limited		Ireland
		Wipro Appirio UK Limited	U.K.
	Wipro Appirio, K.K.		Japan
	Topcoder, LLC.		USA
Wipro Designit Services, Inc.			USA
	Wipro Designit Services Limited		Ireland
Wipro do Brasil Technologia Ltda			Brazil
	Wipro do Brasil Servicos Ltda		Brazil
	Wipro Do Brasil Sistemetas De		Brazil
	Informatica Ltda
Wipro Portugal S.A.			Portugal
	Wipro Technologies GmbH		Germany
		Wipro Business Solutions GmbH (3)	Germany
		Wipro IT Services Austria GmbH	Austria
Wipro Weare4C UK Limited			U.K.
	CloudSocius DMCC		United Arab
			Emirates

⁽³⁾  Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH and Wipro Iris Holdco Pty Ltd are as follows:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Netherlands B.V.			Netherlands
	Attune Australia Pty Ltd		Australia
	Rizing Consulting USA, Inc.		USA
	Rizing Germany GmbH		Germany
	Attune Italia S.R.L		Italy
	Rizing Management LLC		USA
	Attune UK Ltd.		U.K.
Rizing Pte Ltd.			Singapore
	Rizing New Zealand Ltd.		New Zealand
	Rizing Philippines Inc.		Philippines
	Rizing SDN BHD		Malaysia

29

	Rizing Solutions Pty Ltd	Australia
	Synchrony Global SDN BHD	Malaysia
Wipro Business Solutions GmbH		Germany
	Wipro Technology Solutions S.R.L	Romania
Wipro Iris Holdco Pty Ltd		Australia
	Wipro Iris Bidco Pty Ltd	Australia

As at June 30, 2023, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.

The list of controlled trusts and firms are:

Name of the entity	Country of incorporation
Wipro Equity Reward Trust	India
Wipro Foundation	India

29. Buyback of equity shares

On April 27, 2023, the Board of Directors approved a proposal to Buyback up to 269,662,921 fully paid-up equity shares of ₹ 2 each (representing up to 4.91% of the number of equity shares in the paid-up equity share capital as at March 31, 2023) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹ 445 per equity share for an aggregate amount not exceeding ₹ 120,000 (“Buyback”), in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder (“Buyback Regulations”). Subsequently, the shareholders of the Company approved the Buyback, by way of a special resolution, through a postal ballot.

In accordance with the provisions of the Buyback Regulations, the Letter of offer for the Buyback was filed with SEBI on June 20, 2023, and tender period for Buyback opened on June 22, 2023, and closed on June 30, 2023. The settlement of all valid bids was completed on July 4, 2023, and the equity shares bought back were extinguished on July 7, 2023. Pursuant to the issuance of Letter of Offer, the Company has recorded a liability towards Buyback of equity shares of ₹ 120,000 and the corresponding liability for tax on Buyback of ₹ 24,978 as at June 30, 2023.

As per our report of even date attached	For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP	Rishad A. Premji	Deepak M. Satwalekar	Thierry Delaporte
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Jatin Pravinchandra Dalal		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 110815

Bengaluru

July 13, 2023

30

EX-99.4

Exhibit 99.4

WIPRO LIMITED

CIN: L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 560035, India

Website: www.wipro.com ; Email id – info@wipro.com ; Tel: +91-80-2844 0011 ; Fax: +91-80-2844 0054

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2023

UNDER IFRS (IASB)

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

		Three months ended									Year ended
		June 30,			March 31,			June 30,			March
	Particulars	2023			2023			2022			31, 2023
	Income from operations
	a) Revenue		228,310			231,903			215,286			904,876
	b) Foreign exchange gains/(losses), net		(62	)		990			1,034			4,472
I	Total income from operations		228,248			232,893			216,320			909,348
	Expenses
	a) Purchases of stock-in-trade		978			361			2,487			6,494
	b) Changes in inventories of finished goods and stock-in-trade		(182	)		835			(346	)		150
	c) Employee benefits expense		140,276			138,076			126,134			537,644
	d) Depreciation, amortization and impairment expense		7,380			8,466			7,738			33,402
	e) Sub-contracting and technical fees		26,385			28,176			29,454			115,247
	f) Facility expenses		3,452			3,693			3,299			13,492
	g) Travel		4,175			4,565			3,070			14,445
	h) Communication		1,249			1,405			1,543			5,911
	i) Legal and professional fees		2,251			2,856			3,893			13,288
	j) Software license expense for internal use		4,607			4,444			4,577			18,717
	k) Marketing and brand building		977			728			900			2,951
	l) Lifetime expected credit loss/ (write-back)		300			(604	)		(22	)		(604	)
	m) Other expenses		1,884			2,315			1,703			8,605
II	Total expenses		193,732			195,316			184,430			769,742
III	Finance expenses		3,086			2,860			2,045			10,077
IV	Finance and other Income		6,542			5,463			3,690			18,185
V	Share of net profit/ (loss) of associates accounted for using the equity method		3			4			(15	)		(57	)
VI	Profit before tax [I-II-III+IV+V]		37,975			40,184			33,520			147,657
VII	Tax expense		9,115			9,249			7,931			33,992
VIII	Profit for the period [VI-VII]		28,860			30,935			25,589			113,665
IX	Total other comprehensive income for the period		2,850			720			1,739			11,095
	Total comprehensive income for the period [VIII+IX]		31,710			31,655			27,328			124,760
X	Profit for the period attributable to:
	Equity holders of the Company		28,701			30,745			25,636			113,500
	Non-controlling interests		159			190			(47	)		165
			28,860			30,935			25,589			113,665
	Total comprehensive income for the period attributable to:
	Equity holders of the Company		31,640			31,463			27,351			124,543
	Non-controlling interests		70			192			(23	)		217
			31,710			31,655			27,328			124,760
XI	Paid up equity share capital (Par value ₹ 2 per share)		10,978			10,976			10,965			10,976
XII	Reserves excluding revaluation reserves and Non-controlling interests as per balance sheet											770,188
XIII	Earnings per share (EPS)
	(Equity shares of par value of ₹ 2/- each)
	(EPS for the three months ended periods is not annualized)
	Basic (in ₹)		5.23			5.61			4.69			20.73
	Diluted (in ₹)		5.12			5.60			4.67			20.68

1. The audited consolidated financial results of the Company for the three months ended June 30, 2023, have been approved by the Board of Directors of the Company at its meeting held on July 13, 2023. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

2. The above consolidated financial results have been prepared on the basis of the audited interim condensed consolidated financial statements which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.

1

3. Software license expense for internal use has been reclassified from Facility expenses to a separate nature of expense for the three months ended June 30, 2022. Staff recruitment expense has been reclassified from Miscellaneous expenses to Legal and Professional fees for the three months ended June 30, 2022.

4. List of subsidiaries and investments accounted for using equity method as at June 30, 2023 are provided in the table below:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Consulting India Private Limited			India
Capco Technologies Private Limited			India
Encore Theme Technologies Private Limited			India
Wipro Chengdu Limited			China
Wipro Holdings (UK) Limited			U.K.
	Designit A/S		Denmark
		Designit Denmark A/S	Denmark
		Designit Germany GmbH	Germany
		Designit Oslo A/S	Norway
		Designit Spain Digital, S.L.U	Spain
		Designit Sweden AB	Sweden
		Designit T.L.V Ltd.	Israel
	Wipro 4C NV		Belgium
		Wipro 4C Consulting France SAS	France
		Wipro 4C Danmark ApS	Denmark
		Wipro 4C Nederland B.V	Netherlands
		Wipro Weare4C UK Limited (1)	U.K.
	Wipro Bahrain Limited Co. W.L.L		Bahrain
	Wipro Financial Outsourcing Services Limited		U.K.
		Wipro UK Limited	U.K.
	Wipro Gulf LLC		Sultanate of
			Oman
	Wipro IT Services S.R.L.		Romania
Wipro HR Services India Private Limited			India
Wipro IT Services Bangladesh Limited			Bangladesh
Wipro IT Services UK Societas			U.K.
	Grove Holdings 2 S.á.r.l		Luxembourg
		Capco Solution Services GmbH	Germany
		The Capital Markets Company Italy Srl	Italy
		Capco Brasil Serviços E Consultoria Em	Brazil
		Informática Ltda
		The Capital Markets Company BV (1)	Belgium
	PT. WT Indonesia		Indonesia
	Rainbow Software LLC		Iraq
	Wipro Arabia Limited (2)		Saudi Arabia
		Women’s Business Park Technologies Limited (2)	Saudi Arabia
	Wipro Doha LLC		Qatar
	Wipro Holdings Hungary Korlátolt		Hungary
	Felelősségű Társaság
		Wipro Holdings Investment Korlátolt Felelősségű Társaság	Hungary
	Wipro Information Technology Egypt SAE		Egypt

2

	Wipro Information Technology Netherlands BV.		Netherlands
		Wipro do Brasil Technologia Ltda (1)	Brazil
		Wipro Information Technology Kazakhstan LLP	Kazakhstan
		Wipro Outsourcing Services (Ireland) Limited	Ireland
		Wipro Portugal S.A. (1)	Portugal
		Wipro Solutions Canada Limited	Canada
		Wipro Technologies Limited	Russia
		Wipro Technologies Peru SAC	Peru
		Wipro Technologies W.T. Sociedad Anonima	Costa Rica
		Wipro Technology Chile SPA	Chile
	Wipro IT Service Ukraine, LLC		U.K.raine
	Wipro IT Services Poland SP Z.O.O		Poland
	Wipro Technologies Australia Pty Ltd		Australia
		Wipro Ampion Holdings Pty Ltd (1)	Australia
	Wipro Technologies SA		Argentina
	Wipro Technologies SA DE CV		Mexico
	Wipro Technologies South Africa (Proprietary) Limited		South Africa
		Wipro Technologies Nigeria Limited	Nigeria
	Wipro Technologies SRL		Romania
	Wipro (Thailand) Co. Limited		Thailand
Wipro Japan KK			Japan
	Designit Tokyo Co., Ltd.		Japan
Wipro Networks Pte Limited			Singapore
	Wipro (Dalian) Limited		China
	Wipro Technologies SDN BHD		Malaysia
Wipro Overseas IT Services Private Limited			India
Wipro Philippines, Inc.			Philippines
Wipro Shanghai Limited			China
Wipro Trademarks Holding Limited			India
Wipro Travel Services Limited			India
Wipro VLSI Design Services India Private Limited			India
Wipro, LLC			USA
	Wipro Gallagher Solutions, LLC		USA
	Wipro Insurance Solutions, LLC		USA
	Wipro IT Services, LLC		USA
		Cardinal US Holdings, Inc.(1)	USA
		Convergence Acceleration Solutions, LLC	USA
		Designit North America, Inc.	USA
		Edgile, LLC	USA
		HealthPlan Services, Inc. (1)	USA
		Infocrossing, LLC	USA
		International TechneGroup Incorporated (1)	USA
		LeanSwift Solutions, Inc.(1)	USA
		Rizing Intermediate Holdings, Inc. (1)	USA
		Wipro Appirio, Inc. (1)	USA
		Wipro Designit Services, Inc. (1)	USA
		Wipro VLSI Design Services, LLC	USA

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’, ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD’ incorporated in South Africa and Wipro Foundation in India.

⁽²⁾  All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Limited.

3

⁽¹⁾  Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, LeanSwift Solutions, Inc., Rizing Intermediate Holdings, Inc., The Capital Markets Company BV, Wipro Ampion Holdings Pty Ltd, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro do Brasil Technologia Ltda, Wipro Portugal S.A. and Wipro Weare4C UK Limited are as follows:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Cardinal US Holdings, Inc.			USA
	ATOM Solutions LLC		USA
	Capco Consulting Services LLC		USA
	Capco RISC Consulting LLC		USA
	The Capital Markets Company LLC		USA
HealthPlan Services, Inc.			USA
	HealthPlan Services Insurance Agency, LLC		USA
International TechneGroup Incorporated			USA
	International TechneGroup Ltd.		U.K.
	ITI Proficiency Ltd		Israel
	MechWorks S.R.L.		Italy
LeanSwift Solutions, Inc.			USA
	LeanSwift AB		Sweden
Rizing Intermediate Holdings, Inc.			USA
	Rizing Lanka (Pvt) Ltd		Sri Lanka
		Attune Netherlands B.V. (3)	Netherlands
	Rizing Solutions Canada Inc.		Canada
	Rizing LLC		USA
		Aasonn Philippines Inc.	Philippines
		Rizing B.V.	Netherlands
		Rizing Consulting Ireland Limited	Ireland
		Rizing Consulting Pty Ltd.	Australia
		Rizing Geospatial LLC	USA
		Rizing GmbH	Germany
		Rizing Limited	U.K.
		Rizing Middle East DMCC	United Arab
			Emirates
		Rizing Pte Ltd. (3)	Singapore
		Vesta Middle East FZE	United Arab
			Emirates
The Capital Markets Company BV			Belgium
	CapAfric Consulting (Pty) Ltd		South Africa
	Capco Belgium BV		Belgium
	Capco Consultancy (Malaysia) Sdn.		Malaysia
	Bhd
	Capco Consultancy (Thailand) Ltd		Thailand
	Capco Consulting Singapore Pte. Ltd		Singapore
	Capco Greece Single Member P.C		Greece
	Capco Poland sp. z.o.o		Poland
	The Capital Markets Company (UK) Ltd		U.K.
		Capco (UK) 1, Limited	U.K.
	The Capital Markets Company BV		Netherlands
	The Capital Markets Company GmbH		Germany
		Capco Austria GmbH	Austria
	The Capital Markets Company Limited		Hong Kong
		Capco Consulting Services (Guangzhou) Company Limited	China
	The Capital Markets Company Limited		Canada
	The Capital Markets Company S.á.r.l		Switzerland
		Andrion AG	Switzerland
	The Capital Markets Company S.A.S		France
	The Capital Markets Company s.r.o		Slovakia

4

Wipro Ampion Holdings Pty Ltd			Australia
	Wipro Ampion Pty Ltd		Australia
		Wipro Iris Holdco Pty Ltd (3)	Australia
	Wipro Revolution IT Pty Ltd		Australia
	Crowdsprint Pty Ltd		Australia
	Wipro Shelde Australia Pty Ltd		Australia
Wipro Appirio, Inc.			USA
	Wipro Appirio (Ireland) Limited		Ireland
		Wipro Appirio UK Limited	U.K.
	Wipro Appirio, K.K.		Japan
	Topcoder, LLC.		USA
Wipro Designit Services, Inc.			USA
	Wipro Designit Services Limited		Ireland
Wipro do Brasil Technologia Ltda			Brazil
	Wipro do Brasil Servicos Ltda		Brazil
	Wipro Do Brasil Sistemetas De Informatica Ltda		Brazil
Wipro Portugal S.A.			Portugal
	Wipro Technologies GmbH		Germany
		Wipro Business Solutions GmbH (3)	Germany
		Wipro IT Services Austria GmbH	Austria
Wipro Weare4C UK Limited			U.K.
	CloudSocius DMCC		United Arab
			Emirates

⁽³⁾  Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH and Wipro Iris Holdco Pty Ltd are as follows:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Netherlands B.V.			Netherlands
	Attune Australia Pty Ltd		Australia
	Rizing Consulting USA, Inc.		USA
	Rizing Germany GmbH		Germany
	Attune Italia S.R.L		Italy
	Rizing Management LLC		USA
	Attune UK Ltd.		U.K.
Rizing Pte Ltd.			Singapore
	Rizing New Zealand Ltd.		New Zealand
	Rizing Philippines Inc.		Philippines
	Rizing SDN BHD		Malaysia
	Rizing Solutions Pty Ltd		Australia
	Synchrony Global SDN BHD		Malaysia
Wipro Business Solutions GmbH			Germany
	Wipro Technology Solutions S.R.L		Romania
Wipro Iris Holdco Pty Ltd			Australia
	Wipro Iris Bidco Pty Ltd		Australia

As at June 30, 2023, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.

The list of controlled trusts and firms are:

Name of the entity	Country of incorporation
Wipro Equity Reward Trust	India
Wipro Foundation	India

5

5. Segment Information

Effective April 1, 2023, the Company has reorganized its segments by merging India State Run Enterprises (“ISRE”) segment as part of its APMEA SMU within IT Services segment. Comparative period segment information has been restated to give effect to this change.

The Company is now organized into the following operating segments: IT Services and IT Products.

IT Services: The IT services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.

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

The Chief Executive Officer (“CEO”) and Managing Director of the Company has been identified as the Chief Operating Decision Maker as defined by IFRS 8, “Operating Segments”. The CEO of the Company evaluates the segments based on their revenue growth and operating income.

Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

6

Information on reportable segments for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, year ended March 31, 2023 are as follows:

	Three months ended									Year ended
Particulars	June 30, 2023			March 31, 2023			June 30, 2022			March 31, 2023
	Audited			Audited			Audited			Audited
Segment revenue
IT Services
Americas 1		65,607			66,430			61,702			261,270
Americas 2		68,303			70,563			66,613			278,374
Europe		67,134			67,562			60,276			256,845
APMEA		26,510			27,207			25,783			106,812
Total of IT Services		227,554			231,762			214,374			903,301
IT Products		694			1,131			1,946			6,047
Total segment revenue		228,248			232,893			216,320			909,348
Segment result
IT Services
Americas 1		13,537			13,445			11,570			51,555
Americas 2		14,169			15,940			13,224			59,689
Europe		9,968			11,024			7,986			37,667
APMEA		2,800			3,030			2,069			10,681
Unallocated		(3,957	)		(5,773	)		(2,844	)		(18,368	)
Total of IT Services		36,517			37,666			32,005			141,224
IT Products		(161	)		(59	)		(55	)		(176	)
Reconciling Items		(1,840	)		(30	)		(60	)		(1,442	)
Total segment result		34,516			37,577			31,890			139,606
Finance expenses		(3,086	)		(2,860	)		(2,045	)		(10,077	)
Finance and Other Income		6,542			5,463			3,690			18,185
Share of net profit/ (loss) of associates accounted for using the equity method		3			4			(15	)		(57	)
Profit before tax		37,975			40,184			33,520			147,657

Notes:

a) “Reconciling items” includes elimination of inter-segment transactions and other corporate activities.

b) Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.

c) For the purpose of segment reporting, the Company has included the net impact of foreign exchange in revenues amounting to ₹ (62), ₹ 990 and ₹ 1,034 for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 respectively and ₹ 4,472 for the year ended March 31, 2023, which is reported under foreign exchange gains/(losses), net in the consolidated financial results.

d) Restructuring cost of ₹ 1,887, ₹ (34) and ₹ Nil is included under Reconciling items for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively and ₹ 1,355 for the year ended March 31, 2023.

e) Effective April 1, 2023, amortization and impairment of intangibles assets arising from business combination and change in fair value of contingent consideration is included under “Unallocated” within IT Services segment. Comparative period has been restated to give effect to these changes. Accordingly, for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 and year ended March 31, 2023, ₹ 1,810, ₹ 2,607, ₹ 1,893 and ₹ 9,954 towards amortization and impairment of intangible assets, respectively, and for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 and year ended March 31, 2023, ₹ (16), ₹ (387), ₹ (86) and ₹ (1,671) towards change in fair value of contingent consideration, respectively, is included under “Unallocated” within IT Services segment.

f) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 1,544, ₹ 297 and ₹ 1,445 for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022 respectively and ₹ 3,958 for the year ended March 31, 2023.

7

6. Buyback of equity shares

On April 27, 2023, the Board of Directors approved a proposal to Buyback up to 269,662,921 fully paid-up equity shares of ₹ 2 each (representing up to 4.91% of the number of equity shares in the paid-up equity share capital as at March 31, 2023) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of ₹ 445 per equity share for an aggregate amount not exceeding ₹ 120,000 (“Buyback”), in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder (“Buyback Regulations”). Subsequently, the shareholders of the Company approved the Buyback, by way of a special resolution, through a postal ballot.

In accordance with the provisions of the Buyback Regulations, the Letter of offer for the Buyback was filed with SEBI on June 20, 2023, and tender period for Buyback opened on June 22, 2023, and closed on June 30, 2023. The settlement of all valid bids was completed on July 4, 2023, and the equity shares bought back were extinguished on July 7, 2023. Pursuant to the issuance of Letter of Offer, the Company has recorded a liability towards Buyback of equity shares of ₹ 120,000 and the corresponding liability for tax on Buyback of ₹ 24,978 as at June 30, 2023.

By order of the Board,	For, Wipro Limited
Place: Bengaluru	Rishad A. Premji
Date: July 13, 2023	Chairman

8

EX-99.5

Exhibit 99.5

Wipro Limited Highlights for the Quarter ended June 30, 2023 REVENUE QoQ Constant YoY Constant Operating $2.78 Bn Currency Currency Margin -2.8% 1.1% 16.0% STRATEGIC MARKET UNITS MIX 28.8% AMERICAS 1 30.0% AMERICAS 2 29.5% EUROPE 11.7% APMEA SECTOR MIX 33.9% 18.7% 12.2% 12.0% 11.3% 7.3% 4.6% Banking, Energy, Financial Consumer Health Technology Manufacturing Communication Natural Services Resources & Insurance and Utilities TOTAL BOOKINGS LARGE DEALS TCV 3% YoY Constant 9% YoY Constant BOOKINGS $3.7 Bn $1.2 Bn Currency Currency OUTLOOK Revenue from our IT Services business segment to be in the range of $2,722 million to $2,805 million*. This translates to a sequential guidance of -2.0% to +1.0% in constant currency terms. for the Quarter ending September 30, 2023 * Outlook for the Quarter ending September 30, 2023, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.10, AUD/USD at 0.67, USD/INR at 82.34 and CAD/USD at 0.76 CUSTOMER CONCENTRATION TOP1 3.1% 12.5% TOP 10 20.5% TOP 5 TOTAL HEADCOUNT 249,758 ATTRITION VOL – TTM 17.3% NET UTILIZATION 83.7% OFFSHORE REVENUE 59.5% EXCLUDING TRAINEES PERCENTAGE OF SERVICES P age 1

Wipro Limited Results for the Quarter ended June 30, 2023 FY 23 – 24 FY 22 – 23 FY 21 – 22 A IT Services Q1 FY Q4 Q3 Q2 Q1 FY IT Services Revenues ($Mn) 2,778.5 11,234.4 2,839.5 2,821.4 2,817.4 2,756.1 10,454.1 Sequential Growth -2.1% 7.5% 0.6% 0.1% 2.2% 0.3% 26.6% Sequential Growth in Constant Currency Note 2 -2.8% 11.2% -0.7% 0.6% 4.1% 1.9% 26.2% Operating Margin % Note 3 16.0% 15.6% 16.3% 16.2% 15.1% 14.9% 17.7% Strategic Market Units Mix Americas 1 28.8% 28.8% 28.5% 29.1% 28.8% 28.7% 27.6% Americas 2 30.0% 30.8% 30.5% 30.6% 31.1% 31.1% 30.3% Europe 29.5% 28.6% 29.3% 28.8% 28.0% 28.2% 29.6% APMEA 11.7% 11.8% 11.7% 11.5% 12.1% 12.0% 12.5% Sectors Mix Banking, Financial Services and Insurance 33.9% 35.0% 34.4% 35.0% 35.3% 35.5% 34.9% Consumer 18.7% 18.9% 18.9% 19.0% 19.0% 18.6% 17.7% Health 12.2% 11.7% 12.1% 11.9% 11.4% 11.4% 11.6% Energy, Natural Resources and Utilities 12.0% 11.5% 12.2% 11.4% 11.2% 11.1% 12.1% Technology 11.3% 11.3% 10.9% 11.2% 11.5% 11.7% 11.9% Manufacturing 7.3% 6.9% 7.0% 6.9% 6.9% 6.7% 6.8% Communications 4.6% 4.7% 4.5% 4.6% 4.8% 4.9% 4.9% Total Bookings TCV ($Mn) Note 4 3,724 — 4,172 4,333 — — —Large deal TCV ($Mn) Note 5 1,198 3,897 1,083 978 713 1,123 2,340 Guidance ($Mn) Note 1 2,753-2,811 — 2,785-2,831 2,811-2,853 2,817-2,872 2,748-2,803 — Guidance restated based on 2,773-2,831 — 2,823-2,869 2,799-2,841 2,766-2,821 2,704-2,759 —actual currency realized ($Mn) Revenues performance against guidance ($Mn) 2,779 — 2,823 2,803 2,798 2,736 — P age 2 Public

FY 23 – 24 FY 22 – 23 FY 21 – 22 Q1 FY Q4 Q3 Q2 Q1 FY Customer size distribution (TTM) > $100Mn 21 19 19 19 19 20 19 > $75Mn 28 29 29 29 29 30 29 > $50Mn 51 53 53 52 52 50 50 > $20Mn 123 117 117 119 122 120 117 > $10Mn 207 210 210 204 199 196 195 > $5Mn 319 315 315 312 314 313 304 > $3Mn 444 436 436 440 434 427 418 > $1Mn 769 766 766 755 745 719 696 Revenue from Existing customers % 99.6% 97.4% 96.6% 96.9% 97.4% 98.7% 95.3% Number of new customers 65 437 63 82 128 164 429 Total Number of active customers 1,444 1,479 1,479 1,530 1,514 1,475 1,415 Customer Concentration Top customer 3.1% 3.2% 3.2% 3.2% 3.2% 3.2% 3.1% Top 5 12.5% 12.9% 12.5% 13.3% 13.0% 12.9% 12.4% Top 10 20.5% 20.7% 20.2% 21.2% 20.8% 20.8% 19.9% % of Revenue USD 59% 61% 60% 62% 61% 61% 59% GBP 11% 10% 11% 10% 10% 10% 11% EUR 11% 10% 11% 9% 9% 9% 10% INR 5% 5% 5% 5% 5% 5% 6% AUD 4% 4% 4% 4% 5% 5% 5% CAD 3% 3% 3% 3% 3% 3% 3% Others 7% 7% 6% 7% 7% 7% 6% Closing Employee Count 249,758 258,570 258,570 262,109 262,626 262,049 246,743 Sales & Support Staff (IT Services) 16,942 16,999 16,999 17,089 16,664 17,831 17,716 Utilization Note 1 & 6 Net Utilization (Excluding Trainees) 83.7% 81.2% 81.7% 79.7% 79.8% 83.8% 86.8% Attrition Voluntary TTM (IT Services excl. DOP) 17.3% 19.4% 19.4% 21.2% 22.9% 23.0% 23.3% DOP % — Post Training Quarterly 9.2% 9.9% 9.0% 8.7% 10.3% 11.4% 9.0% P age 3

FY 23 – 24 FY 22 – 23 FY 21 – 22 Q1 FY Q4 Q3 Q2 Q1 FY Revenue Mix Note 6 Revenue from FPP 59.7% 59.4% 59.6% 59.4% 58.7% 59.9% 62.9% Offshore Revenue — % of Services 59.5% 59.3% 59.9% 59.2% 59.1% 58.9% 56.5% B Growth Metrics for the Quarter ended June 30, 2023 Note 2 Q1’24 Q1’24 Q1’24 Q1’24 Reported Reported CC CC QoQ% YoY% QoQ% YoY% IT Services -2.1% 0.8% -2.8% 1.1% Strategic Market Units Americas 1 -1.0% 1.2% -1.1% 1.5% Americas 2 -3.7% -2.8% -4.2% -2.7% Europe -1.5% 5.5% -3.4% 4.1% APMEA -2.5% -1.8% -1.9% 3.1% Sectors Banking, Financial Services and Insurance -3.5% -3.8% -4.3% -3.4% Consumer -3.1% 1.2% -3.5% 1.5% Health -1.0% 8.4% -1.3% 8.5% Energy, Natural Resources and Utilities -3.6% 9.7% -4.9% 9.9% Technology 0.9% -3.0% 0.1% -3.2% Manufacturing 1.4% 8.5% 0.9% 8.7% Communications 0.1% -6.5% -0.5% -4.8% C Annexure to Datasheet Segment-wise breakup of Q1 FY23-24 (INR Mn) Cost of Revenues, S&M and G&A Reconciling Particulars IT Services IT Products Total Items Cost of revenues 158,986 844 1,431 161,261 Selling and marketing expenses 16,150 15 419 16,584 General and administrative expenses 15,901 (4) (10) 15,887 Total 191,037 855 1,840 193,732 Note 1: Guidance and Utilization numbers for the previous quarters have not been restated to include India State Run Enterprise (ISRE) business. All other numbers for the previous quarters have been restated to include ISRE business Note 2: Constant currency (CC) for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period Note 3: IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials Note 4: Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2 Note 5: Large deal bookings constitute of deals greater than or equal to $30 million in total contract value terms Note 6: IT Services excluding DOP, Info crossing, Designit, Topcoder, Rational, ITI, Capco, Ampion, Edgile, LeaSwift, CAS and Rizing Page 4