Exhibit 99.3

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

AS AT AND FOR THE THREE MONTHS ENDED JUNE 30, 2024

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, 2024		As at June 30, 2024
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
ASSETS
Goodwill		6		316,002		316,054		3,793
Intangible assets		6		32,748		30,971		372
Property, plant and equipment		4		81,608		79,957		960
Right-of-Use assets		5		17,955		19,233		231
Financial assets
Derivative assets		17		25		—		—
Investments		7		21,629		21,262		255
Trade receivables				4,045		584		7
Other financial assets		10		5,550		5,290		63
Investments accounted for using the equity method				1,044		999		12
Deferred tax assets				1,817		1,752		21
Non-current tax assets				9,043		9,453		113
Other non-current assets		11		10,331		11,656		140
Total non-current assets				501,797		497,211		5,967
Inventories		8		907		912		11
Financial assets
Derivative assets		17		1,333		1,359		16
Investments		7		311,171		351,917		4,223
Cash and cash equivalents		9		96,953		98,304		1,180
Trade receivables				115,477		114,071		1,369
Unbilled receivables				58,345		61,720		741
Other financial assets		10		10,536		9,050		109
Contract assets				19,854		19,414		233
Current tax assets				6,484		6,031		72
Other current assets		11		29,602		30,827		370
Total current assets				650,662		693,605		8,324
TOTAL ASSETS				1,152,459		1,190,816		14,291
EQUITY
Share capital				10,450		10,460		126
Share premium				3,291		5,512		66
Retained earnings				630,936		661,495		7,938
Share-based payment reserve				6,384		5,498		66
Special Economic Zone re-investment reserve				42,129		41,602		499
Other components of equity				56,693		55,526		666
Equity attributable to the equity holders of the Company				749,883		780,093		9,361
Non-controlling interests				1,340		1,669		20
TOTAL EQUITY				751,223		781,762		9,381
LIABILITIES
Financial liabilities
Loans and borrowings		12		62,300		62,317		748
Lease liabilities				13,962		16,191		194
Derivative liabilities		17		4		—		—
Other financial liabilities		14		4,985		5,747		69
Deferred tax liabilities				17,467		17,231		207
Non-current tax liabilities				37,090		37,238		447
Other non-current liabilities		15		12,970		13,879		167
Total non-current liabilities				148,778		152,603		1,832
Financial liabilities
Loans, borrowings and bank overdrafts		12		79,166		82,283		987
Lease liabilities				9,221		8,115		97
Derivative liabilities		17		558		141		2
Trade payables and accrued expenses		13		88,566		83,051		997
Other financial liabilities		14		2,272		2,825		34
Contract liabilities				17,653		17,541		211
Current tax liabilities				21,756		26,881		323
Other current liabilities		15		31,295		33,743		405
Provisions		16		1,971		1,871		22
Total current liabilities				252,458		256,451		3,078
TOTAL LIABILITIES				401,236		409,054		4,910
TOTAL EQUITY AND LIABILITIES				1,152,459		1,190,816		14,291

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	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018			Managing Director
Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 19, 2024

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		2023			2024			2024
									Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Revenues		20		228,310			219,638			2,636
Cost of revenues		21		(161,261	)		(153,306	)		(1,840	)
Gross profit				67,049			66,332			796
Selling and marketing expenses		21		(16,584	)		(15,844	)		(190	)
General and administrative expenses		21		(15,887	)		(14,213	)		(172	)
Foreign exchange gains/(losses), net		23		(62	)		(206	)		(2	)
Results from operating activities				34,516			36,069			432
Finance expenses		22		(3,086	)		(3,288	)		(39	)
Finance and other income		23		6,542			7,480			90
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method				3			(45	)		(1	)
Profit before tax				37,975			40,216			482
Income tax expense		19		(9,115	)		(9,850	)		(118	)
Profit for the period				28,860			30,366			364
Profit attributable to:
Equity holders of the Company				28,701			30,032			360
Non-controlling interests				159			334			4
Profit for the period				28,860			30,366			364
Earnings per equity share:		24
Attributable to equity holders of the Company
Basic				5.23			5.75			0.07
Diluted				5.12			5.73			0.07
Weighted average number of equity shares used in computing earnings per equity share
Basic				5,482,733,329			5,225,776,256			5,225,776,256
Diluted				5,600,307,315			5,236,768,113			5,236,768,113

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	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018			Managing Director
Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 19, 2024

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,
	2023			2024			2024
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Profit for the period		28,860			30,366			364
Other comprehensive income (OCI)
Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net		(45	)		58			1
Net change in fair value of investment in equity instruments measured at fair value through OCI		16			(319	)		(4	)
		(29	)		(261	)		(3	)
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences		(362	)		(1,399	)		(17	)
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, net of taxes		40			4			^
Net change in intrinsic value of option contracts designated as cash flow hedges, net of taxes		512			85			1
Net change in fair value of forward contracts designated as cash flow hedges, net of taxes		1,648			218			3
Net change in fair value of investment in debt instruments measured at fair value through OCI, net of taxes		1,039			184			2
		2,879			(908	)		(11	)
Total other comprehensive income, net of taxes		2,850			(1,169	)		(14	)
Total comprehensive income for the period		31,710			29,197			350
Total comprehensive income attributable to:
Equity holders of the Company		31,640			28,865			346
Non-controlling interests		70			332			4
		31,710			29,197			350
^ Value is less than 0.5

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	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018			Managing Director
Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 19, 2024

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, 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		—		—		—		(144,978	)		—			—			—			—			—		(144,978	)		—			(144,978	)
Transaction cost 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

⁽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

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, 2024		5,225,138,246		10,450		3,291		630,936		6,384			42,129			47,261			578		8,854			749,883			1,340			751,223
Comprehensive income for the period
Profit for the period		—		—		—		30,032		—			—			—			—		—			30,032			334			30,366
Other comprehensive income		—		—		—		—		—			—			(1,398	)		307		(76	)		(1,167	)		(2	)		(1,169	)
Total comprehensive income for the period		—		—		—		30,032		—			—			(1,398	)		307		(76	)		28,865			332			29,197
Issue of equity shares on exercise of options		5,025,959		10		2,221		—		(2,221	)		—			—			—		—			10			—			10
Compensation cost related to employee share-based payment		—		—		—		—		1,335			—			—			—		—			1,335			—			1,335
Transferred from Special Economic Zone re-investment reserve		—		—		—		527		—			(527	)		—			—		—			—			—			—
Others		—		—		—		—		—			—			—			—		—			—			(3	)		(3	)
Other transactions for the period		5,025,959		10		2,221		527		(886	)		(527	)		—			—		—			1,345			(3	)		1,342
As at June 30, 2024		5,230,164,205		10,460		5,512		661,495		5,498			41,602			45,863			885		8,778			780,093			1,669			781,762
Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)				126		66		7,938		66			499			550			11		105			9,361			20			9,381

⁽¹⁾  Includes 5,952,740 treasury shares held as at June 30, 2024 by a controlled trust.

⁽²⁾  Refer to Note 18

⁽³⁾  Refer to Note 17

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	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018			Managing Director
Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 19, 2024

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,
	2023			2024			2024
							Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)
Cash flows from operating activities
Profit for the period		28,860			30,366			364
Adjustments to reconcile profit for the period to net cash generated from operating activities:
(Gain)/loss on sale of property, plant and equipment, net		78			(23	)		^
Depreciation, amortization and impairment expense		7,380			7,289			87
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings		(226	)		92			1
Share-based compensation expense		1,546			1,335			16
Share of net (profit)/loss of associate and joint venture accounted for using equity method		(3	)		45			1
Income tax expense		9,115			9,850			118
Finance and other income, net of finance expenses		(3,456	)		(4,192	)		(50	)
Change in fair value of contingent consideration		(16	)		—			—
Lifetime expected credit loss/ (write-back)		300			(26	)		^
Changes in operating assets and liabilities, net of effects from acquisitions
(Increase)/Decrease in trade receivables		11,633			4,529			54
(Increase)/Decrease in unbilled receivables and contract assets		(6,047	)		(3,208	)		(38	)
(Increase)/Decrease in Inventories		(182	)		(6	)		^
(Increase)/Decrease in other assets		5,292			140			^
Increase/(Decrease) in trade payables, accrued expenses, other liabilities and provisions		(8,052	)		(1,039	)		(12	)
Increase/(Decrease) in contract liabilities		(3,072	)		(73	)		(1	)
Cash generated from operating activities before taxes		43,150			45,079			540
Income taxes paid, net		(5,637	)		(5,120	)		(61	)
Net cash generated from operating activities		37,513			39,959			479
Cash flows from investing activities:
Payment for purchase of property, plant and equipment		(2,209	)		(2,619	)		(31	)
Proceeds from disposal of property, plant and equipment, including advances		1,030			36			^
Payment for purchase of investments		(269,072	)		(197,618	)		(2,372	)
Proceeds from sale of investments		239,800			157,683			1,892
Payment into escrow and term deposits pertaining to Buyback		(15,230	)		—			—
Interest received		6,869			6,468			78
Dividend received		1			—			—
Net cash used in investing activities		(38,811	)		(36,050	)		(433	)
Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending allotment		2			10			^
Repayment of loans and borrowings		(15,000	)		(20,750	)		(249	)
Proceeds from loans and borrowings		15,000			23,750			285
Payment of lease liabilities		(2,399	)		(2,547	)		(31	)
Payment for contingent consideration		(1,286	)		—			—
Interest and finance expenses paid		(2,626	)		(2,247	)		(27	)
Payment for transaction costs related to Buyback		(201	)		—			—
Net cash used in financing activities		(6,510	)		(1,784	)		(22	)
Net increase/(decrease) in cash and cash equivalents during the period		(7,808	)		2,125			26
Effect of exchange rate changes on cash and cash equivalents		(461	)		(792	)		(10	)
Cash and cash equivalents at the beginning of the period		91,861			96,951			1,163
Cash and cash equivalents at the end of the period (Note 9)		83,592			98,284			1,179
^ Value is less than 0.5

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	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm’s Registration No: 117366W/W—100018			Managing Director
Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No.: 110815
Bengaluru
July 19, 2024

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 19, 2024.

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, 2024. 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 new accounting standards, amendments and interpretations adopted by the Company effective from April 1, 2024.

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) is recognized as the present value of defined benefit obligation less fair value of plan assets; and

d. Contingent consideration and liability on written put options.

(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, 2024, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 83.33 as published by Federal Reserve Board of Governors on June 30, 2024. 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.

7

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:

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, 2024, for a discussion of the Company’s other material accounting policy information except for new accounting standards, amendments and interpretations adopted by the Company effective on or after April 1, 2024.

i. New amendments not yet adopted:

Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2024 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 21 – The Effects of Changes in Foreign Exchange Rates

On August 15, 2023, IASB issued ‘Lack of Exchangeability (Amendments to IAS 21)’ that clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. These amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. The adoption of amendments to IAS 21 is not expected to have any material impact on the interim condensed consolidated financial statements.

IFRS 18 – Presentation and Disclosure in Financial Statements

On April 9, 2024, IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which supersedes IAS 1 ‘Presentation of Financial Statements’, aimed at improving comparability and transparency of communication in financial statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. These categories are complemented by the requirement to present specified totals and subtotals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financials information based on the identified ‘roles’ of the primary financial statements and the notes.

Consequent to above, a narrow-scope amendments have been made to IAS 7 ‘Statement of Cash Flows’, which include changing the starting point for determining cash flows from operations under the indirect method from ‘profit or loss’ to ‘operating profit or loss’. Further, some requirements previously included within IAS 1 have been moved to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ which has also been renamed IAS 8 ‘Basis of Preparation of Financial Statements’. IAS 34 ‘ Interim Financial Reporting’ was amended to require disclosure of management defined performance measures. Minor consequential amendments to other standards were also made.

An entity that prepares condensed interim financial statements in accordance with IAS 34 in the first year of adoption of IFRS 18, must present the heading and mandatory subtotals it expects to use in its annual financial statement. Comparative period in both the interim and annual financial statements will need to be restated and a reconciliation of the statement of profit or loss previously published will be required for the immediately preceding comparative period. IFRS 18 and the amendments to the other standards, is effective for reporting period beginning on or after January 1, 2027 and are to be applied retrospectively, with earlier application permitted.

The Company is currently assessing the impact of adopting IFRS 18 and the amendments to other standards, on the interim condensed consolidated financial statements.

9

IFRS 19 – Subsidiaries without Public Accountability: Disclosures

On May 9, 2024, IASB issued IFRS 19 ‘Subsidiaries without Public accountability: Disclosures’ which specifies the disclosure requirements an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. The standard allows a subsidiary which does not have public accountability and has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards, to elect IFRS 19. The Company is currently assessing the impact of adopting IFRS 19 on the interim condensed consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

On May 30, 2024, IASB issued ‘Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)’ to address matters identified during the post-implementation review of IFRS 9. The amendments relate to derecognition of a financial liability settled through electronic transfer, classification of financial assets and disclosures of certain financial assets and financial liabilities. These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The Company is currently assessing the impact of adopting these amendments on the interim condensed consolidated financial statements.

10

4. Property, plant and equipment

	Land			Buildings			Plant and equipment (1)			Furniture and fixtures			Office equipment			Vehicles			Total
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
Net carrying value as at June 30, 2023	₹	4,859		₹	36,525		₹	30,063		₹	6,462		₹	1,783		₹	15		₹	79,707
Capital work-in-progress																			₹	6,757
Net carrying value including Capital work-in-progress as at June 30, 2023																			₹	86,464
Gross carrying value:
As at April 1, 2023	₹	4,860		₹	47,700		₹	117,732		₹	18,086		₹	7,818		₹	161		₹	196,357
Additions		—			428			6,975			1,716			354			3			9,476
Additions through Business combinations		—			—			373			—			1			—			374
Disposals		(486	)		(1,174	)		(22,815	)		(1,586	)		(663	)		(131	)		(26,855	)
Translation adjustment		1			70			248			17			4			1			341
As at March 31, 2024	₹	4,375		₹	47,024		₹	102,513		₹	18,233		₹	7,514		₹	34		₹	179,693
Accumulated depreciation/ impairment:
As at April 1, 2023	₹	—		₹	10,927		₹	85,501		₹	11,520		₹	5,928		₹	145		₹	114,021
Depreciation and impairment		—			1,490			11,856			2,193			638			7			16,184
Disposals		—			(683	)		(22,019	)		(1,444	)		(639	)		(130	)		(24,915	)
Translation adjustment		—			41			211			18			5			^			275
As at March 31, 2024	₹	—		₹	11,775		₹	75,549		₹	12,287		₹	5,932		₹	22		₹	105,565
Net carrying value as at March 31, 2024	₹	4,375		₹	35,249		₹	26,964		₹	5,946		₹	1,582		₹	12		₹	74,128
Capital work-in-progress																			₹	7,480
Net carrying value including Capital work-in-progress as at March 31, 2024																			₹	81,608
Gross carrying value:
As at April 1, 2024	₹	4,375		₹	47,024		₹	102,513		₹	18,233		₹	7,514		₹	34		₹	179,693
Additions		—			—			1,190			187			41			4			1,422
Disposals		—			(9	)		(2,199	)		(119	)		(89	)		^			(2,416	)
Translation adjustment		(1	)		(65	)		(403	)		(51	)		(30	)		(1	)		(551	)
As at June 30, 2024	₹	4,374		₹	46,950		₹	101,101		₹	18,250		₹	7,436		₹	37		₹	178,148
Accumulated depreciation/ impairment:
As at April 1, 2024	₹	—		₹	11,775		₹	75,549		₹	12,287		₹	5,932		₹	22		₹	105,565
Depreciation and impairment		—			380			2,937			542			148			1			4,008
Disposals		—			(7	)		(2,151	)		(103	)		(75	)		^			(2,336	)
Translation adjustment		—			(48	)		(329	)		(29	)		(23	)		(1	)		(430	)
As at June 30, 2024	₹	—		₹	12,100		₹	76,006		₹	12,697		₹	5,982		₹	22		₹	106,807
Net carrying value as at June 30, 2024	₹	4,374		₹	34,850		₹	25,095		₹	5,553		₹	1,454		₹	15		₹	71,341
Capital work-in-progress																			₹	8,616
Net carrying value including Capital work-in-progress as at June 30, 2024																			₹	79,957

^ Value is less than 0.5

⁽¹⁾  Including net carrying value of computer equipment and software amounting to ₹ 20,495, ₹ 17,553 and ₹ 15,907, as at June 30, 2023, March 31, 2024 and June 30, 2024, 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, 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	₹	1,196	₹	15,740		₹	1,210		₹	302		₹	18,448
Gross carrying value:
As at April 1, 2023	₹	1,278	₹	27,946		₹	2,580		₹	865		₹	32,669
Additions		65		6,505			264			251			7,085
Additions through Business combination		—		33			—			—			33
Disposals		—		(6,203	)		(636	)		(271	)		(7,110	)
Translation adjustment		—		172			34			4			210
As at March 31, 2024	₹	1,343	₹	28,453		₹	2,242		₹	849		₹	32,887
Accumulated depreciation:
As at April 1, 2023	₹	77	₹	12,127		₹	1,192		₹	571		₹	13,967
Depreciation		21		5,485			444			181			6,131
Disposals		—		(4,439	)		(561	)		(244	)		(5,244	)
Translation adjustment		—		64			11			3			78
As at March 31, 2024	₹	98	₹	13,237		₹	1,086		₹	511		₹	14,932
Net carrying value as at March 31, 2024	₹	1,245	₹	15,216		₹	1,156		₹	338		₹	17,955
Gross carrying value:
As at April 1, 2024	₹	1,343	₹	28,453		₹	2,242		₹	849		₹	32,887
Additions		—		3,192			—			34			3,226
Disposals		—		(1,648	)		(2	)		(44	)		(1,694	)
Translation adjustment		—		(222	)		(4	)		(7	)		(233	)
As at June 30, 2024	₹	1,343	₹	29,775		₹	2,236		₹	832		₹	34,186
Accumulated depreciation:
As at April 1, 2024	₹	98	₹	13,237		₹	1,086		₹	511		₹	14,932
Depreciation		5		1,340			112			42			1,499
Disposals		—		(1,328	)		(2	)		(43	)		(1,373	)
Translation adjustment		—		(97	)		(4	)		(4	)		(105	)
As at June 30, 2024	₹	103	₹	13,152		₹	1,192		₹	506		₹	14,953
Net carrying value as at June 30, 2024	₹	1,240	₹	16,623		₹	1,044		₹	326		₹	19,233

⁽¹⁾  Including net carrying value of computer equipment amounting to ₹ 4, ₹ 2 and ₹ 2 as at June 30, 2023, March 31, 2024 and June 30, 2024, respectively.

6. Goodwill and intangible assets

The movement in goodwill balance is given below:

	As at
	March 31, 2024			June 30, 2024
Balance at the beginning of the period	₹	307,970		₹	316,002
Translation adjustment		4,206			52
Acquisition through Business combinations(1)		4,314			—
Disposals		(488	)		—
Balance at the end of the period	₹	316,002		₹	316,054

⁽¹⁾ Acquisition through business combination for the year ended March 31, 2024 is after considering the impact of ₹ (503) towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31, 2023.

12

The movement in intangible assets is given below:

	Intangible assets
	Customer-related			Marketing-related			Total
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
Gross carrying value:
As at April 1, 2023	₹	49,813		₹	11,924		₹	61,737
Acquisition through Business combination		556			390			946
Deductions/adjustments		(7,306	)		(505	)		(7,811	)
Translation adjustment		609			163			772
As at March 31, 2024	₹	43,672		₹	11,972		₹	55,644
Accumulated amortization/ impairment:
As at April 1, 2023	₹	15,417		₹	3,275		₹	18,692
Amortization and impairment (1) (2)		9,961			1,795			11,756
Deductions/adjustments		(7,306	)		(505	)		(7,811	)
Translation adjustment		209			50			259
As at March 31, 2024	₹	18,281		₹	4,615		₹	22,896
Net carrying value as at March 31, 2024	₹	25,391		₹	7,357		₹	32,748
Gross carrying value:
As at April 1, 2024	₹	43,672		₹	11,972		₹	55,644
Deductions/adjustments		—			(125	)		(125	)
Translation adjustment		30			8			38
As at June 30, 2024	₹	43,702		₹	11,855		₹	55,557
Accumulated amortization/ impairment:
As at April 1, 2024	₹	18,281		₹	4,615		₹	22,896
Amortization and impairment		1,386			396			1,782
Deductions/adjustments		—			(125	)		(125	)
Translation adjustment		25			8			33
As at June 30, 2024	₹	19,692		₹	4,894		₹	24,586
Net carrying value as at June 30, 2024	₹	24,010		₹	6,961		₹	30,971

⁽¹⁾  During the year ended March 31, 2024, a 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 ₹ 1,701 for the year ended March 31, 2024, as part of amortization and impairment.

⁽²⁾  Due to change in our estimate of useful life of customer-related intangibles in an earlier business combination, the Company has recognized additional amortization charge of ₹ 2,807 for the year ended March 31, 2024, 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.

13

7. Investments

	As at
	March 31, 2024			June 30, 2024
Non-current
Financial instruments at FVTPL
Equity instruments (1)	₹	4,404		₹	4,354
Fixed maturity plan mutual funds		1,395			1,136
Financial instruments at FVTOCI
Equity instruments (1)		15,830			15,772
Financial instruments at amortized cost
Inter corporate and term deposits			^			^
	₹	21,629		₹	21,262
Current
Financial instruments at FVTPL
Short-term mutual funds (2)	₹	71,686		₹	100,056
Fixed maturity plan mutual funds		—			285
Financial instruments at FVTOCI
Non-convertible debentures		154,407			177,004
Government securities		7,030			7,078
Commercial papers		11,845			7,195
Bonds		28,195			23,787
Financial instruments at amortized cost
Inter corporate and term deposits (3)		38,008			36,512
	₹	311,171		₹	351,917
	₹	332,800		₹	373,179
Financial instruments at FVTPL	₹	77,485		₹	105,831
Financial instruments at FVTOCI		217,307			230,836
Financial instruments at amortized cost		38,008			36,512

^ Value is less than 0.5

⁽¹⁾ Uncalled capital commitments outstanding as at March 31, 2024 and June 30, 2024, was ₹ 1,450 and ₹ 1,934, respectively.

⁽²⁾  As at March 31, 2024 and June 30, 2024, short-term mutual funds include units lien with bank on account of margin money for currency derivatives amounting to ₹ 218 and ₹ 222, respectively.

⁽³⁾  These deposits earn a fixed rate of interest. As at March 31, 2024 and June 30, 2024, term deposits include current deposits in lien with banks, held as margin money deposits against guarantees amounting to ₹ 117 and ₹ 73, respectively.

8. Inventories

	As at
	March 31, 2024		June 30, 2024
Stores and spare parts	₹	27	₹	30
Traded goods		880		882
	₹	907	₹	912

9. Cash and cash equivalents

	As at
	March 31, 2024		June 30, 2024
Cash and bank balances	₹	60,648	₹	62,681
Demand deposits with banks (1)		36,305		35,623
	₹	96,953	₹	98,304

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

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

	As at
	June 30, 2023			June 30, 2024
Cash and cash equivalents	₹	83,616		₹	98,304
Bank overdrafts		(24	)		(20	)
	₹	83,592		₹	98,284

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10. Other financial assets

	As at
	March 31, 2024		June 30, 2024
Non-current
Security deposits	₹	1,221	₹	1,346
Finance lease receivables		4,270		3,911
Dues from officers and employees		59		33
	₹	5,550	₹	5,290
Current
Security deposits	₹	2,035	₹	1,921
Dues from officers and employees		596		547
Interest receivables		230		576
Finance lease receivables		5,307		5,314
Others		2,368		692
	₹	10,536	₹	9,050
	₹	16,086	₹	14,340

11. Other assets

	As at
	March 31, 2024		June 30, 2024
Non-current
Prepaid expenses	₹	3,424	₹	2,863
Costs to obtain contract (1)		2,324		4,149
Costs to fulfil contract (2)		205		190
Others		4,378		4,454
	₹	10,331	₹	11,656
Current
Prepaid expenses	₹	17,574	₹	18,809
Dues from officers and employees		343		464
Advance to suppliers		3,267		1,806
Balance with GST and other authorities		6,029		6,196
Costs to obtain contract (1)		867		1,794
Costs to fulfil contract (2)		60		60
Others		1,462		1,698
	₹	29,602	₹	30,827
	₹	39,933	₹	42,483

⁽¹⁾  Costs to obtain contract amortization of ₹ 328 and ₹ 264 during the three months ended June 30, 2023 and 2024 respectively.

⁽²⁾  Costs to fulfil contract amortization of ₹ 15 and ₹ 15 during the three months ended June 30, 2023 and 2024 respectively.

12. Loans, borrowings and bank overdrafts

	As at
	March 31, 2024		June 30, 2024
Non-current
Unsecured Notes 2026 (1)	₹	62,300	₹	62,317
	₹	62,300	₹	62,317
Current
Borrowings from banks	₹	79,164	₹	82,263
Bank overdrafts		2		20
	₹	79,166	₹	82,283
	₹	141,466	₹	144,600

⁽¹⁾  On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, issued US$ 750 million in unsecured notes 2026 (the “Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. Interest on the Notes is payable semi-annually on June 23 and December 23 of each year, commencing from December 23, 2021. The Notes are listed on Singapore Exchange Securities Trading Limited (SGX-ST).

13. Trade payables and accrued expenses

	As at
	March 31, 2024		June 30, 2024
Trade payables	₹	23,275	₹	22,203
Accrued expenses		65,291		60,848
	₹	88,566	₹	83,051

15

14. Other financial liabilities

	As at
	March 31, 2024		June 30, 2024
Non-current
Contingent consideration (Refer to Note 17)	₹	429	₹	—
Liability on written put options to non-controlling interests (Refer to Note 17)		4,303		4,366
Deposits and others		253		1,381
	₹	4,985	₹	5,747
Current
Contingent consideration (Refer to Note 17)	₹	—	₹	434
Advance from customers		598		357
Cash settled ADS RSUs		3		—
Capital creditors		333		287
Deposits and others		1,338		1,747
	₹	2,272	₹	2,825
	₹	7,257	₹	8,572

15. Other liabilities

	As at
	March 31, 2024		June 30, 2024
Non-current
Employee benefits obligations	₹	4,219	₹	4,248
Others		8,751		9,631
	₹	12,970	₹	13,879
Current
Employee benefits obligations	₹	16,057	₹	17,471
Statutory and other liabilities		13,275		14,050
Advance from customers		1,192		1,451
Others		771		771
	₹	31,295	₹	33,743
	₹	44,265	₹	47,622

16. Provisions

	As at
	March 31, 2024		June 30, 2024
Current
Provision for onerous contracts	₹	1,599	₹	1,517
Provision for warranty		217		200
Others		155		154
	₹	1,971	₹	1,871
	₹	1,971	₹	1,871

17. Financial instruments

The carrying value of financial instruments by categories as at March 31, 2024 is as follows:

	Fair value through profit or loss		Fair value through other comprehensive income				Amortized cost		Total
			Mandatory		Designated upon initial recognition
Financial Assets:
Cash and cash equivalents (Refer to Note 9)	₹	—	₹	—	₹	—	₹	96,953	₹	96,953
Investments (Refer to Note 7)
Equity Instruments		4,404		—		15,830		—		20,234
Fixed maturity plan mutual funds		1,395		—		—		—		1,395
Short-term mutual funds		71,686		—		—		—		71,686
Non-convertible debentures		—		154,407		—		—		154,407
Government securities		—		7,030		—		—		7,030
Commercial papers		—		11,845		—		—		11,845
Bonds		—		28,195		—		—		28,195
Inter corporate and term deposits		—		—		—		38,008		38,008
Other financial assets
Trade receivables		—		—		—		119,522		119,522
Unbilled receivables		—		—		—		58,345		58,345
Other financial assets (Refer to Note 10)		—		—		—		16,086		16,086
Derivative assets (Refer to Note 17)		390		—		968		—		1,358
	₹	77,875	₹	201,477	₹	16,798	₹	328,914	₹	625,064

16

Financial Liabilities:
Trade payables and other liabilities
Trade payables and accrued expenses (Refer to Note 13)	₹	—	₹	—	₹	—	₹	88,566	₹	88,566
Other financial liabilities (Refer to Note 14)		—		—		—		7,257		7,257
Loans, borrowings and bank overdrafts (Refer to Note 12)		—		—		—		141,466		141,466
Lease liabilities		—		—		—		23,183		23,183
Derivative liabilities (Refer to Note 17)		329		—		233		—		562
	₹	329	₹	—	₹	233	₹	260,472	₹	261,034

The carrying value of financial instruments by categories as at June 30, 2024 is as follows:

	Fair value through profit or loss		Fair value through other comprehensive income				Amortized cost		Total
			Mandatory		Designated upon initial recognition
Financial Assets:
Cash and cash equivalents (Refer to Note 9)	₹	—	₹	—	₹	—	₹	98,304	₹	98,304
Investments (Refer to Note 7)
Equity Instruments		4,354		—		15,772		—		20,126
Fixed maturity plan mutual funds		1,421		—		—		—		1,421
Short-term mutual funds		100,056		—		—		—		100,056
Non-convertible debentures		—		177,004		—		—		177,004
Government securities		—		7,078		—		—		7,078
Commercial papers		—		7,195		—		—		7,195
Bonds		—		23,787		—		—		23,787
Inter corporate and term deposits		—		—		—		36,512		36,512
Other financial assets
Trade receivables		—		—		—		114,655		114,655
Unbilled receivables		—		—		—		61,720		61,720
Other financial assets (Refer to Note 10)		—		—		—		14,340		14,340
Derivative assets (Refer to Note 17)		124		—		1,235		—		1,359
	₹	105,955	₹	215,064	₹	17,007	₹	325,531	₹	663,557
Financial Liabilities:
Trade payables and other liabilities
Trade payables and accrued expenses (Refer to Note 13)	₹	—	₹	—	₹	—	₹	83,051	₹	83,051
Other financial liabilities (Refer to Note 14)		—		—		—		8,572		8,572
Loans, borrowings and bank overdrafts (Refer to Note 12)		—		—		—		144,600		144,600
Lease liabilities		—		—		—		24,306		24,306
Derivative liabilities (Refer to Note 17)		98		—		43		—		141
	₹	98	₹	—	₹	43	₹	260,529	₹	260,670

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, lease liabilities, 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, lease liabilities, 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, 2024 and June 30, 2024, the carrying value of such financial assets, net of allowances, and liabilities, 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, 2024 is 5.38%

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.

17

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, 2024 and three months ended June 30, 2024.

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

	As at
	March 31, 2024											June 30, 2024
	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	₹	968		₹	—	₹	968		₹	—		₹	1,235		₹	—	₹	1,235		₹	—
Others		390			—		390			—			124			—		124			—
Investments:
Short-term mutual funds		71,686			71,686		—			—			100,056			100,056		—			—
Fixed maturity plan mutual funds		1,395			—		1,395			—			1,421			—		1,421			—
Equity instruments		20,234			108		—			20,126			20,126			109		—			20,017
Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds		201,477			1,282		200,195			—			215,064			1,266		213,798			—
Liabilities
Derivative instruments:
Cash flow hedges	₹	(233	)	₹	—	₹	(233	)	₹	—		₹	(43	)	₹	—	₹	(43	)	₹	—
Others		(329	)		—		(329	)		—			(98	)		—		(98	)		—
Liability on written put options to non-controlling interests		(4,303	)		—		—			(4,303	)		(4,366	)		—		—			(4,366	)
Contingent consideration		(429	)		—		—			(429	)		(434	)		—		—			(434	)

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

Financial instrument	Method and assumptions
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, 2024, 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 deposits 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.

18

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

Financial instrument	Method and assumptions
Investment in equity instruments	Fair value of these instruments is determined using market approach primarily based on market multiples method.
Contingent consideration and liability on written put options to non-controlling interest	Fair value of these instruments is determined using valuation techniques which includes inputs relating to risk-adjusted revenue and operating profit forecast.

The following table presents changes in Level 3 assets and liabilities for the year ended March 31, 2024 and three months ended June 30, 2024:

	As at
Investment in equity instruments	March 31, 2024			June 30, 2024
Balance at the beginning of the period	₹	19,321		₹	20,126
Additions		1,277			412
Disposals (1) (2)		(416	)		(210	)
Gain/(loss) recognized in consolidated statement of income		(136	)		11
Gain/(loss) recognized in other comprehensive income		(485	)		(318	)
Translation adjustment		565			(4	)
Balance at the end of the period	₹	20,126		₹	20,017

⁽¹⁾  During the year ended March 31, 2024, the Company sold its shares in Moogsoft (Herd) Inc. at a fair value of ₹ 179 and recognized a cumulative loss of ₹ 91 in other comprehensive income.

⁽²⁾  During the three months ended June 30, 2024, the Company sold its shares in Headspin Inc. at a fair value of ₹ 184 and recognized a cumulative loss of ₹ 236 in other comprehensive income and cumulative gain of ₹ 17 in the consolidated statement of income.

	As at
Contingent consideration	March 31, 2024			June 30, 2024
Balance at the beginning of the period	₹	(3,053	)	₹	(429	)
Reversals (1)		1,300			—
Payouts		1,294			—
Finance expense (recognized)/reversed in consolidated statement of income		55			(5	)
Translation adjustment		(25	)			^
Balance at the end of the period	₹	(429	)	₹	(434	)

⁽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.

^ Value is less than 0.5

	As at
Liability on written put options to non-controlling interests	March 31, 2024			June 30, 2024
Balance at the beginning of the period	₹	—		₹	(4,303	)
Addition through Business combination		(4,238	)		—
Finance expense recognized in consolidated statement of income		(33	)		(64	)
Translation adjustment		(32	)		1
Balance at the end of the period	₹	(4,303	)	₹	(4,366	)

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.

19

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

(in millions)

	As at
	March 31, 2024							June 30, 2024
	Notional				Fair value			Notional				Fair value
Designated derivative instruments
Sell: Forward contracts		USD	1,349		₹	264			USD	1,419		₹	564
		€	11		₹	10			€	28		₹	25
		£	17		₹	16			£	31		₹	8
		AUD	15		₹	15			AUD	27		₹	(1	)
Range forward option contracts		USD	730		₹	192			USD	710		₹	264
		€	129		₹	59			€	95		₹	93
		£	86		₹	(11	)		£	60		₹	23
		AUD	57		₹	10			AUD	31		₹	(3	)
Interest rate swaps		INR	4,750		₹	(71	)		INR	4,750		₹	(37	)
		USD	225		₹	233			USD	225		₹	212
Non-designated derivative instruments
Sell: Forward contracts (1)		USD	1,158		₹	(31	)		USD	984		₹	29
		€	195		₹	119			€	133		₹	(1	)
		£	72		₹	44			£	47		₹	(22	)
		AUD	55		₹	30			AUD	52		₹	(4	)
		SGD	26		₹	12			SGD	29		₹	3
		ZAR	97		₹	4			ZAR	22		₹		^
		CAD	61		₹	(1	)		CAD	73		₹	15
		SAR	188		₹	(2	)		SAR	188		₹	(1	)
		QAR	5		₹	(2	)		QAR	5		₹		^
		TRY	86		₹	(1	)		TRY	86		₹	(7	)
		NOK	20		₹	2			NOK	6		₹	(1	)
		OMR	2		₹		^		OMR	2		₹		^
		JPY	3,975		₹	32			JPY	4,362		₹	43
		DKK	33		₹	3			DKK	24		₹		^
		AED	22		₹		^		AED	8		₹		^
		CNH	11		₹	3			CNH	—		₹	—
		MXN	212		₹	(35	)		MXN	187		₹	49
		COP	8,120		₹	(5	)		COP	8,120		₹	10
		MYR	20		₹	(2	)		MYR	30		₹	1
		RON	80		₹	(9	)		RON	80		₹	(6	)
		BHD		^	₹		^		BHD		^	₹		^
		HKD	80		₹		^		HKD	79		₹		^
		CRC	3,380		₹	(19	)		CRC	—		₹	—
		NZD	2		₹	2			NZD	2		₹	(2	)
		KRW	—		₹	—			KRW	1,100		₹	1
		TWD	—		₹	—			TWD	40		₹		^
Buy: Forward contracts		USD	4		₹	1			USD	4		₹		^
		€	7		₹	(5	)		€	6		₹	(1	)
		£	2		₹		^		£	—		₹	—
		AUD	2		₹		^		AUD	—		₹	—
		CAD	49		₹	(4	)		CAD	49		₹	(3	)
		QAR	29		₹	10			QAR	29		₹		^
		CNH	126		₹	(5	)		CNH	127		₹		^
		RON	91		₹	(9	)		RON	51		₹		^
		TWD	40		₹	(2	)		TWD	—		₹	—
		PLN	39		₹	(6	)		PLN	35		₹	1
		SEK	39		₹	(5	)		SEK	38		₹	(4	)
		CHF	5		₹	(29	)		CHF	10		₹	4
		BRL	67		₹	(5	)		BRL	73		₹	(28	)
		RMB	25		₹	(6	)		RMB	46		₹	(6	)
		KWD		^	₹		^		KWD		^	₹		^
					₹	796						₹	1,218

^ Value is less than 0.5

⁽¹⁾  USD 1,158 and USD 984 includes USD/PHP sell forward of USD 167 and USD 160 as at March 31, 2024 and June 30, 2024, respectively.

20

The Company determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of its forecasted cash flows. 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.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in consolidated statement of income at the time of the hedge relationship rebalancing.

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,
	2023			2024
Balance as at the beginning of the period	₹	(1,762	)	₹	773
Changes in fair value of effective portion of derivatives		1,846			628
Net (gain)/loss reclassified to consolidated statement of income on occurrence of hedged transactions (1)		1,013			(243	)
Net (gain)/loss on ineffective portion of derivative instruments classified to consolidated statement of income		(33	)		44
Gain/(loss) on cash flow hedging derivatives, net	₹	2,826		₹	429
Balance as at the end of the period	₹	1,064		₹	1,202
Deferred tax asset/(liability) thereon		(267	)		(317	)
Balance as at the end of the period, net of deferred taxes	₹	797		₹	885

⁽¹⁾  Includes net (gain)/loss reclassified to revenue of ₹ (256); net (gain)/loss reclassified to cost of revenues of ₹ 24; net (gain)/loss reclassified to finance expenses of ₹ (47), and net (gain)/loss reclassified to finance and other income of ₹ 36 for the three months ended June 30, 2024.

The related hedge transactions for balance in cash flow hedging reserves as at June 30, 2024 are expected to occur and be reclassified to the statement of income over a period of twelve months.

As at June 30, 2023 and 2024, there were no material 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.

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,
	2023			2024
Balance at the beginning of the period	₹	43,255		₹	47,261
Translation difference related to foreign operations, net		(361	)		(1,398	)
Reclassification of foreign currency translation differences on liquidation of subsidiaries to statement of income		2				^
Balance at the end of the period	₹	42,896		₹	45,863

^ Value is less than 0.5

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		Gross obligation to non-controlling interests under put options
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	₹	—
As at April 1, 2024	₹	(286	)	₹	1,397		₹	10,320		₹	1,661	₹	(4,238	)
Other comprehensive income		59			184			(319	)		—		—
As at June 30, 2024	₹	(227	)	₹	1,581		₹	10,001		₹	1,661	₹	(4,238	)

21

19. Income taxes

	Three months ended June 30,
	2023		2024
Income tax expense as per the statement of income	₹	9,115	₹	9,850
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities		162		37
Gains/(losses) on cash flow hedging derivatives		626		122
Remeasurements of the defined benefit plans		33		62
	₹	9,936	₹	10,071

Income tax expense consists of the following:

	Three months ended June 30,
	2023			2024
Current taxes	₹	9,135		₹	10,368
Deferred taxes		(20	)		(518	)
	₹	9,115		₹	9,850

Income tax expenses are net of provision reversal of taxes pertaining to earlier periods, amounting to ₹ 627 and ₹ 194 for the three months ended June 30, 2023 and 2024, respectively.

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.

22

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

Information on disaggregation of revenues for the three months ended June 30, 2024 is as follows:

	IT Services										IT Products		Total
	Americas 1		Americas 2		Europe		APMEA		Total
A. Revenue
Rendering of services	₹	67,762	₹	67,402	₹	60,478	₹	23,527	₹	219,169	₹	—	₹	219,169
Sale of products		—		—		—		—		—		469		469
	₹	67,762	₹	67,402	₹	60,478	₹	23,527	₹	219,169	₹	469	₹	219,638
B. Revenue by sector
Banking, Financial Services and Insurance	₹	433	₹	41,886	₹	23,048	₹	8,979	₹	74,346
Health		25,565		22		3,841		993		30,421
Consumer		25,621		1,862		10,709		3,948		42,140
Communications		2,999		208		2,310		2,793		8,310
Energy, Natural Resources and Utilities		667		10,107		9,352		4,454		24,580
Manufacturing		14		7,244		5,995		942		14,195
Technology		12,463		6,073		5,223		1,418		25,177
	₹	67,762	₹	67,402	₹	60,478	₹	23,527	₹	219,169	₹	469	₹	219,638
C. Revenue by nature of contract
Fixed price and volume based	₹	35,970	₹	34,578	₹	35,976	₹	13,674	₹	120,198	₹	—	₹	120,198
Time and materials		31,792		32,824		24,502		9,853		98,971		—		98,971
Products		—		—		—		—		—		469		469
	₹	67,762	₹	67,402	₹	60,478	₹	23,527	₹	219,169	₹	469	₹	219,638

23

21. Expenses by nature

	Three months ended June 30,
	2023		2024
Employee compensation	₹	140,276	₹	132,293
Sub-contracting and technical fees		26,385		24,767
Cost of hardware and software		806		658
Travel		4,175		3,937
Facility expenses		3,452		4,133
Software license expense for internal use		4,607		4,605
Depreciation, amortization and impairment		7,380		7,289
Communication		1,249		993
Legal and professional fees		2,251		2,282
Rates, taxes and insurance		1,462		1,216
Marketing and brand building		977		804
Lifetime expected credit loss/ (write-back)		300		(26	)
(Gain)/loss on sale of property, plant and equipment, net (1)		78		(23	)
Miscellaneous expenses (1) (2)		334		435
Total cost of revenues, selling and marketing expenses and general and administrative expenses	₹	193,732	₹	183,363

⁽¹⁾  (Gain)/loss on sale of property, plant and equipment, net has been reclassified from Miscellaneous expenses and is presented separately for the three months ended June 30, 2023.

⁽²⁾ Miscellaneous expenses are net of reversals of contingent consideration (Refer to Note 17).

22. Finance expenses

	Three months ended June 30,
	2023		2024
Interest expense (1)	₹	3,086	₹	3,288
	₹	3,086	₹	3,288

⁽¹⁾  Includes Interest expense on lease liabilities of ₹ 316 and ₹ 363 for the three months ended June 30, 2023 and 2024, respectively.

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

	Three months ended June 30,
	2023			2024
Interest income	₹	5,244		₹	5,627
Dividend income from equity investments designated as FVTOCI		1			—
Net gain from investments classified as FVTPL		1,336			1,853
Net loss from investments classified as FVTOCI		(39	)		—
Finance and other income	₹	6,542		₹	7,480
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL	₹	881		₹	(185	)
Other foreign exchange gains/(losses), net		(943	)		(21	)
Foreign exchange gains/(losses), net	₹	(62	)	₹	(206	)

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 equity 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,
	2023		2024
Profit attributable to equity holders of the Company	₹	28,701	₹	30,032
Weighted average number of equity shares outstanding		5,482,733,329		5,225,776,256
Basic earnings per equity share	₹	5.23	₹	5.75

Diluted: Diluted earnings per equity 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 equity shares that could have been acquired at fair value (determined as the average market price of the Company’s equity shares during the period). The number of equity shares calculated as above is compared with the number of equity shares that would have been issued assuming the exercise of the share options.

24

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,
	2023		2024
Profit attributable to equity holders of the Company	₹	28,701	₹	30,032
Weighted average number of equity shares outstanding		5,482,733,329		5,225,776,256
Effect of dilutive equivalent share options		10,422,480		10,991,857
Dilutive effect from buyback of equity shares		107,151,506		—
Weighted average number of equity shares for diluted earnings per equity share		5,600,307,315		5,236,768,113
Diluted earnings per equity share	₹	5.12	₹	5.73

25. Employee compensation

	Three months ended June 30,
	2023		2024
Salaries and bonus	₹	133,800	₹	126,128
Employee benefits plans		4,932		4,836
Share-based compensation (1)		1,544		1,329
	₹	140,276	₹	132,293

⁽¹⁾  Includes ₹ (2) and ₹ (6) for the three months ended June 30, 2023 and 2024 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,
	2023		2024
Cost of revenues	₹	117,733	₹	112,171
Selling and marketing expenses		12,612		11,964
General and administrative expenses		9,931		8,158
	₹	140,276	₹	132,293

The Company has granted 3,341,675 options under RSU option plan during the three months ended June 30, 2024 (3,217,885 for the three months ended June 30, 2023); 8,167,087 options under ADS option plan during the three months ended June 30, 2024 (8,061,125 for the three months ended June 30, 2023).

The Company has also granted 2,014,993 Performance based stock options (RSU) during the three months ended June 30, 2024 (1,892,498 for the three months ended June 30, 2023); 5,297,557 Performance based stock options (ADS) during the three months ended June 30, 2024 (5,648,833 for the three months ended June 30, 2023).

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, 2024 and June 30, 2024 the Company had committed to spend approximately ₹ 10,322 and ₹ 8,837 respectively, under agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases. Refer to Note 7 for uncalled capital commitments on investment in equity instruments.

Guarantees: As at March 31, 2024 and June 30, 2024, guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies aggregate to ₹ 13,455 and ₹ 13,017 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 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.

25

Income tax claims against the Company amounting to ₹ 95,520 and ₹ 96,881 are not acknowledged as debt as at March 31, 2024 and June 30, 2024, 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 ₹ 18,799 and ₹ 19,350 as of March 31, 2024, and June 30, 2024, 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

The Company is 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: communications, media and information services, software and gaming, new age technology, consumer goods, medical devices and life sciences, healthcare, and technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking and financial services, energy, manufacturing and resources, capital markets and insurance, and hi-tech. 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.

26

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

	IT Services											IT Products			Reconciling Items			Total
	Americas 1		Americas 2		Europe		APMEA		Total
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 associate 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

Information on reportable segments for the three months ended June 30, 2024, is as follows:

	IT Services											IT Products			Reconciling Items		Total
	Americas 1		Americas 2		Europe		APMEA		Total
Revenue	₹	67,700	₹	67,338	₹	60,422	₹	23,503	₹	218,963		₹	469		₹	—	₹	219,432
Segment result		13,687		15,533		5,873		2,441		37,534			(47	)		59		37,546
Unallocated										(1,477	)		—			—		(1,477	)
Segment result total									₹	36,057		₹	(47	)	₹	59	₹	36,069
Finance expenses																		(3,288	)
Finance and other income																		7,480
Share of net profit/(loss) of associate and joint venture accounted for using the equity method																		(45	)
Profit before tax																	₹	40,216
Income tax expense																		(9,850	)
Profit for the period																	₹	30,366
Depreciation, amortization and impairment																	₹	7,289

27

Revenues from India, being Company’s country of domicile, is ₹ 6,007 and ₹ 4,923 for the three months ended June 30, 2023 and 2024, 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,
	2023		2024
United States of America	₹	126,497	₹	129,433
United Kingdom		29,763		25,106
	₹	156,260	₹	154,539

No customer individually accounted for more than 10% of the revenues during the three months ended June 30, 2023 and 2024.

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 ₹ 1,887 and ₹ Nil for the three months ended June 30, 2023 and 2024, respectively is included under Reconciling items.

e) “Unallocated” within IT Services segment results is after recognition of amortization and impairment expense on intangible assets of ₹ 1,810 and ₹ 1,782, for the three months ended June 30, 2023 and 2024, respectively, and change in fair value of contingent consideration of ₹ (16) and ₹ Nil, for the three months ended June 30, 2023 and 2024, respectively.

f) Segment results of IT Services segment are after recognition of share-based compensation expense of ₹ 1,544 and ₹ 1,329 for the three months ended June 30, 2023 and 2024, respectively.

g) Segment results of IT Services segment are after recognition of (gain)/loss on sale of property, plant and equipment of ₹ 78 and ₹ (23) for the three months ended June 30, 2023 and 2024, respectively.

28. List of subsidiaries, associate and joint venture as at June 30, 2024 is provided below:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Consulting India Private Limited			India
Capco Technologies Private Limited			India
Wipro Technology Product Services Private Limited			India
Wipro Chengdu Limited			China
Wipro Holdings (UK) Limited			U.K.
	Wipro Financial Outsourcing Services Limited		U.K.
		Wipro UK Limited	U.K.
Wipro HR Services India Private Limited			India
Wipro IT Services Bangladesh Limited			Bangladesh
Wipro IT Services UK Societas			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 Bahrain Limited Co. W.L.L		Bahrain
	Wipro Czech Republic IT Services s.r.o.		Czech Republic
	Wipro CRM Services (formerly known as Wipro 4C NV)		Belgium
		Wipro 4C Consulting France SAS	France
		Wipro CRM Services B.V. (formerly known as Wipro 4C Nederland B.V)	Netherlands
		Wipro CRM Services ApS	Denmark

28

		Wipro CRM Services UK Limited (1)	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 Ltda	Brazil
		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 Gulf LLC		Sultanate of Oman
	Wipro Holdings Hungary Korlátolt Felelősségű Társaság		Hungary
		Wipro Holdings Investment Korlátolt Felelősségű Társaság	Hungary
	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		Ukraine
	Wipro IT Services Poland SP Z.O.O		Poland
	Wipro IT Services S.R.L.		Romania
	Wipro Regional Headquarter		Saudi Arabia
	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
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
		Aggne Global Inc. (3)	USA
		Cardinal US Holdings, Inc.(1)	USA
		Designit North America, Inc.	USA
		Edgile, LLC	USA
		HealthPlan Services, Inc. (1)	USA

29

	Infocrossing, LLC	USA
	International TechneGroup Incorporated (1)	USA
	Wipro NextGen Enterprise Inc. (1)	USA
	Rizing Intermediate Holdings, Inc. (1)	USA
	Wipro Appirio, Inc. (1)	USA
	Wipro Designit Services, Inc. (1)	USA
	Wipro Telecom Consulting LLC	USA
	Wipro VLSI Design Services, LLC	USA
Aggne Global IT Services Private Limited (3)		India

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⁾  The company holds 60% of the equity securities of Aggne Global IT Services Private Limited and Wipro IT Services, LLC holds 60% of the equity securities of Aggne Global Inc.

⁽¹⁾  Step Subsidiary details of Cardinal US Holdings, Inc., HealthPlan Services, Inc., International TechneGroup Incorporated, Wipro NextGen Enterprise 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 CRM Services 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
Wipro NextGen Enterprise Inc.			USA
	LeanSwift AB		Sweden
Rizing Intermediate Holdings, Inc.			USA
	Rizing Lanka (Private) Ltd		Sri Lanka
		Attune Netherlands B.V. (4)	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 Pte Ltd. (4)	Singapore
The Capital Markets Company BV			Belgium
	CapAfric Consulting (Pty) Ltd		South Africa
	Capco Belgium BV		Belgium
	Capco Consultancy (Malaysia) Sdn. Bhd		Malaysia
	Capco Consultancy (Thailand) Ltd		Thailand
	Capco Consulting Singapore Pte. Ltd		Singapore
	Capco Greece Single Member P.C		Greece

30

	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
Wipro Ampion Holdings Pty Ltd			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.
	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 Sistemas De Informatica Ltda		Brazil
Wipro Portugal S.A.			Portugal
	Wipro Technologies GmbH		Germany
		Wipro Business Solutions GmbH (4)	Germany
		Wipro IT Services Austria GmbH	Austria
Wipro CRM Services UK Limited			U.K.
	CloudSocius DMCC		United Arab Emirates

⁽⁴⁾  Step Subsidiary details of Attune Netherlands B.V., Rizing Pte Ltd., Wipro Business Solutions GmbH are as follows:

Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Attune Netherlands B.V.			Netherlands
	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
Wipro Business Solutions GmbH			Germany
	Wipro Technology Solutions S.R.L		Romania

As at June 30, 2024, the Company held 43.7% interest in Drivestream Inc. and 27% interest in SDVerse LLC, accounted for using the equity method.

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The list of controlled trusts are:

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

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	Srinivas Pallia
Chartered Accountants	Chairman	Director	Chief Executive Officer and
Firm Registration No: 117366W/W - 100018			Managing Director
Anand Subramanian	Aparna C. Iyer		M. Sanaulla Khan
Partner	Chief Financial Officer		Company Secretary
Membership No. 110815
Bengaluru
July 19, 2024

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