[Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Statement of Financial Position](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of September 30, 2022, Wipro's total assets increased to ₹1,141,870 million from ₹1,079,182 million at March 31, 2022, primarily driven by a significant rise in Goodwill from acquisitions, while total equity grew to ₹717,885 million and total liabilities remained relatively stable at ₹423,985 million Consolidated Statement of Financial Position (₹ in millions) | Account | As at March 31, 2022 (₹ million) | As at September 30, 2022 (₹ million) | | :--- | :--- | :--- | | **Total Assets** | **1,079,182** | **1,141,870** | | Goodwill | 246,989 | 302,608 | | Total Current Assets | 620,752 | 618,599 | | **Total Equity** | **658,673** | **717,885** | | Retained Earnings | 551,252 | 603,002 | | **Total Liabilities** | **420,509** | **423,985** | | Total Current Liabilities | 308,329 | 306,386 | [Statement of Income](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Income) For the six months ended September 30, 2022, revenues increased by 16.2% year-over-year to ₹440,683 million, but increased costs, particularly in employee compensation, led to a 15.6% decline in profit for the period to ₹52,080 million, and diluted earnings per share decreased to ₹9.52 from ₹11.25 Statement of Income Highlights (₹ in millions, except per share data) | Metric | Three months ended Sep 30, 2021 (₹ million) | Three months ended Sep 30, 2022 (₹ million) | Six months ended Sep 30, 2021 (₹ million) | Six months ended Sep 30, 2022 (₹ million) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | 196,674 | 225,397 | 379,198 | 440,683 | | **Gross Profit** | 59,112 | 61,562 | 114,069 | 121,248 | | **Profit for the period** | 29,306 | 26,491 | 61,681 | 52,080 | | **Diluted EPS (₹)** | 5.35 | 4.85 | 11.25 | 9.52 | [Statement of Comprehensive Income](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended September 30, 2022, total comprehensive income was ₹56,753 million, a decrease from ₹67,038 million in the prior year period, partially offset by a significant positive impact from foreign currency translation differences amounting to a gain of ₹8,658 million Comprehensive Income Summary (₹ in millions) | Item | Six months ended Sep 30, 2021 (₹ million) | Six months ended Sep 30, 2022 (₹ million) | | :--- | :--- | :--- | | Profit for the period | 61,681 | 52,080 | | Foreign currency translation differences | 140 | 8,658 | | **Total comprehensive income for the period** | **67,038** | **56,753** | [Statement of Changes in Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased from ₹658,673 million on April 1, 2022, to ₹717,885 million on September 30, 2022, driven by the profit for the period of ₹52,080 million, other comprehensive income of ₹4,673 million, and additional contributions from other transactions Movement in Total Equity (₹ in millions) | Particulars | Six months ended Sep 30, 2022 (₹ million) | | :--- | :--- | | Balance as at April 1, 2022 | 658,673 | | Profit for the period | 52,080 | | Other comprehensive income | 4,673 | | Other transactions (share issuance, compensation, etc.) | 2,510 | | **Balance as at September 30, 2022** | **717,885** | [Statement of Cash Flows](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended September 30, 2022, net cash generated from operating activities decreased to ₹49,793 million, while investing activities consumed ₹56,496 million, largely due to business acquisitions, and financing activities used ₹24,565 million, resulting in a net decrease in cash and cash equivalents of ₹31,268 million Cash Flow Summary (₹ in millions) | Cash Flow Activity | Six months ended Sep 30, 2021 (₹ million) | Six months ended Sep 30, 2022 (₹ million) | | :--- | :--- | :--- | | Net cash generated from operating activities | 57,416 | 49,793 | | Net cash used in investing activities | (109,343) | (56,496) | | Net cash generated from/(used in) financing activities | 24,527 | (24,565) | | **Net decrease in cash and cash equivalents** | **(27,400)** | **(31,268)** | | Cash and cash equivalents at end of period | 142,017 | 73,021 | [Notes to the Interim Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [General Information and Basis of Preparation](index=9&type=section&id=Note%201-3%20General%20Information%20and%20Basis%20of%20Preparation) These interim financial statements comply with IAS 34 and are prepared on a historical cost basis, with management exercising significant judgment in areas like revenue recognition, impairment testing, and income taxes, and the company adopted amendments to IAS 37 (Onerous Contracts) effective April 1, 2022, resulting in a **₹51 million** reduction in opening retained earnings - The company is a global information technology (IT), consulting, and business process services (BPS) company[16](index=16&type=chunk) - The financial statements have been prepared in compliance with IAS 34, "Interim Financial Reporting"[19](index=19&type=chunk) - Effective April 1, 2022, the company adopted amendments to IAS 37 regarding Onerous Contracts, which resulted in a reduction of **₹51 million** in opening retained earnings[32](index=32&type=chunk) - Management applies significant judgment in key areas including revenue recognition, impairment testing of goodwill, income taxes, and business combinations[27](index=27&type=chunk) [Asset Details and Business Combinations](index=12&type=section&id=Note%204-7%20Asset%20Details%20and%20Business%20Combinations) Goodwill saw a substantial increase to ₹302,608 million as of September 30, 2022, primarily due to two key acquisitions, CAS Group and Rizing, which contributed a combined ₹41,341 million to goodwill, while intangible assets also grew, driven by customer-related assets from these combinations, and Property, Plant, and Equipment remained stable - Goodwill increased from **₹246,989 million** at March 31, 2022, to **₹302,608 million** at September 30, 2022, with acquisitions contributing **₹41,399 million**[39](index=39&type=chunk) - The company completed two business combinations: CAS Group for a total consideration of **₹5,587 million** and Rizing for **₹44,622 million**[42](index=42&type=chunk)[46](index=46&type=chunk) - The goodwill of **₹41,341 million** from the acquisitions comprises the value of the acquired workforce and expected synergies and is allocated to the IT Services segment[43](index=43&type=chunk) Movement in Key Assets (₹ in millions) | Asset | March 31, 2022 (₹ million) | September 30, 2022 (₹ million) | | :--- | :--- | :--- | | Property, plant and equipment | 90,898 | 91,253 | | Right-of-Use assets | 18,870 | 19,308 | | Goodwill | 246,989 | 302,608 | | Intangible assets | 43,555 | 48,307 | [Financial Instruments](index=18&type=section&id=Note%2017%20Financial%20Instruments) The company actively uses derivative instruments to manage foreign currency and interest rate risks, with the fair value of these instruments representing a net liability as of September 30, 2022, and the majority of financial instruments are valued using Level 1 and Level 2 methods, while Level 3 assets stood at ₹19,487 million and Level 3 liabilities were ₹4,994 million - The company uses derivative instruments to hedge exposures to currency fluctuations and interest rates on its assets, liabilities, and forecasted cash flows[57](index=57&type=chunk) Fair Value of Outstanding Derivative Instruments (₹ in millions) | Derivative Type | Fair Value as at March 31, 2022 (₹ million) | Fair Value as at Sep 30, 2022 (₹ million) | | :--- | :--- | :--- | | Designated Instruments (Hedges) | 1,943 | (786) | | Non-designated Instruments | 462 | (897) | | **Total Net Fair Value** | **2,405** | **(1,683)** | Fair Value Hierarchy (Level 3 Instruments) as at Sep 30, 2022 (₹ in millions) | Instrument | Fair Value (₹ million) | | :--- | :--- | | **Assets** | | | Equity instruments | 19,487 | | **Liabilities** | | | Contingent consideration | (4,994) | [Revenue and Segment Information](index=21&type=section&id=Note%2020%20%26%2028%20Revenue%20and%20Segment%20Information) For the six months ended September 30, 2022, total revenue reached ₹440,683 million, primarily driven by the IT Services segment, with the Americas and Europe as the largest geographical markets, and the BFSI sector as the largest industry vertical, with no single customer accounting for more than **10%** of total revenues Segment Results for Six Months Ended Sep 30, 2022 (₹ in millions) | Segment | Revenue (₹ million) | Segment Result (Profit) (₹ million) | | :--- | :--- | :--- | | IT Services | 436,477 | 65,633 | | IT Products | 3,195 | (158) | | ISRE | 3,102 | 319 | IT Services Revenue by Geography for Six Months Ended Sep 30, 2022 (₹ in millions) | Geography | Revenue (₹ million) | | :--- | :--- | | Americas 1 | 127,052 | | Americas 2 | 136,643 | | Europe | 122,960 | | APMEA | 49,822 | Revenue by Major Countries for Six Months Ended Sep 30, 2022 (₹ in millions) | Country | Revenue (₹ million) | | :--- | :--- | | United States of America | 247,799 | | United Kingdom | 54,359 | - No single customer accounted for more than **10%** of revenues during the period[111](index=111&type=chunk) [Commitments and Contingencies](index=25&type=section&id=Note%2027%20Commitments%20and%20Contingencies) As of September 30, 2022, the company had capital commitments of ₹9,145 million for property and equipment and faces significant contingent liabilities, including disputed income tax claims amounting to ₹93,668 million and other tax and duty demands of ₹11,966 million, though management believes the ultimate resolution is not likely to have a material adverse effect on the company's financial position - Capital commitments for property and equipment totaled **₹9,145 million**[94](index=94&type=chunk) - Outstanding guarantees provided by banks on behalf of the company aggregated to **₹17,402 million**[95](index=95&type=chunk) - The company faces income tax claims of **₹93,668 million** which are not acknowledged as debt and are pending before various appellate authorities[98](index=98&type=chunk) - Contingent liabilities for other disputed matters (excise duty, sales tax, etc.) amount to **₹11,966 million**[99](index=99&type=chunk) [Subsidiaries and Other Notes](index=29&type=section&id=Note%2029-30%20Subsidiaries%20and%20Other%20Notes) This section provides a comprehensive list of Wipro's direct and step-down subsidiaries across the globe, detailing the corporate structure, and highlights a key future uncertainty regarding the Indian Parliament's approval of the Code on Social Security, 2020, noting that the potential impact on Gratuity liability could be **material** once the rules are finalized and effective - The report provides a detailed list of the company's subsidiaries and their countries of incorporation, including entities like Capco, Designit, and Rizing[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - The Indian Parliament has approved the Code on Social Security, 2020, which is yet to be implemented, and the company notes the likely additional impact on its Gratuity liability could be **material**, and it will be evaluated once the rules are notified[121](index=121&type=chunk)

Financial Data and Key Metrics Changes - The company recorded a 4.1% growth in constant currency terms sequentially and 13% year-on-year, translating into double-digit growth across all markets [14][35] - Operating margins were reported at 15.1%, slightly higher than the previous quarter [35] - Net income grew 3.7% sequentially for the second quarter [35] - The company had a robust 180% ratio of operating cash flow to net income, with $4.3 billion of gross cash and $2.2 billion of net cash on the balance sheet [36] Business Line Data and Key Metrics Changes - The iDEAS global business line grew 15% year-on-year, driven by cloud transformation (26% growth), applications and data (21% growth), and engineering services (18% growth) [20] - The iCORE global business line grew 9% year-on-year, led by cybersecurity services, which grew 23% year-on-year [21] - Wipro FullStride Cloud Services, which constitutes more than one-third of the business, continues to drive success with a 24% year-on-year growth in bookings with high-growth partners [23] Market Data and Key Metrics Changes - In the Americas One market, growth was 15% year-on-year, with technology products and platforms being the fastest-growing sector at 26% [16] - The Americas Two market grew 12% year-on-year, with manufacturing and energy sectors leading performance [17] - The European business delivered a year-on-year growth of 12%, with a significant 36% growth in order book [18] - The APMEA business grew 11% year-on-year, with strong performance in Southeast Asia, Australia, New Zealand, and the Middle East [19] Company Strategy and Development Direction - The company emphasizes large transformative deals as a key pillar of growth strategy, with 11 deals signed in Q2 totaling $725 million [10] - Sustainability is integrated into the company's operations, with a focus on developing low carbon impact solutions [13] - The company is investing in strategic areas such as artificial intelligence, data, 5G, Metaverse, and Industry 4.0 to gain a competitive edge [27] Management's Comments on Operating Environment and Future Outlook - Management noted a change in macroeconomic conditions, with inflation pressures, geopolitical turmoil, and rising interest rates impacting client optimism [6][32] - Despite the uncertain environment, the company remains confident in gaining market share and achieving double-digit growth for the full year [31][33] - The guidance for Q3 is set at a revenue growth of 0.5% to 2%, translating to 10% to 12% year-on-year growth in constant currency terms [30] Other Important Information - The company has onboarded over 14,000 freshers in the first half of the fiscal year, which is 75% of the total added in the previous year [29] - Attrition has moderated to 23% on a trailing 12-month basis, with expectations for further moderation [28] Q&A Session Summary Question: Client Cautiousness Regarding Macro Environment - Management acknowledged a level of uncertainty among clients due to macroeconomic changes, but noted strong performance in bookings and growth [41][44] Question: Guidance and Demand Environment - Management explained that while the guidance reflects a cautious outlook, the business has been performing well with double-digit growth across all markets [45][46] Question: Consulting Acquisitions and Pipeline - Management indicated that consulting has been a significant growth driver, but acknowledged a slowdown in the consulting business due to market conditions [51] Question: Margin Improvement Strategies - Management discussed strategic investments in talent and operational excellence to improve margins, with a focus on larger deals and efficiency [56][59] Question: Restructuring Costs Impact - Management clarified that restructuring costs were a one-off event aimed at addressing inefficiencies, primarily in Europe [64][66] Question: Demand Environment in U.S. and Europe - Management noted that while both regions are experiencing macro uncertainty, the growth rates are similar, with potential impacts from the energy crisis in Europe [73] Question: Price Increases as a Margin Lever - Management expressed confidence in continuing to achieve price increases, which have been successfully implemented in recent quarters [98]

Financial Performance for the Quarter ended September 30, 2022 Jatin Dalal Chief Financial Officer Wipro Limited Revenue for the Quarter $ 2.80 Bn IT Services Revenue | USD ₹ 225.4 Bn Gross Revenue | INR IT services Growth on Constant Currency Basis: QoQ: 4.1% YoY: 12.9% $ Mn INR Mn ...... © 2 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|-----------------------------------|--------|-------|-------| | | | | | | | | | | | | | Operating M ...

Financial Performance for the Quarter ended June 30, 2022 Jatin Dalal Chief Financial Officer Wipro Limited Revenue for the Quarter $ 2.74 Bn IT Services Revenue | USD ₹ 215.3 Bn Gross Revenue | INR $2,735.5 $2,721.7 $2,414.5 $ Mn Q1'22 Q4'22 Q1'23 215,286 208,600 182,524 INR Mr Q1'23 Q1'22 Q4'22 ...... @ wipro Operating Margin for the Quarter ©3 IT Services Operating Margin refers to our segment results 15.0 % IT Services Operating Margin ₹31.9 Bn Operating Profit (Wipro Ltd.) in INR INR Mn ...... Net Inco ...

Wipro Limited (NYSE:WIT) Q1 2023 Earnings Conference Call July 20, 2022 10:00 AM ET Company Participants Aparna Iyer – Vice President and Corporate Treasurer Thierry Delaporte – Chief Executive Officer and Managing Director Jatin Dalal – Chief Financial Officer Stephanie Trautman – Chief Growth Officer Conference Call Participants Moshe Katri – Wedbush Securities Mukul Garg – Motilal Oswal Financial Services Kumar Rakesh – BNP Paribas Sandeep Shah – Equirus Securities Nitin Padmanabhan – Investec Gaurav Rat ...

Exhibit 99.1 June 24, 2022 The Manager – Listing BSE Limited (BSE: 507685) The Manager – Listing National Stock Exchange of lndia Limited (NSE:WIPRO) The Market Operations NYSE, New York (NYSE: WIT) Dear Sir/Madam, Sub: Notice of Annual General Meeting ("AGM"), Integrated Annual Report for Financial Year 2021-22 and intimation of book closure for the AGM This is to inform that the 76th AGM of the Company is scheduled to be held on Tuesday, July 19, 2022 at 9 AM IST through video conferencing. Pursuant to Se ...

[PART I](index=7&type=section&id=PART%20I) [Item 3. Key Information](index=7&type=section&id=Item%203.%20Key%20Information) This section outlines Wipro's significant risks, covering company and industry, market operations, contractual obligations, investments, cost structure, workforce, and regulatory compliance [Risks Related to Our Company and Our Industry](index=9&type=section&id=Risks%20Related%20to%20Our%20Company%20and%20Our%20Industry) The company faces unpredictable revenue and expense fluctuations, with high fixed costs making operating results sensitive to project variations and increasing the risk of missing financial expectations - Unpredictable revenue and expense fluctuations, coupled with high fixed costs for personnel and facilities, create significant volatility in operating results[34](index=34&type=chunk)[35](index=35&type=chunk) - Factors outside the company's control, such as project timing, pricing pressure, currency fluctuations, and political uncertainties, can cause substantial variations in quarterly results[36](index=36&type=chunk)[37](index=37&type=chunk) [Risks Related to the Markets in which We and Our Clients Operate](index=10&type=section&id=Risks%20Related%20to%20the%20Markets%20in%20which%20We%20and%20Our%20Clients%20Operate) Wipro's revenue concentration in key clients and regions, alongside potential impacts from restrictive immigration laws, poses significant market and operational risks Client Concentration Risk (IT Services) | Metric | FY 2020 | FY 2021 | FY 2022 | | :--- | :--- | :--- | :--- | | **Revenue from Largest Client** | 3.2% | 3.1% | 3.2% | | **Revenue from 10 Largest Clients** | 19.7% | 19.5% | 20.0% | Geographic Revenue Concentration (IT Services) | Region | Revenue Contribution | | :--- | :--- | | **Americas (incl. U.S.)** | ~58.5% | | **Europe** | ~29.9% | - Changes to U.S. immigration laws could make it more difficult and costly to obtain nonimmigrant work visas for employees, potentially affecting the ability to provide timely and cost-effective services to U.S. clients[57](index=57&type=chunk)[55](index=55&type=chunk) - The ongoing COVID-19 pandemic continues to pose a risk, potentially affecting customer spending, project timelines, and operational delivery due to health measures and economic uncertainty[187](index=187&type=chunk)[188](index=188&type=chunk)[190](index=190&type=chunk) [Risks Related to Our Contractual Obligations](index=13&type=section&id=Risks%20Related%20to%20Our%20Contractual%20Obligations) The company faces risks from litigation, short-notice contract terminations, price reductions from benchmarking clauses, and potential adverse changes in key alliance partnerships - Many client contracts can be terminated with little or no notice (as little as **15 days**) and without termination penalties, which could negatively impact revenue and profitability[67](index=67&type=chunk) - Some long-term contracts include benchmarking and most-favored-customer provisions, which could trigger price reductions and adversely affect future revenue and profitability[64](index=64&type=chunk) - The company is exposed to litigation risks for deficient services, data breaches, or violations of intellectual property rights, which could result in substantial damages and reputational harm[63](index=63&type=chunk) [Risks Related to Our Investments](index=14&type=section&id=Risks%20Related%20to%20Our%20Investments) Wipro's success hinges on adapting to rapid technological changes and managing risks associated with substantial investments in facilities, partnerships, and acquisitions, including potential impairment of goodwill and intangible assets - The IT services market is characterized by rapid technological changes in areas like AI, cloud, IoT, and blockchain. Failure to anticipate and respond to these advances could render services obsolete[69](index=69&type=chunk)[72](index=72&type=chunk) - The company has made substantial investments in new facilities and infrastructure, with contractual capital expenditure commitments of **₹11,376 million** as of March 31, 2022. If business growth does not offset these increased fixed costs, profitability could be reduced[73](index=73&type=chunk) - Future acquisitions are subject to risks including failure to discover liabilities during due diligence, difficulties in integration, and not realizing expected synergies, which could harm operating results[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Goodwill and intangible assets from acquisitions have increased significantly and are subject to annual impairment reviews, which could lead to material charges against earnings[82](index=82&type=chunk) [Risks Related to our Cost Structure](index=16&type=section&id=Risks%20Related%20to%20our%20Cost%20Structure) Wipro's profitability is sensitive to its cost structure, facing risks from inaccurate fixed-price contract pricing, rising Indian wages, and adverse foreign currency exchange rate fluctuations - Pricing for fixed-price and outsourcing contracts is based on internal forecasts which may be inaccurate, creating a risk of cost overruns and unprofitable projects[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) - Wage increases in India could erode the company's competitive cost advantage and reduce profit margins, as competition for skilled professionals intensifies[91](index=91&type=chunk) - With **98.3%** of revenue from IT Services and a significant portion in foreign currencies (like USD, GBP, EUR) while costs are largely in INR, appreciation of the Indian Rupee can adversely affect revenue and operating results[94](index=94&type=chunk) [Risks Related to Our Workforce](index=18&type=section&id=Risks%20Related%20to%20Our%20Workforce) Wipro's success depends on attracting, training, and retaining skilled professionals, as intense competition for talent could impair its ability to secure new projects and expand business - The company's ability to execute projects and acquire new clients is heavily dependent on attracting and retaining highly skilled professionals, especially in a competitive market[99](index=99&type=chunk) - Failure to manage employee hiring and attrition to maintain a stable workforce, or to re-skill employees to keep pace with technological changes, could adversely affect revenues and financial condition[101](index=101&type=chunk) [Risks Related to Our Operations](index=19&type=section&id=Risks%20Related%20to%20Our%20Operations) Operational risks include managing growth, complying with data privacy laws, protecting against cyber-attacks, and safeguarding intellectual property, with failure potentially leading to reputational and financial harm - The company is subject to numerous and changing data privacy laws globally, such as GDPR in Europe and CCPA/CPRA in California. Non-compliance can result in significant fines, liability, and reputational harm[104](index=104&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - Cyber-attacks and security incidents pose a significant threat to the company's IT infrastructure, potentially leading to data breaches, financial loss, and reputational damage. The shift to remote work due to COVID-19 has increased this risk[119](index=119&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk) - The company's intellectual property is crucial to its business. The enforcement of IP rights in India is not as robust as in the U.S., and unauthorized use or infringement claims could be time-consuming and expensive to defend[133](index=133&type=chunk)[134](index=134&type=chunk) [Risks Related to Legislation and Regulatory Compliance](index=26&type=section&id=Risks%20Related%20to%20Legislation%20and%20Regulatory%20Compliance) Operating globally exposes Wipro to diverse and conflicting legal and regulatory requirements, including tax and transfer pricing changes, which could increase effective tax rates and impact profitability - The company benefits from tax incentives for units in Special Economic Zones (SEZs). However, new SEZs commencing operations after March 31, 2021, are not entitled to these tax exemptions, which may increase future tax outflows[152](index=152&type=chunk) - Compliance with various transfer pricing regulations in India and other countries is required. Failure to comply could impact effective tax rates and net margins[158](index=158&type=chunk) - The company's ability to acquire companies outside India is subject to approval from the Government of India and/or the Reserve Bank of India, which could restrict international growth if not obtained[161](index=161&type=chunk) [Risks Related to the ADSs](index=28&type=section&id=Risks%20Related%20to%20the%20ADSs) ADS holders face risks from Indian political and economic developments, USD/INR exchange rate fluctuations, foreign investment restrictions, takeover regulations, and potential dilution due to inability to exercise preemptive rights - The price of ADSs and the U.S. dollar value of dividends are exposed to fluctuations in the USD/INR exchange rate, as the underlying shares trade in Indian Rupees[169](index=169&type=chunk) - India's Takeover Code applies to ADS holders. Acquiring **5%** or more of shares or voting rights triggers disclosure requirements, and acquiring **25%** or more triggers a mandatory open offer to other shareholders[173](index=173&type=chunk)[174](index=174&type=chunk) - ADS holders may be unable to exercise preemptive rights for new share issuances unless a registration statement is filed in the U.S., which the company is not obligated to do. This could result in the dilution of their proportional interest[176](index=176&type=chunk) [Item 4. Information on the Company](index=34&type=section&id=Item%204.%20Information%20on%20the%20Company) Wipro is a global IT, consulting, and BPS company with over **240,000** employees, structured into IT Services, IT Products, and ISRE segments, with a strategy focused on growth, client partnerships, talent, and operational simplification, supported by strategic acquisitions [Company and Business Overview](index=34&type=section&id=Company%20and%20Business%20Overview) Wipro is a global IT, consulting, and BPS company with over **240,000** employees, operating through IT Services, IT Products, and ISRE segments, and recently adopted a new organizational structure to enhance market and customer focus - Wipro is a global IT, consulting, and business process services (BPS) company with over **240,000** employees[194](index=194&type=chunk)[195](index=195&type=chunk) - The business is structured into three segments: IT Services, IT Products, and India State Run Enterprise (ISRE)[201](index=201&type=chunk) - A new organizational structure was adopted, consisting of four Strategic Market Units (SMUs) and two Global Business Lines (GBLs) to simplify market execution and improve sector focus[202](index=202&type=chunk) [Capital Expenditures and Divestitures](index=35&type=section&id=Capital%20Expenditures%20and%20Divestitures) Wipro actively engages in M&A, acquiring companies like Capco and Rizing to bolster capabilities, with capital expenditures totaling **₹20,153 million** in FY2022 primarily for facilities and IT assets, alongside a divestiture of Denim Group - Key acquisitions in the last three fiscal years include Capco, Ampion, Edgile, LeanSwift, and Rizing, aimed at strengthening capabilities in financial services consulting, cybersecurity, and SAP solutions[207](index=207&type=chunk)[208](index=208&type=chunk) Capital Expenditure Trend | Fiscal Year Ended March 31 | Capital Expenditure (₹ in millions) | | :--- | :--- | | **2020** | 23,497 | | **2021** | 19,577 | | **2022** | 20,153 | - As of March 31, 2022, Wipro had contractual commitments of **₹11,376 million** for capital expenditures[211](index=211&type=chunk) [Our Business Strategy](index=38&type=section&id=Our%20Business%20Strategy) Wipro's strategy focuses on accelerating growth, strengthening client partnerships, leading with business solutions, building talent at scale, and simplifying its operating model to be a trusted partner in client transformation journeys - The company's strategy is centered on five key priorities: Accelerate growth, Strengthen clients and partnerships, Lead with business solutions, Build talent at scale, and a Simplified operating model[232](index=232&type=chunk) - In FY2022, top five and top ten IT Services customers grew **31.5%** and **30.5%** YoY, respectively. Large deal total contract value was **$2.3 billion**[238](index=238&type=chunk) - M&A is integral to the strategy, with recent acquisitions like Capco strengthening local presence and capabilities. Capco achieved **double-digit growth** in FY2022[242](index=242&type=chunk) - The operating model is simplified into four Strategic Market Units (SMUs) and two Global Business Lines (GBLs: iDEAS and iCORE) to improve go-to-market focus and delivery[250](index=250&type=chunk)[251](index=251&type=chunk) [Operating Segment Overview](index=40&type=section&id=Operating%20Segment%20Overview) Wipro operates through IT Services, IT Products, and ISRE segments, with IT Services dominating FY2022 revenue (**98.3%**) and operating income (**99.1%**), and its offerings organized under iDEAS and iCORE Global Business Lines Segment Revenue (FY 2022) | Segment | Revenue (₹ in millions) | % of Total Revenue | | :--- | :--- | :--- | | **IT Services** | 781,824 | 98.3% | | **IT Products** | 6,173 | 0.8% | | **ISRE** | 7,295 | 0.9% | | **Total** | **795,289** | **100.0%** | Segment Operating Income (FY 2022) | Segment | Operating Income (₹ in millions) | % of Total Operating Income | | :--- | :--- | :--- | | **IT Services** | 139,078 | 99.1% | | **IT Products** | 115 | 0.1% | | **ISRE** | 1,173 | 0.8% | | **Total** | **140,286** | **100.0%** | IT Services Client Count by Revenue | Per client revenue (US$) | FY 2021 | FY 2022 | | :--- | :--- | :--- | | **1-3 million** | 217 | 269 | | **3-5 million** | 92 | 113 | | **5-50 million** | 217 | 247 | | **50-100 million** | 29 | 31 | | **> 100 million** | 11 | 19 | | **Total > 1 million** | **566** | **679** | [Item 5. Operating and Financial Review and Prospects](index=48&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) Wipro's FY2022 revenue grew **27.77%** to **₹795,289 million**, driven by IT Services, while profit attributable to equity holders increased **13.20%** to **₹122,191 million**, despite a **218 bps** operating margin decline due to higher costs and strategic shifts in other segments [Results of Operations](index=50&type=section&id=Results%20of%20Operations) In FY2022, total revenue increased **27.77%** to **₹795,289 million**, but gross and operating margins declined by **199 bps** and **218 bps** respectively, primarily due to a **31.35%** rise in cost of revenues, despite a **13.20%** increase in profit attributable to equity holders Consolidated Financial Highlights (FY2022 vs FY2021) | Metric | FY 2021 (₹ in millions) | FY 2022 (₹ in millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 622,425 | 795,289 | 27.77% | | **Gross Profit** | 199,220 | 239,417 | 20.18% | | **Operating Income** | 123,053 | 140,286 | 14.00% | | **Profit attributable to equity holders** | 107,946 | 122,191 | 13.20% | | **Gross Margin** | 32.01% | 30.02% | (199) bps | | **Operating Margin** | 19.77% | 17.59% | (218) bps | | **Diluted EPS (₹)** | 19.07 | 22.29 | 16.88% | - Cost of revenues increased by **31.35%** YoY, primarily due to higher employee compensation from salary increases and acquisitions, increased sub-contracting costs, and facility expenses as employees partially returned to offices[340](index=340&type=chunk) - The effective tax rate decreased from **21.83%** in FY2021 to **19.13%** in FY2022, primarily due to certain audit closures for past years[346](index=346&type=chunk) [Analysis of Revenue and Results by Segment](index=54&type=section&id=Analysis%20of%20Revenue%20and%20Results%20by%20Segment) In FY2022, IT Services revenue grew **29.05%** to **₹781,824 million** despite a **254 bps** margin decline, while IT Products revenue fell **19.67%** to **₹6,173 million** and ISRE revenue decreased **18.14%** to **₹7,295 million**, though ISRE's margin significantly improved by **417 bps** IT Services Segment Results (FY2022 vs FY2021) | Metric | FY 2021 (₹ in millions) | FY 2022 (₹ in millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 605,815 | 781,824 | 29.05% | | **Segment Results** | 122,850 | 139,078 | 13.21% | | **Segment Margin** | 20.28% | 17.74% | (254) bps | IT Products Segment Results (FY2022 vs FY2021) | Metric | FY 2021 (₹ in millions) | FY 2022 (₹ in millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 7,685 | 6,173 | (19.67)% | | **Segment Results** | 45 | 115 | 155.56% | | **Segment Margin** | 0.59% | 1.86% | 127 bps | ISRE Segment Results (FY2022 vs FY2021) | Metric | FY 2021 (₹ in millions) | FY 2022 (₹ in millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 8,912 | 7,295 | (18.14)% | | **Segment Results** | 1,061 | 1,173 | 10.56% | | **Segment Margin** | 11.91% | 16.08% | 417 bps | [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, Wipro held **₹345,491 million** in cash and short-term investments, with operating cash flow decreasing to **₹110,797 million** due to higher working capital, while investing activities used **₹224,495 million** primarily for acquisitions, and financing activities generated **₹46,586 million** from borrowings Cash Flow Summary (FY2022 vs FY2021) | Activity | FY 2021 (₹ in millions) | FY 2022 (₹ in millions) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 147,550 | 110,797 | | **Net Cash from/(used in) Investing Activities** | 7,739 | (224,495) | | **Net Cash from/(used in) Financing Activities** | (128,840) | 46,586 | - The decrease in operating cash flow was primarily due to increased working capital, with a **₹43,229 million** negative impact from higher trade receivables, unbilled receivables, and contract assets[403](index=403&type=chunk) - The company had cash and cash equivalents plus short-term investments of **₹345,491 million** and unutilized credit lines of **₹56,685 million** as of March 31, 2022[401](index=401&type=chunk)[402](index=402&type=chunk) [Item 6. Directors, Senior Management and Employees](index=66&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details Wipro's Board and senior management, including executive compensation, and highlights the company's growing employee base of over **240,000** and its talent management strategies, along with the structure of key board committees Executive Compensation (Fiscal Year 2022) | Name | Position | Total Compensation (US$) | | :--- | :--- | :--- | | **Rishad A. Premji** | Chairman | 1,819,022 | | **Thierry Delaporte** | CEO and Managing Director | 10,519,174 | | **Jatin Pravinchandra Dalal** | President and CFO | 1,591,142 | Employee Headcount Trend | As of March 31 | Employee Count | | :--- | :--- | | **2020** | > 175,000 | | **2021** | > 200,000 | | **2022** | > 240,000 | - As of March 31, 2022, the Board consisted of **nine** directors: two executive directors, one non-executive non-independent director, and six independent directors[427](index=427&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=75&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) As of March 31, 2022, the promoter group, led by Azim H. Premji, beneficially owned approximately **73.00%** of Wipro's outstanding equity shares, with all related party transactions conducted at arm's length Major Shareholder Ownership (as of March 31, 2022) | Name of Beneficial Owner | Class of Security | Shares Beneficially Held | % of Total Shares Outstanding | | :--- | :--- | :--- | :--- | | **Azim H. Premji (and promoter group)** | Equity | 4,001,950,248 | 73.00% | - As of March 31, 2022, **2.46%** of the company's equity shares were held through ADSs by approximately **55,700** record holders[498](index=498&type=chunk) [Item 8. Financial Information](index=76&type=section&id=Item%208.%20Financial%20Information) This section confirms the report includes IFRS-compliant consolidated financial statements and highlights Wipro's significant reliance on international business, with export revenue accounting for **97%** of total segment revenues in FY2022 Export Revenue as a Percentage of Total Segment Revenue | Year Ended March 31 | Export Revenue (₹ in millions) | Total Segment Revenue (₹ in millions) | % of Total | | :--- | :--- | :--- | :--- | | **2020** | 584,027 | 613,401 | 95% | | **2021** | 595,269 | 622,425 | 96% | | **2022** | 769,350 | 795,289 | 97% | [Item 9. The Offer and Listing](index=77&type=section&id=Item%209.%20The%20Offer%20and%20Listing) Wipro's equity shares trade on the BSE and NSE in India, while its ADSs, each representing one equity share, are traded on the NYSE under the ticker 'WIT' - Equity shares are traded on the BSE and NSE in India. ADSs are traded on the NYSE under the ticker '**WIT**'[510](index=510&type=chunk)[514](index=514&type=chunk) - As of March 31, 2022, the company had **5,482,070,115** equity shares outstanding[511](index=511&type=chunk) [Item 10. Additional Information](index=79&type=section&id=Item%2010.%20Additional%20Information) This section details Wipro's corporate structure, shareholder rights, and the Indian regulatory environment, including tax implications for shareholders under both Indian and U.S. federal income tax laws - The company's Articles of Association set the board size between **four** and **fifteen** directors, with at least two-thirds subject to retirement by rotation, excluding independent directors[534](index=534&type=chunk) - Dividends are declared by the Board and approved by shareholders. For FY2022, a total dividend of **₹6 per share** was declared[541](index=541&type=chunk)[542](index=542&type=chunk) - The section details Indian regulations such as the Takeover Code, SEBI Listing Regulations, and Foreign Direct Investment (FDI) policies, which impact shareholders and ADS holders[612](index=612&type=chunk)[615](index=615&type=chunk)[635](index=635&type=chunk) - A detailed summary of Indian and U.S. federal tax implications for holding and disposing of shares/ADSs is provided, covering capital gains, dividends, and potential classification as a Passive Foreign Investment Company (PFIC)[658](index=658&type=chunk)[681](index=681&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=100&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Wipro is exposed to market risks from foreign currency fluctuations, interest rate changes, and credit risk, managed by its treasury department using derivatives to hedge foreign exchange exposure arising from significant USD revenue and INR cost base - The company's primary market risk is foreign currency risk, as a significant portion of revenue is in USD, GBP, EUR, AUD, and CAD, while a large portion of costs are in INR[707](index=707&type=chunk) - As of March 31, 2022, a **₹1** increase in the INR/USD exchange rate would result in an approximate **₹3,159 million** decrease in the fair value of its USD-denominated derivative instruments[710](index=710&type=chunk) - A **100 basis point** increase in interest rates would result in an additional net annual interest expense of approximately **₹951 million** on floating-rate borrowings as of March 31, 2022[711](index=711&type=chunk) [Item 12. Description of Securities Other Than Equity Securities](index=102&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20Than%20Equity%20Securities) This section primarily details fees and charges for American Depositary Receipt (ADR) holders under the Deposit Agreement with JPMorgan Chase Bank, N.A., as the company does not have other reportable non-equity securities - The Depositary (JPMorgan Chase Bank, N.A.) charges ADS holders fees for various services, including up to **$5.00 per 100 ADSs** for issuance or surrender, and up to **$0.05 per ADS** for cash distributions[722](index=722&type=chunk)[723](index=723&type=chunk) - During the year ended March 31, 2022, the Depositary reimbursed the company **$453,249** for expenses related to the ADR program[725](index=725&type=chunk) [PART II](index=103&type=section&id=PART%20II) [Item 15. Controls and Procedures](index=104&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that Wipro's disclosure controls and internal control over financial reporting were effective as of March 31, 2022, a conclusion affirmed by an unqualified opinion from Deloitte Haskins & Sells, LLP - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[729](index=729&type=chunk) - Management assessed internal control over financial reporting based on the COSO framework and concluded it was effective as of March 31, 2022[733](index=733&type=chunk) - The independent auditor, Deloitte Haskins & Sells, LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[734](index=734&type=chunk)[735](index=735&type=chunk) [Item 16. Corporate Governance and Other Disclosures](index=107&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers Wipro's corporate governance, including the Audit Committee Financial Expert, Codes of Ethics and Conduct, **₹235 million** in fees paid to Deloitte in FY2022, and significant differences between Indian and NYSE corporate governance standards - The Board has identified Mr. Deepak M. Satwalekar as the Audit Committee Financial Expert[748](index=748&type=chunk) - The company has adopted a Code of Ethics for senior financial officers and a broader Code of Business Conduct, both available on its website[749](index=749&type=chunk)[751](index=751&type=chunk) Principal Accountant Fees (Deloitte) | Fee Category | FY 2021 (₹ in millions) | FY 2022 (₹ in millions) | | :--- | :--- | :--- | | **Audit fees** | 83 | 138 | | **Tax fees** | 44 | 78 | | **All other fees** | 13 | 19 | | **Total** | **140** | **235** | - Significant differences exist between Indian corporate governance rules and NYSE standards, particularly regarding the required percentage of independent directors on the board and the composition of the audit committee[762](index=762&type=chunk) [PART III](index=109&type=section&id=PART%20III) [Item 18. Financial Statements](index=109&type=section&id=Item%2018.%20Financial%20Statements) This section presents Wipro's audited consolidated financial statements for FY2022, prepared under IFRS, including the Statements of Financial Position, Income, Comprehensive Income, Changes in Equity, and Cash Flows, all with an unqualified opinion from Deloitte Haskins & Sells LLP [Consolidated Statement of Financial Position](index=112&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2022, Wipro's total assets increased to **₹1,079,182 million**, driven by a rise in goodwill from acquisitions, with total equity growing to **₹658,158 million** and total liabilities increasing to **₹420,509 million** due to higher borrowings Key Balance Sheet Items (As of March 31) | Item | 2021 (₹ in millions) | 2022 (₹ in millions) | | :--- | :--- | :--- | | **Total Assets** | 831,434 | 1,079,182 | | Goodwill | 139,127 | 246,989 | | Cash and cash equivalents | 169,793 | 103,836 | | **Total Liabilities** | 276,841 | 420,509 | | **Total Equity** | 554,593 | 658,673 | [Consolidated Statement of Income](index=114&type=section&id=Consolidated%20Statement%20of%20Income) For FY2022, Wipro's revenues increased **27.7%** to **₹790,934 million**, with gross profit rising to **₹235,062 million**, and profit attributable to equity holders growing **13.2%** to **₹122,191 million**, resulting in diluted EPS of **₹22.29** Key Income Statement Data (Year ended March 31) | Metric | 2021 (₹ in millions) | 2022 (₹ in millions) | | :--- | :--- | :--- | | **Revenues** | 619,430 | 790,934 | | **Gross Profit** | 196,225 | 235,062 | | **Results from operating activities** | 123,053 | 140,286 | | **Profit for the year** | 108,662 | 122,329 | | **Profit attributable to equity holders** | 107,946 | 122,191 | | **Diluted EPS (₹)** | 19.07 | 22.29 | [Consolidated Statement of Cash Flows](index=120&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For FY2022, net cash from operating activities decreased to **₹110,797 million** due to higher working capital, while investing activities resulted in a **₹224,495 million** outflow primarily for acquisitions, and financing activities generated **₹46,586 million**, leading to an overall **₹67,112 million** decrease in cash and cash equivalents Key Cash Flow Data (Year ended March 31) | Activity | 2021 (₹ in millions) | 2022 (₹ in millions) | | :--- | :--- | :--- | | **Net cash from operating activities** | 147,550 | 110,797 | | **Net cash from/(used in) investing activities** | 7,739 | (224,495) | | **Net cash from/(used in) financing activities** | (128,840) | 46,586 | | **Net change in cash and cash equivalents** | 26,449 | (67,112) |

Wipro Limited (NYSE:WIT) Q4 2022 Earnings Conference Call April 29, 2022 10:00 AM ET Company Participants Aparna Iyer - Vice President and Corporate Treasurer Thierry Delaporte - Chief Executive Officer Rajan Kohli - Managing Partner, iDEAS Business Line Jatin Dalal - Chief Financial Officer Stephanie Trautman - Chief Growth Officer Conference Call Participants Kumar Rakesh - BNP Paribas Ravi Menon - Macquarie Group Gaurav Rateria - Morgan Stanley Pankaj Kapoor - CLSA Ltd. Dipesh Mehta - Emkay Global Financ ...

Financial Performance for the Quarter and Year ended March 31, 2022 Jatin Dalal Chief Financial Officer Wipro Limited Revenue for the Quarter $ 2.72 Bn IT Services Revenue | USD ₹ 208.6 Bn Gross Revenue | INR IT services Growth on Constant Currency Basis: QoQ: 3.1% YoY: 28.5% $ Mn INR Mn © 2 ...... | --- | --- | --- | |--------------------------------------------------------------|------------------------------------------------------------|--------| | | | | | Revenue for the Year | | $ Mn | | $ 10.4 Bn | | ...

| | Notes | As at March 31, 2021 | As at December 31, 2021 | | | --- | --- | --- | --- | --- | | | | | | Convenience translation into US | | | | | | dollar in millions (unaudited) Refer to Note 2(iii) | | ASSETS | | | | | | Goodwill | 6 | 139,127 | 242,945 | 3,266 | | Intangible assets Property, plant and equipment | 6 4 | 13,085 85,192 | 44,320 90,248 | 596 1,213 | | Right-of-Use assets | 5 | 16,420 | 18,445 | 248 | | Financial assets | | | | | | Derivative assets | 17 | 16 | 35 | ^ | | Investments | 8 | 1 ...