Wipro(US:WIT)2024-10-18 20:05Financial Results - Wipro Limited's Board approved the financial results for the quarter and half year ended September 30, 2024, under IndAS and IFRS[2]. - The financial results are audited and comply with the requirements of Regulation 33 of the SEBI Listing Regulations[10]. - The auditor's report confirms that the standalone financial results present a true and fair view of the company's financial position[10]. - The financial results were prepared in accordance with Indian Accounting Standards and the provisions of the Companies Act, 2013[49]. - The Company confirmed that its statutory auditors issued unmodified opinions on the consolidated financial results for the three and six months ended September 30, 2024[49]. Bonus Share Issue - The company recommended a bonus equity share issue in the ratio of 1:1, providing 1 bonus share of ₹2 for every fully paid-up share held[3]. - The actual number of bonus equity shares to be issued will be determined based on the fully paid-up equity share capital as of the record date[7]. - The Board approved a bonus share issue in the proportion of 1:1, subject to member approval, which will adjust the Earnings Per Share retrospectively[70]. Revenue and Profit - Revenue from operations for the three months ended September 30, 2024, was ₹168,958 million, a 1.4% increase from ₹166,807 million in the same period last year[23]. - Profit before tax for the three months ended September 30, 2024, was ₹37,081 million, up 30.4% from ₹28,481 million in the same period last year[23]. - Profit for the period for the three months ended September 30, 2024, was ₹27,135 million, representing a 31.6% increase from ₹20,613 million in the same period last year[23]. - Total comprehensive income for the period ended September 30, 2024, was ₹26,819 million, compared to ₹20,814 million in the same period last year, indicating a 28.8% increase[24]. - Profit for the period attributable to equity holders of the Company was ₹32,088 million, up from ₹30,032 million year-over-year, representing a growth of 6.8%[49]. Expenses and Tax - Employee benefits expense for the three months ended September 30, 2024, was ₹95,036 million, a decrease from ₹96,427 million in the same period last year[23]. - The company reported a total tax expense of ₹9,946 million for the three months ended September 30, 2024, compared to ₹7,868 million in the same period last year, reflecting a 26.4% increase[23]. - Total expenses for the three months ended September 30, 2024, were ₹189,860 million, a decrease of 3.8% compared to ₹197,435 million for the same period last year[48]. Cash Flow and Assets - Net cash generated from operating activities for the six months ended September 30, 2024, was ₹71,547 million, compared to ₹63,860 million for the same period in 2023, reflecting an increase of 12.6%[27]. - Total assets increased to ₹921,131 million as of September 30, 2024, up from ₹816,486 million as of March 31, 2024, representing a growth of 12.8%[26]. - Cash and cash equivalents at the end of the period were ₹41,751 million, compared to ₹43,698 million at the end of the same period in 2023, showing a decrease of 4.4%[27]. Strategic Focus - The company plans to continue focusing on market expansion and new product development to drive future growth[48]. - The Company is focused on expanding its market presence through strategic acquisitions and partnerships in various regions[51]. - The Company has a diverse portfolio of subsidiaries and joint ventures across multiple countries, enhancing its global presence[50]. Segment Performance - Total segment revenue was $222,620 million, a decrease of 1.8% compared to $225,427 million for the same period in 2023[65]. - IT Services revenue for Americas 1 was $68,393 million, showing an increase of 2.6% from $66,813 million in September 2023[65]. - The IT Products segment generated revenue of $663 million, down from $1,469 million in September 2023, reflecting a decrease of 54.9%[65]. Shareholder Returns - The company completed a buyback of 269,662,921 equity shares at ₹445 per share, resulting in a total cash outflow of ₹145,173 million[25]. - The paid-up equity share capital remained stable at ₹10,463 million, consistent with the previous period[49].