Wpro 0824

For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
WIPRO LTD
TICKER: WPRO IN
CURRENCY: INR
MARKET CAP: 2,282,388.50 (M)
ENTERPRISE VALUE: 2,171,288.48 (M)
GENERATED ON: 08/24/2022
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Bloomberg Public Information Book: WIPRO LTD
TABLE OF CONTENTS
Company Profile 3
Management Information 7
Capital Structure 9
Credit Profile 11
Comparables Analysis 14
Earnings Estimates 16
Shareholders 18
Analyst Ratings 20
Financial Analysis 23
Company News 26
Company Research 31
Interim Report 66
Annual Reports 98
Other Filings 226
Company Profile
>>> Company Overview, Management & Board
>>> Market Activity Overview
>>> Key Financial Metrics & Comparables
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Wipro Ltd Currency: INR

Sector: Information Technology Industry: IT Services Primary Exchange: Natl India
Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including
software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management,
system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer
products.
Summary
Website www.wipro.com Revenue(M) 790,934.00 YTD Return -41.24

Address Doddakannelli Sarjapur Current Price 416.15 52 Week Return -33.66
Road Bangalore, 560 52 Week High 739.85 Next Earnings 10/13/22
035 India 52 Week Low 391.00 Announcement
No of Employees 258,574 Mkt Cap(M) 2,282,388.50 Prior Announcement 07/20/22
Key Insights One Year Daily Price and Volume
Consensus 3 year estimated EPS CAGR is 7.7% vs 11.5% average

93.00 715.00
growth over past 5 years
Consensus 3 year estimated EPS CAGR is 7.7% vs 12.2% for comps 77.00 650.80
Price in INR
average 61.00 586.60
8% of analysts have changed price targets (0 up, 4 down, 41 unchanged, 45.00 522.40
2 dropped) over the past month
29.00 458.20
Elara Capital analyst Ruchi Burde Mukhija downgraded the stock to sell.
13.00 394.00
The analyst currently has a price target of INR 390.00 (6.3% below market 19 2 2 0 0 1 1 2 2 3 2
S E 4 O 8 N 2 J A 6 F E 3 M 7 AP 2 M 6 J U 1 J U 4 AU
price). P 2 C T O V N 2 B2 AR R AY N 2 L 2 G
2 2 2
02 02 0 02 02 2 2
02 02 02 02 022 202
1 1 21 2 2 2 2 2 2 2
Volume(Millions) Price
Current Capitalization (INR Millions)
2500000
Market Cap 2,282,388.5
2000000 Enterprise Value 2,080,772.5
1500000
1000000
500000
0
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Overview Key Executives

NAME TITLE AGE TENURE START
Executives Rishad Azim Premji Chairman 55 3 07/01/2019
Number of Executives 29 Thierry Delaporte CEO/Managing 55 2 07/01/2020
Average Reported Compensation (MM) 3.55 Director
Average Age - Jatin Pravinchandra Chief Financial 47 7 04/01/2015
Average Tenure 2.83 Dalal Officer
Board Members Sanjeev Singh Chief Operations 56 1 02/01/2021
Number of Board Members 9 Officer
Independent Directors 7 Subha Tatavarti Chief Technology - 1 03/01/2021
Members Owning Shares 2 Officer
On Boards of Peers 9.00 Deepak Acharya CRO/General 54 1 06/01/2021
On Boards of Other Companies 7.00 Counsel
Average Age 62.22 Sunita Rebecca Chief Culture Officer 48 1 02/01/2021
Average Tenure (Years) 11.22 Cherian
Saurabh Govil Chief Human 54 4 03/01/2018
Resources Officer
Revenue % by Business Segments for 2022 Revenue % by Geographic Segments for 2022
Americas 1 (27.4)
Reconciliation (22.8)
APMEA (11.4)
IT Products (1.5) IT Services (74.7) Americas 2 (30.1)

ISRE (1.0) Reconciliation (22.8) Europe (29.3)
IT Products (1.5) Americas 1 (27.4)
ISRE (1.0)
Others (1.7)
APMEA (11.4)
Others (1.7)
Europe (29.3)
IT Services (74.7)
Americas 2 (30.1)
Historical Analyst Recommendation and 12M Target Price Firm Analyst Consensus
Consensus Rating 2.93

120.00 712.00
Buys 15 31.91%
100.00 Holds 13 27.66%
619.20
Sells 18 38.30%
80.00
Sell-Hold-Buy
Price in INR
526.40
60.00
433.60
40.00
340.80
20.00
0.00 248.00 A U S E O N D J A F E M AP M J U J U AU SE O N D J A F E M AP M J U J U AU
G P 2 C T OV EC N 2 B2 AR R 2 AY N 2 L 2 G P2 C T OV EC N 2 B2 AR R 2 AY N 2 L 2 G
20 0 20 20 20 0 0 20 0 20 0 0 20 0 20 20 20 0 0 20 0 20 0 0 20
20 20 2 0 2 0 20 21 21 21 21 21 2 1 21 21 21 21 2 1 21 22 2 2 2 2 22 22 2 2 22 22
% Buy % Hold % Sell TargetPrice Price
5 / 490
Fiscal Year Financial Performance and Estimates (INR Millions)

03/19 03/20 03/21 03/22E 03/23E 03/24E 03/25E
Revenue 585,845 610,232 619,430 790,934 907,638 996,397 1,047,621
Growth % 7.5 4.2 1.5 27.7 14.8 9.8 5.1
Gross Profit 172,812 174,147 196,225 235,062 260,583 292,183 305,350
Gross Margin % 29.5 28.5 31.7 29.7 28.7 29.3 29.1
EBITDA 116,169 123,423 147,714 166,842 173,839 196,926 211,973
EBITDA Margin % 19.8 20.2 23.9 21.1 19.2 19.8 20.2
Operating Profit 96,695 102,561 120,058 135,931 142,650 164,863 180,088
Operating Margin % 16.5 16.8 19.4 17.2 15.7 16.5 17.2
Net Income (Adj) 90,179 97,223 107,660 122,296 119,552 138,731 154,757
Profit Margin % 15.4 15.9 17.4 15.4 13.2 13.9 14.8
Return On Assets % 11.3 11.8 13.1 12.8 10.5 11.6 12.0
Return On Equity % 17.1 17.3 19.4 20.2 17.2 17.9 17.8
Equity Comparables (Top 6 Peers)

NAME MARKET CAP EV EV/EBITDA T12M EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024 EPS
WIPRO LTD 2,282.4 (B) 2,171.3 (B) 13.3 12.5 11.0 19.7 19.1 16.5 17.0
HCL TECHNOLOGIES 2,575.7 (B) 2,464.0 (B) 12.3 11.3 10.1 18.9 18.2 16.2 8.1
LTD
MINDTREE LTD 549.4 (B) 518.1 (B) 21.7 19.5 17.1 30.8 28.3 24.7 48.7
COGNIZANT TECH 34.2 (B) 33.4 (B) 9.5 9.1 8.4 15.2 14.5 13.3 57.4
SOLUTIONS-A
TATA CONSULTANCY 11,911.5 (B) 11,574.9 (B) 21.5 19.8 17.6 31.0 28.3 25.1 19.5
SVCS LTD
WNS HOLDINGS LTD- 4.2 (B) 4.1 (B) 18.7 13.8 12.6 32.9 23.2 20.7 31.1
ADR
Credit Ratings Credit Ratios

WPRO HCLT MTCL CTSH TCS WPRO HCLT MTCL CTSH TCS
Fitch Rating A- A- - - A Secured Debt/ - - - - -
Moody's Rating - - - - Baa1 EBITDA
S&P Rating A- A- - - NR Unsecured Debt/ - - - - -
EBITDA
Subordinated Debt/ - - - - -
EBITDA
Total Debt/EBITDA - - - - -
Net Debt / EBITDA -0.7 -0.5 -1.3 -0.2 -0.6
EBITDA / Tot Int Exp 18.9 80.2 53.9 301.3 67.4
Ownership: Top 5 by Country Ownership: Top 15 by % of Shares Outstanding Held
India 63.52% Premji Azim Hasham 72.57%

United States 17.20% LIFE INSURANCE CORP 3.75%
Norway 4.82% JPMORGAN CHASE & CO 2.40%
Ireland 3.49% SBI FUNDS MANAGEMENT 1.07%
Luxembourg 2.97% BLACKROCK 0.98%
VANGUARD GROUP 0.66%
ICICI PRUDENTIAL ASS 0.62%
Ownership: Top 5 by Institution Type NORGES BANK 0.56%
UTI ASSET MANAGEMENT 0.30%
Investment Advisor 56.44% AZIM PREMJ PHILANTHR 0.27%
Government 31.30% ICICI PRUDENTIAL LIF 0.22%
Bank 4.78% DIMENSIONAL FUND ADV 0.22%
Pension Fund 2.88% NIPPON LIFE INDIA AS 0.20%
Insurance Company 2.84% KOTAK MAHINDRA ASSET 0.20%
TATA ASSET MANAGEMEN 0.18%
Global Industry Classification Standard

Sector Code Sector Name Industry Group Name Industry Name Sub-Industry Name
45 Information Technology Software & Services IT Services IT Consulting & Other Services
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Management Information
>>> Overview
>>> Key Executives
>>> Board of Directors
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MANAGEMENT INFORMATION
Overview Key Executives
DATE OF
NAME AGE TITLE SINCE
Executives BIRTH
Number of Executives 29.0 Rishad Azim Premji 05/28/1967 55 Chairman 07/31/2019
Average Reported Compensation (MM) 3.6 Thierry Delaporte 05/28/1967 55 CEO/Managing Director 07/06/2020
Average Age Jatin Pravinchandra Dalal 03/31/1975 47 Chief Financial Officer 04/01/2015
Average Tenure 2.8 Sanjeev Singh 03/31/1966 56 Chief Operations Officer 02/24/2021
Board Members Subha Tatavarti Chief Technology Officer 03/30/2021
Number of Board Members 9.0 Deepak Acharya 03/31/1968 54 CRO/General Counsel 06/09/2021
Independent Directors 7.0 Sunita Rebecca Cherian 03/31/1974 48 Chief Culture Officer 02/04/2021
Members Owning Shares 2.0 Saurabh Govil 03/31/1968 54 Chief Human Resources 03/31/2018
On Boards of Peers 9.0 Officer
On Boards of Other Companies 7.0 Laura Langdon Chief Marketing Officer 11/21/2020
Average Age 62.0 Anup Purohit Chief Information Officer 06/11/2021
Average Tenure (Years) 11.0 Stephanie Trautman Chief Growth Officer 02/23/2021
Pierre Bruno CEO:Europe 02/23/2021
Anis Chenchah CEO:Apmea 04/08/2022
Angan Arun Guha CEO:Americas 2 02/09/2021
Srini Pallia CEO:Americas 1 01/01/2021
Lance Levy 03/31/1968 54 CEO:Capco 06/10/2022
Rajan Kohli 12/31/1971 50 Pres:iDEAS Business Line 07/04/2018
Nagendra P Bandaru Pres & Mng Partner:iCORE 02/09/2021
Business
Philippe Dintrans Senior VP/Global 03/02/2021
Head:Domain & Consulting
Jason Eichenholz Senior VP/Head:Global 08/09/2021
Partnership
Harmeet Chauhan Senior VP/Global 07/31/2018
Head:Engineering & R&D
M Sanaulla Khan 03/31/1971 51 Secretary/Compliance Officer 06/03/2015
Badrinath Srinivasan "Badri" Managing Director:Southeast 01/27/2022
Asia
Jasjit Singh Kang Senior VP/Head:iCORE-DOP 02/17/2022
Harish Dwarkanhalli Global Head:Applications & 03/12/2021
Data business
Anil Raibagi Global Head:Corporate 10/28/183738
Development
A Amarnath Head:Sales Operations 06/09/2021
Ajay Bhaskar 03/31/1973 49 Head:Strategy & 10/28/183738
Transformation
Abhishek Kumar Jain Head:Investor Relations 07/16/2015
Board of Directors
NAME DATE OF BIRTH AGE TITLE ORGANIZATION
Rishad Azim Premji 05/28/1967 55 Chairman Wipro Ltd
Chairman Wipro Ltd
Ireena Vittal 10/02/1968 53 Lead Director Wipro Ltd
Patrick Dupuis 06/28/1963 59 Board Member Wipro Ltd
Adm William Arthur Owens "Bill" 05/08/1940 82 Chairman Intelius Inc
Board Member Wipro Ltd
Azim Hasham Premji 07/24/1945 77 Founder Azim Premji Foundation
Founder Premjiinvest
Thierry Delaporte 05/28/1967 55 President/Co-Founder Life Project 4 Youth
CEO/Managing Director Wipro Ltd
Dr Patrick John Ennis 04/07/1964 58 Co-Founder Xinova LLC
Venture Partner Madrona Venture Group LLC
Deepak Madhav Satwalekar 11/14/1948 73 Venture Advisor Nexus Venture Partners
Chairman Asian Paints Ltd
Paivi Rekonen 01/01/1969 53 Board Member Wipro Ltd
Tulsi Naidu 10/19/1973 48 CEO:Asia Pacific Zurich Insurance Group AG
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Capital Structure
>>> Capital Structure Distribution
>>> Debt Distribution
9 / 490
CAPITAL STRUCTURE
Millions (INR)
Market Cap - 2,282.4 (B)
0 2 4 6 8 10
DEBT DISTRIBUTION
Forcasts for up to 50 years. All values in INR
Debt Type: Bonds and Loans Loan Type: All
Payments: Principal Only Debt: To Maturity
AMOUNT
60000 YEAR
(MM)
2026 59,892
Amount Outstanding (Mln)
40000
20000
0
2026
Bond
10 / 490
Credit Profile
>>> Credit Ratings
>>> Credit Comparables
11 / 490
CREDIT PROFILE
Standard & Poor's
Outlook STABLE
LT Foreign Issuer Credit A-
LT Local Issuer Credit A-
Fitch
Outlook STABLE
LT Issuer Default Rating A-
LT LC Issuer Default A-
CRISIL
Short Term A1+
ICRA
Outlook STABLE
Long Term AAA
Short Term A1+
12 / 490
CREDIT COMPARABLES
Credit Ratings
WPRO IN Equity HCLT IN Equity MTCL IN Equity CTSH US Equity TCS IN Equity
Fitch Rating A- A- - - A
Moody's Rating - - - - Baa1
S&P Rating A- A- - - NR
Valuation Multiples
CDS / Leverage - - - - -
OAS / Leverage - - - - -
EV/EBITDA 13.3 12.3 21.7 9.5 21.5
Price to Book Ratio 3.3 4.4 8.3 2.9 13.0
Credit Ratios
Secured Debt/EBITDA - - - - -
Unsecured Debt/EBITDA - - - - -
Subordinated Debt/EBITDA - - - - -
Total Debt/EBITDA - - - - -
Net Debt / EBITDA -0.7 -0.5 -1.3 -0.2 -0.6
EBITDA / Tot Int Exp 18.9 80.2 53.9 301.3 67.4
Market Metrics
1-Yr Implied Volatility 37.7 33.4 37.0 29.7 23.7

5 Year Bid CDS Spread - - - - -
Bid OAS - - - - -
Dividend Yield - 1.5 - 1.6 1.3
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Comparables Analysis
>>> Revenue Breakdown by Industry
>>> Equity Comparables
14 / 490
COMPARABLES ANALYSIS
% Revenue by Industry Comparables Range
METRIC WPRO LOW HIGH AVERAGE
P/E 19.7 15.2 44.7 27.8
EPS 1 Yr Gr 17.0 8.1 57.4 27.5
Whole Firm 8.2 (B) Rev 1 Yr Gr 27.7 8.4 32.1 18.2
ROE 18.1 17.9 42.1 25.3
Information Technology (IT) Services 6.9 (B)
Biotechnology 1.3 (B)
0 20 40 60 80 100
EV/EBITDA
NAME MARKET CAP EV EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024
T12M
WIPRO LTD 2,282.4 (B) 2,171.3 (B) 13.3 12.5 11.0 19.7 19.1 16.5
HCL TECHNOLOGIES LTD 2,575.7 (B) 2,464.0 (B) 12.3 11.3 10.1 18.9 18.2 16.2
MINDTREE LTD 549.4 (B) 518.1 (B) 21.7 19.5 17.1 30.8 28.3 24.7
COGNIZANT TECH SOLUTIONS-A 34.2 (B) 33.4 (B) 9.5 9.1 8.4 15.2 14.5 13.3
TATA CONSULTANCY SVCS LTD 11,911.5 (B) 11,574.9 (B) 21.5 19.8 17.6 31.0 28.3 25.1
WNS HOLDINGS LTD-ADR 4.2 (B) 4.1 (B) 18.7 13.8 12.6 32.9 23.2 20.7
GENPACT LTD 8.7 (B) 10.1 (B) 15.8 13.2 11.5 27.8 17.4 15.5
EXLSERVICE HOLDINGS INC 5.8 (B) 5.9 (B) 23.9 20.3 18.0 44.7 30.6 27.3
MPHASIS LTD 417.7 (B) 406.4 (B) 18.9 15.9 13.7 29.1 24.1 20.4
INFOSYS LTD 6,469.4 (B) 6,312.7 (B) 19.8 18.2 15.8 29.0 26.6 22.8
TECH MAHINDRA LTD 1,041.8 (B) 990.1 (B) 12.3 11.5 9.9 18.5 17.5 14.9
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Earnings Estimates
>>> Earnings History
>>> Earnings Trend Chart
>>> Current Period Estimates
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EARNINGS & ESTIMATES

Earnings History
Next Announcement 10/13/2022
Prior Announcement 07/20/2022
Avg/Implied 1 Day Move * 3.67/7.53
* Average 1 Day Move: Average absolute percent change in price 1 day after earnings for the past 8 periods
Implied 1 Day Move: Absolute percent change in price around the next earnings date estimated from option volatilities
2023 Annual EPS Earnings Trend (EPS, INR per share)

632.94 5.92 35
30
580.774 5.792
25
2023 Annual EPS
528.608 5.664
20
Price
15
476.442 5.536
10
424.276 5.408
5
372.11 5.28 2/ 3 3 3 4 4 4 5 5 5 5 6 6 6 7 7 7 7 8 8 0
27 /8/ /17 /2 6 /4/ /13 /22 /1/ /10 /19 /28 /6/ /15 /24 /3/ /12 /21 /30 /8/ /1 7 20 20 20 20 20 20 20 20 20
/2 20 /2 /2 20 /2 /2 20 /2 /2 /2 20 /2 /2 20 /2 /2 /2 2 0 / 2 18 19 20 21 22 23 24 25 26
02 22 02 02 22 02 02 22 02 02 02 22 02 02 22 02 02 02 22 02
2 2 2 2 2 2 2 2 2 2 2 2 2 2
Price 2023 Annual EPS Actuals Estimates
Current Period ( 2023 YEARLY) Overview

MEASURE PERIOD EST 4WK CHG YoY Gr GROWTH vs COMPS PAST SURPRISE
EPS Adj+ 21.789 0.15% Beat 6 of 8
EPS GAPP 21.844 0.15% Beat 6 of 8
Sales 907.638 (B) 0.03% Beat 6 of 8
Net Income Adjusted+ 119.552 (B) -0.27% Missed 4 of 8
Operating Profit 142.650 (B) -0.35%
EBITDA 173.839 (B) -0.31% Beat 6 of 8
17 / 490
Shareholders
>>> Ownership by Fund Objective
>>> Ownership by Geography
>>> Top Institutional Holders
>>> Top Insider Holdings
18 / 490
SHAREHOLDERS
Top Fund Objective Ownership (%) Top Geographic Ownership (%)
08/23/2022 08/23/2022
ETF 31.73 Unknown 83.74
Emerging Market 15.19 India 8.72
Blend 14.94 United States 4.99
Asset Allocation 12.60 Norway 0.66
Sector Fund 8.60 Ireland 0.48
Growth 7.77 Luxembourg 0.38
Country Fund 3.26 Great Britain (UK) 0.24
Fund Debt 2.20 Japan 0.20
Value 1.38 Sweden 0.11
Regional Fund 1.16 Canada 0.09
Unclassified 1.14 Switzerland 0.08
Long Short 0.01 France 0.05
Short Bias 0.00 Australia 0.05
Hong Kong 0.05
Netherlands 0.04
Denmark 0.03
Finland 0.03
South Korea 0.03
Belgium 0.02
Singapore 0.01
Liechtenstein 0.01
Austria 0.01
Taiwan 0.00
Germany 0.00
Jersey 0.00
Top 20 Holders by Position

HOLDER NAME POSITION % OUTSTANDING POSITION CHANGE % POSITION CHANGE FILING DATE
Premji Azim Hasham 3,979,947,969 72.57 0 0.00 06/30/2022
LIFE INSURANCE CORP 205,599,198 3.75 26,184,011 14.59 06/30/2022
JPMORGAN CHASE & CO 131,482,666 2.40 -7,986,526 -5.73 08/23/2022
SBI FUNDS MANAGEMENT 58,600,308 1.07 2,273,764 4.04 08/15/2022
BLACKROCK 53,813,925 0.98 750,923 1.42 08/22/2022
VANGUARD GROUP 36,124,092 0.66 6,213,755 20.77 07/31/2022
ICICI PRUDENTIAL ASS 33,867,224 0.62 -2,195,296 -6.09 07/31/2022
NORGES BANK 30,924,254 0.56 30,924,254 0.00 12/31/2021
UTI ASSET MANAGEMENT 16,271,662 0.30 668,062 4.28 07/31/2022
AZIM PREMJ PHILANTHR 14,568,663 0.27 0 0.00 06/30/2022
ICICI PRUDENTIAL LIF 12,209,750 0.22 142,380 1.18 07/31/2022
DIMENSIONAL FUND ADV 12,127,539 0.22 -920,890 -7.06 08/22/2022
NIPPON LIFE INDIA AS 11,011,926 0.20 -422,333 -3.69 08/15/2022
KOTAK MAHINDRA ASSET 10,849,103 0.20 -605,517 -5.29 07/31/2022
TATA ASSET MANAGEMEN 10,093,286 0.18 1,884,694 22.96 07/31/2022
HDFC ASSET MANAGEMEN 9,141,034 0.17 1,145,874 14.33 07/31/2022
FMR LLC 8,678,341 0.16 -118,082 -1.34 08/23/2022
SBI PENSION FUNDS PV 7,756,222 0.14 0 0.00 07/29/2022
AXIS ASSET MANAGEMEN 7,710,645 0.14 -14,055,011 -64.57 08/15/2022
GOVMT PENSION INVST 7,659,177 0.14 -2,541,422 -24.91 03/31/2021
Top 10 of 32 Insider Holders by Position

HOLDER NAME POSITION % OUTSTANDING POSITION CHANGE % POSITION CHANGE FILING DATE
Premji Azim 3,979,947,969 72.57 0 0.00 06/30/2022
Premji Rishad 1,738,057 0.03 0 0.00 06/30/2022
Premji Tariq 1,580,755 0.03 0 0.00 06/30/2022
NAGARAJAN RAMESH 251,530 0.01 0 0.00 05/19/2021
Padmanabhan Anand 226,516 0.00 53,200 30.70 09/29/2021
Bruno Pierre 198,366 0.00 198,366 0.00 03/01/2022
Delaporte Thierry 198,000 0.00 198,000 0.00 08/31/2021
Govil Saurabh 150,000 0.00 50,000 50.00 08/20/2021
Dalal Jatin 123,821 0.00 0 0.00 06/25/2021
Nagpaul Manoj 109,971 0.00 0 0.00 02/05/2021
TOTAL PERCENT OUTSTANDING 72.67
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Analyst Ratings
>>> Analyst Company Consensus
>>> Analyst Recommendation Table
>>> Analyst Recommendation Chart
20 / 490
ANALYST RATINGS
Firm Analyst Consensus Price
Consensus Rating 2.93 Curr INR

Buys 15 31.91% Tgt Px 427.71
Holds 13 27.66% Last Price 416.15
Sells 18 38.30% LTM Return -33.66%
Historical Analyst Recommendation and 12M Target Price
120.00 712.00
100.00
619.20
80.00
526.40
Price in INR
60.00
433.60
40.00
340.80
20.00
0.00 248.00
AU SE O N D JA FE M AP M JU JU AU SE O N D JA FE M AP M JU JU AU
G P2 C O EC N B2 AR R AY N L2 G P2 C O EC N B2 AR R AY N L2 G
20 T2 V2 20 20 20 20 20 20 T2 V2 20 20 20 20 20 20
02 02 02 02 20 02 02 02 02 02 20 02
20 0 20 21 1 21 21 21 21 1 21 1 21 22 2 22 22 22 22 2 22
0 0 1 1
% Buy % Hold % Sell TargetPrice Price
Analyst Recommendations
FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK
JP Morgan Ankur Rudra underweight M 340.00 08/22/22 12.59 3rd 16th
Motilal Oswal Securities Ltd. Mukul Garg neutral M 390.00 08/22/22 0.00 5th 17th
BNP Paribas Asia Kumar Rakesh reduce M 360.00 08/18/22 -0.64 - -
Macquarie Ravi Menon outperform M 540.00 08/17/22 - - -
YES Research Piyush Pandey add M 482.00 08/17/22 -33.08 - -
Ambit Capital Pvt Ltd. Ashwin Mehta sell M 395.00 08/16/22 33.08 1st 2nd
Investec Nitin Padmanabhan sell M 395.00 08/08/22 -0.64 - 8th
Bernstein Rahul Malhotra market perform M 450.00 08/08/22 0.00 5th -
Nomura Abhishek Bhandari neutral M 440.00 08/05/22 - - -
Edelweiss Capital Limited Sandip Kumar buy M 539.00 08/02/22 -33.08 - -
(Institutional) Agarwal
Elara Capital Ruchi Burde Mukhija sell D 390.00 08/02/22 - - -
Antique Stock Broking Ltd Vikas Ahuja buy M 560.00 07/27/22 -34.66 - -
Prabhudas Lilladher Pvt. Aditi Patil hold M 418.00 07/25/22 - - -
ICICIdirect.com (Retail) Sameer Pardikar hold M 460.00 07/25/22 -22.01 - -
Morgan Stanley Gaurav Rateria Underwt/In-Line M 355.00 07/24/22 -47.27 - -
Credit Suisse Varun Ahuja neutral M 415.00 07/21/22 0.00 5th -
Kotak Securities (Institutional Kawaljeet Saluja reduce M 410.00 07/21/22 33.08 1st 5th
Equities)
Icici Securities (Institutional) Aniket Pande reduce M 357.00 07/21/22 - - -
IDBI Capital Market Services Ltd. Devang Mayur Bhatt hold M 405.00 07/21/22 -2.39 - -
Emkay Dipeshkumar Mehta buy M 490.00 07/21/22 -25.53 - -
HDFC Research Apurva Prasad add M 475.00 07/21/22 - - -
KR Choksey Shares & Sec Pvt Ltd Saptarshi Mukherjee accumulate D 471.00 07/21/22 - - -
"Saptarshi"
Asian Markets Securities Pvt Ltd. Shradha Agrawal accumulate M 435.00 07/21/22 -33.08 - -
21 / 490
FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK

Spark Capital Advisors Soumitra Chatterjee reduce M 390.00 07/21/22 33.08 1st 12th
Reliance Securities Limited Mitul Shah buy M 480.00 07/21/22 - - -
IIFL (Institutional) Rishi Jhunjhunwala reduce M 380.00 07/21/22 33.08 1st -
Equirus Securities Private Limited Sandeep R Shah reduce M 397.00 07/21/22 33.08 1st 11th
Nirmal Bang Institutional Equities Girish Pai sell M 362.00 07/21/22 -19.89 - 3rd
Choice Equity Broking Pvt Ltd Abhimanyu Alokkumar neutral D 400.00 07/21/22 - - -
Kasliwal
Incred Research Services Pvt Ltd Abhishek Shindadkar reduce M 328.00 07/21/22 - - -
Goldman Sachs Sumeet Jain sell M 374.00 07/20/22 33.08 1st 7th
Jefferies Akshat Agarwal underperform M 360.00 07/20/22 9.92 4th -
Citi Surendra Goyal sell D 385.00 07/20/22 -34.92 - 10th
HSBC Yogesh Aggarwal hold M 475.00 07/20/22 0.00 5th 4th
JM Financial Institutional Manik Taneja hold M 470.00 07/20/22 0.00 5th 14th
Securities Limited
Batlivala & Karani Securities India Debashish Mazumdar buy M 510.00 07/20/22 -40.58 - -
Pvt. Ltd.
Phillip Securities Vibhor Singhal neutral D 410.00 07/20/22 -38.12 - 20th
DAM Capital Anmol Garg neutral M 420.00 07/20/22 0.00 5th -
Morningstar Julie Bhusal Sharma buy U 500.00 07/20/22 24.38 2nd 1st
Dolat Capital Market Ltd. Rahul Jain reduce M 440.00 07/20/22 33.08 1st 9th
BOB Capital Markets Seema Nayak buy M 850.00 04/29/22 - - -
ISS-EVA Anthony Campagna hold D 0.00 01/19/22 -11.01 - 13th
Maybank Investment Banking Neerav Dalal buy M 740.00 01/14/22 -33.08 -
Group
Haitong International Research LtdUrmil Shah outperform M 765.00 01/13/22 -34.55 - 19th
Trust Financial Consultancy Naushil Shah hold M 0.00 04/16/21 0.00 5th 18th
Centrum Broking Pvt. Ltd. Madhu Babu buy M 390.00 11/25/20 -33.08 - -
Dalal & Broacha Stock Broking P. Mayank Babla neutral M 0.00 11/19/20 0.00 5th -
Ltd
Ashika Stock Broking Limited Team Coverage buy M 325.00 08/03/20 -33.08 - -
Morningstar Andrew Lange buy M 0.00 06/12/17 -33.08 - -
22 / 490
Financial Analysis
>>> Highlights
>>> Enterprise Value
>>> Multiples
>>> Analytics-Profitability
23 / 490
Bloomberg Public Information Book: WPRO
Financial Analysis
Key Stats-Highlights
Original:2021 A Original:2022 A Current/LTM Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-6-30 2023-3-31 2024-3-31
Market Capitalization 2,269,185.23 3,244,837.30 2,282,388.48
- Cash and Marketable 272,710.00 289,657.00
Securities
+ Preferred & Other 0.00 0.00
+ Total Debt 69,246.00 88,041.00
Periodic Enterprise Value 2,065,721.23 3,043,221.30 2,080,772.48
Revenue 502,994.00 595,744.00 618,399.00 894,293.00 961,807.00

Growth %, YoY -0.18 18.44 18.70 50.11 7.55
Gross Profit 297,799.57 315,472.70
Margin % 33.30 32.80
EBITDA 121,329.00 124,112.00 125,820.00 184,000.00 198,000.00
Margin % 24.12 20.83 20.35 20.57 20.59
Net Income 100,609.00 121,353.00 125,478.00 121,000.00 133,000.00
Margin % 20.00 20.37 20.29 13.53 13.83
EPS, Adj 17.42 21.93 22.89 21.90 24.30
Growth %, YoY 19.46 25.85 32.93 -0.13 10.96
Cash from Operations 144,193.00 109,442.00

Capital Expenditures -16,164.00 -15,855.00 0.00
Free Cash Flow 128,029.00 93,587.00 110,000.00 110,000.00
Key Stats-Enterprise Value

Original:2021 A Original:2022 A Current Estimate:2023 A Estimate:2024 A
Market Capitalization 2,269,185.23 3,244,837.30 2,282,388.48
- Cash & Equivalents 272,710.00 289,657.00
+ Preferred Equity 0.00 0.00
+ Minority Interest 0.00 0.00
+ Total Debt 69,246.00 88,041.00
Enterprise Value 2,065,721.23 3,043,221.30 2,080,772.48
Total Capital 521,662.00 631,548.00

Total Debt/Total Capital 13.27 13.94
Total Debt/EV 0.03 0.03 0.04
EV/Sales 4.11 5.11 3.49 2.33 2.16

EV/EBITDA 17.03 24.52 16.77 11.31 10.51
EV/EBIT 19.16 27.85 19.05 14.35 13.25
EV/Cash Flow to Firm 14.05 27.00 18.46
EV/Free Cash Flow to Firm 15.78 31.42 21.48
Diluted Market Cap 2,344,775.59 3,244,845.19 2,283,262.57

Diluted Enterprise Value 2,070,698.80 3,052,348.88
Periodic EV to Shares 377.02 555.12
Outstanding
Key Stats-Multiples
P/E 23.25 26.66 18.13 19.00 17.13
Average 21.05 33.46
High 30.85 40.51
Low 11.95 23.38
P/Book 5.02 5.97

Average 3.86 7.22
High 5.65 8.74
Low 2.19 5.04
P/Tangible Book 5.10 6.04

Average 3.92 7.33
High 5.74 8.88
Low 2.22 5.12
P/Sales 4.65 5.43 3.68 2.55 2.37

Average 3.63 6.69
High 5.84 8.31
Low 2.01 4.63
P/Cash Flow 16.23 29.57

Average 16.32 23.39
High 23.92 29.57
Low 9.26 16.31
P/Free Cash Flow 18.27 34.57

Average 19.50 26.35
High 28.60 34.57
Low 11.08 18.37
24 / 490

EV/Sales 4.11 5.11 3.49 2.33 2.16
Average 3.07 6.09
High 4.74 7.46
Low 1.55 4.13
EV/EBITDA 17.03 24.52 16.77 11.31 10.51

Average 14.83 25.26
High 22.92 30.92
Low 7.49 17.13
EV/EBIT 19.16 27.85 19.05 14.35 13.25

Average 16.66 28.42
High 25.74 34.78
Low 8.42 19.27
Price/Share 414.15 591.90 416.15

High 504.60 739.85 419.50
Low 173.80 412.60 414.30
Enterprise Value 2,065,721.23 3,043,221.30 2,080,772.48

Average 1,547,193.37 3,064,456.80
High 2,388,930.27 3,750,947.05
Low 781,144.89 2,078,040.23
Ratio Analysis-Profitability
Original:2021 A Original:2022 A Current/LTM Estimate:2023 A Estimate:2024 A
Returns
Return on Common Equity 21.94 24.37 17.00 16.10
Return on Assets 15.36 16.61
Return on Capital 19.79 21.62
Return on Invested Capital 15.75 14.57
Margins
EBITDA Margin 24.12 20.83 20.35
Operating Margin 21.44 18.34 17.88 16.21 16.32
Net Income Margin 20.00 20.37 20.29
Growth
Revenue, 1 YR Growth -0.18 18.44 16.19 50.11 7.55
EBITDA, 1 YR Growth 16.40 2.29 5.84
Operating Income, 1 YR 16.17 1.32 5.10
Growth
Net Income, 1 YR Growth 15.90 20.62 22.86
Additional
Accounts Receivable 5.81 6.87
Turnover
Days Sales Outstanding 62.78 53.12
Inventory Turnover 4.44 5.48
Days Inventory Outstanding 82.29 66.65
Accounts Payable Turnover 0.11 0.11
Accounts Payable Turnover 3,214.39 3,397.14
Days
Cash Conversion Cycle -3,069.32 -3,277.37
Inventory to Cash Days 145.07 119.77
Effective Tax Rate 20.69 20.50 24.70

Dvd Payout Ratio 5.45 27.10 0.00 38.40 39.95
Free Cash Flow Yield 5.47 2.89
Sustainable Growth Rate 20.75 17.76
25 / 490
Company News
>>> Are supernormal salaries ending at IT companies?
>>> moneycontrol.com: IT spending cycles may be delayed, but clientsâ spending on technology over the next 18 months is expected
>>> moneycontrol.com: When Rishad Premji criticised the trend of moonlighting in the tech industry and called it "cheating", he
26 / 490
Are supernormal salaries ending at IT companies?

Are supernormal salaries ending at IT companies?
Devina Sengupta
(MINT) - Infosys is reportedly offering its employees 70% variable pay, citing
margin pressures. Earlier, reports stated that Wipro had delayed payouts for
certain employee categories.Are the sunny days of multiple offers over for
employees as the tech sector faces a margin crunch?Mintexplains.
Will less variable pay drive up attrition?
The tech workforce maybe disappointed but their exit routes are closed as
companies across the industry face margin pressures. Employees have been
getting higher-than usual hikes and promotions because of the hiring frenzy
that followed a pandemic-induced lull. However, IT firms had warned of
upcoming headwinds—high inflation and a looming recession in the US. The firms
are taking a calculated risk, knowing that the middle and senior order will
have fewer exit routes as sectors like startups and other internet companies
are also going slow on recruitments because of a funding crunch.
How high are wage costs at IT companies?
A large portion—as high as 60-70%—of tech firms’ spends go towards wages,

followed by infrastructure and travel expenses. This year, companies have
rolled out hikes and promotions but variable pay, which is directly linked to
the business every quarter, was impacted. Companies can calibrate that amount
because holding back on hikes and promotions would lead to more exits while
variable pay can see a turnaround if business improves over the next few
quarters. Recruiters point out that tech firms are not denying the hikes but a
delay or a 70% rollout is not a complete washout.
The squeeze The squeeze
What led to the increase in wage costs in tech sector?
IT hiring boomed in the last two years as businesses rushed to digitize their
processes. Tech firms saw record attrition, and 60-70% salary hikes became
normal. Companies were forced to roll out larger than usual hikes to retain
staff, impacting margins. After years, they raised salaries of the thousands
of graduates getting absorbed, adding to the costs.
Why have work choices decreased?
The employees who could hop between startups, tech services and internet
sectors are now left with fewer choices. The startup segment has been steadily
laying off over the last three quarters as funding from global private equity
and venture capital firms dry up. Earlier, a tech worker could select between
a more typical IT firm versus a startup with more stocks and bonuses. For the
specialist, the route to global tech firms like Microsoft, Apple, Google have
27 / 490
become tougher as they too are on a cautious hiring mode.
Are tech salaries likely to flatten next?
The hiring frenzy may ebb over the next couple of quarters, but those in
specialist roles will always be in demand and can command high salaries. IT
companies, meanwhile, have saved on infrastructure costs as work from home
continues. Travel has not reached pre-pandemic levels among office goers yet.
So, companies may still have some headroom for pay hikes. However, freshers
and those on the bench may have reasons to worry if large deals do not
materialize over the next couple of quarters.
For any query with respect to this article or any other content requirement,
please contact Editor at contentservices@htlive.com HT Digital streams Ltd -0-
Aug/23/2022 17:37 GMT
28 / 490
moneycontrol.com: IT spending cycles may be delayed, but clients’

spending on technology over the next 18 months is expected
moneycontrol.com
@moneycontrol
IT spending cycles may be delayed, but clients’ spending on
technology over the next 18 months is expected to follow a
stable pattern, experts said.
Read more ð
https://www.moneycontrol.com/news/business/demand-for-it-
companies-to-remain-strong-for-next-18-months-experts-
say-9074931.html
by Haripriya Suresh & Debangana Ghosh | #IT #Technology #TCS

#WedbushSecurities #Wipro
Demand for IT companies to remain strong for next 18 months,
experts say
Sent via Newswhip.
View original post.
Facebook page information as of August 23, 2022

Description: The official page of India's No. 1 Financial Portal
Country: India
Page Likes: 998,1
29 / 490
moneycontrol.com: When Rishad Premji criticised the trend of

moonlighting in the tech industry and called it "cheating", he
moneycontrol.com
@moneycontrol
When Rishad Premji criticised the trend of moonlighting in
the tech industry and called it "cheating", he sparked a debate
on social media.
Read more about it ð

https://www.moneycontrol.com/news/trends/what-we-do-in-our-time-
internet-schools-rishad-premji-for-moonlighting-
remark-9074461.html
by Ankita Sengupta | #Moonlighting #RishadPremji #SocialMedia

#Wipro
'What we do in our time...': Internet schools Rishad Premji for
'moonlighting' remark
Sent via Newswhip.
View original post.
Facebook page information as of August 23, 2022

Description: The official page of India's No. 1 Financial Portal
Country: India
Page Likes: 998,1
30 / 490
Company Research
>>> IT Services - Wipro - Major margin miss â Q1FY23 Update - 21 July 2022
>>> [Delayed] Wipro Ltd.: Disappointing quarter, more margin headwinds ahead; remain UW
>>> Wipro Ltd
31 / 490
India | IT Services 21 July 2022

Quarterly Update
Wipro
Major margin miss Rating: Reduce
Q1 growth muted Target Price: INR 410
Downside: 0.5%
Wipro reported 2.1% QoQ CC/ 0.5% QoQ USD revenue growth in Q1,
CMP: INR 412 (as on 20 July 2022)
below consensus/our estimates (of 2.5% QoQ CC /1.2% USD). The
Global Markets Research
skewed growth was led by QoQ growth in Communication and Retail Key data*
(mostly from Rizing acquisition). The remaining verticals displayed Bloomberg /Reuters Code WPRO IN/WIPR.BO
lackluster growth. Within geographies, EU and APMEA were down Current /Dil. Shares O/S (mn) 5,479/5,479
QoQ, with the Americas growing 2.4% QoQ USD. Most of the growth Mkt Cap (INR bn/USD mn) 2,259/28,252
came in from top-10 customers. Within segments, iDEAS grew 1.7% Daily Volume (3M NSE Avg) 7,131,667
QoQ USD, even as iCORE (cloud business) dropped 1.4%. Face Value (INR) 1
1 USD = INR 80.0
Margin miss significant
Note: *as on 20 July 2022; Source: Bloomberg
Q1 EBIT margin pared 200bps QoQ to 15%, missing our/street estimate
of 16.5%/16.2%, led by surging employee/SG&A cost (up 5-8% QoQ). Price & Volume
Impending wage hikes/promotions in Q2 may mar margin even more. 950 80
TCV robust 750 60

Wipro closed 18 large deals with TCV at USD 1.1bn – Q1 TCV/ACV up
550 40
32%/18% YoY. Higher volume from large deals may prop Q2 growth. The
pipeline is a mix of small, medium and large deals. 350 20
Revenue guidance upbeat; employee statistics strong 150 0

Jul-21 Nov-21 Mar-22 Jul-22
Wipro’s attrition dipped 50bps QoQ to 23.3%. Its hiring stood at ~15k Vol. in mn (RHS) Wipro (LHS)
QoQ, above its past 4-5 quarters’ average of ~11k. Wipro’s Q2FY23 Source: Bloomberg
growth guidance is within 3-5% CC, among the few positive surprises in
Shareholding (%) Q2FY22 Q3FY22 Q4FY22 Q1FY23
Q1. It maintains its target of doubling FY23 fresher addition versus FY22. Promoter 73.0 73.0 73.0 73.0
Valuations: Recommend Reduce on margin volatility Institutional Investors 11.7 12.1 11.4 10.4
Other Investors 9.3 8.8 8.8 9.1
We are cautious on Wipro given its: 1) skewed growth nature in
General Public 6.0 6.1 6.8 7.5
verticals, 2) sub-par EBIT margin versus peers and 3) high inorganic
Source: BSE
growth component (consulting, i.e., Capco, CAS may take a beating in
case of slow-down). Note that a margin dip of 200bps QoQ in a non- Price performance (%) 3M 6M 12M
wage hike quarter may be harbinger to poor FY23 margin. Expect USD Nifty (3.6) (7.0) 5.7
Wipro (23.2) (33.0) (27.5)
sales CAGR of 8.3%, an EBIT CAGR of 7.8% and a APAT CAGR of 5.1%
Infosys (4.6) (16.9) (2.2)
in FY22-25E. We recommend Reduce with a June 2023E TP of INR 410,
TCS (11.0) (17.3) (1.3)
on 17x earnings (5-yr average). Key risks are acute recession in the
Source: Bloomberg
West/weak Consulting.
(INR mn) Q1FY23 Q1FY22 YoY (%) Q4FY22 QoQ (%)

USD revenues (IT Services excluding ISRE) * 2,736 2,415 13.3 2,722 0.5
Total Revenue 216,320 183,684 17.8 209,675 3.2
Operating Expenditure 184,370 151,110 22.0 174,492 5.7
Cost of revenues 155,597 127,567 22.0 147,908 5.2
SG&A expenses 28,773 23,543 22.2 26,584 8.2
EBIT 31,950 32,651 (2.1) 35,183 (9.2)
PBT 33,520 38,600 (13.2) 37,324 (10.2)
Total Tax 7,931 6,225 27.4 6,399 23.9
Adjusted PAT 25,589 32,375 (21.0) 30,925 (17.3)
(Profit)/loss from JV's/Ass/MI 47 (54) (52)
APAT after MI 25,636 32,321 (20.7) 30,873 (17.0)
Reported PAT 25,636 32,321 (20.7) 30,873 (17.0)
Reported EPS 4.6 5.9 (20.7) 5.6 (17.0)
Key Financials
YE Revenue YoY EBITDA EBITDA Adj PAT YoY Fully DEPS RoE RoCE P/E EV/EBITDA
March (INR bn) (%) (INR bn) Margin (%) (INR bn) (%) (INR) (%) (%) (x) (x)
FY22 795.3 27.8 138 17.4 119 9.8 2.2 18.1 23.2 19.1 16.7
FY23E 915.6 15.1 144 15.7 120 0.4 2.2 17.9 18.8 19.0 16.6
FY24E 999.6 9.2 164 16.4 131 9.6 2.4 19.1 20.1 17.3 14.5
FY25E 1,065.2 6.6 173 16.2 139 5.4 2.5 19.3 21.1 16.4 13.6
Note: Pricing as on 20 July 2022; Source: Company, Elara Securities Estimate| *ISRE: Indian State Run Enterprise
Ruchi Mukhija • ruchi.mukhija@elaracapital.com • +91 22 6164 8500
Vaibhav Chechani • vaibhav.chechani@elaracapital.com • +91 22 6164 8500
Seema Nayak • seema.nayak@elaracapital.com • +91 22 6164 8500
Elara Securities (India) Private Limited
32 / 490
Wipro
Consolidated Financials (YE March)

Income Statement (INR mn) FY22 FY23E FY24E FY25E Revenue & margin growth trend
Net Revenues 795,289 915,557 999,628 1,065,235
1,200 17.4 18
EBITDA 138,162 144,113 163,530 173,064
1,000
Less :- Depreciation & Amortization 26,245 30,213 32,988 35,153 16.4 17
(INR bn)
800 16.2
EBIT 138,162 144,113 163,530 173,064 15.7
(%)
PBT 148,985 157,240 173,111 182,518 600 16
Less :- Taxes 29,407 37,238 41,532 43,790 400

15
Add/(Less): Associates/(Minorities) 155 103 200 200 200
Adjusted PAT 119,423 119,898 131,379 138,528 0 14
Reported PAT 119,423 119,898 131,379 138,528 FY22 FY23E FY24E FY25E
Balance Sheet (INR mn) FY22 FY23E FY24E FY25E Net revenue EBIT margin
Share Capital 10,964 10,964 10,964 10,964
Source: Company, Elara Securities Estimate
Reserves 647,194 657,663 678,230 705,086
Borrowings 151,696 151,696 151,696 151,696 Adjusted profit growth trend
Minority Interest 515 618 818 1,018
140 12
Other Liabilities 12,141 12,141 12,141 12,141 9.2 9.6
135 10
Total Liabilities 822,510 833,082 853,849 880,905
(INR bn)
130
Gross Block 302,046 330,046 358,046 386,046 8
125 5.4
(%)
Less:- Accumulated Depreciation 211,148 241,362 274,349 309,502 6
120
Net Block 90,898 88,685 83,697 76,544 115
4
Investments 264,570 264,570 264,570 264,570 110 0.4 2
Cash & cash equivalents 103,836 24,946 35,822 58,419 105 0
Net Working Capital 70,364 162,041 176,921 188,532 FY22 FY23E FY24E FY25E
Other Assets 292,842 292,842 292,842 292,842 APAT APAT growth (%)
Total Assets 822,510 833,084 853,851 880,907
Source: Company, Elara Securities Estimate
Cash Flow Statement (INR mn) FY22 FY23E FY24E FY25E
Cash profit adjusted for non cash items 127,554 137,028 154,986 164,427 Return ratios
Add/Less : Working Capital Changes (36,488) (91,677) (14,879) (11,611) 25
23.2
Operating Cash Flow 110,797 45,351 140,106 152,815
23
Less:- Capex (19,417) (28,000) (28,000) (28,000) 21.1
21 20.1
Free Cash Flow to Firm 91,380 17,351 112,106 124,815
18.8
(%)
Financing Cash Flow 46,586 (109,430) (110,811) (111,672) 19

Investing Cash Flow (224,490) (14,814) (18,419) (18,546) 19.1 19.3
17 18.1
Net change in Cash (67,107) (78,892) 10,876 22,598 17.9
Ratio Analysis FY22 FY23E FY24E FY25E 15
FY22 FY23E FY24E FY25E
Income Statement Ratios (%)
Revenue Growth 27.8 15.1 9.2 6.6 ROE ROCE
EBITDA Growth 11.4 4.3 13.5 5.8 Source: Company, Elara Securities Estimate
PAT Growth 9.2 0.4 9.6 5.4
EBITDA Margin 17.4 15.7 16.4 16.2
Net Margin 15.0 13.1 13.1 13.0
Return & Liquidity Ratios
Net Debt/Equity (x) 0.1 0.2 0.2 0.1
ROE (%) 18.1 17.9 19.1 19.3
ROCE (%) 23.2 18.8 20.1 21.1
Per Share data & Valuation Ratios
Diluted EPS (INR/Share) 21.6 21.7 23.8 25.1
EPS Growth (%) 9.8 0.4 9.6 5.4
Book Value 119 121 125 130
DPS (INR/Share) 2.2 2.2 2.4 2.5
P/E Ratio (x) 19.1 19.0 17.3 16.4
EV/EBITDA (x) 16.7 16.6 14.5 13.6
Price/Book (x) 3.5 3.4 3.3 3.2
Dividend Yield (%) 0.0 0.0 0.0 0.0
NNote: Pricing as on 20 July 2022; Source: Company, Elara Securities Estimate
2 Elara Securities (India) Private Limited
33 / 490
Wipro
Earnings call – Highlights Exhibit 1: Degrading EBIT margin profile
21.7
Demand outlook stable 24 EBIT margin
19.9
19.8
22
More than half of the bookings are in high-growth
19.2
19.2
▪
19.1
19.0
18.4
18.4
18.1
18.0
17.7
17.7
areas of cybersecurity, cloud (full stride suite) and 20
17.6
17.6
17.6
17.1
17.0
engineering services (engineering services CAGR 4%
(%)
18
14.9
14.9
14.6
in the past four quarters).
16
▪ Three of four markets grew >25% YoY. The EU 14
pipeline is stable, with Australia/South-East Asia up
12
significantly in Q1.
Jun-17
Jun-18
Jun-21
Jun-22
Dec-17
Dec-18
Jun'19
Mar'20
Jun'20
Dec-20
Dec-21
Sep-17
Sep-18
Dec'19
Sep-20
Sep-21
Mar-18
Mar-19
Sep'19
Mar-21
Mar-22
▪ iDEAs/iCORE rose 21.2%/11.1% YoY CC in Q1.
IT Services
▪ EU growth was off a high Q1FY22 base, which led to Source: Company, Elara Securities Research
muted growth in Q1FY23.
Exhibit 2: Attrition slightly stabilizing
Inorganic growth commentary
23.8
23.3
Attrition
22.7
25
20.5
▪ The Capco acquisition was finalized a year ago and
17.6
has been completely integrated with Wipro. Capco
15.7
20
17
15.5
14.7
has built deep client relationships, with clients
12.1
(%)
13
ensuing some insulation from a possible slow-down. 15
11
11
▪ Rizing’s acquisition was completed in Q4FY22, 10
adding to SAP consulting and full stride capabilities.
5
Margin hit
Mar'20
Dec-20
Jun-21
Dec-21
Jun-22
Jun'19
Jun'20
Dec'19
Sep-20
Sep-21
Sep'19
Mar-21
Mar-22
▪ The management believes that margin has bottomed
out at 15%. It plans to use six operational levers to its
advantage: 1) improving utilization, 2) moderating Source: Company, Elara Securities Research
sub-contractor cost, 3) pyramid optimization, 4) Exhibit 3: Erratic growth in EU

improved deal pricing power, 5) stabilizing attrition
EU growth, QoQ USD
19.3
and 6) non-linearity of cost regarding revenue. 25

20
12.4
Wipro plans to invest in promotion/wage hikes from

11.5
▪
Q2FY23. This may hit operating margin. 15
6.9
5.4
10
(%)
3.1
1.7
1.4
A 2.3% impact on margin has come from inorganic

0.6
(1.8)
▪ 5
(4.0)
acquisitions.
(8.0)
0
(5)
Jun-22 (2.9)
▪ The management refrained from having a timeline on

(10)
attainability of its earlier-stated EBIT margin of 17-
Jun-21
Jun'19
Mar'20
Jun'20
Dec-20
Dec-21
Dec'19
Sep-20
Sep-21
Mar-21
Mar-22
Sep'19
17.5%.
Deal wins robust

Source: Company, Elara Securities Research
▪ As per the management, order bookings are not
slowing down, as of now. Pipeline is at an all-time Exhibit 4: Valuations
high. Large deal bookings stand at USD1.5bn. Order (INR)
book grew 30% YoY in Q1. Current trailing twelve months (TTM) EPS 20.8
Current Market Price (CMP) 412
▪ Wipro has won a large deal with a US-based
semiconductor major. Target EPS 24.2
Target EPS period Jun'23-Jun'24
Attrition stabilizes
Target multiple (x) 17
▪ Wipro plans to hire >2x freshers in FY23 vis-à-vis FY22, Target price (INR/share) 410
similar to the hiring momentum in FY22.
Upside (%) (0.5)
▪ Attrition at 23.3% has moderated in Q1. Note: Pricing as on 20 July 2022; Source: Elara Securities Estimate
▪ Net new talent addition stood at 15,000 in Q1.
Elara Securities (India) Private Limited 3
34 / 490
Wipro
Coverage History
800
AC
AC
700 42
41
40
600
500
38
39
43
400 37
AC 36
300 29 35
34
7 8 10 1213
21 2627 28 30 31
2 23
200 15 19 33 34
1 5 6 9 11 14 18 20 25
22 24
16 17
32
100
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Jul-14
Jul-15
Jul-16
Jul-20
Jan-14
Oct-14
Jan-15
Oct-15
Jan-16
Oct-16
Jul-17
Jul-18
Jul-19
Jan-17
Oct-17
Jan-18
Oct-18
Jan-19
Oct-19
Oct-20
Jul-21
Jan-21
Oct-21
Jul-22
Jan-20
Jan-22
Not Covered Covered
AC = Analyst change
Date Rating Target Price Closing Price

21 19-Jan-2018 Accumulate INR 365 INR 328
22 28-Mar-2018 Buy INR 370 INR 281
23 25-Apr-2018 Accumulate INR 310 INR 287
24 21-Jun-2018 Buy INR 310 INR 259
25 20-Jul-2018 Accumulate INR 300 INR 283
26 9-Sep-2018 Buy INR 395 INR 325
27 24-Oct-2018 Buy INR 405 INR 309
28 18-Jan-2019 Buy INR 435 INR 346
29 16-Apr-2019 Buy INR 340* INR 281*
30 17-Jul-2019 Buy INR 335 INR 260
31 15-Oct-2019 Accumulate INR 263 INR 244
34 3-Jul-2020 Buy INR 263 INR 225
37 18-Nov-2020 Buy INR 440 INR 346
38 13-Jan-2021 Buy INR 551 INR 459
39 4-Mar-2021 Buy INR 529 INR 439
42 12-Jan-2022 Accumulate INR 745 INR 691
43 20-July-2022 Reduce INR 410 INR 412
*Bonus: 1:1 (June 2017); 1:3 (March 2019)
Guide to Research Rating

BUY Absolute Return >+20%
ACCUMULATE Absolute Return +5% to +20%
REDUCE Absolute Return -5% to +5%
SELL Absolute Return < -5%
4 Elara Securities (India) Private Limited
35 / 490
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Research Analyst or his/her relative(s) has not served as an officer, director or employee of the subject company.
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36 / 490
Disclaimer for non U.S. Investors
The information contained in this note is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.
Disclosures for U.S. Investors

The research analyst did not receive compensation from Wipro Limited.
Elara Capital Inc.’s affiliate did not manage an offering for Wipro Limited.
Elara Capital Inc.’s affiliate did not receive compensation from Wipro Limited in the last 12 months.
Elara Capital Inc.’s affiliate does not expect to receive compensation from Wipro Limited in the next 3 months.
Disclaimer for U.S. Investors
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This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or
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Asia Pacific Equity Research

21 July 2022
Underweight
Wipro Ltd. WIPR.NS, WPRO IN
Price (20 Jul 22): Rs 412
Disappointing quarter, more margin headwinds
▼ Price Target (Jun-23): Rs 340
ahead; remain UW Prior (Jun-23): Rs 370
Wipro’s 1QFY23 print was disappointing with a miss across revenues, India
margins and earnings. CC QQ growth of 2.1% (1.3% organic) was Technology, Internet & Telecoms
110bps/70bps below JPMe/consensus. Ebit margins declined a sharp 200bps
Ankur Rudra, CFA AC
and came 160bps/150bps below JPMe/consensus. There are further margin (91-22) 6157-3595
headwinds ahead over the next 2-3 quarters from wage hikes (2Q and 3Q), ankur.rudra@jpmorgan.com
quarterly promotions, and incremental impact of Rizing acquisition. 2QFY23 Bloomberg JPMA RUDRA <GO>
CC QQ revenue guide of 3-5% (1.8-3.8% organic) was broadly in line with Bhavik Mehta, CFA
JPMe. The company hasn’t seen any concerns from clients on tech spends nor (91-22) 6157-3871
any deferrals. However, we remain cautious on demand for 2HFY23. Given bhavik.mehta@jpmchase.com
the miss, we cut revenues by 1% and margins by 130bps, driving 8-9% EPS J.P. Morgan India Private Limited
cuts over FY23-25E and our PT to Rs340. We remain UW as we continue to Key Changes (FYE Mar)
expect margin and revenue headwinds over the course of FY23 from macro
Prev Cur
concerns and continued supply side challenges. Adj. EPS - 23E (Rs) 22.80 20.65
Adj. EPS - 24E (Rs) 24.33 22.14
 Big miss all round. Wipro’s 1QFY23 print missed across revenues, margins
and earnings. CC QQ growth of 2.1% (1.3% organic) was 110bps/70bps Quarterly Forecasts (FYE Mar)
below JPMe/consensus. IT Services Ebit margins declined a sharp 200bps Adj. EPS (Rs)
and came 160bps/150bps below JPMe/consensus. Growth was driven by 2022A 2023E 2024E
Q1 5.92 4.67A 5.43
Communications (9.2%) followed by Consumer (5%) and BFSI (2.4%), Q2 5.35 5.23 5.42
while there were drags in all other verticals. Q3 5.42 5.32 5.58
Q4 5.63 5.43 5.71
 Margins miss a big negative. Ebit margins declined a sharp 200bps led by FY 22.29 20.65 22.14
headwinds from lower utilization and higher employee costs (130bps),
Style Exposure
impact of the Rizing acquisition (20bps), and travel and facility costs
(50bps). Margins are likely to remain under pressure over the next 2-3
quarters due to wage hikes (2Q and 3Q), quarterly promotions, and
incremental impact of the Rizing acquisition in 2Q. We cut margins by
130bps given the miss over FY23-25E.
 Deal wins strong; 2Q revenue guide decent; no client concerns yet.

Large deal TCV was strong at $1.1bn (up 54% YY). 2QFY23 CC QQ
revenue guide of 3-5% (1.8-3.8% organic) was broadly in line with JPMe
(2-4%). The company hasn’t seen any concerns from clients on tech spends
nor any deferrals. However, we remain cautious on demand for 2HFY23
given the macro concerns.
 Remain UW given headwinds to both margins and revenues. Overall the

1Q23 print was dismal, in our view, with sharp misses on both revenues and
margins which drives our 1% revenue cut and 130bps margins cut over
FY23-25E. We cut our earnings by 8-9% and PT to Rs340. Remain UW as
we continue to expect margin and revenue headwinds over the course of
FY23 from macro concerns and continued supply side challenges.
Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are company data and J.P. Morgan estimates.
See page 12 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.
www.jpmorganmarkets.com
39 / 490
Ankur Rudra, CFA Asia Pacific Equity Research

(91-22) 6157-3595 21 July 2022
ankur.rudra@jpmorgan.com
Price Performance Summary Investment Thesis and Valuation

Wipro’s organic growth has slowed down from the 1Q/2Q22
high-water marks. We are still somewhat circumspect of
Wipro’s ability to maintain its FY22 (~16% organic) growth
outperformance without consistent mega deal wins. Moreover,
margins face pressures in the near term due to supply
headwinds.
Our Jun-23 price target of Rs340 is based on 15x one-year

forward P/E, at -0.5SD of its three-year average. The 15x
YTD 1m 3m 12m
multiple is at a 40% discount to our Infosys target multiple.
Abs -42.7% -0.6% -23.2% -27.5% We believe this is justified by lower revenue growth
Rel -37.9% -8.2% -19.6% -33.1% expectations over FY23/24E relative to Infosys.
Company Data Performance Drivers
Shares O/S (mn) 5,694
52-week range (Rs) 739.85-391.00
Market cap ($ mn) 29,350
Exchange rate 79.95
Free float(%) 23.6%
3M - Avg daily vol (mn) 8.02
3M - Avg daily val ($ mn) 45.9
Volatility (90 Day) 29
Index NIFTY
BBG BUY|HOLD|SELL 17|14|14
Key Metrics (FYE Mar)

Rs in millions FY22A FY23E FY24E FY25E
Financial Estimates
Revenue 790,934 902,052 963,294 1,046,137
Adj. EBITDA 164,656 165,048 178,621 198,196
Adj. EBIT 128,420 125,460 135,733 153,976
Adj. net income 122,191 113,226 123,129 140,435
Adj. EPS 22.29 20.65 22.14 24.89
BBG EPS 22.19 23.42 26.60 -
Cashflow from operations 110,797 99,502 137,674 150,647
FCFF 90,644 79,401 115,756 126,751
Margins and Growth
Revenue growth 27.7% 14.0% 6.8% 8.6%
Gross margin 27.7% 18.3% 18.5% 18.9%
EBITDA margin 20.8% 18.3% 18.5% 18.9%
EBIT margin 16.2% 13.9% 14.1% 14.7%
Adj. EPS growth 17.0% (7.3%) 7.2% 12.4%
Ratios
Adj. tax rate 19.1% 22.4% 22.0% 22.0%
Interest cover - - - -
Net debt/Equity NM NM NM NM
Net debt/EBITDA NM NM NM NM
ROCE 16.0% 11.5% 11.6% 12.3%
ROE 20.2% 16.5% 16.6% 17.5%
Valuation
FCFF yield 4.0% 3.5% 5.0% 5.5%
Dividend yield 0.3% 3.9% 2.9% 3.2%
EV/Revenue 2.8 2.5 2.3 2.0
EV/EBITDA 13.4 13.5 12.2 10.6
Adj. P/E 18.5 20.0 18.6 16.6
Source: J.P. Morgan Quantitative and Derivatives Strategy for Performance Drivers; company data, Bloomberg Finance L.P. and J.P. Morgan estimates for all other tables. Note: Price history may not be complete
or exact.2
40 / 490

(91-22) 6157-3595 21 July 2022
Table 1: 1Q23 results snapshot

CC QQ growth of 2.1%, was 1QFY23 %YY %QQ
below JPMe at 3.2% and IT services ex-India SRE (US$mn) 2,736 13.3 0.5
consensus at 2.8%
India SRE 19 (26.1) (21.5)
Total IT services (US$m revenues) 2,755 12.9 0.3
Total revenues 215,286 17.9 3.2
IT EBIT margins declined 200bps
QQ to 15% and were Total Expenditure (176,692) 23.8 5.7
160bps/150bps below .
JPMe/consensus EBITDA 38,594 (3.0) (6.7)
EBITDA margins 17.9 (387.9) (190.7)
.
Net income miss of 17%/14% vs
IT services Ebit (ex-India SRE ) 31,836 (6.1) (9.2)
JPMe/consensus
India SRE Ebit 170 (64) (0)
Total IT services Ebit 32,006 (7.0) (9.1)
IT services Ebit margin (ex-India SRE) 15.0 (384) (201)
Total IT services Ebit margin 14.9 (393) (196)
.
Depreciation (7,738) (7.8) 5.4
Interest (2,045) 174.1 19.1
Other Income 4,724 (18.3) (5.9)
.
Profit before Tax 33,535 (13.1) (10.2)
Provision for Tax (7,931) 27.4 23.9
Income from equity affiliates (15)
Minority Interest 47
Net Income 25,636 (20.7) (17.0)
Source: J.P. Morgan, Company. India SRE = India State-run enterprises.
Figure 1: Quarterly YY revenue growth on US$ and CC basis

YY growth has been strong with 35%
YoY US$ revenue growth (%) YoY ccy revenue growth (%)
a combination of acquisitions
30% Organic YoY ccy revenue growth (%)
(Capco) and large deals.
However, organic growth slowed 25%
down in 1Q23
20%
15%
US$ revenues grew 12.9% YY,
17.2% on a CC YY basis 10%
5%
0%
-5%
-10%
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
Source: Company, J.P. Morgan
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Table 2: Revenue splits – Industries, Strategic market units and business lines
US$m % share %QQ growth %YY growth CC QQ growth CC YY growth

By Industry verticals
Communications 137 5.0 4.7 11.1 9.2 19.8
Consumer 506 18.5 3.9 21.2 5.0 24.4
Energy, Natural Resources & Utilities 304 11.1 -3.0 -4.0 -1.0 0.8
Finance Solutions 968 35.4 0.5 20.1 2.4 24.3
Healthcare, Life Sciences & Services 315 11.5 0.5 9.5 0.5 10.6
Manufacturing 183 6.7 -3.8 8.4 -1.5 13.2
Technology 323 11.8 -0.3 9.6 0.8 12.5
By Strategic market units
Americas 1 796 29.1 3.3 19.5 3.1 19.6
Americas 2 856 31.3 1.5 16.3 2.1 17.4
Europe 774 28.3 -2.9 6.2 1.2 15.6
APMEA 309 11.3 -0.4 9.4 2.2 15.1
By Global business lines
iDEAS 1693 61.9 1.7 16.7 3.5 21.2
iCORE 1042 38.1 -1.3 8.2 0.0 11.1
Source: Company reports
Near-term earnings and change in estimates

Table 3: Wipro IT quarterly revenue, margin and earnings trajectory
Source: J.P. Morgan estimates
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Table 4: Estimate changes
Wipro IT
FY23E FY24E FY25E

Old
Current Est. Old Est. % chg Current Est. Est. % chg Current Est. Old Est. % chg
Target Price
(Jun-23) 340 370 -8%
Recommendation UW UW
INR-USD 78.7 78.7 0% 79.0 79.0 0% 79.0 79.0 0%
Revenue ($ mn) 11,369 11,519 -1% 12,096 12,263 -1% 13,138 13,319 -1%
Revenue (Rs mn) 894,858 906,132 -1% 955,597 968,766 -1% 1,037,901 1,052,204 -1%
EBIT (Rs mn) 134,893 148,434 -9% 145,049 159,224 -9% 163,269 178,953 -9%
EBIT Margin 15.1% 16.4% -131bps 15.2% 16.4% -126bps 15.7% 17.0% -128bps
PAT (Rs mn) 113,226 126,831 -11% 123,129 137,288 -10% 140,435 156,580 -10%
EPS (Rs/share) 20.7 22.8 -9% 22.1 24.3 -9% 24.9 27.4 -9%
Source: J.P. Morgan estimates. Revenues and Ebit are for Wipro’s IT business while PAT and EPS are for overall business
Large deal TCV was strong and Figure 2: Large deal TCV
up 54% YY 1.6
$bn
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23
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EBIT margins to remain under pressure

IT Services (including India SRE Figure 3: IT Service margin vs. USDINR
business) margins declined 28 EBIT Margin (%) - LHS INR / USD 85
200bps QQ to 15% led by
26 80
headwinds from lower utilization
and higher employee costs 75
24
(130bps), Rizing acquisition 70
(20bps), and travel and facility 22
65
costs (50bps) 20
60
Margins likely to remain under 18
55
pressure over the next 2-3
16 50
quarters due to wage hikes,
quarterly promotions and 14 45
continued supply side
12 40
challenges
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
2QFY23E
3QFY23E
4QFY23E
1QFY24E
2QFY24E
3QFY24E
4QFY24E
Source: Company, J.P. Morgan estimates. From 1QFY16, EBIT margin includes amortization of acquired intangibles. Numbers
pertaining to period beyond Jun-21 are J.P. Morgan estimates.
Staff costs+ sub cons reflect Figure 4: Employee costs + Subcontractor costs as % of revenues
overall manpower costs that has 73.0%
been rising for Wipro 72.0%
71.0%
70.0%
69.0%
68.0%
67.0%
66.0%
65.0%
64.0%
63.0%
62.0%
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
Utilization rates declined further Figure 5: Utilization rates

in 1Q23 Utilization excluding Trainees Utilization - Gross
92
90
88
86
84
82
80
78
76
74
72
70
68
66
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
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Offshore mix is at an all-time Figure 6: Offshore mix – based on revenues booked offshore
high with a 1000bps shift over 60% Offshore mix
the last 8 quarters
58%
56%
54%
52%
50%
48%
46%
44%
42%
40%
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
Attrition continues to remain Figure 7: Attrition

elevated
25% Attrition
20%
15%
10%
5%
0%
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
Source: Company
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Net hiring continues to remain Figure 8: Quarterly net hiring trends

strong 20,000
15,000
10,000
5,000
(5,000)
(10,000)
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
Source: Company
Figure 9: Buyback and Dividend Payout ratio

160 Dividend payout ratio Buyback payout ratio Average
Wipro completed Rs95bn

140
buyback (ex-tax) at Rs400 on a
tender basis in FY21 120
100
Wipro has increased its capital
return payouts to shareholders 80
138
significantly in last 3 years
60 108 108
40
The targeted payouts are 50%,
29 53 54 52
with buyback as the primary 20 40
29 31 28 30 34 27
mechanism every ~18 months
10 7 06 9 6
0
FY23E
FY24E
FY25E
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Source: Company reports, J.P. Morgan estimates
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Valuations: WPRO trades at a premium to peers

Figure 10: Constant currency revenue growth of leading India Techs
35
Wipro has generally lagged peer % Infosys TCS Wipro Global IT HCL Tech Tech Mahindra Cognizant
growth rates on organic YY 30
basis – but caught up in FY22 25
Organically growth was lower 20
than TCS/HCLT in 1Q23
15
10
5
0
-5
-10
Jun-15
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jun-17
Oct-17
Feb-18
Jun-18
Oct-18
Feb-19
Jun-19
Oct-19
Feb-20
Jun-20
Oct-20
Feb-21
Jun-21
Oct-21
Feb-22
Jun-22
Figure 11: Wipro 1 yr fwd PE chart over 3 years Figure 12: Wipro 1 yr fwd PE chart over 10 years
Wipro 12-month forward P/E multiple Wipro 12-month forward P/E multiple
P/E ratio Median +1 SD P/E ratio Median +1 SD
+2 SD -1 SD -2 SD +2 SD -1 SD -2 SD
32 32
29 29
26 26
23 23
20 20
17 17
14 14
11 11
8 8
5 5
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Source: Bloomberg Finance L.P. Source: Bloomberg Finance L.P.
Figure 13: Wipro vs peers 3-year 1 yr fwd PE chart Figure 14: Wipro vs. peers 10-year 1 yr fwd PE chart
Wipro Infosys Wipro Infosys
210 TCS HCL Tech 190 TCS HCL Tech
TechM TechM
190 170
170 150
150
130
130
110
110
90 90
70 70
50 50
Jan-20
Jan-21
Jan-22
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jul-19
Oct-19
Apr-20
Jul-20
Oct-20
Apr-21
Jul-21
Oct-21
Apr-22
Jul-22
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jul-22
Source: Bloomberg Finance L.P. Source: Bloomberg Finance L.P.
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Investment Thesis, Valuation and Risks

Wipro Ltd. (Underweight; Price Target: Rs 340)
Investment Thesis
Wipro’s organic growth has slowed down from the 1Q/2Q22 high-water marks. We
are still somewhat circumspect of Wipro’s ability to maintain its FY22 (~16%
organic) growth outperformance without consistent mega deal wins. Moreover,
margins face pressures in the near term, due to supply headwinds.
Valuation
Our Jun-23 price target of Rs340 is based on 15x one-year forward P/E, at -0.5SD of
its three-year average. The 15x multiple is at a 40% discount to our Infosys target
multiple. We believe this is justified by lower revenue growth expectations over
FY23/24E relative to Infosys.
Risks to Rating and Price Target

Key upside risks to our rating and price target include: 1) rupee depreciation vs the
FX basket that could help earnings; 2) better than expected revenue growth; 3) a
pick-up in economic activity in the US, the largest export market for Wipro (60% of
revenues); 4) sharp cross-currency headwinds; 5) faster-than-expected market share
gain from peers; and 6) an increase in spending in energy and financial services
verticals that form 43% of revenues.
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Wipro Ltd.: Summary of Financials

Income Statement FY21A FY22A FY23E FY24E FY25E Cash Flow Statement FY21A FY22A FY23E FY24E FY25E
Revenue 619,430 790,934 902,052 963,294 1,046,137 Cash flow from operating activities 147,550 110,797 99,502 137,674 150,647
COGS (429,380) (572,064) (737,004) (784,672) (847,941) o/w Depreciation & amortization 27,656 30,911 31,440 33,308 34,639
Gross profit 190,050 218,870 165,048 178,621 198,196 o/w Changes in working capital 22,922 (36,488) (40,362) (6,005) (7,704)
SG&A - - - - -
Adj. EBITDA 147,795 164,656 165,048 178,621 198,196 Cash flow from investing activities 7,739 (224,495) (9,259) 421 2,409
D&A (27,656) (30,911) (31,440) (33,308) (34,639) o/w Capital expenditure (19,577) (20,153) (20,101) (21,917) (23,896)
Adj. EBIT 115,051 128,420 125,460 135,733 153,976 as % of sales 3.2% 2.5% 2.2% 2.3% 2.3%
Net Interest - - - - -
Adj. PBT 136,223 151,275 146,065 158,071 180,280 Cash flow from financing activities (128,840) 46,586 (79,775) (76,171) (82,773)
Tax (30,345) (28,946) (32,688) (34,776) (39,662) o/w Dividends paid (6,419) (6,602) (87,645) (66,750) (73,353)
Minority Interest (716) (81) (152) (167) (184) o/w Shares issued/(repurchased) (116,638) 6 1 160 160
Adj. Net Income 107,946 122,191 113,226 123,129 140,435 o/w Net debt issued/(repaid) 6,212 68,310 18,666 0 0
Reported EPS 19.05 22.29 20.65 22.14 24.89 Net change in cash 25,559 (65,830) 10,943 61,924 70,282
Adj. EPS 19.05 22.29 20.65 22.14 24.89
Adj. Free cash flow to firm 127,973 90,644 79,401 115,756 126,751
DPS 1.01 1.20 15.99 12.00 13.00 y/y Growth 65.9% (29.2%) (12.4%) 45.8% 9.5%
Payout ratio 5.3% 5.4% 77.4% 54.2% 52.2%
Shares outstanding 5,666 5,482 5,483 5,563 5,643
Balance Sheet FY21A FY22A FY23E FY24E FY25E Ratio Analysis FY21A FY22A FY23E FY24E FY25E
Cash and cash equivalents 345,500 345,491 341,342 403,266 473,549 Gross margin 30.7% 27.7% 18.3% 18.5% 18.9%
Accounts receivable 94,298 115,219 139,423 148,888 161,693 EBITDA margin 23.9% 20.8% 18.3% 18.5% 18.9%
Inventories 1,064 1,334 1,678 1,678 1,678 EBIT margin 18.6% 16.2% 13.9% 14.1% 14.7%
Other current assets 82,324 158,708 150,893 156,726 163,284 Net profit margin 17.4% 15.4% 12.6% 12.8% 13.4%
Current assets 523,186 620,752 633,337 710,559 800,204
PP&E 101,612 109,768 102,002 90,611 79,868 ROE 19.4% 20.2% 16.5% 16.6% 17.5%
LT investments 10,576 19,109 21,336 21,336 21,336 ROA 13.1% 12.8% 10.2% 10.5% 11.3%
Other non current assets 196,060 329,553 386,006 386,006 386,006 ROCE 16.8% 16.0% 11.5% 11.6% 12.3%
Total assets 831,434 1,079,182 1,142,680 1,208,513 1,287,414 SG&A/Sales - - - - -
Net debt/Equity NM NM NM NM NM
Short term borrowings 75,874 95,233 115,330 115,330 115,330 Net debt/EBITDA NM NM NM NM NM
Payables 78,870 132,144 105,416 112,401 121,463
Other short term liabilities 75,296 80,952 92,258 94,567 97,163 Sales/Assets (x) 0.8 0.8 0.8 0.8 0.8
Current liabilities 230,040 308,329 313,004 322,298 333,956 Assets/Equity (x) 1.5 1.6 1.6 1.6 1.6
Long-term debt 7,458 56,463 58,862 58,862 58,862 Interest cover (x) - - - - -
Other long term liabilities 39,343 55,717 56,226 56,226 56,226 Operating leverage 891.9% 42.0% (16.4%) 120.6% 156.3%
Total liabilities 276,841 420,509 428,092 437,386 449,044 Tax rate 22.3% 19.1% 22.4% 22.0% 22.0%
Shareholders' equity 553,095 658,158 714,173 770,712 837,954 Revenue y/y Growth 1.5% 27.7% 14.0% 6.8% 8.6%
Minority interests 1,498 515 415 415 415 EBITDA y/y Growth 20.9% 11.4% 0.2% 8.2% 11.0%
Total liabilities & equity 831,434 1,079,182 1,142,680 1,208,513 1,287,414 EPS y/y Growth 14.6% 17.0% (7.3%) 7.2% 12.4%
BVPS 97.62 120.06 130.26 138.55 148.51 Valuation FY21A FY22A FY23E FY24E FY25E
y/y Growth 0.1% 23.0% 8.5% 6.4% 7.2% P/E (x) 21.6 18.5 20.0 18.6 16.6
P/BV (x) 4.2 3.4 3.2 3.0 2.8
Net debt/(cash) (409,449) (193,795) (167,150) (229,074) (299,357) EV/EBITDA (x) 13.4 13.4 13.5 12.2 10.6
Dividend Yield 0.2% 0.3% 3.9% 2.9% 3.2%
Source: Company reports and J.P. Morgan estimates.
Note: Rs in millions (except per-share data).Fiscal year ends Mar. o/w - out of which
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Other Companies Discussed in This Report (all prices in this report as of market close on 20 July 2022)
Infosys(INFY.NS/Rs1515/OW)
Analyst Certification: The Research Analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple Research
Analysts are primarily responsible for this report, the Research Analyst denoted by an “AC” on the cover or within the document
individually certifies, with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views
expressed in this report accurately reflect the Research Analyst’s personal views about any and all of the subject securities or issuers; and
(2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations
or views expressed by the Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if
applicable, they also certify, as per KOFIA requirements, that the Research Analyst’s analysis was made in good faith and that the views
reflect the Research Analyst’s own opinion, without undue influence or intervention.
All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe,
Sector Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research
Department.
Important Disclosures
 Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to
Wipro Ltd., Infosys.
 Analyst Position: An analyst on the Equity or Credit coverage team, non-fundamental analyst who may produce trade
recommendations, or a member of their respective household(s) has a financial interest in the debt or equity securities of Infosys.
 Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Wipro Ltd., Infosys.
 Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following
entity(ies) as clients, and the services provided were non-investment-banking, securities-related: Wipro Ltd., Infosys.
 Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and
the services provided were non-securities-related: Wipro Ltd..
 Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or
services other than investment banking from Wipro Ltd., Infosys.
 Debt Position: J.P. Morgan may hold a position in the debt securities of Wipro Ltd., Infosys, if any.
Company-Specific Disclosures: Important disclosures, including price charts and credit opinion history tables, are available for
compendium reports and all J.P. Morgan–covered companies, and certain non-covered companies, by visiting
https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with
your request.
Date Rating Price (Rs) Price Target

(Rs)
20-Feb-20 UW 248 220
13-Apr-20 UW 197 195
16-Apr-20 UW 187 180
04-Jul-20 UW 225 195
15-Jul-20 UW 225 210
30-Sep-20 UW 312 250
14-Oct-20 UW 376 270
06-Jan-21 UW 406 320
14-Jan-21 UW 459 375
05-Mar-21 UW 439 370
16-Apr-21 UW 431 410
16-Jul-21 UW 576 470
01-Oct-21 N 634 650
14-Oct-21 N 673 670
05-Jan-22 N 722 690
13-Jan-22 N 691 680
08-Feb-22 N 557 580
01-May-22 N 509 520
19-May-22 UW 481 430
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(91-22) 6157-3595 21 July 2022
03-Jul-22 UW 422 370
Date Rating Price (Rs) Price Target

(Rs)
12-Sep-19 OW 820 850
20-Feb-20 OW 800 1,000
13-Apr-20 OW 636 900
21-Apr-20 OW 653 860
04-Jul-20 OW 763 900
16-Jul-20 OW 831 1,000
30-Sep-20 OW 1009 1,180
15-Oct-20 OW 1137 1,300
06-Jan-21 OW 1294 1,530
14-Jan-21 OW 1387 1,660
06-Apr-21 OW 1410 1,700
15-Apr-21 OW 1397 1,740
02-Jul-21 OW 1560 1,780
15-Jul-21 OW 1577 1,770
14-Sep-21 OW 1692 2,050
14-Oct-21 OW 1709 2,200
05-Jan-22 OW 1899 2,250
13-Jan-22 OW 1877 2,500
08-Feb-22 OW 1715 2,200
04-Apr-22 OW 1904 2,300
14-Apr-22 OW 1749 2,200
19-May-22 OW 1509 1,850
03-Jul-22 OW 1479 1,700
The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire
period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the
average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Neutral [Over the next six to twelve
months, we expect this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s)
coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of
the stocks in the analyst’s (or the analyst’s team’s) coverage universe.] Not Rated (NR): J.P. Morgan has removed the rating and, if
applicable, the price target, for this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy
reasons. The previous rating and, if applicable, the price target, no longer should be relied upon. An NR designation is not a
recommendation or a rating. In our Asia (ex-Australia and ex-India) and U.K. small- and mid-cap equity research, each stock’s expected
total return is compared to the expected total return of a benchmark country market index, not to those analysts’ coverage universe. If it
does not appear in the Important Disclosures section of this report, the certifying analyst’s coverage universe can be found on J.P.
Morgan’s research website, https://www.jpmorganmarkets.com.
Coverage Universe: Rudra, Ankur: Bharti Airtel Limited (BRTI.NS), HCL Technologies (HCLT.NS), Indus Towers Ltd (INUS.NS),
Info Edge (INED.NS), Infosys (INFY.NS), L&T Infotech (LRTI.NS), Mindtree (MINT.NS), Mphasis (MBFL.NS), One 97
Communications Ltd. (PAYT.NS), Tata Consultancy Services (TCS.NS), Tech Mahindra Ltd. (TEML.NS), Vodafone Idea Limited
(VODA.NS), Wipro Ltd. (WIPR.NS), Zomato (ZOMT.NS)
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17
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55 / 490
Wipro Ltd (WIPRO)

CMP: | 414 Target: | 460 (11%) Target Period: 12 months HOLD
July 22, 2022
Margin weak; recovery in subsequent quarters
About the stock: Wipro is an IT, consulting & BPO player catering to BFSI, health, Particulars
P articular Amount
Result Update
consumer, energy & utility, technology and communication.
Market Capitalization (| Crore) 2,26,062.6
 With over 230000 employees, it serves clients across six continents Total Debt (| Crore) 15,169.6
Cash and Investments (| Crore) 34,852.3
 Consistent payout (~70%), healthy OCF to EBITDA ratio of ~89% EV (| Crore) 2,06,379.9
52 week H/L 739/ 402
Equity capital 1,096
Face value |2
Q1FY23 Results: Wipro reported weak margin in Q1 Shareholding pattern

Sep-21 Dec-21 Mar-22 Jun-22
 Revenue growth of 2.1% QoQ in CC terms, 0.5%QoQ in dollar term Promoters 73.0 73.0 73.0 73.0
FII 9.7 9.3 8.1 7.0
 EBIT margins were down 200 bps QoQ to 15% DII 2.0 2.7 3.2 3.4
Public 15.3 15.0 15.7 16.6
 Closed 18 large deals, TCV of US$1.1 billion (bn) in the quarter
Price Chart
20,000 800
What should investors do? Wipro’s share price has grown by ~2x over the past 16,000
700
600
five years (from ~| 202 in July 2017 to ~| 414 levels in July 2022). 12,000 500
400
ICICI Securities – Retail Equity Research

8,000 300
 We maintain HOLD rating on the stock 4,000 200
100
0 0
Target Price and Valuation: We value Wipro at | 460 i.e. 17x P/E on FY24E EPS
Nov-2019
Nov-2020
Jul-2019
Jul-2020
Jul-2021
Jun-2022
Mar-2020
Mar-2021
Oct-2021
Feb-2022
Nifty (L.H.S) Price (R.H.S)
Key triggers for future price performance:
 The strategy of the new CEO to drive a turnaround in the company
Recent event & key risks
 Continued strong momentum in large deals, it closed 18 large deals in Q1  Guided for 3-5% QoQ growth in
worth US$1.1bn Q2FY23
 Higher penetration in Europe, client mining, acquisition of new logos and  Key Risk: i) Higher-than-
traction digital revenues to further boost revenue growth expected revenues, ii) Lower
than-expected margin
Research Analyst
Sameer Pardikar
Alternate Stock Idea: Besides Wipro, in our IT coverage we also like TCS. sameer.pardikar@icicisecurities.com
 Strong organic growth, consistent financials, industry leading margins and

healthy capital allocation policy prompt us to be positive on the stock
 BUY with a target price of | 3,785
Key Financial Summary

2 year
5 year CAGR
Key Financials FY20 FY21 FY22 FY23E FY24E CAGR (FY22-
(FY17-FY22) %
24E) %
Net Sales 61,340 62,234 79,753 7.7 90,308 99,691 11.8
EBITDA 12,659 15,063 17,774 9.2 17,757 20,563 7.6
EBITDA Margins (%) 20.6 24.2 22.3 19.7 20.6
Net Profit 9,722 10,786 12,874 8.7 12,771 14,856 7.4
EPS (|) 16.6 19.1 22.3 23.3 27.1
P/E 24.8 21.6 17.6 17.7 15.2
RoNW (%) 17.4 19.5 19.6 18.7 20.8
RoCE (%) 19.3 21.2 18.8 18.9 21.0
s
Source: Company, ICICI Direct Research
56 / 490
Result Update | Wipro Ltd ICICI Direct Research
Key takeaways of recent quarter & conference call highlights

 In constant currency, IT services business reported revenue growth of 0.5%
QoQ to US$2735.5 million (mn) while CC growth was at 2.1% for the quarter.
Rupee revenues grew 3% QoQ to | 21,285 crore. IT products business
reported grew by 62.3% QoQ to | 194.6 crore.
 The growth in revenues in CC was led by communications (up 9.2% QoQ),
consumer business unit (up 5% QoQ) and BFSI (up 2.4%) while
manufacturing (down 1.5% QoQ), health (up 0.5% QoQ), technology (up
0.8%) and energy (down 1% QoQ) were laggards. In terms of geographies,
CC growth was led by America, which grew 2.6%, followed by Europe up
by 2.3% QoQ while APMEA grew by 2.2% QoQ
 Wipro reported 200 bps QoQ decline in IT services EBIT margins to 15%.
The decline was led by 130 bps impact due to drop in utilization, higher sub-
contractors cost & internal investment while 20bps was impacted due to
Rizing acquisition. The company indicated that margins are bottomed out in
Q1 and are expected to recover from Q2 onwards despite wage hike cycle
kicking in Q2.
 The company has indicated following levers to improve its EBIT margin
going forward: a) improving its utilization levels, b) sub-contractor cost
moderation, c) pyramid optimization by fresher hiring, d) better pricing led
by its recent acquisition’s synergies, e) attrition moderation f) operational
efficiency
 The company has hired aggressively compared to its peers as it added

15,446 net employees including 10,000+ freshers, taking its headcount to
258,574. The company has indicated to double its intake of freshers in FY23
compared to addition in FY22. Gross utilization was 72.7%, a drop of 310
bps QoQ. Net utilisation dipped 140 bps QoQ to 83.8%. The utilization had
dropped due to ramp up in fresher hiring in the last few quarters & it is
expected to improve from Q2 onwards. LTM attrition dropped marginally
by 50 bps QoQ to 23.3% for the quarter & the company expects further
moderation in the coming quarters
 The company indicated that demand environment continue to strong as the
clients continue to spend on new technologies like AI/ML. Cloud,
cybersecurity etc. and almost 60% of the deal signed in Q1FY23 has been
towards these areas of spending. Order intake has been strong across
geographies as order book for America/Europe/AMEA region grew by
30%/40%/60% YoY. The company also indicated that despite its business
mix is now changing towards consulting due to capco and Rising
acquisition, it does not see any impact of weakening macro as consulting is
integrated into technology and also due to strong client relationships over
the years
 The management indicated that it is not witnessing any pricing pressure and
clients are not asking for any discounts. In fact, it is indicated that since deals
are being structured as outcome based in nature, the clients are willing to
pay premium pricing and pricing appetite continues.
 The company indicated that it is in leadership position as far as engineering
services are concerned as it has shown 4%+ CQGR revenue growth in last
few quarters. It has launched Wipro engineering edge which would provide
integrated cloud solutions across 5G ,IoT, industry 4.0 and silicon design. It
also indicated that it won several deals from mobility technology company
as well as chip design company.
 The company’s next quarter revenue guidance will have ~150bps

contribution from Rising.
ICICI Securities | Retail Research 2

57 / 490
Peer comparison
Exhibit 1: Peer Comparison
EPS (|) P/E RoCE (x) RoE(x)
Company Name CMP TP (|) Rating Mcap (|) FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E
HCL Tech (HCLTEC) 924 1,050 HOLD 2,50,851 49.8 50.5 55.2 18.5 18.3 16.8 24.2 24.8 26.0 21.8 21.0 21.9
Infosys (INFTEC) 1,533 1,745 BUY 6,44,965 52.1 58.2 67.1 29.4 26.3 22.8 36.0 35.2 37.7 29.2 29.2 31.2
TCS (TCS) 3,178 3,785 BUY 11,62,737 104.7 115.1 130.4 30.3 27.6 24.4 51.4 49.2 48.7 43.0 41.9 41.0
Tech M (TECMAH) 1,032 1,190 BUY 1,00,398 63.1 68.5 79.5 16.4 15.1 13.0 22.5 22.5 23.0 20.7 20.0 20.6
Wipro (WIPRO) 414 465 HOLD 2,26,980 22.3 24.5 27.4 18.6 16.9 15.1 18.1 19.8 21.2 18.6 19.6 21.1
Exhibit 2: Variance Analysis

Q1FY23 Q1FY23E Q1FY22 YoY (%) Q4FY22 QoQ (%) Comments
Revenue was up 2.1% QoQ in CC terms & 0.5% in

Revenue 21,529 21,521 18,467 16.6 20,319 6.0
dollar terms
Employee expenses 15,560 15,364 12,757 22.0 14,278 9.0
Gross Margin 5,969 6,157 5,711 4.5 6,041 -1.2

Gross margin (%) 27.7 28.6 30.9 -320 bps 29.7 -200 bps
Selling & marketing costs 1,536 1,455 1,302 18.0 1,399 9.8
G&A expenses 1,342 1,294 1,053 27.4 1,204 11.5
EBITDA 3,969 4,268 4,526 -12.3 4,304 -7.8
EBITDA Margin (%) 18.4 19.8 24.5 -607 bps 21.2 -275 bps
Depreciation 774 760 839 -7.8 746 3.7
EBIT 3,195 3,508 3,687 -13.3 3,558 -10.2
IT services EBIT margins declined 200bps QoQ led by
130 bps impact due to drop in utilization, higher sub
EBIT Margin (%) 14.8 16.3 20.0 -512 bps 17.5 -267 bps
contractors cost & internal investment while 20bps
was impacted due to Rizing acquisition
Other income 165 230 387 -57.5 218 -24.4
PBT 3,359 3,738 4,074 -17.5 3,776 -11.0
Tax paid 793 700 776 2.3 806 -1.6
PAT 2,560 3,031 2,972 -13.9 3,090 -17.1
Exhibit 3: Change in estimates

FY23E FY24E Comments
(| Crore) Old New % Change Old New % Change
Revenue 89,164 90,308 1.3 98,865 99,691 0.8 Numbers re-aligned on Q1FY23 numbers
EBIT 15,020 14,144 -5.8 16,829 16,576 -1.5
We trim margins due to wage hike in Q2
EBIT Margin (%) 16.8 15.7 -118 bps 17.0 16.6 -40 bps
and continued high subcontractor costs
PAT 13,459 12,771 -5.1 15,056.3 14,856 -1.3
EPS (|) 24.5 23.3 -5.1 27.4 27.1 -1.3

58 / 490
Key Metrics
Exhibit 4: QoQ dollar revenue growth Exhibit 5: QoQ CC Revenue growth

15.0 15.0
12.2 12.0
10.0 10.0
3.7 6.9 8.1
5.0 3.9 2.0 3.0 3.0 3.1
3.9 2.3 5.0 3.4 2.1
3.1
- 0.5 -
(5.0) (5.0)
(7.3) (7.5)
(10.0) (10.0)
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q2FY22
Q3FY22
Q4FY22
Q3FY21
Q4FY21
Q1FY22
Q1FY23
QoQ growth (%) CC QoQ growth (%)
Exhibit 6: Americas 1 Region YoY CC growth Exhibit 7: Americas 2 Region YoY CC growth
25.0 22.2 40.0
19.8 35.0 30.6 30.6
20.0 33.8
18.0 30.0 24.0
19.8 19.6
15.0 25.0
20.0 17.4
10.0 15.0
10.0 1.6
5.0
5.0
- 1.2 -
Q4FY21
Q2FY22
Q4FY22
Q4FY21
Q2FY22
Q4FY22
Q1FY22
Q3FY22
Q1FY23
Q1FY22
Q3FY22
Q1FY23
CC YoY growth (%) CC YoY growth (%)
Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research
Exhibit 8: Europe Region YoY CC growth Exhibit 9: APMEA Region YoY CC growth
60.0 48.3 20.0
48.3 15.1
50.0 36.0 15.0
40.0 14.0
7.7 7.7
30.0 32.5 10.0
20.0 2.0 5.0 0.8
1.4 15.6
10.0 -
-
(10.0) (5.0) (6.3)
(20.0) (7.7) (5.7) (10.0)
Q1FY21
Q2FY21
Q2FY22
Q3FY22
Q4FY22
Q4FY21
Q1FY22
Q2FY22
Q3FY21
Q4FY21
Q1FY22
Q1FY23
Q3FY22
Q4FY22
Q1FY23

59 / 490
Exhibit 10: Consumer Business YoY CC growth Exhibit 11: BFSI YoY CC growth
50.0 60.0 48.7
37.7 37.9 34.6 50.0 42.9 47.4
40.0
33.5 40.0
30.0
30.0 31.3
20.0 24.4
20.0 24.3
10.0 (2.5) 2.9 0.6
(3.6) 10.0 (2.5)
(6.9)
- -
(10.0) (2.1) (10.0) (3.3)
Q1FY21
Q2FY21
Q2FY22
Q3FY22
Q4FY22
Q1FY21
Q2FY21
Q2FY22
Q3FY22
Q4FY22
Q3FY21
Q4FY21
Q1FY22
Q1FY23
Q3FY21
Q4FY21
Q1FY22
Q1FY23
Exhibit 12: Health Business YoY CC growth Exhibit 13: Energy, Natural Resources & Utilities YoY CC
14.0
12.8 growth
12.0 10.2 10.6 25.0 22.5
9.1
10.0 20.0
8.0 3.7 8.9 15.0 13.5
15.0 16.4
6.0
4.0 2.3 10.0
2.0 5.0
0.1 0.8
- -
(2.0) (1.6) (1.7)
(2.1) (5.0)
(4.0) (10.0) (5.4) (2.6)
Q1FY21
Q3FY21
Q4FY21
Q3FY22
Q2FY21
Q1FY22
Q2FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q2FY22
Q3FY22
Q4FY22
Q3FY21
Q4FY21
Q1FY22
Q1FY23
Exhibit 14: LTM Attrition Exhibit 15: Cost per employee

25.0 12.75 12.49
20.0 12.25 12.46
12.20
15.0
11.75
10.0
11.25
5.0
13.0
11.0
11.0
12.1
15.5
20.5
22.7
23.8
23.3
10.99
- 10.75
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q3FY22
Q4FY22
Q1FY23
Q1FY22
Q2FY22
LTM Attrition (in %) cost per employee ( lakhs)


60 / 490
Exhibit 16: Client Mix Exhibit 17: Client Mix

800 679 703 140 120
661 117
601 623 120 110
95 100
600 100
390 399 410 417
361 80
400 279 286 297 306 50 50
273 60 42 44 47
176 182 189 194 195 28 29 29 30
40 27
200 15 17 19 20
13
20
- -
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23
US $ 1 M+ Clients US $ 3 M+ Clients US $ 20 M+ Clients US $ 50 M+ Clients

US $ 5 M+ Clients US $ 10 M+ Clients US $ 75 M+ Clients US $ 100 M+ Clients
Exhibit 18: Employee Cost as % of Revenue Exhibit 19: Sub contracting cost as % of Revenue
62.0 18.0 17.0
17.0
60.0 58.6
16.0
58.0 57.3
56.4 56.4 15.0
55.7 56.1
56.0 55.3 14.0 13.7
54.4
53.4 13.0
54.0
12.0
52.0 11.0
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q3FY22
Q4FY22
Q1FY23
Q1FY18
Q2FY18
Q4FY18
Q1FY19
Q3FY19
Q2FY20
Q4FY20
Q1FY21
Q3FY21
Q4FY21
Q2FY22
Q3FY22
Q1FY23
Q1FY22
Q2FY22
Q3FY18
Q2FY19
Q4FY19
Q1FY20
Q3FY20
Q2FY21
Q1FY22
Q4FY22
Employee costs as % of Revenue Sub Contracting Cost % of Revenue
Exhibit 20: Travel cost as % of Revenue Exhibit 21: EBIT Margin

3.5 3.2 24.0
21.7
3.0 22.0 21.0
2.5 20.0 19.0 19.2 18.8
2.0 17.8 17.6
18.0 17.0
1.5 1.4
16.0 15.0
1.0
0.5 14.0
0.9
- 12.0
Q1FY18
Q2FY18
Q3FY18
Q1FY19
Q3FY19
Q1FY20
Q3FY20
Q1FY21
Q3FY21
Q1FY22
Q2FY22
Q4FY22
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q3FY22
Q4FY22
Q1FY23
Q4FY18
Q2FY19
Q4FY19
Q2FY20
Q4FY20
Q2FY21
Q4FY21
Q3FY22
Q1FY23
Q1FY22
Q2FY22
Travel Cost % of Revenue EBIT margin (%)

61 / 490
Financial Summary
Exhibit 22: Profit & loss statement (| crore) Exhibit 23: Cash flow statement (| crore)
FY21 FY22 FY23E FY24E FY21 FY22 FY23E FY24E
Total Rev enues 62, 234 79, 753 90, 308 99, 691 PAT before minority int. 10,858 12,887 12,786 14,871
Growth (%) 1.5 28.1 13.2 10.4 Depreciation 2,766 3,091 3,612 3,988
(inc)/dec in Current Assets 1,352 (5,002) (5,513) (1,206)
COGS 42,321 55,587 64,454 69,759
(inc)/dec in current Liabilities 940 1,353 4,107 61
Other Expenditure 4,843 7,036 8,367 9,638
Taxes paid (2,492) (2,569) (3,502) (3,953)
EBITDA 15, 063 17, 774 17, 757 20, 563
Growth (%) 19.0 18.0 (0.1) 15.8 CF f rom operations 14, 747 11, 734 12, 582 15, 198
Depreciation 2,765 3,091 3,612 3,988 Other Investments 2,656 (20,508) 2,679 2,784
Other Income 2,091 1,626 2,679 2,784 (Purchase)/Sale of Fixed Assets (1,882) (1,942) (4,064) (4,486)
Exchange difference - - - -
Net interest expense (509) (533) (533) (533) CF f rom inv es ting Activ ities 774 (22, 450) (1, 385) (1, 702)
Pft. from associates 13 (3) (3) (3) Inc / (Dec) in Equity Capital 1 1 - -
PBT 13,893 15,782 16,288 18,824 Inc / (Dec) in sec.loan Funds 621 6,831 - -
Dividend + Buyback (12,640) (1,200) (10,750) (12,417)
Growth (%) 13.4 13.6 3.2 15.6
Tax 3,035 2,895 3,502 3,953
CF f rom Financial Activ ities (12, 884) 4, 659 (10, 750) (12, 417)
PAT before Minority int, 10,858 12,887 12,786 14,871
Exchange rate differences (89) 128 267 267
Minority int. 72 14 14 15 Opening cash balance 14,410 16,966 11,038 11,752
P AT 10, 786 12, 874 12, 771 14, 856 Clos ing cas h 16, 979 11, 038 11, 752 13, 098
EPS 19.1 22.3 23.3 27.1 Source: Company, ICICI Direct Research
EPS (Growth %) 14.7 16.9 4.4 16.3
Source: Company, ICICI Direct Research,
Exhibit 24: Balance Sheet (| crore) Exhibit 25: Key ratios

FY21 FY22 FY23E FY24E FY21 FY22 FY23E FY24E
L iabilities P er s hare data (|)
Equity 1,096 1,096 1,096 1,096 EPS 19.1 23.5 23.3 27.1
BV 97.8 119.9 124.6 130.0
Reserves & Surplus 54,214 64,719 67,274 70,245
DPS 1.0 15.0 14.9 17.3
Networth 55,310 65,816 68,370 71,341
Operating Ratios
Minority Interest 150 52 66 81
EBIT Margin 19.8 18.4 15.7 16.6
Debt - long term 746 5,646 5,646 5,646 PAT Margin 17.3 16.1 14.1 14.9
Debt - short term 7,587 9,523 9,523 9,523 Debtor days 58 55 63 54
Deffered Tax Liability 463 1,214 1,214 1,214 Creditor days 46 45 52 43
Other liabilities & provisions 3,471 4,367 4,367 4,367 Return Ratios (%)
S ource of f unds 67, 727 86, 618 89, 186 92, 173 RoE 19.5 19.6 18.7 20.8
RoCE 21.2 18.8 18.9 21.0
As s ets RoIC 37.5 28.4 26.4 30.0
V aluation Ratios (x)
Goodwill 13,913 24,699 24,699 24,699
P/E 21.6 17.6 17.7 15.2
Intangible Assets 1,309 4,356 4,387 4,422
EV / EBITDA 13.2 11.6 11.5 9.9
PPE 10,161 10,977 11,397 11,860
EV / Net Sales 3.2 2.6 2.3 2.0
O.non current assets 3,803 3,347 3,347 3,347 Market Cap / Sales 3.6 2.8 2.5 2.3
Investments 1,204 1,988 1,985 1,983 Price to Book Value 4.2 3.4 3.3 3.2
Debtors 9,866 11,998 15,465 14,852 S olv ency Ratios
Cash & Cash equivalents 16,979 10,384 11,752 13,098 Debt/EBITDA 0.6 0.9 0.9 0.7
Investments - short term 17,977 24,469 24,469 24,469 Debt / Equity 0.2 0.2 0.2 0.2
O.current assets 7,932 15,701 17,748 19,567 Current Ratio 1.2 1.3 1.3 1.4
Trade Payable 7,887 9,903 12,876 11,778 Quick Ratio 1.2 1.3 1.3 1.4
OCL & Provisions 7,530 11,397 12,532 13,691
Application of f unds 67, 727 86, 618 89, 186 92, 173

62 / 490
Financial summary
Exhibit 26: ICICI Direct coverage universe (IT)
EPS (|) P/E RoCE (x) RoE(x)
Company Name CMP TP (|) Rating Mcap (|) FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E FY22 FY23E FY24E
HCL Tech (HCLTEC) 924 1,050 HOLD 2,50,851 49.8 50.5 55.2 18.5 18.3 16.8 24.2 24.8 26.0 21.8 21.0 21.9
Infosys (INFTEC) 1,533 1,745 BUY 6,44,965 52.1 58.2 67.1 29.4 26.3 22.8 36.0 35.2 37.7 29.2 29.2 31.2
TCS (TCS) 3,178 3,785 BUY 11,62,737 104.7 115.1 130.4 30.3 27.6 24.4 51.4 49.2 48.7 43.0 41.9 41.0
Tech M (TECMAH) 1,032 1,190 BUY 1,00,398 63.1 68.5 79.5 16.4 15.1 13.0 22.5 22.5 23.0 20.7 20.0 20.6
Wipro (WIPRO) 414 465 HOLD 2,26,980 22.3 24.5 27.4 18.6 16.9 15.1 18.1 19.8 21.2 18.6 19.6 21.1
LTI (LTINFC) 4,531 4,480 HOLD 79,399 130.8 140.3 165.9 34.6 32.3 27.3 32.3 29.0 29.6 26.1 24.1 24.4
Mindtree (MINCON) 3,216 3,320 BUY 53,008 100.3 109.8 127.9 32.1 29.3 25.2 38.0 35.4 34.5 30.2 27.4 26.6
Coforge (NIITEC) 3,620 4,550 BUY 22,049 106.5 147.8 175.0 34.0 24.5 20.7 25.6 31.5 31.8 24.2 28.4 28.3
TeamLease (TEASER) 3,645 4,025 BUY 6,232 22.5 95.0 125.4 162.2 38.4 29.1 15.4 19.2 20.7 (4.7) 18.9 20.2
Infoedge (INFEDG) 4,157 4,575 BUY 52,242 35.8 41.6 45.5 116.2 99.9 91.4 4.2 5.0 5.3 3.2 3.8 4.0

63 / 490
RATING RATIONALE
ICICI Direct endeavours to provide objective opinions and recommendations. ICICI Direct assigns ratings to its
stocks according to their notional target price vs. current market price and then categorizes them as Buy, Hold,
Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined
as the analysts' valuation for a stock
Buy: >15%
Hold: -5% to 15%;
Reduce: -15% to -5%;
Sell: <-15%
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICI Direct Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

64 / 490
ANALYST CERTIFICATION
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securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report
have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.
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65 / 490
Interim Report
66 / 490
WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS
AS AT AND FOR THE THREE MONTHS ENDED JUNE 30, 2022
67 / 490

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(₹ in millions, except share and per share data, unless otherwise stated)
Notes As at March 31, 2022 As at June 30, 2022
Convenience translation into US
dollar in millions (unaudited)
Refer to Note 2(iii)
ASSETS
Goodwill 6 246,989 296,126 3,747
Intangible assets 6 43,555 49,199 623
Property, plant and equipment 4 90,898 91,676 1,160
Right-of-Use assets 5 18,870 18,789 238
Financial assets
Derivative assets 17 6 2 ^
Investments 8 19,109 21,336 270
Trade receivables 4,765 4,565 58
Other financial assets 11 6,084 6,340 80
Investments accounted for using the equity method 774 791 10
Deferred tax assets 2,298 3,848 49
Non-current tax assets 10,256 10,237 130
Other non-current assets 12 14,826 14,898 189
Total non-current assets 458,430 517,807 6,554
Inventories 9 1,334 1,678 21
Financial assets
Derivative assets 17 3,032 3,678 47
Investments 8 241,655 226,564 2,867
Cash and cash equivalents 10 103,836 82,828 1,048
Trade receivables 115,219 127,312 1,611
Unbilled receivables 60,809 66,640 843
Contract assets 20,647 24,969 316
Current tax assets 2,373 3,734 47
Other current assets 12 28,933 34,701 439
Total current assets 620,752 585,073 7,403
TOTAL ASSETS 1,079,182 1,102,880 13,957
EQUITY
Share capital 10,964 10,965 139
Share premium 1,566 1,658 21
Retained earnings 551,252 576,094 7,290
Share-based payment reserve 5,258 6,410 81
Special Economic Zone re-investment reserve 47,061 47,992 607
Other components of equity 42,057 43,772 554
Equity attributable to the equity holders of the Company 658,158 686,891 8,692
Non-controlling interests 515 415 5
TOTAL EQUITY 658,673 687,306 8,697
LIABILITIES
Financial liabilities
Loans and borrowings 13 56,463 58,862 745
Lease liabilities 15,177 15,033 190
Derivative liabilities 17 48 146 2
Other financial liabilities 14 2,961 2,504 32
Deferred tax liabilities 12,141 14,062 179
Non-current tax liabilities 17,818 16,237 205
Other non-current liabilities 15 7,571 8,244 104
Provisions 16 1 ^ ^
Total non-current liabilities 112,180 115,088 1,457
Loans, borrowings and bank overdrafts 13 95,233 115,330 1,460
Lease liabilities 9,056 8,652 109
Derivative liabilities 17 585 5,022 64
Trade payables and accrued expenses 99,034 88,480 1,120
Contract liabilities 27,915 26,377 334
Current tax liabilities 13,231 21,105 267
Other current liabilities 15 27,394 26,872 340
Provisions 16 2,771 2,567 32
Total current liabilities 308,329 300,486 3,803
TOTAL LIABILITIES 420,509 415,574 5,260
TOTAL EQUITY AND LIABILITIES 1,079,182 1,102,880 13,957
^ Value is less than 1
The accompanying notes form an integral part of these interim condensed consolidated financial statements
As per our report of even date attached For and on behalf of the Board of Directors
for Deloitte Haskins & Sells LLP Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte
Chartered Accountants Chairman Director Chief Executive Officer and
Firm Registration No: 117366W/W - 100018 Managing Director
Anand Subramanian Jatin Pravinchandra Dalal M. Sanaulla Khan

Partner Chief Financial Officer Company Secretary
Membership No. 110815
Bengaluru
July 20, 2022
68 / 490

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three months ended June 30,

Notes 2021 2022 2022
Convenience translation into
US dollar in millions
(unaudited) Refer to Note
2(iii)
Revenues 20 182,524 215,286 2,724
Cost of revenues 21 (127,567) (155,600) (1,969)
Gross profit 54,957 59,686 755
Selling and marketing expenses 21 (13,017) (15,359) (194)

General and administrative expenses 21 (10,530) (13,471) (170)
Foreign exchange gains/(losses), net 23 1,160 1,034 13
Other operating income 26 2,150 - -
Results from operating activities 34,720 31,890 404
Finance expenses 22 (746) (2,045) (26)

Finance and other income 23 4,619 3,690 47
Share of net profit/ (loss) of associates accounted for using the equity
7 (15) ^
method
Profit before tax 38,600 33,520 425
Income tax expense 19 (6,225) (7,931) (100)
Profit for the period 32,375 25,589 325
Profit attributable to:

Equity holders of the Company 32,321 25,636 326
Non-controlling interests 54 (47) (1)
Earnings per equity share: 24

Attributable to equity holders of the Company
Basic 5.92 4.69 0.06
Diluted 5.90 4.67 0.06
Weighted average number of equity shares

used in computing earnings per equity share
Basic 5,462,996,981 5,471,449,783 5,471,449,783
Diluted 5,476,992,662 5,485,057,994 5,485,057,994

Bengaluru
July 20, 2022
69 / 490

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

2021 2022 2022
Convenience translation
into US dollar in millions
(unaudited) Refer to
Note 2(iii)
Other comprehensive income (OCI)

Items that will not be reclassified to profit or loss in subsequent periods
Remeasurements of the defined benefit plans, net (935) 312 4
Net change in fair value of investment in equity instruments measured at fair value through OCI 2,588 1,333 17
1,653 1,645 21
Items that will be reclassified to profit or loss in subsequent periods
Foreign currency translation differences 2,638 5,631 71
Reclassification of foreign currency translation differences on sale of investment in associates and
liquidation of subsidiaries to statement of income (32) - -
Net change in time value of option contracts designated as cash flow hedges (13) (246) (3)
Net change in intrinsic value of option contracts designated as cash flow hedges (178) (206) (3)
Net change in fair value of forward contracts designated as cash flow hedges (725) (983) (12)
Net change in fair value of investment in debt instruments measured at fair value through OCI (41) (4,102) (52)
1,649 94 1
Total other comprehensive income, net of taxes 3,302 1,739 22
Total comprehensive income for the period 35,677 27,328 347
Total comprehensive income attributable to:

Equity holders of the Company 35,600 27,351 347
Non-controlling interests 77 (23) ^
35,677 27,328 347

Bengaluru
July 20, 2022
70 / 490

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other components of equity
Special Equity
Share Share- Economic Foreign attributable to
capital, based Zone re- currency Cash flow the equity Non-
Number of fully paid- Share Retained payment investment translation hedging Other holders of the controlling
Particulars shares (1) up premium earnings reserve reserve reserve (2) reserve reserves (2) Company interests Total equity
As at April 1, 2021 5,479,138,555 10,958 714 466,692 3,071 41,154 22,936 1,730 5,840 553,095 1,498 554,593
Comprehensive income for the period
Profit for the period - - 32,321 - - - - - 32,321 54 32,375
Other comprehensive income - - - - - 2,583 (916) 1,612 3,279 23 3,302
Total comprehensive income for the period - - 32,321 - - 2,583 (916) 1,612 35,600 77 35,677
Issue of equity shares on exercise of options 101,334 ^ 26 - (26) - - - - - - -

Issue of shares by controlled trust on exercise of options (1) - - 132 (132) - - - - - - -
Compensation cost related to employee share-based payment - - 1 971 - - - - 972 - 972
Transferred to special economic zone reinvestment reserve - - (1,143) - 1,143 - - - - - -
Dividend - - - - - - - - - (442) (442)
Others - - - - - - - - - (38) (38)
Other transactions for the period 101,334 - 26 (1,010) 813 1,143 - - - 972 (480) 492
As at June 30, 2021 5,479,239,889 10,958 740 498,003 3,884 42,297 25,519 814 7,452 589,667 1,095 590,762
(1) Includes 18,725,758 treasury shares held as at June 30, 2021 by a controlled trust. 675,457 shares have been transferred by the controlled trust to eligible employees on exercise of options during the three months ended June 30, 2021.
(2) Refer to Note 18
^ Value is less than ₹ 1
71 / 490

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Special Equity
Share Share- Economic Foreign attributable to
capital, based Zone re- currency Cash flow the equity Non-
Particulars shares (1) up premium earnings reserve reserve reserve (2) reserve reserves (2) Company interests Total equity
As at April 1, 2022 5,482,070,115 10,964 1,566 551,252 5,258 47,061 26,850 1,477 13,730 658,158 515 658,673
Adjustment on adoption of amendments to IAS 37 - - - (51) - - - - - (51) - (51)
Adjusted balance as at April 1, 2022 5,482,070,115 10,964 1,566 551,201 5,258 47,061 26,850 1,477 13,730 658,107 515 658,622
Comprehensive income for the period
Profit for the period - - 25,636 - - - - - 25,636 (47) 25,589
Other comprehensive income - - - - - 5,607 (1,435) (2,457) 1,715 24 1,739
Total comprehensive income for the period - - 25,636 - - 5,607 (1,435) (2,457) 27,351 (23) 27,328
Issue of equity shares on exercise of options 276,665 1 92 - (92) - - - - 1 - 1

Issue of shares by controlled trust on exercise of options (1) - - 186 (186) - - - - - - -
Compensation cost related to employee share-based payment - - 2 1,430 - - - - 1,432 - 1,432
Transferred to special economic zone re-investment reserve - - (931) - 931 - - - - - -
Others - - - - - - - - - (77) (77)
Other transactions for the period 276,665 1 92 (743) 1,152 931 - - - 1,433 (77) 1,356
As at June 30, 2022 5,482,346,780 10,965 1,658 576,094 6,410 47,992 32,457 42 11,273 686,891 415 687,306
Convenience translation into US dollar in millions (unaudited)
Refer to Note 2(iii) 139 21 7,290 81 607 411 1 142 8,692 5 8,697
(1) Includes 13,979,651 treasury shares held as at June 30, 2022 by a controlled trust. 710,078 shares have been transferred by the controlled trust to eligible employees on exercise of options during the three months ended June 30, 2022.

Bengaluru
July 20, 2022
72 / 490

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

2021 2022 2022
Convenience translation
into US dollar in millions
(unaudited) Refer to
Note 2(iii)
Cash flows from operating activities
Adjustments to reconcile profit for the period to net cash generated from operating activities
Gain on sale of property, plant and equipment, net (101) (122) (2)
Depreciation, amortization and impairment expense 8,390 7,738 98
Unrealized exchange (gain)/loss, net and exchange (gain)/loss on borrowings (439) 1,944 25
Share-based compensation expense 971 1,430 18
Share of net (profit)/loss of associates accounted for using equity method (7) 15 ^
Income tax expense 6,225 7,931 100
Finance and other income, net of finance expenses (2,383) (1,645) (21)
Gain from sale of business and investment accounted for using the equity method (2,150) - -
Gain on derecognition of contingent consideration payable - (86) (1)
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables (3,128) (7,348) (93)
Unbilled receivables and contract assets (4,125) (7,966) (101)
Inventories 124 (337) (4)
Other assets 3,017 (3,642) (46)
Trade payables, accrued expenses, other liabilities and provisions 1,645 (14,740) (187)
Contract liabilities (1,744) (2,534) (32)
Cash generated from operating activities before taxes 38,670 6,227 79
Income taxes paid, net (5,140) (4,443) (56)
Net cash generated from operating activities 33,530 1,784 23
Cash flows from investing activities
Payment for purchase of property, plant and equipment (4,630) (4,862) (62)
Proceeds from disposal of property, plant and equipment 52 167 2
Payment for purchase of investments (250,673) (166,530) (2,107)
Proceeds from sale of investments 262,334 176,501 2,234
Proceeds from restricted interim dividend account - 27,410 347
Payment for business acquisitions including deposits and escrow, net of cash acquired (105,358) (46,353) (587)
Proceeds from sale of investment accounted for using the equity method 1,629 - -
Interest received 4,138 3,764 48
Dividend received 2 2 ^
Net cash used in investing activities (92,506) (9,901) (125)
Cash flows from financing activities
Proceeds from issuance of equity shares and shares pending allotment ^ 1 ^
Repayment of loans and borrowings (113,471) (39,979) (506)
Proceeds from loans and borrowings 146,725 58,645 742
Payment of lease liabilities (2,349) (2,681) (34)
Payment for deferred contingent consideration - (227) (3)
Interest and finance expenses paid (1,372) (1,787) (23)
Payment of dividend - (27,337) (346)
Payment of dividend to non-controlling interests holders (442) - -
Net cash generated from/(used in) financing activities 29,091 (13,365) (170)
Net decrease in cash and cash equivalents during the period (29,885) (21,482) (272)
Effect of exchange rate changes on cash and cash equivalents 795 475 6
Cash and cash equivalents at the beginning of the period 169,663 103,833 1,314
Cash and cash equivalents at the end of the period (Note 10) 140,573 82,826 1,048

Bengaluru
July 20, 2022
73 / 490

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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
Ltd. 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 20, 2022.
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, 2022. 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 statements of income and statements of financial position. These items
are disaggregated separately in the notes to the financial statement, where applicable. The accounting policies have been consistently applied to
all periods presented in these interim condensed consolidated financial statements except for the adoption of new accounting standards,
amendments and interpretations effective from April 1, 2022.
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 year figures have been regrouped/rearranged, wherever
necessary.
(ii) Basis of measurement
These interim condensed consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for
the following material items which have been measured at fair value as required by relevant IFRS:
a. Derivative financial instruments;
b. Financial instruments classified as fair value through other comprehensive income or fair value through profit or loss;
c. The defined benefit liability/(asset) recognized as the present value of defined benefit obligation less fair value of plan assets; and
d. Contingent consideration.
(iii) Convenience translation (unaudited)
The accompanying interim condensed consolidated financial statements have been prepared and reported in Indian rupees, the functional currency
of the Parent Company. Solely for the convenience of the readers, the interim condensed consolidated financial statements as at and for the three
months ended June 30, 2022, have been translated into United States dollars at the certified foreign exchange rate of US$1 = ₹ 79.02 as published
by Federal Reserve Board of Governors on June 30, 2022. No representation is made that the Indian rupee amounts have been, could have been or
could be converted into United States dollars at such a rate or any other rate. Due to rounding off, the translated numbers presented throughout the
document may not add up precisely to the totals.
(iv) Use of estimates and judgment
The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires the management to make judgments,
accounting estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Accounting estimates are monetary amounts in the interim condensed consolidated financial statements that are subject to measurement
uncertainty. An accounting policy may require items in the interim condensed consolidated financial statements to be measured at monetary
amounts that cannot be observed directly and must instead be estimated. In such a case, management develops an accounting estimate to achieve
the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest
available and reliable information. Actual results may differ from those accounting estimates.
Accounting estimates and underlying assumptions are reviewed on an ongoing basis. Changes to accounting estimates are recognized in the period
in which the estimates are changed and in any future periods affected. In particular, information about material areas of estimation, uncertainty
and critical judgments in applying accounting policies that have material effect on the amounts recognized in the interim condensed consolidated
financial statements are included in the following notes:
74 / 490
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. The Company allocates the arrangement consideration 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 and intangible assets with indefinite useful life recognized on business combination are tested for
impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of an asset or
a cash generating unit to which an asset 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) 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.
h) Uncertainty relating to the global health pandemic on COVID-19: In assessing the recoverability of receivables including
unbilled receivables, contract assets and contract costs, goodwill, intangible assets, and certain investments, the Company has
considered internal and external information up to the date of approval of these interim condensed consolidated financial statements
8
75 / 490
including credit reports and economic forecasts. Based on the current indicators of future economic conditions, the Company expects
to recover the carrying amount of these assets.
The Company bases its assessment on the belief that the probability of occurrence of forecasted transactions is not impacted by
COVID-19. The Company has considered the effect of changes, if any, in both counterparty credit risk and its own credit risk while
assessing hedge effectiveness and measuring hedge ineffectiveness and continues to believe that COVID-19 has no impact on
effectiveness of its hedges.
The impact of COVID-19 may be different from what we have estimated as of the date of approval of these interim condensed
consolidated financial statements and the Company will continue to closely monitor any material changes to future economic
conditions.
3. Material accounting policy information
Please refer to the Company’s Annual report for the year ended March 31, 2022, for a discussion of the Company’s other material accounting
policy information except for the adoption of new accounting standards, amendments and interpretations effective on or after April 1, 2022.
New amendment adopted by the Company effective from April 1, 2022:
Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling a Contract
On May 14, 2020, the IASB issued “Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)”, amending the standard regarding
costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. The amendment specifies that the
“cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be
incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The adoption of this amendment
has resulted in a reduction of ₹ 51 in opening retained earnings, primarily due to allocation of other costs that relate directly to fulfilling contracts.
New amendments not yet adopted:
Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2022 and have
not been applied in preparing these interim condensed consolidated financial statements. New standards, amendments to standards and
interpretations that could have potential impact on the interim condensed consolidated financial statements of the Company are:
Amendments to IAS 12 – “Income Taxes”
On May 7, 2021, the IASB amended IAS 12 “Income Taxes” and published 'Deferred Tax related to Assets and Liabilities arising from a Single
Transaction (Amendments to IAS 12)' that clarify how companies account for deferred tax on transactions such as leases and decommissioning
obligations. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first
time. The amendments clarify that this exemption does not apply to transactions such as leases and decommissioning obligations and companies
are required to recognize deferred tax on such transactions. These amendments are effective for annual reporting periods beginning on or after
January 1, 2023 and are to be applied retrospectively, with earlier application permitted. The Company is currently evaluating the impact of
amendments to IAS 12 on the interim condensed consolidated financial statements.
Amendments to IAS 1 – Presentation of Financial Statements
On January 23, 2020, the IASB issued “Classification of liabilities as Current or Non-Current (Amendments to IAS 1)” providing a more general
approach to the classification of liabilities under IAS 1 based on the contractual arrangement in place at the reporting date. The amendments aim
to promote consistency in applying the requirements by helping companies to determine whether, in the statement of financial position, debt and
other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-
current. The amendments also clarified the classification requirements for debt a company might settle by converting it into equity. These
amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively, with earlier
application permitted. The adoption of amendments to IAS 1 is not expected to have any material impact on the interim condensed consolidated
financial statements.
76 / 490
4. Property, plant and equipment

Furniture
Plant and
Land Buildings fixtures and Vehicles Total
equipment *
equipment
Gross carrying value:
As at April 1, 2021 ₹           3,815 ₹        39,414 ₹      110,855 ₹        20,692 ₹              418 ₹      175,194
Additions - 129 3,420 350 1 3,900
Additions through business combinations - - 289 334 2 625
Disposals - (181) (134) (304) (47) (666)
Translation adjustment 5 83 689 74 2 853
As at June 30, 2021 ₹           3,820 ₹        39,445 ₹      115,119 ₹        21,146 ₹              376 ₹      179,906
Accumulated depreciation/ impairment:
As at April 1, 2021 ₹                    - ₹           8,785 ₹        85,040 ₹        15,089 ₹              397 ₹      109,311
Depreciation and impairment - 466 2,969 511 3 3,949
Disposals - (181) (118) (287) (47) (633)
Translation adjustment - 37 502 56 2 597
As at June 30, 2021 ₹                    - ₹           9,107 ₹        88,393 ₹        15,369 ₹              355 ₹      113,224
Capital work-in-progress ₹        20,038
Net carrying value including Capital work-in-progress as at June 30, 2021 ₹        86,720

As at April 1, 2021 ₹           3,815 ₹        39,414 ₹      110,855 ₹        20,692 ₹              418 ₹      175,194
Additions 1,031 1,676 19,411 2,384 7 24,509
Additions through business combinations - - 370 335 3 708
Disposals (30) (440) (7,863) (826) (115) (9,274)
Translation adjustment (3) 36 698 60 4 795
As at March 31, 2022 ₹           4,813 ₹        40,686 ₹      123,471 ₹        22,645 ₹              317 ₹      191,932
As at April 1, 2021 ₹                    - ₹           8,785 ₹        85,040 ₹        15,089 ₹              397 ₹      109,311
Depreciation and impairment - 1,536 12,305 2,141 10 15,992
Disposals - (346) (7,451) (725) (112) (8,634)
As at March 31, 2022 ₹                    - ₹        10,003 ₹        90,465 ₹        16,557 ₹              297 ₹      117,322
Net carrying value including Capital work-in-progress as at March 31, 2022 ₹        90,898

As at April 1, 2022 ₹           4,813 ₹        40,686 ₹      123,471 ₹        22,645 ₹              317 ₹      191,932
Additions - 38 3,720 326 1 4,085
Additions through business combinations - 7 357 6 3 373
Disposals (3) (7) (490) (8) - (508)
Translation adjustment (4) (18) 319 3 - 300
As at June 30, 2022 ₹           4,806 ₹        40,706 ₹      127,377 ₹        22,972 ₹              321 ₹      196,182
As at April 1, 2022 ₹                    - ₹        10,003 ₹        90,465 ₹        16,557 ₹              297 ₹      117,322
Depreciation and impairment - 318 3,390 545 2 4,255
Disposals - (1) (439) (7) - (447)
Translation adjustment - 3 320 6 - 329
As at June 30, 2022 ₹                    - ₹        10,323 ₹        93,736 ₹        17,101 ₹              299 ₹      121,459
Net carrying value including Capital work-in-progress as at June 30, 2022 ₹        91,676
* Including net carrying value of computer equipment and software amounting to ₹ 19,575, ₹ 25,162 and ₹ 25,828, as at June 30, 2021,
March 31, 2022 and June 30, 2022, respectively.
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5. Right-of-Use assets Category of Right-of-Use asset

Plant and
Land Buildings Vehicles Total
equipment *
As at April 1, 2021 ₹           2,082 ₹        18,844 ₹           3,918 ₹              926 ₹        25,770
Additions - 2,063 383 35 2,481
Disposals - (828) (539) (30) (1,397)
Additions through business combinations - 2,986 - 36 3,022
Translation adjustment - 220 78 13 311
As at June 30, 2021 ₹           2,082 ₹        23,285 ₹           3,840 ₹              980 ₹        30,187
Accumulated depreciation:
As at April 1, 2021 ₹                55 ₹           6,703 ₹           2,157 ₹              435 ₹           9,350
Depreciation 7 1,321 248 73 1,649
Disposals - (548) (189) (22) (759)
As at June 30, 2021 ₹                62 ₹           7,568 ₹           2,262 ₹              491 ₹        10,383
Net carrying value as at June 30, 2021 ₹        19,804

As at April 1, 2021 ₹           2,082 ₹        18,844 ₹           3,918 ₹              926 ₹        25,770
Additions 15 7,517 429 105 8,066
Additions through business combinations - 2,920 - 36 2,956
Disposals (819) (3,360) (1,861) (149) (6,189)
Translation adjustment - 72 25 (14) 83
As at March 31, 2022 ₹           1,278 ₹        25,993 ₹           2,511 ₹              904 ₹        30,686
As at April 1, 2021 ₹                55 ₹          6,703 ₹          2,157 ₹             435 ₹           9,350
Depreciation 24 5,572 849 264 6,709
Disposals (21) (2,667) (1,518) (121) (4,327)
As at March 31, 2022 ₹                58 ₹           9,676 ₹           1,512 ₹              570 ₹        11,816
Net carrying value as at March 31, 2022 ₹        18,870

As at April 1, 2022 ₹           1,278 ₹        25,993 ₹           2,511 ₹              904 ₹        30,686
Additions - 1,433 45 72 1,550
Additions through business combinations - 201 - - 201
Disposals - (919) - (88) (1,007)
Translation adjustment - (23) - (14) (37)
As at June 30, 2022 ₹           1,278 ₹        26,685 ₹           2,556 ₹              874 ₹        31,393
As at April 1, 2022 ₹                58 ₹           9,676 ₹           1,512 ₹              570 ₹        11,816
Depreciation 5 1,386 125 74 1,590
Disposals - (739) - (81) (820)
As at June 30, 2022 ₹                63 ₹        10,340 ₹           1,646 ₹              555 ₹        12,604
Net carrying value as at June 30, 2022 ₹        18,789
* Including net carrying value of computer equipment and software amounting to ₹ 8, ₹ 6 and ₹ 5, as at June 30, 2021, March 31, 2022
and June 30, 2022, respectively
6. Goodwill and intangible assets

The movement in goodwill balance is given below: For the period ended
March 31, 2022 June 30, 2022
Balance at the beginning of the period ₹            139,127 ₹               246,989
Translation adjustment 5,293 8,025
Acquisition through business combinations* (Refer to Note 7) 102,569 41,112
Balance at the end of the period ₹            246,989 ₹               296,126
*Acquisition through business combinations for the year ended March 31, 2022 and three months ended June 30, 2022 is after considering the
impact of ₹ 116 and ₹ 21 towards measurement period changes in purchase price allocation of acquisitions made during the year ended March 31,
2021 and 2022, respectively.
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78 / 490
The movement in intangible assets is given below:

Intangible assets
Customer-related Marketing-related Total
As at April 1, 2021 ₹              26,326 ₹                 1,611 ₹                 27,937
Acquisition through business combinations 24,392 8,083 32,475
Deductions/adjustments (556) (215) (771)
Translation adjustment 620 28 648
As at June 30, 2021 ₹              50,782 ₹                 9,507 ₹                 60,289
Accumulated amortization/ impairment:
As at April 1, 2021 ₹              14,248 ₹                    604 ₹                 14,852
Amortization and impairment 2,546 246 2,792
Deductions/Adjustments (556) (215) (771)
As at June 30, 2021 ₹              16,612 ₹                    648 ₹                 17,260
Net carrying value as at June 30, 2021 ₹              34,170 ₹                 8,859 ₹                 43,029

As at April 1, 2021 ₹              26,326 ₹                 1,611 ₹                 27,937
Acquisition through business combinations 27,834 9,814 37,648
Deductions/adjustments (11,984) (215) (12,199)
Translation adjustment 1,190 218 1,408
As at March 31, 2022 ₹              43,366 ₹              11,428 ₹                 54,794
As at April 1, 2021 ₹              14,248 ₹                    604 ₹                 14,852
Amortization and impairment 6,872 1,338 8,210
As at March 31, 2022 ₹                 9,483 ₹                 1,756 ₹                 11,239
Net carrying value as at March 31, 2022 ₹              33,883 ₹                 9,672 ₹                 43,555

As at April 1, 2022 ₹              43,366 ₹              11,428 ₹                 54,794
Acquisition through business combinations (Refer to Note 7) 5,480 482 5,962
Deductions/adjustments (1) (38) - (38)
As at June 30, 2022 ₹              50,330 ₹              12,321 ₹                 62,651
As at April 1, 2022 ₹                 9,483 ₹                 1,756 ₹                 11,239
Amortization and impairment 1,455 438 1,893
As at June 30, 2022 ₹              11,204 ₹                 2,248 ₹                 13,452
Net carrying value as at As at June 30, 2022 ₹              39,126 ₹              10,073 ₹                 49,199
Amortization expense on intangible assets is included in selling and marketing expenses in the interim condensed consolidated statement of income.
Includes ₹ 38 towards measurement period adjustment in customer-related intangible in an acquisition completed during the year ended March
(1)
31, 2022.
7. Business combinations
Summary of acquisitions during the three months ended June 30, 2022 is given below:
During the three months ended June 30, 2022, the Company has completed two business combinations by acquiring 100% equity interest in:
(a) Convergence Acceleration Solutions, LLC (“CAS Group”), a US-based consulting and program management company that specializes in
driving large-scale business and technology transformation for Fortune 100 communications service providers. The acquisition advances the
Company’s strategic consulting capabilities as we help our clients drive large scale business and technology transformation. The acquisition
was consummated on April 11, 2022, for total consideration (upfront cash to acquire control and contingent consideration) of ₹ 5,584.
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79 / 490
(b) Rizing Intermediate Holdings, Inc and its subsidiaries (“Rizing”), a global SAP consulting firm with industry expertise and consulting
capabilities in enterprise asset management, consumer industries, and human experience management. Rizing complements the Company in
capabilities (EAM, HCM and S/4HANA), in industries such as Energy and Utilities, Retail and Consumer Products, Manufacturing and Hi
Tech in geographies across North America, Europe, Asia, and Australia. The acquisition was consummated on May 20, 2022, for a total cash
consideration of ₹ 44,622.
The following table presents the purchase price allocation:
Description CAS Group Rizing

Net assets ₹                       537 ₹                    4,354
Fair value of customer-related intangibles 1,617 3,863
Fair value of marketing-related intangibles - 482
Deferred tax liabilities on intangible assets - (1,738)
Total ₹                    2,154 ₹                    6,961
Goodwill 3,430 37,661
Total purchase price ₹                    5,584 ₹                 44,622
Net Assets include:

Cash and cash equivalents ₹                       127 ₹                    2,109
Fair value of acquired trade receivables included in net assets ₹                       451 ₹                    3,354
Gross contractual amount of acquired trade receivables ₹                       452 ₹                    3,367
Less: Allowance for lifetime expected credit loss (1) (13)
Transaction costs included in general and administrative expenses ₹                         19 ₹                         99
The purchase price allocation for CAS Group and Rizing is provisional and will be finalized as soon as practicable within the measurement period,
but in no event later than one year following the date of acquisition.
The goodwill of ₹ 41,091 comprises value of acquired workforce and expected synergies arising from the business combination. Goodwill is
allocated to IT Services segment and is not deductible for income tax purposes except for CAS group in the United States of America.
The total consideration of CAS Group includes a contingent consideration linked to achievement of revenues and earnings over a period of 3 years
ending December 31, 2024, and range of contingent consideration payable is between ₹ Nil and ₹ 2,277. The fair value of the contingent
consideration is estimated by applying the discounted cash-flow approach considering discount rate of 4.58% and probability adjusted revenue
and earnings estimates. The undiscounted fair value of contingent consideration is ₹ 1,804 as at the date of acquisition. The discounted fair value
of contingent consideration of ₹ 1,662 is recorded as part of provisional purchase price allocation.
The pro-forma effects of acquisition during the three months ended June 30, 2022, on the Company’s results were not material.
8. Investments
As at
March 31, 2022 June 30, 2022
Non-current
Financial instruments at FVTPL
Equity instruments ₹                             1,976 ₹                             3,224
Fixed maturity plan mutual funds 513 503
Financial instruments at FVTOCI
Equity instruments 14,963 16,567
Financial instruments at amortized cost
Inter corporate and term deposits * 1,657 1,042
₹                          19,109 ₹                          21,336
Current
Short-term mutual funds ₹                          15,550 ₹                          18,558
Non-convertible debentures, government securities, commercial papers, certificate of
deposit and bonds 204,839 195,294
Inter corporate and term deposits * 21,266 12,712
₹                        241,655 ₹                        226,564
₹                        260,764 ₹                        247,900
* These deposits earn a fixed rate of interest. Term deposits include current deposits in lien with banks primarily on account of term deposits held
as margin money deposits against guarantees amounting to ₹ 657 (March 31, 2022: Term deposits current of ₹ 654).
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80 / 490
9. Inventories
As at
March 31, 2022 June 30, 2022
Stores and spare parts ₹                                  28 ₹                                  24
Finished and traded goods 1,306 1,654
₹                             1,334 ₹                             1,678
10. Cash and cash equivalents

As at
March 31, 2022 June 30, 2022
Cash and bank balances ₹                          61,882 ₹                          46,092
Demand deposits with banks * 41,954 36,736
₹                        103,836 ₹                          82,828
* 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, 2021 June 30, 2022
Cash and cash equivalents ₹                        140,617 ₹                          82,828
Bank overdrafts (44) (2)
₹                        140,573 ₹                          82,826
11. Other financial assets

As at
March 31, 2022 June 30, 2022
Non-current
Security deposits ₹                             1,396 ₹                             1,521
Finance lease receivables 4,262 4,353
Others 426 466
₹                             6,084 ₹                             6,340
Current
Security deposits ₹                             1,513 ₹                             1,500
Dues from officers and employees 1,301 1,521
Interest receivables 1,835 1,955
Deposit in interim dividend account 27,410 -
Others 5,790 3,420
₹                          42,914 ₹                          12,969
₹                          48,998 ₹                          19,309
12. Other assets

As at
March 31, 2022 June 30, 2022
Non-current
Prepaid expenses ₹                             7,079 ₹                             7,015
Costs to obtain contract (1) 3,128 3,165
Costs to fulfil contract (2) 295 293
Others 4,324 4,425
₹                          14,826 ₹                          14,898
Current
Prepaid expenses ₹                          15,839 ₹                          19,305
Dues from officers and employees 251 876
Advance to suppliers 3,179 3,489
Balance with GST and other authorities 7,566 8,370
Costs to obtain contract (1) 820 862
Costs to fulfil contract (2) 55 57
Others 1,223 1,742
₹                          28,933 ₹                          34,701
₹                          43,759 ₹                          49,599
(1) Costs to obtain contract amortization is ₹ 228 and ₹ 214 during the three months ended June 30, 2021, and 2022 respectively
(2)
Costs to fulfil contract amortization is ₹ 13 and ₹ 14 during the three months ended June 30, 2021, and 2022 respectively
14
81 / 490
13. Loans, borrowings and bank overdrafts

As at
March 31, 2022 June 30, 2022
Non-current
Unsecured Notes 2026 ₹                          56,403 ₹                          58,805
Loans from institutions other than banks 60 57
₹                          56,463 ₹                          58,862
Current
Borrowings from Banks ₹                          95,143 ₹                        115,264
Bank overdrafts 3 2
₹                          95,233 ₹                        115,330
₹                        151,696 ₹                        174,192
14. Other financial liabilities

As at
March 31, 2022 June 30, 2022
Non-current
Contingent consideration (Refer to Note 17) ₹                             2,423 ₹                             2,357
Cash Settled ADS RSUs 2 1
Deposits and others 536 146
₹                             2,961 ₹                             2,504
Current
Contingent consideration (Refer to Note 17) ₹                             1,906 ₹                             3,587
Advance from customers 1,582 1,100
Interim dividend payable 27,337 -
Capital Creditors 626 509
Deposits and others 1,641 871
₹                          33,110 ₹                             6,081
₹                          36,071 ₹                             8,585
15. Other liabilities

As at
March 31, 2022 June 30, 2022
Non-current
Employee benefits obligations ₹                             2,720 ₹                             2,964
Others 4,851 5,280
₹                             7,571 ₹                             8,244
Current
Employee benefits obligations ₹                          15,310 ₹                          16,338
Statutory and other liabilities 10,933 9,129
Advance from customers 629 882
Others 522 523
₹                          27,394 ₹                          26,872
₹                          34,965 ₹                          35,116
16. Provisions
As at
March 31, 2022 June 30, 2022
Non-current
Provision for warranty ₹                                     1 ^
₹                                     1 ^
Current
Provision for warranty ₹                                294 ₹                                282
Provision for onerous contracts 1,946 1,771
Others 531 514
₹                             2,771 ₹                             2,567
₹                             2,772 ₹                             2,567
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17. Financial instruments:
Derivative assets and liabilities:
The Company is exposed to currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency
and net investment in foreign operations. The company is also exposed to interest rate fluctuations on investments in floating rate financial assets.
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 non-material.
The following table presents the aggregate contracted principal amounts of the Company's derivative contracts outstanding:
(in millions)
As at
March 31, 2022 June 30, 2022
Notional Fair value Notional Fair value
Designated derivative instruments
Sell: Forward contracts USD 1,413 ₹ 509 USD 1,423 ₹ (2,276)
€ 191 ₹ 668 € 152 ₹ 989
£ 173 ₹ 645 £ 150 ₹ 1,368
AUD 170 ₹ (217) AUD 152 ₹ 372
Range forward option contracts USD 493 ₹ 217 USD 609 ₹ (419)
€ 6 ₹ 8 € 45 ₹ 38
£ 28 ₹ 119 £ 52 ₹ 89
AUD 11 ₹ (6) AUD 29 ₹ 40
Interest Rate Swaps INR - ₹ - INR 5,000 ₹ (146)
Non-designated derivative instruments

Sell: Forward contracts * USD 1,452 ₹ 536 USD 1,713 ₹ (2,239)
€ 109 ₹ 1 € 178 ₹ 254
£ 91 ₹ 81 £ 145 ₹ 321
AUD 47 ₹ (122) AUD 47 ₹ 79
SGD 4 ₹ (1) SGD 9 ₹ 2
ZAR 8 ₹ ^ ZAR - ₹ -
CAD 47 ₹ (25) CAD 77 ₹ 37
SAR 33 ₹ (1) SAR 85 ₹ (2)
PLN 14 ₹ (2) PLN 29 ₹ 7
CHF 5 ₹ (5) CHF 4 ₹ (3)
QAR 11 ₹ (4) QAR 4 ₹ (2)
TRY 30 ₹ 6 TRY 30 ₹ 8
NOK 13 ₹ (3) NOK 13 ₹ 6
OMR 2 ₹ ^ OMR 1 ₹ ^
SEK 17 ₹ (2) SEK 3 ₹ 1
JPY 513 ₹ 20 JPY 516 ₹ 6
DKK 2 ₹ ^ DKK 2 ₹ ^
AED - ₹ - AED 23 ₹ ^
CNH - ₹ - CNH 5 ₹ ^
Buy: Forward contracts SEK 22 ₹ 2 SEK - ₹ -

DKK 16 ₹ (2) DKK 11 ₹ (4)
CHF 2 ₹ (1) CHF 2 ₹ ^
AED 26 ₹ ^ AED 5 ₹ ^
JPY 447 ₹ (18) JPY - ₹ -
CNH 11 ₹ ^ CNH 4 ₹ (1)
NOK 12 ₹ (1) NOK 12 ₹ (1)
QAR - ₹ - QAR 4 ₹ 1
ZAR - ₹ - ZAR 7 ₹ ^
£ - ₹ - £ 1 ₹ (1)
Interest Rate Swaps INR 4,750 ₹ 3 INR 3,750 ₹ (12)
₹ 2,405 ₹ (1,488)
* USD 1,452 and USD 1,713 includes USD/PHP sell forward of USD 86 and USD 60 as at March 31, 2022 and June 30, 2022, respectively.
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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.
The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash
flow hedges:
2021 2022
Balance as at the beginning of the period ₹ 2,182 ₹ 1,943
Changes in fair value of effective portion of derivatives (196) (1,033)

Net (gain)/loss reclassified to statement of income on occurrence of hedged transactions
* (892) (855)
Gain/(loss) on cash flow hedging derivatives, net ₹ (1,088) ₹ (1,888)
Balance as at the end of the period ₹ 1,094 ₹ 55
Deferred tax thereon (280) (13)
Balance as at the end of the period, net of deferred tax ₹ 814 ₹ 42
* Includes net (gain)/loss reclassified to revenue of ₹ 1,200 and ₹ 794 for the three months ended June 30, 2021, and 2022, respectively and net
(gain)/loss reclassified to cost of revenues of ₹ (308) and ₹ 61 for the three months ended June 30, 2021, and 2022, respectively.
During the three months ended June 30, 2021, and 2022, ₹ 7 and ₹ (28) relating to loss/(gain) of ineffective portion of derivatives has been
reclassified from other comprehensive income to interim condensed consolidated statement of income.
Apart from above, as at June 30, 2021 and 2022, there were no significant gains or losses on derivative transactions or portions thereof that have
become ineffective as hedges or associated with an underlying exposure that did not occur.
Fair value:
Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and
other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, trade payables and accrued expenses, and eligible
current liabilities and non-current liabilities.
The fair value of cash and cash equivalents, trade receivables, unbilled receivables, loans, borrowings and bank overdrafts, trade payables and
accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to the short-term nature of these
instruments. The Company’s long-term debt has been contracted at market rates of interest. Accordingly, the carrying value of such long-term
debt approximates fair value. Further, finance lease receivables are periodically evaluated based on individual credit worthiness of customers.
Based on this evaluation, the Company records allowance for estimated losses on these receivables. As at March 31, 2022 and June 30, 2022, the
carrying value of such receivables, net of allowances approximates the fair value.
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 multiples
method.
The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield
curves, currency volatility etc.
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).
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The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
As at March 31, 2022 As at June 30, 2022
Particular 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 ₹       2,242 ₹          - ₹       2,242 ₹          - ₹       2,939 ₹          - ₹       2,939 ₹          -
Others 796 - 796 - 741 - 741 -
Investments:
Short-term mutual funds 15,550 15,550 - - 18,558 18,558 - -
Fixed maturity plan mutual
513 - 513 - 503 - 503 -
funds
Equity instruments 16,939 41 574 16,324 19,791 42 784 18,965
Non-convertible debentures,
government securities,
commercial papers, 204,839 1,251 203,588 - 195,294 1,207 194,087 -
certificate of deposit and
bonds
Liabilities
Cash flow hedges ₹         (299) ₹          - ₹         (299) ₹          - ₹     (2,884) ₹          - ₹     (2,884) ₹          -
Others (334) - (334) - (2,284) - (2,284) -
Contingent consideration (4,329) - - (4,329) (5,944) - - (5,944)
The following methods and assumptions were used to estimate the fair value of the level 2 financial instruments included in the above table.
Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counterparties, primarily
banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate
swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include
forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various
inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the
underlying. As at June 30, 2022, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives
designated in hedge relationships and other financial instruments recognized at fair value.
Investment in Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds: Fair value of these
instruments is derived based on the indicative quotes of price and yields prevailing in the market as at reporting date.
Investment in equity instruments and fixed maturity plan mutual funds: Fair value of these instruments is derived based on the indicative
quotes of price prevailing in the market as at reporting date.
The following methods and assumptions were used to estimate the fair value of the level 3 financial instruments included in the above table.
Investment in equity instruments: Fair value of these instruments is determined using market multiples method.
Details of assets and liabilities considered under Level 3 classification

As at
Investment in equity instruments March 31, 2022 June 30, 2022
Balance at the beginning of the period ₹    10,227 ₹    16,324
Additions 3,973 1,114
Disposals (7,697) (165)
Unrealized gain recognized in statement of income 40 22
Gain recognized in other comprehensive income 9,423 1,152
Translation adjustment 358 518
Balance at the end of the period ₹    16,324 ₹    18,965
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As at
Contingent consideration March 31, 2022 June 30, 2022
Balance at the beginning of the period ₹    (2,293) ₹    (4,329)
Additions (2,533) (1,662)
Reversals 468 86
Payouts 309 227
Finance expense recognized in statement of income (117) (46)
Translation adjustment (163) (220)
Balance at the end of the period ₹    (4,329) ₹    (5,944)
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:

2021 2022
Balance at the beginning of the period ₹                          22,936 ₹                          26,850
Translation difference related to foreign operations, net 2,615 5,607
Reclassification of foreign currency translation differences on sale of investment in (32) -
associates and liquidation of subsidiaries to statement of income
Balance at the end of the period ₹                          25,519 ₹                          32,457
The movement in other reserves is summarized below:

Other Reserves
Investment in debt Investment in equity

Remeasurements of
instruments instruments Capital Redemption
Particulars the defined benefit
measured at fair measured at fair Reserve
plans
value through OCI value through OCI
As at April 1, 2021 ₹                      (897) ₹                    4,237 ₹                    1,378 ₹                    1,122

Other comprehensive income (935) (41) 2,588 -
As at June 30, 2021 ₹                   (1,832) ₹                    4,196 ₹                    3,966 ₹                    1,122
As at April 1, 2022 ₹                      (498) ₹                    3,018 ₹                  10,088 ₹                    1,122

Other comprehensive income 312 (4,102) 1,333 -
As at June 30, 2022 ₹                      (186) ₹                   (1,084) ₹                  11,421 ₹                    1,122
19. Income taxes

2021 2022
Income tax expense as per the interim condensed consolidated statement of income ₹                      6,225 ₹                      7,931
Income tax included in other comprehensive income on:
Gains/(losses) on investment securities 387 (393)
Gains/(losses) on cash flow hedging derivatives (172) (453)
Remeasurements of the defined benefit plans (322) 95
₹                       6,118 ₹                      7,180
Income tax expense consists of the following:

2021 2022
Current taxes ₹                      6,741 ₹                      9,029

Deferred taxes (516) (1,098)
₹                       6,225 ₹                      7,931
Income tax expenses are net of (provision recorded)/reversal of taxes pertaining to earlier periods, amounting to ₹ 2,767 and ₹ 68 for the three
months ended June 30, 2021 and 2022.
20. Revenues
The tables below present disaggregated revenue from contracts with customers by business segment, 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.
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Information on disaggregation of revenues for the three months ended June 30, 2021 is as follows:
IT Services
IT Products ISRE Total
Americas 1 Americas 2 Europe APMEA Total
A. Revenue
Rendering of services ₹       49,411 ₹       54,744 ₹       54,064 ₹       21,057 ₹     179,276 ₹                  - ₹         1,937 ₹     181,213
Sale of products - - - - - 1,311 - 1,311
₹      49,411 ₹      54,744 ₹      54,064 ₹      21,057 ₹    179,276 ₹         1,311 ₹         1,937 ₹    182,524
B. Revenue by sector
Banking, Financial Services and Insurance ₹             598 ₹       31,943 ₹       20,765 ₹         6,567 ₹       59,873
Health 17,278 20 3,237 735 21,270
Consumer 20,143 575 7,619 2,725 31,062
Communications 2,015 302 2,875 3,893 9,085
Energy, Natural Resources and Utilities 169 9,409 9,237 4,733 23,548
Manufacturing 48 5,939 5,792 745 12,524
Technology 9,160 6,556 4,539 1,659 21,914
₹      49,411 ₹      54,744 ₹      54,064 ₹      21,057 ₹    179,276 ₹         1,311 ₹         1,937 ₹    182,524
C. Revenue by nature of contract
Fixed price and volume based ₹       27,006 ₹       31,709 ₹       33,524 ₹       13,683 ₹     105,922 ₹                  - ₹         1,665 ₹     107,587
Time and materials 22,405 23,035 20,540 7,374 73,354 - 272 73,626
Products - - - - - 1,311 - 1,311
₹      49,411 ₹      54,744 ₹      54,064 ₹      21,057 ₹    179,276 ₹         1,311 ₹         1,937 ₹    182,524
Information on disaggregation of revenues for the three months ended June 30, 2022 is as follows:
IT Services
A. Revenue
Rendering of services ₹       61,440 ₹       66,300 ₹       59,957 ₹       24,117 ₹     211,814 ₹                  - ₹         1,526 ₹     213,340
Sale of products - - - - - 1,946 - 1,946
₹      61,440 ₹      66,300 ₹      59,957 ₹      24,117 ₹    211,814 ₹         1,946 ₹         1,526 ₹    215,286
Banking, Financial Services and Insurance ₹         1,085 ₹       40,988 ₹       24,536 ₹         8,324 ₹       74,933
Health 19,444 42 3,929 877 24,292
Consumer 25,721 896 8,820 3,633 39,070
Communications 3,192 341 3,134 3,883 10,550
Manufacturing 17 7,843 5,583 822 14,265
Technology 11,764 6,917 4,651 1,692 25,024
₹      61,440 ₹      66,300 ₹      59,957 ₹      24,117 ₹    211,814 ₹         1,946 ₹         1,526 ₹    215,286
Fixed price and volume based ₹       35,884 ₹       33,859 ₹       33,977 ₹       14,083 ₹     117,803 ₹                  - ₹         1,141 ₹     118,944
Time and materials 25,556 32,441 25,980 10,034 94,011 - 385 94,396
Products - - - - - 1,946 1,946
₹      61,440 ₹      66,300 ₹      59,957 ₹      24,117 ₹    211,814 ₹         1,946 ₹         1,526 ₹    215,286
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21. Expenses by nature

2021 2022
Employee compensation ₹                       102,711 ₹                       126,134
Sub-contracting and technical fees 24,619 29,454
Cost of hardware and software 1,568 2,143
Travel 1,435 3,070
Facility expenses 5,650 7,876
Depreciation, amortization and impairment 8,390 7,738
Communication 1,516 1,543
Legal and professional fees 2,207 1,547
Rates, taxes and insurance 1,001 1,497
Marketing and brand building 425 900
Lifetime expected credit loss/ (write-back) (253) (22)
Miscellaneous expenses 1,845 2,550
Total cost of revenues, selling and marketing expenses and general and ₹                        151,114 ₹                        184,430
administrative expenses
22. Finance expenses

2021 2022
Interest expense ₹                               746 ₹                            2,045
₹                                746 ₹                            2,045
23. Finance and other income and Foreign exchange gains/(losses), net
2021 2022
Interest income ₹                             2,609 ₹                             3,579
Dividend income 2 2
Exchange fluctuation gain on foreign currency borrowings 1,490 -
Net gain from investments classified as FVTPL 313 116
Net gain from investments classified as FVTOCI 205 (7)
Finance and other income ₹                             4,619 ₹                             3,690
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL ₹                              (716) ₹                           (1,751)
Other foreign exchange gains/(losses), net
1,876 2,785
Foreign exchange gains/(losses), net ₹                             1,160 ₹                             1,034
24. Earnings per share:
A reconciliation of profit for the period and equity shares used in the computation of basic and diluted earnings per equity share is set out below:
Basic: Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Cosmpany by the weighted average
number of equity shares outstanding during the period, excluding equity shares purchased by the Company and held as treasury shares.

2021 2022
Profit attributable to equity holders of the Company ₹                          32,321 ₹                          25,636
Weighted average number of equity shares outstanding 5,462,996,981 5,471,449,783
Basic earnings per share ₹                               5.92 ₹                               4.69
Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity shares outstanding during the period for
assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company.
The calculation is performed in respect of share options to determine the number of shares that could have been acquired at fair value (determined
as the average market price of the Company’s shares during the period). The number of shares calculated as above is compared with the number
of shares that would have been issued assuming the exercise of the share options.
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2021 2022
Profit attributable to equity holders of the Company ₹                          32,321 ₹                          25,636
Effect of dilutive equivalent share options 13,995,681 13,608,211
Weighted average number of equity shares for diluted earnings per share 5,476,992,662 5,485,057,994
Diluted earnings per share ₹                               5.90 ₹                               4.67
25. Employee compensation

2021 2022
Salaries and bonus ₹                          98,199 ₹                        120,141
Employee benefits plans 3,535 4,548
Share-based compensation* 977 1,445
₹                        102,711 ₹                        126,134
* Includes ₹ 6 and ₹ 15 for the three months ended June 30, 2021 and 2022 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:
2021 2022
Cost of revenues ₹                          87,692 ₹                        107,864
Selling and marketing expenses 9,122 11,122
General and administrative expenses 5,897 7,148
₹                        102,711 ₹                        126,134
The Company has granted 173,269 options under RSU option plan during the three months ended June 30, 2022 (38,454 for the three months June
30, 2021); 1,113,342 options under ADS option plan during the three months ended June 30, 2022 (516,842 for the three months ended June 30,
2021).
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).
26. Other operating income
During the three months ended June 30, 2021, the Company sold its investment in Ensono Holdings, LLC as a result of acquisition by another
investor for a consideration of ₹ 5,569 and recognized a cumulative gain of ₹ 1,240 (net of tax ₹ 425) in other comprehensive income being profit
on sale of investment designated as FVTOCI. The Company also recognized ₹ 1,220 for the three months ended June 30, 2021, under other
operating income, net towards change in fair value of callable units pertaining to achievement of cumulative business targets.
During the three months ended June 30, 2021, the Company sold its investment in Denim Group , Ltd. and Denim Group Management, LLC
(“Denim Group”) as a result of acquisition of by another investor, for a consideration of ₹ 1,629 and recognized a cumulative gain of ₹ 930 in
other operating income, net including reclassification of exchange differences on foreign currency translation.
27. Commitments and contingencies

Capital commitments: As at March 31, 2022 and June 30, 2022 the Company had committed to spend ₹ 11,376 and ₹ 10,625 respectively, under
agreements to purchase/ construct property and equipment. These amounts are net of capital advances paid in respect of these purchases.
Guarantees: As at March 31, 2022 and June 30,2022, guarantees provided by banks on behalf of the Company to the Indian Government,
customers and certain other agencies aggregate to ₹ 17,094 and ₹ 16,262 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, 2018. 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
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from Software Technology Park and Special Economic Zone units, capitalization of research and development expenses, transfer pricing
adjustments on intercompany / inter unit transactions and other issues.
Income tax claims against the Company amounting to ₹ 92,476 and ₹ 93,527 are not acknowledged as debt as at March 31, 2022 and June 30,
2022, 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 ₹ 12,092 and ₹
11,817 as of March 31, 2022, and June 30, 2022, 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.
The Hon’ble Supreme Court of India, through a ruling in February 2019, provided interpretation on the components of Salary on which the
Company and its employees are to contribute towards Provident Fund under the Employee’s Provident Fund Act. Based on the current evaluation,
the Company believes it is not probable that certain components of Salary paid by the Company will be subject to contribution towards Provident
Fund due to the Hon’ble Supreme Court order. The Company will continue to monitor and evaluate its position based on future events and
developments.
28. Segment information
The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (“ISRE”).
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 Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by
industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America:
healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information
services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United
States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom
and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle
East, South East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services.
With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers,
but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision
makers.
Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design,
technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package
implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and
hardware and software design.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total
outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue
relating to these items is reported as revenue from the sale of IT Products.
ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India and/or any State
Governments.
The Chairman of the Company has been identified as the Chief Operating Decision Maker (“CODM”) as defined by IFRS 8, “Operating
Segments”. The Chairman 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.
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Information on reportable segments for the three months ended June 30, 2021, is as follows:
IT Services Reconciling
Americas 1 Americas 2 Europe APMEA Total Items
Revenue ₹       49,683 ₹       55,105 ₹       54,461 ₹       21,232 ₹     180,481 ₹         1,311 ₹         1,937 ₹              (45) ₹     183,684
Other operating income - - - - 2,150 - - - 2,150
Segment Result 9,379 11,350 8,325 3,066 32,120 (53) 475 (28) 32,514
Unallocated 56 - - - 56
Segment Result Total ₹       34,326 ₹             (53) ₹            475 ₹              (28) ₹      34,720
Finance expenses (746)
Finance and other income 4,619
Share of net profit/(loss) of associates accounted
for using the equity method 7
Profit before tax ₹      38,600
Income tax expense (6,225)
Profit for the period ₹      32,375
Depreciation, amortization and impairment ₹         8,390
Information on reportable segments for the three months ended June 30, 2022, is as follows:
Revenue ₹       61,702 ₹       66,613 ₹       60,276 ₹       24,257 ₹     212,848 ₹         1,946 ₹         1,526 ₹              - ₹     216,320
Other operating income - - - - -
Segment Result 11,030 12,454 7,374 1,604 32,462 (55) 173 (60) 32,520
Unallocated (630) - - - (630)
Segment Result Total ₹       31,832 ₹             (55) ₹            173 ₹              (60) ₹      31,890
Finance expenses (2,045)
Share of net profit/(loss) of associates accounted
for using the equity method (15)
Profit before tax ₹      33,520
Profit for the period ₹      25,589
Depreciation, amortization and impairment ₹         7,738
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Revenues from India, being Company’s country of domicile, is ₹ 6,141 and ₹ 6,507 for three months ended June 30, 2021, and 2022, respectively.
Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table below:

2021 2022
United States of America ₹                          96,439 ₹                        120,491

United Kingdom 22,867 26,606
₹                        119,306 ₹                        147,097
No customer individually accounted for more than 10% of the revenues during the three months ended June 30, 2021, and 2022.
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) Other operating income of ₹ 2,150 and ₹ Nil is included as part of IT Services segment results for three months ended June 30, 2021 and
2022 respectively. (Refer to Note 26)
e) Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 977 and ₹ 1,445 for the three
months ended June 30, 2021 and 2022, respectively.
29. List of subsidiaries and investments accounted for using equity method as at June 30, 2022 is provided below:
Country of
Subsidiaries Subsidiaries Subsidiaries
Incorporation
Wipro, LLC USA
Wipro Gallagher Solutions, LLC USA
Wipro Opus Risk Solutions, LLC USA
Wipro Insurance Solutions, LLC USA
Wipro IT Services, LLC USA
HealthPlan Services, Inc. (1) USA
Wipro Appirio, Inc. (1) USA
Designit North America, Inc. USA
Infocrossing, LLC USA
Wipro US Foundation USA
International TechneGroup Incorporated (1) USA
Wipro Designit Services, Inc. (1) USA
Wipro VLSI Design Services, LLC USA
Cardinal US Holdings, Inc.(1) USA
LeanSwift Solutions, Inc.(1) USA
Edgile, LLC USA
Convergence Acceleration Solutions, LLC USA
Rizing Intermediate Holdings, Inc. (1) USA
Attune Consulting India Private India
Limited
Wipro Overseas IT Services India
Private Limited
Wipro Japan KK Japan
Designit Tokyo Ltd. Japan
Wipro Shanghai Limited China
Wipro Trademarks Holding India
Limited
Wipro Travel Services Limited India
Wipro Holdings (UK) Limited UK
Designit A/S Denmark
Designit Denmark A/S Denmark
Designit Germany GmbH Germany
Designit Oslo A/S Norway
Designit Sweden AB Sweden
Designit T.L.V Ltd. Israel
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Designit Spain Digital, S.L.U Spain

Wipro Financial Outsourcing Services UK
Limited (Formerly known as Wipro
Europe Limited)
Wipro UK Limited UK
Wipro Financial Services UK Limited UK
Wipro IT Services S.R.L. Romania
Wipro Gulf LLC Sultanate of
Oman
Wipro Bahrain Limited Co. W.L.L Bahrain
Wipro 4C NV Belgium
Wipro 4C Danmark ApS Denmark
Wipro 4C Nederland B.V Netherlands
(1) UK
Wipro Weare4C UK Limited
Wipro 4C Consulting France SAS France
Wipro IT Services UK Societas UK
(2) Qatar
Wipro Doha LLC
Wipro Technologies SA DE CV Mexico
Wipro Holdings Hungary Korlátolt Hungary
Felelősségű Társaság
Wipro Holdings Investment Korlátolt Hungary
Wipro Information Technology Egypt Egypt
SAE
Wipro Arabia Limited (3) Saudi Arabia
Women's Business Park Technologies Saudi Arabia
(3)
Limited
Wipro Poland SP Z.O.O Poland
Wipro IT Services Poland SP Z.O.O Poland
Wipro Technologies Australia Pty Ltd Australia
(1) Australia
Ampion Holdings Pty Ltd
Wipro Technologies South Africa South Africa
(Proprietary) Limited
Wipro Technologies Nigeria Limited Nigeria
Wipro IT Service Ukraine, LLC Ukraine
Wipro Information Technology Netherlands
Netherlands BV.
(1) Portugal
Wipro Portugal S.A.
Wipro Technologies Limited Russia
Wipro Technology Chile SPA Chile
Wipro Solutions Canada Limited Canada
Wipro Information Technology Kazakhstan Kazakhstan
LLP
Wipro Technologies W.T. Sociedad Anonima Costa Rica
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro Technologies Peru SAC Peru

Wipro do Brasil Technologia Ltda (1) Brazil
Wipro Technologies SA Argentina
Wipro Technologies SRL Romania
PT. WT Indonesia Indonesia
Wipro (Thailand) Co. Limited Thailand
Rainbow Software LLC Iraq
Cardinal Foreign Holdings S.á.r.l Luxembourg
Cardinal Foreign Holdings 2 S.á.r.l (1) Luxembourg
Wipro Networks Pte Limited Singapore
Wipro (Dalian) Limited China
Wipro Technologies SDN BHD Malaysia
Wipro Chengdu Limited China
Wipro Philippines, Inc. Philippines
Wipro IT Services Bangladesh Bangladesh
Limited
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Wipro HR Services India Private India

Limited
Encore Theme Technologies India
Private Limited (3)
Wipro VLSI Design Services India
India Private Limited
Capco Technologies Private India
Limited
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)
51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in these holdings is with the
Company.
(3)
All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the equity securities of Encore
Theme Technologies Private Limited, 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.
The remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain
regulatory approvals/confirmations.
(1)
Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc., International TechneGroup
Incorporated, Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal
Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty Ltd, LeanSwift Solutions, Inc. and Rizing Intermediate Holdings, Inc. are as follows:
Country of
Incorporation
Wipro Portugal S.A. Portugal
Wipro Technologies GmbH Germany
Wipro IT Services Austria GmbH Austria
Wipro Business Solutions GmbH (4) Germany
Wipro do Brasil Technologia Brazil
Ltda
Wipro Do Brasil Sistemetas De Brazil
Informatica Ltd
Wipro do Brasil Servicos Ltda Brazil
HealthPlan Services, Inc. USA
HealthPlan Services Insurance Agency, USA
LLC
International TechneGroup USA
Incorporated
International TechneGroup Ltd. UK
ITI Proficiency Ltd Israel
Wipro Italia S.R.L. Italy
MechWorks S.R.L. Italy
Wipro Appirio, Inc. USA
Wipro Appirio, K.K. Japan
Topcoder, LLC. USA
Wipro Appirio (Ireland) Limited Ireland
Wipro Appirio UK Limited UK
Wipro Designit Services, Inc. USA
Wipro Designit Services Limited Ireland
Wipro Weare4C UK Limited UK
CloudSocius DMCC United Arab
Emirates
Cardinal Foreign Holdings 2 Luxembourg
S.á.r.l
Grove Holdings 2 S.á.r.l Luxembourg
The Capital Markets Company BV (4) Belgium
Capco Brasil Serviços E Consultoria Em Brazil
Informática Ltda
Cardinal US Holdings, Inc. USA
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The Capital Markets Company LLC USA

CAPCO (US) LLC USA
Capco Consulting Services LLC USA
Capco RISC Consulting LLC USA
ATOM Solutions LLC USA
NEOS Holdings LLC USA
NEOS LLC USA
NEOS Software LLC USA
Ampion Holdings Pty Ltd Australia
Ampion Pty Ltd Australia
Crowdsprint Pty Ltd Australia
Revolution IT Pty Ltd Australia
Iris Holdco Pty Ltd (4) Australia
LeanSwift Solutions, Inc. USA
LeanSwift Solutions, LLC USA
LeanSwift AB Sweden
Rizing Intermediate Holdings, USA
Inc.
Rizing Intermediate Inc. USA
(4) USA
Rizing Intermediate LLC
Attune Lanka (Pvt) Ltd Sri Lanka
(4) Netherlands
Attune Netherlands B.V.
(4)
Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH, Iris Holdco Pty Ltd, Rizing Intermediate
LLC and Attune Netherlands B.V. are as follows:
Country of
Incorporation
The Capital Markets Company Belgium
BV
Capco Belgium BV Belgium
The Capital Markets Company (UK) UK
Ltd
Capco (UK) 1, Limited UK
The Capital Markets Company Limited Canada
(5) USA
Capco (US) GP LLC
The Capital Markets Company Limited Hong Kong
Capco Consulting Services (Guangzhou) China
Company Limited
The Capital Markets Company s.r.o Slovakia
The Capital Markets Company S.A.S France
Capco Poland sp. z.o.o Poland
The Capital Markets Company S.á.r.l Switzerland
Andrion AG Switzerland
The Capital Markets Company BV Netherlands
CapAfric Consulting (Pty) Ltd South Africa
Capco Consulting Singapore Pte. Ltd Singapore
The Capital Markets Company GmbH Germany
Capco Austria GmbH Austria

Capco Consultancy (Malaysia) Sdn. Malaysia
Bhd
Capco Greece Single Member P.C Greece
Capco Consultancy (Thailand) Ltd Thailand
Wipro Business Solutions GmbH Germany
Wipro Technology Solutions S.R.L Romania

Iris Holdco Pty Ltd Australia
Iris Bidco Pty Ltd Australia
Shelde Pty Ltd Australia
Rizing Intermediate LLC USA
Rizing Inc. USA
Rizing LLC (5) USA
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Rizing Canada Holdings Corp. Canada

Rizing Solutions Canada Inc. Canada
Attune Netherlands B.V. Netherlands
Attune Germany GmbH Germany
Attune Italia S.R.L Italy
Attune Hong Kong Limited Hong Kong
Attune Consulting USA, Inc. USA
Attune UK Ltd. UK
Attune Australia Pty Ltd Australia
Attune Management LLC USA
(5)
Step Subsidiary details of Capco (US) GP LLC and Rizing LLC is as follows:
Country of
Incorporation
Capco (US) GP LLC USA
Capco (Canada) GP ULC Canada
Rizing LLC USA
Aasonn Philippines Inc. Philippines
Rizing Consulting Ireland Limited Ireland
Rizing Limited UK
Rizing B.V. Netherlands
Vesta Middle East FZE United Arab
Emirates
Vesta (Macau) Limited Macau
Rizing Pte Ltd. Singapore
Rizing Solutions Pty Ltd Australia
Rizing New Zealand Ltd. New Zealand
Rizing Philippines Inc. Philippines
Synchrony Global SDN BHD Malaysia
Rizing SDN BHD Malaysia
Rizing Consulting Pty Ltd. Australia
Rizing GmbH Germany
Rizing Middle East DMCC United Arab
Emirates
Rizing Geospatial LLC USA
As at June 30, 2022, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.
The list of controlled trusts and firms are:

Name of the entity Country of incorporation
Wipro Equity Reward Trust India
Wipro Foundation India
Capco (Canada) LP (6) Canada
(6)
The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners, respectively.
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30. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on
November 13, 2020, and has invited suggestions from stake holders which are under active consideration by the Ministry. Based on an initial
assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian
subsidiaries is not expected to be material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its
Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are notified
and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine
the financial impact are published.

Bengaluru
July 20, 2022
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Annual Reports
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Ambition for a
Bold Tomorrow
Integrated Annual Report • 2021-22
wipro));; Ambitions Realized.

• '• '*•<•***• •
« •
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Contents
Ambitions Realized
Realizing Ambitions with
1 Management discussion and analysis
IT services industry overview 28
Ambitions Realized.
our customers 4 Business overview 29
About the Report 6 Our business strategy 30 For over 75 years, Wipro has believed Living up to this promise requires us
ESG strategy and goals 32 in turning big ambitions into bold to continually transform and reinvent
Value creation model 34
achievements. Our brand campaign, ourselves and our capabilities. Over the
Corporate overview Key strengths 36
About Wipro 8
Ambitions Realized, reflects our journey past year, we have made significant
Risk management framework 42
Our operating model 10 as a company, and celebrates our investments and revamped how we
commitment to empowering bold ideas serve clients and how we go to market
Capital-wise review and the success of our customers, in many critical areas of our business.
Performance overview Financial capital 46 colleagues, and communities. Further, We created Wipro FullStride Cloud
Year at a glance 12 Human capital 54 the campaign underscores Wipro’s Services and committed to investing
Financial highlights 14 Intellectual capital 61 ambition of being an inspiration for $1 billion in cloud technologies,
Performance by capital 15 Social and relationship capital 65 bold action in an era of unprecedented capabilities, acquisitions, and
Chairman's letter to stakeholders 18 Natural capital 76 change. partnerships.
CEO's letter to stakeholders 20
Statutory Reports and

Governance focus Financial Statements
Board of Directors 24 Board's Report 87
Wipro Executive Board 26 Corporate Governance Report 116
Standalone Financials under Ind AS 138
Consolidated Financials under Ind AS 215
Consolidated Financials under IFRS 299
Business Responsibility
& Sustainability Report 370
Performance snapshot
IT Services Net Income Payout ratio

Revenue attributable to
Shareholder 81.6%
$10.4 for a block of
K122 trailing three
billion years
27.3% YoY growth billion
an increase of
13.2% YoY
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Empowering our
Customers Our commitment for a Better World
Our goal with these investments is to provide Our ambition to create a more humane, This year we have renewed our ‘Net Zero by 2040'
clients with seamlessly orchestrated tools and sustainable, and resilient future has been guided commitment and are among the first seven
resources so they can realize their most ambitious by the belief that purpose drives our business and companies globally to have our targets validated
business transformation goals. Wipro has over vice versa. Since Wipro's inception in 1945, Founder by the Science Based Targets Initiative. We are
240,000 employees with expertise across cloud Chairman Azim H. Premji has been instrumental in also driving change throughout the business world
services, cybersecurity, artificial intelligence, laying this foundational moral compass that has through leading industry consortiums, including
engineering, and consulting to deepen alignment guided us to do the right thing for decades. This is ‘Transform to Net Zero' and ‘WEF' and the World
with clients' changing technology needs. We are why 66% of Wipro's economic interest is pledged to Economic Forum, CII Greenco and CII Center of
also expanding our capabilities through strategic philanthropy, and why we are proudly committed to Excellence for Sustainable Development etc. We
partnerships, acquisitions, and investments, achieving Net Zero emissions by 2040. now offer a portfolio of sustainability solutions
including acquisition of Capco - Wipro's largest leveraging technology and data across industry
acquisition till date to become the technology sectors - which help our customers decarbonise
orchestrator of choice for the world's top brands. their products and services.
What's your Ambition?

We all have goals and aspirations. They inspire personal progress,
business innovations, and global movements. However, ambition
without action is just a dream. That's why Wipro's expertise is rooted
in building transformational strategies and technology-led solutions
that enable achievement.
Our People, Our strength Don't just

Our ambitions for an inclusive and equitable workplace
starts with The Spirit of Wipro, which emphasizes
believe in
unyielding integrity, treating people fairly and with
respect, and demonstrating sensitivity in thought and
*the power of
action. While our company has transformed through the Ambitions.
years, our core principles, the Wipro Spirit, have stayed
unchanged. In early 2020, Chairman Rishad Premji
introduced the Five Habits, which are our values in
action, to promote a growth mindset. Over 29,000 leaders
Make them a
from around the world have participated in 94 immersive reality, every
and interactive workshops on the Five Habits thus far. As
each Wiproite demonstrates the organization's culture, day, with Wipro
the Five Habits have the potential to change how we all
perceive and experience Wipro.
2 Wipro Limited | Ambitions Realized Integrated Annual Report 2021-22
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Realizing Ambitions with our customers
Ambitions to unlock the next level of support realized

Microsoft partnered with Wipro for end-to-end management of their catalog
operations team supporting Xbox game configurations and promotions.
Wipro’s total service framework operations contributed to a 40% rise in
subscriptions and 65% increase in sales.
Capco improved access security and convenience for

BankUnited customers
BankUnited partnered with Capco to launch a new digital banking experience for
customers. Capco helped BankUnited free itself from a rigid, legacy online banking
system. By customizing a leading digital banking accelerator, Capco enabled a
new digital banking platform. Working hand-in-hand with the client, Capco created
the functional design and supported BankUnited with business and operational
readiness, technology architecture and more. BankUnited’s customers now enjoy,
a leading-edge, secure and intuitive mobile and online banking experience.
NASA provided the data and Topcoders discovered the comets

Topcoder helped astronomers achieve their ambitions to understand even more of
the galaxy by helping stargazers detect very faint comets. The Solar and Heliospheric
Observatory (SOHO) satellite, deployed in 1995 has discovered more than 4,000 new
comets. NASA wanted to improve the SOHO’s ability to detect very dim ‘category C’ or
‘sungrazing comets’. 600 Topcoders took on the challenge of developing algorithms
that enhanced the satellite’s imagery and data capabilities, identifying previously
unknown comets. Official comet discovery credit is given to Topcoders whose
algorithms identify previously unknown comets.
4 Wipro Limited | Ambitions Realized Integrated Annual Report 2021-22 5

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About the Report
We are happy to present our Reporting framework

7th Integrated Annual Report. This
In addition, this report is aligned to GRI Standards
Report includes financial and non-
issued by Global Sustainability Standard Board (GSSB),
financial performance of IT business Sustainability Accounting Standard Board (SASB),
and is aligned to principles of ISO 14064, United Nation Global Compact (UNGC) and
International Framework (December Business Responsibility and Sustainability Report (BRSR)
2013) developed by the International requirements of Securities and Exchange Board of India
Integrated Reporting Council (IIRC). (SEBI). The Natural Capital section of this report includes
the recommendations set out by the Task Force on
Climate-related Financial Disclosures (TCFD) and CDSB
(Climate Disclosures Standards Board) framework.
Reporting scope and boundary

The report complies with financial and statutory data
requirements of the Companies Act, 2013 (including
the Rules made thereunder), Accounting Standards,
the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 and the Secretarial Standards, as may be applicable.
Wipro ESG Dashboard is available at

https://www.wipro.com/investors/annual-reports/
Our capitals Our key stakeholders
Employees Customers Investors
Financial capital Human capital Intellectual capital Social and Natural capital
Financial resources we It covers the It covers the knowledge, Relationship capital The natural resources
used in our business cumulative skill, thought leadership, It includes our relationships consumed to run
to create value for knowledge and intellectual property with customers, suppliers, our business.
our stakeholders. diversity of thought rights, brand properties investors, and communities. ci76
of our employees. supporting the business. 065
0 61 Suppliers Civil Society and Communities

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Corporate overview
Our values
About Wipro
Wipro Limited is a leading technology services and consulting

company focused on building innovative solutions that address Our values encapsulate the Spirit of Wipro, which lies at our core. It is about who we are.
clients’ most complex digital transformation needs. Leveraging It makes up our character and is reflected consistently in all our behaviour. The Spirit is
our holistic portfolio of capabilities in consulting, design, deeply rooted in the unchanging essence of Wipro. It also embraces what we must aspire to
engineering, and operations, we help clients realize their boldest be. It is the indivisible synthesis of our four values.
ambitions and build future-ready, sustainable businesses.
The Spirit is our beacon. It is what gives us direction and a clear sense of purpose.
With over 240,000 employees and business partners across 66 It energizes us and is the touchstone for all that we do.
countries, we deliver on the promise of helping our customers,
colleagues, and communities thrive in an ever-changing world.
Be passionate about Treat each person with respect While our company has
We began our business as a vegetable oil manufacturer in 1945 at clients’ success We treat every human being with transformed many times over
We succeed when we make our respect. We nurture an open the years, the Spirit of Wipro
Amalner, a small town in Western India and thereafter forayed into and our core values, have
clients successful. We collaborate environment where people are
soaps and other consumer care products. During the early 1980s, to sharpen our insights and encouraged to learn, share and remained constant. We have
we entered the Indian IT industry by manufacturing and selling amplify this success. We execute grow. We embrace diversity of introduced the ‘Five Habits’
minicomputers. In the 1990s, we leveraged our hardware R&D with excellence. Always. thought, of cultures, and of people. which are our values in action:
design and software development expertise and began offering

Being respectful
software services to global clients. In 2013, we demerged the non-
IT diversified businesses. With a track record of over 30 years in IT Be global and responsible Unyielding integrity in Being responsive
Services, we are, today, focused entirely on the global Information We will be global in our everything we do
Technology business. Wipro is listed on National Stock Exchange thinking and our actions. We Integrity is our core and is the basis Always communicating
of India Limited and BSE Limited in India and New York Stock are responsible citizens of the of everything. It is about following the
Exchange in the US. world. We are energized by the law, but it’s more. It is about delivering
Demonstrating stewardship
deep connectedness between on our commitments. It is about
people, ideas, communities and honesty and fairness in action. It is
the environment. about being ethical beyond any doubt, Building trust
in the toughest of circumstances.

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• Corporate overview O O O O O
Our operating model

Our service offerings
INTEGRATED DIGITAL, ENGINEERING AND CLOUD
Our IT Services service offerings APPLICATION SERVICES (iDEAS) INFRASTRUCTURE,
IT Services SMUs structure
are organized through two With a focus on five themes (industry cloud, DIGITAL OPERATIONS,
Our IT Services segment is organized into four SMUs - Americas 1, Americas 2, Europe and APMEA. GBLs - Integrated Digital, RISK AND ENTERPRISE
intelligence everywhere, Industry 4.0, 5G and
Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are Engineering and Application CYBER SECURITY
Edge Computing and Sustainability), we work SERVICES (iCORE)
organized by countries. Services (iDEAS) and Cloud in lockstep with our clients to realize their
Infrastructure, Digital ambitions securely and resiliently for their future
Operations, Risk and Enterprise Cloud
through our six capability engines:
Cybersecurity Services (iCORE) Infrastructure
Cloud Transformation & NextGen Platforms Services
Wipro Engineering Cybersecurity and

Wipro Digital Risk Services
Americas 1 includes the entire
business of Latin America (LATAM) and Designit Digital Operations
the following industry sectors in the following industry sectors in the ^-0 and Platforms
Industry Domain and Consulting
U.S.: healthcare and medical devices, U.S.: banking, financial services and
consumer goods and life sciences, insurance, manufacturing, hi-tech, Applications and Data
retail, transportation and services, energy and utilities
communications, media and information
services, technology products
and platforms
Operating model
4 Strategic market units (SMUs), 2 Global business lines (GBLs)
HORIZONTALS ORGANIZED BY CAPABILITIES SECTORS ORGANIZED BY MARKETS

"Where client delivery resides" "Where clients are"
Europe consists of the United APMEA consists of Australia and New
l
Kingdom and Ireland, Switzerland, Zealand, India, the Middle East, South
Germany, Benelux, the Nordics and East Asia, Japan and Africa. INTEGRATED DIGITAL, ENGINEERING
Y
Americas Americas Europe APMEA 5^—1
AND APPLICATION SERVICES (iDEAS) 1 2 Organized
across
2 Global
INFRA CLOUD, DIGITAL OPERATIONS, RISK

AND CYBERSECURITY SERVICES (iCORE) A business lines
._______ 1
Sector r Sector 1 Sector Sector** *

The SMUs in Europe and APMEA will be responsible for all industry sectors in these regions. SMUs are our
primary go-to-market teams and seek to scale local strategic clients and drive large deal wins.
A 9 V A
Revenue from each customer is attributed to the respective SMUs, based on the location of the customer's
L 4 SMUs
P&L Units
primary buying center of such services. With respect to certain strategic global customers, revenue may be
Primary axis for go-to-market
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. Simplified model Anchored in Sectors Integrated Solution led delivery Large deal Focus

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Performance overview
(Figures in ` million based on IFRS consolidated financial statements, except otherwise stated)
Year at a glance Financial performance

Revenue1
2019-20
613,401
2020-21
622,425
2021-22
795,289
Profit before Depreciation, Amortisation, Interest and Tax 126,592 150,709 171,197
Depreciation and amortization 20,862 27,656 30,911
Profit before Interest and Tax 105,730 123,053 140,286
IT Services revenue 27.3% Six Profit before Tax 122,512 139,007 151,275
28,946
$10.4 billion
Tax 24,799 30,345
Reported growth at consecutive quarters
Profit after Tax - attributable to equity holders 97,218 107,946 122,191
year-on-year basis of strong sequential
Crossed an important revenue growth at or Per share data
milestone over 3% Earnings Per Share- Basic (`) 16.67 19.11 22.35
Earnings Per Share- Diluted (`) 16.62 19.07 22.29
Financial position
Operating margin at Highest ever Net EPS for the year at Share Capital 11,427 10,958 10,964
Income
17.7% L22.35 Net Worth 559,333 554,593 658,673
after significant $1.6 billion Robust growth of

Gross cash (A)
Total Debt (B)

334,134
78,042
345,500
83,332
345,491
151,696
investments on solutions, in FY’22 17% year-on-year Net Cash (A-B) 256,092 262,168 193,795
capabilities and talent Property, Plant and Equipment (C) 81,120 85,192 90,898
Intangible Assets (D) 16,362 13,085 43,555
Closed 37 Large deals with 19 Our Largest Acquisition
CAPCO
Property, Plant and Equipment and Intangible Assets (C+D) 97,482 98,277 134,453
246,989
TCV of over
Goodwill 131,012 139,127
Number of
>$100 million accounts grew double Net Current Assets 303,458 293,146 312,423
$2.3 billion increase of digit in FY’22

Capital Employed
Shareholding related
637,375 637,925 810,369
8 year-on-year Number of Shareholders2 511,881 818,539 1,934,986
60 Market Price Per Share (`)3 196.7 414.2 591.9
synergy wins 1. R
evenue is aggregate revenue for the purpose 2. Number of shareholders (as at March 31st of 3. M
arket price of shares is based on closing
of segment reporting including the impact of respective years) represents holders of equity price in NSE as on March 31st of respective
exchange rate fluctuations shares and does not include holders of ADRs years

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O ® Performance overview O O O O
Financial highlights Performance by capital

IT Services revenue ($ million) IT Services operating margin1 (%) Human capital
IT// ----- 10,355.9 FY22 17.7 Total employees Women employees Nationalities in workforce
(Z v 9 1 ~ FY21 20.3
247,073 36% 135+
Persons with disabilities Employees trained in
FY20 FY20 18.1
(based on voluntary self-declaration) digital skills
705 185,000+
Net income to turnover2 (%) Free cash flow to net income (%)
Intellectual capital
FY22 15.4 F Y22 74.8
R&D (' million) Patent filed cumulatively till date Patent granted till date
FY21 17.3 FY2I -------- 119.3
2,926 2,000+ 1,092

FY20 15.8 FY20 80.7
Gross utilization Number of $100Mn+ accounts customers

Social and relationship capital
(%)
Active customers Total employees engaged Diverse supplier spend

with Wipro Cares (% of total spend on products and services)
FY22 76.8 FY22 19
1,418 (volunteering or monetary contribution
EV 91 ~
or both) 12%
FY21 75.7 Il21 11
CSR spend (? million)
35,000+ Community Initiatives
FY20 72.2 15 2,216
170+ partners
Market capitalization3 ($ billion) Payout ratio4 (%)
Natural capital
FY22 42.7 FY// _ 81.6
Total GHG emission Water recycled Waste sent to landfill
(tons of Co2 eq.) (% of total water consumption) (excluding C&D)
FY21 31.0 EV 9 1 81.2
495,618 33% 3%
FY20 14.9 FY20 87.3
Renewable energy EPI

Notes-
(% of total energy consumption) (KwH units per sq. meter per annum)
1. IT services operating margin refers to segment results total as reflected in IFRS financials
2. Net Income has been considered after adjusting for profit attributable to non-controlling interest (minority interest)
3. For convenience, the market capitalization in Indian Rupees as per NSE have been translated into United States Dollars at the certified foreign exchange rate published by the
Federal Reserve Board of Governors on the last day of the respective financial years
47% 177.3
4. Payout Ratio has been computed by dividing the payout (comprising interim and final dividend declared for the respective financial year and buyback, if any, considered based on
the date of the Board's approval) to shareholders by net income on a trailing three-year basis

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Education, ecology, and community care
Engineering education
Developed competencies in emerging digital technologies for
40,000 students of which ~11,000 students were identified for
intensive training through the ‘Future Skills Program’ as a part
of our TalentNext @ Mission10X initiative.
Healthcare
Reached out to 800,000+ people. We now run a total of 10
projects in primary healthcare with a focus on maternal and
child healthcare.
Community ecology
Planted more than 40,000 trees through our project in

Agroforestry in Tamil Nadu.
Provided social, nutritional and health security to 25,000

workers in the informal sector of waste in Bengaluru
and Mysuru.
Urban ecology
Supported participatory water management practices and
community grant projects across Bengaluru, Pune, Chennai
and Hyderabad.
School education Disaster response

Supported over 61,000 children, including ~5,600
Restored livelihood of 150 women and 30 persons with
children with disabilities, and 4,000 teachers through disability affected by the 2018 Kerala floods by setting up
~130 partner NGOs. eight craft-based livelihood centres.
Collaborated with 28 new NGO partners to improve public

International chapters
education, education for children with disabilities, and on In BENELUX, we are running volunteering initiatives to

school access for the most disadvantaged children. support children with long term illnesses.
Sustainability education In Romania, we provided humanitarian, medical, and

Over 4,000 teachers across 187 districts have engaged
emergency relief during the Ukraine crisis.
with Wipro earthian’s school program that seeks to make In Australia, we are supporting repair and renovation of

sustainability axiomatic to education. shelter homes for women in distress.
More than 2,000+ college students participated in the
In USA, we have donated 40,000 books to children from

2021 National Sustainability Quiz. disadvantaged communities in partnership with First Book.
Science education fellowship program Employee engagement
Supported 1,300 STEM educators reaching out to
Around 2,700 employees have contributed a total of over

250,000+ underserved students since 2012 in 35 school 10,000 volunteer hours through volunteer events.
districts in seven states in the US.
12,500+ new employee-contributors joined our matching

Provided bursaries to 115 STEM teachers in the UK

program bringing the total number of employees who
in partnership with King’s College London (KCL) and
contribute to Wipro Cares’ initiatives to 35,000.
Sheffield Hallam University (SHU) since 2018.
16 Wipro Limited | Ambitions Realized
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Rewards & recognition

Included in the Dow Jones Sustainability Index (DJSI), Received ATD’s Best of the BEST Award 2021 for the 6th
World for the 12th successive year. We are also a member consecutive year
of the DJSI Emerging Markets Index. We received Silver Included in 2022 Bloomberg Gender-Equality Index (GEI)
Class Sustainability Yearbook Award for 2021
Recognized as one of the Best Places to Work for LGBTQ+
Continue to maintain leadership in climate change Equality in the Corporate Equality Index 2022 by the
disclosure, leadership and performance. Received “A” Human Rights Campaign Foundation
rating in CDP Climate Change and Supplier engagement
in 2021 Named as Gold Employer by the India Workplace Equality
Index (IWEI) for LGBT+ inclusion in 2021
Sustainability rating of Gold from Ecovadis with a score in
the 95th percentile across all companies assessed globally Recognized as ‘Disability Confident Committed Employer’
in the sector in the UK. This is a government certification in the UK for
making sustained efforts to strengthen disability inclusion
FTSE4Good: We continue to retain our global leadership
position in the FTSE Russell and FTSE4Good Indices 2021 Working Mother & Avtar Most Inclusive Companies
Index (MICI): Declared as an ‘Exemplar of Inclusion’
Moody’s ESG has rated us ‘Advanced’ and ranked as 1st in
the sector globally 2021 Working Mother & Avtar Best Companies for Women
in India (BCWI) list: Declared as one of the ‘100 Best
Certified as a Great Place to Work (GPTW) in India for 2022, Companies for Women in India’
ranked among Top 50 India’s Best Companies to work for
2022 and named as one of India’s Best employers Among
Nation-Builders 2022 by the GPTW institute
Recognised as a Top Employer in North America, Australia,
Europe and Brazil by the Top Employers Institute
Analyst recognition
Wipro was recognized as a Leader in the Leader in 2021 ISG Consulting and Featured in HFS Top 10: Retail and CPG
2022 Gartner® Magic Quadrant™ for Data Transformation and Managed Public Cloud Services 2022, Banking and Financial
and Analytics Service Providers Services (US and UK Large Accounts) Services 2021, Life Sciences Service
Providers 2021 and Energy Services 2021
Wipro was recognized as a Leader in the Leader in Avasant’s Hybrid Enterprise
2022 Gartner® Magic Quadrant™ for Cloud Services 2021-2022 RadarView™ Leader in IDC MarketScape: Worldwide
Outsourced Digital Workplace Services Smart Manufacturing Service Providers
HFS Research authors Market Vision on 2021 (Doc #EUR147689021, Jun 2021) and
Wipro was recognized as a Leader in the Wipro FullStride Cloud Services, calling out Worldwide Artificial Intelligence Services
2022 Gartner® Magic Quadrant™ for our commitment of $1 billion in technology, 2021 (Doc #US46741921, May 2021)
Customer Service BPO talent, and partnerships over the next three Vendor Assessment
years. FullStride is about building talent,
Wipro has been recognized as a Leader for execution, and M&A at Wipro around Cloud. Wipro ranks among the Top Service
the second consecutive time in the 2021 Providers in Whitelane Benelux IT
Gartner® Magic Quadrant™ for Managed Leader in Everest Group’s IA in Healthcare Sourcing Study 2022 and Netherlands IT
Network Services (Ted Corbett et al., 10 Solutions, Banking Operations Services, Outsourcing Study 2021
Nov 2021) Digital Workplace Services, Enterprise
Blockchain Services, Cloud Services (EU,
Leader in The Forrester Wave™: Data NA) and Oracle Cloud Applications (OCA)
Management Service Providers, Q4 2021 Services PEAK Matrix® Assessment 2022
*Gartner, “Magic Quadrant for Data and Analytics Service Providers”, Jorgen Heisenberg, et al, 7 February 2022. Gartner, “Magic Quadrant for Data and Analytics Service
Providers”, Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, Daniel Barros, et al, 22 February 2022. Gartner, “Magic Quadrant for Customer Service
BPO”, Deborah Alvord, et al, 28 March 2022. GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S.
and internationally and are used herein with permission. Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise
technology users to select only those vendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions of Gartner’s research
organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties
of merchantability or fitness for a particular purpose.
Integrated Annual Report 2021-22 17

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Chairman’s letter to stakeholders
Dear Stakeholders, The post-war world, though, saw one of the greatest periods
of economic expansion in human history.
I want to begin by acknowledging a historic milestone – Wipro Today, we find ourselves at another crossroads. The pandemic
crossed $10 billion in revenue this year. Congratulations! is not yet over. Inflation is soaring. An armed international
From this vantage point, it seems impossible to believe that conflict is underway. The global economy is facing an
Wipro was founded as a tiny oil mill in Amalner, Western India, uncertain future, and we are staring at a huge climate and
in 1945. No one could have predicted that one day, it would energy crisis.
morph into a global technology company with a presence And yet I remain optimistic. Because I believe that grave crises
across 66 countries, employing over 240,000 people. I feel carry within them seeds of great possibilities. The fact that
humbled by the progress we have made in our 75-plus years, we had a Covid vaccine within a year of the outbreak, and that
but also immensely proud that we accomplished this while two-thirds of the world population has already received at
remaining completely committed to our values. least one dose of the vaccine, is testament to that belief.
1945 was an extremely difficult year for the world. World war II Driven by the pandemic, all of us –individuals, and businesses
had just ended, and a large part of the world lay in ruins. India – have discovered new ways to work together at scale with
was still under colonial rule and facing an uncertain future. technology. Demand for digital, cloud, data, and cybersecurity
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services will continue to grow as more of our customers hybrid model, we are aware that culture and connectedness
adapt to the new world order. The long-term prospects of grow when people meet each other.
the technology services industry look very good.
So, my focus remains on our people. One of the things we
We at Wipro are doing everything we can to seize are driving is the Five Habits. Our big learning is that people
this moment. don’t experience our values – they experience our behaviors,
through which they interpret our values. The Five Habits
Wipro has witnessed a significant amount of change
takes our values closer to our people, as I have discussed
in the last two years. Thierry joined us in July 2020. He
with 29,000 Wipro employees over 94 sessions.
has given Wipro a new direction by driving change while
building on our very strong legacy and core strengths of We at Wipro believe our story is deeply connected to our
the organization. communities. 66% of the economic interest in Wipro is
irrevocably pledged for philanthropy through the efforts of
We have completely transformed our structure and our
Azim Premji Foundation. The Foundation works tirelessly to
operating model. We have gone from being industry-
create at-scale, institutionalized changes in the quality of
organized to being market-organized (supported by our
education in India as well as in other areas including working
global capability units). We have added new talent across
with vulnerable groups, health, nutrition, and governance.
the board, with particular emphasis on women leaders.
Our leadership team is more diverse now, with a great One of the biggest challenges facing the world today is
combination of new and old. We have several new leaders climate change. While it’s encouraging to see governments,
who bring in a new mindset, even as we have nearly half business and civil society step up to the challenge, much
the many leaders in the top 200 mark a decade or more remains to be done. Wipro’s climate change program goes
in Wipro. back 15 years and has evolved into a mature yet dynamically
responsive set of initiatives. In April 2021, we announced our
We are much more growth-obsessed than before. We are
goal of achieving ‘Net Zero’ greenhouse gas emissions by
driving deep strategic partnerships with hyperscalers and
2040. We have a clear roadmap for the short and medium
increasing our focus on large deals. We have invested in a
terms with targets of 100% renewable energy and 100%
Chief Growth Office function – a first for the company –and
electric mobility by 2030. We were one of the first seven
changed the seniority and maturity of our sales leaders.
companies globally to have their Net Zero targets validated
We have invested significantly in acquisitions either for by Science Based Targets initiative.
gaining market access or for acquiring new capabilities.
Our business strategy prioritizes reaching our goals in a
Last year, we acquired Capco. It has been a tremendous
maximally responsible manner. Inclusion is a way of life at
addition in the banking and financial space, crossing a
Wipro. Various programs and initiatives have helped us to
$1 billion run rate, and allowing us to offer end-to-end
nearly double the gender diversity at senior leadership levels
capability – from thinking to designing to building and
in FY’22. Overall, we are at 36.1% gender diversity.
running – to our customers.
To foster a safe workplace for LGBTQ+ employees and
Cloud is at the core of most transformation initiatives with
protect them from bias and discrimination, we launched
a significant headroom for growth in the coming years. We
the Global Prevention of LGBTQ+ Discrimination Policy last
have long been a cloud services pioneer. We are investing
year. We also took several steps to advance an inclusive
$1 billion in Wipro FullStride Cloud Services over the next
work environment for Black employees, from introducing a
few years to deliver an orchestrated transformation that
holiday on Martin Luther King Day to strategically recruiting
accelerates business results for clients.
from Historically Black colleges and universities (HBCUs).
We will continue our investments – in building capabilities
This financial year has been a momentous year for Wipro
and acquiring market leading talent – in strategic growth
and I would like to express my gratitude to our clients,
areas such as cyber, data, AI and our engineering business.
partners, employees, and other stakeholders for reposing
The future of technology is exciting and opportunity rich. We
their trust and confidence in us. I am very excited about the
are accelerating our investments in our Topcoder platform
progress we have made, the path we are on, and confident of
and in emerging areas such as Metaverse, Web 3.0,
building on this incredible momentum.
Robotics, self-learning AI, and privacy systems.
We are very proud of our culture and values. It is a huge

differentiator for us, and it is important that people
experience that. We are aware that a significant percentage
of our recruits in the last 12 months haven’t walked Rishad A. Premji
into a Wipro office or engaged with people beyond their Chairman
immediate project. And while we will continue to work in a
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CEO's letter to stakeholders
Dear Stakeholders,
Fiscal year 2022 (FY'22) was the year we started to reap the As we look to the year ahead, we are watching the conflict
benefits of our transformation strategy and began to move in Europe, mounting economic headwinds, and the rising
the needle in every single benchmark we set for ourselves. inflation rates and emerging food shortages across the globe.
At the end of the year, we became a $10 billion company and We strongly believe in the power of technology in solving
recorded our fastest-ever revenue growth in absolute terms. some of our most intractable problems and galvanizing the
Further, we ended the year with the most robust pipeline ever. human spirit.
Despite an extraordinarily challenging labor market, we added We expect technology investments to only grow in importance
new talent at a record pace, reaching a global employee pool in the coming years, as businesses continue to turn to
of over 240,000. cloud-based technologies and digital tools to enable an
These results are reflective of the success of our bold growth increasingly dispersed global workforce, as well as to enhance
strategy, our singular focus on creating value for clients, and enterprise agility and speed of innovation to better prepare for
most importantly, the unwavering dedication of our people. the future.
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O • Performance overview O O O O
As enterprises become more sophisticated in their use

of the cloud and realize its broad-ranging benefits, we
expect the demand for our services to remain strong.
Wipro FullStride Cloud Services is
Against the backdrop of an uncertain macro environment,
we will stay focused on our clients, our employees, and a true manifestation of our vision
ou r stakeholders to help them rise to the challenges of the of becoming a “Value Orchestrator”
moment and realize their boldest ambitions.
who can seamlesslyblend
Investing in our business, capability and thinking across the
capabilities, and people to help two merging worlds of business
and technology to help clients
clients realize their ambitions
transform and realize new business
FY'22 marked the year in which we ramped up our
investments in strategic parts of our business to opportunities.
capitalize on the growth opportunities in the market and
enhance our position as a trusted advisor to clients.
We invested in organic capabilities and prioritized

inorganic investments that allowed us to provide clients The closure of our largest acquisition to date, Capco,
with seamlessly orchestrated solutions and expertise was another important milestone. Capco's consulting
and help them realize their most ambitious business and capabilities and domain expertise proved to be invaluable
technology transformation goals. additions to our Banking Financial Services and
Insurance offerings, allowing us to deliver clients a full
We continued to invest in our cloud transformation spectrum of services—from consulting and strategy to
capabilities as cloud migration continued apace and technology development and implementation—in this
could-based business models increasingly became critical sector. Capco recorded a strong double-digit
the norm. growth in FY'22. We signed over 60 joint clients wins
We launched Wipro FullStride Cloud Services to across our markets.
bring together our portfolio of cloud offerings, talent, Overall, we completed six acquisitions in the last
capabilities, and Cloud Studio. few quarters - Capco, Ampion, LeanSwift, Edgile ,
Wipro FullStride Cloud Services is a true manifestation of CAS Group and, most recently , Rizing—with each
our vision of becoming a “Value Orchestrator” who can acquisition filling in a different piece of the puzzle,
seamlessly blend capability and thinking across the two creating new synergies and differentiators for us in key
merging worlds of business and technology to help clients strategic markets and deepening our consulting domain
transform and realize new business opportunities. expertise in high-growth industries.
We significantly expanded our cybersecurity capabilities We continued to invest in our people and added over
and acquired two consultancies—Edgile in the United 45,000 new employees on a net basis in FY'22, marking
States and Ampion in Australia—that focus on helping our highest ever net talent acquisition!
clients manage the evolving landscape of cyber threats.

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Being a global company, we believe our strength comes Our focused strategy led to robust revenue growth, not only in
from our ability to tap into a world of diverse views, thinking, our top market—the U.S.—but also across Europe, where we
and backgrounds that our people bring to the table experienced a remarkable 39% growth.
each day.
In FY'22, we made significant strides in strengthening
I am particularly proud to report that, in FY'22, we recorded partnerships and added more than half a dozen new clients
advancements across diversity metrics, improving ethnic with engagements exceeding $100 million.
diversity of our senior leadership by 24 percentage points
Further, we are increasingly shaping our client approach to
and nearly doubling gender diversity in leadership ranks.
lead with business solutions and invest in areas that are
In helping our people realize their ambitions, we revamped critical to clients' success.
our promotion cycles and incentive programs to ensure
Last year, we continued to build out our AI and data analytics
ongoing career progression and development. Additionally,
capabilities, leveraging our 22+ years of analytics experience
we created new learning tools and rolled out new training
and the 30,000+ people focused on delivering big data, AI, and
programs to keep our people up to date with the latest
innovation capabilities across the globe.
professional and technical developments and to become an
employer of choice for top technology talent. We made remarkable progress in strengthening our frontline
sales and leadership teams in local markets to deepen
Our people will always be our greatest asset. We will
client relationships and better understand the unique
continue to invest in their ongoing development so they can
local challenges.
deliver the cutting-edge thinking and solutions that our
clients demand from us. Further, we are continuing to expand our talent cloud
capabilities through our Topcoder platform, which is turning
Accelerating our transformation into a significant competitive advantage for Wipro in a
business environment where most enterprises are struggling
journey to find the tech talent needed to deliver digital solutions at
In FY'22, we achieved notable success in all aspects scale.
of our strategy and delivered ahead of expectations on
several counts. Business Performance in FY’22
To accelerate growth, we prioritized specific sectors in We accomplished revenues of $10.4 billion—a significant
our chosen markets. We invested in building solutions in milestone that represents 27% growth in constant currency
areas where we see strong growth potential and doubled and an addition of $2.2 billion in revenues for the year.
down on strategic sectors where we already have strong
Our order bookings in Annual Contract Value terms grew 30%
market presence.
YoY. We delivered profitability of 17.7% in fiscal year 2022
The Banking and Financial Services is one such despite significant investments in solutions, capabilities, and
example where we are growing our eminence as the talent, adjusted for Capco, our largest acquisition. This will be
preferred partner for consulting, technology, and digital well above the pre-pandemic margin levels.
transformation services.
Our net income in absolute terms was the highest ever, which
Another sector where we see strong growth potential grew by over 13% and earnings per share expanded by 17%
is Technology, Media and Telecommunications. The for the full year. We also had a robust operating cash flow
acquisition of CAS Group will allow us to bring specialized generation of ' 110.8 billion, which is 90.7% of net income for
expertise, strategic consulting, and program management the year.
capabilities to large-scale business and technology
transformation projects in this sector, while increasing our
penetration into the Fortune 100.
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Living our purpose and Overall, our long history of commitment to our
communities, employees, and the environment continues
continuing our commitment to to be a critical differentiator for us in the marketplace and
our employees, communities, and will become even more important as stakeholders’ focus on
ESG principles continues to increase.
environment
Wipro has always operated with a strong commitment to Looking ahead
our values and purpose, conducted business responsibly, The past two years have been truly transformative for
and stood by the principles of democracy, justice, Wipro. The changes we made to our operations and
and equality. organizational structure, as well as the new capabilities we
As one of the only companies that gives back two thirds built, have been making an impact on how the market and
of its earnings to its communities, our shared sense of clients perceive us.
purpose is one of the main drivers of our success. Clients are now turning to us to help them realize some
Most recently, shaken by the armed conflict in Europe, of their boldest business and technology transformation
many of our employees in countries neighboring Ukraine goals. They are looking to us to design new solutions and
personally joined relief efforts, providing food and shelter orchestrate across ecosystems so they can act with the
for thousands of displaced people. We also partnered with agility and speed they need to grow in an era of rapid
Project HOPE to raise funds to support their emergency innovation and disruption.
response team and partners in providing critical medical Reflecting this significant transformation in our market
supplies and assistance to refugees. position, we recently launched a new brand campaign
Climate change has become the greatest challenge that speaks to who we’ve become to our clients
of our era, posing a grave threat to our well-being, and stakeholders.
livelihoods, food and physical security, as well as our Ambitions Realized, our first brand campaign in five years,
future development. is a culmination of our remarkable transformation and will
We have long acknowledged the negative impact become a guiding light for where we go from here.
of climate change on our society and incorporated As we kick off fiscal year 2023 , we remain resolute in our
Environmental, Social and Governance (ESG) principles commitment to helping our clients, employees, partners,
into our business. As a founding member of Transform and stakeholders realize their biggest ambitions and ignite
to Net Zero, we are fully committed to reducing our personal and professional growth.
emissions to zero by 2040.
I would like to close out by thanking our employees across
We recognize that the climate challenge is greater than the globe who show up each day with the same passion
us and requires collective action. We are now taking and commitment to our success, as well as our clients,
our learnings and applying our long-term experience partners, investors, and all stakeholders for their continued
in sustainability to help businesses define their ESG trust in us.
missions and reach higher standards. In the past year,
we started creating a portfolio of sustainability solutions Sincerely,
to accelerate how we help our clients address climate
change and define optimal transitions to net zero.
Thierry Delaporte
Chief Executive Officer and Managing Director

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Governance focus
Board of Directors
Azim H. Premji Rishad A. Premji Thierry Delaporte Tulsi Naidu Patrick Dupuis Ireena Vittal
Founder Chairman Chairman Chief Executive Officer & Independent Director Independent Director Lead Independent Director
Member Managing Director Member Member Member
Administrative and Shareholders/ Audit, Risk and Compliance Board Governance, Nomination and Audit, Risk and Compliance
Investors Grievance Committee Committee Compensation Committee Committee
(Stakeholders Relationship Committee) (also acts as CSR Committee)
Board Governance, Nomination and
Compensation Committee
(also acts as CSR Committee)
Board demographics
Board age profile
35-55 years
45%
>70 years
William Arthur Owens Deepak M. Satwalekar Dr. Patrick J. Ennis
Independent Director Independent Director Independent Director 33%
Chairman Chairman Member 56-70 years
Board Governance, Nomination Audit, Risk and Compliance Administrative and Shareholders/
and Compensation Committee Committee Investors Grievance Committee 22%
(also acts CSR Committee) (Stakeholders Relationship Committee)
Administrative and Shareholders/
Investors Grievance Committee
(Stakeholders Relationship Board gender diversity Board nationality
Committee)
Board Composition Female Foreign

nationals
22%
One Two Six 56%
Male Indian
Non Independent, Executive Directors Independent Directors
Non Executive Director
78% 44%

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Governance focus
Wipro Executive Board
Thierry Delaporte Stephanie Trautman Rajan Kohli Nagendra P Bandaru

Chief Executive Officer & Chief Growth Officer Managing Partner - iDEAS Managing Partner - iCORE
Managing Director Business Line Business Line
Srini Pallia Angan Guha Pierre Bruno Anis Chenchah

CEO - Americas 1 CEO - Americas 2 CEO - Europe CEO - APMEA (Asia Pacific,
India, Middle East & Africa)
Jatin Dalal Saurabh Govil Sanjeev Singh

Chief Financial Officer Chief Human Resources Officer Chief Operations Officer

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Management discussion and analysis
IT services industry overview With accelerated rates of vaccination and reduction in

mobility restrictions, most economies are expected to
Various industries across the world have struggled to reach pre-pandemic levels. While consumption demand
adapt to the extraordinary circumstances caused by has improved, the recovery is uneven due to factors
the COVID-19 pandemic. While the pandemic affected like imbalanced labor markets, global supply chain
economies and industries, economies are experiencing a disruptions, geo-political conflicts, inflation, and a
strong but unbalanced recovery. With increased consumer dearth of talent. The continuous increase in demand for
spending, the IT industry recorded its highest year-on- skilled talent has been building pressure on IT services
year growth ever. The pandemic has rapidly accelerated providers amidst a significant increase in hiring, salary
digital transformation for many organizations and has hikes and higher subcontracting costs. While there is no
led to the adoption of digital business models driven by direct impact our business from the ongoing geo-political
online customer service, remote working, supply chain conflict between Russia and Ukraine, we continue to
reinventions, and automation for operational excellence. monitor these developments.
This disruption has created space for organizations across
A focus on ESG parameters is emerging as a new
industries to drive innovation in services and products
differentiator with the pandemic accelerating its
such as telehealth, online shopping experience enhanced
adoption across the globe. It has become an important
with Augmented Reality (AR) / Virtual Reality (VR), digital
consideration for IT services provider selection. Clients
payments, and virtual learning solutions. Consumers are
expect providers to not only meet global standards on
more inclined to use digital services like digital payments,
ESG, but also help them make progress on their ESG goals
digital shopping (retail, e-commerce and housing sector)
across key themes such as climate change, diversity and
and digital healthcare. While the IT industry is witnessing
inclusion, corporate governance and cybersecurity.
an unprecedented demand, supply remains constrained
and talent recruitment and retention continues to be a According to the Strategic Review 2022 published
key concern along with current geo-political situation and by NASSCOM (“the NASSCOM Report”), the Indian
rising inflation. technology sector is estimated to witness a growth
of 15.5% to reach approximately $227 billion revenue
Outlook, opportunities and threats in fiscal year 2022 (excluding e-commerce). Exports
Companies are investing in large and complex cloud (including hardware) are estimated to grow at 17.2%
migration and transformation programs, creating to reach approximately $178 billion in fiscal year
multi-year opportunities for consulting services and 2022 and the domestic sector is forecasted to reach
implementation. Due to increased demand for hyper approximately $49 billion in fiscal year 2022, growing at
personalized products and services, next generation approximately 10%.
technologies such as data and AI , mixed reality, digital
engineering, blockchain, multi-cloud, cybersecurity,
edge computing, and 5G is expected to continue to
grow exponentially.
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Management Discussion and Analysis
Business overview The rise of ESG factors is redefining and elevating

sustainability across industries. We are a founding
Celebrating over 75 years of innovation, Wipro is member of the ‘Transform to Net Zero’ initiative and are
a purpose-driven, global technology services and committed to contribute to the goal of planetary zero-
consulting firm with over 240,000 employees and carbon emissions. We are also committed to bringing
business partners across 66 countries helping our our expertise in strategy, design, and technology to
customers, communities and planet thrive in the help transform our customers and sectors of the global
digital world. economy to sustainable business models, products,
We are recognized globally for our strong commitment services, and ecosystems.
to sustainability. We nurture inclusivity as an intrinsic Our IT Services segment provides a range of IT and IT-
part of Wipro’s culture. Our deep resolve to improve the enabled services which include digital strategy advisory,
communities we live and work in, is appreciated by our customer-centric design, consulting, infrastructure
customers, investors, analysts, and employees. services, business process services, research and
We are technologists, designers, strategists, and business development, cloud, mobility and advanced analytics and
partners, who share an unwavering commitment to product engineering to leading enterprises worldwide.
achieving our customer’s ambitions and creating a Please refer details related to segment-wise performance
humane, sustainable, and resilient future for all. Our and profitability in 48
recognized capabilities across 26 industry segments
in digital strategy, Wipro FullStride cloud services, Our IT Products segment provides a range of third-party
engineering, AI, and cybersecurity, have established us as IT products, which allows us to offer comprehensive IT
a trusted leader in orchestrating transformation. system integration services. These products include
computing, platforms and storage, networking solutions,
Wipro’s holistic portfolio of capabilities and ability to enterprise information security and software products,
navigate vertically and horizontally across ecosystems including databases and operating systems. We
helps our clients achieve differentiation and competitive provide IT products as a complement to our IT services
advantage. Our focus is to maximize business outcomes offerings rather than sell standalone IT products, and
by converging themes across industry domains, products, our focus continues to be on consulting and digital
services, and partners as we develop and deliver tailored engagements, with a more selective approach in bidding
business solutions for our clients. for SI engagements.
We help orchestrate the transformation journey for our Our ISRE segment consists of IT Services offerings to
clients by bringing together technology, industry expertise organizations owned or controlled by the GoI and/or any
and ecosystems to solve complex problems and deliver Indian State Governments. Our ISRE strategy focuses on
value through holistic business solutions that drive consulting and digital engagements, and we are selective
outcomes. Our simplified operating model and integration in bidding for SI projects with long working capital cycles.
of consulting and technology practices strengthens our
ability to deliver such solutions effectively and at scale.
We are focused towards building long-term relationships
with customers and tightly aligned visions and outcomes
structured through a highly governed and co-managed
engagement process.

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Our business strategy
Our vision
• Be a trusted partner to our clients in their our strategic ecosystem partnerships, and world
transformation journey class talent
• Orchestrate value to our clients through sector • Stay resolute in our commitment to the environment,
focused ‘Business solutions', digital & technology societies, and communities we work and live in.
capabilities, leading-edge innovation leveraging
We aim to realize our ambition through our strategy, which is

defined in the context of our five strategic priorities:
|S2^
Accelerated growth - Strengthen clients and partnerships

focus and scale We have four anchors for our growth. First, our portfolio of large
Our choice of sectors in a market is being clients; second, winning large deals; third, accelerating growth through
driven by both market attractiveness and by our partnerships; and fourth, inorganic growth through M&A and
Wipro's competitive positioning and strengths. Wipro Ventures.
We have prioritized specific sectors in
chosen geographies and markets, and we will PROGRESS
accelerate efforts to drive market leadership in In FY'22, our top five and top ten customers grew 31.5% and 30.5%
these areas. year-on-year, respectively. We have added eight more accounts valued
at $100 million or more. Our large deal in total contract value in FY'22
PROGRESS was at $2.3 billion and overall order bookings in annual contract value
grew 30% year-on-year.
The Americas and the UK continue to be large
and key focus markets. Strong growth plans are We are co-investing, co-innovating, and co-creating with hyper-scalers
driving our ambitions for Europe and APMEA. and industry-leading platform players. In FY'22, 39% of our order book
came through partnerships with the likes of AWS, Microsoft, Google,
Five out of seven sectors in the Americas grew
Salesforce, ServiceNow, SAP, IBM among many others.
more than 18% year-on-year during FY'22.
Markets such as Germany and Southern Europe We are also bringing cutting edge capabilities to our clients through
our Venture investments in early to mid-stage start-ups. As of March
have grown over 1.5x in size and Benelux and the
31, 2022, Wipro Ventures manages 19 active equity investments
UK grew more than 20% year-on-year during
in emerging start-ups and has invested in 8 enterprise-focused
FY'22.
venture funds.
Australia, New Zealand, Japan and South East
In the last few quarters, we have closed several acquisitions including
Asia grew more than 15% year-on-year during
Capco (our largest acquisition ever), Ampion, Edgile, Leanswift, CAS,
FY'22.
and Rizing. Capco had a double-digit growth in FY'22 and together, we
had over 60 synergy deal wins across markets.
Impact on capitals
Lastly, we are also focusing our investments on driving a future-ready
sales operating model with focused account segmentation, clear
sales roles that drive impact and flying formation in deal pursuits that
enables us to win and service our clients effectively.
Impact on capitals
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OOO® Management Discussion and Analysis O O
(S^b
Lead with business solutions deployment, and Open subsurface data universe platform for
oil & gas.
We are focused on building and multiplying business solutions
that solve business and technology problems for our clients. We are also committed to helping our clients define and
accelerate Net Zero initiatives through our focused ESG
PROGRESS solutions across the purpose, strategy and industry depth,
Wipro's FullStride Cloud Services is an example where we design, and technology dimensions.
have stitched together our portfolio of cloud offerings, talent,
Lastly, we have also identified and are investing in emerging
capabilities, and Cloud Studio assets under one umbrella
areas that will drive the technology-driven opportunities in the
to better orchestrate the cloud journey for our clients. We
coming decade e.g., Talent cloud, Autonomic systems, Digital
continue to make strategic investments in high-growth areas
& Phygital economy etc.
like data and AI, cybersecurity, and engineering.
We are accelerating investments and focus on building Impact on capitals

industry-specific solutions and services e.g., Digital bank
of the future, Core modernization for Telco for faster 5G
^b
Building talent @ scale Simplified operating model
Talent is core to our existence. We are focused on hiring, up-skilling, Our operating model is anchored in sectors
and re-skilling talent in domain and technology areas. We are also and markets.
hiring senior leaders in market-facing roles to service our clients better.
PROGRESS
We are committed to significantly improving gender and ethnic
We have stabilized our operating model in
diversity in our workforce, building a bold and high-performance
4 SMUs (Americas 1, Americas 2, Europe
culture, and elevating our employee experience.
and APMEA) and 2 GBLs (iDEAS and iCORE)
leading to better proximity to customers and a
PROGRESS simplified and agile structure.
We have a contemporary and diverse senior leadership, including in our
client-facing GAE roles. We have moved our leadership closer to clients. We are now significantly focusing our efforts on
We continue to invest in building world class talent in cutting-edge driving operational excellence to harness our
technologies such as AI, data sciences, cybersecurity, and engineering. new operating model.
For example, we have built a workforce of specialists in cybersecurity
A key element of our simplified operating model
called ‘CyberSecurists'.
is about driving delivery excellence. Core to
Our re-skilling programs are modeled on ‘Anytime, Anywhere' this is our focus on workforce transformation,
learning, social & community learning, mentoring networks, and program management and the new ways of
talent champions. working enabled by our 4M framework (Model,
Our ethnic diversity in senior leadership roles has increased by 24 Method, Machinery and Mindset).
percentage points in the last 21 months. We have hired over 50 women We are also focusing on simplifying and
in senior leadership roles during FY'22, which is two times the number transforming our core and critical processes
of women hired for senior leadership roles in FY'21. e.g., talent supply chain, key processes in
corporate functions, and our IT systems
We are relentlessly driving a cultural transformation led by our 5 Habits to better support and enable our business
to build an organization that is bold, that drives a high-performance
with agility.
mindset, and nurtures diverse ideas & teams.
Impact on capitals
Impact on capitals

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ESG strategy and goals

Setting the context
Wipro's sustainability initiatives go back nearly two decades and stem from our core values, the Spirit of Wipro. Sustainability
for us is about being responsible to our multiple stakeholders and creating shared value for each of them in a way that
reinforces and amplifies. Collectively, our approach constitutes the E+ESG framework i.e. creating economic value in a
manner that is ecologically sustainable, socially responsible and based on the bedrock of good governance. We briefly
explain below our key goals for each of these elements.
ENVIRONMENT
Contribute effectively to addressing the Climate Minimize waste generation from operations and its impact
Change Challenge on communities
• Reduce baseline emissions by 59% for Scope 1,2 by 2030 • Maintain 100% recycling of organic waste
on 2017 baseline
• Less than 2% of inorganic waste goes to landfills by 2025
• 100% RE and 100% EV for employee fleet by 2030
• Maintain zero discharge of untreated wastewater
• Achieve Net Zero across Scope 1,2 and 3 by 2040
Enhance the biodiversity quotient of Wipro owned campuses
Responsible management of scarce water resources
• Reduce absolute and specific per-capita consumption of

externally procured freshwater for our operations by 30% by
2030 on 2017 baseline
• Increase share of recycled water as proportion of total water

consumption to 50% by 2025
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SOCIAL
Maintain and enhance Wipro's workplace diversity and foster a culture
of inclusion that protects human dignity and empowers employees

Increase diversity of gender, ethnicity, nationality, persons with
disability and sexual orientation

Foster a company-wide culture of inclusion

Ensure adequate forums that encourage employees to participate and
provide feedback on workplace policies, processes and practices

Increase diversity representation in management levels to 20%
by 2025

Maintain retention of employees post parental leave above 80%
every year
Prioritize employee health, well-being, and safety always

100% coverage of employees for physical, emotional and financial
well-being programs
Empower employees through a culture of continuous learning, open

communication, and ethical conduct

80% coverage of employees undergoing refresher skills on digital and
new technologies training by 2025
GOVERNANCE

Code of Business Conduct annual certification – maintain near
trategy and long-term purpose aligned with ESG values
S
100% completion

ESG issues to be integrated with functions like corporate strategy,
Build a framework of Customer Stewardship that delivers integrated
enterprise risk management, internal audits and ombuds.
value across the lifecycle

Set up a multi-layered governance model that combines close
Improve Net Promoter Score by 200 basis points annually
board oversight and leadership involvement in key ESG decisions

Integrated value delivery for customers on digital and data backed by with a collaborative execution approach
deep domain, consulting and sustainability expertise
Transparent, balanced disclosures for investors and
Build capacity in the academic ecosystem through faculty and student other stakeholders

learning programs

Quarterly ESG disclosure and maintain leadership in globally

Maintain globally accepted standards of cybersecurity and accepted frameworks
data privacy for customer systems and data backed up by
Enhance accessibility of ombuds process for the extended
transparent governance
value chain
Collaboratively develop a sustainable and responsible supply chain

Reach global supplier diversity spend of 15% by 2024 Key updates on progress against these goals can be found in the
capitals section of this report as well as detailed 3 year KPI’s in ESG

Enhance social compliance coverage of 80% by 2024 Dashboard FY22 available at https://www.wipro.com/investors/
annual-reports/

Beginning 2022, engage with top 50+ suppliers (who contribute to 80%
of carbon emissions)

Ensure a transparent supplier governance process that guarantees
fair practices and zero tolerance for corruption
Contribute to societal progress on the dimensions of education,
ecology and primary health care

Contribute to meaningful progress on school education by engaging
deeply through a wide network of partners on systemic issues of
access, equity and quality

Drive wide adoption of sustainability education in schools and colleges
across India

Strengthen access to effective primary health care for disadvantaged
communities and work on ecological commons in the cities we
operate in
Support communities in times of extreme crisis - natural disasters

and pandemics
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Value creation model
Resources utilised
Financial capital Intellectual capital Social & relationship capital Human capital Natural capital
K659 billion K2,926 million $250 million K2,216 million 1,418 16 million hours 2,713 million
Net worth R&D investments Committed to CSR expenditure Active client base of training and Investment in green buildings
invest through Wipro development
K152 billion 6 ventures 75% 80 million
Debt M&A activities Manpower service providers K457 billion Units of renewable
during last few quarters assessed for social compliance Employee spends energy procurement
Our value creation process

Our values Driving our strategies To realize our ambitions
commitments
Our values Accelerate growth focus S4 Build talent @ scale A true global leader in Known for attracting
S1
Our ESG
encapsulate our and scale our industry top talent from different industries
spirit. It defines S trengthen clients and S5
Simplified operating A fast growing dynamic An orchestrator delivering
S2 partnerships model and innovative company transformation for our clients
and makes up our
character Lead with business
S3 solutions
Value created
K795 billion 20.2% 1,092 366 170+ 45k+ 80.1% 2 million units
Revenues Return on Net Worth Registered Trademark Community partners Net Employee Energy saved
patents registered employee satisfaction
K122 billion 66% 508 bps addition survey 63,000 tonnes
Profit after tax economic interest Increase in NPS scores score CO2 emissions avoided
pledged for
philanthropy 12% 383 million litres
Supplier diversity spend Water recycled
Stakeholders Impacted
Employees Customers I nvestors S

uppliers Community Shareholders
M E G AT R E N D S
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Our key strengths
Domain expertise
Business with a purpose
Wipro is driven by purpose and is recognized globally for its unwavering Our portfolio of industry-specific business solutions such as Digital bank
commitment to the environment, societies, and communities we work and live in. of the future, Open subsurface data universe platform for oil & gas, and Core
66% of the economic interest in Wipro is irrevocably pledged for philanthropy. We modernization for Telco for faster 5G deployment.
are also a founding member of the ‘Transform to Net Zero’ alliance. Our deep resolve
towards environmental, social, and governance aspects differentiates us.
Engaging & inclusive culture Strategic M&A
Our bold and high-performance culture fueled by our Five Habits i.e., ‘Being Our emphasis on strategic acquisitions to fast-track capability building in emerging
respectful’, ‘Being responsive’, ‘Always communicating’, ‘Demonstrating areas and accelerate access to identified markets is our key strength. For example,
stewardship’, and ‘Building trust’; and our focus on employee experience, up- Capco in Banking and Financial Services, Ampion & Edgile in Cybersecurity, LeanSwift in
skilling/re-skilling, and diversity & inclusion helps us attract, nurture, and retain Cloud, CAS in Telco & Cable, and Rizing in SAP Consulting.
best talent across key markets.
Orchestrator of choice Innovation and IP
Our ability to orchestrate value for our clients by stitching together Our investments in developing Intellectual Property (IP) across products,
industry knowledge, technology expertise, and ecosystem capabilities to platforms, frameworks, solutions, components, accelerators, tools, and apps
solve complex problems faced by our clients. such as Wipro HOLMESTM, Wipro virtuadeskTM etc. that enable us to deliver
enormous efficiency and time-to-market advantage and drive innovation at
scale for our customers.
World’s leading open talent platform Delivery excellence
Topcoder Talent Cloud community and crowdsourcing platform with over A global delivery model, enabled by our 4M framework – which is Model, Method,
1.5 million developers, designers, data scientists and testers. Topcoder provides Machinery, and Mindset. Model is about driving global, distributed, and boundary-
focused enterprise offerings around AI/ML and analytics, Digital Experience, less ways of working; Method is about agile and no-shore; Machinery is about
Quality as a Service (“QaaS”), workforce transformation, Talent as a Service leveraging our AI and automation assets; and Mindset is about problem discovery,
(“TaaS”) and hybrid (certified) communities. customer intimacy, and constant learning.
Technology expertise Simplified operating model
A comprehensive and integrated suite of Business solutions powered We are a relationship-oriented, customer-centric, and an easy-to-do-
by leading-edge technologies like Wipro FullStride cloud services, business-with company. Our operating model is aligned to best enable our
cybersecurity, data & AI, and engineering and R&D. go-to-market and ensure proximity to our clients.

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Wipro FullStride Cloud Services Our Ambition is to help clients...

Wipro FullStride Cloud Services bring together an extensive partner and hyperscaler network, Become intelligent enterprises by building their
unrivaled platform expertise and domain-specific insights to unlock the true innovative potential of business in the cloud
the cloud. As ecosystem orchestrators, we enable sustained end-to-end value creation. Our services
deliver tangible outcomes for unique business needs, enabling the transformation of organizations Businesses need an end-to-end transformation partner to orchestrate
into agile, sustainable and intelligent enterprises. Wipro platforms, accelerators and partnerships a cloud ecosystem that maximizes innovative, sustainable platforms
underpin our offering and expedite your journey to success. and products to deliver personalized outcomes.
Cloud enabled AI infused

Cloud is the organization's Cloud-based AI/ML capabilities Orchestrating multi .for highly personalized
foundational building block and and automation models cloudecosystems. business outcomes
propels innovation and growth. encourage innovation at scale.
Bringing together an extensive Delivering tangible outcomes
partner and hyperscaler for unique business needs and
network, platform expertise transforming organizations
and industry-specific insight into agile, sustainable
Data driven Sustainability focused to unlock the true innovative intelligent enterprises.
Cloud enables seamless data flow The workforce and its potential of the cloud.
across the business, unlocking execution partners have the
deeper insights. tools to realize sustainable
business operations.
Composable business architecture

The business is built on a set of configurable, composable platforms and is powered by an
ecosystem-driven business and operating model.
tA
Industry and Cloud Ecosystem
consulting expertise platforms partners
A business-first, full-stack approach to cloud transformation
Solutions that are— designed, managed and executed—to achieve a tangible

business outcome and accelerate digital transformation.
Business innovation Business agility and

acceleration
Business sustainability (Ob
Enabling greater differentiation and
creation of cutting-edge products and
services through innovation studios
Improving speed to market and
competitive advantage by embedding
Reducing carbon footprints via
the creation of sustainable
cloud-powered products
G
and cloud-native design labs automation capabilities and platforms 90,000+ 15,000+ 250+
enterprise-wide IPs & assets
Cloud professionals CSP certified experts

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Stakeholder management and

materiality determination
At Wipro, we identify our stakeholders T H E YO

O R KS UNG
through the multiple lens of Impact, N ETW CIT
E TY IZ
EN
CI
Influence, Interest, Legitimacy, Urgency L
SO
AN
D
& Diversity of Perspective. We converge
VI
FU
CI
EM
TU
ND
PL
these attributes with the context of our
RE
SA RS O
GE
T IE
YE
organization’s core business and value
LI
NE
ES
U NI
PP
R AT
chain as well as in relation to emerging SU
C O MM
ION
societal issues. Based on these first
principles, we have eight identified
stakeholder groups. The four extended
G OV
stakeholders are also collectively
S
ERN
ER
IN
depicted as Community or Society where

VE
ST
OM
EM
ME
OR ST
CU
ST
NT
we are embedded. S
SY
AN
PO
ON
D
I
LI
CY AT
NE D UC
Direct TW EE
ORK TH
Extended S
Materiality
Our approach to identifying the most material ESG issues The process we have described above is embedded in
for us stems from recognizing the importance of creating overarching global standards and principles like GRI
value for all our stakeholders Incorporating the range of Standards, the AA 1000 principles of ‘Stakeholder
our stakeholder interests and expectations help provide a Inclusiveness’, ‘Materiality’ and ‘Sustainability Context’ and
unbiased view of the most important emerging issues. Sustainability Accounting Standard Board (SASB , now part
of IFRS Foundation).
Materiality determination for Wipro is based on a
comprehensive process that includes an internal process We recognize that the determination of material issues
combined with external benchmarking with peers and for Wipro and our stakeholders is not static and evolves
global sustainability standards. This helps us understand dynamically over time. We take care therefore to integrate
issues relevant to our stakeholders over short-, medium-, multiple determinants that reflect this dynamic - Direct
and long-terms. A key element at play here is the economic impact on our business model, organizational
assessment and identification of emergent ESG risks. We values, pee norms, stakeholder concerns and emerging
combine our internal perspective through our enterprise societal challenges.
risk management process, internal audits using disclosure
frameworks etc. along with an extensive review of external
analyses and studies e.g. the WEF Global Risk report.
We also apply the concept of double materiality in arriving at the priority issues i.e. “The impacts on us” and the “The impacts due to us”. The
same is presented for environmental aspects in the ESG Dashboard FY22 available at https://www.wipro.com/investors/annual-reports/
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Materiality map
Environmental Social Governance

Climate change Human Rights – Freedom of Data Privacy Regulatory compliance
Association, Non-Discrimination,
Energy Forced Labor, Child Labor, etc. Innovation Open Source
Water Employee Health Safety and Intellectual Capital Tax strategy

Well-being
Urban Resilience Customer Engagement & Stakeholder Transparency &
Diversity, Equity and Inclusion Satisfaction Disclosure
Natural and man-made (Gender, Nationality, Persons
catastrophes with Disabilities, LGBTQ+ and Board Governance Aligning business and purpose
others)
Waste Anti-Corruption &
Talent Attraction, Engagement, AntiBribery
Campus Biodiversity and retention
IT System security &
Operational resilience
Corporate Citizenship
Accounting for externalities
Employee Capability Building (Natural Capital Valuation)
and Career development
Economic performance
Fair Labour Practices
Responsible Supply Chain
Drawn from internal assessments and global sustainability frameworks like GRI, DJSI,SASB, WEF Stakeholder Capitalism
Text with side bar: Priority material issues to our business (rest all is the universe of issues)
Governance framework
Our Corporate Governance philosophy is put into practice at Wipro through four functional layers
Governance
By Board of By Committees of Board By Management

By Shareholders
Directors of Directors Process
Audit, Risk and Compliance Risk Management

Committee, which also acts as Risk
Management Committee Spirit of Wipro
Board Governance, Nomination and Code of Business Conduct

Compensation Committee, which Compliance Framework
also acts as CSR Committee
The Ombuds process
Administrative, Shareholders
and Investors Grievance
Committee (Stakeholders
Relationship Committee)

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Risk management framework
Our Next-Gen Enterprise Risk Management (ERM) framework is based on globally recognized standards and is designed to
be dynamic and flexible to adapt to the changing business environment. The objective of the ERM framework is to enable
and support achievement of business objectives through risk-intelligent assessments, in addition to placing significant
focus on constant identification and mitigation of all categories of risks within the business. The framework has been
benchmarked against best-in-class industry practices and is continuously strengthened. The framework has been digitized,
enabling businesses to take faster, informed and quality risk based decisions and encourages a risk resilient culture. The
ERM framework is administered by the Risk and Governance Committee and is supported by a multi-layered risk governance
structure across the enterprise.
Dynamic & Integrated Risk Management framework - Driving Organization Resilience
Risk Management Multi-layered

Guiding Pillars Key Risk Category Eco system
Process Risk Governance
Strategic Direction Strategic Objective & Priorities
Legal, Regulatory
and Compliance
Information & Cyber Security Identification
and Data Privacy -Existing/Emerging Audit Committee of the Board
Accelerate growth Financial
Assessment - Inherent Risk and
Geo-political Clients and Residual Governance Committee
Board of Directors Strengthen clients
and partnerships Merger & Acquisition
Business Risk Appetite Risk Steering Committee
Vision and Mission
Lead with business solutions Talent and Culture & Tolerance
Functions Enterprise Risk Management
Company Service Delivery and
Build talent @ scale Treatment and Internal Audit
Values Obligation Management Partners Governance Committee
Simplified operating model Environmental, Social Monitoring
Risk Councils at a Business,
and Governance
Reporting Accounts, Functions,
Strategic & Market Geography, Location and Risk
Auditing Theme level
Technology & Innovation
Third Party/Supplier
Defined Risk Policy, Quantitative metrics Continuous improvement Behavioral changes through
Procedures and management and Predictive through industry Five habits, business Risk based approach,
Frameworks and analytics through our new benchmarking enabling risk culture and enabling business value
Audit Programs age technology and accreditation awareness programs
Framework Foundation
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Risk identification and mitigation
Risk Category
Legal, Regulatory and The risk that arises from non-compliance to federal, state, local and foreign laws relating to various aspects of business
Compliance Risk operations that could lead to financial exposure and reputational risk to the organization.
Mitigation plan:
• A program on statutory compliance is in place to track all applicable regulations, obligations and corresponding action items
that require to be adhered to, to ensure compliance
Information and Cyber Providing a secure, resilient and reliable technology landscape within the organization for protecting the confidentiality, Integrity,
Security Risk availability of systems/data and risks arising on account of increase in surface area of devices.
Mitigation plan:
• Controls put in place to identify and disable inactive devices
• Effective security controls implemented to detect, prevent and remediate threats
• Program to continuously monitor the effectiveness of the controls and sustain the security controls
• Focus on continuous improvement of the efficacy of the security controls with the adoption of new processes and latest
technology solutions
Data Privacy compliance Non-Compliance to contractual & regulatory Data Privacy requirements impose significant risk to organization.
Mitigation plan:
• Continuous strengthening of global privacy program through reviews of country and regional regulations, revalidation of existing
frameworks, policies and processes covering all applicable geographies and areas of operations
• Ongoing assessments and mitigation actions are in place for new requirements and existing controls
• Strengthening of Cross border data transfer procedures and controls with adequate Data Transfer/Data Processing agreement
for clients and vendors
• Privacy by design, privacy impact assessment and record of processing activities for all new data processing applications,
processes, surveys or changes to the existing applications/processes prior to go live
• Privacy by design education and frameworks related to Artificial intelligence, automated decision making and decentralized
technologies
Intellectual Property (IP) Third party/Client IP Infringement by Wipro may result in claims and can lead to reputational and financial risk. Inadequate
infringement risk protection of Wipro's Intellectual Property may result in loss of ownership of Wipro IP and revenue.
Mitigation plan:
• IP related organization policies, frameworks, mechanisms and teams are in place to ensure Wipro does not infringe third party IP
S A dedicated IP unit and an elaborate program exists to safeguard Wipro's Intellectual Property
• Employee awareness and training programs, systemic controls and periodic reviews drive adherence
Fraud Risk and Anti Bribery Integrity is of utmost priority for safeguarding market confidence and building client trust. Non-compliance or fraud instances can
and Anti Corruption(ABAC) expose an organization to reputational and financial damage.
Mitigation plan:
• Wipro Code of Business Conduct, Zero Tolerance policy on integrity, ABAC program, Fraud program, Finance Risk Management
program, Vendor Management program and our Ombuds program ensure a strong governance
• Stress testing by a independent team and governance by a cross functional committee ensures adherence and timely actions
Finance Risk The risks such as taxation risks, foreign currency risk, credit risks arising from normal course of business.
Mitigation plan:
• See ‘Finance capital Risk management procedure' section
Geo-political Situations Risk of Protectionism policies and Geo-political situations impacting business and employee safety.
Mitigation plan:
• Country Risk Assessment framework considered prior to doing business in a geography
S Continuous monitoring by a dedicated team to ensure pro-active mitigation
• Agreements with multiple reputed international risk consulting firms for the exchange of information, their assessments,
advice and forecasts for timely detection of these risks
Mergers & Acquisitions M&A being a key strategy for Wipro, the seamless and successful integration of acquired entities into the organization is a high priority.
(M&A) integration Risk Mitigation plan:
S Wipro's Post-Merger Integration (PMI) team constitute of experts in M&A integration, program and change management. They
have a charter to drive all aspects of integration, including realization of synergies
S PMI team integrates acquired entities people, processes and systems with Wipro and also ensures alignment to Wipro
standards
S M&A integration tool enables real-time tracking of the integration process
Talent & Culture Risk A highly motivated and skilled resources are a backbone of the organization. Effective and efficient people management
helps business gain a competitive advantage. A risk that could arise if organizations fail to hire and manage resources
appropriately.
Mitigation plan:
S See ‘Human capital Learning and Development' section

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Risk Category
Business Continuity Risk The risk that the organization fails to undertake on advance planning, testing and effective execution of critical processes, to
ensure the ability to recover and maintain business operations in the event of a disruption due to internal, third party, physical or
natural circumstances etc.
Mitigation plan:
A Business Continuity Management System (BCMS) framework, aligned to ISO 22301:2019, is implemented across all global
delivery locations covering customer accounts and service functions
Independent assessment of BCM framework to strengthen the framework
Core BCM team is a cross-functional team comprising of members from Business Continuity Management, Delivery and
Functions to proactively identify and manage Business Continuity risks
Service Delivery and Delivery & Operational excellence is the foundation to any customer engagement. Delivering secure, compliant and resilient
Obligation business solution to meet customer’s requirements is necessary. It’s absence can lead to customer dissatisfaction, penalty,
Management Risk litigation, etc.
Mitigation plan:
Dynamic and integrated Risk Management framework to drive organization resilience
Focus on large value deals to assess solution fitness and potential risks of the deal
Contractual compliance programs with a focus on pro-active risk management and emerging risks
Governance Risk and Compliance Tool for Risk Governance, Contract Management and Analytics
Employee work place Providing a healthy and safe working environment will improve employee productivity, retention and avoid any reputational
Environment, Health and impact. It will also help business gain a competitive advantage.
Safety Risk Mitigation plan:
See ‘Human capital  Physical well-being’ section
Environmental, Social and ESG is a social compass of an organization and is used by conscious investors and clients for strategic partnerships. A low
Governance (ESG) Risk sustainability score will impact business growth and lead to financial and reputational impact.
Mitigation plan:

See ‘Natural capital’ section
Strategic & Market Risk Strategy supports value creation for our clients and accelerates growth. Growth by focusing on identified markets and sectors
will provide best in class solutions. The risk of not aligning with our strategic objectives may impact growth, market share and
profitability.
Mitigation plan:
Significant focus on large deal origination, solving for Environmental, Social and Governance, driving Mergers and Acquisitions
and orchestrating business value to our clients with an ecosystem of partners
Co-investing, co-innovating and co-creating with hyper-scalers & industry leading platform players
Evolving our Topcoder platform to become a Talent Cloud to enable enterprises anytime and anywhere
Strong governance and reporting mechanism at a market, sector, offering, etc. levels to review performance and manage gaps
with corrective steps to achieve strategy
Technology & Innovation Risk Our capability to invent new technology solutions while keeping pace with rapidly changing technology and service offering needs
of clients. Failure to do so will result to loss of client and revenue.
Mitigation plan:
To remain competitive in new areas, we are making strategic investment to build unmatched capabilities in new technologies,
through reskilling, strategic hiring, research work and IP creation by leveraging deep understanding of client needs across
specific domains.
Third Party/Supplier Risk Our inability to identify and govern suppliers/partners that provides products and/or services and have access to privileged
information, can lead to contractual, legal and regulatory risks incase of a breach.
Mitigation plan:
Comprehensive technical and compliance assessment while onboarding new suppliers
Ongoing compliance, performance and business continuity readiness reviews of critical vendors
Defined program and governance around high risk vendors and vendors in high risk countries
Emerging Risk Risk of not being able to identify and respond to new and evolving risk scenarios can catch an organization off-guard and lead to
contractual and reputational impact.
Mitigation plan:
An Emerging risk mitigation team helps to pro-actively identify internal and external emerging risks , perform assessment and
work with stakeholders for timely action and treatment
The Emerging Risk Mitigation Committee consisting of experts across Business and Functions steers the program, ensuring
that it is effectively managed
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Our capitals
We have used capital framework namely Financial, Human, Intellectual,
Social & Relationship and Natural capitals to report on value created by the
organization across its value chain. We have classified key material issues
under these five capitals and report on our approach, policies, process and
initiatives implemented under each capital sections. The table below depicts
the interconnectedness of capitals through the lens of material issues for the
organization.
Interrelationship among Capitals
Financial capital H Improved business performance
SR Revenue through customer engagement
I Revenue from new services
N Operational cost reduction
Intellectual capital Creation of IP and technology expertise

H
F R&D on IP, platforms, and patents
Social & relationship capital H Customer engagement
Long running commitment to education,

F ecology and community initiatives
Net zero partnerships with customers,

N suppliers, and industry forums
I High -trust and high-performance culture

Human capital
Employee engagement & retention
F Inclusive and equitable workplace
Reduce environmental impact of suppliers and

Natural capital SR provide sustainable solutions to customers
This is a representative set of interrelationships and is not an exhaustive list

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3^’
Financial capital
Review of financial performance (H in millions, except earnings per share data)
Year ended March 31, Year on Year change
Consolidated results FY2021 FY2022 2022-21

Revenue 1 622,425 795,289 27.8%
Cost of revenue (423,205) (555,872) 31.3%
Gross profit 199,220 239,417 20.2%
Selling and marketing expenses (41,400) (54,935) 32.7%
General and administrative expenses (34,686) (46,382) 33.7%
Other operating income/(loss), net 2 (81) 2,186 2798.8%
Operating income 123,053 140,286 14.0%
Profit attributable to equity holders 107,946 122,191 13.2%
As a percentage of revenue:
Gross margins 3 32.0% 30.0% (199)bps

Selling and marketing expenses 6.7% 6.9% 26bps
General and administrative expenses 5.6% 5.8% 26bps
Operating margin 3 19.8% 17.6% (218)bps
Earnings per share
Basic 19.11 22.35

Diluted 19.07 22.29
1. For segment reporting, we have included 2. Other operating income represents: i) For the services business, and (b) ' 953 million towards
the impact of exchange rate fluctuations in year ended March 31, 2021, change in fair value gain from the sale of Wipro's investment in Denim
revenue. Excluding the impact of exchange rate of the callable units upon partial achievement Group, which was accounted for using the equity
fluctuations, revenue, as reported in our statement of cumulative business targets pertaining to the method.
of income, is ' 619,430 million and ' 790,934 sale of our hosted data center services business.
3. Gross margin and operating margin as a
million for the years ended March 31,2021 and ii) For the year ended March 31, 2022, (a) ' 1,233
percentage of revenue have been calculated by
2022, respectively. million towards change in fair value of callable
including Other operating income/(loss), net with
units upon achievement of cumulative business
Revenue.
targets pertaining to sale of our hosted data center
Results of operations for the years ended March 31, 2022

Revenue
Our revenue increased by 27.8%. Our IT Services segment Revenue of the IT Products segment declined by 19.7%, which
revenue increased by 29.1%. The revenue for all SMUs grew was primarily due to our focus on providing IT products as a
during the year. The growth was led by a surge in demand for IT complement to our IT services offerings, rather than selling
services by our customers, consummation of our acquisitions standalone IT products and our adoption of a more selective
including Capco, a ramp up of our new deal wins and approach in bidding for SI engagements.
depreciation of the Indian Rupee against foreign currencies,
Revenue of the ISRE segment declined by 18.1%, which was
including the USD, Pound Sterling, Australian Dollar and
primarily due to completion of certain large SI deals during the
Canadian Dollar.
year ended March 31,2021.
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O O O O ® Capital-wise review O
Cost of revenues During the year ended March 31, 2021, we recorded ' (81)
million towards change in fair value of the callable units upon
In absolute terms, cost of revenues increased by 31.3%,
partial achievement of cumulative business targets pertaining
primarily due to an increase in employee compensation
to the sale of our hosted data center services business.
Owing to the impact of salary increases and increase in
headcount, including through acquisitions, incremental sub Operating income
contracting costs incurred to fulfil vacant positions, increase
As a result of the foregoing factors and acquisitions
in facility expenses due to partial return of our employees
consummated during the year ended March 31, 2022,
to offices, and depreciation of the Indian Rupee against
while our operating income increased by 14.0%, from
foreign currencies, including the USD, Pound Sterling and
' 123,053 million for the year ended March 31, 2021 to
Australian Dollar.
' 140,286 million for the year ended March 31, 2022, our
Selling and marketing expenses results from operating activities as a percentage of revenue
(operating margin) declined 218 bps from 19.8% to 17.6%.
Our selling and marketing expenses as a percentage of total
revenue increased from 6.7% for the year ended March 31,2021 Finance expenses
to 6.9% for the year ended March 31,2022. In absolute terms,
Our finance expenses increased from ' 5,088 million for the
selling and marketing expenses increased by 32.7%, primarily
year ended March 31, 2021 to ' 5,325 million for the year
because of the increase in employee compensation due to the
ended March 31, 2022. The increase in borrowings during
i m pact of salary i ncreases and i ncrease in sales headcount
the year ended March 31, 2022, primarily, resulted in higher
and incremental amortization of intangibles recognized on
finance expense.
acquisitions consummated during the year ended March
31, 2022. Finance and other income
General and administrative expenses Our finance and other income decreased from ' 20,912 million
for the year ended March 31, 2021 to ' 16,257 million for the
Our general and administrative expenses as a percentage
year ended March 31, 2022. The decrease is primarily due to a
of revenue increased from 5.6% for the year ended March
decrease in interest income by ' 5,328 million during the year
31, 2021 to 5.8% for the year ended March 31, 2022. In
ended March 31, 2022 compared to the year ended March
absolute terms, general and administrative expenses
31, 2021.
increased by 33.7%, primarily due to the increase in employee
compensation due to the impact of salary increases and Income taxes
increase in headcount including acquisitions, increased
Our income taxes decreased by ' 1,399 million from ' 30,345
recruitment costs due to headcount addition during the year
million for the year ended March 31, 2021 to ' 28,946 million
ended March 31, 2022 and increase in legal and professional
for the year ended March 31, 2022. Our effective tax rate has
fees. These increases have been partially offset by the
decreased from 21.8% for the year ended March 31, 2021 to
decrease in lifetime expected credit loss for the year ended
19.1% for the year ended March 31, 2022. This decrease is
March 31, 2022 as compared to the year ended March 31,
primarily due to certain audit closures for the past years.
2021, due to collection of overdue accounts receivable and
reduced credit risk of our customer portfolio. Profit attributable to equity holders
Other operating income As a result of the foregoing factors, our profit attributable
to equity holders increased by ' 14,245 million or 13.2%,
During the year ended March 31, 2022 we recognized gain of
from ' 107,946 million for the year ended March 31, 2021 to
' 1,233 million towards change in fair value of callable units
' 122,191 million for the year ended March 31, 2022.
upon achievement of cumulative business targets pertaining
to sale of our hosted data center services business, and
' 953 million towards gain from the sale of Wipro's investment
in Denim Group, accounted for using the equity method.

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Analysis of revenue and results by segment
IT Services
Operating results of the IT Services segment are as follows: (H in millions)
Year ended March 31, Year on Year change
FY2021 FY2022 2022-21

Revenue 1 605,815 781,824 29.1%
Gross profit 197,404 238,399 20.8%
Selling and marketing expenses (40,985) (54,688) 33.4%
General and administrative expenses (33,488) (46,819) 39.8%
Other operating income (81) 2,186 2798.8%
Operating income /(loss), net 2 122,850 139,078 13.2%
As a percentage of revenue:
Gross margins 3 32.6% 30.4% (218)bps
Selling and marketing expenses 6.8% 7.0% 22bps
General and administrative expenses 5.5% 6.0% 46bps
Operating margin 3 20.3% 17.7% (254)bps
1. F
or the purpose of segment reporting, we have 2. Includes other operating income of ` 1,233 million 3. G
ross margin and segment results as a percentage
included the impact of exchange rate fluctuations towards change in fair value of callable units upon of revenue have been calculated by including
amounting to ` 2,955 million and ` 4,355 million achievement of cumulative business targets Other operating income/(loss), net with Segment
for the years ended March 31, 2021 and 2022, pertaining to sale of our hosted data center Revenue.
respectively, in revenue. services business, and ` 953 million towards
gain from the sale of Wipro’s investment in Denim
Group, accounted for using the equity method.
Strategic market unit wise performance mix
APMEA
Growth YoY% in Growth YoY% in
11.6% reported currency constant currency
Americas 1
13.6% 27.9%
Americas 1 20.9% 20.7%
29.4%
Americas 2 31.2% 30.4%
Europe
Europe 39.1% 38.6%
29.9% Americas 2
27.3% 30.6% APMEA 8.8% 8.9%
29.7% Total 27.3% 26.9%
Inner Circle: FY2021 percentage of revenues

Outer Circle: FY2022 percentage of revenues
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Capital-wise review
Sector-wise performance mix
The IT Services segment revenue increased by

29.1% for the year ended March 31, 2022 compared Communications Banking, Financial
to our revenue for the year ended March 31, 2021. Services and
The revenue for all SMUs grew during the year. The
5.0% Insurance
growth was led by a surge in demand for IT services 5.2% 34.7%

by our customers, consummation of acquisitions, Manufacturing
30.7%
including Capco, a ramp up of our new deal wins 6.8%
and depreciation of the Indian Rupee against
foreign currencies, including the USD, Pound
8.1%
Sterling, Australian Dollar and Canadian Dollar. Technology
Our acquisitions consummated during the year 12.1%
ended March 31, 2022 contributed revenues of 13.0%
` 72,730 million.
Our gross profit as a percentage of our revenue Energy,

Natural
from our IT Services segment decreased by 218 Resources
bps, primarily due to the increase in employee and Utilities
compensation costs by ` 99,239 million due to 12.2%
the impact of salary increases and increase in 13.1% Health Consumer
headcount, including through our acquisitions, 11.7% 17.5%
incremental subcontracting costs of ` 29,871 million,
and the increase in facility expenses by ` 4,724 million
13.5% 16.4%
due to partial return of our employees to offices.
Inner Circle: FY2021 percentage of revenues
Selling and marketing expenses as a percentage Outer Circle: FY2022 percentage of revenues
of revenue from our IT Services segment increased
from 6.8% for the year ended March 31, 2021 to
have been partially offset by the decrease in lifetime expected credit loss
7.0% for the year ended March 31, 2022. In absolute
by ` 1,906 million. Lifetime expected credit loss for the year ended March
terms, selling and marketing expenses increased
31, 2022 decreased compared to the year ended March 31, 2021 due to
by ` 13,703 million primarily because of increase in
collection of overdue accounts receivable and reduced credit risk of our
employee compensation costs by ` 10,248 million
customer portfolio.
due to the impact of salary increases and increase
in sales headcount and incremental amortization
of intangibles of ` 1,510 million recognized on
acquisitions consummated during the year ended Customer size distribution for IT Services
March 31, 2022 and increase in marketing and brand
building expenses by ` 999 million. Number of clients in Year
ended March 31,
General and administrative expenses as a percentage
of revenue from our IT Services segment increased 2021 2022
from 5.5% for the year ended March 31, 2021 to 6.0% > $100M 11 19
for the year ended March 31, 2022. In absolute terms, > $50M 40 50
general and administrative expenses increased > $10M 167 194
by ` 13,331 million, primarily due to an increase in
> $5M 257 297
employee compensation costs by ` 8,463 million due
> $1M 566 679
to the impact of salary increases and the increase
in headcount, including through our acquisitions,
incremental recruitment costs of ` 4,515 million due
to additions to headcount and increases in legal and
professional fees by ` 1,797 million. These increases

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Performance against guidance

Guided outlook versus actuals
Historically, we have followed a practice of providing constant (In $ million)
currency revenue guidance for our largest business segment,
Achievement Reported
namely, IT Services in dollar terms. The guidance is provided Quarter ending Guidance in guided currency
at the release of every quarterly earnings when revenue currency revenue
outlook for the succeeding quarter is shared. The following 31st Mar 2022 2,692-2,745 2,720.4 2,721.7
table presents the performance of IT Services Revenue 31st Dec 2021 2,631-2,683 2,656.9 2,639.7
against outlook previously communicated for the past six 30 th Sep 2021 2,535-2,583 2,611.0 2,580.0
quarters. Our revenue performance has outperformed in
30 th Jun 2021 2,324- 2,367 2,410.0 2,414.5
first two quarters of fiscal year 2022 and has been within the
31st Mar 2021 2,102-2,143 2,133.7 2,152.4
guidance range in last two quarters of fiscal year 2022 and
two quarters of fiscal year 2021. 31st Dec 2020 2,022-2,062 2,059.0 2,070.8
IT Products General and administrative expenses as a percentage of

(H in millions)
revenue from our IT Products segment decreased from 0.9%
Year ended March 31, FY2021 FY2022 for the year ended March 31, 2021 to (5.3)% for the year ended
Revenue 1
7,685 6,173 March 31, 2022. In absolute terms, general and administrative
Gross profit 220 (106) expenses decreased by ` 391 million primarily due to
Selling and marketing expenses (109) (104) reduction in lifetime expected credit loss, which was due to
collection of overdue accounts receivable.
General and administrative expenses (66) 325
Operating income 45 115 As a result of the above, segment results as a percentage
As a percentage of revenue: of our revenue from our IT Products segment increased by
127bps, from 0.6% to 1.9%. In absolute terms, the segment
Gross margins 2.9% (1.7)%
results of our IT Products segment increased by ` 70 million.
Selling and marketing expenses 1.4% 1.7%
General and administrative expenses 0.9% (5.3)%
Operating margin 0.6% 1.9%
1. F
or the purpose of segment reporting, we have included the impact of exchange
rate fluctuations amounting to ` 20 million and ` Nil for the years ended March
31, 2021 and 2022, respectively, in revenue.
Our revenue from the IT Products segment decreased by

19.7% in the year ended March 31, 2022 compared to our
revenue in the year ended March 31, 2021. The decline
was primarily due to our focus on providing IT products
as a complement to our IT services offerings rather than
sell standalone IT products, and our adoption of a more
selective approach in bidding for SI engagements.
Our gross profit as a percentage of our IT Products

segment revenue decreased by 458 bps. In absolute terms,
gross profit decreased by ` 326 million primarily due to
decrease in revenue.
Selling and marketing expenses as a percentage of

revenue from our IT Products segment increased from
1.4% for the year ended March 31, 2021 to 1.7% for the
year ended March 31, 2022. In absolute terms, selling and
marketing expenses decreased by ` 5 million.
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Capital-wise review
ISRE Liquidity and capital resources

(H in millions) (H in millions)
Year ended March 31, Year ended Year on Year

March 31, change
2021 2022
2022 2022-21
Revenue 1 8,912 7,295
Net cash generated from /
Gross profit 1,630 1,232 (used in):
Selling and marketing expenses (294) (133) Operating activities 110,797 (36,753)
General and administrative
(275) 74 Investing activities (224,495) (232,234)
expenses
Operating income 1,061 1,173 Financing activities 46,586 175,426
As a percentage of revenue: Net change in cash and cash

(67,112) (93,561)
equivalents
Gross margins 18.3% 16.9%
Effect of exchange rate changes
Selling and marketing expenses 3.3% 1.8% 1,282 2,172
on cash and cash equivalents
General and administrative Cash and cash equivalent at
3.1% (1.0)% 103,833 (65,830)
expenses the end of the period
Operating margin 11.9% 16.1%
1. F
or the purpose of segment reporting, we have included the impact of
exchange rate fluctuations amounting to ` 5 million and ` Nil for the years
ended March 31, 2021 and 2022, respectively, in revenue. As of March 31, 2022, we had cash and cash equivalent and
short-term investments of ` 345,491 million. Cash and cash
equivalent and short-term investments, net of loans and
Our revenue from the ISRE segment decreased by 18.1% in the borrowings, was ` 193,795 million.
year ended March 31, 2022 compared to our revenue in the
year ended March 31, 2021, primarily due to the completion of In addition, we have unutilized credit lines of ` 56,685 million.
certain large SI deals during the year ended March 31, 2021. To utilize these lines of credit, we require the consent of the
lender and compliance with certain financial covenants. We
Our gross profit as a percentage of our ISRE segment revenue have historically financed our working capital and capital
decreased from 18.3% for the year ended March 31, 2021 to expenditures through our operating cash flows and through
16.9% for the year ended March 31, 2022. In absolute terms bank debt, as required.
gross profit decreased by ` 398 million primarily due to
decrease in revenue. Cash generated from operating activities for the year ended
March 31, 2022 decreased by ` 36,753 million while profit
Selling and marketing expenses as a percentage of revenue for the year increased by ` 13,667 million during the same
from our ISRE segment decreased from 3.3% for the year period. The decrease in cash generated by operating activities
ended March 31, 2021 to 1.8% for the year ended March 31, is primarily due to increased working capital requirements.
2022. In absolute terms, selling and marketing expenses Increase in our trade receivables, unbilled receivables and
decreased by ` 161 million. This was primarily a result of the contract assets contributed ` 43,229 million towards the
Company’s cost efficiency efforts. decrease in cash generated by operating activities. This
General and administrative expenses as a percentage of was partially offset by an increase in trade payables and
revenue from our ISRE segment decreased from 3.1% for contract liabilities.
the year ended March 31, 2021 to (1.0)% for the year ended Cash used in investing activities for the year ended March 31,
March 31, 2022. In absolute terms, general and administrative 2022 was ` 224,495 million. Cash utilized towards payment
expenses decreased by ` 349 million. This was primarily a for business acquisitions consummated during the year
result of the Company’s cost efficiency efforts and reduction amounted to ` 129,846 million. Cash utilized towards purchase
in lifetime expected credit loss by ` 79 million. Lifetime of investments (net of sale) amounted to ` 61,751 million.
expected credit loss for the year ended March 31, 2022 We purchased property, plant and equipment amounting to
decreased compared to the year ended March 31, 2021 due to ` 20,153 million, which was primarily driven by the growth
collection of overdue accounts receivable. strategy of the Company. We also deposited an amount
As a result of the above, segment results as a percentage of of ` 27,410 million into a specified account for payment of
our revenue from our ISRE segment increased by 417 bps, the interim dividend of ` 5 per equity share declared by the
from 11.9% to 16.1%. In absolute terms, the segment results company on March 25, 2022.
of our ISRE segment increased by ` 112 million.

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Cash generated from financing activities for the year ended Our liquidity and capital requirements are affected by many
March 31, 2022 was ` 46,586 million. This is primarily factors, some of which are based on the normal ongoing
on account of net inflow from loans and borrowings of operations of our businesses and some of which arise from
` 68,310 million, including cash inflow from the Notes. This uncertainties related to global economies and the markets
was partially offset by payment towards lease liabilities of that we target for our services, as well as uncertainties around
` 9,730 million, interim dividend of ` 5,467 million and interest COVID-19. We cannot be certain that additional financing, if
and finance expenses of ` 5,089 million. needed, will be available on favorable terms, if at all.
We maintain a debt/borrowing level that we have established

through consideration of a number of factors including cash
Risk management procedures
flow expectations, cash required for operations and investment We manage market risk through a corporate treasury
plans. We continually monitor our funding requirements, and department, which evaluates and exercises independent
strategies are executed to maintain sufficient flexibility to control over the entire process of market risk management.
access global funding sources, as needed.
Other key risks:
As of March 31, 2022, we have deferred certain payroll related
Taxation risks
tax liabilities in certain countries pursuant to COVID-19 relief
measures enacted by the governments of the respective Our profits for the period earned from providing services
countries. We do not anticipate any liquidity challenges in at client premises outside India are subject to tax in the
paying these liabilities in the future. country where we perform the work. Besides, changes to
these incentives and other exemptions, we receive due to
As of March 31, 2022, we had contractual commitments of government policies can impact our financial performance
` 11,376 million ($149.9 million) related to capital expenditures
on construction or expansion of software development Mitigation plan
facilities and ` 22,767 million ($300.1 million) related to Most of our taxes paid in countries other than India can

other purchase obligations. Plans to construct or expand be applied as a credit against our Indian tax liability to the
our software development facilities are determined by our extent that the same income is subject to taxation in India.
business requirements.
Currently, we benefit from certain tax incentives under

We completed our acquisition of CAS Group on 11th April 2022 Indian tax laws including tax holiday from payment of
and the payment of upfront cash consideration of ` 3,922 Indian corporate income taxes for our businesses operating
million was funded through cash and cash equivalents. from SEZs.
We completed our acquisition of Rizing on May 20,
2022, and the payment of upfront cash consideration of Wage pressure
` 44,622 million was funded through borrowings and cash and Our wage costs in India have historically been significantly
cash equivalents. lower than wage costs in the U.S. and Europe for comparably
skilled professionals, and this has been one of our competitive
As discussed above, cash generated from operations is our
advantages. However, wage increases in India may prevent
primary source of liquidity. We believe that our cash and cash
us from sustaining this competitive advantage and may
equivalents along with cash generated from operations will be
negatively affect our profit margins.
sufficient to meet our working capital requirements as well as
repayment obligations with respect to debt and borrowings. Mitigation plan
Our choices of sources of funding will be driven with the
We may need to increase our employee compensation

objective of maintaining an optimal capital structure.
more rapidly than in the past to retain talent. Once the
We will rely on funds generated from operations and external effective date is notified by the GoI, we may also experience
debt to fund potential acquisitions and shareholder returns. We increased costs in future years for employment and post-
expect that our cash and cash equivalents, investments in liquid employment benefits in India as a result of the issuance of
and short-term mutual funds and the cash flows expected to The Code on Social Security, 2020.
be generated from our operations in the future will generally be
sufficient to fund the growth aspirations, as applicable. Foreign currency risk
In the normal course of business, we transfer certain accounts We operate internationally and a major portion of our business
receivables and net investment in finance lease (financial is transacted in several currencies, The exchange rate risk
assets) to banks on a non-recourse basis. The incremental primarily arises from foreign exchange revenue, receivables,
impact of such transactions on our cash flow and liquidity for cash balances, forecasted cash flows, payables and foreign
the years ended March 31, 2021 and 2022 is not material. currency loans and borrowings.
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Capital-wise review
Mitigation plan No single customer accounted for more than 10% of the

accounts receivable as of March 31, 2022 or revenues for
We evaluate our exchange rate exposure arising from these

the year ended March 31, 2022. There is no significant
transactions and enter into foreign currency derivative
concentration of credit risk.
instruments to mitigate such exposure.
We follow established risk management policies, including

Shareholder returns
the use of derivatives like foreign exchange forward/option
We have always strived to enhance shareholder value for our
contracts to hedge forecasted cash flows denominated in
investors. The Company’s policy has been to provide regular,
foreign currency.
stable and consistent distribution of return. The Company’s
We designate certain derivative instruments as cash
policy of capital allocation includes payout of minimum 45%-
flow hedges to mitigate the foreign exchange exposure of 50% of net income for period of trailing three year. There is no
forecasted highly probable cash flows. Periodically, we may change in our philosophy on shareholder return.
also designate foreign currency denominated borrowings
as a hedge of net investment in foreign operations Cash dividends
The cash dividend paid during the year ended March 31, 2021
Credit risk was ` 1 per equity share. The cash dividend paid during the year
Credit risk arises from the possibility that customers may not ended March 31, 2022 was an interim dividend of ` 1 per equity
be able to settle their obligations as agreed share. Further, the Board at its meetings held on March 25, 2022,
declared an interim dividend of ` 5 per equity share, which was
Mitigation plan subsequently paid on April 19, 2022. The Board recommended
We periodically assess the financial reliability of
the adoption of the interim dividends of ` 1 and ` 5 per equity
customers, considering the financial condition, current share as the final dividend for the year ended March 31, 2022.
economic trends, analysis of historical bad debts and
ageing of accounts receivable. Individual risk limits are
set accordingly.
Key ratios
YoY
Particulars FY 2021 FY 2022
Change
Revenue in ` million 622,425 795,289 27.8% F
IT Services operating margin 20.3% 17.7% (2.6)% A
Net income margin 17.3% 15.4% (1.9)% A
Earnings per share in ` 19.11 22.35 17.0% F
Price earning ratio (times)1 21.7 26.5 4.8 F
Return on networth2 19.4% 20.2% 0.8% F
Current ratio (times) 2.3 2.0 (0.3) A
Debtors turnover (times) 6.3 6.6 0.3 F
Free cash flow as % of net income3 119.3% 74.8% (45.5)% A
Debt-equity (times)4 0.15 0.23 0.08 A
Interest coverage ratio (times) 28.6 26.3 (2.3) A
F Favourable A Adverse
Reasons for significant changes:

rice earnings ratio is computed as Market share price as on 31st March of respective years by Earnings per share. The increase in PE ratio reflects the share price
1. P
increase by 43% at year end set off by EPS growth of 17% in FY’22
2. Return on Networth is computed as Net Profit by average Networth. The increase in the Net income from ` 107,946 million in FY’21 to
` 122,191 million in FY’22 has resulted in improvement of Return on Networth.
3. O
ur Free Cash flow is computed as operating cash flow less net capital expenditure. Our operating cash flow was low due to increased working capital
requirements during the year ended 31st March, 2022.
4. D
ebt equity is computed as long term and short term borrowings by total equity. The increase in total borrowings from ` 83,332 million in FY’21 to ` 151,696 million
in FY’22 has resulted in adverse ratio.

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Human capital
Spirit of Wipro- Values & Ethics
Competitive Markets Building Capability

Crowd Sourcing
Disruptive Technology Career and capability
building
Automation Defining new ways of

Inorganic Growth working Hiring and Onboarding Social Capital
Demand for Skilled High -Trust and High-
Labour Career reimagined Performance & Talent Performance Culture Intellectual Capital
Management
Hybrid working Employee Engagement &
Covid-19 Pandemic and Wellness Learning & Development Retention Natural Capital
Financial Capital
Business People People People Business
Outlook Strategy Processes Results Results
Seamless Employee Employee Experience Employee Well-being Inclusive and Equitable

Experience workplace
Optimal Resource High Performance Employee Engagement &
Utilization Culture Communication
Empowerment Inclusion and Diversity

Globalization
Collaboration & Communication &
Co-creation Employer Branding
Diversity
Human Rights & Compliance
Building resilience in the

Key material issues:
new normal
Recruiting Best Talent

The COVID-19 crisis has transformed the way businesses
Talent Engagement & Retention
operate and people connect at work and in life. The
Inclusion & Diversity
at-scale shift to new ways of working posed its own
challenges. Throughout it all, though, we made employee
Learning & Development
well-being a top priority and a strategic focal area. We
Talent Management
have re-evaluated our strategy, policies and systems
as we transitioned to hybrid working to understand
and protect the safety and health of our employees
while ensuring business continuity. Our HR processes
such as hiring, performance management, learning
and development, employee engagement, employee
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Capital-wise review
well‑being , inclusion and diversity and people-result by embracing all forms of diversity through equitable
indicators have been redesigned to create a differentiated practices. Our I&D journey is an ongoing effort and
employee experience while also maximizing shareholder involves constantly working on various pillars of
value. We are constantly striving to improve gender inclusivity. While the Wipro I&D Council, led by the
and ethnic diversity in our leadership ranks across the CEO, offers strategic direction, the Business Unit and
organization. Certain things, such as our unwavering geography specific I&D Councils drive organizational and
commitment to the Spirit of Wipro values, our culture unit charters. A network of Inclusion champions assists
transformation powered by the Five Habits, and our the councils.
commitment to the globally recognized principles of
We observed that while in entry-level roles, there is
business responsibility, human rights, and corporate
almost equal representation of men and women, the
governance, have remained at the core of how we work as
representation of women keeps dropping as we get
we continue to transform.
higher up the career ladder. Finally, the percentage
drops to single digits for leadership roles. This is a
People strategy common challenge across the globe and industries. To
Our people strategies are geared towards creating an tackle this challenge, in FY’21, we aimed to increase
unparalleled employee experience through diverse gender representation in senior leadership levels to
learning opportunities, great careers, and a strong 20% by 2025. To achieve this goal, we set a yearly target
brand. We believe in creating an inclusive environment of 10% gender diversity by FY’22. We defined unit-wise
that welcomes everyone and nurtures an overall sense Diversity KPIs (Qualitative and Quantitative) for top
of belonging. leaders. The progress was continuously tracked through
a monthly and quarterly scorecard published to our CEO
Culture – global and inclusive and the Wipro Executive Committee. This structured
approach, continued commitment and drive from leaders
Culture and values have increased women’s representation at the senior
Wipro has been guided by the belief that purpose drives leadership level from 7.3% in FY’21 to 12.4% in FY’22.
business and vice versa since its inception in 1945. Wipro’s While this goal gives us direction towards improving our
Founder Chairman Azim Premji has been instrumental gender representation, we believe it is equally important
in laying this foundation and the values at Wipro have to foster a culture of inclusion through various programs
been the moral compass guiding us all to do the right and initiatives. Last year, we launched several new
thing for decades. This has further strengthened our initiatives in the space of Gender Inclusion like Enrich
commitment and encouraged us to create a more inclusive (sponsorship Program for Women leaders), Begin Again
workplace for our employees, vendors, and clients, as (Second career program for women, W-Connect forum,
well as contribute to the creation of a more equitable, Women of Wipro (WoW) Quarterly Connects with CEO. On
humane, and sustainable society. While our company International Women’s Day 2022, we launched the I&D
has transformed through the years, our core principles, page on wipro.com to demonstrate our dedication to being
the Wipro Spirit, have stayed unchanged. In early 2020, an inclusive employer.
Chairman Rishad Premji introduced the Five Habits, which
We have re-strategized digital accessibility charter to
are our values in action, to promote a growth mindset. The
amplify inclusivity levels for employees with disability.
Five Habits are relevant more than ever in today’s situation
According to the 2016 Harmonized Guidelines for the
since they encourage us to be reflective, supportive,
Rights of Persons with Disabilities Act, our campuses
and collaborative. Over 29,000 leaders from around the
are substantially accessible. We conducted a thorough
world have participated in 94 immersive and interactive
examination of each location and devised a recommended
workshops on the Five Habits thus far. As each Wiproite
plan to make them more accessible when necessary. This
demonstrates the organization’s culture, the Five Habits
year, we plan to add a new dimension to the disability
have the potential to change how we all perceive and
charter by embarking on Neurodiversity hiring. We’re
experience Wipro.
setting up the ecosystem to launch a pilot project to hire
Inclusion and Diversity (I&D) talented neurodivergent people. Also, we will run another
batch of Train-to-Hire to improve the representation of
At Wipro, inclusion is a way of life. We are committed
employees with disability. In parallel, we will continue
to integrating diversity into all aspects of our work and
strengthening the Accessibility charter as it reinforces the
encourage all Wiproites to always be their authentic
inclusion of our employees with disability.
selves. We value the great ability and potential of people
from all walks of life and foster a sense of belonging

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People processes: key highlights and potential; successors are identified for critical roles
and development actions are framed. Executive coaching
FY’22 is provided to senior leadership to facilitate their all-round
development. The process helps identify top talent across the
Hiring and onboarding organization, with a clear focus on gender-diverse talent that
An organization is only as good as its people, and we’re making we can engage and groom to take up leadership roles in the
sure we bring extraordinary people to Wipro. Propelled by future. The purpose is to create a robust, future-ready, and
this recruitment philosophy, we hire diverse talent across agile leadership pipeline delivering improved business results.
the organization — from global early talent programs, to Career building is an important pillar of our employee value
experienced lateral hires, to senior leadership roles. The proposition. Our promotion and rotation policies have been
pandemic has taught us to work in a remote environment strengthened to ensure more employees can take up internal
driving our hiring growth and building strong candidate roles and build a career that they aspire for.
experience. The digitalization drive that started in late 2020,
has helped us hire better, faster and leverage technology to Learning and development
collaborate, assess, select and on-board seamlessly. We adopt The Learning and development function has strategically
a multi-channel recruitment approach which leverages our aligned itself to Wipro’s vision of a bold and resilient organization
careers website, social media, employee referral programs, focusing on investments that make learning accessible and
advertisements, job boards, placement consultants, and walk- relevant for all. We’ve built a wide portfolio of offerings through
ins. We periodically revisit our re-hiring guidelines with a clear Virtual Instructor-Led Trainings (VILTs), self-paced modules,
objective of making attractive and fair propositions to re-hire virtual learning journeys, social learning, gamified interventions
top talent, as well as maintain a structured approach towards and e-summits to cater to various learning needs. We have
compensation and band fitment considering their experience in enabled over 185,000 employees in foundational, intermediate
Wipro, past performance, and experience gained outside Wipro. and advanced digital skills. We have also created six e-learning
We do all this while maintaining parity between retained and modules on Work from Home (WFH) readiness, work etiquette,
rehired employees. To facilitate employee growth within the managing stress in times of crisis, staying positive in trying
company, new openings are also made available to our existing times, leading in a crisis situation and empathy in difficult times.
employees. Through internal mobility and redeployment, we Over 1.5 lakh employees across the globe have completed
open up a world of opportunities and retain our best talent. these modules since the start of the Pandemic till March 2022.
We have enabled access to Udemy courses to employees by
Performance and talent management procuring 60,000 licenses. 1,438 first-time people managers
In line with our strategic priorities, our talent management went through platform-based learning journeys as they
processes drive high performance across the organization. transitioned from individual contributors to people managers.
Leaders play a key role in setting ambitious business plans and Over 8,100 women employees underwent career building and
leading their teams to meet those goals. They demonstrate leadership programs exclusively tailored for them. We’ve also
high accountability towards outcomes for themselves and curated other interventions. For example, our Global 100 (G100)
their teams. Our talent differentiation is sharp and based on program selects management graduates from top B-schools
outcomes. Performance differentiation is enabled by clear around the world for a 15-month learning program to prepare
rating definitions which demand high performance. Rewards them as digital leaders of the future; our iRise program provided
are closely linked to performance outcomes. Career growth experiential learning to 204 management graduates from
is based on sustained high performance. We believe values premier B-schools in India to hone and upskill their Design
and performance must go hand in hand. We consider our Five Thinking and Influencing skills. A 30-day virtual learning
Habits as our values in actions. Our quarterly review process program was completed by 17,464 campus hires to improve
continues to be a strong platform to encourage candid, their presentation skills, customer centricity, and professional
constructive and meaningful feedforward discussions between etiquette. Over 79,000 employees are members of TopGear,
employees and managers. During the annual review the a social learning and crowdsourcing platform. Through this
process enables fairness and objectivity by taking into account platform, more than 42,100 real-world project challenges were
holistic feedback through the analytics on differentiation completed by employees in FY’22. To foster a culture of ongoing
across diversity. development, some of our senior leaders in essential roles have
There is an annual 360-degree feedback survey where been assigned executive coaches and have enrolled in executive
employees in mid and senior level roles receive feedback leadership programmes at premier business schools across the
from their teams, peers, internal customers, managers, and world. To strengthen capability across critical roles in Delivery
external customers. At Wipro, succession planning is a bi- and Consulting, we offer host of training programs like, on client
annual exercise. Talent is grouped in terms of performance consulting skills, a dedicated forum for delivery head with virtual
trainings. We also provide transition assistance programs to
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Capital-wise review
facilitate continued employability and management of career All Wipro campuses adhere to Indian and International
endings resulting from termination of employment. standards for hygiene, lighting, ventilation and effective
controls on noise and dust. Wipro has 24 Occupational Health
Employee well-being Centres with adequate medical staff to monitor occupational
With the ongoing pandemic, employee well-being has become health and provide immediate relief as required. We also
an area of strategic focus for Wipro. Our employee wellness provide non-occupational medical and healthcare services
programs encompass the three areas of employee well-being , to employees. During FY’22, more than 20,196 employees
namely physical, emotional and financial well-being . participated in health drives and awareness programs.
Off-the-job safety and road safety sessions were also
Physical well-being held. Bureau Veritas, a global leader in testing, inspection,
Wipro provides a safe and healthy workplace for all employees. and certification services, has also awarded us platinum
Risk management has always been one of our key focus certification for our hygiene management and pandemic
areas. We conduct periodic and annual assessments of our practices. The audit rated us on six essential components of
campuses/offices, employees, stakeholders and service hygiene management, including leadership, risk management,
providers as a part of this process. All campuses maintain a compliance management, personal hygiene, facility hygiene,
conducive work environment in line with Indian/International and monitoring measurement and analysis.
standards. A Food Safety Standards Authority of India (FSSAI) COVID-19 business continuity process
license is mandatory for vendors operating within Wipro
owned locations in India. Environment, Occupational Health & We took several measures to preserve business continuity
Safety (EHS) management systems in our campuses conform during these trying times, putting employee safety first. We
to international standards such as 14001& 45001 and are established protocols for controlling prevention, reporting,
certified by accredited third party agencies. All our facilities and tracking infections, quarantine procedures, premise
have safety committees, which meet quarterly and participate sanitization, and return to work following recovery. We have
in risk assessments, safety inspections, incident investigations COVID task forces at both the location and organizational level.
and hygiene audits. Both permanent and contract employees Cross-functional leadership constantly monitors identified
undergo necessary Health, Safety & Environment (HSE) risks and mitigation plans. All of our facilities have taken
training to ensure they meet with the standard of competence precautionary steps in accordance with government rules
required by law in performing their duties. More than 8,000 and best practices. With hybrid working becoming the new
permanent and contract employees participated in committees normal, vaccinated staff from all bands can work from our
on safety, food, transport, etc. across India, to represent India campuses three times a week. All safety standards and
the interests of the workforce. Over 100,000 employees guidelines are rigorously followed.
were covered in 21 locations in India and 8 locations outside Emotional well-being
India under ISO 14000 and ISO 45001 certifications and we
aim to cover all employees by FY 23. As an ISO 45001:2018 To ensure the emotional and mental well-being of our
certified organization, we conduct a Hazard Analysis and Risk employees, we have partnered with leading global employee
Assessment annually or anytime there is a change in process, assistance program (EAP) providers across the globe. It enables
new equipment, or service, and build risk mitigation plans as employees to reach out to counsellors 24x7 in-person and/or
an ISO 45001:2018-certified firm. We also have processes for on phone to seek assistance for issues pertaining to personal
employees to report work-related hazards they may notice. or professional life. We conducted multiple sessions on topics
including COVID-19, Work from Home and Emotional Well-being
The following steps are taken to assess risks and hazards: to enable employees cope with the new ways of working and
Break down the job into successive steps or tasks remain emotionally strong. Key policy changes in the Financial
Year includes leaves, medical assistance and insurance.
Identify the hazards associated with each step and task
We provide the below key benefits to ensure employees can
Identify controls in place for each hazard
strike a work-life balance:
Identify applicable legal obligations relating to risk
assessment and implementation of necessary controls
Our flexible working policy and work from home options
enable employees to adjust their hours based on their
Estimate the potential Severity of an incident associated personal commitments; more than 95% of our employees
with each hazard for both safety and health aspects were working from home during the pandemic
Estimate the probability of an incident occurring for each
Globally, Wipro commits to provide 12 weeks of paid
hazard (given existing controls) maternity leave to female employees across the globe; 5
Calculate the risk and identify possible additional controls days of paid leave to male employees/secondary caregivers
needed for these hazard

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to be availed within first 90 days of childbirth and 4 weeks Employee experiences, engagement
of paid leave for adoption/surrogacy. Parents also have the
option of the extended parental leave (90 days on unpaid and communication
basis) to care for and bond with their new-born. Earlier
the extended leave post childbirth was only available to
Employee communication
women, now we have included even new fathers under the As we move towards a hybrid way of work, the need to
purview of this policy to enable them to take the extended foster a culture of connectedness and belonging within the
parental leave for 90 days anytime within the first year of organization becomes more critical than ever. Our people
childbirth. In the event that the local legislative standards are our strength and at the center of everything we do, and
are more beneficial, the local legislative standards would the core of this is ensuring we create a workplace where
apply. Apart from these, we also have day care and breast- each Wiproite feels heard, included, and respected. Our
feeding/lactation facilities for all our full time and contract communication strategy focuses on building trust, pride,
employees in India. At present, we have 10 on campus day transparency, and authenticity. We inspire colleagues
care centres and tie ups with over 100 centres pan India to live our purpose and uphold our values while creating
differentiated experiences for them.

All our employees in India are covered under the medical
and accident insurance policies. These benefits are also In line with this strategy, given the plethora of information
provided to employees across geographies as per the available to Wiproites, we follow an evaluation process of the
applicable laws of the land messages that need to be communicated with employees, so
that every Wiprotie has all the latest information and updates
Financial well-being they need to do their job.
We continually strive to provide our employees with Last year, we launched the myCommunication platform
compensation packages commensurate with their skills and that gives users the freedom to choose the updates and
experience in accordance with laws of the land. Our salaries information they want to receive when they want it. This
determined by market prices and also the cost of living in a platform also gives employees the ability to send us feedback,
particular city/state/country. This approach ensures that we which is then relayed to the right stakeholders for action.
are pay fairly and justly to all employees, maintaining a certain Within six months of its launch, the platform has more than
standard of living. The offered package for both full time and 200,000 users with over 8,45,000 engagement actions (like,
contract employees is well above the statutory minimum view, share, bookmark).
wage. Our benefits program follows an integrated approach
While our colleagues are now starting to come back to office,
and provides a range of options for better financial and social
last year was predominantly a Work from Anywhere model.
security, including efficient tax-management options, life
And that meant we were engaging with our teams virtually.
and accident insurance, and medical packages. Apart from
From celebrating national and international days that
this, periodic webinars are conducted to raise awareness on
unite colleagues across regions, to increasing awareness
financial planning, investments, and more. We provide long-
of peoples with different abilities, to having a bit of fun on
term incentives (LTI) by granting restricted stock units (RSUs)
National Donut Day, we supported our colleagues with a host
and Performance Stock Units (PSUs) to employees at senior
of initiatives that enabled them to engage at multiple levels.
leadership roles holding key positions. Our LTI plans are aimed
We encouraged colleagues to give back to the community and
at motivating and retaining key leaders. We continue to drive
be socially responsible. We also brought families together by
a high-performance and growth-oriented culture through our
actively encouraging participation to some of our events. The
variable pay programs. Our management compensation is
goal was to ensure colleagues have access to the information
closely aligned with organizational objectives and priorities
they need, wherever they need it. And to stay connected with
and rewards for high performance. We also conduct monthly
each other and with the organization wherever they are.
audit of all labour standards for all full-time and part-time
employees. To ensure all our Value chain partners are Other ways in which we drive employee communication and
remitting statutory dues to the employee and the authority connectedness include:
regularly, we conduct regular audits of all third-party vendors
Wipro OnAir –our flagship global podcast series, launched

by internal auditors and external labour consultants.
in 2017 to showcase our culture and people, has received
over 820,000 hits across 110 podcasts
Yammer, our enterprise social platform since 2014,

currently has over 200,000 users who have shared more
than 3.2 million messages and formed thousands-strong
communities within Wipro. It continues to be the largest
social engagement platform at Wipro.
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O O OO ® Capital-wise review O
•
MS Teams act as an effective collaborative tool as remote
Human Rights & Values at Wipro
working became the norm. It continues to be used to set
up meetings, instant messaging, group messaging, data Commitment to Human Rights
sharing, and collaboration across geographies and time Wipro is committed to protecting and respecting Human
zones. The platform has over 200,000 users with over 64 Rights and remedying rights violations in case they are
million conversations per month. identified; for example issues relating to human trafficking,
As a central internal communications team, keeping in forced labour, child labour, freedom of association, the right to
mind global labour laws, we share important safety-related collective bargaining, equal remuneration and discrimination.
messages with our contractors and temporary staff through Providing equal employment opportunity, ensuring
appropriate channels as needed. distributive, procedural, and interactional fairness in all what
we do, creating a harassment-free, safe environment and
Employee Experience Survey (EES) and respecting one's fundamental rights are some of the ways in
Employee Insights which we ensure the same. As an equal opportunity employer,
EES is a purposefully designed active listening mechanism to we do not discriminate on the basis of race, colour, religion,
understand employee experience at the organizational level. sex, national origin, gender identity, gender expression,
Covering the entire employee lifecycle, the survey gauges sexual orientation or disability. Our Code of Business Conduct
the overall engagement and satisfaction on aspects such as (COBC), Supplier Code of Conduct and Human Rights Policy
career, work life balance, enabling environment, and more. are aligned to globally accepted standards and frameworks
The annual EES was put on hold in 2020 due to the onset like the U.N. Global Compact, U.N. Universal Declaration
of the pandemic. However, this year again, we rolled out of Human Rights and International Labour Organization's
the annual Employee Experience Survey. Here are the key Declaration on Fundamental Principles and Rights at Work
highlights from the survey: (ILO Declaration). They cover all employees, suppliers, clients,
communities and countries across geographies where we do
• Over 115,000 employees participated vs over 106,000
business. Wipro is also one of the founding members of CII's
participation in 2019
Business for Human Rights Initiative.
• The overall engagement score received was 80.1%, an increase
of 5.1% compared to FY19 Freedom of association
• There has been an increase in scores for all six engagement We respect the right of employees to freely associate without
drivers over FY19 fear of reprisal, discrimination, intimidation or harassment.
• Engagement scores of women at 82.9% is higher than that of Our employees are represented by formal employee
men at 79.1% representative groups in certain geographies including
• The overall experience score has increased by 7.9% from
Continental Europe and Latin America which constitute
FY19 to 75.2%, indicating an increased sense of belonging at 1.8% of our workforce with a further 2.4% under collective
the workplace bargaining agreements. Our HR representatives ensure
• Support during the pandemic has emerged as the highest
legislative awareness and compliance and meet these groups
scoring experience driver, followed by Meaningful Role periodically to inform and consult on any change that can
impact their terms and conditions or work environment.
• Remote work environment, Training/Learning &
Development are the top two areas of strength in the Risk identification process
qualitative feedback, while Role / Career and Rewards &
Recognition are areas that need more focus We have established committees and processes like the
Ombuds, Prevention of Sexual Harassment Committee,
Digitalization and talent analytics Employee Experience Survey, Audit/Risk & Compliance
We continue to digitalize and transform our internal committees, EHS, an Inclusion & Diversity Council and Culture
systems to drive business outcomes and enhance employee council to review progress and formulate strategies to address
experience. Relevant analytics and insights are made issues pertaining to compliance, safety and a harassment-
available to HR business partners and business to enable free workplace. These processes are periodically reviewed
decision-making based on data. by the top management. We keep our employees informed
about these processes regularly through trainings, mailers and
internal social media platforms. We have identified the need
for a continuing Human Rights due diligence program, which we
plan to carry out this year. The human rights requirements form
part of our business agreements and contracts. Also, a detailed
due diligence is done before each merger or acquisition which
outlines compliance and governance risks.

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Identified risks Contract employee engagement

Through various projects, audits and feedback we have We engage contract employees for supporting our projects
identified the following as potential risks to Human Rights: in India for short-term assignments. The duration of such
engagements varies depending on the project and the role.
A level playing field across key pillars of diversity
We ensured insurance coverage for these employees during
specifically for Employees with Disability and the COVID-19 pandemic. We have also ensured complete
LGBTQ+ community compliance on processes like internal mandatory trainings
Evaluate the benefits and engagement of extended/
(i.e. Information Security, Data Privacy, and Prevention of
contract workforce Sexual Harassment, among others) as well as background
Eliminate unconscious bias at the workplace
verification. The resignation portal for contract employees
has been modified to include asset declaration. Processes
like reimbursement and invoicing have been digitalized to
Mitigation policies/processes provide contract employees with a faster and more seamless
We have created specific interventions to tackle these issues: experience. We have also implemented a new tool “Simplify
A level playing field across key pillars of Vendor Management System (VMS)” which manages Purchase
diversity specifically for Employees with Orders for our contingent workforce.
Disability and LGBTQ+ community Sensitization on unconscious bias
Inclusion champions and allies from the business have been We have an e-learning module to raise awareness among
trained to conduct awareness sessions for employees across employees on how they can eliminate biases at the workplace.
units. These sessions cover themes like understanding gender At present, over, 180,000 employees have completed the
and sexual orientation, inclusive language and behavior at Unconscious Bias E-module.
the workplace, becoming an ally, among others. We are also
creating an LGBTQ+ toolkit that will act as an important People results
reference and aid to enhance understanding of the LGBTQ+
community. It will also act as a helpful guide on working with We have a culture of transparent and voluntary reporting
and managing colleagues from the LGBTQ+ community. To across capitals which include the Business Responsibility
foster more inclusion of colleagues with disability, we have and Sustainability Report, the Sustainability Report, the Dow
developed in-house awareness modules and workshops on Jones Sustainability Index, Ethisphere Institute to name a
aspects such as inclusive procurement, digital accessibility few. This has strengthened our employer brand and internal
plus Web Content Accessibility Guidelines 2.1 standards, business processes, creating differentiated people outcomes.
inclusive recruitment, and more. Customized workshops Leaders who significantly influence human capital strategies
are conducted periodically to raise awareness and equip of the organization are measured on the performance of key
employees on non-discrimination, accessible workplace, indicators in this area. The indicators provide insights into the
communicating in sign language, awareness on reasonable effectiveness of human capital strategies and are reviewed
accommodation and workplace solutions to strengthen the regularly both at organizational and individual business
inclusivity quotient. unit levels.
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Intellectual capital
Intellectual capital is core to Wipro’s strategy.

It creates value for the customers and drives
sustained growth, differentiation, non-
linearity, and profitability for Wipro.
Wipro’s Intellectual Capital comprises of domain and
technology Business Solutions that are powered by IPs built
by its R&D teams leveraging partners, academia, and start-
up ecosystem.
Wipro has been awarded CII Industrial Innovation Awards

2021 under the category “Special Recognition - Large
Enterprise in Service Sector”.
Wipro was evaluated for its capabilities around innovation

offerings and IP management maturity.
One of the five strategic priorities for our organization is, to

lead with Business Solutions by focusing beyond the IT office
and by leveraging our industry and technology expertise.
In alignment to this priority, Wipro has a comprehensive
portfolio of Business Solutions, that spans across industries
and technologies with implementation success stories across
geographies. Targeted to solve specific business challenges
of our customers, these solutions are composites that
have IP-based assets at their core and are packaged along
with our people-based expertise and capabilities from our
partners, start-ups and alliances. Our Business Solutions are
easily consumable and are offered in flexible and simplified (E.g. Wipro virtuadesk), Buy IP (E.g. ITI), Invest through Wipro
outcome-based and as-a-service commercial constructs. Ventures and Technology Enablement by acquisitions (Capco
Wipro has a separate funding program called Horizon - Digital and technology consulting provider for BFSI, Edgile -
Funding Program. As a part of this, we identify and incubate Cybersecurity consulting provider).
disruptive business ideas, thereby helping to drive significant Some of the assets from our Business Portfolio are - Health
growth and differentiation for Wipro from a 2-3 year horizon Plan Services, Digital Workplace (virtuadesk), Medicare
standpoint. The key objective of this program is to build Advantage 360, Digital Lending with NetOxygen, Topcoder
disruptive solutions with focus on building platforms, (Talent Cloud), ITI Products (CADfix, CADIQ, DEXcenter), Wipro
products and solutions of the future; and also to develop Holmes and Wipro FullStride Cloud Studio.
competencies through co-innovation.
The assets newly added to our portfolio of Business solutions
Wipro runs an idea-hunting program called ‘The Great Blue are: Wipro VisionEDGE (Video & Digital content display and
Heron’ (The bird – Great Blue Heron is a great fisher and signage solution), Wipro SearchNxt (Cloud Native Knowledge
fishing is used as a metaphor for idea hunting) for capturing Management platform), Wipro Nuage (Smart on-prem
high-potential opportunities across customers, domains and & multi-cloud orchestrator for HPC Workloads using AI/
technologies. The Great Blue Heron’s HaBBIT Framework is ML), Digital Value Accelerator (End to end automation
then leveraged to add the solution to the portfolio. Through lifecycle management platform), ModerniZ (Legacy to cloud
HaBBIT, the solutions can be incubated using any of the five application modernization).
ways - Harvest & co-Innovate (E.g. Wipro Nuage), Build IP

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Intellectual property Open innovation

We believe that IP is increasingly a strong driver of business Our Open Innovation programs further enrich our innovation
competitiveness and profits, especially in a knowledge capabilities by co-opting an extended innovation ecosystem
intensive industry. Our IP portfolio is key to our strategy to of start-up partners, academia and expert networks. During
drive non-linearity, and we believe that our IP will differentiate the year ended March 31, 2022, we signed partnership
our products and services, introduce new benefits, reduce agreements with University of Haifa and IIT Roorkee for
costs and improve products and services quality. We rely on a jointly working on identifying possible quantum computing
combination of patent, copyright, trademark and design laws, approaches to complicated business problems. Wipro’s
trade secrets, confidentiality procedures, adherence to Wipro research teams work with the University of Texas at Austin,
IP policy, and contractual provisions to protect our IP. IIT Bombay, IIT Madras, IISc Bangalore, , IIT Patna, Tel Aviv
University and the Institute of Wood Sciences, Bangalore,
We have invested in developing IP across business solutions,
among others, on various topics in AI, Natural Language
products, platforms and service accelerators. This IP
Processing (NLP), encryption, 5G, blockchain, autonomous
development enables us to provide standardized solutions
vehicles, Computer Vision (CV) and other critical new
to our customers and obtain significant time-to-market
technologies. We also continued to incubate new innovative
advantage over the general preference for customized
start-up partnerships and scale existing relationships through
solutions that entail higher cost and longer timelines. Using
joint engagements.
our IP, we are able to offer innovative commercial models in
delivering services. We own and retain such IPs and majorly Our innovation centres, the Technovation Centre at Bengaluru,
engage in licensing such IPs to our customers. Whereas India and the Silicon Valley Innovation Center in Mountain
our clients usually own the IP in the software deliverables View, California are state of the art innovation incubation
(customizations, specific application development) that we centres that build technology-led innovations to realize
specifically developed for them under a contract. the ‘art of the possible’ in emerging business environments
for our enterprises around the world. These centres bring
As of March 31, 2022, we have 1,092 granted patents in
together an innovation ecosystem, a set of best practices, IP
various countries. We have filed 41 patents during the year
and research and development resources to help our clients
ended March 31, 2022, and currently have approximately 982
develop successful initiatives. To overcome the constraints
patent applications pending grant in various jurisdictions
created by the COVID-19 pandemic we created digital ‘twins’
across the world.
of our innovation centres and became truly virtual, through
As of March 31, 2022, we held 366 registered trademarks which we hosted a number of our customers and other visitors
including registered community trademarks in India, Japan, over the last year and showcased our best technologies
the United States, Malaysia and over 70 other countries. Over and solutions. Additionally, the Technovation Centre has
13 trademark applications are pending for registration in developed human-free and autonomous industry solution
various jurisdictions across the world. concepts at the convergence of information technology,
operations technologies, engineering technologies and
We require employees, independent contractors and,
industrial game technologies. These are rendered into the
whenever possible, vendors to enter into confidentiality
CAVE and holographic systems, which are both room scale
agreements upon the commencement of their relationships
VR environments. Business technology needs, such as hybrid
with us. These confidentiality agreements generally
augmented intelligence, Augment Virtuality, intelligent
provide that any confidential or proprietary information
mechatronics and an integrated approach to simulation and
being exchanged or developed by us or on our behalf be
modelling are driving research activities.
kept confidential. These agreements also provide that any
confidential or proprietary information disclosed to third Our Advanced AI Research Center works at the cusp of
parties in the course of our business be kept confidential by ongoing research in the field of AI and its applications. The
such third parties. team focuses on diverse research areas such as Responsible
AI, AI for security, AI for hyper automation, Generative AI
While we invest resources in developing, maintaining and
etc. The team is collaborating with academic institutions,
protecting our IP, we deeply respect the IP held by our
such as UT-Austin, IIT-Patna, and IIIT-Delhi on some of
customers, vendors and other business partners.
the research areas. Some of the accelerators the team is
working on are a self-supervised approach for document
segmentation using less training data, curb fake news and
hate speech in social media, CodeMix language modelling
to create intelligent mixed languages conversational engine
and explaining emotions in speech and answering questions
with information spread across paragraphs using multi Hop
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QA We have also ventured towards the goal of making AI

transparent by focusing on model explainability and data
Quantum computing
privacy using homomorphic encryption. The research lab Quantum computing has disruptive possibilities in areas like
created proof of concept for one of our large logistic services encryption, optimization problems, and simulations for the
clients to improve text extraction accuracy by 70% for invoice pharmaceutical, oil and gas and health industries. Quantum
processing. Other client engagements include developing computing is a hotbed for research and experimentation
document classification algorithms for accurate key value is currently led by big technology vendors, academia and
entity extraction, utility infrastructure drawing extraction and start-ups. At Wipro, we have formed a ‘center of excellence’ to
technical manual translation from German to English using research applications of quantum computing in the areas of
machine translation. ML and optimization. We have also built collaborations with
leading academic institutions and have an active quantum
Robotics computing community. We have launched a dedicated
quantum computing practice in our Engineering Research
In Robotics we are developing 3 platforms; Wooden utility pole and Development (‘ER&D’) department to accelerate go-to-
inspection, drone-based stock-take and AMR based material market, and have had proactive conversations with banks
transportation. For wooden utility Pole inspection, we have and oil and gas customers. Our existing practices, including
developed an AI based internal defect detection and localized Cloud Infrastructure Services, Wipro Digital, and ER&D
algorithm at an accuracy of 92%. Pilot testing of this with a have been built capabilities on various market platforms
customer is in progress. We are currently testing our custom and pursuing industry use cases that can be best solved by
drone-based warehouse stock take platform in a warehouse quantum computing.
setup. We have developed multi AMR based order servicing in
collaboration with a research institute in Germany as part of Open source
AMR based transportation platform. One of the IPs developed
has been deployed in production with a logistics customer Open source is the dominant technology model today. Every
in USA. This is currently helping customer to classify non- technology innovation is open source or open source-based;
standard packages at an accuracy of 95%. from cloud computing to digital transformation to AI and
5G. Global enterprises are adopting, contributing to, and
Blockchain creating open source at a dramatic pace trying to leverage its
strategic, technological, operational and financial benefits. As
The blockchain capability at Wipro has been consistently more and more enterprises attempt to redefine themselves
ranked in the Leader segment by global industry analysts as technology companies, they are identifying open source
such as Everest Group, IDC and Avasant. We have helped technologies and methods as a way to drive transformation
organizations realize value from blockchain initiatives by and become a more innovative and agile organization. As
offering services in the areas of creating new markets, re- more organizations recognize that open source is a strategic
distributing markets, and streamlining existing processes. Our asset, they require the needs of a partner with broad and
strategy is to create a Minimum Viable Ecosystem to help our deep open source experience and offerings to be able to
customers to jump start their blockchain innovation journey. manage potential risks and realize the full benefits. Wipro is
In the blockchain advisory and consulting space we help ideally placed with a set of offerings that assist organizations
customers create their roadmap for their blockchain journey throughout their open source journey; from our unique
and identify expected ROI from blockchain initiatives. We strategy and technical consulting and maturity model, to
offer smart contract and distributed application development best-of-breed open source solutions delivering accelerated
services amongst others in our application services offering. time to market automated provisioning, observability and
We have created three platforms – the Supply Chain, Digital monitoring. Wipro’s Unified Monitoring and Observability
Assets and Decentralized Identity platforms – to help Solution provides a contextualized end-to-end blueprint for
customers accelerate founder-led networks. To accelerate complete aggregation of systems and software enhanced
our progress, we have partnered with leading technology and by AI. Our PaaSForge solution offers accelerated automated
business consortia such as Hyperledger, Enterprise Ethereum provisioning of a contextualized, curated, pre-integrated open
Alliance, Hedera Hashgraph, Energy Web Foundation, source-based PaaS solution. Wipro’s investments in upskilling
Blockchain in Transportation Alliance, among others. Over thousands of resources, engaging deeply in the open source
the years, we have helped organizations create new revenue ecosystem and building unique services have made us
streams through a peer to peer energy trading consortium, the trusted open source partner for organizations across
have enabled redistribution of existing market operations and the globe.
have built traceability platforms for our customers.

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X/Gen Y) for entrepreneurship where they own the creation of

Talent cloud digital assets (content/3D Designs/Models) and brands will
We have invested in crowdsourcing through Topcoder, a have to adopt to the new change by being a value exchange
Wipro Company, the world's largest technology network and entity to market and sell their product in the creator economy.
on-demand digital talent platform with more than 1.5 million
developers, designers, data scientists, and testers around While the initial adoption of Metaverse is across Media &
the globe. Topcoder empowers organizations to leverage the Entertainment, Consumer, Sports, Virtual Events, Learning &
flexibility of its key enterprise offerings around Enterprise Development, it will evolve, and other industry sectors can be
Crowdsourcing (Design, QA, Dev, Data Science), TaaS, and seen embarking on the journey soon. As the first step, forward
Workforce Transformation (Strategic Consulting). Our looking companies are investing in enabling technologies
community and our customers come together on the Topcoder which includes immersive (3D Design, AR.VR.MR.BCI, XR) ,
platform to collaborate and build enterprise grade digital Headless Commerce, Digital Twin, Block Chain, Networks(5G/
assets. Enterprises distribute work through the platform Edge), Cloud & AI (for synthetic media) to adopt , be relevant &
where community members develop innovative solutions, sustain in the creator economy.
win money, gain experience, and earn recognition. Topcoder Wipro has full-fledged solutions on AR and VR which are
became a part of Wipro Limited in November 2016. transforming the information sharing process, field force
training, upskilling, modernizing, on-job support and on time
support processes for enterprises and consumers.
Topcoder has worked with about
Our four industrial transformation platforms, Connect,
470 customers, developing IP for connect+, Coalesce and Cicerone, are improving workers
them across the spectrum of design, performance, efficiency and compliance for a new generation
development, and data science. of workers by enabling field service teams and subject matter
This spans over 2,100 projects and experts to collaborate in real time, providing augmented
34,000 challenges/tasks that the information on physical products, providing novel ways
of training and also provide directions to people in places
Topcoder community helped produce
without GPS connectivity. We have also developed multiple
deliverables and IP. proof of concepts in the field of AR/VR/Mixed Reality out
of our innovation labs focusing on field assistance, worker
training, and spatial experiences for high value purchases.
We are also investing in TopGear, our social learning and Our CAVE Industrial VR setup enables us to collaborate with
crowdsourcing platform. TopGear is a powerful learning multiple stakeholders at the same time and operate remote
platform, focusing on workforce transformation in Digital command centres demonstrating the future of work in
and “in-demand” skills. It consists of over 2,000 learning complex industrial environments.
assignments and case studies across 200 skills in addition to
live projects. It provides hands-on experience to employees on Further, the adoption trends in digital identities, commerce
emerging digital skills that enable them to become customer- (increase in brands adoption to headless commerce),
deployable on those skills. Employees can self-select projects crypto currencies, tokenization (NFT) & crowdsourcing will
that interest them and prepare themselves for future projects. create more opportunities and enable Metaverse to be the
TopGear also enables workforce transformation through mainstream. Enterprises who have developed capabilities
structured learning paths aligned to business-specific needs. across these technologies will have an edge & find a seamless
acceptance as a value creator in the creator economy. This
Metaverse will bring businesses to a new world where the constant,
enhanced interactions between the users and the products
Internet Revolution driven by Metaverse will disrupt the entire will drive more engagement and adherence to brands while
business model. There will be a paradigm shift in the way progressively changing the way we live and communicate.
consumers, suppliers, partners & employees would interact With increasing customer interests in the metaverse, Wipro
to create, buy, sell, spend, learn & collaborate in the new is striving to bridge the gap between physical reality and the
boundless creator economy controlled by user communities digital world and open a doorway to a whole new world.
who will be the value creators in the Metaverse economy.
This will also foster an open innovation culture and create
significant opportunities for the new generation crowd (Gen
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Social and relationship capital
Organizations earn and maintain their societal license to provide integrated support for our 200,000+ employees working
operate by adopting an integrated perspective and co- remotely through helpdesk, location-wise IT teams, asset
create social value by engaging with its customers, business management, problem management, reporting & compliance/
partners, vendors, investors, communities and civil society. To quality monitoring for seamless end user experience. This
this, we also add another key stakeholder– future generations, required setting up of 24/7 service desk for technical support,
helping bring a perspective from the unrepresented future, 24/7 Laptop Walk-in Centre (LWC) across locations as a one-stop
but that is core to creating a sustainable society. We talk place to address IT issues as well as remote Service Desk with
about each of these stakeholders in brief below. Chat & Voice Options. We also set up new employee onboarding
IT support teams for enhanced user experience. The ticket
Customers response time has been reduced to less than 3 minutes and
consistently reduced the average resolution time across all
We believe in creating value for the customers that goes
incident categories to less than 90 minutes.
beyond our contractual obligations. This stems from our
relationship approach based on trust and collaboration. Ensuring cyber-security and data privacy compliance continues
Active engagement at multiple levels is critical to meet and to be a priority issue, especially in the new work-from-home
understand the expectations of our customers. scenario. Our out-of-office end-point compliance percentage
has improved from 63% in May’21 to 91% in Mar’22. The average
The Customer Satisfaction Survey (CSAT) questionnaire has
Compliance percentage across all critical postures is currently
been revamped to address areas relevant for growth, viz.
trending at 98%+. We have introduced self-help solutions for the
Strategic, Forward looking, Delivery led growth, New Models
end users to maintain their asset compliance automatically.
of working, Digital Roadmap, Value Delivery. Our half-yearly
reimagined CSAT Survey is conducted through an external Emerging issues and trends
partner to get an independent view of customer engagement.
The latest Global Risk Report by the World Economic Forum
It captures the voice of customers at various strata i.e.,
has highlighted social and environmental risks as the most
Decision makers or CXO’s, Influencers or Senior Leadership
critical, while technological risks such as digital inequality
and Middle Management or Operational leadership team
and cybersecurity failure are other critical short- and
for various engagements at the account level. We also
medium-terms threats. We aim to engage and collaborate
continuously capture feedback from customers through
with customers by bringing together our experience and
direct interactions, informal meetings, governance meetings
strategic investments to solutions in areas like Net Zero,
and senior management interaction with the client. We
decarbonisation and sustainability, data privacy, open
continually look for avenues to create value for customers
source, and crowdsourcing of talent (Top Gear). Wipro has
through initiatives like BVM (Business Value Meter) and
put in place a rigorous carbon accounting and management
Joint Innovation Council framework to identify customer
program over the past two decades. Wipro is committed
priorities and business challenges which are jointly addressed
to achieving Net-Zero GHG emissions by 2040 and is part
by leveraging the larger ecosystem of both customer
of leading industry networks working on the subject like
organization and Wipro.
Transform to Net Zero, WEF and Open Footprint. Data
Net Promoter Score is an index used to assess customer’s privacy is a key material issue for customers. With increasing
likelihood to recommend Wipro. Based on the CSAT survey, digitalisation of businesses and the shift to hybrid ways
our CXO Net Promoter Score for FY’22 has increased by of working, business data is susceptible to more risks
508 bps and overall NPS score has improved by 249 bps from than before. Wipro has an enterprise-wide robust data
FY’21. Furthermore, there has been a 38% YoY reduction in privacy framework in place to ensure the safeguarding of
new customer escalations. data at all levels. Open source plays a key role in Wipro’s
strategy. Top coder which is our on-demand technology
Enabling customer experience and productivity
talent crowd sourcing platform, has 1.5 million strong
in the new way of working
community technologists.
The majority of employees continue to work remotely or in
a hybrid mode. Through the pandemic, with the priority of
uninterrupted continuity of customer service, we continued to

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Partnering with customers on their These offerings draw from Wipro’s expertise in cloud,
sustainability and ESG journey sustainable IT, sustainable design, innovation and experience,
With the risk of catastrophic climate change, sustainability is an sustainable finance, engineering, cybersecurity and other
existential challenge that every organization must come to terms lines of businesses to offer the type of unified transformation
within the near future. Yet, rather than viewing sustainability that clients need to achieve their sustainability and Net Zero
merely as a problem, Wipro sees it as a unique opportunity to goals. Our two entities Designit and CAPCO provide design-
rethink business as usual and embark on a path of genuine, led sustainability consulting across sectors and sustainable
holistic business transformation. finance solutions for financial sector clients respectively.
Technology partnerships are a key enabler, and Wipro’s
At Wipro, sustainability is imperative to the core of our alliances with many of the world’s leading enterprise software
business. From our own internal operations to our product providers, cloud computing, and technology companies allow
and service lines, it touches every aspect of the company. us to create unique and comprehensive solutions for our
clients.
Sustainability challenges are often
technological challenges, and Wipro enables For more information, refer to
client transformation in their Net Zero journeys https://www.wipro.com/sustainability/
by strategically harnessing the power of We have 120+ customers who are part of independent raters
technology, domain expertise, and experience like CDP Supply Chain, Ecovadis and industry-led consortiums
across the following three dimensions: that assess company’s performance on sustainability related
aspects, which include human rights, environment, supply
chain, labor practices, etc.
Wipro’s own efforts in reducing its Scope 1-3 GHG

emissions to achieve net zero by 2040 Open Source
Supporting the evolution of clients and partners towards
Developing, using and contributing to open-source software
Green IT operations by modernizing operations and in is a proven sustainable approach to software development.
energy transition Open source is present in 96% of all software used today, and
Comprehensively engaging with clients across their value
all global enterprises use open source one way or another. We
chains to enable sustainable operations and product- estimate that at least 50% of all Wipro projects/engagements
service capabilities through business value chain have some element of open-source components in them.
transformation (less carbon-intensive business models Open source enhances innovation, delivers higher quality
through circular supply chains, waste recovery and software and is an efficient way to attract and retain talent.
recycling, and product lifecycle extension) When an organization uses and contributes back to the open-
source software they use enhances the ecosystem which
benefits all who are involved. This model of collaboration is
the most efficient and effective way of developing software.
With more than 30 sustainability-aligned services and
Organizations like the Red Cross, UNESCO, WHO and the
offerings, our capabilities are integrated, comprehensive and
EU have designated open source as a strategic technology
customizable across every industry, including Manufacturing
and as a way to bring knowledge and skills to all countries
and Heavy Industry, Banking Financial Services & Insurance,
and citizens. The United Nations has specifically called out
Electricity, Oil & Gas, Transportation & Logistics, Health
open source as a way to make information more broadly
Care and Life Sciences, and Consumer Goods. A few that
available in developing countries and meet Sustainable
we have recently implemented include integrated energy
Development Goals.
management for a large warehouse company, platform
transformation and systems consolidation for a large oil and Engagement in the The open-source ecosystem—from key
gas company, better user experience for electrical and gas industry foundations and corporate-sponsored communities,
infrastructure monitoring, devices and services for smart to individual, unaffiliated projects—is an important strategic
energy management by end customers, P2P trading in activity for Wipro. Through consistent engagement, we upskill
renewables for energy companies, sustainability reporting our developer resources, drive and collaborate on shared
systems, full material disclosure portal for large electronics internal and external innovation, and further strengthen
company and integrated workplace management with a Wipro’s brand as an industry thought leader. Our engagement
global industrial supplier. is, and will always be, respectful, collaborative, and
focused on supporting the long-term viability of the open-
source ecosystem.
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IT security and data privacy Directors. Wipro does not share personal information about
customers with affiliates, partners, service providers, group
Wipro’s IT infrastructure is certified under the ISO 27001
entities and non- affiliated companies except in cases where
standard which provides assurance in the areas of
we have the end-users’ consent for a legitimate purpose or
information security, physical security and business
when legally required to do so.
continuity. We benchmark our processes to meet the EU’s
General Data Protection Regulation (GDPR) and SOX IT Data privacy by design and default (PbD) is a key topic that
compliance requirements. has been addressed in most of the data privacy regulations
Data privacy is an integral part of Wipro’s Code of Business worldwide. Privacy by design is one of the most critical
Conduct (COBC), emphasizing the importance of privacy in elements of Wipro privacy program. The inclusion of PbD in
business transactions. The COBC applies to all employees the privacy program enables an organization to embed privacy
and members of the Board of Directors of the Company. It also requirements in the early stages of any project and continues
applies to individuals who serve the Company on contract, throughout the lifecycle and ensures all the critical controls
subcontract, retainer, consultant or any other such basis. and elements of the privacy program are in place holistically.
Wipro has a formalized PbD framework by developing a
In addition to Code of Business Conduct, Wipro has a robust methodological procedure to guide the organization through
enterprise-wide data privacy framework that includes but the implementation process – including all Wipro in-house
not limited to various governance mechanisms, corporate applications - in the capacity of a data controller.
policies, training and awareness programs, thorough privacy
impact assessments, privacy by design, data mapping, vendor Wipro has a dedicated ‘privacy incident management team’
due diligence, incident management and awareness. This to manage any potential or actual incident or data breach
approach ensures that our data privacy program continues related to customer privacy or personal data of customers
to be agile and is able to adapt to the upcoming international through our internal Security Incident Reporting (SIR)
regulatory challenges and developments in an efficient system. Due to the enormity of the risks associated with
manner along with the ever-evolving customer expectations. such incidents, Wipro prioritizes the detection, response,
The dynamic, modular, risk-based data privacy framework and recovery processes in the highest possible manner to
is in line with the cyber and information security framework, ensure effective and efficient management of a given privacy
enabling Wipro to comply with the relevant regulations and incident. At Wipro, privacy incidents are managed through
industry-best privacy practices allowing the Company to have a comprehensive approach starting with its overall Privacy
a competitive edge in the market to enable business. Incident management framework. Wipro has industry-leading
solutions such as DLP to auto-detect incidents and technical
Wipro has a dedicated central Global Data Privacy Team vulnerabilities that could lead to leakage of personal data
headed by the Chief Privacy Officer who reports to the Chief and triggers the communication to all required stakeholders.
Risk Officer & General Counsel. The Data Privacy Function Wipro provides comprehensive training to all its employees
at Wipro proactively manages and implements appropriate on privacy incident-management and reporting. In addition to
and effective measures and ensures compliance with privacy this a specialized branch of our Data privacy team manages
regulations applicable to Wipro as an organization. The privacy incidents 24/7 in a sensitive manner. There were no
Team is also actively involved in providing support to all the substantiated incidents concerning breaches of customer
client delivery functions and facilitate compliance with the privacy, PII (Personally Identifiable Information) and / or loss
internally established privacy frameworks when personal of customer data during FY’22.
data is processed for our customers. This Team also enables
various business lines in integrating the privacy principles and The Wipro data privacy framework upholds the importance
methodologies to enhance the sophistication levels of privacy of performing Privacy Impact Assessments (PIAs) on all the
training and awareness throughout the organization. products and offerings, that includes but is not limited to
the client delivery engagements, shared services platforms,
Wipro’s ‘Privacy Statement’ articulates the privacy and data products and platform, and internal corporate functions. The
protection principles followed by Wipro Limited and its entities PIAs are performed using risk-based approach and borrows
around the world with regards to the personal information best practices from industry-leading global standards. In
of its customers (including products, outsourcing and other FY’21, the team as part of GDPR Compliance program and its
services clients), partners, employees (current and former commitment to 100% PIA efficacy, has completed the PIAs for
employees, trainees), applicants, contractors, prospects 350+ internal Wipro applications.
and vendors and current or former members of the Board of

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Wipro has an established and well-defined process to handle Investors

subject access requests related to personal data, Wipro
respects every data subject's right and has a robust DSR Our endeavour is to, not merely, report true and fair financial
(Data Subject Rights) program in place to address the request results in a timely manner but also communicate the
from a data subject w.r.t. their right to be informed, access, business outlook, risks and opportunities transparently to
correct, request deletion or request restriction, portability the investor community. Increasingly, discerning investors
etc., as may be required under applicable law with timely are interested in the longer-term strategy of the organization
resolution and highly efficient counselling support. and ESG issues which are material to the industry. We deploy
multiple channels of communications to keep investors
Wipro has adequate data transfer agreements executed with informed about various development and events. In FY'22, we
its customers and vendors and is committed to responsible conducted 5 road shows, held 400 investors meetings and
transfer of data around the world. 4 earning conference calls. We also hosted our Investor Day
The Data Privacy Office maintains the Wipro privacy policies in November 2021 through which we communicated update
and procedures at a regular stipulated frequency. All on our strategy, ambition and priorities. We also attended 24
employees including contractors are required to complete the investor conferences.
mandatory privacy training, to ensure that they understand In addition, we participated in leading investor-led
key privacy concepts and principles, laws, best practices, and sustainability and ESG disclosures like Dow Jones
contractual obligations. Sustainability Index, Moody's ESG, FTSE Russell ESG, MSCI
Talent as a Service ESG and Carbon Disclosure Project. Wipro was selected
as a member of the global DJSI 2020 for the twelfth year in
On-demand talent as a service is seeing rapid adoption over
succession and included in both the DJSI World and Emerging
the past few years. Wipro acquired Topcoder in 2016-the
Markets Indices.
world's largest technology network and on-demand digital
talent platform with more than 1.5 million developers,
designers, data scientists, and testers around the globe.
Topcoder empowers organizations to leverage the flexibility of
its key enterprise offerings around Enterprise Crowdsourcing
(Design, QA, Dev, Data Science), TaaS, and Workforce
Transformation (Strategic Consulting). Our developer
community and our customers come together on the Topcoder
platform to collaborate and build enterprise grade digital
assets. Enterprises distribute work through the platform
where community members develop innovative solutions, win
money, gain experience, and earn recognition. In the reporting
year, Topcoder has worked with about 175 customers,
developing IP for them across the spectrum of design,
development, and data science. This spans over 445 projects
and 11,700 challenges/tasks that the Topcoder community
helped produce deliverables/IP for.
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Suppliers
Our approach to our suppliers is one of progressive partnership, based on core business requirements of quality, price, speed
in combination with non-negotiable principles of ethical and sustainable actions, e.g., zero tolerance for child labour. We
consciously call our suppliers ‘Partners’ as they act as an extended workforce supplementing the core delivery framework of
IT services and solutions by Wipro. The rest of our partners supply materials, equipment, finished goods, business support
services and facility management services for our operations.
Summary of supplier sustainability engagement

Wipro’s supplier sustainability revolves around the following three pillars:
Ethical assess our electronic waste recyclers on meeting recycling

standards. Some of the improvement areas are in better labour
Wipro expects its partners to follow ethical procurement
standards compliance and Health & Safety practices.
practices in line with core values of Wipro, the Code of Business
Conduct (COBC), Spirit of Wipro Values and Supplier Code of Equity
Conduct (SCOC). All the vendors are onboarded only after signing Wipro is an inclusive organization in spirit and in practice. We
Wipro’s SCOC which includes mandatory anti bribery & anti- have implemented inclusive procurement practices at all levels
corruption declarations. We have system enabled database of the supply chain. Wipro mandates its partners to adhere to
checks (Refinitiv Tool) for vendors across geographies, third- principles of human rights, employee welfare, health and safety,
party tools to track labor compliance in India every month and standards of minimum wages and maximum working hours.
credit scoring of suppliers customized for each category (S&P
Wipro being an Equal Opportunity employer is committed to
Capital IQ tool). We conduct annual sessions on anti bribery
procuring products and services which are developed based on
& anti-corruption to identify high-risk geographies and social
universal design principles and accessibility standards such
compliance programs for manpower services providers.
as Harmonized Guidelines (HG), 2016 Government of India for
Ecological physical infrastructure and the WCAG (Web Content Access
Our IT hardware procurement guidelines are in accordance with Guidelines) 2.1 AA meant for ICT products. We consider this is
the Electronic Product Environmental Assessment Tool (EPEAT) critical towards creating equitable opportunity for all users, in
standard from Green Electronic Council (GEC) since 2017. We particular for our employees with disability.
have purchased more than 10,350+ products across desktops, Wipro has a robust global supplier diversity program which aims
laptops, displays, imaging equipment and mobiles in 2020. to promote equal entrepreneurial opportunities for historically
This is estimated to lead to a GHG reduction of 403 tons CO2 disadvantaged small local businesses, enterprises owned by
equivalent, 15.01 MWh of energy savings and 2.3 million liters of women, LGBTQ, persons with disability, minorities, and other
water over the lifetime of products. We received this assessment similar groups.
from GEC in 2021. Wipro has instituted two flagship programs for new as well as
Based on this, we are the only IT services and consulting existing suppliers meeting certified norms of diversity: the ‘Wipro
organization globally to have received the EPEAT purchaser Inclusion & Diversity Opportunity for Vendors (WINDOV)’ series
award in 2021 across 4 product categories. Read more: https:// of virtual conclaves that enable direct access for small suppliers
globalelectronicscouncil.org/epeat-purchaser-awards/. to present their capabilities to the global procurement team
Our green building program follows an integrated approach and the ‘Wipro Inclusive Supplier Development and Mentorship
spanning design, engineering services, materials and equipment (WISDOM)’ program to strengthen these businesses by providing
procurement that meet stringent environmental criteria – both, management as well as technical support to participating
at the construction and at the operational stages. In addition, we diverse suppliers.
continue to procure renewable energy through Power Purchase To illustrate, WINDOV Conclaves have enabled us to source
Agreements (PPAs) from RE generators across three states in goods from remotely located Indian tribal women and American
India. In the reporting year, we also completed an assessment businesses located in Historically Underutilised Businesses
of RE generators in two states based on the principles of the (HUB) zones; WISDOM interactions have enabled us to identify
‘Responsible Energy Initiative’ set up by ‘Forum for the Future’. addressable barriers to increase our spend with existing Wipro
These cover various social and environmental aspects in the diverse suppliers.
setup and maintenance of power plants including impacts On account of our supplier diversity initiatives, we were able
on local communities. Over the next few months, we plan to to register 12% of our global spend with certified diverse and
incorporate the learnings from the assessments in our present MSME suppliers during FY’22 and aim to increase our global
and future RE procurement engagements. We also annually diverse spend to 15% by 2024.

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Community initiatives
At Wipro, we think that it is critical to engage with
the social and ecological challenges that humanity
Approach to CSR is facing. It is our conviction that the engagement
with social issues must be deep, meaningful, and
Our approach to social responsibility and sustainability rests
formed on the bedrock of long-term commitment.
on three important pillars:
This is the only way by which real change can
The Strategic: We choose domains and issues to engage with happen on the ground. It is also reflective of
that are force multipliers for social change and sustainable the fact that such an approach serves both
development. Social responsibility is as much about being enlightened business interest and social good.
a sustainable organization as it is about external initiatives.
We have committed ourselves to an approach
Therefore, some of our areas of engagement lie at the
that is focused on bringing change inside out
convergence of business goals and social purpose.
at four different levels: 1) Fulfilling basic duties
The Systemic: Within the chosen domains, we choose to and obligations, and practicing high levels of
engage on systemic issues that require deep, meaningful corporate governance and transparency; 2)
and challenging work. Given the nature of social change, this Proactive approach in leading initiatives inside
implies commitment over the long term, typically for several the organization that demonstrate commitment
decades, because genuine change does take that long to a humane, sensitive and sustainable world;
to occur. 3) Engaging with and contributing to relevant
neighborhood community issues and initiatives
The Deliberative: Our emphasis on depth and long-term
in all regions and countries; 4) Using the power
commitment imply a deliberative approach that precludes
of communication and advocacy to influence the
spreading ourselves thin or engaging in ‘cheque book
larger society.
philanthropy.’ By implication, this also means that we are
wary of expanding and growing our social programs as ends The central tenet of our approach has been
in themselves. We will continue to adhere to this approach an emphasis on strong, meaningful work on
going forward. systemic social issues. Our CSR (Corporate Social
Responsibility) policy reflects principles and
strategies that have informed our long history of
corporate citizenship and social responsibility.
Wipro Foundation represents the Corporate Social

Responsibility (CSR) initiatives of Wipro Limited.
Going back over two decades, we focus on social
initiatives in Education, Healthcare, Ecology,
Disaster Response and Cities & Public Spaces.
Areas of intervention
The ‘Spirit of Wipro’ promotes integrity in all facets
of our work. Fairness and respect in the workplace
and community are some of our key values.
Our projects in Education, Ecology, Healthcare,
Disaster Response and Cities and Public Spaces
honor these ideals. We work in these domains
using an approach developed through decades of
social sector interventions and with an objective
of making structural transformations that can
help us develop a humane, just and equitable
society collectively.
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Education Sustainability education

Wipro-earthian, now in its 11th year, is the only sustainability
School education education program in India of its scale with diverse learning
We support organizations working on school education opportunities for both schools and colleges. This program
to enhance students’ learning experiences through the has reached over 4,000+ colleges and 13,000+ schools since
Systemic Education Reforms Program, the Wipro Education its inception. In 2021, the school program engaged 2,000+
Fellowships (through which we seed new organizations), the schools and 4,000+ teachers in 187 districts across India
Access to Education Program, the Children with Disabilities and received 1,300+ submissions. In addition, we also run a
Program, and Wipro earthian. In FY’22, we reached out to large national sustainability quiz for college students which
~130 partners through our various education programs. was launched in 2015 and has seen participation from 8,600
Over the last seven years (2015-22), our focus has been teams till date.
on accelerated expansion of our partner network and
simultaneous building of an effective capacity building/ Strengthening Government Schools in Bengaluru
support ecosystem for our partners. Over the next 5 years,
we plan to support 125-150 educational organizations In April 2019, Wipro joined hands with the Government
additionally, while continuing to strengthen our support of Karnataka (GoK) in collaboration with Azim Premji
ecosystem. The larger goal is to help develop at least one Foundation (APF) to improve the infrastructure and
good Educational Resource Organization for every five learning environment at VV Puram (K-12) and MR
districts in India by 2030. Nagar (Grade 1-7) schools in the Bengaluru Urban
South District. These schools were completely
Till date, our work in School Education has supported 250+ renovated by the first quarter of 2021. The objective
educational projects reaching out to over a million children has been to strengthen government schools in
across 27 states and UTs in the country. These projects Bengaluru with a focus on improving teaching and
have focused on 10 thematic areas and engaged with learning outcomes. With the redevelopment of all
over 20,000 teachers. The impact of this wide and diverse important school facilities such as toilets, classrooms
network of education organizations has been in the areas and laboratories in these two schools, there has been
of access, equity, curriculum, textbooks, teacher capacity, a renewed interest in communities. Enrolment at
sustainability education, and school leadership, among the VV Puram school, for example, has increased by
other aspects. 84 percent without any campaigns. Our infrastructure
and learning resource interventions have been
Higher education shared with the State Government. GoK is now using
Some of the main aspects of the strategy of our higher this project as a model to develop guidelines for 275
education interventions have been: Supporting the creation Karnataka Public Schools in the state.
of a technology education ecosystem in the country that
is diverse and responsive to the challenges of the times;
Making sustainability research and training in higher SDGs for which we have direct positive impact through
education spaces a priority; Seeding sustainability thinking our programs
in students of higher education institutions; Addressing the
higher education needs of students from underserved and
underprivileged communities, especially those of women.
Started in 2011, our Wipro earthian Program, brings together

two of our key concerns: education and sustainability.
The national level school program engages educational
institutions through a partner network of sustainability
educators in 29 states and 3 union territories across
India. Through this program we also host a national
sustainability quiz program, a unique internship program for
SDGs for which our work indirectly contributes to
college students, and collaborate on long-term academic
positive impact
partnerships with leading higher education institutions such
as IITB and IIMA in India.

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Healthcare
Access to primary healthcare is a key determinant of an

individual’s trajectory in life. Through community initiatives,
COVID-19 response
in partnership with nonprofits, we aim to build local
communities’ capacity to manage their own healthcare Repurposing IT Campus to care for COVID patients
needs and support regular delivery of preventive and in Pune
curative healthcare.
In June 2020, Wipro and Government of Maharashtra
We currently focus on expanding our community healthcare opened the first Covid hospital in Pune. We repurposed
interventions in urban low-income housing areas of major our IT building in Hinjewadi, Pune, and offered 1.8 lakh
cities like Bengaluru, Mumbai, Delhi, Kolkata, Bhubaneswar square feet of space for the hospital near the first
and Kochi. wave peak. It took five weeks to build the hospital.
Over a period of 18 months, the hospital admitted over
We have reached out to 800,000 people in Andhra Pradesh,
6,400 patients, with a case fatality rate of 0.16%. To
Maharashtra, Karnataka, Kerala, Nagaland, NCR, Odisha and
support the growing demand for oxygen in the second
West Bengal through 10 projects in primary healthcare with a
wave, a 250 LPM oxygen generation plant was set up in
focus on maternal and child healthcare.
June 2021.
Ecology Wipro’s Pune hospital was equipped with 504 beds,

18 ventilators, ICUs and other COVID-19 treatment
At Wipro, we believe sustainable cities must be at the center of
capabilities. The hospital staff included 15 doctors and
any strategy for building planetary ecological resilience. As a
70 nurses. As a part of this initiative, Wipro provided
responsible corporate citizen, we have been working on making
building, medical equipment, furnishings, ventilators,
our business practices sustainable while simultaneously
maintenance engineering services, boarding for doctors
focusing on fostering ecological health in our proximate
and nurses, patient and staff food, ambulance, etc.
communities in the cities where we are based. Building
sustainable cities involves making all the relevant stakeholders
talk to each other on a regular basis on urban environmental
issues that matter. Bengaluru Sustainability Forum is an
For more information on our ‘Ecology’ initiatives, please refer to the
attempt at doing this at a city-wide level in Bengaluru. ‘Natural Capital’ section.
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Community Ecology In the past, we have helped rebuild the lives of people
affected by Bihar Floods, the Japan Tsunami, Hurricane
Sandy, Philippines cyclone, Gujarat earthquake (2001),
Karnataka floods (2009), Uttarakhand cloud burst and floods
(2013), Chennai floods, Tamil Nadu floods (2015), Kerala floods
(2018), Odisha Phailin cyclone (2013) and Fani cyclone (2019),
and Amphan cyclone (2020).
Cities and public spaces

The role of public spaces in cities and communities in creating
and fostering important human values such as social integrity,
inclusion, democracy, and empathy is well established. Public
spaces build a strong sense of community, increase feelings
of safety and security, and encourage community members
to participate in collective affairs and undertake acts of
civic responsibility. The concept of ‘public space’ here refers
to not just physical spaces like public parks or lakes but to
intellectual and social spaces that are inclusive in spirit as well.
Focusing on ‘Public Spaces in Cities and Communities’

became a part of our CSR charter in 2018. This charter
supports fostering inclusive public spaces in our cities such
as spaces for the arts, sports, theatre, etc. that are designed
to be accessible to the public at large. We support two
institutions – Museum of Art and Photography (MAP) and
Under the community ecology initiative, we focus on creating
Bangalore International Center (BIC) – in major ways as a part
ecological balance in our proximate communities. We do this
of this endeavor.
by taking up projects that provide direct and tangible benefits
for disadvantaged communities through empowering impacts Bangalore International Center (BIC)
on health, education and/or livelihood as well as those that
In 2018, we contributed to the Bangalore International Center
have a positive effect on the environment.
(BIC) with the greater goal of promoting socially inclusive,
Our project in agroforestry in rural Tamil Nadu has helped 400 culturally dynamic, and democratic public spaces in cities.
farmers effectively implement integrated farming by planting Since 2019, BIC has organized over 400 events in 20+ areas
40,000 trees. Our projects in urban solid waste management including Culture, Environment, Law, Music, Public Policy,
in Bengaluru and Mysuru provide social, nutritional and Anthropology, Mythology, Philosophy, and others, generating
health security to 25,000+ workers in the informal sector over 3 lakh views for live and recorded events, including
of waste management and provide a comprehensive skills podcast listens.
upgradation program for these workers.
Museum of Art & Photography (MAP)
Disaster response In 2020, we had made a grant to the Museum of Art and
Photography (MAP) Foundation which continued into 2021.
Natural disasters such as earthquakes, floods, and
MAP organized several digital-focused exhibitions in FY 21-
cyclones are an unfortunate reality of life, particularly in a
22. A significant focus was on making art more accessible
geographically and climatically diverse country like India.
to People with Disabilities (PwDs), by producing Individual
Whenever these catastrophes occur, underprivileged groups
Supported Living (ISL) content and conducting research to
are disproportionately impacted, as the already precarious
understand expectations of People with Disabilities (PwD)
nature of their livelihoods gets disrupted further.
from museums and cultural institutions. MAP also took
Based on our assessment of the disaster, we support affected part in the WINDOV (Wipro Inclusion & Diversity Opportunity
communities through relief aid or rehabilitation support, or for Vendors) Conclave 2021, which focused on small and
both. Relief aid is provided immediately after the disaster, medium enterprises belonging to or working for economically
while a detailed assessment is conducted for a long-term disadvantaged and socially marginalized sections of
rehabilitation project. The aim is to enable the affected society, such as women, people with disabilities and
communities to restore their livelihoods and stay resilient LGBTQ+ communities.
against future disasters.

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Wipro Cares: community care through employee engagement

Wipro Cares is a not-for-profit trust that engages with our
proximate communities on the issues of education for the Volunteering
underprivileged, including for children with disabilities,
primary healthcare and the environment. In addition, the
trust also works on long-term rehabilitation of affected
communities after natural disasters.
Programs supported by Wipro Cares in these domains include

‘Access to Education Program,’ ‘Education for Children with
Disabilities,’ ‘Community Ecology Program,’ ‘Community
Healthcare Program,’ and ‘Disaster Response Program’.
In FY’22, Wipro Cares worked with 7 education partners, 5
projects in education for children with disabilities, 10 projects
in primary healthcare, 3 projects in community ecology and 1
project in disaster rehabilitation.
Sundarbans, the last tiger-inhabited mangrove forest,
Employee engagement is an integral part of Wipro Cares.
is threatened by erosion and natural calamities. Wipro
Wipro encourages employees to volunteer with its partners
Cares’ Kolkata location chapter has been planting
and act as catalysts in bringing about positive change
mangroves in the Sundarbans since 2021. This action
and learning in the process. The Wipro Cares governance
has indirectly assisted hundreds of local fishermen who
framework is a great example of employees playing a key role,
rely on a variety of fishes and crabs that thrive because
both in terms of volunteering and contributions.
of the mangroves. More than 100 Wipro employees
have volunteered over 1,600 hours to plant 3,000+
mangrove trees.
CSR initiatives by Capco, a Wipro Company

Capco, a Wipro company, is passionate about educational and Capco and Grameen Foundation’s Bankers without Borders
financial inclusion for all. Capco’s Impact Consulting initiative have collaborated on multiple projects since 2014, engaging
gives development sector organizations access to our Capco communities across Europe, APAC, and the Americas.
people and expertise on a pro-bono basis. Capco’s employee These projects have covered many business aspects from
program allows employees to select charities and participate product launches and impact reporting to developing
in activities that positively impact the communities they business models and e-commerce strategies. Capco’s
serve. All donations made to Capco-supported initiatives largest partner for Impact Consulting projects is the Grameen
by employees are matched up to 50%. When possible, the Foundation’s Bankers without Borders, an industry leader in
firm also allocates funds for those negatively impacted by using skilled volunteers to accelerate the scale, sustainability
natural disasters. and impact of microfinance and poverty-focused
organizations around the world. Since 2013, Capco has
partnered with Room to Read (RtR) on a variety of initiatives
with a shared goal of improving literacy, gender equality and
access to education.
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International programs
The Wipro Science Education Fellowship United Kingdom

(SEF) The Wipro SEF program in the UK was launched in September
The STEM (Science, Technology, Engineering and 2018 with the goal of catalyzing improved STEM teaching
Mathematics) programs in the US and the UK are intended practices among teachers and educators. It is being run in
for education professionals with backgrounds in science, partnership with King’s College, London (KCL) and Sheffield
mathematics, engineering and computing, and education Hallam University (SHU). Both partners have managed
policymakers. These assist them in developing disciplinary to adapt their programs effectively in 2020. KCL has
capacities while broadening their understanding of implemented a successful blended model of online sessions
STEM subjects. for STEM teachers combined with intensive personal tutoring.
In 2021, we celebrated the graduation of the first cohort of
United States the MA STEM Education program at King’s College London
Started in 2012, Wipro SEF USA is a two-year program (KCL). Over three years, our support has helped both these
designed to improve individual teacher practice, foster Universities to strengthen their STEM Education and Teacher
teacher leadership opportunities, and create a district corps Education programs. It has also directly benefitted over 115
of teacher leaders supporting sustainable, positive changes teachers and teacher-mentors, and thousands of students.
in science education. This program is anchored by University
of Massachusetts Boston and has benefitted approx. 1,300
educators directly and hundreds of additional teachers
indirectly, along with 250,000+ underserved students, across
35 school districts in seven states. It was adapted for online
delivery due to the COVID-19 pandemic.

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Natural capital
The runup to COP26 saw a sharp increase in country-level Governance
commitments to Net Zero – 92 countries representing 78%
of the total global emissions have made formal Net Zero Our sustainability governance is informed by our strategic
commitments compared to just 29 countries representing choice to work across both dimensions – business operations
10% of emissions in 2019. We are also seeing a rapid upswing and with the larger community. The former is about ensuring
in corporate engagement on climate change – nearly 10,000 that the ecological footprint of our operations is minimized,
companies today disclose their carbon footprint to CDP while the organization is compliant with all regulations, and runs
over 2,000 companies globally have formal Science Based its business with integrity. The latter dimension goes beyond
Targets. There is a groundswell of venture capital interest, the boundaries of the organization and contributes towards
philanthropic funding, and policy incentives for achieving development of the larger community.
breakthroughs in alternative energy and energy storage All key organizational stakeholders, right from the board of
technologies. However even with all these commitments and directors, executive leadership and different functions have
momentum, we will still be far above the 1.5 degree warming defined responsibilities related to planning, execution, review,
threshold above which scientists foresee run away climate evangelization, and advocacy of the sustainability charter.
change impacts. Climate change exacerbates changes in the Strategic oversight of sustainability programs rests at the
water cycle and resulting stresses, loss of biodiversity and corporate level with our Chairman, Board of Directors, and
health of ecosystems - impacting the health and well-being Group Executive Council. The goals and objectives are jointly
of communities. set with inputs from across functions. The quarterly reviews
Natural capital is a framework that attempts to consider of are attended by the Chairman, Chief HR Officer apart from the
how human activities impact the planet’s ecosystem. Chief Sustainability Officer and Global Head of Operations. We
benchmark our performance with our global peers through
extensive disclosures as well as a system of rigorous internal
Wipro’s approach to natural and external audits.
capital embraces the Board Chair: The Chairman, in collaboration with the Board
continuum of: of Directors and the CEO, oversees Wipro’s sustainability
program, which includes climate-related programs, through
the ‘Board Governance, Nomination, and Compensation
Initiatives ‘within the organization’ that focus on
Committee,’ which is chaired by an independent director
reducing the energy, water, waste, and biodiversity and is reviewed once a quarter. Here’s an example of a
footprint of our business operations; and recent climate-related decision: In July 2020, Wipro’s CEO
formally signed and joined the ‘Transform to Net Zero’
Engaging on key external programs through a diverse
Initiative as a founding member. The initiative’s goal is to
set of partners on the issue of ecology create and distribute research, guidance, and actionable
roadmaps to help all organizations reach net zero emissions.
Transform to Net Zero will focus on facilitating the corporate
transformation required to reach net zero emissions by
2050, as well as pushing larger change via policy, innovation,
and financing.
Board Level Committee: The Board Governance,

Nominations, and Compensation Committee is in charge
of putting the CSR policy into action. Three independent
directors make up the Committee. Our corporate social
responsibility policy addresses ‘Energy and Climate Change’
as part of ecological sustainability and board governance.
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Capital-wise review
Management approach
Monitoring and management of climate related
At Wipro, we have identified energy efficiency and Green issues across organization:
House Gases (GHG) mitigation, water efficiency and
responsible water management, pollution and waste Climate related issues are monitored by our Chief

management, and campus biodiversity as our most material Sustainability Officer and the Head of Global Operations
issues and have developed programs around them. with respect to organization’s progress against energy
and emissions targets for short term, medium term and
Our Ecological Sustainability Policy, available at https:// long term.
www.wipro.com/content/dam/nexus/en/sustainability/pdf/
Our climate strategy is aligned with various global

ecological-sustainability-policy.pdf forms the structural
principles, for example Task Force on Climate Related
framework for our environmental programs and management
Financial Disclosure (TCFD) and is dynamically recalibrated
systems. We have adopted EMS (ISO 14001:2015 standard)
in line with emerging trends. The strategy is reviewed
for nearly two decades now as one of the cornerstones of our
annually by the Chairman, CEO and the Chief Sustainability
implemented Environmental Management System (EMS). 21
Officer while progress against the strategy is reviewed
of our campus sites in India and 8 in Australia are certified to
quarterly.
ISO 14001 and ISO 45001 (Occupational Health and Safety)
standards. Other campuses have also the same and are The Corporate Business Continuity Team (CBCMT) and

assessed as a part of our internal review/audit process. We various other support groups monitor and assesses the
were one of the early adopters of Green Building Design with risk arising due to climate change. The risks categorized on
24 of our current buildings across campuses certified to basis of impact on high, medium and low scale are placed
the international LEED standard (Silver, Gold, and Platinum) in a severity matrix where controls are implemented.
during commissioning. We strive to maintain the same The Crisis Management Group is responsible to respond,
standards in the maintenance of our facilities. recover, resume, return and restore from these situations.
Over the years, we have developed a comprehensive

inventory of our GHG emissions across our value chain.
Our participation in the Carbon Disclosure Project (CDP) The climate related risks identified are assessed twice a
Climate Change Investor and Supply Chain modules for over year and included in the annual strategic planning exercise,
15 years has greatly aided in this process. In addition, we in which all senior leaders participate; a multiyear planning
apply the Natural Capital Protocol guidelines to arrive at view is incorporated, and priorities are categorized as short,
the valuation of our natural capital (NCV) which we publish medium, and long term. Our business continuity policy is used
in our annual Environmental Profit and Loss account. In to plan for climate related disruptions which could impact
2020, we joined the ‘Transform to Net Zero’ coalition as of business objectives. The Corporate Business Continuity Team
one of 10 founding members – this cross-sector initiative (CBCMT) governs and guides the standard risk assessment
aims to accelerate the transition to net zero with a goal for methodology at every location and helps identify risks which
the world’s 1,000 largest companies to have net zero targets could potentially impact continuity of business and related
backed by transformation plans. We are doing this through financial parameters like revenue & profitability, reputation
focused work on enabling transformation by leveraging and legal parameters. This group collaborates with various
existing efforts, building accountability, governance and support groups in the organization to assess risks for human
led by science and best practice data and methods. Wipro resources, facilities & IT infrastructure with identified impacts,
is actively contributing to the publication of series of probability/likelihood & controls in place. A severity matrix of
transformation guides and participation in its working groups. Low, Medium, and High impacts is defined, and an identified
(https://transformtonetzero.org/) We are part of the advisory crisis management group is vested with the responsibility
groups of CII’s Climate Change Council and the India Climate to respond, recover, resume, return and restore from these
Collaborative. We also chair the Bengaluru chapter of the CII- situations. The detailed climate modelling and impact
GBC Greenco chapter (activities and benefits) assessment exercise will help in further calibrating our risk
management program.
Strategic partnerships are key to achieving our goals across
the value chain. We work with renewable energy suppliers,
energy efficient hardware manufacturers and service
providers and other partners who help to reduce our overall
GHG footprint including employee commute and business
travel footprint.

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Environmental risks, impacts & assessment
The Enterprise Risk Management and Sustainability functions In 2020, we completed a comprehensive climate change
at Wipro jointly oversee environmental and climate change risk assessment program, encompassing both physical and
related risk identification and mitigation. The most important transitional risks, for our major operational locations across
criteria considered for climate change risk identification the globe, covering India (12 cities), China, Philippines, Germany,
are Planning for Business Continuity (in the case of extreme Romania, the UK, and the US. This has been carried out for two
weather events), Energy and Water Scarcity accelerated by scenarios (based on the IPCC defined RCP 4.5 and RCP 8.5)
a gradual increase in average temperature and temperature covering medium to long term (2030-2050) time frames. In both
ranges and precipitation variation and Health risks due to scenarios, we see increased probability of higher incidence of
changes in temperature and related climate parameters. water stress, and heat waves across cities.
Below are the list of cities and regions where we see an increase in frequency of climate change risks under RCP 4.5 scenario
(increase of global temperatures between 1.1 to 2.6 degree celsius relative to 1986-2005).
Water stress Heat waves

Delhi Hyderabad Delhi Mysuru
Noida Vishakhapatnam Noida Vishakhapatnam
Bengaluru Mumbai Bengaluru Mumbai
Chennai Pune Kochi
Coimbatore Kolkata
Extreme hot days Urban flooding

Delhi Mysuru Chennai
Noida Vishakhapatnam Visakhapatnam
Coimbatore Mumbai Mumbai
Kochi Kolkata
Other than India, impact to Wipro from physical climate risks is more prominent in:
Philippines - cyclones, floods, fluctuating rainfall & humidity
China - coastal flooding
Romania - floods, droughts
US - tropical storms and tornadoes
Germany, US, UK, China and Romania - transitional risk
Risks identified with the potential to have a substantive financial or strategic impact over the next 5-10 years
Regulatory: Mandates and regulation of existing products and services which include an annual increase of 5% in cost of fuel and electricity and RPO (renewable purchase
obligations).
Chronic physical - Rising mean temperatures can impact health and well being of employees. The financial impact is estimated based on projected number of extreme hot
days based on RCP8.5 warming scenario for 12 locations affecting 10% of employees and the resultant revenue loss.
Acute physical - Increased severity and frequency of extreme weather events such as cyclones and floods
• Potential revenue loss due to increased employee absence from work due to disruption in the city infrastructure is estimated based on impaired inability to attend work
for three or more days in the coastal cities of Chennai, Kochi, Kolkata, Mumbai and Vishakapatnam in India
• The cost of repair for damages to build infrastructure, electric equipment and disruption in electricity grids would result in increase in use of captive diesel generators in
few locations.
Impacts identified using three key criteria listed

a) People safety: Any climate-related risk that might possibly endanger the safety of 1,000 or more of our personnel at any given time in any area is classified as having a
significant financial effect. We have estimated this to be 0.5% of staff in specific cities.
b) Wipro infrastructure: Any climate-related risks that might need the relocation of more than 25% of personnel to other sites, as well as a 10% increase in infrastructure
costs, are classified as having a substantial financial effect.
c) C
ustomer delivery: Any climate-related risk that has the potential to influence our customer engagement by more than 25% of the relationship value is classified
as having a substantial financial effect. Furthermore, any mission-critical service should be restored within the time frame agreed upon with clients. Our risk matrix
categorises climate-related threats according to (i) impact and (ii) likelihood.
The cumulative financial impact of physical risks, regulatory risks and chronic risks over a five year period is estimated to be around 1.5% of expenses. This also accounts
for cost of managing risks through increase insurance premia, water recycling and rain water management infrastructure, energy efficiency programs, increased cooling
costs and employee relocation costs. We do not need to present a resolution at our AGM because we are not in a carbon-intensive industry and our emissions reduction
program does not require any substantial modifications to our company strategy or operations.
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Capital-wise review
Climate change related impacts Energy efficiency &

We see significant traction in decarbonization and ESG
engagements across industry segments which include
GHG mitigation
emission intensive Manufacturing and Heavy industries, Targets
Electricity Oil & Gas, Transportation & Logistics and
We have SBTI (Science Based Targets Initiative) approved
Consumer goods as well as services sectors like Banking
Net Zero goals by 2040, one of the first 7 companies globally
Financial Services & Insurance, Health Care and
to participate in the pilot and have their targets formally
Life Sciences.
approved. These are aligned with the objectives of the Paris
These offerings draw from Wipro’s expertise in Cloud, agreement to limit temperature rise to 1.5 degree Celsius.
Sustainable IT, Sustainable design, Innovation and
experience (Designit), Sustainable finance (further
enabled though the CAPCO acquisition), Engineering, The following are our interim goals till 2030
Cybersecurity and other lines of business to offer the type By 2030, reduce Scope 1 and 2 emissions by 59% from

of unified transformation that clients need to achieve 2017 baseline and Scope 3 emissions in 3 categories
their sustainability and Net Zero goals. We already see (contributing to 80% of emissions) by 55% from 2020
nearly 2% of revenue from core sustainability solutions baseline. In absolute terms, this means a reduction of
and offerings; if we include our offerings in Cloud 280,000 tons of CO2 eq.
transformation, Domain consulting and Enterprise app
modernization, the revenue contribution is multi-fold. Source 100% Renewable energy for purchased

electricity by 2030
Energy Intensity in terms of EPI (Energy Performance

Index)
Achieve EPI of 125 KwH per sq. mt by 2025 from
baseline of 144 in 2021 and maintain EPI thereafter
GHG Emission Intensity (Scope 1 and Scope 2) on Floor

Area (FAR) basis
Reduction of GHG intensity from 87 KgCo2 eq./ Sq. Mt.
(kgpsm) in 2020 to 50 kgpsm of Co2 – eq by 2030
Renewable Energy (RE)

Renewable energy procurement to 150 million units
by 2030 from the present average procurement of 75
million units
Absolute reduction of 55% in Scope 3 emissions for

Business Travel, Employee commute and Upstream
fuel and energy related emissions by 2030
Our plan to meet the above goals is through a mitigation hierarchy that is primarily
focused on emissions reduction activities in the value chain. As a first principle, we
will defer carbon removal projects (offsets) to the net zero target year (2040). This
is in line with the science-based targets approach of not using offsets for value
chain emission.

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Performance against goals Office emissions

Though the occupancy is low (around 5 to 10% across
Absolute emissions campuses), the building air conditioning, lighting and allied
The absolute Scope 1 and 2 emissions (India) for FY’21 has electrical systems load use would not be proportional.
decreased by 29% from 137,930 tons to 97,348 tons. This is From an assessment of three large campuses
due to low occupancy and resultant lesser conditioned area representing 35% of total campus area, we see that the
(50% reduction) at our offices. The dashboard below provides conditioned area average was around 50%. Around 70% of
a summary of our Global and India GHG emissions, including the energy consumption for offices is from air conditioning
data centers. The figures are net emissions for all years, after system. Hence, the absolute energy consumption and
considering zero emissions for renewable energy procured. emissions for buildings is not commensurate with low
occupancy. We have also considered 50% of building area
Overall Scope 1 and 2 emissions for calculating the area intensities.
FY2019-20 FY2020-21 FY2021-22 Energy intensity

Offices 135,537 84,140 72,884 EPI for company-owned office spaces, measured in
Data centers 2,458 13,207 9,660 terms of energy per unit area has decreased to 177.3 KwH
units per sq. meter per annum (from previous years 194).
Absolute energy consumption for offices has remained
Emissions intensity flat compared to last year even as we have commissioned
Our India office space emissions intensity (Scope 1 and new facilities in Bangalore and Hyderabad.
Scope 2) is at 87 KgCo2 eq. per Sq. Mt. per annum, down by
19.8% from FY’21 – for reasons mentioned in under ‘Notes
Scope 3 emissions
on FY’21 emissions’. We are not publishing people-based Our total scope 3 emissions for FY’22 is 410,203 tons of
emissions intensity for this year due to the low occupancy Co2 eq, which accounts for 83% of our total footprint. Out
of office space – and as well as the fact that area-based of the 15 categories of scope 3 reporting as per the new
intensities is considered a more representative metric for GHG corporate value chain standard, we are currently
buildings globally. reporting on all the 8 categories applicable to us.
Energy consumption
The overall energy consumption from Scope 1 and 2
boundaries (operational and financial control) is 645.9 million
16,969 20,456
Mjoules, compared to 661.5 million Mjoules in the previous Employee Commute Business Travel
year, a decrease of 2.35%. The total energy consumption -
electricity and diesel-based backup power - for office spaces
in India is 149.2 million units; after including the electricity
153 71,650
consumption for leased spaces, our global electricity Waste Upstream Fuel+Energy
consumption is 189 million units. Data centers in India and emissions
Germany contribute another 20.8 million units.
For India operations, about 72.4 million units constitute 253,955 10,381
renewable energy procured through independent PPAs (Power Purchased goods / Upstream and
Purchase agreements) with private producers. Of these 67.1 services (including Downstream Leased
million units is with green attributes (zero emissions). Another capital goods) Assets
13 million units is attributable to renewable resources for our
downstream leased spaces. In total, the renewable energy
footprint in our portfolio is 80 million units (47%). 36,639 410,203
Work From Home Total
emissions
All units in tons (CO2 eq.)

*Purchased goods and services are based on material group and category
spend for Tier 1 suppliers. If we include all tiers, the emissions are estimated to
be around 500,000 tons. We aim to engage with top suppliers (contributing to
80% of impact) to arrive at the next level of detail in understanding emissions
breakdown and planning mitigating actions.
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Capital-wise review
Work-from-home emissions - calculation Energy efficiency

methodology Our newer buildings in Bengaluru and Hyderabad are
During the reporting year, most of the employees benchmarked against the global best – with an expected
in India and overseas worked from their places of EPI of 85 (units per sq meter per annum) at full occupancy.
residence. We have estimated the emissions due to WFH These new buildings also avoid use of UPS batteries
scenario for FY’22 and have included in our Scope 3 and eliminates the environmental impact pertaining
emissions portfolio. to battery manufacturing and disposal. For existing
campuses, measures include new retrofit technologies
For methodology, please refer our Annual Report FY’21. to improve Chiller and Air Handling Units (AHUs), UPS
The total emissions due to WFH globally is estimated at optimization, integrated design, and monitoring platforms.
36,639 tons of Co2 eq, with the US contributing to 39.5% The Global Energy command center aggregates Building
and India contributing to 31%. Management System (BMS) inputs on a common platform
to optimize operational control and improve energy
Though 80% of the employees are based in India, its efficiency. Around 15 million square feet across India are
contribution to emissions is less due to significant connected to the BMS. The operations platform comes
lower energy intensity per capita compared to with ability to address every element of the system at the
other countries. equipment level and provides advanced algorithms for
* Anthesis paper on Estimating Energy Consumption & GHG Emissions for Remote analytics to monitor performance. Any deviation is tracked
Workers
and rectified with in-house / OEM support. Key equipment
AMC contracts are tied to outcomes in terms of energy
Total emissions efficiency and availability of the system. We have started
a program for adoption of ISO50001 Energy management
The overall GHG emissions across all scopes is 492,747
system across our campuses.
tons, the main contributors to which are: purchased goods
and services (52%), Electricity – purchased and generated
(15%), upstream fuel and energy emissions (15%) and
work-from-home emissions (7%).
GHG mitigation measures

Our five-year GHG mitigation plan consists of three
key elements – Energy Efficiency (Reduce), Renewable
Energy (RE) Purchase (Replace) and Business Travel and
Commute Reduction (Reduce and Replace); of this, RE
procurement will contribute the maximum, 80% share to
GHG emission mitigation strategy for Scope 1 and 2.

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Server rationalization and virtualization Over the past few years, we have taken steps to facilitate
program: a shift towards improved access to public transport for
Virtual Desktop Infrastructure (VDI) provides high- employees (buses, commuter trains) and carpooling. Our
capacity scalable infrastructure with on demand carpooling initiative till FY’20 had over 1 lakh registered
provisioning, high availability and high-performance users across locations. Our employee commute footprint
Computing environment. We have enabled 9,333 VDI’s is nearly the same as last year – due to majority of
to end users across locations. Out of these 8,500 VDI’s employees choosing to work remotely. We are the first
were migrated from On-Prem to Cloud, resulting in major Indian business to join EV100, a global initiative
decommissioning of 40 physical servers. by The Climate Group, in our commitment to transition
our global fleet to electric vehicles (EVs) by 2030. At
Quantum is a large transformation project we undertook present, we have EVs as part of our fleet in few cities – the
impacting 230K+ users, 75 enterprise applications, it majority in Bengaluru and Hyderabad. Currently, there
was re-inventing the various productivity applications are challenges in scaling up due to availability of charging
and process to make them future-ready, integrated and infrastructure, battery capacity and our operational
provide superior user experience. With the Quantum requirements. However, we are confident that we will
Program 240+ SAP servers were migrated to Cloud. be able to scale up by collaborating with stakeholders
Across our enterprise productivity applications portfolio, across the EV ecosystem to explore new models and
we have 11,486 Virtual Servers running on Cloud and technologies. We also have CNG fleet in 4 cities – in fact
1,033 physical servers. this contributes to over 50% of trips traversed; we see this
as a lower air polluting transition fuel.
The decommissioning of 40 VDI servers and 60 SAP
servers has resulted in annualized savings of 0.82 Challenges and work in progress
million units in reporting year. Thin clients being used Presently, there are regulatory barriers in some states
in one of our locations, which consumes less energy combined with supply-side constraints which constrain
(80% less) compared to desktop, resulting in savings of acceleration of Renewable Energy share. Increasing our
1.2 million units. RE footprint from the present 47% to 100% by 2030 will
require that we re-assess the ‘Group Captive’ investment
Procurement option. The Big 3 of our Scope 3 emissions – Air Travel,
We have joined the CDP supply chain program – the first Employee Commute and Purchased Goods & Services –
India based company to join the platform. Through the require different approaches as each one is in different
platform we aim to engage with 60 of our top carbon stages of ‘solutions maturity’. Rapid advances in electric
intensive suppliers and encourage measurement and mobility, the relatively high usage of public transport
disclosure of their environmental data on the CDP and car-pooling by employees pre pandemic have
platform for the reporting period of FY’22, RE purchase helped reduce our commuting related GHG emissions
contributed to approximately 80 million units or 47.3% faster. The pandemic-induced virtual work models have
of our total India energy consumption of which 13 million helped reduce our business travel related emissions
units are for downstream leased spaces. For details on sharply. While this will ensure that we never go back to
green procurement in IT hardware and other categories, pre-pandemic levels of travel, there is likely to be some
please see ‘supplier section’. rebound effect as things normalize. Our Scope 3 goals
will require an accelerated reduction of business travel
Business travel and employee commute emissions over the next 5 years. Given that sustainable
The GHG inventory covers (i) travel by air, bus, train, local aviation fuel is a few years away in terms of price parity,
conveyance, and hotel stays for the category of business we plan to push the envelope on brining about behavioural
travel and (ii) personal cars two wheelers, public transport changes on business travel. While we have started
and Wipro arranged transport for employee commute. We engaging with our key suppliers on carbon management,
have seen a 51% increase in business travel footprint from it will be a few cycles before we are able to build maturity
FY’21, due to opening of travel and requirements to meet and explore mitigation levers jointly.
customers post the critical phases of COVID-19. However,
this is still less than a fifth of FY’20 (pre pandemic)
We are putting in programs and processes to embed
travel optimization and remote work models across key
business units.
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Capital-wise review
Water efficiency and responsible Sourcing of water

use Our water is from four sources – private water (mainly
ground water delivered by tanker water suppliers),
At Wipro, we view water through inter-related lens of municipal water, water supplied by industry associations,
efficiency of use and conservation coupled with our approach in-situ ground water and harvested rainwater. The first
of engaging with urban water as a boundaryless issue. Our two sources accounting for nearly 86% of the sourced
articulated goals are therefore derived from this approach. water. Water purchased from private sources is primarily
extracted from ground water. Ground water contributes
Targets to nearly 44% of our total freshwater consumption across
Reduce both absolute and area-based intensity
cities in India.
consumption of externally procured freshwater for our
operations by 50% by the year 2030 with respect to
baseline consumption of FY17.
Contribute to deeper understanding of systemic

38% 5.6%
Private water (mainly Ground water
challenges of urban water in the major cities in India we Ground water)
operate from.
Freshwater recycling and efficiency 55% 1.4%

Freshwater consumption dropped 8.95% from last year to Municipal and industry Rainwater Harvested
774 million liters. The recycled water generation was 382.4 bodies
million liters, with a recycling ratio of 33%. Due to the low
average occupancy (<6%) of our offices due to the pandemic,
the per capita consumption of water is not comparable. The Our urban/ peri-urban facilities located in three states
freshwater consumption has come down due to the arresting – Karnataka, Tamil Nadu, and Telangana, are in water
of leakages at three locations and commissioning of STP stressed basins. The water supplied by the municipal
at one location. We also have consolidated operations by bodies is sourced primarily from river or lake systems. The
closing three locations. Consequently, the freshwater area table below provides parentage of water sourced from
intensity at 0.920 KL per square meter has shown a decrease different freshwater sources during the reporting year.
of 15 % compared to the earlier year. We have achieved 50%
reduction in absolute freshwater consumption from FY17. Use of recycled water
The major use of recycled water is for flushing 47%,
landscape 39%, chiller 9.6%. Water treated and discharged
to municipal sewers is 4% (from 2 locations PDC and GDC).
Freshwater use-India offices The majority is from one of our locations in Pune which was
converted into a Covid hospital (operational till Dec 2021)
Freshwater (KL) and based on the recommendations of the local authorities,
FY2021-22 774,036 treated water from the facility was let to municipal
FY2020-21 850,151 sewage network.
FY2019-20 1,621,501
Collaborative advocacy on water
Area intensity Our long-term projects on urban water in cities are
FY2021-22 0.920 providing key policy insights and levers for citizen
FY2020-21 1.094 engagement and advocacy on ground water management
FY2019-20 1.044 and its relationships to surface water flows and water
bodies like lakes/tanks and wetlands. We bring together
hydrogeologists, academia, government, citizen groups for
a nuanced understanding of issues catalyzing citizen action
on the ground.

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We have consolidated all outputs of the work of the last Pollution and waste management
seven years in Bangalore into an “Urban Waters’ repository
covering case studies, guidebooks, and content in other Pollution of air and water poses one of the most serious
languages. The website continues to get good traction. In threats to community health and societal welfare. Managing
2021, we had 28K new users and 57K page views. these ‘commons’ in an urban context requires business
organizations to look beyond its own boundaries and adopt an
In the reporting year, the focus was on catalyzing more integrated approach.
on-ground engagements across the city on rainwater
harvesting. This included documenting case studies,
engaging with BWSSB and working on the national Targets
guidelines on RWH. We have also initiated a program with 100% of organic waste generated from business operations is
Water Institute in Bangalore University, who along with recycled for effective reuse
other engineering collages in the city will help monitor
To ensure by 2025 more than 98% of other categories of
and estimate the ground water (shallow aquifer) potential
waste is recycled as per appropriate national standards with
for city, recommendations for better management and
less than 2% reaching landfill (excluding construction and
explore integration with utility supply.
demolition waste)
In early 2020, we started a program with ACWADAM, a
leading organization in groundwater- that addresses the
incorporation of ground water into Pune’s urban water
Our waste management strategy includes:
management and governance through participatory
aquifer mapping. City level recharge conducive aquifers
have been identified and a program of Managed Aquifer
Recharge is being implemented in collaboration with
RWA’s and the municipality (PMC/PCMC) in four areas Regular Reducing Arranging for safe
as well as along river stretches. The project is also monitoring of materials disposal of waste
completing inventory of springs and water tanker supplies air, water, and impact on the that goes outside
and provide ward-level groundwater source mapping noise pollution environment our organizational
and sources to ensure they through boundaries. To
This will closely work with citizen groups as well as the are well within recycling operationalize
municipal authority to build appropriate capacities and regulatory and and reuse our strategy, we
catalyze on-ground interventions. industry norms segregate and
monitor waste
In Chennai, through the small grants program we are processing across
supporting three community-based interventions on 13 broad categories
water. A boot camp for 20 selected participants was and nearly
conducted in the year – leading to the next call for 40 subcategories
community intervention projects. In Hyderabad, we
are putting together a knowledge repository of water
in the city – consumption, sources, water bodies, built
infrastructure and impacts on water flows. We also
aim to support three community intervention projects.
One intervention project in a low-income settlement
has been completed – and has been well received by
the community.
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Capital-wise review
The summary of our performanc e on solid

Urban biodiversity
waste managemen t (SWM) is as follows: The twin primary aims of our campus urban biodiversity
program have been to convert our existing campuses
to biodiversity zones and to develop them as platforms
80% 100%
for wider education and advocacy, both within our
organization and outside.
of organic waste is of the inorganic waste
Our biodiversity projects integrate multiple benefits of
recycled in house and the is recycled through
water conservation, ambient temperature reduction,
balance sent as animal approved partners
air pollution mitigation and employee engagement.
feed outside the campus
Biomedical and We started our first campus biodiversity program in
75% hazardous waste

is incinerated
Bengaluru with the Butterfly Park in 2013. We have
integrated various ecosystem and educational aspects
of the total mixed solid in our later projects – Wetland Park in Bengaluru
waste and scrap is as per approved and multi-thematic biodiversity project in Pune, both
currently recycled and methods. completed in 2019. We have now started work on a unique
the rest sent to landfills, 40-acre reserve for endemic species of the Eastern
which is an improvement All our E-waste is Ghats in Hyderabad. Ex-situ conservation is one of the
from 52% in the year currently recycled recommended methods to ensure the preservation
before. Our target is by approved of vanishing and threatened species and maintaining
to improve this to 80% vendors. genetic diversity.
next year.
Total waste disposed during the year was 2,700 tons

– though this is an increase of 612 tons compared to
the previous year, it is 15% less compared to FY’20 (pre
pandemic). Campus occupancy has increased in the
later part of FY’22 from the low base in FY’21 due to the
pandemic – resulting in higher organic waste. In addition,
some of the categories of waste like electronic waste,
batteries and mixed metals generated in the previous year
were disposed. Also, some of the campus refurbishment
work was undertaken in the year. In the reporting year, we
have identified health and safety compliance and labor
practices as areas of improvement.
We monitor diesel generator stack emissions (NOX, SOX,

and SPM), indoor air quality (CO, Co2, VOC’s, RSPM),
treated water quality and ambient noise levels across 25
key locations every month. All of these meet the specified
regulatory norms.
For the reporting year, our safe

disposal rate was 97% i.e. 3% of
waste was landfilled (excluding
construction and demolition
debris)

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Collaborative advocacy on Wipro’s Natural Capital Valuation Program

sustainability Natural capital valuation is a rigorous framework that
assesses and quantifies impacts - positive and negative
We are actively engaged in several forums that - on nature or natural capital on account of a company’s
advance advocacy on climate change and other related operations and value chain. Natural Capital Impacts are
environmental impacts. Examples include the ‘Transform calculated across six key performance indicators (KPIs)
to Net Zero Coalition’, Forum for the Future’s Responsible namely, GHG emissions, air pollution, water consumption,
Energy Initiative, World Economic Forum’s Climate Change water and land pollution, waste generation and land use
working group, ‘Business for Nature’ coalition, India change. The methodology uses a value for the social cost
Climate Collaborative and ‘CII Greenco’. of carbon that varies by country and geography – typically,
A specific city-level initiative we convened is the it uses a higher discount rate for developing countries as
‘Bengaluru Sustainability Forum’. compared to developed countries, given that the former
need more ‘ecological space’ and time to fulfill their
developmental imperatives.
Bengaluru Sustainability Forum (BSF)
The platform for urban sustainability deliberations and A note on the methodology: For calculating impacts due to
programs convened by Wipro has completed its 4th year air pollution only human health impacts were considered as
and has gained good traction in seeding meaningful they contribute to 95% of total impact from air pollution. Land
conversations and programs. The program is housed at use valuation was based on net change in economic value
the National Center for Biological Sciences and anchored due to loss of ecosystem service and was calculated only for
by a steering committee drawn from ATREE, NCBS, the electricity procured from the grid mix, since for the direct
BIOME, Wipro, Science Gallery, NIAS and Azim Premji operations, land use change is not considered to be material.
University. Till date, we have completed four rounds For calculating impact due to water consumption, the
of collaborative small grants – we have supported 29 following factors were taken into consideration – impact on
projects out of which 11 are completed. We continue to human health, incidence of infectious disease and impact of
work and explore collaborative opportunities with other energy consumption.
organizations and programs in the city – the last in the
year being the “Women and Environment Film Festival” In FY’22, the total environmental costs related to Wipro’s
from the Bangalore Film Society. operations and supply chain were quantified at $0.277 billion
($0.20 billion in FY’21 and $0.23 billion in FY’20), of which
operational and supply chain impacts contribute 6% ($16.3
million) and 94% ($260 million) respectively. One of the main
reasons for the increase is inclusion of work-from-home
emissions in this year’s valuation and increase in number
of employees contributing to the same. Of the operational
impacts, the highest contribution is from electricity
consumption at 79% ($12.9 million). Within Wipro’s upstream
supply chain, purchased goods and services across all tiers
of suppliers (82%; $214 million) and fuel and energy related
activities (13%; $34 million) are the top two impact categories.
In terms of the sources of impact, air pollution (58%; $161
million), greenhouse gas emissions (25%; $78 million) are the
top two contributors.
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Statutory Reports and Financial Statements
Board’s Report
Dear Members, 27.69%. Your Company’s net profits increased to ` 122,434
million for the current year as against ` 108,680 million in
It gives me immense pleasure to present the 76 Board’s Report,
th
on behalf of the Board of Directors (the “Board”) of the Company, the previous year, recording an increase of 12.66%.
along with the Balance Sheet, Profit and Loss Account, and Cash
Flow Statements for the financial year ended March 31, 2022. On a standalone basis, your Company’s sales increased to
` 595,744 million for the current year as against ` 502,994
I. FINANCIAL PERFORMANCE million in the previous year, recording an increase of 18.44%.
On a consolidated basis, your Company’s sales increased to Your Company’s net profits increased to ` 121,353 million in
` 790,934 million for the current year as against ` 619,430 the current year as against ` 100,609 million in the previous
million in the previous year, recording an increase of year, recording an increase of 20.62%.
Key highlights of financial performance of your Company for the financial year 2021-22 are provided below:
(` in Millions)
Standalone Consolidated
2021-22 2020-21 2021-22 2020-21
Sales 595,744 502,994 790,934 619,430
Other Operating Income - - 2,186 (81)
Other Income 47,061 23,829 20,612 23,907
Operating Expenses (490,163) (399,975) (662,381) (504,357)
Share of net profit/ (loss) of associates accounted for using the - - 57 130
equity method
Profit before Tax 152,642 126,848 151,408 139,029
Provision for Tax 31,289 26,239 28,974 30,349
Net profit for the year 121,353 100,609 122,434 108,680
Other comprehensive (loss)/income for the year (1,487) 6,337 11,452 6,817
Total comprehensive income for the year 119,866 106,946 133,886 115,497
Total comprehensive income for the period attributable to:
Minority Interest - - 187 663
Equity holders 119,866 106,946 133,699 114,834
Appropriations
Dividend 32,891 5,478 32,804 5,459
Equity Share Capital 10,964 10,958 10,964 10,958
EPS
- Basic 22.20 17.81 22.37 19.11
- Diluted 22.14 17.77 22.31 19.07
Note: The standalone and consolidated financial statements of the Company for the financial year ended March 31, 2022, have been prepared in accordance with
the Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs and as amended from time to time.
Dividend Pursuant to the approval of the Board on January 12, 2022,

your Company paid an interim dividend of ` 1/- per equity
Pursuant to Regulation 43A of the Securities and share of face value of ` 2/- each, to shareholders whose
Exchange Board of India (Listing Obligations and names were appearing in the register of members as
Disclosure Requirements) Regulations, 2015, as amended on January 24, 2022, being the record date fixed for this
(“Listing Regulations”), the Board has approved and purpose, after deduction of applicable taxes. The total net
adopted a Dividend Distribution Policy. The policy details cash outflow was of ` 4,921 million, resulting in a dividend
various considerations based on which the Board payout of 4.06% of the standalone profits of the Company.
may recommend or declare Dividend, Company’s Further, the Board, on March 25, 2022, approved an interim
dividend track record, usage of retained earnings for dividend of ` 5/- per equity share of face value of ` 2/-
corporate actions, etc. The Dividend Distribution and each, to shareholders whose names were appearing in the
Capital Allocation Policy are available on the Company’s register of members as on April 6, 2022, being the record
website at https://www.wipro.com/content/dam/nexus/en/ date fixed for this purpose, after deduction of applicable
investor/corporate-governance/policies-and-guidelines/ taxes. The total net cash outflow was of ` 24,654 million,
ethical-guidelines/12769-dividend-distribution-policy- resulting in a dividend payout of 20.32% of the standalone
october-2016.pdf. profits of the Company.

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Board’s Report
The interim dividend of ` 1/- and ` 5/-, per equity share, In terms of the Company’s Policy on determining “material
declared by the Board on January 12 and March 25, 2022, subsidiary”, during the financial year ended March 31,
respectively, shall be the final dividend for the financial year 2022, Wipro LLC was determined as a material subsidiary
2021-22. whose income exceeds 10% of the consolidated income of
the Company in the immediately preceding financial year.
Your Company is in compliance with its Dividend Distribution Further details on the subsidiary monitoring framework
and Capital Allocation Policy as approved by the Board. have been provided as part of the Corporate Governance
report.
Transfer to Reserves
Appropriations to general reserves for the financial year On June 23, 2021, Wipro IT Services, LLC, a wholly owned
ended March 31, 2022, as per standalone and consolidated step-down subsidiary of your Company issued US$ 750
financial statements were: million in USD-denominated, senior unsecured notes
(the “Notes”). The Notes bear interest at a rate of 1.50%
(` in Millions) per annum and will mature on June 23, 2026. These Notes
Standalone Consolidated are unconditionally and irrevocably guaranteed by your
Net profit for the year
Company.
121,353 122,296*
Balance of Reserves at the
beginning of the year
441,458 538,052 Particulars of Loans, Guarantees and
Balance of Reserves at the Investments
532,543 643,066
end of the year Pursuant to Section 186 of the Companies Act, 2013
* Excluding non-controlling interest and Schedule V of the Listing Regulations, disclosure on
particulars relating to Loans, Guarantees and Investments
For complete details on movement in Reserves and Surplus are provided as part of the financial statements.
during the financial year ended March 31, 2022, please
refer to the Statement of Changes in Equity included in the
Standalone and Consolidated financial statements on page
II. BUSINESS AND OPERATIONS
nos. 151 to 152 and 225 to 226 respectively of this Annual Celebrating over 75 years of innovation, your Company is a
Report. purpose-driven, global technology services and consulting
firm with over 240,000 employees and business partners
Share Capital across 66 countries helping our customers, communities
and planet thrive in the digital world.
During the financial year 2021-22, the Company allotted
2,931,560 equity shares consequent to exercise of employee Your Company is recognized globally for its strong
stock options. The equity shares allotted/transferred under commitment to sustainability. Your Company nurtures
the Employee Stock Option Schemes rank pari-passu with inclusivity as an intrinsic part of its culture. It’s deep
the existing equity shares of the Company. The paid-up resolve to improve the communities we live and work in,
equity share capital of the Company as of March 31, 2022, is appreciated by its customers, investors, analysts, and
stood at `10,964 million consisting of 5,482,070,115 equity employees.
shares of ` 2/- each.
Your Company’s technologists, designers, strategists, and
Subsidiaries and Associates business partners, share an unwavering commitment to
achieving its customer’s ambitions and creating a humane,
As on March 31, 2022, your Company had 140 subsidiaries sustainable, and resilient future for all. Your Company’s
and 1 associate. In accordance with Section 129(3) of recognized capabilities across 26 industry segments
the Companies Act, 2013, a statement containing salient in digital strategy, Wipro’s FullStride cloud services,
features of the financial statements of the subsidiary engineering, artificial intelligence (“AI”), and cyber security,
companies in Form AOC-1 is provided at page nos. 293 to have established it as a trusted leader in orchestrating
298 of this Annual Report. The statement also provides transformation.
details of performance and financial position of each of the
subsidiaries and associates. Your Company’s holistic portfolio of capabilities and ability
to navigate vertically and horizontally across ecosystems
Audited financial statements together with related helps its clients achieve differentiation and competitive
information and other reports of each of the subsidiary advantage. Your Company’s focus is to maximize business
companies have also been placed on the website of outcomes by converging themes across industry domains,
the Company at https://www.wipro.com/investors/annual- products, services, and partners as it develops and delivers
reports/. tailored business solutions for its clients.
Your Company funds its subsidiaries, from time to time, Your Company helps orchestrate the transformation journey
in the ordinary course of business and as per the funding for its clients by bringing together technology, industry
requirements, through equity, loan, guarantee and/or other expertise and ecosystems to solve complex problems and
means to meet working capital requirements. deliver value through holistic business solutions that drive
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outcomes. Your Company’s simplified operating model Material Changes and Commitments
and integration of consulting and technology practices
strengthens its ability to deliver such solutions effectively
Affecting the Business Operations and
and at scale. Your Company is focused towards building Financial Position of the Company
long-term relationship with customers and tightly aligned Despite the COVID-19 pandemic adversely impacting trade,
visions and outcomes structured through a highly governed supply chains, business models, employment and consumer
and co-managed engagement process. behaviors, economies and industries are witnessing a
The rise of Environmental, Social and Governance (“ESG”) strong yet imbalanced recovery.
factors is redefining and elevating sustainability across The pandemic has rapidly accelerated digital transformation
industries. Your Company is a founding member of the for many organizations and has led to the adoption of digital
‘Transform to Net Zero’ initiative and is committed to business models driven by online customer service, remote
contribute to the goal of planetary zero-carbon emissions. working, supply chain reinventions, and automation for
Your Company is also committed to bringing its expertise operational excellence.
in strategy, design, and technology to help transform its Owing to the accelerated rates of vaccination, it’s
customers and sectors of the global economy to sustainable effectiveness, and the reduction in mobility restrictions,
business models, products, services, and ecosystems. most economies are expected to reach its pre-pandemic
levels. The consumption demand has improved; however,
Your Company’s IT services segment provides a range of the recovery is uneven due to factors like imbalanced
IT and IT-enabled services which include, digital strategy labor market, global supply chain disruptions, geo-political
advisory, customer-centric design, technology consulting, conflicts, inflation, and the dearth of talent. There is no
IT consulting, custom application design, development, direct impact on business from the ongoing geo-political
re-engineering and maintenance, systems integration, conflict between Russia and Ukraine, however, your
package implementation, global infrastructure services, Company continues to monitor these developments.
analytics services, business process services, research and The continuous increase in demand for skilled talent has
development, hardware, and software design, to leading been building pressure on IT services providers amidst
enterprises worldwide. a significant increase in hiring, salary hikes and higher
subcontracting costs.
Your Company’s IT products segment provides a range
of third-party IT products, which allows us to offer Additional information regarding your Company’s business
comprehensive IT system integration services. These operations and financial position are provided as part of the
products include computing, platforms and storage, MD & A Report from page no. 28 onwards.
networking solutions, enterprise information security
and software products, including databases and
Outlook
operating systems. Your Company provides IT products Global IT service providers offer a range of end-to-end
as a complement to its IT services offerings rather than software development, digital services, IT business
sell standalone IT products, and its focus continues to solutions, research and development services, technology
be on consulting and digital engagements, with a more infrastructure services, business process services,
selective approach in bidding for system integration consulting, and related support functions.
engagements. Various industries across the world have struggled to
adapt to the extraordinary circumstances caused by the
Your Company’s ISRE segment consists of IT services
COVID-19 pandemic. With increased consumer spending,
offerings to organizations owned or controlled by the
Government of India and/or any Indian State Governments. the IT industry recorded its highest year-on-year growth
Your Company’s ISRE strategy focuses on consulting and ever. This disruption has created space to drive innovation in
digital engagements, and it is selective in bidding for system services and products such as telehealth, online shopping
integration projects with long working capital cycles. experience enhanced with augmented reality (“AR”)/
virtual reality (“VR”), digital payments, and virtual
Further information on your Company’s IT services and learning solutions. While the IT industry is witnessing an
products offerings, industry and business overview unprecedented demand, supply remains constrained and
are presented as part of the Management Discussion talent recruitment and retention continues to be a key
and Analysis Report (“MD & A Report”) from page no. 28 concern along with current geo-political situation and rising
onwards. inflation.

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Board’s Report
Companies are investing in large and complex cloud f) In April 2022, your Company acquired Convergence
migration and transformation programs, creating multi-year Acceleration Solutions, LLC, a US-based consulting,
opportunities for consulting services and implementation. and program management company that specializes
Due to increased demand for hyper personalized products in driving large-scale business and technology
and services, next generation technologies such as data transformation for Fortune 100 communications
and AI mixed reality, digital engineering, blockchain, multi- service providers.
cloud, cyber security, edge computing, and 5G are expected
to grow. g) In May 2022, your Company acquired Rizing
Intermediate Holdings, Inc. and its subsidiaries, a
Acquisitions, Divestments, Investments global SAP consulting firm with industry expertise
and Mergers and consulting capabilities in enterprise asset
Your Company’s strategy supports value creation for clients management, consumer industries, and human
and growth for the organization through five strategic experience management in North America, Europe,
priorities: accelerate growth, strengthen clients and Asia, and Australia.
partnerships, lead with business solutions, building talent
h) Wipro Ventures, the strategic investment arm of
at scale, and a simplified operating model. Your Company
focusses its efforts and investments on maximum results, Wipro, invests in enterprise software startups.
going deeper in areas that it believes it has the strength and These investments span across the Enterprise IT
defocusing on others, and scaling up to secure leadership stack, and include areas like Analytics, Business
positions. Automation, Cloud Infrastructure, Cyber security, Data
Management, IoT and Test Automation, among
Your Company’s new strategy will bring it closer to clients,
drive greater agility and responsiveness and help us become others. As of March 31, 2022, Wipro Ventures has
the employer of choice. Further, your Company had invested invested in 25 companies, of which 6 have exited
in acquiring new technology and skills. through successful M&A transactions. In addition
to direct equity investments in emerging startups,
Details of the acquisitions completed by your Company are Wipro Ventures has invested in 8 enterprise-focused
listed below:
venture funds: B Capital, Boldstart Ventures, Glilot
a) In April 2021, your Company acquired Capco and its Capital Partners, WorkBench, Nexus Venture Partners,
subsidiaries, a global management and technology Sorenson Ventures, SYN Ventures and TLV Partners.
consultancy, providing digital, consulting and
technology services to financial institutions in the i) During the financial year 2021-22, your Company has
Americas, Europe, and the Asia Pacific. carried out the merger of Wipro do Brasil Servicos de
Tecnologia Ltda, Brazil with and into Wipro do Brasil
b) In August 2021, your Company acquired Ampion Technologia Ltda, Brazil.
Holdings Pty Ltd and its subsidiaries, an Australia-
based provider of cyber security, DevOps, and quality j) During the financial year 2021-22, seven subsidiaries
engineering services. of your Company i.e., Wipro Promax Analytics Solutions
c) In December 2021, your Company acquired Edgile, LLC, Americas, LLC, Rational Consulting Australia Pty Ltd.,
a transformational cyber security consulting provider Designit Colombia S A S, Wipro Technologies VZ, C.A,
that focuses on risk and compliance, information and Designit Peru S.A.C, Capco Sweden AB and Wipro
cloud security, and digital identity. Corporate Technologies Ghana Limited were de-
registered.
d) In December 2021, your Company acquired LeanSwift
Solutions, Inc. and its subsidiaries, a system integrator Management Discussion and Analysis
of Infor Products whose service capabilities include
ERP, e-commerce, digital transformation, supply Report
chain, warehouse management systems, business In terms of Regulation 34 of the Listing Regulations and
intelligence and integrations. SEBI circular SEBI/HO/CFD/CMD/CIR/P/2017/10 dated
e) In January 2022, your Company completed the February 6, 2017, your Company has adopted salient
acquisition of an additional equity stake of 13.3% features of Integrated Reporting prescribed by the
in Encore Theme Technologies Private Limited. International Integrated Reporting Council (“IIRC”) as
Consequent to the acquisition of the aforesaid part of its MD & A Report. The MD & A report, capturing
additional equity stake, your Company’s holding your Company’s performance, industry trends and other
increased from 83.4% to 96.7%. The remaining 3.3% material changes with respect to your Company’s and its
equity stake will be acquired subject to and after subsidiaries, wherever applicable, are presented from page
receipt of certain regulatory approvals. no. 28 onwards of this Annual Report.
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The MD & A Report provides a consolidated perspective the relationships disclosed, considered the following Non-
of economic, social, and environmental aspects material Executive Directors as Independent Directors:
to your Company’s strategy and its ability to create and Ms. Ireena Vittal
sustain value to its key stakeholders and includes aspects Mr. William Arthur Owens
of reporting as required by Regulation 34 of the Listing Dr. Patrick J. Ennis
Regulations on Business Responsibility and Sustainability Mr. Patrick Dupuis
Report. Mr. Deepak M. Satwalekar
Ms. Tulsi Naidu
Business Responsibility & Sustainability
All Independent Directors have affirmed compliance to the
Report code of conduct for independent directors as prescribed in
Pursuant to Regulation 34(2)(f) of the Listing Regulations, Schedule IV to the Companies Act, 2013.
your Company is providing the prescribed disclosures on
ESG parameters as part of the Business Responsibility and Meetings of the Board
Sustainability Report (“BRSR”), as provided from page nos. The Board met six times during the financial year 2021-22
370 to 388 of this Annual Report. The BRSR includes details on April 14-15, 2021, June 9, 2021, July 14-15, 2021, October
on performance against the nine principles of the National 12-13, 2021, January 11-12, 2022, and March 25, 2022.
Guidelines on Responsible Business Conduct and a report The necessary quorum was present for all the meetings.
under each principle, which is divided into essential and The maximum interval between any two meetings did not
leadership indicators. Your Company has adopted the BRSR exceed 120 days.
voluntarily for the financial year 2021-22.
Directors and Key Managerial Personnel
III. GOVERNANCE AND ETHICS Pursuant to the recommendation of the Board Governance,
Nomination and Compensation Committee, the Board
Corporate Governance approved re-appointment of Dr. Patrick J. Ennis
Your Company believes in adopting best practices of (DIN: 07463299) and Mr. Patrick Dupuis (DIN: 07480046)
corporate governance. Corporate governance principles are as Independent Directors of the Company for a second
enshrined in the Spirit of Wipro, which form the core values term of 5 years with effect from April 1, 2021 to March 31,
2026, based on their skills, experience, knowledge, and
of Wipro. These guiding principles are also articulated
positive outcome of performance evaluation. The said
through the Company’s code of business conduct, Corporate
re-appointment was approved by shareholders of the
Governance Guidelines, charter of various committees and
Company vide special resolutions dated June 4, 2021,
disclosure policy. passed through postal ballot by e-voting.
As per Regulation 34 of the Listing Regulations, a separate
Mr. M. K. Sharma retired as Independent Director from the
section on corporate governance practices followed by your
Board of the Company with effect from June 30, 2021. The
Company, together with a certificate from V. Sreedharan Board places on record the immense contributions made
& Associates, Company Secretaries, on compliance with by Mr. M.K. Sharma to the growth of your Company over the
corporate governance norms under the Listing Regulations, years.
is provided at page no. 116 onwards.
Pursuant to the recommendation of Board Governance,
Board of Directors Nomination and Compensation Committee, the Board, on
May 13, 2022, approved the appointment of Ms. Tulsi Naidu
Board’s Composition and Independence (DIN: 03017471) as an Additional Director in the capacity of
Your Company’s Board consists of global leaders and Independent Director for a term of 5 years with effect from
visionaries who provide strategic direction and guidance to July 1, 2021, to June 30, 2026, subject to approval of the
the organization. As on March 31, 2022, the Board comprised shareholders of the Company. At the 75th Annual General
of two Executive Directors, six Non-Executive Independent Meeting (“AGM”) held on July 14, 2021, the shareholders of
Directors and one Non-Executive Non-Independent Director. the Company approved the appointment of Ms. Tulsi Naidu
as an Independent Director of the Company for a period of
Definition of ‘Independence’ of Directors is derived from five years from July 1, 2021 to June 30, 2026, whose office
Regulation 16 of the Listing Regulations, New York Stock shall not be liable to retire by rotation.
Exchange (“NYSE”) Listed Company Manual and Section
In the opinion of the Board, all our Independent Directors
149(6) of the Companies Act, 2013. The Company has
possess requisite qualifications, experience, expertise and
received necessary declarations under Section 149(7) of
hold high standards of integrity for the purpose of Rule
the Companies Act, 2013 and Regulation 25(8) of the Listing
8(5)(iii)(a) of the Companies (Accounts) Rules, 2014. List of
Regulations, from the Independent Directors stating that key skills, expertise, and core competencies of the Board,
they meet the prescribed criteria for independence. The including the Independent Directors, is provided at page no.
Board, after undertaking assessment and on examination of 119 of this Annual Report.

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Board’s Report
Pursuant to the provisions of Section 152 of the Companies The outcome of the Board Evaluation for the financial
Act, 2013 and the Articles of Association of the Company, year 2021-22 was discussed by the Board Governance,
Mr. Azim H. Premji (DIN: 00234280) will retire by rotation Nomination and Compensation Committee and the Board
at the 76 th AGM and being eligible, has offered himself for at their respective meetings held in April 2022. The Board
re-appointment. has received highest ratings on Board communication
and relationships, legal and financial duties of the Board
Committees of the Board and Composition and Role of the Board. The Board noted
Your Company’s Board has the following committees: the actions taken in improving Board effectiveness based
on feedback given in the previous year. Further, the Board
1. Audit, Risk and Compliance Committee, which also also noted areas requiring more focus in the future, which
acts as Risk Management Committee. includes big strategic choices, strategic engagements, and
2. Board Governance, Nomination and Compensation decisions on long term ambitions.
Committee, which also acts as Corporate Social
Responsibility Committee. Policy on Director’s Appointment and
3. Administrative and Shareholders/Investors Grievance Remuneration
Committee (Stakeholders Relationship Committee). The Board Governance, Nomination and Compensation
Committee has framed a policy for selection and
Details of terms of reference of the Committees, Committee appointment of Directors including determining
membership changes, and attendance of Directors at qualifications and independence of a Director, Key
meetings of the Committees are provided in the Corporate
Managerial Personnel (“KMP”), Senior Management
Governance report from page nos. 123 to 126 of this Annual
Personnel and their remuneration as part of its charter and
Report.
other matters provided under Section 178(3) of the
Companies Act, 2013.
Board Evaluation
In line with the Corporate Governance Guidelines of the Pursuant to Section 134(3) of the Companies Act, 2013,
Company, Annual Performance Evaluation was conducted the nomination and remuneration policy of the Company
for all Board Members as well as the working of the Board which lays down the criteria for determining qualifications,
and its Committees. This evaluation was led by the Chairman competencies, positive attributes and independence for
of the Board Governance, Nomination and Compensation appointment of Directors and policies of the Company
Committee with specific focus on performance and effective relating to remuneration of Directors, KMP and other
functioning of the Board. The Board evaluation framework employees is available on the Company’s website at
has been designed in compliance with the requirements https://www.wipro.com/content/dam/nexus/en/investor/
under the Companies Act, 2013, the Listing Regulations, and corporate-governance/policies-and-guidelines/ethical-
in accordance with the Guidance Note on Board Evaluation guidelines/wipro-limited-remuneration-policy.pdf. We affirm
issued by SEBI in January 2017. The Board evaluation that the remuneration paid to Directors, senior management
was conducted through a questionnaire designed with and other employees is in accordance with the remuneration
qualitative parameters and feedback based on ratings. policy of the Company.
Evaluation of the Board was based on criteria such as Policy on Board Diversity
composition and role of the Board, Board communication
and relationships, functioning of Board Committees, review The Board Governance, Nomination and Compensation
of performance of Executive Directors, succession planning, Committee has framed a policy for Board Diversity which
strategic planning, etc. lays down the criteria for appointment of Directors on the
Board of your Company and guides organization’s approach
Evaluation of Committees was based on criteria such as to Board Diversity.
adequate independence of each Committee, frequency of
meetings and time allocated for discussions at meetings, Your Company believes that Board diversity basis the gender,
functioning of Board Committees and effectiveness of its race, age will help build diversity of thought and will set the
advice/recommendation to the Board, etc. tone at the top. A mix of individuals representing different
geographies, culture, industry experience, qualification and
Evaluation of Directors was based on criteria such as skill set will bring in different perspectives and help the
participation and contribution in Board and Committee organization grow. The Board of Directors is responsible for
meetings, representation of shareholder interest and review of the policy from time to time. The policy on Board
enhancing shareholder value, experience and expertise Diversity has been placed on the Company’s website at
to provide feedback, and guidance to top management on https://www.wipro.com/investors/corporate-governance/
business strategy, governance, risk and understanding of policies-and-guidelines/.
the organization’s strategy, etc.
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Risk Management to this, your Company has instituted an online compliance

management system within the organization to monitor
Your Company has put in place an Enterprise Risk
compliances and provide update to the senior management
Management (“ERM”) framework and adopted an enterprise
and Board on a periodic basis. The Audit, Risk and
risk management policy based on globally recognized
Compliance Committee and the Board periodically monitor
standards. The objective of the ERM framework is to enable
and support achievement of business objectives through status of compliances with applicable laws.
risk-intelligent assessment apart from placing significant
focus on constantly identifying and mitigating all categories
Code for Prevention of Insider Trading
of risks within the business. The framework has been Your Company has adopted a Code of Conduct to regulate,
benchmarked against the best-in-class industry practices monitor and report trading by designated persons and
and continuously strengthened. The framework has been their immediate relatives as per the requirements under
digitized enabling businesses to take faster, informed and the Securities and Exchange Board of India (Prohibition of
quality decisions, encouraging a risk resilient culture. The Insider Trading) Regulations, 2015. This Code of Conduct
ERM framework is administered by the Audit, Risk and also includes code for practices and procedures for fair
Compliance Committee and supported by a multi layered disclosure of unpublished price sensitive information which
risk governance structure across the enterprise. For more has been made available on the Company’s website at
details on the Company’s risk management framework, https://www.wipro.com/investors/corporate-governance/
please refer to page nos. 42 to 44 of this Annual Report. policies-and-guidelines/.
Cyber Security Vigil Mechanism

Being an IT & ITES service provider, your Company’s Your Company has adopted an Ombuds process as a
dependency on secured digital infrastructure, to channel for receiving and redressing complaints from
interconnect offices, employee systems, partners and employees and directors, as per the provisions of Section
clients for the day-to-day business operations, are 177(9) and (10) of the Companies Act, 2013, Regulation 22
susceptible to potential cyber event(s) impacting of the Listing Regulations and Regulation 9A of Securities
confidentiality, integrity and availability of our technology and Exchange Board of India (Prohibition of Insider Trading)
environment. The cyber event(s) may lead to disclosure of Regulations, 2015.
data, breach of privacy or security impacting reputation, Under this policy, your Company encourages its employees
trust, revenue, through legal, regulatory and contractual to report any incidence of fraudulent financial or other
obligations. Such event(s) may directly impact us and our information to the stakeholders, reporting of instance(s)
relationships with our clients and partners. of leak or suspected leak of unpublished price sensitive
Also, due to geopolitical conflicts such as the recent conflict information and any conduct that results in violation of the
between Russia and Ukraine, your Company and its third- Company’s code of business conduct, to the management
party business providers are vulnerable to a heightened risk (on an anonymous basis, if employees so desire). Further,
of cyber security attacks, phishing attacks, viruses, malware, your Company has prohibited discrimination, retaliation,
ransomware, hacking or similar breaches from any nation- or harassment of any kind against any employee who
state actors, including attacks that could materially disrupt reports under the Vigil Mechanism or participates in the
your Company’s systems and operations, supply chain, and investigation.
ability to sell and distribute your Company’s services. Awareness of policies is created by, inter alia, sending
In view of increased cyber attack scenarios, the cyber group mailers highlighting actions taken by the Company
security maturity is reviewed periodically and the processes, against the errant employees. Mechanism followed under
technology controls are being enhanced in-line with the the Ombuds process has been displayed on the Company’s
threat scenarios. Your Company’s technology environment intranet and website at https://www.wipro.com/investors/
is enabled with real time security monitoring with corporate-governance/policies-and-guidelines/.
requisite controls at various layers starting from end user All complaints received through Ombuds process and
machines to network, application and the data. Programs investigative findings are reviewed and approved by the
to continuously monitor the effectiveness of the controls Chief Ombuds person. All employees and stakeholders can
are implemented to effectively sustain the security controls also register their concerns either by sending an email to
along with focus on continuous improvement of the efficacy ombuds.person@wipro.com or through web-based portal
of the security controls with the adoption of new processes at https://www.wipro.com/investors/corporate-governance/
and latest technology solutions. policies-and-guidelines/. Following an investigation of the
concerns received, a decision is made by the appropriate
Compliance Management Framework authority on the action to be taken basis the findings of the
The Board has approved a Global Statutory Compliance investigation. In case the complainant is non-responsive
Policy providing guidance on broad categories of applicable for more than 15 days, the concern may be closed without
laws and process for monitoring compliance. In furtherance further action.

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Board’s Report
The below table provides details of complaints received/ transparency, and accountability. In line with the provisions
disposed during the financial year 2021-22: of the Companies Act, 2013 and the Listing Regulations, the
Board has approved a policy on related party transactions.
No. of complaints pending at the beginning of
44 The policy on related party transactions has been placed on
financial year
the Company’s website at https://www.wipro.com/content/
No. of complaints filed during the financial year 939 dam/nexus/en/investor/corporate-governance/policies-
No. of complaints disposed during the financial and-guidelines/ethical-guidelines/policy-for-related-
901
year party-transactions.pdf.
No. of complaints pending at the end of the
82 All related party transactions are placed on a quarterly
financial year
basis before the Audit, Risk and Compliance Committee
All cases were investigated, and actions taken as deemed and before the Board for approval. Prior omnibus approval
appropriate. Based on self-disclosure data, 18% of these of the Audit, Risk and Compliance Committee and the Board
cases were reported anonymously. The top categories of
is obtained for the transactions which are foreseeable and
complaints were non-adherence to internal policy/process
of a repetitive nature.
at 52%, followed by workplace concerns and behavioral
issues at 34%. The majority of cases (79%) were resolved There were no contracts, arrangements or transactions
through engagement of human resources or mediation or entered during financial year 2021-22 that fall under
closed since they were unsubstantiated. the scope of Section 188(1) of the Companies Act, 2013.
Accordingly, the prescribed Form AOC-2 is not applicable to
The Audit, Risk and Compliance Committee periodically
reviews the functioning of this mechanism. No personnel the Company for the financial year 2021-22 and hence does
of the Company were denied access to the Audit, Risk and not form part of this report.
Compliance Committee. Details of transaction(s) of your Company with entity(ies)
belonging to the promoter/promoter group which hold(s)
Information Required under Sexual more than 10% shareholding in the Company as required
Harassment of Women at Workplace under para A of Schedule V of the Listing Regulations are
(Prevention, Prohibition & Redressal) provided as part of the financial statements.
Act, 2013 Pursuant to Regulation 23(9) of the Listing Regulations, your
Your Company has constituted an Internal Complaints Company has filed the reports on related party transactions
Committee, under the Sexual Harassment of Women at with the Stock Exchanges.
Workplace (Prevention, Prohibition and Redressal) Act, 2013
and has a policy and framework for employees to report Directors’ Responsibility Statement
sexual harassment cases at workplace. The Company’s Your Directors hereby confirm that:
process ensures complete anonymity and confidentiality
of information. Adequate workshops and awareness a) in the preparation of the annual accounts, the applicable
programmes against sexual harassment are conducted accounting standards have been followed along with
across the organization. The below table provides details proper explanation relating to material departures.
of complaints received/disposed during the financial year
b) the Directors have selected such accounting policies
2021-22.
and applied them consistently and made judgments
Number of complaints at the beginning of the financial 14 and estimates that are reasonable and prudent so as
year
to give a true and fair view of the state of affairs of the
No. of complaints filed during the financial year 41 Company at the end of the financial year and of the
No. of complaints disposed during the financial year 42 profit and loss of the Company for that period.
No. of complaints pending at the end of the financial year 13
c) the Directors have taken proper and sufficient care
As per the Sexual Harassment of Women at Workplace for the maintenance of adequate accounting records
(Prevention, Prohibition and Redressal) Act, 2013, your in accordance with the provisions of the Companies
Company follows calendar year for annual filling with Act, 2013 for safeguarding the assets of the Company
statutory authority and as per the filing, a total of 37 and for preventing and detecting fraud and other
complaints related to sexual harassment were raised in the irregularities.
calendar year 2021.
d) the Directors have prepared the annual accounts on a
Related Party Transactions going concern basis.
Your Company has historically adopted the practice of e) the Directors have laid down internal financial
undertaking related party transactions only in the ordinary controls to be followed by the Company and that such
and normal course of business and at arm’s length, as part internal financial controls are adequate and operating
of its philosophy of adhering to highest ethical standards, effectively.
181 / 490
f) adequate systems and processes, commensurate with safeguarding of its assets, the prevention and detection of
the size of the Company and the nature of its business, frauds and errors, the accuracy and completeness of the
have been put in place by the Company, to ensure accounting records, and the timely preparation of reliable
compliance with the provisions of all applicable laws financial disclosures.
as per the Company’s Global Statutory Compliance
Policy and that such systems and processes are Statutory Audit
operating effectively. Deloitte Haskins & Sells LLP, Chartered Accountants
(Registration No. 117366W/W-100018) have been
Wipro Employee Stock Option Plans/ appointed as the statutory auditors to hold the office
Restricted Stock Unit Plans till the conclusion of the 76 th AGM of the Company. The
Board has recommended their re-appointment as the
Your Company has instituted various employee stock
statutory auditors of the Company, for a second term of
options plans/restricted stock unit plans from time to time
five consecutive years, from the conclusion of the 76 th AGM
to motivate, incentivize, and reward employees. The Board
scheduled to be held in the year 2022 till the conclusion
Governance, Nomination and Compensation Committee
of the 81st AGM to be held in the year 2027, for approval of
administers these plans. The stock option plans are in
shareholders of the company at the ensuing AGM, based
compliance with the Securities and Exchange Board of
on the recommendation of the Audit, Risk and Compliance
India (Share Based Employee. Benefits and Sweat Equity)
Committee. Deloitte Haskins & Sells LLP have confirmed
Regulations, 2021, as amended (“Employee Benefits
that they satisfy the independence criteria required under
Regulations”) and there have been no material changes to
the Companies Act, 2013 and other applicable guidelines
these plans during the financial year. Disclosures on various
and regulations.
plans, details of options granted, number of shares arising
as a result of exercise of options, etc., as required under There are no qualifications, reservations or adverse remarks
the Employee Benefits Regulations, are available on the made by Deloitte Haskins & Sells LLP, Statutory Auditors, in
Company’s website at https://www.wipro.com/content/ their report for the financial year ended March 31, 2022.
dam/nexus/en/investor/annual-reports/2021-2022/
disclosure-under-sebi-share-based-employee-benefits- Pursuant to provisions of the Section 143(12) of the
and-sweat-equity-regulations-2021-for-the-year-ended- Companies Act, 2013, neither the Statutory Auditors nor
march-31-2022.pdf. the Secretarial Auditor has reported any incident of fraud to
No employee was issued stock options during the year equal the Audit, Risk and Compliance Committee during the year
to or exceeding 1% of the issued capital of the Company at under review.
the time of grant.
Secretarial Audit
Particulars of Employees Pursuant to the provisions of Section 204 of the
Information required pursuant to Section 197(12) of the Companies Act, 2013 and the Companies (Appointment
Companies Act, 2013 read with Rule 5(1) of the Companies and Remuneration of Managerial Personnel) Rules, 2014,
(Appointment and Remuneration of Managerial Personnel) the Company has appointed Mr. V. Sreedharan, Partner, V.
Rules, 2014 is provided as Annexure I to this report. Sreedharan & Associates, a firm of Company Secretaries
in Practice, to conduct Secretarial Audit of the Company.
A statement containing, inter alia, the names of top ten The Report of the Secretarial Audit in Form MR-3 for
employees in terms of remuneration drawn and every the financial year ended March 31, 2022, is enclosed as
employee employed throughout the financial year and Annexure III to this Report. There are no qualifications,
in receipt of remuneration of ` 102 lakh or more and, reservations or adverse remarks made by the Secretarial
employees employed for part of the year and in receipt of Auditor in his report.
remuneration of ` 8.50 lakh or more per month, pursuant to
Rule 5(2) the Companies (Appointment and Remuneration of V. KEY AWARDS AND RECOGNITIONS
Managerial Personnel) Rules, 2014 is provided as Annexure
Your Company is one of the most admired and recognized
II to this report.
companies in the IT industry. Your Company has won several
IV. INTERNAL FINANCIAL CONTROLS AND awards and accolades, details of which are provided at page
no. 17 of this Annual Report.
AUDIT
Internal Financial Controls and their Adequacy VI. SOCIAL RESPONSIBILITY AND SUSTAINABILITY
The Board of your Company has laid down internal financial Corporate Social Responsibility
controls to be followed by the Company and such internal Your Company is at the forefront of Corporate Social
financial controls are adequate and operating effectively. Responsibility and sustainability initiatives and practices.
Your Company has adopted policies and procedures for Your Company believes in contributing to creating lasting
ensuring the orderly and efficient conduct of its business, impact towards creating a more just, equitable, humane,
including adherence to the Company’s policies, the and sustainable society.

182 / 490
Board’s Report
Your Company has been involved with social initiatives Company spent ` 2,216 million towards CSR activities during
for more than a decade and a half and engages in a deep the financial year 2021-22.
and meaningful manner on critical issues in the fields of
The Board of Directors noted that your Company’s CSR
education, primary healthcare, urban ecology, and disaster
spend for the year ended March 31, 2021, was ` 2,512
response.
million as against its obligation of ` 1,656 million. An excess
Your company works with a network of more than 200 of ` 856 million which was spent in the financial year 2021-
committed partner organizations in these domains. Some 22 is available for set-off. Considering that ` 856 million can
of the highlights of the work for the past year include: be set off in a time frame of three immediately succeeding
(i) Simultaneous focus on access and inclusion in years, and pursuant to the recommendation by the Board
schools for children from vulnerable communities Governance, Nomination and Compensation Committee,
in combination with systemic, long term reforms in the Board of Directors of your Company approved the set off
education. There is a conscious focus in the current the excess spend, in equal proportion, over a period of next
projects on children with disability and for supporting three financial years.
government school infrastructure. The contents of the CSR policy and the CSR Report as per
(ii) Wipro-earthian, a flagship program in sustainability the format notified in the Companies (Corporate Social
education with an outreach to nearly 1,500 schools Responsibility Policy) Amendment Rules, 2021 dated
and colleges across 30 states in India. January 22, 2021, is attached as Annexure IV to this report.
(iii) Expansion and strengthening of work in primary health CSR policy is also available on the Company’s website at
care with focus on Reproductive Health, Maternal, https://www.wipro.com/sustainability-archive/.
Infant and Child Care.
The terms of reference of CSR committee, framed in
(iv) Active portfolio of projects that aim to improve urban accordance with Section 135 of the Companies Act,
water governance and management in Bengaluru, 2013, forms part of Board Governance, Nomination and
Pune, Chennai, and Hyderabad. Compensation Committee. The Committee consists of three
(v) A model of robust employee volunteering and monetary Independent Directors, Mr. William Arthur Owens, Ms. lreena
contribution with more than 35,000 employee Vittal and Mr. Patrick Dupuis, as its members. Mr. William
volunteers in India, Philippines, US, UK, Romania, Arthur Owens is the Chairman of the Committee.
Poland, Singapore, Australia, etc.
We affirm that the implementation and monitoring of
Continuing from last year, your Company provided Covid CSR activities is in compliance with the Company’s CSR
grants during the peak of the second wave (April-July objectives and policy.
2021) supporting the field work of some of its existing
partners with whom it had already worked in 2020. The Particulars Regarding Conservation of
grants included support for running the Covid center at the Energy and Research and Development
Commonwealth Games village in New Delhi. and Technology Absorption
A key highlight is that your Company continued to run Details of steps taken by your Company to conserve
its Pune Covid hospital till end of December 2021, when energy through its “Sustainability” initiatives, Research
the Pune district administration suggested it be wound and Development and Technology Absorption have been
down due to the low number of cases. Over a period of 18 disclosed as part of the MD & A Report.
months, the hospital admitted over 6,400 patients, with
a case fatality rate of 0.16%. Your Company’s support Foreign Exchange Earnings and Outgoings
included 35,000 sq. ft of hospital space, 450 beds, medical During the financial year 2021-22, your Company’s foreign
equipment including ventilators, a separate pediatric ward, exchange earnings were ` 548,490 million and foreign
a 250 litre per minute oxygen plant, ambulances, food for exchange outgoings were ` 259,602 million as against
all patients and staff, boarding for all doctors and nurses, ` 463,447 million of foreign exchange earnings and ` 213,295
the services of the hospital CEO, critical medicines, and million of foreign exchange outgoings for the financial year
maintenance services. 2020-21.
Your Company also continued to support the Global Covid
Care and Medical Consortium (“GCCMC”), a virtual platform VII. DISCLOSURES
that accelerates knowledge sharing about critical aspects Annual Return
of Covid care amongst doctors and medical experts.
Pursuant to Section 92(3) and Section 134(3)(a) of the
As per the provisions of the Companies Act, 2013, a company Companies Act, 2013, the Company has placed a copy of
meeting the specified criteria shall spend at least 2% of the Annual Return as of March 31, 2022, on its website at
its average net profits for three immediately preceding https://www.wipro.com/content/dam/nexus/en/investor/
financial years towards CSR activities. Accordingly, your annual-reports/2021-2022/annual-return-fy21-22.pdf.
183 / 490
Other Disclosures g) There are no proceedings initiated/pending against

your Company under the Insolvency and Bankruptcy
a) Your Company has not accepted any deposits from the
Code, 2016 which materially impact the business of the
public and as such, no amount on account of principal
Company.
or interest on public deposits was outstanding as on the
date of the balance sheet. h) There were no instances where your Company required
the valuation for one time settlement or while taking the
b) Your Company has not issued shares with differential
loan from the Banks or Financial institutions.
voting rights and sweat equity shares during the year
under review. Acknowledgements and Appreciation
c) Your Company has complied with the applicable Your Directors take this opportunity to thank the
Secretarial Standards relating to ‘Meetings of the Board customers, shareholders, suppliers, bankers, business
of Directors’ and ‘General Meetings’ during the year. partners/associates, financial institutions and Central
and State Governments for their consistent support and
d) Maintenance of cost records and requirement of cost encouragement to the Company. I am sure you will join
Audit as prescribed under the provisions of Section our Directors in conveying our sincere appreciation to
148(1) of the Companies Act, 2013 are not applicable to all employees of the Company and its subsidiaries and
the business activities carried out by the Company. associates for their hard work and commitment. Their
e) There are no significant material orders passed by dedication and competence have ensured that the Company
the Regulators/Courts which would impact the going continues to be a significant and leading player in the IT
concern status of the Company and its future operations. Services industry.
f) Details of unclaimed dividends and equity shares
For and on behalf of the Board of Directors,
transferred to the Investor Education and Protection
Fund authority have been provided as part of the Bengaluru Rishad A. Premji
Corporate Governance report. June 8, 2022 Chairman

184 / 490
ANNEXURE I
Statement of Disclosure of Remuneration under Section 197 of the Companies Act, 2013 and Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
Remuneration paid to Whole-Time Directors
% increase/decrease of Ratio of
Ratio of remuneration
Name of Directors Designation remuneration in 2022 as remuneration to
to MRE*
compared to 2021* MRE and WTD*
Rishad A. Premji Chairman 17.01 174.02 174.02

Chief Executive Officer and
Thierry Delaporte(1) 24.02 1006.31 1006.31
Managing Director
MRE – Median Remuneration of employees, WTD – Whole-Time Director

* Rounded off to two decimals
(1)
Mr. Thierry Delaporte was appointed as the Chief Executive Officer and Managing Director of the Company with effect from July 6, 2020 and hence the
remuneration is not comparable. The remuneration of Chief Executive Officer and Managing Director is computed on an accrual basis. It also includes the
amortization of RSUs granted to him, which will vest over a period of time and the RSUs that will vest based on performance parameters of the Company. The
remuneration disclosed includes components such as a one-time cash award, as per the terms approved by the shareholders at the Annual General Meeting
held in July 2020.
Remuneration paid to other Directors

% increase/decrease of
Ratio of remuneration to Ratio of remuneration
Name of Directors Designation remuneration in 2022 as
MRE* to MRE and WTD*
compared to 2021*
Azim H. Premji Founder Chairman 33.71 13.07 13.07
Ireena Vittal Independent Director 32.98 18.17 18.17
M. K. Sharma (2)
Independent Director NA 4.81 4.81
Patrick J. Ennis #
Independent Director 0.18 26.94 26.94
Patrick Dupuis# Independent Director 0.18 26.94 26.94
William Arthur Owens #
Independent Director 0.18 37.66 37.66
Deepak M. Satwalekar (3)
Independent Director NA 16.98 16.98
Tulsi Naidu(4) Independent Director NA 14.79 14.79
MRE – Median Remuneration of employees, WTD – Whole-Time Director

* Rounded off to two decimals
(2)
Comparable figures have not been provided as Mr. M. K. Sharma retired as an Independent Director with effect from close of business hours on June 30,
2021.
(3)
Mr. Deepak M. Satwalekar was appointed as an Independent Director with effect from July 1, 2020 and hence comparable figures have not been provided.
(4)
Ms. Tulsi Naidu was appointed as an Independent Director with effect from July 1, 2021 and hence comparable figures have not been provided.
#
The increase of remuneration in 2022 as compared to 2021 is due to exchange rate fluctuation.
Remuneration paid to other Key Managerial Personnel (KMP)
% increase/decrease of Ratio of
Ratio of remuneration
Name of KMPs Designation remuneration in 2022 as remuneration to
to MRE and WTD*
compared to 2021* MRE*
Jatin Pravinchandra Dalal Chief Financial Officer 62.01 152.22 152.22

M. Sanaulla Khan** Company Secretary 38.57 35.32 35.32
MRE- Median Remuneration of Employees, WTD - Whole-Time Director

*Rounded off to two decimals
**Remuneration includes perquisites value of Restricted Stock Units exercised during the respective years.
185 / 490
Notes:
1. The MRE excluding Whole-Time Directors was ` 793,086 and ` 717,900 in fiscal 2022 and fiscal 2021 respectively. The increase in
MRE excluding the Whole-Time Directors in fiscal 2022 as compared to fiscal 2021 is 10.47%.
2. The MRE including Whole-Time Directors was ` 793,086 and ` 717,900 in fiscal 2022 and fiscal 2021 respectively. The increase in
MRE including the Whole-Time Directors in fiscal 2022 as compared to fiscal 2021 is 10.47%.
3. The number of permanent employees on the rolls of the Company as of March 31, 2022, and March 31, 2021, was 236,204 and
201,665 respectively.
4. The aggregate remuneration of employees excluding WTD grew by 19.5% over the previous fiscal, attributed to the increase in
headcount. The aggregate increase in salary for WTDs and other KMPs was 26.71% in fiscal 2022 over fiscal 2021, on account of
the following:
a. For the fiscal 2022, Mr. Rishad A. Premji was paid commission as per the terms approved by the shareholders at the Annual
General Meeting held in July 2021.
b. The compensation disclosed for Mr. Thierry Delaporte includes components such as an expatriate allowance, variable pay,
one-time cash award and the amortization of RSUs granted to him which will vest over a period of time and RSUs that will vest
based on performance parameters of the Company
c. Computation of remuneration to Mr. Jatin Pravinchandra Dalal is on an accrual basis and it includes the amortization of
Restricted Stock Units (RSU) granted to him, which will vest over a period of time and RSUs that will vest based on performance
parameters of the Company.
5. The Company affirms that the remuneration is paid as per the remuneration policy of the Company.
Variable Pay Compensation

The variable pay of executive officers, including the Chief Executive Officer and Managing Director, is based on clearly laid out criteria
and measures, which are linked to the desired performance and business objectives of the organization. The criteria for variable pay,
which is paid out quarterly/annually, includes financial parameters like revenue, profit achievement, operating margin achievement
and other strategic goals as decided by the Board from time to time.
Apart from the variable pay component, long term (typically greater than one year) incentives granted to executive officers, including
the Chief Executive Officer and Managing Director, includes both time-based stock units (RSUs) and performance-based stock units
(PSUs).
The vesting of PSUs is based on performance parameters of the Company over a defined performance period and is linked to pre-
defined financial goals. Time-based stock units typically vest over a defined period. The vesting pattern and schedule for both these
types of stock units are as determined by the Board Governance, Nomination and Compensation Committee.

186 / 490
ANNEXURE II
100
Information as per Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
A) Top 10 employees in terms of salary drawn during the financial year 2021-22
Date of Joining Gross Remuneration Experience
Sl. No. Name of the Employee Qualification Age Last Employment Designation
(DD-MM-YYYY) (in `) (yrs)
Bachelor's Degree
in Economy and Chief Executive Officer and
1. Thierry Delaporte#* 06-07-2020 798,089,733 55 27 Capgemini
Finance, Masters in Managing Director
Law
President and Chief
2. Bhanumurthy B M 03-09-1992 331,988,740 B.Tech, PGDM 58 35 CMC Ltd
Operating Officer
President and Chief Human
3. Saurabh Govil 11-05-2009 162,538,240 B.Sc, PGDM - PM & IR 54 33 GE India
Wipro Limited | Ambitions Realized

Resources Officer
4. Rishad A. Premji 20-07-2007 138,009,178 B.A, MBA 45 23 Bain & Company Executive Chairman
5. Kumudha Sridharan 31-05-1995 132,505,492 BE 58 35 ITI Ltd Senior Vice President
BE, CA, PGDBA, CFA
President and Chief
6. Jatin Pravinchandra Dalal* 01-07-2002 120,719,970 (USA), CGMA (UK), 47 23 GE India
Financial Officer
CMA
Unicorp
7. Kiran K Desai 21-09-1998 92,461,540 BE, PG Diploma 56 35 Senior Vice President - GIS
Industries
Senior Vice President -
8. Sunita Cherian 04-11-1996 65,867,546 B.Tech, PGDBA 48 25 First Employment
Human Resources
187 / 490
Procter & Gamble Senior Vice President &
9. Deepak Acharya 01-02-2018 54,342,082 B.Sc, LLB, FCS 54 26
Singapore General Counsel
Aditya Birla Senior Vice President and
10. Dipak Kumar Bohra 14-06-2002 50,296,496 B.Com, CA, ICWAI 49 25
Group Chief of Internal Audit
Notes:
1. Remuneration comprises salary, allowances, commission, performance based payments, perquisite and Company’s contribution to Provident Fund and super-annuation as
per definition contained in Section 2(78) of the Companies Act, 2013, paid during the year. It also includes perquisites value of Restricted Stock Units (RSUs) exercised, if any,
by employees.
2. The nature of employment is contractual in all the above cases.
3. In terms of proviso to Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, particulars of employees posted and working in a
country outside India, not being Directors or their relatives, have not been included in the above statement.
4. Mr. Rishad A. Premji, who is in the employment of the Company, is the son of Mr. Azim H. Premji, Founder Chairman of the Company. Computation of remuneration of Mr. Rishad
A. Premji, Chairman includes cash bonus (part of his salary) on an accrual basis, which is payable over a period of time.
# Figures mentioned in ` are equivalent of amounts paid in foreign currency, as may be applicable. It includes components such as a one-time cash award, as per the terms approved by the shareholders
at the Annual General Meeting held in July 2020.
* Computation of remuneration to the Chief Executive Officer and Managing Director, Chief Financial Officer is on an accrual basis and includes the amortization of RSUs granted to them, which will
vest over a period of time and RSUs that will vest based on performance parameters of the Company.

B) Employees drawing salary of ` 102 lakh or above per annum and posted in India
Gross
Date of joining Experience
Name of the Employee Remuneration Qualification Age Last Employment Designation
(DD-MM-YYYY) (yrs)
(in `)
Aathir Ahad 20-01-2003 13,483,849 BE 49 26 Bangalore Labs General Manager & Group Head
Ajay Nahar 24-06-2019 11,676,716 MBA (International Business 43 20 Ernst & Young General Manager
& Finance)
Amal Bhattacharya 03-08-2010 13,339,329 Corporate PGDBA, BE 57 31 Sun Microsystems General Manager & Presales Head - India
Amit S R 23-10-2015 13,012,260 LLB 45 21 HCL Technologies Ltd. General Manager & Associate General
Counsel
Animesh Sengupta 12-09-2006 12,597,235 B.Com 52 31 GE Money General Manager & Global Head -
Technology
Anindita Chattopadhyay Ray 02-01-2019 11,924,604 MBA (Marketing) 58 29 Tata Consultancy Vice President & Country Delivery Head
Services Ltd
Anurag Seth 03-05-1990 22,790,446 BE, PGDBM - Information 55 32 First Employment Vice President & Head - Talent
Management Transformation, TopGear & Business
Aparna Iyer 21-04-2003 21,918,953 CA 41 19 First Employment Vice President
Arunkumar M 03-02-1997 19,887,984 M.S. Software Engineering 48 25 IISc Vice President & Practice Head
Ashish Chawla 21-09-1998 13,219,320 CA 49 24 UTI Vice President & BFM Head - iCORE
Bhaskar Pandey 01-10-2019 12,623,674 Post Graduate MMS 51 28 Vara Infotech Ltd General Manager & Sector Head - India PRE
188 / 490
Bhavani Padmanabhan 09-05-2016 15,934,398 LLB, Master in Business Law 53 30 SABMiller India Limited Vice President & Deputy General Counsel -
Global Legal Head - IP
Byomokesh Tripathy 07-07-2014 12,124,751 MBA 46 22 GE Appliances and Vice President
Lighting
Chandra Shekar S N 06-11-1995 22,106,081 BE 49 26 Indian Industrial Vice President
Machines
Deepak Maheshwari 26-05-2003 10,136,146 MCA 49 24 Mphasis Corp General Manager & Presales Head -
Data & Analytics
Denny John 12-08-1996 17,182,773 BE 50 31 Modi Olivetti Ltd Vice President
Devender Malhotra 23-08-2002 20,074,017 BE, PGD 50 27 Satyam GE Software Vice President & Global Delivery Head, CIS
Dilip Dialani 13-06-2005 11,812,807 MFM 46 23 MBT Vice President
Gaurav Kedia 27-11-2003 15,143,287 B.Com., CA , CS 41 18 First Employment Vice President, Global Controller
Gaurav Sai Mittal 30-08-1999 13,387,054 B.Tech-Chemical 45 22 First Employment General Manager & Practice Head
Gopikrishnan Gouri 27-08-2012 18,066,496 PGDBM International 50 26 Infosys Ltd Vice President & Managing Partner
Ramachandran Business General
Management
Integrated Annual Report 2021-22

Hari Raja S 06-01-2020 20,965,895 Business Management 45 18 Cognizant Technologies Vice President & Practice Head - Sales
Science Force
Harish Dwarkanhalli 10-12-2019 36,061,578 BE 47 25 Cognizant Technologies President - Applications & Data
101
Gross
102
(DD-MM-YYYY) (yrs)
(in `)
Harsh Bhatia 07-11-2002 21,034,420 B.Sc 56 34 DakSH Vice President - Operations

Jayant Prabhu K 05-08-1996 17,897,400 BE 46 25 First Employment Vice President
Kamini Shah 18-01-2017 15,192,121 CA 52 25 Hewlett Packard Vice President and BFM Head - Americas 1
Kapil Gupta 28-08-2017 10,717,893 MSc Information Technology 46 21 Sapient Corporation - Senior Partner - Domain Consulting
Spoc
Kiran Tailor I 26-05-2003 10,892,467 BE (Electronics) 45 24 NSEiT General Manager - Client Solutions Group
Kishore Janardhan Hegde 27-10-2014 11,265,815 BE (Computer Science) 50 27 IBM General Manager & Practice Head
Krishnakumar N 05-09-1994 18,755,644 B.Sc, M.Sc (Computer 54 30 DRDO Vice President - Global Head Service
Science) Transformation

Krishnan Subramanian 13-04-2015 15,327,398 CA 54 30 Content Media India Pvt Vice President
Ltd
Kumar N S 03-07-1995 15,068,965 B.Sc (Computer Science) 51 30 C DAC Vice President & Delivery Head - APMEA
Madhusudan Narayana 10-08-2015 15,552,338 B.Sc 49 23 Sapient Vice President
Murthy
Manish N 02-12-2019 13,215,209 BE 51 30 SAP Labs India Pvt Ltd Vice President
Manjunath A V 01-05-1995 16,242,782 BE 52 30 Standard Autolog Vice President
Manoj Madhusudhanan 07-07-2003 12,571,576 BE 49 27 Skanda Software Fellow - Wipro Digital
Mark Allan Felsinger 09-03-2015 12,284,516 B.A Economics 48 25 Kenya Airways General Manager & Head
189 / 490
Milind Halapeth 15-01-2007 20,342,932 BE, MBA 49 28 Publicis Groupe Vice President
Mohit B Lal 16-03-1999 17,959,124 B.Sc, MCA 52 28 MXSS Delhi Vice President & SDH
Murali Parthasarathy 01-08-2012 14,196,358 BE 53 30 Allgreen Ecotech Vice President
Solutions Pvt Ltd
Nagarjuna Sadineni 14-12-2007 17,941,352 MBA 53 33 Wep Peripherals Vice President-Global Delivery Enablement
Nanda Kishore N 01-08-1994 19,756,532 BE, PG Diploma 50 28 Hypermedia Info Vice President
Systems
Narayana Prasad Shankar 01-12-2014 13,422,569 B.Tech- Chemical 50 27 Infosys Vice President
Narayana Shenoy 24-12-1990 15,877,854 BE (Computer Science) 53 31 First Employment General Manager & Practice Head
Niloy Mukherjee 16-01-2020 14,590,943 MTech 52 26 Cognizant Technologies Vice President & Practice Head
Parminder Singh Kakria 02-03-2016 11,602,275 MTech 40 16 DuPont Head Government Affairs - Americas,
Europe & APMEA
Peyush Agarwal 07-09-2015 10,054,600 MBA General Management 50 21 Target Principal Consultant
Prasad Gantasai 01-02-2006 22,018,525 B.A., MSW 48 27 Isoft India Vice President & Head - HR, iDEAS
Prasenjit Lahiri 05-01-1995 12,692,150 BE 53 28 TVS Electronics Vice President
Prashant Kumar Singh 01-08-2020 10,580,650 B.Tech Electrical Engineering 40 14 Q3 Technologies Senior Delivery Manager
Priti Kataria 01-06-1998 43,603,469 MBA 49 23 First Employment Vice President and HR Head: iCORE
Gross
(DD-MM-YYYY) (yrs)
(in `)
Rahul Mansharamani 19-10-2004 19,728,041 BE, PG Diploma 46 22 Eicher Motors Ltd Vice President
Rahul Shah 02-11-2015 28,638,547 PGDM 51 26 Infosys Digital Vice President
Rajeev Rajagopalan 28-05-2020 22,670,631 BE 48 25 Conduent Vice President & Americas-2 Delivery Head
Rajesh Sehgal 04-06-2001 15,456,819 BE, MBA 52 26 Hoogovens Vice President
Rajeswar Nair 01-08-2020 11,450,692 B.A. 45 20 Blackstone Advisors Senior Delivery Manager
India Pvt Ltd
Ramachandran P 16-12-1996 16,029,120 BE 47 25 First Employment Vice President
Rammohan C V 28-08-2000 11,271,120 M.S. 52 27 Department of Telecom General Manager & Country Delivery Head
Reshmi Shankar 17-06-2019 11,065,061 Diploma in Hotel 45 21 Honeywell General Manager
Management
Rituparna Ghosh 15-03-2001 10,317,569 MBA-Business Management 48 24 ITpace.com Vice President
Rohan Vikram Prabhu 11-01-2018 10,285,344 PGDM Computer Aided 50 24 NTT Data Services Vice President & Head of APAC- DOP
Design (CAD)
Saibal Basu 15-07-2002 15,515,796 B.Sc 56 32 Trigent Software Vice President
Sambhaji Shivajirao 05-09-2014 11,618,437 BE (Instrumentation) 54 28 Reliance Comm General Manager & Delivery Assurance
Deshmukh Head
Samir Gadgil 09-10-2004 15,392,954 BE, MPM 46 23 Cedar Consulting Vice President - Human Resources
190 / 490
Sanaulla Khan Mohammed 12-05-2015 28,011,056 M.Com, FCS 51 28 ICICI Prudential Life Vice President & Company Secretary
Insurance Co. Ltd.
Sandeep Aggarwal 11-05-2020 28,045,289 CA 46 26 Alight Services India Vice President, Finance iDEAS
Pvt Ltd
Sandesh Jaikrishan 01-09-2018 15,585,570 BE in Electronics & 47 24 Aon Hewitt Enterprise Architect
Communication
Sanjay Tarsemlal Jaireth 21-05-2019 13,411,217 MBA 48 23 Mphasis General Manager & Sector Head India SRE
BFSI
Sanjeev R 07-09-1998 14,986,011 BE 50 26 CMC Ltd Solution Delivery Head
Sanjeev Singh 02-11-2018 31,174,750 BTech, PGDM 56 21 Aegis Ltd Senior Vice President
Sarika Pradhan Jena 29-12-2003 11,025,848 M.Com 49 24 PWC General Manager
Satish Raghammudi 19-11-2007 11,720,077 MBA Operations 47 22 Infosys Technologies General Manager & Delivery Head - SAP
Information Technology
Satish Y 19-04-2000 17,229,670 BE 49 26 Jindal Vijayanagar Steel Vice President
Ltd
Seshu Kumar G V 10-08-1998 10,999,795 B.Tech 47 26 ECIL General Manager & Practice Head - VDI

Sheetal Sharad Mehta 16-09-1994 49,664,123 BE 49 28 First Employment Senior Vice President
Somanath Ballari 22-06-2015 22,104,052 WISTA-MS Law 47 22 Avery Dennison (India) Vice President & Deputy General Counsel
Pvt Ltd
103
Gross
104
(DD-MM-YYYY) (yrs)
(in `)
Srinivas Sai Nidadhavolu 16-08-2002 20,192,768 B.Com., PGDM 49 26 Agro Tech Foods Vice President & Practice Head - SAP
Srinivasan G 14-04-1999 33,226,194 BE 52 31 Indchem Electronics Vice President
Sriram Ranganathan 07-11-2005 10,323,160 CA 39 17 Cognizant Technology General Manager, Finance
Srivatsan Venkataramani 12-01-2012 16,912,218 PGDM Finance 54 27 Oracle Financial Services Vice President
Ltd
Sudheesh Babu C 02-04-2001 10,201,223 CISA 55 22 Price WaterHouse General Manager & Practice Head
Sudhir Kesavan 09-01-2017 16,985,296 BTech 48 25 Value Labs Senior Vice President
Sumit Taneja 08-05-2006 16,352,898 BA, PGD 44 18 Tata Motors Ltd Vice President
Supriya Das 01-07-1987 28,376,931 BE 58 34 First Employment Vice President & Practice Head

Surendranath Garimella 10-07-2006 25,127,072 B.Sc.,MCA 54 32 MSG Systems Vice President
Swati Oberoi 06-11-2017 11,246,945 Business Management 55 31 Tata Consultancy General Manager
Science Services
Venkataraman Mahadevan 10-08-2004 18,536,891 B.Sc., Advance Diploma in 51 17 NIIT Limited Vice President
SMGT
Vijay Kumar K 28-02-2000 12,697,610 PhD Electronics and 51 27 Cadence Design Systems DMTS - Distinguished Member, IES
Communication Engineering
Vijayaraghavan K V 05-04-1995 13,073,047 BE 53 30 Schenck Avery General Manager
Vijayasimha Alilughatta 28-02-2014 47,769,019 BE 48 26 Infosys Limited Senior Vice President
191 / 490
Vipin Chandran Nair 12-03-2012 19,126,936 M.A. in Economics 51 28 TickerPlant Ltd General Manager & Head - Communications
Vishwas Deep 01-03-1992 27,958,508 BE (Mechanical) 53 30 First Employment Vice President and Global Head
C) Employed for part of the year with an average salary of ` 8.5 lakh or above per month and posted in India
Gross
(DD-MM-YYYY) (yrs)
(in `)
Amit Bajoria 30-10-2000 28,259,010 CA 44 21 First Employment Senior Vice President
Amit Chhibba 30-08-1999 9,478,755 Engineering 45 23 Puncom General Manager & Engineering Delivery Head
Cognizant Technology
Anand Kabra 21-10-2021 11,520,211 PGDCA Operations 49 25 Vice President
Solutions Ltd
Anup G. Purohit 24-05-2021 27,906,378 BE (Electronics) 51 26 Yes Bank Senior Vice President
Ashok Philipose 16-04-1996 21,935,182 BE 52 27 Pentafour Software Vice President
Ayaskant Sarangi 03-12-2012 43,257,635 PGDBM 47 24 GE India Senior Vice President - Human Resources
Balasubramanian K. 17-04-2002 32,776,494 B.Com, CA 42 20 First Employment Vice President
Bonam Rajkumar 08-10-2014 10,316,119 Human Resources 46 21 Lenovo India Pvt Ltd General Manager
Dinesh Wadehra 01-06-2021 18,961,090 BE, MBA, MS 53 32 Jones Lang Lasalle Vice President
Gurmeet Singh Sran 16-07-2009 11,384,989 M.Sc 52 27 Genpact Senior Practice Director
Keyur Maniar 12-03-2007 9,474,313 BE, MBA 52 28 Capital One Financial Senior Vice President
Mrityunjay Kumar Center for Organizational
28-09-2004 10,234,453 MA 52 28 Vice President
Srivastava Development, Hyderabad
Pavan Papalal Agrawal 10-10-2012 14,726,682 BE 50 27 Infosys Ltd Vice President
PG, Diploma in Personnel
Nittany Outsourcing
Putul Mathur 24-04-2006 13,568,932 Management and Industrial 53 27 Vice President - Human Resources
Services
Relations
Rajeev Menon 18-10-2021 8,659,372 PGD Human Resources 51 31 Vice President
Solutions Ltd
Ranu Singh 05-08-2019 12,462,498 B.Sc, MBA (Finance) 47 20 Genpact Healthcare & P&C Head - Buy Side Insurance Products
Ravi Gupta 28-11-2011 11,067,189 PG Diploma 45 20 Genpact Senior Partner
192 / 490
Renil Kumar 19-04-2004 16,074,791 MPM 50 23 Saint Gobain Vice President
Wipro GE Healthcare Pvt
Rohit Vishal Gupta 02-08-2021 20,148,774 MA (PM&IR) TISS 47 22 Vice President
Ltd
Salil Mahajan 27-09-2021 8,252,845 MBA (Finance) 49 26 Vice President
Solutions Ltd
Satvinder Singh Madhok 02-08-2021 9,896,936 M.S. Information Systems 57 28 Barclays Bank Technology Vice President
Satyajit Kunjur Narayan 17-09-2007 14,443,701 MBA 49 29 Reach Sewn Technologies Pre Sales Head
Juniper Networks Solution
T V Sriram 30-09-2019 18,184,736 PGD, BE 52 30 Vice President
India Pvt Ltd
Notes:
1. The above table contains details of employees in alphabetical order and does not include the details of remuneration drawn by the top 10 employees as their details are
provided in item (A) of Annexure II to this Board’s Report.
2. Remuneration comprises salary, allowances, commission, performance based payments, perquisite and Company’s contribution to provident fund and superannuation as per
the definition contained in Section 2(78) of the Companies Act, 2013 paid during the year. It also includes perquisites value of Restricted Stock Units (RSUs) exercised, if any,
by employees.
3. The nature of employment is contractual in all the above cases.
4. None of the employees employed throughout the financial year or part thereof, were in receipt of remuneration in that year, in which the aggregate, or as the case may be
at a rate which, in the aggregate, is in excess of that drawn by the Managing Director or Whole-Time Director or Manager and holds by himself or along with his spouse and
dependent children, not less than two per cent of the equity shares of the Company.
5. In terms of the proviso to Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, particulars of employees posted and working in a

country outside India, not being Directors or their relatives, have not been included in the above statement.
105
ANNEXURE III
Form No. MR-3

SECRETARIAL AUDIT REPORT
[Pursuant to Sub-Section (1) of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
For the Financial Year Ended March 31, 2022
To, c. The Securities and Exchange Board of India (Issue of

The Members, Capital and Disclosure Requirements) Regulations, 2018
Wipro Limited, (Not Applicable to the Company during the Audit Period).
Doddakannelli,
d. The Securities and Exchange Board of India (Share Based
Sarjapur Road,
Employee Benefits and Sweat Equity) Regulations, 2021.
Bengaluru - 560 035
e. The Securities and Exchange Board of India (Issue
We have conducted the secretarial audit of the compliance and Listing of Debt Securities) Regulations, 2008 (Not
of applicable statutory provisions and the adherence to Applicable to the Company during the Audit Period).
good corporate practices by Wipro Limited (“the Company”).
Secretarial Audit was conducted in a manner that provided us a f. The Securities and Exchange Board of India (Issue And
reasonable basis for evaluating the corporate conducts/statutory Listing of Non-Convertible Redeemable Preference
compliances and expressing our opinion thereon. Shares) Regulations, 2013 (Not Applicable to the
Company during the Audit Period).
Based on our verification of the Company’s books, papers, minute
g. The Securities and Exchange Board of India (Issue and
books, forms and returns filed and other records maintained by
Listing of Non-Convertible Securities) Regulations, 2021
the Company and also the information provided by the Company,
(Not Applicable to the Company during the Audit Period).
its officers, agents and authorized representatives during the
conduct of secretarial audit, we hereby report that in our opinion, h. The Securities and Exchange Board of India (Registrars
the Company has, during the audit period covering the financial to an Issue and Share Transfer Agents) Regulations, 1993
year ended on March 31, 2022 (“the audit period”) complied regarding the Companies Act and dealing with client.
with the statutory provisions listed hereunder and also that
the Company has proper Board-processes and compliance- i. The Securities and Exchange Board of India (Delisting of
mechanism in place to the extent, in the manner and subject to Equity Shares) Regulations, 2009 (Not Applicable to the
the reporting made hereinafter: Company during the Audit Period).
j. The Securities and Exchange Board of India (Buy-back
We have examined the books, papers, minute books, forms and of Securities) Regulations, 2018 (Not Applicable to the
returns filed, and other records maintained by the Company for Company during the Audit Period) and
the financial year ended on March 31, 2022 according to the
provisions of: k. Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
i. The Companies Act, 2013 (the Act) and the rules made
thereunder. vi. Other laws applicable specifically to the Company namely:
a. Information Technology Act, 2000 and the rules made
ii. The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and thereunder
the rules made thereunder.
b. Special Economic Zones Act, 2005 and the rules made
iii. The Depositories Act, 1996 and the Regulations and Byelaws thereunder
framed thereunder.
c. Software Technology Parks of India rules and regulations
iv. Foreign Exchange Management Act, 1999 and the rules and We have also examined compliance with the applicable clauses
regulations made thereunder to the extent of Foreign Direct of the following:
Investment and Overseas Direct Investment. There was no
External Commercial Borrowing by the Company during the i. Secretarial Standards issued by The Institute of Company
period under review. Secretaries of India on meetings of the Board of Directors and
general meetings.

v. The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act, 1992 ii.
Listing Agreements entered into by the Company with
(“SEBI Act”):- Bombay Stock Exchange Limited and National Stock
Exchange of India Limited.
a. The Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011. We have not examined compliance by the Company with
applicable financial laws, like direct and indirect tax laws, since
b. The Securities and Exchange Board of India (Prohibition of the same have been subject to review by statutory financial audit
Insider Trading) Regulations, 2015. and other designated professionals.
193 / 490
During the period under review, the Company has complied with and processes in the company commensurate with the size and
the provisions of the Act, Rules, Regulations, Guidelines, etc. operations of the company to monitor and ensure compliance
mentioned above. with applicable laws, rules, regulations, and guidelines.
We further report that: We further report that during the audit period, except for the
below event, there was no event / action having a major bearing
The Board of Directors of the Company is duly constituted with on the Company’s affairs in pursuance of the above referred laws,
proper balance of Executive Directors, Non-Executive Directors rules, regulations, guidelines etc.
and Independent Directors. The changes in the composition of
the Board of Directors that took place during the period under During the month April 2021, the Company has completed the
review were carried out in compliance with the provisions of the acquisition of Capco Group for an upfront cash consideration of
Act. US$ 1,450/- Million.
Adequate notice is given to all directors to schedule the Board

For V. SREEDHARAN & ASSOCIATES
Meetings, agenda and detailed notes on agenda were sent at
Company Secretaries
least seven days in advance and a system exists for seeking and
obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the (V. Sreedharan)
meeting. Partner
FCS: 2347; CP No. 833
As per the minutes of the meetings duly recorded and signed by
the Chairman, the decisions of the Board were unanimous, and
Place: Bengaluru
no dissenting views have been recorded.
Date: April 29, 2022
We further report that based on the review of the compliance
reports/certificates of the Company Secretary which were taken UDIN: F002347D000241740
on record by the Board of Directors, there are adequate systems Peer Review Certificate No. 589/2019
This report is to be read with our letter of even date which is annexed as ‘Annexure -1’ and forms an integral part of this report.

194 / 490
Annexure -1
To, 5. The compliance of the provisions of Corporate and other

The Members applicable laws, rules, regulations, standards is the
Wipro Limited, responsibility of management. Our examination was limited
Doddakannelli, to the verification of procedures on test basis.
Sarjapur Road,
6. The Secretarial Audit report is neither an assurance as
Bengaluru - 560 035
to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted
Our report of even date is to be read along with this letter:
the affairs of the company.
1. Maintenance of secretarial record is the responsibility of the
management of the company. Our responsibility is to express
an opinion on these secretarial records based on our audit. For V. SREEDHARAN & ASSOCIATES
Company Secretaries
2. We have followed the audit practices and processes as
were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The (V. Sreedharan)
verification was done on test basis to ensure that correct Partner
facts are reflected in secretarial records. We believe that the FCS: 2347; CP No. 833
processes and practices, we followed provide a reasonable
basis for our opinion.
3. We have not verified the correctness and appropriateness of Place: Bengaluru
financial records and Books of Accounts of the company. Date: April 29, 2022
4. Wherever required, we have obtained the Management

representation about the compliance of laws, rules and UDIN: F002347D000241740
regulations and happening of events etc. Peer Review Certificate No. 589/2019
195 / 490
ANNEXURE IV
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSILITY (“CSR”) ACTIVITIES FOR FY 2021-22
1. Brief outline on CSR Policy of the Company: A brief outline of the Company’s CSR policy, including an overview of the projects or
programs proposed to be undertaken, is available at https://www.wipro.com/sustainability-archive/.
2. Composition of CSR Committee: The Board Governance, Nomination and Compensation Committee (“Committee”) also acts as
the CSR Committee of the Company. The Committee comprises of the following members as at March 31, 2022:
Number of meetings of CSR Number of meetings of CSR
Sl. No. Name of Director Designation/Nature of Directorship Committee held during the Committee attended during
year the year
Independent Director, Chairman of the
1. William Arthur Owens 5 5
Committee
Independent Director, Member of the
2. Ireena Vittal 5 5
Committee
Independent Director, Member of the
3. Patrick Dupuis 5 3*
Committee
* The Committee was re-constituted during the year due to retirement of Mr. M.K. Sharma, w.e.f. June 30, 2021 and appointment of Mr. Patrick Dupuis, w.e.f.
July 1, 2021. Since the appointment of Mr. Patrick Dupuis as Member, there were three meetings of the Committee.
3. Provide the web-link where Composition of CSR Committee, CSR Policy and CSR Projects approved by the Board are disclosed on
the website of the company: Details on composition of CSR Committee, CSR Policy and CSR Projects approved by the Board of
Directors are available at https://www.wipro.com/sustainability-archive/.
4. Provide the details of impact assessment of CSR projects carried out in pursuance of sub-rule (3) of Rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report): The Company will carry out impact
assessment of projects, as and when applicable, and will provide details of the same as part of its future reports pursuant to
Rule 8(3) of the Companies (Corporate Social Responsibility Policy) Rules, 2014.
5. Details of the amount available for set-off in pursuance of sub-rule (3) of Rule 7 of the Companies (Corporate Social Responsibility
Policy) Rules, 2014 and amount required for set-off for the financial year, if any:
(In ` Millions)
Sl. Amount available for set-off from preceding Amount required to be set-off for the
Financial Year
No. financial years financial year, if any
1. 2020-21 856 285
6. Average net profit of the company as per Section 135(5) (calculated for 3 preceding financial years i.e. FY 2018-19, FY 2019-20 and
FY 2020-21): ` 91,594 Million
7. a) Two percent of average net profit of the company as per Section 135(5): ` 1,832 Million
b) Surplus arising out of the CSR projects or programs or activities of the previous financial years: NIL
c) Amount required to be set-off for the financial year 2021-22, if any: ` 285 Million
d) Total CSR obligation for the financial year 2021-22 (7a+7b-7c): ` 1,547 Million
8. a) CSR amount spent or unspent for the financial year 2021-22:
Amount Unspent (in `)
Total amount spent for the Financial Year Total Amount transferred to
Amount transferred to any fund specified under Schedule VII
(in ` Millions) Unspent CSR Account as per
as per second proviso to Section 135(5)
Section 135(6)
Amount Date of transfer Name of the Fund Amount Date of transfer
2,216
- - - - -
(inclusive of administrative overheads)

196 / 490
b) Details of CSR amount spent against ongoing projects for the financial year:
110
(In ` Millions)
1 2 3 4 5 6 7 8 9 10 11
Location of the Amount Mode of Implementation -
Amount Amount transferred
project spent Mode of Through Implementing Agency
Sl. Item from the list of allocated for to Unspent CSR
Name of the Project Local area Project in the Implementation-
No. activities in Schedule VII the project (for Account for the CSR
(Yes/No) duration# current Direct
to the Act State District current financial project as per Name Registration
financial (Yes/No)
year) Section 135(6) number
Year
Item (i)- promoting health Project is
1. Community Healthcare care including preventive implemented Refer enclosure 3 years 14 14 NIL No Wipro Cares CSR00004747
health care pan-India
Project is Wipro Cares &
CSR00004747 &
2. Education for Underprivileged implemented Refer enclosure 3 years 46 23 NIL No Wipro
CSR00004905
Item (ii) - promoting pan-India Foundation
education, including special Project is
Wipro

3. Education: Systemic Reforms education and employment implemented Refer enclosure 3 years 114 79 NIL No CSR00004905
Foundation
enhancing vocation skills pan-India
Education for Children with especially among children, Project is
4. women, elderly and the implemented Refer enclosure 3 years 16 6 NIL No Wipro Cares CSR00004747
Disability
differently abled and pan-India
Higher Education for Skills livelihood enhancement Project is
5. projects implemented Refer enclosure 3 years 1,506 1,506 NIL Yes - -
Building
pan-India
6. Engineering Education Yes Refer enclosure 3 years 19 5 NIL Yes - -
Project is Yes, and through
Wipro
7. Sustainability Education Item (iv) - ensuring implemented Refer enclosure 3 years 29 23 NIL implementing CSR00004905
Foundation
environmental sustainability, pan-India agency
ecological balance, protection Project is
197 / 490
Wipro
8. Ecology-Water of flora and fauna, animal implemented Refer enclosure 3 years 50 6 NIL No CSR00004905
Foundation
welfare, agroforestry, pan-India
9. Renewable Energy conservation of natural Yes Refer enclosure 3 years 400 390 NIL Yes - -
resources and maintaining Project is
10. Community Ecology quality of soil, air and water implemented Refer enclosure 3 years 4 4 NIL No Wipro Cares CSR00004747
pan-India
Item (ix) (b) - Contributions
to public funded
Universities and institutions
engaged in conducting Project is Yes, and through
Sustainability Advocacy and Wipro
11. research in science, implemented Refer enclosure 3 years 17 17 NIL implementing CSR00004905
Research Foundation
technology, engineering pan-India agency
and medicine aimed at
promoting Sustainable
Development Goals (SDGs)

Project is
Item (x) - rural development
12. Rural livelihood programs implemented Refer enclosure 3 years 2 2 NIL No Wipro Cares CSR00004747
projects
pan-India
Item (xii) - disaster
Project is Yes, and through
management, including
13. Disaster Relief implemented Refer enclosure 3 years 9 1 NIL implementing Wipro Cares CSR00004747
relief, rehabilitation and
pan-India agency
reconstruction activities
1 2 3 4 5 6 7 8 9 10 11
Location of the Amount Mode of Implementation -
Amount Amount transferred
project spent Mode of Through Implementing Agency
Sl. Item from the list of allocated for to Unspent CSR
Name of the Project Local area Project in the Implementation-
No. activities in Schedule VII the project (for Account for the CSR
(Yes/No) duration# current Direct
to the Act State District current financial project as per Name Registration
financial (Yes/No)
year) Section 135(6) number
Year
Item (v) - protection of
national heritage, art
and culture including
restoration of buildings
Protection of national
and sites of historical Wipro
14. heritage, Yes Refer enclosure 2 years 35 32 NIL No CSR00004905
importance and works Foundation
art and culture
of art; setting up public
libraries; promotion and
development of traditional
art and handicrafts
Item (xii) - disaster
COVID-19 Medical management, including
15. Yes Refer enclosure 1 year 81 81 NIL Yes - -
Infrastructure relief, rehabilitation and
reconstruction activities
TOTAL* 2,342 2,189
#
The duration of project mentioned above excludes the financial year in which such project commenced, as defined under Rule 2(i) of the Companies (Corporate Social Responsibility Policy)
Rules, 2014.
* Amounts in the above table are subject to rounding-off adjustments.
c) Details of CSR amount spent against other than ongoing projects for the financial year:
(in ` Millions)
198 / 490
1 2 3 4 5 6 7 8
Amount Mode of Mode of Implementation –
Item from the list of activities in Location of the project
Sl. No. Name of the Project Local area (Yes/No) spent for the Implementation – Through Implementing Agency
Schedule VII to the Act
State District project Direct (Yes/No) Name CSR Registration number
Item (i)- Eradicating hunger, poverty
and malnutrition, promoting health
care including preventive health care
and sanitation including contribution Project is implemented
1. COVID 19-Contribution Refer enclosure 2 Yes - -
to the Swach Bharat Kosh set-up by the pan-India
Central Government for the promotion
of sanitation and making available safe
drinking water
TOTAL* 2

111
d) Amount spent in Administrative Overheads: ` 25 Million

e) Amount spent on Impact Assessment, if applicable: Not Applicable
f) Total amount spent for the Financial Year 2021-22 (8b+8c+8d+8e): ` 2,216 Million
g) Excess amount for set-off, if any:
Sl. No. Particulars Amount (in ` Millions)
(i) Two percent of average net profit of the Company as per Section 135(5) (calculated for
3 preceding financial years i.e. FY 2018-19, FY 2019-20 and FY 2020-21) 1,832
(ii) Total CSR obligation for the financial year 2021-22 1,547*
(iii) Total amount spent for the financial year 2021-22 2,216
(iv) Excess amount spent for the financial year 2021-22 [(iii)-(ii)] 669
(v) Surplus arising out of the CSR projects or programmes or activities of the previous financial NIL
years, if any
(vi) Amount available for set-off in succeeding financial years [(iv)-(v)] 669
* This excludes an amount of ` 285 Million, being the amount set-off in FY 2021-22 from the excess spend of the preceding financial year.
9. a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable
b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(in ` Millions)
1 2 3 4 5 6 7 8 9
Amount spent Cumulative amount Status of
Financial Year in Total amount
Sl. Project on the project spent at the end of the project -
Project ID Name of the Project which the project allocated for
No. duration # in the reporting reporting Financial Completed/
was commenced the project
Financial Year Year Ongoing
Community Community
1. 2018-19 3 years 14 14 71 Completed
Healthcare Healthcare
Education for Education for
2. 2018-19 3 years 46 23 230 Completed
Underprivileged Underprivileged
Education: Education:
3. Systemic Reforms Systemic 2018-19 3 years 114 79 624 Completed
Reforms
Education for Education for
4. Children with Children with 2018-19 3 years 16 6 144 Completed
Disability Disability
Higher Education Higher Education
5. 2018-19 3 years 1,506 1,506 8,741 Completed
for Skills Building for Skills Building
Engineering Engineering
6. 2018-19 3 years 19 5 34 Completed
Education Education
Sustainability Sustainability
7. 2018-19 3 years 29 23 216 Completed
Education Education
8. Ecology – Water Ecology – Water 2018-19 3 years 50 6 39 Completed
Ecology – Ecology –
9. 2018-19 3 years - - 32 Completed
Biodiversity Biodiversity
Renewable Energy Renewable
10. 2018-19 3 years 400 390 3,547 Completed
Energy
Community Ecology Community
11. 2018-19 3 years 4 4 19 Completed
Ecology
Sustainability Sustainability
12. Advocacy and Advocacy and 2018-19 3 years 17 17 136 Completed
Research Research
Rural livelihood Rural livelihood
13. 2018-19 3 years 2 2 37 Completed
programs programs
COVID-19 Medical COVID-19 Medical
14. 2020-21 1 year 81 81 244 Completed
Infrastructure Infrastructure
Protection of Protection of
15. national heritage, national heritage, 2020-21 2 years 35 32 100 Ongoing
art and culture art and culture
TOTAL* 2,333 2,188 14,214
# The duration of project mentioned above excludes the financial year in which such project commenced, as defined under rule 2(i) of the Companies
(Corporate Social Responsibility Policy) Rules, 2014.
199 / 490
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year (asset-wise details): Not Applicable
a) Date of creation or acquisition of the capital asset(s).
b) Amount of CSR spent for creation or acquisition of capital asset.
c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per Section 135(5): Not Applicable

Rishad A. Premji William Arthur Owens
Chairman Chairman of Board Governance, Nomination and Compensation Committee
Bengaluru
June 8, 2022

200 / 490
List of implementing partners
114
Sl. No. Project Name Name of Implementing Partners State District
1 Community Healthcare Health Education Agricultural Development, Centre for Telangana, Kerala, Odisha, Anantapur, Kochi,
Migration and Inclusive Development, Centre for Youth & Social Maharashtra, Nagaland, Tamil Bhubaneswar, Mumbai,
Development, Doctors For You, ECS Hospice, Native Medicare Nadu, Karnataka, West Bengal, Tuensang, Somayampalayam,
Charitable Trust, Niramaya Health Foundation, Rural Literacy Andhra Pradesh Mysuru, Kolkata, Vizag
and Health Programme (RLHP), Sabuj Sangha, Vasavya Mahila
Mandali
2 Education for Underprivileged Kalvi Thunai, Army Navy Air Force Wives Activity, Aseema Tamil Nadu, Uttar Pradesh, Coimbatore, Chennai, Gautam
Charitable Trust, ASHA Foundation, Sahasra Deepika Maharashtra, Karnataka, West Buddh Nagar, Mumbai,
International for Education (SDIE), Savitribai Phule Mahila Bengal Aurangabad, Bengaluru,
Ekatma, Udayan, Vanavil Trust Kolkata

3 Education: Systemic Reforms Aarohi Society, Space for Nurturing Creativity (SNC), Aavishkaar Uttarakhand, Himachal Pradesh, Nainital, Kedarnath valley,
(Organizations funded through Yaatraa, Apni Shala Foundation, Palakniti Pariwar, Unnati Institute Maharashtra, Goa, Karnataka, Rudraprayag, Palampur,
direct grants) for Social and Educational Change, Atma Foundation, Bookworm Chhattisgarh, Odisha, Gujarat, Mumbai, Pune, Akola, Panaji,
Trust & Library, Caring with Colour, Maarga, Vidya Mytri Trust, Vision Rajasthan, West Bengal, Delhi- Tumkur, Bengaluru, Koppal,
Empower Trust, SeasonWatch, Nature Conservation Foundation NCR, Bihar, Jammu & Kashmir, Korba, Sundergarh, Sonepur,
(NCF), CARMDAKSH (Centre for Action Research & Management Uttar Pradesh, Assam, Madhya Bissam Cuttack, Sambalpur,
in Developing Attitudes, Knowledge, Skills in Human Resources), Pradesh, Jharkhand, Puducherry, Bargarh, Kutch, Juhapura,
Catalysts for Social Action, Chale Chalo, Gramothhan, Klorofeel Haryana, Tamil Nadu, Vejalpur, Ahmedabad,
Foundation, Patang, Cohesion Foundation Trust, Khamir Society Andaman & Nicobar Islands Jaipur, Banarhat, Jalpaiguri,
Ahmedabad, Samerth Charitable Trust, Digantar Shiksha Evam Kolkata, New Delhi, Jamui,
Khelkhud Samiti, Dooars Jagron, Shikshamitra, I am a teacher, Gaya, Srinagar, Raebareli,
Let’s Educate Children In Need, I-Saksham, Jammu & Kashmir Aligarh, Banda, Guwahati,
201 / 490
Association of Social Workers, Lokmitra, School Education Trust Majuli, Tamia, Chhindwara,
for the Disadvantaged (SETD), Vanangana, Northeast Education Harda, Khunti, Puducherry,
Trust (NEET), Ayang Trust, Pararth Samiti, Synergy Sansthan, Samalkha, Thiruvannamalai,
Pratigya, Satya Special School, Shaheed Virender Smarak Samiti Andaman
(SVSS), The Forest Way, Dakshin Foundation
Education: Systemic Reforms Aafaaq Foundation, Adhvan, Sajag, Samaaveshi Paathshala, Himachal Pradesh, Maharashtra, Chamba, Mumbai, Pune,
(Organizations funded through Vardishnu, BELIEF (Better Education Lifestyle and Environment Telangana, Chattisgarh, Tamil Karjat, Jalgaon, Kolhapur,
seeding fellowships) Foundation), Mil Ke Chalo, Vidyodaya, Universe Simplified Nadu, Odisha, Bihar, Assam, Amalner, Ranga Reddy,
Foundation, ASWA (Amma Social Welfare Association), Inquilab Rajasthan, Delhi-NCR, Manipur, Hyderabad, Dhamtari,
Foundation, Avaniti Education and Training Foundation, Ladakh, Gujarat, Punjab, Sukma, Chennai, Madurai,
Shiksharth Trust, Eikas Foundation, Vidhya Vidhai, Feathers, Uttarakhand, Haryana, Uttar Cuddalore, Sonepur, Jamui,
Kanavu, Thrive Foundation, Gramotthan, I-saksham, Prayog, Pradesh Gaya, Gopalganj, Jorhat,
Karunodaya Foundation, Sahodaya Foundation, Karunar Kheti Guwahati, Nagaon, Udaipur,
Trust, North East Education Trust, Satirtha, Kshamtalaya, Let’s New Delhi, Ukhrul, Imphal,
Educate Children in Need (LECIN), Manzil Mystics, We, The People Kamjong, Kargil, Ahmedabad,
Abhiyan, Umoya Sports, Library for All, RREA (Recognize, Rise and Fatehgarh Sahib, Rewari,
Empower Association), rZamba, Samait Shala, Sanjhi Sikhiya, Mewat, Karnal, Lucknow,
Simple Education Foundation, Teach for Green, SRI (Self Reliant Sitapur, Champawat, Tehri
India), SwaTaleem Foundation, Varitra Foundation, Swatantra Garhwal
Talim
Sl. No. Project Name Name of Implementing Partners State District
Centre for Community Initiative, Prabhat Education Foundation,
Churachandpur, Danilimda,
Shishu Sarothi Centre for Rehabilition, ASHA Community Health
Manipur, Gujarat, Assam, Delhi- Vatva, Lamba, Bherampura,
Education for Children with and Development Society, Ashray Akruti, Association for the
4 NCR, Telangana, Maharashtra, Karbi Anglong, New Delhi,
Disability Welfare of Persons with a Mental Handicap (AWMH), Society of
Rajasthan Hyderabad, Mumbai, Pune,
Parents of Children with Autistic Disorders (SOPAN), The National
Jaipur
Federation of the Blind, Urmi Foundation, Prayas Society
Higher Education for skills Direct Implementation Project is implemented pan-India
5
building
6 Engineering Education Direct Implementation Karnataka Bengaluru
Ayang Trust, North East Network, Dakshin Foundation, Assam, Karnataka, Andaman & Majuli, Guwahati, Bengaluru,
Nature Conservation Foundation (NCF), Biome Environmental Nicobar Islands, Bihar, Tamil Andaman, Dharbhanga,
Trust, SeasonWatch, Aripana Foundation, C P Ramaswamy Nadu, Uttarakhand, Gujarat, Chennai, Kotagiri, Dehradun,
Environmental Education Centre (CPREEC), Keystone Foundation, Himachal Pradesh, Delhi-NCR, Ahmedabad, Solan, New
Central Himalayan Institute for Nature and Applied Research Kerala, Maharashtra, Ladakh, Delhi, Wayanad, Pune, Nashik,
7 Sustainability Education
(CHINAR), Titli Centre for Environment Education (CEE), Earthjust Madhya Pradesh, Haryana Leh, Bhopal, Gurugram
Ecosystems Foundation, Green Future Foundation, Hume
Centre for Ecology and Wildlife, Kalpavriksh, Vayam, Navikru Eco
Foundation, Samavesh Society For Development and Governance,
Wild Ecologues
SPARK, Bangalore University, Hyderabad Urban Lab Foundation, Karnataka, Telangana, Bengaluru, Hyderabad, Pune
8 Ecology-Water
Biome Environmental Trust, Jeevitnadi Living River Foundation Maharashtra
Direct Implementation Karnataka, Maharashtra, Tamil Bengaluru, Mysuru, Pune,
9 Renewable Energy
Nadu Coimbatore, Chennai
202 / 490
The Spastics Society of Tamil Nadu (SPASTN), Hasiru Dala, Tamil Nadu, Karnataka Chennai, Bengaluru, Mysuru
10 Community Ecology
Karnataka Health Promotion Trust
Sustainability Advocacy and Care Earth Trust, National Center for Biological Sciences (NCBS), Tamil Nadu, Karnataka Chennai, Bengaluru
11
Research Svapnya Foundation
12 Rural livelihood programs Rehoboth Sustainable Development Foundation Tamil Nadu Coimbatore
13 Disaster Relief Kottapuram Integrated Development Kerala Thrissur

Protection of national heritage, Art and Photography Foundation Karnataka Bengaluru
14
art and culture
15 COVID-19 Medical Infrastructure Direct Implementation Maharashtra Pune

115
Corporate Governance Report

I. WIPRO’S PHILOSOPHY ON CORPORATE GOVERNANCE
Wipro's Corporate Governance philosophy flows from the “Spirit of Wipro” that represents the core values by which policies and
practices of the organization are guided. The Spirit of Wipro and our core values have remained constant, though our Company
has transformed many times over the years.
In addition, our Chairman introduced the Five Habits essential to drive a Growth Mindset in early 2020, which are our values in
action. The values encapsulated in the “Spirit of Wipro” and “Five Habits” are:
SPIRIT OF WIPRO FIVE HABITS

These values are our bedrock. They define When our behaviors and ways of
end make us. Our character and destinies working consistently reflect our values,
are energized by our values. we see the Five Habits in action.
Be passionate about clients' success

Being Respectful
Being Responsive
Treat each person wTth respect
Always Communicating
Be global and responsible Demonstrating Stewardship
Building Trust
Unyielding integrity in everything we do
So far, over 29,000 employees globally have been part of 94 303A.11 and 303A.12(b) and (c) of the NYSE Listed Company
immersive and interactive sessions hosted by our senior Manual. With regard to Section 303A.11 of the NYSE Listed
leadership team on the Five Habits. Company Manual, although the Company's required home
country standards on corporate governance may differ
Wipro's governance framework is driven by the objective from the NYSE listing standards, the Company's actual
of enhancing long term stakeholder value without
corporate governance policies and practices are generally
compromising on ethical standards and corporate in compliance with the NYSE listing standards applicable to
social responsibilities. We also strive to ensure balance domestic companies.
between our aims and minority rights in all our business
decisions. Efficient corporate governance requires a Corporate governance at Wipro is implemented through
clear understanding of the respective roles of the Board robust board governance processes, internal control
and of senior management and their relationships with systems and processes, and strong audit mechanisms.
others in the corporate structure. Sincerity, fairness, good These are articulated through the Company's Code of
citizenship, and commitment to compliance are key Business Conduct, Corporate Governance Guidelines,
characteristics that drive relationships of the Board and and charters of various Committees of the Board and
senior management with other stakeholders. the Company's Disclosure Policy. Wipro's corporate
governance practices can be described through the
The Company is in compliance with the requirements following four layers:
stipulated under Regulation 17 to 27 read with Schedule V
and Regulation 46 of the Listing Regulations, as applicable, a) Governance by Shareholders
with regard to corporate governance. b) Governance by Board of Directors
Being a foreign private issuer for the purposes of American c) Governance by Committees of Board
Depository Shares, we are permitted to follow home country
d) Governance through management process
practice in lieu of the provisions of Section 303A of the
NYSE Listed Company Manual, except that we are required In this report, we have provided details on how the corporate
to comply with the requirements of Sections 303A.06, governance principles are put into practice within Wipro.
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O O O O O • Statutory Reports and Financial Statements
3. Information flow to the Board Members

The Companies Act, 2013, the Listing Regulations and Information is provided to the Board Members on a
NYSE Listed Company Manual prescribes the governance continuous basis for their review, inputs, and approval
mechanism by shareholders in terms of passing of ordinary from time to time. More specifically, we present our annual
and special resolutions, voting rights, participation in the strategic plan and operating plan of our business to the
corporate actions such as bonus issue, buyback of shares, Board for their review, inputs, and approval. Likewise,
declaration of dividend, etc. Your Company follows a robust our quarterly financial statements and annual financial
process to ensure that the shareholders of the Company statements are first presented to the Audit Committee and
are well informed of Board decisions both on financial and subsequently to the Board for their approval. In addition,
non-financial matters and adequate notice with a detailed various matters such as appointment of Directors and Key
explanation is sent to the shareholders well in advance to Managerial Personnel, corporate actions, review of internal
obtain necessary approvals. and statutory audits, details of investor grievances, specific
cases of acquisitions, important managerial decisions,
The Company seeks approval of shareholder’s on various
material positive/negative developments, risk management
resolutions at the Annual General Meeting held every year.
initiatives including cyber security along with mitigation
In addition, approval of shareholders is also sought through
actions and legal/statutory matters are presented to the
postal ballot in case of urgency of the matter as per the
respective Committees of the Board and later with the
applicable regulations.
recommendation of Committees to the Board of Directors
for their approval as may be required.
BOARD OF DIRECTORS
As a system, in most cases, information to Directors is
Composition of Board submitted along with the agenda papers well in advance
As of March 31, 2022, our Board had two Executive of the Board meeting. Inputs and feedback of Board
Directors, six Non-Executive Independent Directors and one Members are taken and considered while preparing agenda
Non-Executive Non-Independent Director. The Executive and documents for the Board meeting. Sufficient time is
Chairman and Whole-Time Director, and the Non-Executive allocated for discussions and deliberations at the meeting.
Non-Independent Director are Promoter Directors. The Documents containing Unpublished Price Sensitive
Chief Executive Officer (“CEO”) and Managing Director is Information are submitted to the Board and Committee
a professional CEO who is responsible for the day to day Members, at a shorter notice, as per the general consent
operations of the Company. Of the seven Non-Executive taken from the Board, from time to time.
Directors, six are Independent Directors, free from any
business or other relationship that could materially Post the Board meeting, we have a formal system for
influence their judgment. In the opinion of the Board, all the follow-up, review and reporting on actions taken by the
Independent Directors are independent of the management management on the decisions of the Board and Committees
and satisfy the criteria of independence as defined under of the Board.
the Companies Act, 2013, the Listing Regulations and the
NYSE Listed Company manual. 4. Appointment of Directors
The Board has adopted the provisions with respect
The Board is well diversified and consists of two women
to appointment and tenure of Independent Directors
Independent Directors and five Directors who are foreign
consistent with the Companies Act, 2013 and the Listing
nationals. The profiles of our Directors are available on our
Regulations.
website at https://www.wipro.com/ leadership.
As per the provisions of the Companies Act, 2013, the
Board Meetings Independent Directors shall be appointed for not more than
The Board meeting dates are decided in consultation with two terms, of a maximum of five years each, and shall not be
the Board members. The schedule of the Board meetings liable to retire by rotation.
and Board Committee meetings are communicated in
At the time of appointment of an Independent Director, the
advance to the Directors to enable them to attend the
Company issues a formal letter of appointment outlining
meetings.
their role, function, duties and responsibilities. The template
The Board meetings are normally scheduled over two of the letter of appointment is available on our website at
days. In addition, every quarter, Independent Directors https://www.wipro.com/investors/corporate-governance/
meet amongst themselves exclusively. In line with Para 4 policies-and-guidelines/.
of Schedule B of SEBI (Prohibition of Insider Trading)
Regulations, 2015, it is the endeavor of the Company that the Details of the Director proposed for re-appointment at the
gap between the clearance of accounts by audit committee 76th Annual General Meeting (“AGM”) is provided at page no.
and board meeting is as narrow as possible, and Wipro is 92 as part of the Board’s Report and in the notice convening
committed to adhere to this requirement. the 76th AGM.

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Lead Independent Director Compensation Committee considers, inter alia, experience,

The Board has designated Ms. Ireena Vittal as the Lead qualifications, skills, expertise, and competencies,
Independent Director. The role of the Lead Independent whilst recommending to the Board the candidature for
Director is described in the Corporate Governance appointment of Independent Director.
guidelines of your Company and is available on the In case of appointment of Independent Directors, the Board
Company’s website at https://www.wipro.com/investors/ Governance, Nomination and Compensation Committee
corporate-governance/policies-and-guidelines/. satisfies itself about the independence of the Directors
vis-à-vis the Company to enable the Board to function
5. Policy for Nomination of Directors, their independently of the management and discharges its
Remuneration and Board Diversity functions and duties effectively. In case of re-appointment
of Independent Directors, the Board also takes into
The Board Governance, Nomination and Compensation
consideration, the performance evaluation and engagement
Committee has adopted a policy for selection and
level of the Independent Directors.
appointment of Directors, including determining
qualifications and independence of directors, key The Board Governance, Nomination and Compensation
managerial personnel and senior management personnel, Committee ensures that the candidates identified
and their respective remuneration, as part of its charter for appointment as Directors are not disqualified for
and other matters provided under Section 178(3) of the appointment under Section 164 and other applicable
Companies Act, 2013. provisions of the Companies Act, 2013 and the Listing
Regulations.
The Company has also adopted a policy on Board Diversity
which guides the organization’s approach to diversity in the As required under Rule 6 of the Companies (Appointment
composition of the Board. and Qualification of Directors) Rules, 2014, all the
Independent Directors have completed the registration
Criteria for Selection of Independent Directors with the Independent Directors Databank and, wherever
and Key Skills, Expertise, and Core Competencies required, also completed the online proficiency test,
of the Board conducted by Indian Institute of Corporate Affairs.
The Board of the Company comprises of eminent In the opinion of the Board and the Board Governance,
personalities and leaders in their respective fields. Nomination and Compensation Committee, the following is
These Directors are nominated based on well-defined a list of core skills/expertise/competencies required in the
selection criteria. The Board Governance, Nomination and context of the Company’s business:
Wide management Strong management and leadership experience, including in areas of business development, strategic
and leadership planning and mergers and acquisitions, ideally with major public companies with successful multinational
experience operations in technology, manufacturing, banking, investments and finance, international business,
scientific research and development, senior level government experience and academic administration.
Information Expertise or experience in information technology business, technology consulting and operations, emerging
Technology areas of technology such as digital, cloud and cyber security, intellectual property in information technology
domain, and knowledge of technology trends.
Diversity Diversity of thought, experience, knowledge, perspective, gender and culture brought to the Board
by individual members. Varied mix of strategic perspectives, geographical focus with knowledge and
understanding of key geographies.
Functional and Knowledge and skills in accounting and finance, business judgment, general management practices and
managerial processes, crisis response and management, industry knowledge, macro-economic perspectives, human
experience resources, labour laws, international markets, sales and marketing, and risk management.
Personal values Personal characteristics matching the Company’s values, such as integrity, accountability, and high
performance standards.
Corporate Experience in developing and implementing good corporate governance practices, maintaining board and
governance management accountability, managing stakeholders’ interests and Company’s responsibilities towards
customers, employees, suppliers, regulatory bodies, and the communities in which it operates. Experience
in boards and committees of other large companies.
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The Board of Directors of the Company posess relevant skills, expertise, and competence to ensure effective functioning of the
Company as per the matrix given below:
Skills/Expertise/Competencies1
Functional
Name of the Director Wide Management
Information and Personal
and Leadership Diversity Corporate Governance
Technology Managerial Values
experience
Experience
Rishad A. Premji      
Azim H. Premji      
Thierry Delaporte      
William Arthur Owens      
Ireena Vittal      
Patrick J. Ennis      
Patrick Dupuis      
Deepak M. Satwalekar      
Tulsi Naidu      
1
These skills/competencies are broad-based, encompassing several areas of expertise/experience as shown in the table above. Each Director may possess
varied combinations of skills/experience within the described set of parameters.
6. Familiarization Programme and Training their inputs and suggestions on various strategic and
operational matters directly to the business and functional
for Independent Directors heads. The details of the familiarization programme are
The Company has an orientation process/familiarization available on the website of the Company at https://www.
programme for its Independent Directors that includes: wipro.com/content/dam/nexus/en/investor/corporate-
a) Briefing on their role, responsibilities, duties, and governance/policies-and-guidelines/ethical-guidelines/
obligations as a member of the Board. familiarization-programmes-imparted-to-independent-
b) Nature of business and business model of the directors-in-fy-2022.pdf.
Company, Company’s strategic and operating plans.
c) Matters relating to Corporate Governance, Code of 7. Succession Planning
Business Conduct, Risk Management, Compliance We have an effective mechanism for succession planning
Programs, Internal Audit, etc. which focuses on orderly succession of Directors, including
As a process, when a new Independent Director is Executive Directors, senior management team and other
appointed, a familiarization programme as described executive officers. The Board Governance, Nomination and
above is conducted by the senior management team and Compensation Committee implements this mechanism in
whenever a new member is appointed to a Board Committee, concurrence with the Board.
information relevant to the functioning of the Committee
The Board Governance, Nomination and Compensation
and the role and responsibility of Committee members is
Committee presents to the Board on a periodic basis,
informed. Each of our independent directors have attended
succession plans for appointments to the Board based on
such orientation process/familiarization programme when
they were inducted into the Board. various factors such as current tenure of Directors, outcome
of performance evaluation, Board diversity and business
As a part of ongoing training, the Company schedules requirements. In addition, the Company conducts bi-annual
quarterly meetings of business and functional heads talent review process for senior management and other
with the Independent Directors. During these meetings, executive officers which provides a leadership-level talent
comprehensive presentations are made on various inventory and capability map that reflects the extent to
aspects such as business models, new business which critical talent needs are fulfilled vis-a-vis business
strategies and initiatives by business leaders, risk drivers.
minimization procedures, recent trends in technology,
changes in domestic/overseas industry scenario, digital
transformation, state of global IT services industry, and
8. Board Evaluation
regulatory regime affecting the Company globally. These Details of methodology adopted for Board evaluation have
meetings also facilitate Independent Directors to provide been provided at page no. 92 of the Board’s Report.

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9. Remuneration Policy and Criteria for Making paid to the Directors other than the Managing Director
and Whole-Time Director in a financial year shall
Payments to Directors, Senior Management not exceed 1% of the net profits of the Company, in
and Key Managerial Personnel terms of Section 197 of the Companies Act, 2013 and
computed in the manner referred to in Section 198 of
The Independent Directors are entitled to receive
the Companies Act, 2013.
remuneration by way of sitting fees, reimbursement
of expenses for participation in the Board/Committee b) Maintenance of Founder Chairman’s office including
meetings and commission as detailed hereunder: executive assistant at Company’s expense.
a) Sitting fees for each meeting of the Board attended c) Reimbursement of travel, stay and entertainment
by them, of such sum as may be approved by the expenses actually and properly incurred in the course
Board within the overall limits prescribed under the of business as per the Company’s policy.
Companies Act, 2013.
In determining the remuneration of Chairman, CEO and
b) Commission on a quarterly basis, of such sum as
Managing Director, Senior Management employees and Key
may be approved by the Board and Members on
Managerial Personnel, the Board Governance, Nomination
the recommendation of the Board Governance,
and Compensation Committee and the Board shall ensure/
Nomination and Compensation Committee. The aggregate
consider the following:
commission payable to all the Independent Directors
and Non-Executive Directors put together shall not a) The balance between fixed and variable pay reflecting
exceed 1% of the net profits of the Company during short and long-term performance objectives,
any financial year. The commission is payable on pro- appropriate to the working of the Company and its
rata basis to those Directors who occupy office for part goals.
of the year.
b) Alignment of remuneration of Key Managerial
c) Reimbursement of travel, stay and other expenses for Personnel and Directors with long-term interests of
participation in Board/Committee meetings. the Company.
d) Independent Directors and Promoter Directors are not
entitled to participate in the stock option schemes of c) Company’s performance vis-à-vis the annual
the Company. achievement, individuals’ performance vis-à-vis KRAs/
KPIs, industry benchmark and current compensation
Following are the terms and conditions for determining the trends in the market.
remuneration to Mr. Azim H. Premji, who is a Non-Executive,
Non-Independent Director: The Board Governance, Nomination and Compensation
Committee recommends the remuneration for the Chairman,
a) Remuneration as applicable to other Non-Executive CEO and Managing Director, Senior Management and Key
Directors of the Company in addition to the sitting fees Managerial Personnel. The payment of remuneration to
for attending the meetings of the Board thereof, as may the Executive Directors and Non-Executive Directors is
be determined by the Board, provided however that, approved by the Board and Members. There was no change
the aggregate remuneration including commission, to the remuneration policy during the financial year.
Details of Remuneration to Directors
Details of remuneration paid to the Directors for the services rendered and stock options granted during the financial year 2021-
22 are given below. No stock options were granted to any of the Independent Directors and Promoter Directors during the financial
year 2021-22. None of the Non-Executive Directors received remuneration exceeding 50% of the total annual remuneration paid
to all Non-Executive Directors for the year ended March 31, 2022.
(in ₹ Millions)
William
Rishad A. Thierry Azim H. M. K. Ireena Patrick J. Patrick Deepak M. Tulsi
Arthur
Premji(2)(3) Delaporte(1)(4) Premji Sharma(6) Vittal Ennis(1) Dupuis(1) Satwalekar Naidu(1)(5)
Owens(1)
Salary 17.96 94.89 NA NA NA NA NA NA NA NA
Allowances 66.96 37.06 NA NA NA NA NA NA NA NA
Commission/
Incentives/ 48.14 193.32 9.76 29.26 3.72 13.81 20.77 20.77 12.86 11.23
Variable Pay
Other annual
0.09 318.05 NA NA NA NA NA NA NA NA
compensation
Retirals 4.85 154.77 NA NA NA NA NA NA NA NA
Sitting fees NA NA 0.60 0.60 0.20 0.60 0.60 0.60 0.60 0.40
TOTAL 138.00 798.09 10.36 29.86 3.92 14.41 21.37 21.37 13.46 11.63
207 / 490
(in ₹ Millions)
William
Rishad A. Thierry Azim H. M. K. Ireena Patrick J. Patrick Deepak M. Tulsi
Arthur
Premji(2)(3) Delaporte(1)(4) Premji Sharma(6) Vittal Ennis(1) Dupuis(1) Satwalekar Naidu(1)(5)
Owens(1)
Grant of ADS
Restricted Stock
NA 1,126,928 NA NA NA NA NA NA NA NA
Units during the
year
Up to 180 Up to 180
Notice period NA NA NA NA NA NA NA NA
days days
Figures in the above table are subject to rounding-off adjustments
Notes:
(1) Figures mentioned in ` are equivalent to amounts paid in foreign currency, wherever applicable.
(2) Mr. Rishad A. Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits of Wipro Limited for financial year 2021-
2022, over the previous year.
(3) Mr. Rishad A. Premji’s compensation also included cash bonus (part of his salary) on an accrual basis, which is payable over a period of time.
(4) The remuneration of Mr. Thierry Delaporte is computed on an accrual basis. It includes the amortization of RSUs granted to them, which will vest over
a period of time and RSUs that will vest based on performance parameters of the Company. The remuneration also includes components such as a
one-time cash award, as per the terms approved by the shareholders at the AGM held in July 2020.
(5) Ms. Tulsi Naidu was appointed as an Independent Director of the Company with effect from July 1, 2021 and the compensation disclosed is for the
period from July 1, 2021 to March 31, 2022.
(6) Mr. M. K. Sharma retired from the Board position with effect from the close of business hours on June 30, 2021 and the compensation reported above
is for the period from April 1, 2021 to June 30, 2021.
Terms of Employment Arrangements

Under the Companies Act, 2013, our shareholders must Pursuant to the terms of the employment arrangement
approve the remuneration of all executive directors with Mr. Delaporte, if his employment is terminated by the
at a General Meeting of the Shareholders. Each of our Company without cause, the Company is required to pay
Executive Directors has signed an agreement containing Mr. Delaporte a severance pay of 12 months’ base salary as
the terms and conditions of employment, including a last applicable when in service, payable over a period of 12
monthly salary, performance bonus and benefits including
months following the date of termination. These payments
medical reimbursement, provident fund, and pension fund
contributions, etc. These agreements have varying terms, will cease if Mr. Delaporte obtains a new employment within
but either we or the Executive Director may generally the 12 months period or becomes a consultant to any
terminate the agreement upon six months’ notice to the Company.
other party.
We also indemnify our directors and officers for claims
The terms of our employment arrangements with Mr. Rishad brought under any rule of law to the fullest extent permitted
A. Premji and Mr. Thierry Delaporte provide for up to a by applicable law.
180 days notice period, country specific leaves per year in
addition to statutory holidays and an annual compensation Among other things, we agree to indemnify our directors
review. Additionally, these officers are required to relocate
and officers for certain expenses, judgments, fines and
as we may determine, and to comply with confidentiality
settlement amounts incurred by any such person in any
provisions. Service contracts with our executive directors
and officers provide for our standard retirement benefits action or proceeding, including any action by or in the right
that consist of a pension, provident fund and gratuity which of the Company, arising out of such person’s services as our
are offered to all of our employees, but no other benefits director or officer, including claims which are covered by the
upon termination of employment except as mentioned director’s and officer’s liability insurance policy taken by the
below. Company.

208 / 490
Key information pertaining to Directors as on March 31, 2022, is given below:
Date of Membership Attendance Other listed

Name of the Director Chairmanship in
appointment Directorship in Committees at the last No. of shares held companies where the
Sl. and Director Relationship Date of initial Committees of
Designation as Independent in other of the Board AGM held as on March 31, Director is appointed
No. Identification Number with Directors appointment Board of other
Director (first Companies2 of other on July 14, 2022 as Independent
(DIN) Companies3
term)1 Companies3 2021 Director
1 Rishad A. Premji Son of Azim Executive 1-May-2015 - 6 - - Yes 1,738,057@ -

(DIN: 02983899) H. Premji Director and
Chairman
2 Azim H. Premji Father of Non-Executive 1-Sep-1968 - 12 - - Yes 242,823,816@ -
(DIN: 00234280) Rishad A. Non-
Premji Independent
Director
3 Thierry None Chief 6-Jul-2020 - - - - Yes 118,000* -
Delaporte Executive
(DIN: 08107242) Officer and
Managing
Director
4 William Arthur None Independent 1-Jul-2006 23-Jul-2014 - - - Yes - -
Owens Director
(DIN: 00422976)
5 Ireena Vittal None Independent 1-Oct-2013 23-Jul-2014 5 - 2 Yes - 1. Godrej
(DIN: 05195656) Director Consumer
Products Limited
2. Housing
Development
Finance
Corporation
Limited
6 Patrick J. Ennis None Independent 1-Apr-2016 1-Apr-2016 - - - Yes - -
(DIN: 07463299) Director
7 Patrick Dupuis None Independent 1-Apr-2016 1-Apr-2016 - - - Yes - -
8 Deepak M. None Independent 1-Jul-2020 1-Jul- 2020 3 - - Yes - 1. Asian Paints
Satwalekar Director Limited
(DIN: 00009627) 2. Home
First Finance
Company India
Limited
9 Tulsi Naidu None Independent 1-Jul-2021 1-Jul-2021 - - - NA - -
1. At the 71st AGM, Mr. William Arthur Owens was re-appointed as Independent Director for a second term from August 1, 2017 to July 31, 2022.
At the 72nd AGM, Ms. Ireena Vittal was re-appointed as Independent Director for a second term from October 1, 2018 to September 30, 2023.
At the 74th AGM, Mr. Thierry Delaporte was appointed as the Chief Executive Officer and Managing Director of the Company to hold office for a period
of five years from July 6, 2020 to July 5, 2025.
At the 74th AGM, Mr. Deepak M. Satwalekar was appointed as an Independent Director for a period of five years from July 1, 2020 to June 30, 2025.
Dr. Patrick J. Ennis and Mr. Patrick Dupuis were re-appointed as Independent Directors of the Company for a second term of 5 years, with effect from
April 1, 2021 to March 31, 2026. The said re-appointment was approved by shareholders of the Company vide special resolutions dated June 4, 2021,
passed through postal ballot by e-voting.
At the 75th AGM, Ms. Tulsi Naidu was appointed as an Independent Director for a period of five years from July 1, 2021 to June 30, 2026.
2. This does not include position in foreign companies and position as an advisory board member but includes position in private companies and
companies under Section 8 of the Companies Act, 2013. None of our Directors hold directorship in more than seven listed companies.
3. In accordance with Regulation 26 of the Listing Regulations, Membership/Chairmanship of only Audit Committees and Stakeholders’ Relationship
Committees in all public limited companies have been considered.
@ Includes equity shares held with immediate family members.
* Represents ADSs having equivalent underlying equity shares.
209 / 490
IV. COMMITTEES OF BOARD g) Evaluation of internal financial controls, risk

management systems and policies.
Our Board has constituted Committees to focus on specific
areas and make informed decisions within the authority h) Review of utilization of loans and advances from,
delegated to each of the Committees. Each Committee of and investment by the Company in its subsidiaries
the Board is guided by its Charter, which defines the scope, exceeding ` 100 crore or 10% of the asset size
powers, and composition of the Committee. All decisions of the subsidiary, whichever is lower, including
and recommendations of the Committees are placed before existing loans, advances and investments and
the Board for information or approval. i) Such other matters and activities as the Committee
deems necessary for fulfilment of the above or as
During the financial year, the Board has accepted the
may be approved by the Board of Directors or as
recommendations of Committees on matters where such a
may be prescribed by applicable law from time to
recommendation is mandatorily required. There have been
time.
no instances where such recommendations have not been
considered. The Audit, Risk and Compliance Committee also acts
as the Risk Management Committee in compliance
We have three Committees of the Board as of March 31,
with Regulation 21 of the Listing Regulations. The
2022:
Committee reviews, acts on and reports to our Board
1. Audit, Risk and Compliance Committee, which also with respect to risk management matters. The primary
acts as the Risk Management Committee responsibilities include the following:
2. Board Governance, Nomination and Compensation
a) To formulate a detailed risk management policy
Committee, which also oversees the Corporate Social
which shall include:
Responsibility initiatives of the Company and acts as
the CSR Committee • A framework for identification of internal and
external risks specifically faced by the Company,
3. Administrative and Shareholders/Investors Grievance
including financial, operational, sectoral,
Committee (Stakeholders Relationship Committee)
sustainability (specifically, Environmental,
The terms of reference for each of the committees of Social and Governance related risks and impact),
the Board as required under Schedule V of the Listing information and cyber security risks.
Regulations are provided below: • Measures for risk mitigation
1. Audit, Risk and Compliance Committee • Systems for internal controls
The Audit, Risk and Compliance Committee of our • Business contingency plan
Board is constituted in line with the provisions of b) To monitor and oversee implementation of the
Regulation 18 and 21 of the Listing Regulations, risk management policy, including evaluating the
Section 177 of the Companies Act, 2013 and Sections adequacy of risk management and internal control
303A.06 and 303A.07 of NYSE Listed Company Manual. systems.
It reviews, acts on and reports to our Board with c) Evaluate risks related to cyber security and
respect to various auditing and accounting matters. significant risk exposures of the Company and
The roles and responsibilities include overseeing: assess steps taken by the management to mitigate
a) Auditing and accounting matters, including the exposures in a timely manner (including
recommending the appointment of our business continuity and disaster recovery
independent auditors to the shareholders. planning).
b) Compliance with legal and statutory requirements. The detailed charter of the Committee is available
on our website at https://www.wipro.com/investors/
c) Integrity of the Company’s financial statements, corporate-governance/charters/. All members of
discussions with the independent auditors our Audit, Risk and Compliance Committee are
regarding the scope of the annual audits and fees Independent Directors and financially literate.
to be paid to the independent auditors. The Chairman of our Audit, Risk and Compliance
d) Performance of the Company’s internal audit Committee has accounting and financial management
function, independent auditors, and accounting related expertise.
practices.
Statutory and Internal Auditors have independent
e) Review of related party transactions and meetings with the Audit, Risk and Compliance
functioning of whistle blower mechanism. Committee and also participate in the Audit, Risk and
f) Implementation of the applicable provisions of the Compliance Committee meetings. Our Chief Financial
Sarbanes Oxley Act of 2002 (the “Sarbanes Oxley Officer, General Counsel and Chief Risk Officer, Internal
Act”), including review of the progress of internal Auditor, Finance Controller, and other Corporate
control mechanisms to prepare for certification Officers make periodic presentations to the Audit, Risk
under Section 404 of the Sarbanes Oxley Act. and Compliance Committee on various matters.

210 / 490
Mr. Deepak M. Satwalekar, Independent Director, The detailed charter of Board Governance, Nomination
is the Chairman of the Audit, Risk and Compliance and Compensation Committee is available on
Committee. The other members of the Committee, as our website at https://www.wipro.com/investors/
of March 31, 2022 were Ms. Ireena Vittal and Ms. Tulsi corporate-governance/charters/.
Naidu. The Chairman of the Committee was present at
Our Chief Human Resources Officer makes periodic
the AGM held on July 14, 2021.
presentations to the Committee on compensation
2. Board
Governance, Nomination and reviews and performance linked compensation
Compensation Committee recommendations. All members of the Board
Governance, Nomination and Compensation
The Board Governance, Nomination and Compensation Committee are independent directors. The Board
Committee is constituted in line with the provisions of Governance, Nomination and Compensation
Regulation 19 of the Listing Regulations, Section 178 Committee is the apex body that oversees our CSR
and 135 of the Companies Act, 2013 and Sections policy and programs.
303A.04 and 303A.05 of NYSE Listed Company
Manual. It reviews, acts on and reports to our Board Mr. William Arthur Owens, Independent Director, is
with respect to various governance, nomination, and the Chairman of the Board Governance, Nomination
compensation matters. The roles and responsibilities and Compensation Committee. The other members of
include: the Committee, as of March 31, 2022 were Ms. Ireena
Vittal and Mr. Patrick Dupuis. The Chairman of the
a) Identifying persons who are qualified to become
Committee was present at the AGM held on July 14,
directors and who may be appointed in senior
2021.
management, in accordance with the criteria
laid down, and recommend to the Board their 3. Administrative and Shareholders/Investors
appointment and removal and shall carry out
evaluation of every director’s performance.
Grievance Committee (Stakeholders
Relationship Committee)
b) Developing and recommending to the Board,
corporate governance guidelines applicable to the The Administrative and Shareholders/Investors
Company. Grievance Committee carries out the role of
Stakeholders Relationship Committee in compliance
c) Evaluating the Board on a continuing basis, with Section 178 of the Companies Act, 2013 and
including an assessment of the effectiveness of Regulation 20 of the Listing Regulations.
the full Board, operations of the Board Committees
and contributions of individual directors. The Administrative and Shareholders/Investors
Grievance Committee reviews, acts on and reports to
d) Establishing policies and procedures to assess the
our Board with respect to various matters relating to
requirements for induction of new members to the
stakeholders. The roles and responsibilities include:
Board.
a) Redressal of grievances of the shareholders of the
e) Implementing policies and processes relating to
Company pertaining to transfer or transmission
corporate governance principles.
of shares, non-receipt of annual report and
f) Ensuring that appropriate procedures are in place declared dividends, issue of new or duplicate
to assess Board membership needs and Board share certificates, and grievances pertaining to
effectiveness. corporate actions.
g) Reviewing the Company’s policies that relate b) Approving consolidation, split or sub-division of
to matters of CSR, including public issues of share certificates, transmission of shares, issue of
significance to the Company and its shareholders. duplicate share certificates, re-materialization of
i) Formulating the Disclosure Policy, its review and shares.
approval of disclosures. c) Reviewing the grievance redressal mechanism
j) Approving and evaluating the compensation plans, implemented by the Company in coordination with
policies and programs for full-time directors and Company’s Registrar and Transfer Agent (“RTA”)
senior management. from time to time.
k) Acting as Administrator of the Company’s Employee d) Reviewing the measures taken by the Company for
Stock Option Plans and Employee Stock Purchase effective exercise of voting rights by shareholders;
Plans drawn up from time to time; and e) Implementing and overseeing the procedures and
l) Implementation of an effective mechanism for processes in handling and maintenance of records,
succession planning which focuses on orderly transfer of securities and payment of dividend by
succession of Directors, including Executive the Company, RTA and dividend processing bank.
Directors, senior management team and other f) Reviewing the various measures and initiatives
executive officers. taken by the Company for reducing the quantum of
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unclaimed dividends and ensuring timely receipt The detailed charter of the Committee is available
of dividend warrants, annual reports and statutory on our website at https://www.wipro.com/investors/
notices by the shareholders of the Company. corporate-governance/charters/.
g) Overseeing administrative matters like opening Mr. Deepak M. Satwalekar, Independent Director, is
and closure of Company’s bank accounts, grant, the Chairman of the Administrative and Shareholders/
and revocation of general, specific and banking Investors Grievance Committee. The other members of
powers of attorney; and the Committee, as of March 31, 2022, were Dr. Patrick
h) Considering and approving allotment of equity J. Ennis and Mr. Rishad A. Premji. The Chairman of the
shares pursuant to exercise of stock options, Committee was present at the AGM of the Company
setting up branch offices and other administrative held on July 14, 2021.
matters as delegated by the Board from time to Mr. M. Sanaulla Khan, Company Secretary, is our
time. Compliance Officer under the Listing Regulations.
Status Report of investor queries and complaints for the period from April 1, 2021 to March 31, 2022 is given below:
Sl. No. Particulars No. of Complaints
1. Investor complaints pending at the beginning of the year 42
2. Investor complaints received during the year 1618*
3. Investor complaints disposed of during the year 1660
4. Investor complaints remaining unresolved at the end of the year -
*Out of the 1,618 complaints received, 1,525 were clarifications regarding unclaimed dividend / non-receipt of dividend and includes responses
received from shareholders towards communication sent by the Company in relation to unclaimed dividend amounts.
Apart from these queries/complaints, there are pending cases relating to dispute over title to shares in which, in certain cases,
the Company has been made a party. However, these cases are not material in nature.
Attendance of Directors at Board and Committee meetings

Details of attendance of Directors at the Board meetings and Committee meetings for the year ended March 31, 2022, are as
under:
Audit, Risk and Board Governance, Nomination Administrative and
Board meeting1 Compliance and Compensation Committee Shareholders/Investors
Committee2 (also acts as CSR Committee)3 Grievance Committee4
No. of meetings held
6 6 5 4
during FY 2021-22^
Date of meetings April 14-15, 2021, April 14-15, 2021, April 13, 2021, April 14, 2021,
June 9, 2021, June 9, 2021, June 9, 2021, July 14, 2021,
July 14-15, 2021, July 14-15, 2021, July 14, 2021, October 12, 2021,
October 12-13, 2021, October 12, 2021, October 12, 2021, January 11, 2022
January 11-12, 2022, January 11, 2022, January 11, 2022
March 25, 2022 March 25, 2022
Attendance of Directors
Rishad A. Premji 6 NA NA 4
Azim H. Premji 6 NA NA NA
Thierry Delaporte 6 NA NA NA
William Arthur Owens 6 NA 5 NA
Ireena Vittal 6 5 5 NA
Patrick J. Ennis 6 NA NA 3
Patrick Dupuis 6 NA 3 NA
Deepak M. Satwalekar 6 6 NA 4
Tulsi Naidu# 4 4 NA NA
M. K. Sharma* 2 2 2 1
#
At the 74 AGM, Ms. Tulsi Naidu was appointed as an Independent Director of the Company to hold office for a period of five years with effect from
th
July 1, 2021 to June 30, 2026.

* Mr. M. K. Sharma retired as Independent Director of the Company with effect from close of business hours on June 30, 2021.

212 / 490
^ Pursuant to the relaxations granted by the Ministry of Corporate Affairs and SEBI, the meetings of the Board of Directors and the Committees during the
financial year 2021-22 were held through video conferencing.
1. Board Meeting: Since the appointment of Ms. Tulsi Naidu as Independent Director, four Board meetings were held on July 14-15, 2021, October 12-13,
2021, January 11-12, 2022, and March 25, 2022.
2. Audit, Risk and Compliance Committee:
i. The Committee was re-constituted during the year as Mr. M. K. Sharma, member of the Committee, retired as Independent Director and Ms. Tulsi
Naidu was appointed as a member of the Committee. Consequently, the composition of the Committee is as follows: Mr. Deepak M. Satwalekar
(Chairman), Ms. Ireena Vittal and Ms. Tulsi Naidu (Members).
ii. Since the appointment of Ms. Tulsi Naidu as member of the Committee, there were four Committee meetings held on July 14-15, 2021, October 12,
2021, January 11, 2022, and March 25, 2022.
3. Board Governance, Nomination and Compensation Committee (also acts as CSR Committee):
i. The Committee was re-constituted during the year as Mr. M. K. Sharma, member of the Committee, retired as Independent Director and Mr. Patrick
Dupuis was appointed as a member of the Committee. Consequently, the composition of the Committee is as follows: Mr. William Arthur Owens
(Chairman), Ms. Ireena Vittal and Mr. Patrick Dupuis (Members).
ii. Since the appointment of Mr. Patrick Dupuis as member of the Committee, there were three Committee, meetings held on July 14, 2021, October 12,
2021, January 11, 2022.
4. Administrative and Shareholders/Investors Grievance Committee:
i. The Committee was re-constituted during the year as Mr. M. K. Sharma, member of the Committee, retired as Independent Director. Mr. Deepak M.
Satwalekar was appointed as Chariman of the Committee and Dr. Patrick J. Ennis was appointed as a member of the Committee. Consequently, the
composition of the Committee is as follows: Mr. Deepak M. Satwalekar (Chairman), Mr. Rishad A. Premji and Dr. Patrick J. Ennis (Members).
ii. Since the appointment of Dr. Patrick J. Ennis as member of the Committee, there were three Committee meetings held on July 14, 2021, October 12,
2021, and January 11, 2022.
V. GOVERNANCE THROUGH MANAGEMENT a) Financial, Business Process and Compliance Audit

PROCESS b) Cyber Defense and Technology Audit
c) Operations Reviews
1. Code of Business Conduct
d) Best Practices and Benchmarking
In the year 1983, we articulated ‘Wipro Beliefs’ consisting
of six statements. At the core of beliefs was integrity, e) Leadership Development
articulated as “individual and company relationship should The function, taking cognizance of changes in business
be governed by the highest standard of conduct and environment and technology risks, has taken upon itself to
integrity”. infuse and adopt technology in the way it operates.
Over the years, this articulation has evolved in form but The Chief of Internal Audit reports to the Chairman of the
remained constant in substance. Today, we articulate it as Audit, Risk and Compliance Committee and administratively
Code of Business Conduct. to the Chief Financial Officer. Chief of Internal Audit has
In our Company, the Board and all employees have a regular and exclusive meetings with the Audit, Risk and
responsibility to understand and follow the Code of Business Compliance Committee.
Conduct. All employees are expected to perform their
The internal audit function is guided by its charter, as
work with honesty and integrity. Wipro’s Code of Business
approved by the Audit, Risk and Compliance Committee.
Conduct reflects general principles to guide employees in
The internal audit function formulates an annual risk based
making ethical decisions. This Code is also applicable to
audit plan based on consultations and inputs from the
our representatives. This Code outlines fundamental ethical
Board and business leaders and presents it to the Audit,
considerations as well as specific considerations that need
Risk and Compliance Committee for approval. Findings of
to be maintained for professional conduct. This Code has
various audits carried out during the financial year are also
been displayed on the Company’s website at https://www.
periodically presented to the Audit, Risk and Compliance
wipro.com/investors/corporate-governance/policies-and-
Committee. The internal audit function adopts a risk based
guidelines/.
audit approach and covers core areas such as compliance
2. Internal Audit audits, financial audits, technology audits, third party risk
audits, M&A audits, etc.
The Company has a robust internal audit function which has
been in place for the last 4 decades with the stated vision of The internal audit team comprises of personnel with
“To be the best in class Internal Audit function globally”. In professional qualifications and certifications in audit and
pursuit of this vision, the function provides an independent, is rich on diversity. The audit team hones its skills through
objective assurance service to value-add and improve a robust knowledge management program to continuously
operations of business units and processes by: assimilate the latest trends and skills in the domain
213 / 490
and to retain the knowledge gained for future reference VI. DISCLOSURES
and dissemination. The internal audit team asserts its
independence across all its staff. 1. Disclosure of Materially Significant
A key strategic vision of Internal Audit is auditing in the new Related Party Transactions
digital environment - “Auditing Digital and Auditing with All related party transactions entered during the financial
Digital”- in line with this, the Internal Audit function has year were at an arm’s length basis and in the ordinary course
actively adopted technology and innovation to be better of business. There are no materially significant related
equipped to carry out audits. party transactions made by the Company with Promoters,
The function, which was the first Indian Internal audit unit Directors, Key Managerial Personnel, or other designated
to get ISO certified in 1998 and win International award persons which may have a potential conflict with the
from Institute of Internal Auditors (IIA) in 2002, was also interest of the Company at large.
an early adopter of the new ISO 9001:2015 version. During As required under Regulation 23 of the Listing
the year, Internal Audit function is assessed to have “Met Regulations, the Company has adopted a policy on
International Standards” prescribed by the Professional Related Party Transactions. The policy on Related Party
Practice of Internal Auditing issued by “International Transactions is available on the Company’s website at
Institute of Internal Auditors (IIA)” by external firm (KPMG). https://www.wipro.com/content/dam/nexus/en/investor/
Testimony to the functions’ innovation and excellence are corporate-governance/policies-and-guidelines/ethical-
the IIA awards won in these categories over the last few guidelines/policy-on-related-party-transactions.pdf.
years.
Apart from receiving director’s remuneration, none of the
3. Disclosure Policy Directors have any pecuniary relationships or transactions
In line with requirements under Regulation 30 of the Listing vis-à-vis the Company. During the financial year 2021-22,
Regulations, the Company has framed a policy on disclosure no transactions of material nature were entered by the
of material events and information, which is available on Company with the Management or their relatives that may
our website at https://www.wipro.com/investors/corporate- have a potential conflict of interest with the Company and
governance/policies-and-guidelines/. The objective of this the concerned officials have given undertakings to that
policy is to have uniform disclosure practices and ensure effect as per the provisions of the Listing Regulations.
timely, adequate and accurate disclosure of information on The Register under Section 189 of the Companies Act, 2013
an ongoing basis. The Company has constituted a Disclosure is maintained and particulars of the transactions have been
Committee consisting of senior officials, which approves all entered in the Register, as applicable.
disclosures required to be made by the Company. Parity in
disclosures is maintained through simultaneous disclosure
on National Stock Exchange of India Limited, the BSE
2. Subsidiary Monitoring Framework
Limited, the New York Stock Exchange and the Singapore All the subsidiary companies of the Company are managed
Exchange Limited. by their Boards having the rights and obligations to
manage these companies in the best interest of respective
4. Policy for Preservation of Documents stakeholders. The Company nominates its representatives
on the Board of subsidiary companies and monitors
Pursuant to the requirements under Regulation 9 of the
performance of such companies, inter alia, by reviewing:
Listing Regulations, the Board has formulated and approved
a Document Retention Policy prescribing the manner of a) Financial statements, investments, inter-corporate
retaining the Company’s documents and the time period up loans/advances made by the unlisted subsidiary
to which certain documents are to be retained. The policy companies, statement containing all significant
applies to all departments of the organization that handle transactions and arrangements entered by the
the prescribed categories of documents. unlisted subsidiary companies forming part of the
financials.
5. Other Policies
b) Minutes of the meetings of the unlisted subsidiary
The Company has adopted an Ombuds policy (vigil
companies, if any, are placed before the Company’s
mechanism), a policy for prevention, prohibition & redressal
Board regularly.
of sexual harassment of women at workplace, as well as
a code of conduct to regulate, monitor and report insider c) Providing necessary guarantees, letter of comfort and
trading. Details of these are provided as part of the Board’s other support for their day-to-day operations from
report. time-to-time.

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As required under Regulation 16(1)(c) and 24 of the individual shareholders whose shares are transferred to
Listing Regulations, the Company has adopted a the Unclaimed Suspense Account. When a claim from a
policy on determining “material subsidiary” and the shareholder is received by the Company, the shares lying in
said policy is available on the Company’s website at the Unclaimed Suspense Account are transferred after due
https://www.wipro.com/content/dam/nexus/en/investor/ verification of documents submitted by the shareholder.
corporate-governance/policies-and-guidelines/ethical-
guidelines/policy-on-related-party-transactions.pdf. Further, the shares in respect of which dividend entitlements
remained unclaimed for seven consecutive years are
3. Details of non-compliance by the transferred from the Unclaimed Suspense Account to
Company, penalties, and strictures IEPF Authority in accordance with Section 124(6) of the
Companies Act, 2013 and rules made thereunder.
imposed on the Company by Stock
Exchanges or SEBI or any statutory The disclosure as required under Schedule V of the Listing
Regulations is given below for the financial year 2021-22:
authority, on any matter related to capital
markets, during the last three years Sl.
Particulars
No. of No. of
No. Shareholders Shares
The Company has complied with the requirements of the
Stock Exchanges or SEBI on matters related to Capital 1. Aggregate number of 297 266,996
Markets, as applicable, during the last three years. No shareholders and the
penalties or strictures have been imposed on the Company. outstanding shares in the
suspense account lying at
4. Whistle Blower Policy and affirmation the beginning of the year
that no personnel have been denied 2. Number of shareholders

who approached the
3 772
access to the Audit, Risk & Compliance Company for transfer of

Committee shares from suspense
account during the year
As mentioned earlier in this report, the Company has
adopted an Ombuds process which is a channel for receiving 3. Number of shareholders 3 772
and redressing employees’ complaints. No personnel in the to whom shares were
Company has been denied access to the Audit, Risk and transferred from
Compliance Committee or its Chairman. suspense account during
the year
5. Transfer to Investor Education and 4. Number of shares in 3* 761
respect of which dividend
Protection Fund Authority (IEPF) entitlements remained
Pursuant to the provisions of Section 124(6) of the unclaimed for seven
Companies Act, 2013 and IEPF rules, during the consecutive years and
financial year 2021-22, unclaimed dividend for financial transferred from the
years 2013-14 and 2014-15 of ` 9,786,135/- and Unclaimed Suspense
` 9,966,655/-. respectively, together with an aggregate of Account to the IEPF
99,050 equity shares in respect of which dividend had not 5. Aggregate number of 294 265,463
been claimed by the shareholders, were transferred to the shareholders and the
IEPF Authority. outstanding shares in the
The Company has appointed a Nodal Officer and Deputy suspense account lying at
Nodal Officer under the provisions of IEPF, the details the end of the year
of which are available on the website of the Company at 6. Voting rights on these
https://www.wipro.com/investors/investor-contacts/. shares shall remain
frozen till the rightful Yes
6. Disclosures with respect to demat owner of such shares
suspense account/unclaimed suspense claim the same
account (Unclaimed Shares) * Represents a portion of the shares held by 3 shareholders, whose
In accordance with Regulation 39 and Schedule VI of the balance shares continue to remain in the unclaimed suspense
Listing Regulations, a minimum of three reminders are account.
sent to shareholders, towards the shares which remain
unclaimed. In case of non-receipt of response to the 7. Shareholder Information
reminders from the shareholders, the unclaimed shares Various shareholder information required to be disclosed
are transferred to the Unclaimed Suspense Account. The pursuant to Schedule V of the Listing Regulations are
Company maintains the details of shareholding of each provided in Annexure I to this report.
215 / 490
8. Compliance with Mandatory Requirements dispatch of letters to all shareholders. We publish the voting
results of shareholder meetings and make it available
Your Company has complied with all the mandatory
on our website www.wipro.com, and report the same to
corporate governance requirements under the Listing
Stock Exchanges in terms of Regulation 44 of the Listing
Regulations. Specifically, your Company confirms
Regulations.
compliance with corporate governance requirements
specified in Regulation 17 to 27 and clauses (b) to (i) of sub- 3. Modified opinion(s) in audit report
regulation (2) of Regulation 46 of the Listing Regulations.
The Auditors have issued an unmodified opinion on the
9. Certificates from Practising Company financial statements of the Company.
Secretary 4. Reporting of Internal Auditor

The certificate dated April 29, 2022, issued by Mr. V. The Head of Internal Audit reports to the Chairman of the
Sreedharan, Partner, V. Sreedharan & Associates, Practising Audit, Risk and Compliance Committee and administratively
Company Secretaries is given at page no. 136 of this Annual to the Chief Financial Officer. The Head of Internal Audit has
Report in compliance with corporate governance norms regular and exclusive meetings with the Audit, Risk and
prescribed under the Listing Regulations. Compliance.
The Company has received certificate dated April 29, 2022,
from Mr. V. Sreedharan, Partner, V. Sreedharan & Associates, 5. NYSE Corporate Governance Listing
Practising Company Secretaries, confirming that none Standards
of the Directors of the Company have been debarred or The Company has made necessary disclosures in compliance
disqualified from being appointed or continuing as director with the NYSE Listing Standards and NYSE Listed Company
of companies by the SEBI/Ministry of Corporate of Affairs or Manual on its website https://www.wipro.com/investors/
any such authority. The certificate is given at page no. 137 of corporate-governance/corporate-governance-reports/.
this Annual Report.
VII. COMPLIANCE REPORT ON DISCRETIONARY Bengaluru Rishad A. Premji

REQUIREMENTS UNDER REGULATION 27(1) June 8, 2022 Chairman
OF THE LISTING REGULATIONS

1. The Board
As per Para A of Part E of Schedule II of the Listing
Regulations, a Non-Executive Chairman of the Board may Declaration as required under Regulation 34(3)
be entitled to maintain a Chairman’s Office at the company’s
expense and allowed reimbursement of expenses incurred and Schedule V of the Listing Regulations
in performance of his duties. The Chairman of the Company
is an Executive Director and hence this provision is not All Directors and senior management personnel of the Company
applicable to us. have affirmed compliance with Wipro’s Code of Business Conduct
for the financial year ended March 31, 2022.
2. Shareholders rights
Considering the dynamic shareholder demography and Bengaluru Rishad A. Premji
trading on the stock exchanges, as a prudent measure,
June 8, 2022 Chairman
we display our quarterly and half yearly results on our
website www.wipro.com and also publish our results in
widely circulated newspapers. We have communicated the Thierry Delaporte
payment of dividend by e-mail to shareholders in addition to Chief Executive Officer and Managing Director

216 / 490
ANNEXURE I
SHAREHOLDER INFORMATION
Annual General Meeting
Puruant to the General Circular No. 14/2020 dated April 8, 2020, General Circular No. 17/2020 dated April 13, 2020, General Circular
No. 20/2020 dated May 5, 2020, General Circular No. 22/2020 dated June 15, 2020, General Circular No. 33/2020 dated September
28, 2020, General Circular No. 39/2020 dated December 31, 2020, Circular no. 02/2021 dated January 13, 2021 and General Circular
No. 2/2022 dated May 5, 2022 issued by the Ministry of Corporate Affairs (collectively “MCA Circulars”) and circular no. SEBI/HO/CFD/
CMD1/ CIR/P/2020/79 dated May 12, 2020, circular no. SEBI/HO/ CFD/CMD2/CIR/P/2021/11 dated January 15, 2021 and circular no.
SEBI/HO/CFD/CMD2/CIR/P/2022/62 on May 13, 2022 issued by SEBI (collectively “SEBI Circulars”), the 76 th AGM for the year ended
March 31, 2022 is scheduled to be held on Tuesday, July 19, 2022 at 9 AM IST through Video Conferencing (“VC”) mode.
The Members may attend the 76 th AGM scheduled to be held on Tuesday, July 19, 2022, 9 AM IST onwards, through VC or watch the live
web-cast at https://www.wipro.com/AGM2022/. Detailed instructions for participation are provided in the notice of the 76 th AGM. The
proceedings of the 76 th AGM will be available through VC and live web-cast to the shareholders as on the cut-off date i.e., July 12, 2022.
Annual General Meetings and Other General Body meeting of the last three years and Special Resolutions, if any.
Financial
Date and Time Venue Special resolutions passed
Year
2018-19 July 16, 2019 Wipro Campus, Cafeteria Hall i) Amendments to the Articles of Association of the Company
at 4 PM EC-3, Ground Floor, Opp. Tower 8,
No. 72, Keonics, Electronic City,
Hosur Road, ii) Appointment of Mr. Azim H. Premji (DIN: 00234280) as Non-
Bengaluru – 561 229 Executive, Non-Independent Director of the Company
2019-20 July 13, 2020 Appointment of Mr. Deepak M. Satwalekar (DIN: 00009627) as an
at 9 AM Independent Director of the Company
Meeting held through VC
2020-21 July 14, 2021 -
At 9 AM
Procedure for Postal Ballot

The postal ballot is conducted in accordance with the provisions contained in Section 110 and other applicable provisions, if any, of
the Companies Act, 2013, read with Rule 22 of the Companies (Management and Administration) Rules, 2014. The Shareholders are
provided the facility to vote either by physical ballot or through e-voting. The postal ballot notice is sent to shareholders as per the
permitted mode wherever applicable. The Company also publishes a notice in the newspapers in accordance with the requirements
under the Companies Act, 2013.
Shareholders holding equity shares as on the cut-off date may cast their votes through e-voting or through postal ballot during the
voting period fixed for this purpose. After completion of scrutiny of votes, the scrutinizer submits his report to the Chairman and the
results of voting by postal ballot are announced within 2 working days of conclusion of the voting period. The results are displayed
on the website of the Company (www.wipro.com) and communicated to the Stock Exchanges, Depositories, and Registrar and Share
Transfer Agents. The resolutions, if passed by the requisite majority, are deemed to have been passed on the last date specified for
receipt of duly completed postal ballot forms or e-voting.
In view of the COVID-19 pandemic, the MCA permitted companies to transact items through postal ballot as per the framework set out
in MCA Circulars. In accordance with the aforementioned circulars, e-voting facility was provided to all the shareholders to cast their
votes only through the remote e-voting process as per notice of postal ballot dated June 6, 2021, for the re-appointment of Dr. Patrick
J. Ennis (DIN: 07463299) and Mr. Patrick Dupuis (DIN: 07480046) as Independent Directors on the board of the Company.
The aforesaid resolutions were duly passed and the results of postal ballot/e-voting were announced on June 6, 2021. Mr. V. Sreedharan/
Ms. Devika Sathyanarayana/Mr. Pradeep B. Kulkarni, partners of V. Sreedharan & Associates, Practicing Company Secretaries, were
appointed as the Scrutinizer to scrutinize the postal ballot and remote e-voting process in a fair and transparent manner.
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% of Votes Cast in % of Votes Cast

No. of Votes No. of Votes Cast No. of Votes Cast
Resolution Favour on Votes Against on Votes
Polled in Favour Against
Polled Polled
Re-appointment of Dr. Patrick J. Ennis 4,905,658,196 4,869,602,676 36,055,520 99.27 0.73

(DIN: 07463299) as an Independent
Director of the Company
Re-appointment of Mr. Patrick Dupuis 4,905,658,087 4,880,958,490 24,699,597 99.50 0.50

(DIN: 07480046) as an Independent
Director of the Company
Means of Communication with Shareholders/Analysts

We have established procedures to disseminate, in a planned manner, relevant information to our shareholders, analysts, employees
and the society at large. Our Audit, Risk and Compliance Committee reviews the earnings press releases, Form 20-F filed with
Securities Exchange Commission (“SEC”) filings and annual and quarterly reports of the Company, before they are presented to the
Board for their approval for release. The details of the means of communication with shareholders/analysts are given below:
News Releases and All our news releases and presentations made at investor conferences and to analysts are posted on the
Presentations Company’s website at https://www.wipro.com/investors.
Quarterly results Our quarterly results are published in widely circulated national newspapers such as Financial Express
and the local daily Kannada Prabha.
Website The Company’s website contains a dedicated section for Investors (https://www.wipro.com/investors),
where annual reports, earnings press releases, stock exchange filings, quarterly reports, and corporate
governance policies are available, apart from the details about the Company, Board of Directors
and Management.
Annual Report Annual Report containing audited standalone accounts, consolidated financial statements together with
Board’s Report, Corporate Governance Report, Management Discussion and Analysis Report, Auditors
Report and other important information are circulated to the Members entitled thereto through permitted
mode(s).
Other Disclosures/Filings Our Form 20-F filed with SEC containing detailed disclosures, along with other disclosures including Press
Releases etc. are available at https://www.wipro.com/investors/annual-reports/.
Communication of Results:
Means of Communications Number of times during 2021-22
Earnings Calls 4
Publication of results 4
Analysts/Investors Meetings/Analyst Day Details are provided in the MD&A Report forming part of this Annual Report.
Financial Calendar
The financial year of the Company starts from the 1st day of April and ends on 31st day of March of the next year. Our tentative calendar
for declaration of results for the financial year 2022-23 are as given below. In addition, the Board may meet on other dates as and when
required.
Quarter Ending Release of Results
For the Quarter ending June 30, 2022 Third week of July, 2022
For the Quarter and half year ending September 30, 2022 Second week of October, 2022
For the Quarter and nine months ending December 31, 2022 Second week of January, 2023
For the year ending March 31, 2023 Second week of April, 2023

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The Register of Members and Share Transfer books will remain closed from Monday, July 18, 2022, to Tuesday, July 19, 2022 (both days
inclusive).
Fees Paid to Statutory Auditors

The details of total fees for all services paid by the Company and its subsidiaries, on a consolidated basis, to the statutory auditor and
all the entities in the network firm/network entity of which the statutory auditor is a part, are as follows:
(in ` Millions)
Type of Service FY 2021-22 FY 2020-21
Audit Fees 138 83
Tax Fees 78 44
Others 19 13
Total 235 140
Corporate Information
a) Corporate Identity Number (CIN): L32102KA1945PLC020800
b) Company Registration Number: 20800
c) International Securities Identification Number (ISIN): INE075A01022
d) CUSIP Number for Wipro American Depository Shares: 97651M109
e) Details of exchanges where Company’s shares are listed in as of March 31, 2022:
Equity shares Stock Codes Address

BSE Limited (BSE) 507685 BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
National Stock Exchange of India Limited (NSE) WIPRO Exchange Plaza, C-1, Block G, Bandra Kurla Complex,
Bandra (E), Mumbai – 400 051
American Depository Receipts
New York Stock Exchange (NYSE) WIT 11 Wall St, New York, NY 10005, United States of
America
Notes:
1. Listing fees for the year 2022-23 has been paid to the Indian Stock Exchanges as on date of this report.
2. Listing fees to NYSE for the calendar year 2022 has been paid as on date of this report.
3. The stock code on Reuters is WIPR.NS and on Bloomberg is WPRO:IN
Distribution of Shareholding as on March 31, 2022

March 31, 2022 March 31, 2021
Category
(No. of Shares) No. of % of % of Total No. of % of % of Total
No. of Shares No. of Shares
Shareholders Shareholders Equity Shareholders Shareholders Equity
1-5000 1,924,678 99.52 127,656,185 2.33 829,647 98.93 83,119,655 1.52
5001- 10000 4,158 0.21 14,617,597 0.27 3,628 0.43 12,699,508 0.23
10001- 20000 2,078 0.11 14,875,142 0.27 1,936 0.23 13,864,634 0.25
20001- 30000 747 0.04 9,215,417 0.17 751 0.09 9,354,600 0.17
30001- 40000 376 0.02 6,584,115 0.12 371 0.04 6,483,397 0.12
40001- 50000 275 0.01 6,197,942 0.11 261 0.03 5,881,802 0.11
50001- 100000 607 0.03 21,415,735 0.39 668 0.08 23,626,382 0.43
100001 & Above 1,113 0.06 5,281,507,982 96.34 1,329 0.17 5,324,108,577 97.17
Total 1,934,032 100 5,482,070,115 100.00 838,591 100.00 5,479,138,555 100.00
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Market Share Price Data

The performance of our stock in the financial year 2021-22 is tabulated below:
NSE BSE NYSE

Month Volume Traded Volume Traded
High (`) Low (`) High (`) Low (`) High ($) Low ($)
during the month during the month
April 2021 511.80 412.60 427,898,448 511.95 412.75 18,630,811 7.36 6.09
May 2021 545.00 477.80 201,507,955 545.00 477.80 7,851,022 7.98 7.07
June 2021 564.00 533.00 129,675,603 564.00 533.05 11,310,855 8.32 7.75
July 2021 601.80 522.60 208,298,985 601.50 522.55 11,401,490 8.6 7.48
August 2021 642.80 582.25 126,302,610 642.70 582.30 13,559,539 9.4 8.39
September 2021 699.15 627.35 127,511,209 698.95 627.30 8,122,601 9.8 8.81
October 2021 739.85 630.20 200,108,855 739.80 630.15 11,109,107 9.96 8.71
November 2021 668.75 603.95 96,860,653 668.40 603.90 6,880,647 9.21 8.34
December 2021 719.90 623.00 187,339,442 719.80 623.20 11,819,253 9.86 8.34
January 2022 726.80 537.20 225,871,043 726.70 537.45 15,501,432 9.85 7.07
February 2022 590.00 531.15 159,048,679 589.80 530.50 11,160,128 7.86 6.86
March 2022 616.00 550.40 166,011,264 615.90 550.30 8,532,431 8.07 7.08
Performance of Wipro equity shares/ADSs of the Company relative to the NIFTY, SENSEX
and NYSE Composite index during the period April 1, 2021 to March 31, 2022 is given in the
following chart:
250
240
230
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
1-May-2021
1-Mar-2022
1-Jul-2021
1-Oct-2021
1-Nov-2021
1-Jun-2021
1-Apr-2021
1-Sep-2021
1-Dec-2021
1-Jan-2022
1-Feb-2022
1-Aug-2021
Wipro Sensex NYSE Composite Index

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Other Disclosures
Description of Voting Rights All our equity shares carry voting rights on a pari-passu basis.
Dematerialisation of Shares and Liquidity 99.85% of outstanding equity shares have been dematerialized as at March 31, 2022.
Outstanding ADR/GDR/Warrants or any

other Convertible instruments, Conversion The Company has 2.46% of outstanding ADRs as on March 31, 2022.
Date and Likely Impact on Equity
Commodity Price Risk or Foreign Exchange The Company had no exposure to commodity and commodity risks for the financial year
Risk and Hedging Activities 2021-22. For Foreign exchange risk and hedging activities, please refer Management
Discussion and Analysis Report for details.
Credit Ratings The ICRA Committee of ICRA has reaffirmed the long-term rating for lines of credit of
Wipro Limited at [ICRA]AAA. The Outlook on the long-term rating is stable. The Rating
Committee of ICRA has also re-affirmed the short-term rating at [ICRA]A+. Fitch Ratings
has assigned Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and
foreign-currency senior unsecured rating of ‘A-’. Standard & Poor has also assigned a
rating of A-. The Outlook is Stable.
Plant Locations The Company has various offices in India and abroad. Details of these locations as on
March 31, 2022, are available on our website www.wipro.com.
Registrar and Share Transfer Agents

Company’s share transfer and related activities are operated through its Registrar and Share Transfer Agents: KFin Technologies
Limited, Hyderabad.
Share Transfer System

In accordance with the proviso to Regulation 40(1) of the Listing Regulations, effective from April 1, 2019, transfers of shares of the
Company shall not be processed unless the shares are held in the dematerialized form with a depository. Accordingly, shareholders
holding equity shares in physical form are urged to have their shares dematerialized so as to be able to freely transfer them.
Investor Queries and Grievances Redressal

Shareholders may write either to the Company or the Registrar and Transfer Agents for redressal of queries and grievances. The
address and contact details of the concerned officials are given below.
KFin Technologies Limited, Unit: Wipro Limited,
Selenium Tower B, Plot 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal,
Hyderabad - 500 032, Telangana.
Toll Free No.: 1800-309-4001 Phone: (040) 7961 1000
Contact Person:
Ms. Baireddy Swati Reddy - E-mail id: swati.baireddy@kfintech.com
Ms. Rajitha Cholleti- E-mail id: rajitha.cholleti@kfintech.com. Shareholders Grievance can also be sent through e-mail to the following
designated E-mail id: einward.ris@kfintech.com.
Overseas Depository for ADSs - J.P. Morgan Chase Bank N.A.

383 Madison Avenue, Floor 11 New York, NY10179
General: +1 800 990 1135
From outside the U.S.: +1 651 453 2128
Tel: +1 212 552 8926 New York
E-mail: drx_depo@jpmorgan.com
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Indian Custodian for ADSs

India Sub Custody
Office Address: J.P. Morgan Chase Bank, N.A. Mumbai Branch, Paradigm B-Wing, 6 th Floor, Mindspace, Malad (W), Mumbai - 400 064
Phone: +91 022 6649 2515 | F: +91 022 6649 2509
The e-mail address and contact details for all service related queries is: india.custody.client.service@jpmorgan.com
Contact Persons:
Abijit More- E-mail id: abhijit.more@jpmorgan.com
Nekzad Behramkamdin- E-mail id: nekzad.behramkamdin@jpmorgan.com
Nayan Vyas- E-mail id: nayan.x.vyas@jpmorgan.com
Web-Based Query Redressal System

Members may utilize this facility extended by the Registrar & Transfer Agents for redressal of their queries.
Please visit https://karisma.kfintech.com and click on “investors” option for query registration through free identity registration to
log on. Investor can submit the query in the “QUERIES” option provided on the website, which will generate the grievance registration
number. For accessing the status/response to your query, please use the same number at the option “VIEW REPLY” after 24 hours. The
investors can continue to put additional queries relating to the case till they are satisfied.
Shareholders can also send their correspondence to the Company with respect to their shares, dividend, request for annual reports
and shareholder grievances. The contact details are provided below:
Mr. M. Sanaulla Khan Ph: +91 80 28440011 (Extn: 226185)

Vice President and Company Secretary E-mail: sanaulla.khan@wipro.com
Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 560 035
Mr. G. Kothandaraman Ph: +91 80 28440011 (Extn: 226183)

General Manager, Finance E-mail: kothandaraman.gopal@wipro.com
Analysts can reach our Investor Relations Team for any queries and clarification on Financial/Investor Relations related matters:
Ms. Aparna C. Iyer Ph: +91 80 28440011 (Extn: 226186)

Vice President, Finance E-mail: iyer.aparna@wipro.com
Corporate Treasurer and Investor Relations
Mr. Abhishek Kumar Jain Ph:+91-80-6142 6143

General Manager, Finance E-mail: abhishekkumar.jain@wipro.com
Investor Relations
In case of any queries, stakeholders are requested to write to the above mentioned E-mail IDs for a quicker response.

222 / 490
Corporate Governance Compliance Certificate

[Pursuant to Regulation 34(3) and Schedule V Para E of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
Corporate Identity Number: L32102KA1945PLC020800

Nominal Capital: Rs. 2527.40 crores
To
The Members of
Wipro Limited
Doddakannelli, Sarjapur Road,
Bengaluru – 560035
We have examined all the relevant records of Wipro Limited for the purpose of certifying compliance of the conditions of the Corporate
Governance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial year ended March
31, 2022. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of certification.
The compliance of conditions of corporate governance is the responsibility of the Management. Our examination was limited to the
procedure and implementation process adopted by the Company for ensuring the compliance of the conditions of the corporate
governance.
This certificate is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the Company.
In our opinion and to the best of our information and according to the explanations and information furnished to us, we certify that
the Company has complied with all the mandatory requirements of Corporate Governance as stipulated in Schedule II of the said
Regulations. As regards Discretionary Requirements specified in Part E of Schedule II of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has complied with items C and E.

Company Secretaries
(V. Sreedharan)
Partner
FCS: 2347; CP No. 833
Bengaluru
April 29, 2022
UDIN: F002347D000241828
Peer Review Certificate No.589/2019
223 / 490
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
To,
The Members of
WIPRO LIMITED
Bengaluru 560035
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of WIPRO LIMITED, having
CIN L32102KA1945PLC020800 and having registered office at Doddakannelli, Sarjapur Road, Bengaluru 560035 (hereinafter referred
to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation
34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we
hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2022
have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange
Board of India (SEBI) and Ministry of Corporate Affairs (MCA), or any such other Statutory Authority.
Details of Directors:
Sl. Date of appointment in
Name of Director Designation DIN
No. Company
1. Mr. Azim Hasham Premji Non-Executive - Non-Independent 00234280 01/09/1968
Director
2. Ms. Tulsi Naidu Non-Executive - Independent Director 03017471 01/07/2021
3. Mr. William Arthur Owens Non-Executive - Independent Director 00422976 01/07/2006
4. Mr. Rishad Premji Azim Executive Director, Chairman of the 02983899 01/05/2015
Board and the Company
5. Ms. Ireena Vittal Non-Executive - Independent Director 05195656 01/10/2013
6. Mr. Patrick John Ennis Non-Executive - Independent Director 07463299 01/04/2016
7. Mr. Patrick Lucien Andre Dupuis Non-Executive - Independent Director 07480046 01/04/2016
8. Mr. Deepak Madhav Satwalekar Non-Executive - Independent Director 00009627 01/07/2020
9. Mr. Thierry Delaporte Executive Director, Chief Executive 08107242 06/07/2020
Officer and Managing Director
* Mr. M. K. Sharma (DIN: 00327684) retired as Independent Director on 30.06.2021 after completing his term of office.
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Company. Our responsibility is to express an opinion based on our verification. This certificate is neither an assurance as to the future
viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
Company Secretaries
(V. Sreedharan)
Partner
FCS: 2347; CP No. 833
Bengaluru
April 29, 2022
UDIN: F002347D000241905
Peer Review Certificate No.589/2019

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Standalone Financial Statement under Ind AS
Independent Auditor’s Report

To The Members of Wipro Limited Revenue from fixed price contracts using
Report on the Audit of the Standalone Financial Statements the percentage of completion method -
Opinion
Refer Notes 2 (iii)(a), 3(xiii)B and 22 to the
financial statements
We have audited the accompanying standalone financial
statements of Wipro Limited (“the Company”), which comprise the Key Audit Matter Description
Balance Sheet as at March 31, 2022, the Statement of Profit and
Loss (including Other Comprehensive Income), the Statement of Revenue from fixed price contracts, including software
Changes in Equity and the Statement of Cash Flows for the year development, and integration contracts, where the performance
then ended, and a summary of significant accounting policies obligations are satisfied over time, is recognized using the
and other explanatory information (herein after referred to as percentage-of-completion method.
“the Standalone Financial Statements”).
Use of the percentage-of-completion method requires the
In our opinion and to the best of our information and according to Company to determine the project costs incurred to date as a
the explanations given to us, the aforesaid Standalone Financial percentage of total estimated project costs at completion. The
Statements give the information required by the Companies Act, estimation of total project costs involves significant judgement
2013 (“the Act”) in the manner so required and give a true and and is assessed throughout the period of the contract to reflect
fair view in conformity with the Indian Accounting Standards any changes based on the latest available information. In
prescribed under Section 133 of the Act read with the Companies addition, provisions for estimated losses, if any, on uncompleted
(Indian Accounting Standards) Rules, 2015, as amended (“Ind contracts are recorded in the period in which such losses become
AS”) and other accounting principles generally accepted in India, probable based on the total estimated project costs.
of the state of affairs of the Company as at March 31, 2022, and
We identified the revenue recognition for fixed price contracts
its profit, total comprehensive income, changes in equity and its
where the percentage-of-completion method is used as a key
cash flows for the year ended on that date.
audit matter because of the significant judgement involved in
estimating the efforts to complete such contracts.
Basis for Opinion
This estimate has a high inherent uncertainty and requires
We conducted our audit of the Standalone Financial Statements consideration of progress of the contract, efforts incurred to-
in accordance with the Standards on Auditing specified under date and estimates of efforts required to complete the remaining
Section 143(10) of the Act (“SA”s). Our responsibilities under those performance obligations.
Standards are further described in the Auditor’s Responsibility
for the Audit of the Standalone Financial Statements section of This required a high degree of auditor judgment in evaluating the
our report. We are independent of the Company in accordance audit evidence supporting estimated efforts to complete and a
with the Code of Ethics issued by the Institute of Chartered higher extent of audit effort to evaluate the reasonableness of
Accountants of India (“ICAI”) together with the ethical the total estimated efforts used to recognise revenue from fixed
requirements that are relevant to our audit of the Standalone price contracts.
Financial Statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical How the Key Audit Matter Was Addressed in the Audit
responsibilities in accordance with these requirements and the Our audit procedures related to estimates of efforts to complete
ICAI’s Code of Ethics. We believe that the audit evidence obtained for fixed price contracts accounted using the percentage-of-
by us is sufficient and appropriate to provide a basis for our audit completion method included the following, among others:
opinion on the Standalone Financial Statements.
• We tested the effectiveness of controls relating to (1) recording
Key Audit Matters of efforts incurred and estimation of efforts required to
complete the remaining performance obligations, and
Key audit matters are those matters that, in our professional (2) access and application controls pertaining to time
judgment, were of most significance in our audit of the Standalone recording and allocation systems, which prevents
Financial Statements of the current period. These matters were unauthorised changes to recording of efforts incurred.
addressed in the context of our audit of the Standalone Financial
Statements as a whole, and in forming our opinion thereon, and • We evaluated management’s ability to reasonably estimate
we do not provide a separate opinion on these matters. We have the progress towards satisfying the performance obligation by
determined the matters described below to be the key audit comparing actual information to estimates for performance
matters to be communicated in our report. obligations that have been fulfilled.
225 / 490
• We selected a sample of fixed price contracts with customers fair view of the financial position, financial performance including
accounted using percentage-of-completion method and other comprehensive income, changes in equity and cash flows of
performed the following: the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. This responsibility also
• Read the contract and based on the terms and conditions
includes maintenance of adequate accounting records in
evaluated whether recognizing revenue over time using
accordance with the provisions of the Act for safeguarding the
percentage of completion method was appropriate, and
assets of the Company and for preventing and detecting frauds
the contract was included in management’s calculation
and other irregularities; selection and application of appropriate
of revenue over time.
accounting policies; making judgments and estimates that
• Evaluated the appropriateness of and consistency in the are reasonable and prudent; and design, implementation and
application of management’s policies and methodologies maintenance of adequate internal financial controls, that were
to estimate progress towards satisfying the performance operating effectively for ensuring the accuracy and completeness
obligation. of the accounting records, relevant to the preparation and
• Compared efforts incurred to date with Company’s presentation of the Standalone Financial Statements that give
estimate of efforts incurred to date to identify significant a true and fair view and are free from material misstatement,
variations and evaluate whether those variations whether due to fraud or error.
have been considered appropriately in estimating the
In preparing the Standalone Financial Statements, management
remaining efforts to complete the contract.
is responsible for assessing the Company’s ability to continue
• Tested the estimate for consistency with the status of as a going concern, disclosing, as applicable, matters related to
delivery of milestones and customer acceptances to going concern and using the going concern basis of accounting
identify possible delays in achieving milestones, which unless management either intends to liquidate the Company or
require changes in estimated efforts to complete the to cease operations, or has no realistic alternative but to do so.
remaining performance obligations.
The Board of Directors are also responsible for overseeing the
• Evaluated other information that supported the estimates
Company’s financial reporting process.
of the progress towards satisfying the performance
obligation.
Auditor’s Responsibility for the Audit of the
Information Other than the Financial Standalone Financial Statements
Statements and Auditor’s Report Thereon
Our objectives are to obtain reasonable assurance about
• The Company’s Board of Directors is responsible for the other whether the Standalone Financial Statements as a whole
information. The other information comprises the information are free from material misstatement, whether due to fraud or
included in the Board’s Report including Annexures to Board’s error, and to issue an auditor’s report that includes our opinion.
report, Business Responsibility and Sustainability Report Reasonable assurance is a high level of assurance, but is not
and Corporate Governance Report, but does not include the a guarantee that an audit conducted in accordance with SAs
Consolidated Financial Statements, Standalone Financial will always detect a material misstatement when it exists.
Statements and our auditor’s report thereon. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
• Our opinion on the Standalone Financial Statements does not
be expected to influence the economic decisions of users taken
cover the other information and we do not express any form of
on the basis of these Standalone Financial Statements.
assurance conclusion thereon.
As part of an audit in accordance with SAs, we exercise
• In connection with our audit of the Standalone Financial
professional judgment and maintain professional skepticism
Statements, our responsibility is to read the other information
throughout the audit. We also:
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone Financial • Identify and assess the risks of material misstatement of
Statements, or our knowledge obtained during the course of the Standalone Financial Statements, whether due to fraud
our audit or otherwise appears to be materially misstated. or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
• If, based on the work we have performed, we conclude that
appropriate to provide a basis for our opinion. The risk of not
there is a material misstatement of this other information, we
detecting a material misstatement resulting from fraud is
are required to report that fact. We have nothing to report in
higher than for one resulting from error, as fraud may involve
this regard.
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
Management’s Responsibility for the
Standalone Financial Statements • Obtain an understanding of internal financial control relevant
to the audit in order to design audit procedures that are
The Company’s Board of Directors is responsible for the matters appropriate in the circumstances. Under Section 143(3)(i) of
stated in Section 134(5) of the Act with respect to the preparation the Act, we are also responsible for expressing our opinion
of these Standalone Financial Statements that give a true and on whether the Company has adequate internal financial

226 / 490

controls system in place and the operating effectiveness of Report on Other Legal and Regulatory
such controls.
Requirements
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related 1. As required by Section 143(3) of the Act, based on our audit
disclosures made by the management. we report, that:
a) We have sought and obtained all the information and
• Conclude on the appropriateness of management’s use of the explanations which to the best of our knowledge and
going concern basis of accounting and, based on the audit belief were necessary for the purposes of our audit.
evidence obtained, whether a material uncertainty exists
b) In our opinion, proper books of account as required by law
related to events or conditions that may cast significant
have been kept by the Company so far as it appears from
doubt on the Company’s ability to continue as a going
our examination of those books.
concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the c) The Balance Sheet, the Statement of Profit and Loss
related disclosures in the Standalone Financial Statements (including Other Comprehensive Income), the Statement
or, if such disclosures are inadequate, to modify our opinion. of Changes in Equity and the Statement of Cash Flows
Our conclusions are based on the audit evidence obtained up dealt with by this Report are in agreement with the
to the date of our auditor’s report. However, future events or relevant books of account.
conditions may cause the Company to cease to continue as a d) In our opinion, the aforesaid Standalone Financial
going concern. Statements comply with the Ind AS specified under
Section 133 of the Act.
• Evaluate the overall presentation, structure and content of the
Standalone Financial Statements, including the disclosures, e) On the basis of the written representations received from
and whether the Standalone Financial Statements represent the directors as on March 31, 2022 taken on record by the
the underlying transactions and events in a manner that Board of Directors, none of the directors is disqualified as
achieves fair presentation. on March 31, 2022 from being appointed as a director in
terms of Section 164(2) of the Act.
Materiality is the magnitude of misstatements in the Standalone
f) With respect to the adequacy of the internal financial
Financial Statements that, individually or in aggregate, makes
controls over financial reporting of the Company and
it probable that the economic decisions of a reasonably
the operating effectiveness of such controls, refer to our
knowledgeable user of the Standalone Financial Statements
separate Report in “Annexure A”. Our report expresses
may be influenced. We consider quantitative materiality and
an unmodified opinion on the adequacy and operating
qualitative factors in (i) planning the scope of our audit work and
effectiveness of the Company’s internal financial controls
in evaluating the results of our work; and (ii) to evaluate the effect
over financial reporting.
of any identified misstatements in the Standalone Financial
Statements. g) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of
We communicate with those charged with governance regarding, Section 197(16) of the Act, as amended, in our opinion
among other matters, the planned scope and timing of the and to the best of our information and according to the
audit and significant audit findings, including any significant explanations given to us, the remuneration paid by the
deficiencies in internal control that we identify during our audit. Company to its directors during the year is in accordance
with the provisions of Section 197 of the Act.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements h) With respect to the other matters to be included in
regarding independence, and to communicate with them all the Auditor’s Report in accordance with Rule 11 of the
relationships and other matters that may reasonably be thought Companies (Audit and Auditors) Rules, 2014, as amended,
to bear on our independence, and where applicable, related in our opinion and to the best of our information and
safeguards. according to the explanations given to us:
i. The Company has disclosed the impact of pending
From the matters communicated with those charged with
litigations on its financial position in its Standalone
governance, we determine those matters that were of most
Financial Statements;
significance in the audit of the Standalone Financial Statements
of the current period and are therefore the key audit matters. ii. The Company has made provision, as required
We describe these matters in our auditor’s report unless law or under the applicable law or accounting standards,
regulation precludes public disclosure about the matter or when, for material foreseeable losses, if any, on long-term
in extremely rare circumstances, we determine that a matter contracts including derivative contracts;
should not be communicated in our report because the adverse iii. There has been no delay in transferring amounts,
consequences of doing so would reasonably be expected to required to be transferred, to the Investor Education
outweigh the public interest benefits of such communication. and Protection Fund by the Company.
227 / 490
iv. (a) The Management has represented, that, to the guarantee, security or the like on behalf of the
best of their knowledge and belief, no funds (which Ultimate Beneficiaries.
are material either individually and in aggregate) (c) Based on the audit procedures performed that
have been advanced or loaned or invested (either have been considered reasonable and appropriate
from borrowed funds or share premium or any in the circumstances, nothing has come to our
other sources or kind of funds) by the Company, to notice that has caused us to believe that the
or in any other person or entity, including foreign representations under sub-clause (i) and (ii) of
entity (“Intermediaries”), with the understanding, Rule 11(e), as provided under (a) and (b) above,
whether recorded in writing or otherwise, that contain any material misstatement.
the Intermediary shall, directly or indirectly lend
b) The interim dividend declared and paid by the company,
or invest in other persons or entities identified
during the year and until the date of this report is in
in any manner whatsoever by or on behalf of the
accordance with Section 123 of the Act.
Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the 2. As required by the Companies (Auditor’s Report) Order, 2020
Ultimate Beneficiaries. (“the Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure B” a statement
(b) The management has represented, that, to the on the matters specified in paragraphs 3 and 4 of the Order.
best of their knowledge and belief, no funds
(Which are material either individually or in For DELOITTE HASKINS & SELLS LLP
aggregate) have been received by the Company, Chartered Accountants
from any person or entity, including foreign entities Firm Registration Number: 117366W/W-100018
(“Funding Parties”), with the understanding, Vikas Bagaria
whether recorded in writing or otherwise, that Partner
the Company, shall, directly or indirectly, lend or Membership Number: 60408
invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Bengaluru
Party (“Ultimate Beneficiaries”) or provide any June 8, 2022

228 / 490

ANNEXURE “A” TO THE INDEPENDENT We believe that the audit evidence we have obtained, is sufficient
and appropriate to provide a basis for our audit opinion on the
AUDITOR’S REPORT Company’s internal financial controls system over financial
(Referred to in paragraph (f) under ‘Report on Other Legal and reporting.
Regulatory Requirements’ section of our report to the Members Meaning of Internal Financial Controls over
of Wipro Limited of even date)
Financial Reporting
Report on the Internal Financial Controls A company’s internal financial control over financial reporting is
Over Financial Reporting under Clause (i) a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
of Sub-section 3 of Section 143 of the financial statements for external purposes in accordance with
Companies Act, 2013 (“the Act”) generally accepted accounting principles. A company’s internal
financial control over financial reporting includes those policies
We have audited the internal financial controls over financial
and procedures that (1) pertain to the maintenance of records
reporting of Wipro Limited (“the Company”) as of March 31,
that, in reasonable detail, accurately and fairly reflect the
2022 in conjunction with our audit of the Standalone Financial
transactions and dispositions of the assets of the company;
Statements of the Company for the year ended on that date. (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in
Management’s Responsibility for Internal accordance with generally accepted accounting principles, and
Financial Controls that receipts and expenditures of the company are being made
The Board of Directors of the Company are responsible for only in accordance with authorisations of management and
establishing and maintaining internal financial controls based on directors of the company; and (3) provide reasonable assurance
the internal control over financial reporting criteria established regarding prevention or timely detection of unauthorised
by the Company considering the essential components of internal acquisition, use, or disposition of the company’s assets that
control stated in the Guidance Note on Audit of Internal Financial could have a material effect on the financial statements.
Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India (“the ICAI”). These responsibilities Inherent Limitations of Internal Financial
include the design, implementation and maintenance of adequate Controls over Financial Reporting
internal financial controls that were operating effectively for Because of the inherent limitations of internal financial
ensuring the orderly and efficient conduct of its business,
controls over financial reporting, including the possibility of
including adherence to company’s policies, the safeguarding of
collusion or improper management override of controls, material
its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the misstatements due to error or fraud may occur and not be
timely preparation of reliable financial information, as required detected. Also, projections of any evaluation of the internal
under the Act. financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over
financial reporting may become inadequate because of changes
Auditor’s Responsibility in conditions, or that the degree of compliance with the policies
Our responsibility is to express an opinion on the Company’s or procedures may deteriorate.
internal financial controls over financial reporting of the Company
based on our audit. We conducted our audit in accordance with Opinion
the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) issued by the ICAI and In our opinion, to the best of our information and according to
the Standards on Auditing prescribed under Section 143(10) of the explanations given to us, the Company has, in all material
the Companies Act, 2013, to the extent applicable to an audit of respects, an adequate internal financial controls system over
internal financial controls. Those Standards and the Guidance financial reporting and such internal financial controls over
Note require that we comply with ethical requirements and plan financial reporting were operating effectively as at March 31,
and perform the audit to obtain reasonable assurance about 2022, based on, the criteria for internal control over financial
whether adequate internal financial controls over financial reporting established by the Company considering the essential
reporting was established and maintained and if such controls components of internal control stated in the Guidance Note on
operated effectively in all material respects. Audit of Internal Financial Controls Over Financial Reporting
Our audit involves performing procedures to obtain audit evidence issued by the ICAI.
about the adequacy of the internal financial controls system over For DELOITTE HASKINS & SELLS LLP
financial reporting and their operating effectiveness. Our audit
Chartered Accountants
of internal financial controls over financial reporting included
Firm Registration Number: 117366W/W-100018
obtaining an understanding of internal financial controls over
financial reporting, assessing the risk that a material weakness Vikas Bagaria
exists, and testing and evaluating the design and operating Partner
effectiveness of internal control based on the assessed risk. Membership Number: 60408
The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement Bengaluru
of the financial statements, whether due to fraud or error. June 8, 2022
229 / 490
ANNEXURE “B” TO THE INDEPENDENT the nature of its operations. No discrepancies of 10% or
more in the aggregate for each class of inventories were
AUDITOR’S REPORT noticed on such physical verification of inventories when
(Referred to in paragraph 2 under ‘Report on Other Legal and compared with books of account.
Regulatory Requirements’ section of our report to the Members (b) The Company has not been sanctioned working capital
of Wipro Limited of even date) limits in excess of ` 5 crores, in aggregate, at any point of
To the best of our information and according to the explanations time during the year, from banks or financial institutions
provided to us by the Company and the books of account and on the basis of security of current assets. Hence,
records examined by us in the normal course of audit, we state reporting on the quarterly returns or statements filed by
that: the Company with such banks or financial institutions is
not applicable.
(i) In respect of the Company’s Property, Plant and Equipment
and Intangible Assets: (iii) The Company has made investments in, companies, firms,
limited liability partnerships, and granted unsecured loans to
(a) (A) The Company has maintained proper records showing other parties, during the year, in respect of which:
full particulars, including quantitative details and
situation of Property, Plant and Equipment and (a) The Company has provided loans and, stood guarantee
relevant details of right-of-use assets. during the year and details of which are given below:
(B) The Company has maintained proper records showing (` Millions)

full particulars of intangible assets. Loans Guarantees
(b) The Company has a program of physical verification of Aggregate amount granted*/
19,125 59,677
Property, Plant and Equipment and right-of-use assets provided to subsidiaries during the year
so to cover all the assets once every three years which, Balance outstanding as at the balance
in our opinion, is reasonable having regard to the size of sheet date in respect of amount 19,125 59,677
the Company and the nature of its assets. Pursuant to the granted/provided to subsidiaries
program, certain Property, Plant and Equipment and right- * includes ` 18,945 renewed or extended during the year.
of-use assets were due for verification during the year
and were physically verified by the Management during (b) The investments made, and guarantees provided, and
the year. According to the information and explanations the terms and conditions of the grant of all the above-
given to us, no material discrepancies were noticed on mentioned loans and guarantees provided, during the
such verification. year are, in our opinion, prima facie, not prejudicial to the
Company’s interest.
(c) Based on the examination of the sale deed / transfer
deed / conveyance deed / the property tax receipts and (c) In respect of loans granted by the Company, the schedule
lease agreement for land on which building is constructed of repayment of principal and payment of interest has
provided to us, we report that, the title deeds, of all been stipulated, and repayments of principal amounts
immovable properties (other than properties where the and receipts of interest are regular as per stipulation.
company is the lessee and the lease agreements are
(d) Based on the audit procedures performed, in respect
duly executed in favour of the lessee), disclosed in the
of loans granted by the Company, there is no overdue
financial statements included under Property, Plant and
amount remaining outstanding as at the balance sheet
Equipment are held in the name of the Company as at
date.
the balance sheet date except for a freehold land with
a carrying amount of ` 404 million, for which the title (e) During the year loans aggregating to Rs. 33,664 million fell
deed has not been executed in the name of the Company due from certain subsidiaries, of which Loans aggregating
pending fulfilment of certain conditions. Rs. 18,782 million has been renewed or extended during
the year. There were no fresh loans granted to settle the
(d) The Company has not revalued any of its Property, Plant
overdues of existing loans given to the same parties.
and Equipment (including right-of-use assets) and
intangible assets during the year. (` Millions)
Aggregate amount of
(e) No proceedings have been initiated during the year or Percentage of the
overdues of existing
are pending against the Company as at March 31, 2022 aggregate to the total
Name of the Party loans renewed or
for holding any benami property under the Benami loans granted during
extended or settled
Transactions (Prohibition) Act, 1988 (as amended in 2016) the year*
by fresh loans
and rules made thereunder. Wipro LLC 18,945 99%
(ii) (a) The inventories were physically verified during the year Wipro VLSI Design
by the Management at reasonable intervals. The coverage Services India 180 1%
and procedure of such verification by the Management is Private Limited
appropriate having regard to the size of the Company and * includes ` 18,945 renewed or extended during the year.

230 / 490

(f) Based on the audit procedures performed, the Company reporting under Clause 3(vi) of the Order is not applicable to
has not granted any loans either repayable on demand the Company.
or without specifying any terms or period of repayment
(vii) In respect of statutory dues:
during the year. Hence, reporting under clause 3 (iii)(f) of
the Order is not applicable. (a) In our opinion, undisputed statutory dues, including
Goods and Service tax, Provident Fund, Employees’ State
The Company has not provided advances in the nature of Insurance, Income-tax, Sales Tax, Service tax, duty of
loans or provided security during the year. Custom, duty of Excise, Value Added Tax, cess and any
(iv) The Company has complied with the provisions of Sections other material statutory dues applicable to the Company
185 and 186 of the Companies Act, 2013 in respect of loans have generally been regularly deposited by it with the
granted, investments made and guarantees and securities appropriate authorities.
provided, as applicable. There were no undisputed amounts payable in respect
of Goods and Service tax, Provident Fund, Income-tax,
(v) The Company has not accepted any deposit or amounts which
Sales Tax, Service Tax, duty of Custom, duty of Excise,
are deemed to be deposits. Hence, reporting under Clause (v)
Value Added Tax, cess and other material statutory dues
of the Order is not applicable.
in arrears as at March 31, 2022 for a period of more than
(vi) The maintenance of cost records has not been specified for six months from the date they became payable.
the activities of the Company by the Central Government (b) Details of statutory dues referred to in sub-clause (a)
under Section 148(1) of the Companies Act, 2013 for the above which have not been deposited as on March 31,
business activities carried out by the Company. Hence 2022 on account of disputes are given below:
(` in millions)
Amount not
Nature of Forum where dispute is Period to which the Amount
Name of Statute deposited as at
dues pending amount relates Involved
March 31, 2022
The Central Excise Act, 1944 Excise Duty Assistant Commissioner 1991-92 to 2014-15 57 52
The Central Excise Act, 1944 Excise Duty Commissioner 2004-05 to 2014-15 10 10
The Central Excise Act, 1944 Excise Duty Commissioner (Appeals) 1995-96 to 2012-13 13 13
The Central Excise Act, 1944 Excise Duty CESTAT 2004-05 to 2012-13 37 25
The Central Excise Act, 1944 Excise Duty High Court 2007-08, 2008-09 1 1
Assistant Commissioner of
The Customs Act, 1962 Customs Duty 1994-95 to 2008-09 49 45
Customs
The Customs Act, 1962 Customs Duty CESTAT 1991-92 to 2011-12 11 4
The Customs Act, 1962 Customs Duty Commissioner 1990-91 to 2009-10 94 90
The Customs Act, 1962 Customs Duty Commissioner (Appeals) 1997-98 to 2009-10 343 308
Deputy Commissioner - Air
The Customs Act, 1962 Customs Duty 2009-10 5 5
Customs –Chennai
The Customs Act, 1962 Customs Duty Madras High Court 2009-10 4 4
Customs
The Customs Act, 1962 Karnataka High Court 2001-02 to 2004-05 2,711 2,631
Duty- Penalty
Finance Act, 1994 Service tax Assistant Commissioner 2003-04 to 2014-15 368 366
Finance Act, 1994 Service tax Commissioner 2014-15 to 2017-18 214 214
Finance Act, 1994 Service tax Commissioner (Appeals) 2003-04 to 2009-10 362 16
Finance Act, 1994 Service tax CESTAT 2002-03 to 2011-12 2,945 2,531
Service Tax-
Finance Act, 1994 Commissioner (Appeals) 2005-06 to 2009-10 29 29
Penalty
Service Tax-
Finance Act, 1994 Assistant Commissioner 2008-09, 2009-10 1 1
Penalty
Service Tax-
Finance Act, 1994 CESTAT 2002-03 to 2011-12 642 642
Penalty
Sales Tax / Assistant Commissioner/
Sales Tax / VAT 1986-87 to 2017-18 4,727 4,506
VAT Deputy Commissioner
231 / 490
Amount not
Nature of Forum where dispute is Period to which the Amount
Name of Statute deposited as at
dues pending amount relates Involved
March 31, 2022
Sales Tax / 1988-89 to
Sales Tax / VAT Commissioner (Appeals) 1,737 1,354
VAT 2017-18
Sales Tax /
Sales Tax / VAT Appellate Authorities 1986-87 to 2017-18 776 727
VAT
Sales Tax /
Sales Tax / VAT Tribunal 2009-10 to 2016-17 656 602
VAT
Sales Tax /
Sales Tax / VAT High Court 2002-03 to 2012-13 30 5
VAT
Sales Tax/ VAT Sales Tax/ VAT Supreme Court 2001-02 12 12
Goods and
Goods and Services Tax Commissioner (Appeals) 2017-18 to 2021-22 930 929
Services Tax
Income Tax - CIT(A) - TDS
The Income Tax Act, 1961 2003-04, 2011-12 35 35
TDS
Income Tax –
The Income Tax Act, 1961 Income Tax Appellate Tribunal 2009-10 13 3
TDS
Income Tax -
The Income Tax Act, 1961 High Court 2010-11 61 61
TDS
The Income Tax Act, 1961 Income Tax Assessing Officer 2007-08 97 42
Commissioner of Income tax
2012-13 16
The Income Tax Act, 1961 Income Tax (Appeals) 16
2006-07, 2007-08
Income Tax Appellate Tribunal
The Income Tax Act, 1961 Income Tax 2009-10, 2010-11, 2,027 1,212
2014-15
The Income Tax Act, 1961 Income Tax High Court 2012-13, 2013-14 4,380 317
The Employees’ Provident
Provident The Employees’ Provident
Funds And Miscellaneous 2006-07 to 2013-14 479 479
Fund Funds Appellate Tribunal
Provisions, ACT, 1952
(viii) There were no transactions relating to previously unrecorded entity or person on account of or to meet the obligations of
income that were surrendered or disclosed as income in its subsidiaries or associates.
the tax assessments under the Income Tax Act, 1961 (43 of
The Company has not raised any loans during the year on
1961) during the year.
the pledge of securities held in its subsidiaries as defined
(ix) In our opinion, the Company has not defaulted in the under the Companies Act, 2013 and hence reporting on
repayment of loans or other borrowings or in the payment of Clause 3(ix)(f) of the Order is not applicable.
interest thereon to any lender during the year.
(x) (a) The Company has not issued any of its securities
The Company has not been declared wilful defaulter by (including debt instruments) during the year and
any bank or financial institution or government or any hence reporting under Clause 3(x)(a) of the Order is not
government authority. applicable.
The Company has not taken any term loan during the year (b) During the year the Company has not made any
and there are no unutilised term loans at the beginning of preferential allotment or private placement of shares or
the year and hence, reporting under Clause 3(ix)(c) of the convertible debentures (fully or partly or optionally) and
Order is not applicable. hence reporting under Clause 3(x)(b) of the Order is not
applicable to the Company.
On an overall examination of the financial statements of
the Company, funds raised on short-term basis have, prima (xi) To the best of our knowledge, no fraud by the Company
facie, not been used during the year for long-term purposes and no material fraud on the Company has been noticed or
by the Company. reported during the year.
On an overall examination of the financial statements of the No report under sub-section (12) of Section 143 of the
Company, the Company has not taken any funds from any Companies Act has been filed in Form ADT-4 as prescribed

232 / 490

under rule 13 of Companies (Audit and Auditors) Rules, 2014 (xviii) There has been no resignation of the statutory auditors of
with the Central Government, during the year and upto the the Company during the year.
date of this report.
(xix) On the basis of the financial ratios, ageing and expected
We have taken into consideration the whistle blower dates of realisation of financial assets and payment of
complaints received by the Company during the year (and financial liabilities, other information accompanying the
upto the date of this report) while determining the nature, financial statements and our knowledge of the Board
timing and extent of our audit procedures. of Directors and Management plans and based on our
(xii) The Company is not a Nidhi Company and hence reporting examination of the evidence supporting the assumptions,
under Clause 3 (xii) of the Order is not applicable to the nothing has come to our attention, which causes us to
Company. believe that any material uncertainty exists as on the date
of the audit report indicating that Company is not capable
(xiii) In our opinion, the Company is in compliance with Section
of meeting its liabilities existing at the date of balance
177 and 188 of the Companies Act, where applicable, for
sheet as and when they fall due within a period of one year
all transactions with the related parties and the details
from the balance sheet date. We, however, state that this is
of related party transactions have been disclosed in
not an assurance as to the future viability of the Company.
the financial statements as required by the applicable
We further state that our reporting is based on the facts
accounting standards.
up to the date of the audit report and we neither give any
(xiv) (a) In our opinion, the Company has an adequate internal guarantee nor any assurance that all liabilities falling due
audit system commensurate with the size and the within a period of one year from the balance sheet date,
nature of its business. will get discharged by the Company as and when they fall
due.
(b) We have considered, the internal audit reports for the
year under audit and till date, in determining the nature, (xx) The Company has fully spent the required amount towards
timing and extent of our audit procedures. Corporate Social Responsibility (CSR) and there are no
(xv) In our opinion during the year the Company has not entered unspent CSR amount for the year requiring a transfer to
into any non-cash transactions with its directors or persons a Fund specified in Schedule VII to the Companies Act or
connected with its directors. and hence provisions of special account in compliance with the provision of sub-
Section 192 of the Companies Act, 2013 are not applicable section (6) of Section 135 of the said Act. Accordingly,
to the Company. reporting under Clause 3(xx) of the Order is not applicable
for the year.
(xvi) (a) In our opinion, the Company is not required to be
registered under Section 45-IA of the Reserve Bank of
India Act, 1934. Hence, reporting underClause 3(xvi)(a), For DELOITTE HASKINS & SELLS LLP
(b) and (c) of the Order is not applicable. Chartered Accountants
Firm Registration Number: 117366W/W-100018
(b) In our opinion, there is no core investment company
within the Group (as defined in the Core Investment
Companies (Reserve Bank) Directions, 2016) and Vikas Bagaria
accordingly reporting under Clause 3(xvi)(d) of the Order Partner
is not applicable. Membership Number: 60408
(xvii) T
he Company has not incurred cash losses during the
financial year covered by our audit and the immediately Bengaluru
preceding financial year. June 8, 2022
233 / 490
Balance Sheet
(` in millions, except share and per share data, unless otherwise stated)
As at As at
Notes
March 31, 2022 March 31, 2021
ASSETS
Non-current assets
Property, plant and equipment 4 65,167 56,758
Right-of-Use assets 5 8,699 9,029
Capital work-in-progress 6 15,845 18,480
Goodwill 7 4,604 4,571
Other intangible assets 7 1,907 2,523
Financial assets
Investments 8 165,572 82,067
Derivative assets 20 6 16
Trade receivables 9 - 3,079
Other financial assets 11 3,188 4,469
Deferred tax assets (net) 21 533 474
Non-current tax assets (net) 9,747 13,829
Other non-current assets 13 10,838 8,273
Total non-current assets 286,106 203,568
Current assets
Inventories 12 875 910
Financial assets
Investments 8 240,737 174,952
Derivative assets 20 2,995 4,049
Trade receivables 9 92,954 80,462
Unbilled receivables 35,127 15,823
Loans to subsidiaries 19,130 42,015
Cash and cash equivalents 10 48,981 97,832
Current tax assets (net) 529 973
Contract assets 13,979 10,809
Other current assets 13 22,984 20,783
Total current assets 517,722 453,795
TOTAL ASSETS 803,828 657,363
EQUITY AND LIABILITIES
EQUITY
Equity share capital 14 10,964 10,958
Other equity 532,543 441,458
TOTAL EQUITY 543,507 452,416
LIABILITIES
Non-current liabilities
Borrowings 15 57 141
Lease liabilities 5,15 6,939 7,073
Derivative liabilities 20 48 -
Other financial liabilities 17 2 130

234 / 490
Balance Sheet
As at As at
Notes
March 31, 2022 March 31, 2021
Provisions 18 641 885
Deferred tax liabilities (net) 21 - 1,305
Non-current tax liabilities (net) 16,052 9,110
Other non-current liabilities 19 4,845 4,979
Total non-current liabilities 28,584 23,623
Current liabilities
Borrowings 15 76,734 58,011
Derivative liabilities 20 585 1,021
Trade payables
(a) Total outstanding dues of micro enterprises and small enterprises 16 1,117 184
(b) Total outstanding dues of creditors other than micro enterprises and small 16 45,734 41,055
enterprises
Other financial liabilities 17 53,714 22,049
Contract liabilities 21,095 18,063
Other current liabilities 19 6,426 6,965
Provisions 18 13,683 15,120
Current tax liabilities (net) 8,338 14,835
Total current liabilities 231,737 181,324
TOTAL LIABILITIES 260,321 204,947
TOTAL EQUITY AND LIABILITIES 803,828 657,363
The accompanying notes form an integral part of these standalone financial statements
As per our report of even date attached.
for Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors
Firm's Registration No.: 117366W/W – 100018
Vikas Bagaria Rishad A. Premji Deepak M. Satwalekar Thierry Delaporte

Partner Chairman Director Chief Executive Officer &
Membership No.: 60408 Managing Director
Jatin Pravinchandra Dalal M. Sanaulla Khan

Chief Financial Officer Company Secretary
Bengaluru
June 8, 2022
235 / 490
Statement of Profit and Loss

Year ended Year ended

Notes
March 31, 2022 March 31, 2021
INCOME
Revenue from operations 22 595,744 502,994
Other income 23 47,061 23,829
Total Income 642,805 526,823
EXPENSES
Purchases of stock-in-trade 4,888 5,879
Changes in inventories of finished goods and stock-in-trade 24 (64) 345
Employee benefits expense 25 315,424 264,673
Finance costs 26 3,674 4,026
Depreciation, amortisation and impairment expense 14,857 13,493
Travel 5,976 4,358
Legal and professional charges 4,075 3,537
Marketing and brand building 1,624 839
Other expenses 27 8,664 3,966
Total expenses 490,163 399,975
Profit before tax 152,642 126,848
Tax expense
Current tax 21 31,941 22,430
Deferred tax 21 (652) 3,809
Total tax expense 31,289 26,239
Profit for the year 121,353 100,609

Items that will not be reclassified to profit or loss:
Re-measurements of the defined benefit plans, net 25 (12) 562
Net change in fair value of investment in equity instruments measured at fair
(4) (8)
value through OCI
Income tax relating to items that will not be reclassified to profit or loss 21 1 (113)

236 / 490
Statement of Profit and Loss


Notes
March 31, 2022 March 31, 2021
Items that will be reclassified to profit or loss:

Net change in time value of option contracts designated as cash flow hedges 183 66
Net change in intrinsic value of option contracts designated as cash flow hedges (120) 1,193
Net change in fair value of forward contracts designated as cash flow hedges (303) 3,799
Net change in fair value of investment in debt instruments measured at fair value
(1,944) 2,079
through OCI
Income tax relating to items that will be reclassified to profit or loss 21 712 (1,241)
Total other comprehensive income / (loss) for the year, net of taxes (1,487) 6,337
Total comprehensive income for the year 119,866 106,946
Earnings per equity share 28

(Equity shares of par value `2 each)
Basic 22.20 17.81
Diluted 22.14 17.77
Weighted average number of equity shares used in computing earnings

per equity share
Basic 5,466,705,840 5,649,265,885
Diluted 5,482,083,438 5,661,657,822


Bengaluru
June 8, 2022
237 / 490
Statement of Changes in Equity
A. Equity share capital (` in millions, except share and per share data, unless otherwise stated)
Changes in equity share capital Changes in equity share capital during

Balance as at April 1, 2021 Restated balance as at April 1, 2021 Balance as at March 31, 2022
due to prior period errors the current year
10,958 - 10,958 6 10,964
Changes in equity share capital Changes in equity share capital during

Balance as at April 1, 2020 Restated balance as at April 1, 2020 Balance as at March 31, 2021
due to prior period errors the previous year
11,427 - 11,427 (469) 10,958
B. Other equity
Common Special Investment Investment

Share Share Foreign
Securi- Capital control economic Cash Remeasu- in debt in equity
application options currency
ties Capital redemp- Retained transac- zone re- flow rements of instruments instruments Total other
Particulars money out- transla-
prem- reserve tion earnings tions invest- hedging the defined measured measured equity
pending standing tion
ium reserve capital ment reserve benefit plans at fair value at fair value
allotment account reserve
reserve reserve through OCI through OCI
Balance as at April 1, 2021 ^ 326 1,139 1,135 386,999 2,473 3,071 41,154 1,730 1,882 (524) 4,237 (2,164) 441,458
Profit for the year - - - - 121,353 - - - - - - - - 121,353
Other comprehensive income / (loss) - - - - - - - - (253) - (10) (1,219) (5) (1,487)
238 / 490
Total comprehensive income for the year - - - - 121,353 - - - (253) - (10) (1,219) (5) 119,866
Issue of equity shares on exercise of options - 852 - - - - (852) - - - - - - -
Issue of shares by controlled trust on exercise of options (1) - - - - 1,071 - (1,071) - - - - - - -
Compensation cost related to employee share-based payment - - - - - - 4,110 - - - - - - 4,110
Transferred to Special economic zone re-investment reserve - - - - (5,907) - - 5,907 - - - - - -
(2)
Dividend - - - - (32,891) - - - - - - - - (32,891)
Other transactions for the year - 852 - - (37,727) - 2,187 5,907 - - - - - (28,781)
Balance as at March 31, 2022 ^ 1,178 1,139 1,135 470,625 2,473 5,258 47,061 1,477 1,882 (534) 3,018 (2,169) 532,543
^ Value is less than `1

(1)
4,711,486 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2022.
(2)
Refer to Note 29

151
152
Statement of Changes in Equity
Reserves and Surplus Other components of equity

Share
Common Special Investment Investment
application Share Foreign
Securi- Capital control economic Cash Remeasu- in debt in equity Total other
Particulars money options currency
ties Capital redemp- Retained transac- zone re- flow rements of instruments instruments equity
pending out- transla-
prem- reserve tion earnings tions invest- hedging the defined measured measured
allotment standing tion
ium reserve capital ment reserve benefit plans at fair value at fair value
account reserve
reserve reserve through OCI through OCI
Balance as at April 1, 2020 ^ 887 1,139 660 403,773 2,473 1,550 43,804 (2,315) 1,882 (971) 2,386 (2,158) 453,110
Profit for the year - - - - 100,609 - - - - - - - - 100,609
Other comprehensive income / (loss) - - - - - - - - 4,045 - 447 1,851 (6) 6,337

Total comprehensive income for the year - - - - 100,609 - - - 4,045 - 447 1,851 (6) 106,946
Issue of equity shares on exercise of options - 866 - - - - (866) - - - - - - -
Buyback of equity shares, including tax thereon (1) - (1,427) - 475 (115,018) - - - - - - - - (115,970)
Transaction cost related to buyback of equity shares - - - - (199) - - - - - - - - (199)
Issue of shares by controlled trust on exercise of options (2) - - - - 662 - (662) - - - - - - -

(3)
Effect of modification of ADS RSU from cash settled to equity settled - - - - - - 739 - - - - - - 739
Compensation cost related to employee share-based payment - - - - - - 2,310 - - - - - - 2,310
Transferred from Special economic zone re-investment reserve - - - - 2,650 - - (2,650) - - - - - -
239 / 490
Dividend (1) - - - - (5,478) - - - - - - - - (5,478)
Other transactions for the year - (561) - 475 (117,383) - 1,521 (2,650) - - - - - (118,598)
Balance as at March 31, 2021 ^ 326 1,139 1,135 386,999 2,473 3,071 41,154 1,730 1,882 (524) 4,237 (2,164) 441,458

(1)
Refer to Note 29
(2)
3,344,866 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2021.
(3)
Refer to Note 31
Firm’s Registration No.: 117366W/W – 100018

Partner Chairman Director Chief Executive Officer
Membership No.: 60408 & Managing Director

Bengaluru
June 8, 2022
Statement of Cash Flows

For the year ended For the year ended

March 31, 2022 March 31, 2021
Cash flows from operating activities

Adjustments to reconcile profit for the year to net cash generated from operating
activities
Gain on sale of property, plant and equipment, net (199) (344)
Net unrealised exchange (gain)/ loss, exchange (gain)/ loss on borrowings and loans to
(693) (2,311)
subsidiaries
Share-based compensation expense 4,110 2,310
Income tax expense 31,289 26,239
Finance and other income, net of finance costs (39,390) (17,208)
Reversal of provision for diminution in the value of non-current investments - (2,875)
Trade receivables (9,413) 13,491
Unbilled receivables and contract assets (22,473) 3,764
Inventories 35 831
Other assets (9,922) 2,276
Trade payables, other liabilities and provisions 715 5,970
Cash generated from operating activities before taxes 93,301 150,036
Income taxes paid, net (20,896) (22,759)
Net cash generated from operating activities 72,405 127,277
Payment for purchase of property, plant and equipment (15,855) (16,164)
Proceeds from disposal of property, plant and equipment 359 666
Payment for purchase of investments (1,006,006) (1,168,308)
Proceeds from sale of investments 939,410 1,186,059
Payment into restricted interim dividend account (27,410) -
Payment for business acquisition (30) -
Investment in subsidiaries (81,405) (1,546)
Repayment of loan by subsidiaries 24,390 -
Loans to subsidiaries (180) (32,630)
Interest received 12,077 19,128
Dividend received 28,539 45
Net cash used in investing activities (126,111) (12,750)

240 / 490
Statement of Cash Flows


March 31, 2022 March 31, 2021

Proceeds from issuance of equity shares and shares pending allotment 6 6
Repayment of borrowings (89,249) (93,990)
Proceeds from borrowings 107,888 101,865
Payment of lease liabilities (4,638) (4,559)
Payment for buyback of shares, including transaction cost - (95,199)
Payment of tax on buyback of shares - (21,445)
Interest and finance costs paid (3,579) (2,257)
Payment of dividend (5,481) (5,478)
Net cash generated from/(used in) financing activities 4,947 (121,057)
Net decrease in cash and cash equivalents during the year (48,759) (6,530)
Effect of exchange rate changes on cash and cash equivalents (92) (78)
Cash and cash equivalents at the beginning of the year 97,832 104,440
Cash and cash equivalents at the end of the year (Note 10) 48,981 97,832
Refer to Note 15 for supplementary information on statement of cash flows


Bengaluru
June 8, 2022
241 / 490
Notes to the Standalone Financial Statements

1. The Company overview b) Financial instruments classified as fair value through

other comprehensive income or fair value through profit
Wipro Limited (“Wipro” or “Company” or “we” or “our” or or loss,
“us”), is a global information technology (“IT”), consulting
c) The defined benefit liability/(asset) is recognised as
and business process services (“BPS”) company.
the present value of defined benefit obligation less fair
Wipro is a public limited company incorporated and value of plan assets, and
domiciled in India. The address of its registered office is d) Contingent consideration.
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
(iii) Use of estimates and judgment
Ltd. The Company’s American Depository Shares (“ADS”) The preparation of these standalone financial statements
representing equity shares are also listed on the New York in conformity with Ind AS requires the management to
Stock Exchange. make judgments, accounting estimates and assumptions
that affect the application of accounting policies and
The Company’s Board of Directors authorised these the reported amounts of assets, liabilities, income and
standalone financial statements for issue on June 8, 2022. expenses. Accounting estimates are monetary amounts
in the standalone financial statements that are subject
2. Basis of preparation of standalone to measurement uncertainty. An accounting policy may
financial statements require items in standalone financial statements to be
measured at monetary amounts that cannot be observed
(i) Statement of compliance and basis of directly and must instead be estimated. In such a case,
management develops an accounting estimate to achieve
preparation the objective set out by the accounting policy. Developing
The standalone financial statements have been prepared accounting estimates involves the use of judgements or
in compliance with Indian Accounting Standards (“Ind AS”), assumptions based on the latest available and reliable
the provisions of the Companies Act, 2013 (“the Companies information. Actual results may differ from those accounting
Act”), as applicable and guidelines issued by the Securities estimates.
and Exchange Board of India (“SEBI”). The Ind AS are
prescribed under Section 133 of the Companies Act read Accounting estimates and underlying assumptions are
with Rule 3 of the Companies (Indian Accounting Standards) reviewed on an ongoing basis. Changes to accounting
Rules, 2015 and amendments issued thereafter. estimates are recognised in the period in which the
estimates are changed and in any future periods affected. In
Accounting policies have been applied consistently to all particular, information about material areas of estimation,
periods presented in these standalone financial statements, uncertainty and critical judgments in applying accounting
except for the adoption of new accounting standards, policies that have the material effect on the amounts
amendments and interpretations effective from April 1, 2022. recognised in the standalone financial statements are
included in the following notes:
The standalone financial statements correspond to
the classification provisions contained in Ind AS 1, a) Revenue recognition: The Company applies judgement
“Presentation of Financial Statements”. For clarity, various to determine whether each product or service
items are aggregated in the statement of profit and loss and promised to a customer is capable of being distinct,
balance sheet. These items are disaggregated separately and is distinct in the context of the contract, if not, the
in the notes to the standalone financial statements, where promised product or service is combined and accounted
applicable. as a single performance obligation. The Company
allocates the arrangement consideration to separately
All amounts included in the standalone financial statements
identifiable performance obligation deliverables based
are reported in millions of Indian rupees (` in millions)
on their relative standalone selling price. In cases where
except share and per share data, unless otherwise stated.
the Company is unable to determine the standalone
Due to rounding off, the numbers presented throughout
selling price the Company uses expected cost-plus
the document may not add up precisely to the totals and
margin approach in estimating the standalone selling
percentages may not precisely reflect the absolute figures.
price. The Company uses the percentage of completion
Previous year figures have been regrouped/rearranged,
method using the input (cost expended) method to
wherever necessary.
measure progress towards completion in respect of
fixed price contracts. Percentage of completion method
(ii) Basis of measurement accounting relies on estimates of total expected
The standalone financial statements have been prepared on contract revenue and costs. This method is followed
a historical cost convention and on an accrual basis, except when reasonably dependable estimates of the revenues
for the following material items, which have been measured and costs applicable to various elements of the contract
at fair value as required by relevant Ind AS: can be made. Key factors that are reviewed in estimating
a) Derivative financial instruments, the future costs to complete include estimates of future

242 / 490

labor costs and productivity efficiencies. Because separately from goodwill. Additionally, estimating
the financial reporting of these contracts depends on the acquisition date fair value of the identifiable
estimates that are assessed continually during the assets acquired (including useful life estimates),
term of these contracts, revenue recognised, profit liabilities assumed, and contingent consideration
and timing of revenue for remaining performance assumed involves management judgment. These
obligations are subject to revisions as the contract measurements are based on information available at
progresses to completion. When estimates indicate the acquisition date and are based on expectations and
that a loss will be incurred, the loss is provided for in assumptions that have been deemed reasonable by
the period in which the loss becomes probable. Volume management. Changes in these judgments, estimates,
discounts are recorded as a reduction of revenue. When and assumptions can materially affect the results of
the amount of discount varies with the levels of revenue, operations.
volume discount is recorded based on estimate of future e) Defined benefit plans and compensated absences:
revenue from the customer. The cost of the defined benefit plans, compensated
b) Impairment testing: Goodwill and intangible assets absences and the present value of the defined benefit
with indefinite useful life recognised on business obligations are based on actuarial valuation using the
combination are tested for impairment at least annually projected unit credit method. An actuarial valuation
and when events occur or changes in circumstances involves making various assumptions that may differ
indicate that the recoverable amount of an asset or a from actual developments in the future. These include
cash generating unit to which an asset pertains is less the determination of the discount rate, future salary
than the carrying value. The Company assesses acquired increases and mortality rates. Due to the complexities
intangible assets with finite useful life for impairment involved in the valuation and its long-term nature, a
whenever events or changes in circumstances indicate defined benefit obligation is highly sensitive to changes
that the carrying amount may not be recoverable. The in these assumptions. All assumptions are reviewed at
recoverable amount of an asset or a cash generating each reporting date.
unit is higher of value in use and fair value less cost f) Expected credit losses on financial assets: The
of disposal. The calculation of value in use of an asset impairment provisions of financial assets are based on
or a cash generating unit involves use of significant assumptions about risk of default and expected timing of
estimates and assumptions which include turnover, collection. The Company uses judgment in making these
growth rates and net margins used to calculate assumptions and selecting the inputs to the expected
projected future cash flows, risk-adjusted discount rate, credit loss calculation based on the Company’s history
future economic and market conditions. of collections, customer’s creditworthiness, existing
market conditions as well as forward looking estimates
c) Income taxes: The major tax jurisdictions for the
at the end of each reporting period.
Company are India and the United States of America.
g) Useful lives of property, plant and equipment: The
Significant judgments are involved in determining Company depreciates property, plant and equipment on
the provision for income taxes including judgment on a straight-line basis over estimated useful lives of the
whether tax positions are probable of being sustained in assets. The charge in respect of periodic depreciation
tax assessments. A tax assessment can involve complex is derived based on an estimate of an asset’s expected
issues, which can only be resolved over extended time useful life and the expected residual value at the end
periods. of its life. The lives are based on historical experience
Deferred tax is recorded on temporary differences with similar assets as well as anticipation of future
between the tax bases of assets and liabilities and their events, which may impact their life, such as changes in
carrying amounts, at the rates that have been enacted technology. The estimated useful life is reviewed at least
or substantively enacted at the reporting date. The annually.
ultimate realisation of deferred tax assets is dependent h) Useful lives of intangible assets: The Company
upon the generation of future taxable profits during the amortises intangible assets on a straight-line basis
periods in which those temporary differences and tax over estimated useful lives of the assets. The useful life
loss carry-forwards become deductible. The Company is estimated based on a number of factors including
considers expected reversal of deferred tax liabilities the effects of obsolescence, demand, competition and
and projected future taxable income in making this other economic factors such as the stability of the
assessment. The amount of deferred tax assets industry and known technological advances and the
considered realisable, however, could reduce in the near level of maintenance expenditures required to obtain
term if estimates of future taxable income during the the expected future cash flows from the assets. The
carry-forward period are reduced. estimated useful life is reviewed at least annually.
d) Business combinations: In accounting for business i) Provisions and contingent liabilities: The Company
combinations, judgment is required to assess whether estimates the provisions that have present obligations
an identifiable intangible asset is to be recorded as a result of past events, and it is probable that outflow
243 / 490

of resources will be required to settle the obligations. denominated in foreign currencies are recognised in the
These provisions are reviewed at the end of each statement of profit and loss and reported within foreign
reporting date and are adjusted to reflect the current exchange gains/(losses), net, within results of operating
best estimates. activities except when deferred in other comprehensive
income as qualifying cash flow hedges and qualifying
The Company uses significant judgement to disclose net investment hedges. Net loss relating to translation or
contingent liabilities. Contingent liabilities are disclosed settlement of borrowings denominated in foreign currency
when there is a possible obligation arising from past are reported within finance costs. Net gain relating to
events, the existence of which will be confirmed only translation or settlement of borrowings denominated in
by the occurrence or non-occurrence of one or more foreign currency are reported within Other income. Non-
uncertain future events not wholly within the control monetary assets and liabilities denominated in foreign
of the Company or a present obligation that arises currency and measured at historical cost are translated
from past events where it is either not probable that at the exchange rate prevalent at the date of transaction.
an outflow of resources will be required to settle the Translation differences on non-monetary financial assets
obligation or a reliable estimate of the amount cannot measured at fair value at the reporting date, such as equities
be made. Contingent assets are neither recognised nor classified as financial instruments measured at fair value
disclosed in the financial statements. through other comprehensive income are included in other
comprehensive income, net of taxes.
j) Uncertainty relating to the global health pandemic on
COVID-19: In assessing the recoverability of receivables (iii) Financial instruments
including unbilled receivables, contract assets and
contract costs, goodwill, intangible assets, and certain a) Non-derivative financial instruments:

investments, the Company has considered internal Non-derivative financial instruments consist of:
and external information up to the date of approval of
these standalone financial statements including credit • financial assets, which include cash and cash
reports and economic forecasts. Based on the current equivalents, trade receivables, unbilled receivables,
finance lease receivables, employee and other
indicators of future economic conditions, the Company
advances, investments in equity and debt
expects to recover the carrying amount of these assets.
securities and eligible current and non-current
The Company bases its assessment on the belief that assets; Financial assets are derecognised when
the probability of occurrence of forecasted transactions substantial risks and rewards of ownership of the
is not impacted by COVID-19. The Company has financial asset have been transferred. In cases
considered the effect of changes, if any, in both where substantial risks and rewards of ownership
counterparty credit risk and its own credit risk while of the financial assets are neither transferred nor
assessing hedge effectiveness and measuring hedge retained, financial assets are derecognised only
ineffectiveness and continues to believe that COVID-19 when the Company has not retained control over the
financial asset.
has no impact on effectiveness of its hedges.
• financial liabilities, which include long and short-
The impact of COVID-19 may be different from what term loans and borrowings, bank overdrafts, trade
we have estimated as of the date of approval of these payables, lease liabilities, and eligible current and
standalone financial statements and the Company will non-current liabilities.
continue to closely monitor any material changes to Non-derivative financial instruments are recognised
future economic conditions. initially at fair value. Subsequent to initial recognition,
non-derivative financial instruments are measured as
3. Material accounting policy information described below:
(i) Functional and presentation currency A. Cash and cash equivalents

These standalone financial statements are presented The Company’s cash and cash equivalents consist
in Indian rupees, which is the functional currency of the of cash on hand and in banks and demand deposits
Company. with banks, which can be withdrawn at any time,
without prior notice or penalty on the principal.
(ii) Foreign currency transactions and For the purposes of the statement of cash flows,
translation cash and cash equivalents include cash on hand,
Transactions in foreign currency are translated into the in banks and demand deposits with banks, net of
functional currency using the exchange rates prevailing at outstanding bank overdrafts that are repayable on
the date of the transaction. Foreign exchange gains and demand and are considered part of the Company’s
losses resulting from the settlement of such transactions cash management system. In the balance sheet,
and from translation at the exchange rates prevailing bank overdrafts are presented under borrowings
at the reporting date of monetary assets and liabilities within current liabilities.

244 / 490

B. Investments (FVTPL). For investments designated to be classified
Financial instruments measured at amortised cost: as FVTOCI, movements in fair value of investments are
recognised in other comprehensive income and the
Debt instruments that meet the following criteria
gain or loss is not transferred to statement of profit
are measured at amortised cost (except for debt
and loss on disposal of investments. For investments
instruments that are designated at fair value through
Profit or Loss (FVTPL) on initial recognition): designated to be classified as FVTPL, both movements
in fair value of investments and gain or loss on disposal
• the asset is held within a business model whose of investments are recognised in the statement of profit
objective is to hold assets in order to collect and loss.
contractual cash flows; and
• the contractual terms of the instrument give rise Dividends from these investments are recognised in the
on specified dates to cash flows that are solely statement of profit and loss when the Company’s right
payment of principal and interest on the principal to receive dividends is established.
amount outstanding.
Investments in subsidiaries:
Financial instruments measured at fair value through Investment in equity instruments of subsidiaries are
other comprehensive income (FVTOCI):
measured at cost less impairment.
Debt instruments that meet the following criteria are
measured at fair value through other comprehensive Investment in redeemable preference shares of
income (FVTOCI) (except for debt instruments that are subsidiaries are measured at FVTPL. These investments
designated at fair value through Profit or Loss (FVTPL) are measured at fair value at the end of each
on initial recognition): reporting period, with any gains or losses arising on
• the asset is held within a business model whose re-measurement recognised in statement of profit
objective is achieved both by collecting contractual and loss. The gain or loss on disposal is recognised in
cash flows and selling the financial asset; and statement of profit and loss.
• the contractual terms of the instrument give rise
C. Other financial assets:
on specified dates to cash flows that are solely
payment of principal and interest on the principal Other financial assets are non-derivative financial
amount outstanding. assets with fixed or determinable payments that are
Interest income is recognised in statement of profit not quoted in an active market. They are presented as
and loss for FVTOCI debt instruments. Other changes current assets, except for those maturing later than
in fair value of FVTOCI financial assets are recognised 12 months after the reporting date which are presented
in other comprehensive income. When the investment as non-current assets. These are initially recognised
is disposed of, the cumulative gain or loss previously at fair value and subsequently measured at amortised
accumulated in reserves is transferred to statement of cost using the effective interest method, less any
profit and loss. impairment losses. These comprise trade receivables,
unbilled receivables, finance lease receivables,
Financial instruments measured at fair value through employee and other advances and other eligible current
profit or loss (FVTPL): and non-current assets.
Instruments that do not meet the amortised cost or
FVTOCI criteria are measured at FVTPL. Financial D. Trade payables and other liabilities
assets at FVTPL are measured at fair value at the end of Trade payables other liabilities are initially recognised
each reporting period, with any gains or losses arising at fair value, and subsequently carried at amortised cost
on re-measurement recognised in statement of profit using the effective interest method. For these financial
and loss. The gain or loss on disposal is recognised in instruments, the carrying amounts approximate
statement of profit and loss. fair value due to the short-term maturity of these
Interest income is recognised in statement of profit and instruments. Contingent consideration recognised in a
loss for FVTPL debt instruments. Dividend on financial business combination is subsequently measured at fair
assets at FVTPL is recognised when the Company’s value through profit or loss.
right to receive dividend is established.
Investments in equity instruments: b) Derivative financial instruments
The Company carries certain equity instruments which

The Company is exposed to foreign currency fluctuations
are not held for trading. At initial recognition, the on foreign currency assets, liabilities, net investment in
Company may make an irrevocable election to present foreign operations and forecasted cash flows denominated
subsequent changes in the fair value of an investment in foreign currency.
in an equity instrument in other comprehensive income The Company limits the effect of foreign exchange rate
(FVTOCI) or through statement of profit and loss fluctuations by following established risk management
245 / 490

policies including the use of derivatives. The Company (iv) Equity and share capital
enters into derivative financial instruments where the
counterparty is primarily a bank. a) Share capital and securities premium

The authorised share capital of the Company as at
Derivatives are recognised and measured at fair value.
March 31, 2022 is ` 25,274 divided into 12,504,500,000
Attributable transaction costs are recognised in statement
equity shares of ` 2 each, 25,000,000 preference shares
of profit and loss as cost.
of ` 10 each and 150,000, 10% optionally convertible
Subsequent to initial recognition, derivative financial cumulative preference shares of ` 100 each. Par value
instruments are measured as described below: of the equity shares is recorded as share capital and
the amount received in excess of par value is classified
A. Cash flow hedges as securities premium.

Changes in the fair value of the derivative hedging Every holder of the equity shares, as reflected in
instruments designated as a cash flow hedge are the records of the Company as at the date of the
recognised in other comprehensive income and held in shareholder meeting shall have one vote in respect of
cash flow hedging reserve, net of taxes, a component of each share held for all matters submitted to vote in the
equity, to the extent that the hedge is effective. To the shareholder meeting.
extent that the hedge is ineffective, changes in fair value
b) Capital Reserve
are recognised in the statement of profit and loss and
reported within foreign exchange gains/(losses), net, Capital Reserve amounting to ` 1,139 (March 31, 2021:
within results from operating activities. If the hedging ` 1,139) is not freely available for distribution.
instrument no longer meets the criteria for hedge c) Capital Redemption Reserve
accounting, then hedge accounting is discontinued
prospectively. If the hedging instrument expires or is As per the Companies Act, 2013, Capital redemption
sold, terminated or exercised, the cumulative gain or reserve is created when a company purchases its own
loss on the hedging instrument recognised in cash flow shares out of free reserves or securities premium.
hedging reserve till the period the hedge was effective A sum equal to the nominal value of the shares so
remains in cash flow hedging reserve until the forecasted purchased is transferred to capital redemption reserve.
transaction occurs. The cumulative gain or loss The reserve can be utilised in accordance with the
previously recognised in the cash flow hedging reserve is provisions of Section 69 of the Companies Act, 2013. As
transferred to the statement of profit and loss upon the of March, 2022, Capital redemption reserve amounting
occurrence of the related forecasted transaction. If the to ` 1,135 (March 31, 2021: ` 1,135) is not freely
forecasted transaction is no longer expected to occur, available for distribution
such cumulative balance is immediately recognised in d) Retained earnings
the statement of profit and loss.
Retained earnings comprises of the Company’s
undistributed earnings after taxes.
B. Others
Changes in fair value of foreign currency derivative e) Common Control Transactions Capital Reserve
instruments not designated as cash flow hedges are The Common Control Transactions Capital Reserve is on
recognised in the statement of profit and loss and account of merger of certain wholly owned subsidiaries
reported within foreign exchange gains/(losses), net, with the Company during the year ended March 31,
within results from operating activities. 2019. As of March 31, 2022, this reserve amounting to
` 2,473 (March 31, 2021: ` 2,473) is not freely available
Changes in fair value and gains/(losses), net, on
for distribution.
settlement of foreign currency derivative instruments
relating to borrowings, which have not been designated f) Share options outstanding account
as hedges are recorded in finance costs. The Share options outstanding account is used to
record the value of equity-settled share-based payment
c) Derecognition of financial instruments transactions with employees. The amounts recorded in
The Company derecognises a financial asset when the share options outstanding account are transferred to
contractual rights to the cash flows from the financial securities premium upon exercise of stock options and
asset expire or it transfers the financial asset and the restricted stock unit options by employees.
transfer qualifies for derecognition under Ind AS 109. If the
Company retains substantially all the risks and rewards of g) Special Economic Zone Re-investment reserve
a transferred financial asset, the Company continues to
The Special Economic Zone Re-investment Reserve has
recognise the financial asset and recognises a borrowing been created out of profit of eligible Special Economic
for the proceeds received. A financial liability (or a part of Zone units as per provisions of Section 10AA (1)(ii) of
a financial liability) is derecognised from the Company’s the Income–tax Act, 1961 for acquiring new plant
balance sheet when the obligation specified in the contract and machinery. The reserve should be utilised by the
is discharged or cancelled or expires. Company for acquiring plant and machinery as per the

246 / 490

terms of Section 10AA(2) of the Income-tax Act, 1961. Capital work-in-progress are measured at cost less
This reserve is not freely available for distribution. accumulated impairment losses, if any.
h) Others b) Depreciation
Changes in the fair value of financial instruments The Company depreciates property, plant and
(debt or equity) measured at fair value through equipment over the estimated useful life on a straight-
other comprehensive income is recognised in other line basis from the date the assets are available for
comprehensive income, net of taxes and presented use. Leasehold improvements are amortised over the
within investment in debt instruments measured at shorter of estimated useful life of the asset or the
fair value through OCI or investment in equity related lease term. Term licenses are amortised over
instruments measured at fair value through OCI. their respective contract term. Freehold land is not
Actuarial gains and losses on remeasurements of depreciated. The estimated useful life of assets is
the defined benefit plans are recognised in other reviewed and where appropriate are adjusted, annually.
comprehensive income, net of taxes and presented The estimated useful lives of assets are as follows:
within equity in remeasurement of the defined benefit
Category Useful life
plans.
Buildings 28 to 40 years
i) Cash flow hedging reserve
Plant and equipment 5 to 21 years

Changes in fair value of derivative hedging instruments
Computer equipment and software 2 to 7 years
designated and effective as a cash flow hedge are
recognised in other comprehensive income, net of Furniture, fixtures and equipment 3 to 10 years
taxes, and presented within equity as cash flow hedging Vehicles 4 to 5 years
reserve.
When parts of an item of property, plant and equipment have
j) Foreign currency translation reserve (FCTR) different useful lives, they are accounted for as separate
The exchange differences arising from the translation items (major components) of property, plant and equipment.
of financial statements of foreign operations with Subsequent expenditure relating to property, plant and
functional currency other than Indian rupees is equipment is capitalised only when it is probable that future
recognised in other comprehensive income, net of economic benefits associated with these will flow to the
taxes and is presented within equity in the FCTR. Company and the cost of the item can be measured reliably.
k) Dividend Deposits and advances paid towards the acquisition of

property, plant and equipment outstanding as at each
A final dividend on common stock is recorded as a reporting date is classified as capital advances under
liability on the date of approval by the shareholders. An other non-current assets and the cost of property, plant
interim dividend is recorded as a liability on the date of and equipment not available for use before such date are
declaration by the board of directors. disclosed under capital work-in-progress.
l) Buyback of equity shares
The buyback of equity shares, including tax thereon and
(vi) Business combinations, Goodwill and
related transaction costs are recorded as a reduction Intangible assets
of free reserves. Further, capital redemption reserve is
a) Business combinations
created as an apportionment from retained earnings.
Business combinations are accounted for using
m) Bonus issue the purchase (acquisition) method. The cost of an
For the purpose of bonus issue, the amount is acquisition is measured as the fair value of the assets
transferred from capital redemption reserves, transferred, liabilities incurred or assumed, and equity
securities premium and retained earnings to the share instruments issued at the date of exchange by the
capital. Company. Identifiable assets acquired and liabilities
and contingent liabilities assumed in a business
combination are measured initially at fair value at
(v) Property, plant and equipment the date of acquisition. Transaction costs incurred in
a) Recognition and measurement connection with a business acquisition are expensed as
incurred.
Property, plant and equipment are measured at cost
less accumulated depreciation and impairment The cost of an acquisition also includes the fair value of
losses, if any. Cost includes expenditures directly any contingent consideration measured as at the date of
attributable to the acquisition of the asset. General acquisition. Any subsequent changes to the fair value of
and specific borrowing costs directly attributable to contingent consideration classified as liabilities, other
the construction of a qualifying asset are capitalised than measurement period adjustments, are recognised
as part of the cost. in the statement of profit and loss.
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Common Control business combinations is, or contains, a lease, at its inception. A contract is, or
The Company accounts for business combinations contains, a lease if the contract conveys the right to:
involving entities or businesses under common control a) control use of an identified asset,
using the pooling of interests method. The assets and b) obtain substantially all the economic benefits from use
liabilities of the combining entities are reflected at their of the identified asset, and
carrying amounts. The identity of the reserves shall be
preserved and shall appear in the financial statements c) direct the use of the identified asset
of the transferee in the same form in which they The Company determines the lease term as the non-
appeared in the financial statements of the transferor. cancellable period of a lease, together with periods
The difference, if any, between the amount recorded as covered by an option to extend the lease, where the
share capital issued plus any additional consideration Company is reasonably certain to exercise that option.
in the form of cash or other assets and the amount of
share capital of the transferor shall be transferred to The Company at the commencement of the lease contract
capital reserve and should be presented separately as recognises a Right of Use (“RoU”) asset at cost and
Common Control Transactions Capital reserve. corresponding lease liability, except for leases with term of
less than twelve months (short-term leases) and lowvalue
b) Goodwill assets. For these short-term and low value leases, the
The excess of the cost of an acquisition over the Company recognises the lease payments as an operating
Company’s share in the fair value of the acquiree’s expense on a straight-line basis over the lease term.
identifiable assets and liabilities is recognised as
The cost of the RoU assets comprises the amount of
goodwill. If the excess is negative, a bargain purchase
the initial measurement of the lease liability, any lease
gain is recognised in equity as capital reserve. Goodwill
payments made at or before the inception date of the
is measured at cost less accumulated impairment
lease, plus any initial direct costs, less any lease incentives
(if any).
received. Subsequently, the RoU assets are measured at
Goodwill associated with disposal of an operation that cost less any accumulated depreciation and accumulated
is part of cash-generating unit is measured based impairment losses, if any. The RoU assets are depreciated
on the relative values of the operation disposed of using the straight-line method from the commencement
and the portion of the cash-generating unit retained, date over the shorter of lease term or useful life of RoU
unless some other method better reflects the goodwill assets. The estimated useful lives of RoU assets are
associated with the operation disposed of. determined on the same basis as those of property, plant
c) Intangible assets and equipment.
Intangible assets acquired separately are measured The Company applies Ind AS 36 to determine whether
at cost of acquisition. Intangible assets acquired in a a RoU asset is impaired and accounts for any identified
business combination are measured at fair value as impairment loss as described in the impairment of non-
at the date of acquisition. Following initial recognition, financial assets below.
intangible assets are carried at cost less accumulated For lease liabilities at the commencement of the lease,
amortisation and impairment losses, if any. the Company measures the lease liability at the present
The amortisation of an intangible asset with a finite value of the lease payments that are not paid at that date.
useful life reflects the manner in which the economic The lease payments are discounted using the interest rate
benefit is expected to be generated. implicit in the lease, if that rate is readily determined, if
that rate is not readily determined, the lease payments are
The estimated useful life of amortisable intangibles is
discounted using the incremental borrowing rate that the
reviewed and where appropriate is adjusted, annually.
Company would have to pay to borrow funds, including the
The estimated useful lives of the amortisable intangible
consideration of factors such as the nature of the asset
assets are as follows:
and location, collateral, market terms and conditions, as
Category Useful life applicable in a similar economic environment.
Customer-related intangibles 5 to 10 years After the commencement date, the amount of lease
Marketing-related intangibles 7 years liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made.
(vii) Leases The Company recognises the amount of the re-
The Company as a lessee measurement of lease liability as an adjustment to
The Company enters into an arrangement for lease of the RoU assets. Where the carrying amount of the RoU
land, buildings, plant and equipment including computer asset is reduced to zero and there is a further reduction
equipment and vehicles. Such arrangements are generally in the measurement of the lease liability, the Company
for a fixed period but may have extension or termination recognises any remaining amount of the re-measurement
options. The Company assesses, whether the contract in statement of profit and loss.

248 / 490

Payment of Lease liabilities are classified as cash used in higher of its fair value less cost of disposal (“FVLCD”)
financing activities in the statement of cash flows. and its value-in-use (“VIU”). The VIU of the investment
is calculated using projected future cash flows. If the
The Company as a lessor recoverable amount of the investment is less than its
Leases under which the Company is a lessor are classified carrying amount, the carrying amount is reduced to
as a finance or operating lease. Lease contracts where all its recoverable amount. The reduction is treated as an
the risks and rewards are substantially transferred to the impairment loss and is recognised in the statement of
lessee are classified as a finance lease. All other leases profit and loss.
are classified as operating lease.
C) Non-financial assets
For leases under which the Company is an intermediate The Company assesses long-lived assets such as
lessor, the Company accounts for the head-lease and the property, plant and equipment, RoU assets and acquired
sub-lease as two separate contracts. The sub-lease is intangible assets for impairment whenever events or
further classified either as a finance lease or an operating changes in circumstances indicate that the carrying
lease by reference to the RoU asset arising from the head- amount of an asset or group of assets may not be
lease. recoverable. If any such indication exists, the Company
estimates the recoverable amount of the asset or group
(viii) Inventories of assets.
Inventories are valued at lower of cost and net realisable
Goodwill is tested for impairment at least annually at
value, including necessary provision for obsolescence.
the same time and when events occur or changes in
Cost is determined using the weighted average method.
circumstances indicate that the recoverable amount of
the cash generating unit is less than its carrying value.
(ix) Impairment The goodwill impairment test is performed at the level of
A) Financial assets cash generating unit or groups of cash generating units
which represents the lowest level at which goodwill is

The Company applies the expected credit loss model
monitored for internal management purposes.
for recognising impairment loss on financial assets
measured at amortised cost, debt instruments The recoverable amount of an asset or cash generating
classified as FVTOCI, trade receivables, unbilled unit is the higher of its fair value less cost of disposal
receivables, contract assets, finance lease receivables (“FVLCD”) and its value-in-use (“VIU”). The VIU of long-
and other financial assets. Expected credit loss is lived assets is calculated using projected future cash
the difference between the contractual cash flows flows. FVLCD of a cash generating unit is computed
and the cash flows that the entity expects to receive using turnover and earnings multiples. If the recoverable
discounted using the effective interest rate. amount of the asset or the recoverable amount of the
cash generating unit to which the asset belongs is less
Loss allowances for trade receivables, unbilled
than its carrying amount, the carrying amount is reduced
receivables, contract assets and finance lease
to its recoverable amount. The reduction is treated as
receivables are measured at an amount equal to
an impairment loss and is recognised in the statement
lifetime expected credit loss. Lifetime expected credit
of profit and loss. If at the reporting date, there is an
losses are the expected credit losses that result from
indication that a previously assessed impairment loss
all possible default events over the expected life of a
no longer exists, the recoverable amount is reassessed
financial instrument. Lifetime expected credit loss is
and the impairment losses previously recognised
computed based on a provision matrix which takes in
are reversed such that the asset is recognised at its
to account, risk profiling of customers and historical
recoverable amount but not exceeding written down
credit loss experience adjusted for forward looking
value which would have been reported if the impairment
information. For other financial assets, expected
losses had not been recognised initially. An impairment
credit loss is measured at the amount equal to
in respect of goodwill is not reversed.
twelve months expected credit loss unless there has
been a significant increase in credit risk from initial
recognition, in which case those are measured at
(x) Employee benefits
lifetime expected credit loss. a) Post-employment plans
The Company participates in various employee benefit
B) Impairment of Investment in subsidiaries
plans. Pensions and other post-employment benefits
The Company assesses investments in subsidiaries are classified as either defined contribution plans or
for impairment whenever events or changes in defined benefit plans. Under a defined contribution
circumstances indicate that the carrying amount plan, the Company’s sole obligation is to pay a fixed
of the investment may not be recoverable. If any amount with no obligation to pay further contributions
such indication exists, the Company estimates the if the fund does not hold sufficient assets to pay all
recoverable amount of the investment in subsidiary. employee benefits. The related actuarial and investment
The recoverable amount of such investment is the risks are borne by the employee. The expenditure for
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defined contribution plans is recognised as an expense payout after retirement as per salary drawn and
during the period when the employee provides service. service period or for a lump sum payment as set out
Under a defined benefit plan, it is the Company’s in rules of each fund.
obligation to provide agreed benefits to the employees.
The related actuarial and investment risks are borne by The Company’s obligations in respect of the above
the Company. The present value of the defined benefit plans, which are defined benefit plans, are provided
obligations is calculated by an independent actuary for based on actuarial valuation using the projected
using the projected unit credit method. unit credit method.
Re-measurements of the defined benefit plans, C. Superannuation

comprising actuarial gains or losses, and the return Superannuation plan, a defined contribution scheme
on plan assets (excluding interest) are immediately is administered by third party fund managers. The
recognised in other comprehensive income, net of taxes Company makes annual contributions based on a
and not reclassified to profit or loss in subsequent specified percentage of each eligible employee’s
period. salary.
Net interest recognised in profit or loss is calculated b) Termination benefits
by applying the discount rate used to measure the
defined benefit obligation to the net defined benefit Termination benefits are expensed when the Company
liability or asset. The actual return on the plan assets can no longer withdraw the offer of those benefits.
above or below the discount rate is recognised as part of c) Short-term benefits
re-measurements of the defined benefit plans through
Short-term employee benefit obligations such as cash
other comprehensive income, net of taxes.
bonus, management incentive plans or profit sharing
The Company has the following employee benefit plans: plans are measured on an undiscounted basis and are
A. Provident fund recorded as expense as the related service is provided.
A liability is recognised for the amount expected to
Eligible employees receive benefits under the be paid under short-term cash bonus, management
provident fund plan in which both the employer incentive plans or profit-sharing plans, if the Company
and employees make periodic contributions to the has a present legal or constructive obligation to pay
approved provident fund trust managed by the this amount as a result of past service provided by the
Company. A portion of the employer’s contribution employee and the obligation can be estimated reliably.
is made to the government administered pension
fund. The contributions to the trust managed by d) Compensated absences
the Company is accounted for as a defined benefit The employees of the Company are entitled to
plan as the Company is liable for any shortfall in compensated absences. The employees can carry
the fund assets based on the government specified forward a portion of the unutilised accumulating
minimum rates of return. compensated absences and utilise it in future
Certain employees receive benefits under the periods or receive cash at retirement or termination
provident fund plan in which both the employer of employment. The Company records an obligation
and employees make periodic contributions to for compensated absences in the period in which the
the government administered provident fund. A employee renders the services that increases this
portion of the employer’s contribution is made entitlement. The Company measures the expected
to the government administered pension fund. cost of compensated absences as the additional
This is accounted as a defined contribution plan amount that the Company expects to pay as a result of
as the obligation of the Company is limited to the the unused entitlement that has accumulated at the
contributions made to the fund. end of the reporting period. The Company recognises
accumulated compensated absences based on
B. Gratuity and foreign pension
actuarial valuation using the projected unit credit
In accordance with the Payment of Gratuity method. Non-accumulating compensated absences
Act, 1972, applicable for Indian companies, the are recognised in the period in which the absences
Company provides for a lump sum payment to occur.
eligible employees, at retirement or termination of
employment based on the last drawn salary and (xi) Share-based payment transactions
years of employment with the Company. The gratuity
fund is managed by the third-party fund managers.
Selected employees of the Company receive
remuneration in the form of equity settled instruments
The Company also maintains pension and similar or cash settled instruments, for rendering services over a
plans for employees outside India, based on country defined vesting period and for Company’s performance-
specific regulations. These plans are partially based stock options over the defined period. Equity
funded, and the funds are managed by third party instruments granted are measured by reference to the
fund managers. The plans provide for monthly fair value of the instrument at the date of grant. In cases,

250 / 490

where equity instruments are granted at a nominal an amount that reflects the consideration the Company
exercise price, the intrinsic value on the date of grant expects to receive in exchange for those products or
approximates the fair value. The expense is recognised services. To recognise revenues, the Company applies
in the statement of profit and loss with a corresponding the following five step approach: (1) identify the contract
increase to the share options outstanding account, a with a customer, (2) identify the performance obligations
component of equity. in the contract, (3) determine the transaction price,
(4) allocate the transaction price to the performance
The equity instruments or cash settled instruments
obligations in the contract, and (5) recognise revenues
generally vest in a graded manner over the vesting
period. The fair value determined at the grant date when a performance obligation is satisfied. When there
is expensed over the vesting period of the respective is uncertainty as to collectability, revenue recognition is
tranches of such grants (accelerated amortisation). The postponed until such uncertainty is resolved.
stock compensation expense is determined based on At contract inception, the Company assesses its promise
the Company’s estimate of equity instruments or cash to transfer products or services to a customer to identify
settled instruments that will eventually vest. separate performance obligations. The Company applies
Cash Settled instruments granted are re-measured by judgement to determine whether each product or
reference to the fair value at the end of each reporting service promised to a customer is capable of being
period and at the time of vesting. The expense is distinct, and are distinct in the context of the contract,
recognised in the statement of profit and loss with a if not, the promised products or services are combined
corresponding increase to the financial liability. and accounted as a single performance obligation. The
Company allocates the arrangement consideration to
(xii) Provisions separately identifiable performance obligations based

Provisions are recognised when the Company has a on their relative standalone selling price or residual
present obligation (legal or constructive), as a result of method. Standalone selling prices are determined based
a past event, it is probable that an outflow of economic on sale prices for the components when it is regularly
benefits will be required to settle the obligation and sold separately, in cases where the Company is unable
a reliable estimate can be made of the amount of the to determine the standalone selling price the Company
obligation. uses third-party prices for similar deliverables or the
Company uses expected cost-plus margin approach in
The amount recognised as a provision is the best estimating the standalone selling price.
estimate of the consideration required to settle the
present obligation at the end of the reporting period, For performance obligations where control is transferred
considering the risks and uncertainties surrounding the over time, revenues are recognised by measuring
obligation. progress towards completion of the performance
obligation. The selection of the method to measure
When some or all of the economic benefits required to progress towards completion requires judgment and is
settle a provision are expected to be recovered from a based on the nature of the promised products or services
third party, the receivable is recognised as an asset, if it is to be provided.
virtually certain that reimbursement will be received and
the amount of the receivable can be measured reliably. The method for recognising revenues and costs depends
on the nature of the services rendered:
Provisions for onerous contracts are recognised when the
expected benefits to be derived by the Company from a A. Time and materials contracts
contract are lower than the unavoidable costs of meeting
Revenues and costs relating to time and materials
the future obligations under the contract. Provisions for contracts are recognised as the related services are
onerous contracts are measured at the present value of rendered.
lower of the expected net cost of fulfilling the contract
and the expected cost of terminating the contract. B. Fixed-price contracts
i) Fixed-price development contracts
(xiii) Revenue
Revenues from fixed-price development

The Company derives revenue primarily from software
contracts, including software development, and
development, maintenance of software/hardware and
integration contracts, where the performance
related services, business process services, sale of IT
obligations are satisfied over time, are recognised
and other products.
using the “percentage-of-completion” method.
Revenues from customer contracts are considered for The performance obligations are satisfied as
recognition and measurement when the contract has and when the services are rendered since the
been approved by the parties to the contract, the parties customer generally obtains control of the work
to contract are committed to perform their respective as it progresses. Percentage of completion is
obligations under the contract, and the contract is legally determined based on project costs incurred
enforceable. Revenue is recognised upon transfer of to date as a percentage of total estimated
control of promised products or services to customers in project costs required to complete the project.
251 / 490

The cost expended (or input) method has been iii) Element or Volume based contracts
used to measure progress towards completion Revenues and costs are recognised as the
as there is a direct relationship between input related services are rendered.
and productivity. If the Company is not able to
reasonably measure the progress of completion, C. Products
revenue is recognised only to the extent of costs
Revenue on product sales are recognised when the
incurred for which recoverability is probable. customer obtains control of the specified product.
When total cost estimates exceed revenues
in an arrangement, the estimated losses are D. Others
recognised in the statement of profit and loss in − Any change in scope or price is considered as a

the period in which such losses become probable contract modification. The Company accounts for
based on the current contract estimates as an modifications to existing contracts by assessing
onerous contract provision. whether the services added are distinct and whether
the pricing is at the standalone selling price.
A contract asset is a right to consideration
Services added that are not distinct are accounted
that is conditional upon factors other than the
for on a cumulative catch up basis, while those that
passage of time. Contract assets primarily relate
to unbilled amounts on fixed-price development are distinct are accounted for prospectively, either
contracts and are classified as non-financial as a separate contract if the additional services
asset as the contractual right to consideration are priced at the standalone selling price, or as a
is dependent on completion of contractual termination of the existing contract and creation of
milestones. a new contract if not priced at the standalone selling
price.
A contract liability is an entity’s obligation to
transfer goods or services to a customer for − The Company accounts for variable considerations

which the entity has received consideration (or like, volume discounts, rebates, pricing incentives
the amount is due) from the customer. to customers and penalties as reduction of revenue
on a systematic and rational basis over the period
Unbilled receivables on other than fixed price of the contract. The Company estimates an amount
development contracts are classified as a of such variable consideration using expected
financial asset where the right to consideration value method or the single most likely amount
is unconditional and only the passage of time is in a range of possible consideration depending
required before the payment is due. on which method better predicts the amount of
ii) Maintenance contracts consideration to which the Company may be entitled
and when it is probable that a significant reversal
Revenues related to fixed-price maintenance of cumulative revenue recognised will not occur
contracts are recognised on a straight-line when the uncertainty associated with the variable
basis when services are performed through consideration is resolved.
an indefinite number of repetitive acts over a
specified period or ratably using percentage of − Revenues are shown net of allowances/returns,

completion method when the pattern of benefits sales tax, value added tax, goods and services tax
from the services rendered to the customers and and applicable discounts and allowances.
the cost to fulfil the contract is not even through
− The Company accrues the estimated cost of

the period of contract because the services are
warranties at the time when the revenue is
generally discrete in nature and not repetitive.
recognised. The accruals are based on the
Revenue for contracts in which the invoicing is Company’s historical experience of material usage
representative of the value being delivered is and service delivery costs.
recognised based on our right to invoice. If our
− Incremental costs that relate directly to a contract

invoicing is not consistent with value delivered,
and incurred in securing a contract with a customer
revenues are recognised as the service is
are recognised as an asset when the Company
performed using the percentage of completion
method. expects to recover these costs and amortised over
the contract term.
In certain projects, a fixed quantum of service or
output units is agreed at a fixed price for a fixed − The Company recognises contract fulfilment cost

term. In such contracts, revenue is recognised as an asset if those costs specifically relate to a
with respect to the actual output achieved till contract or to an anticipated contract, the costs
date as a percentage of total contractual output. generate or enhance resources that will be used in
Any residual service unutilised by the customer satisfying performance obligations in future; and
is recognised as revenue on completion of the the costs are expected to be recovered. The asset
term. so recognised is amortised on a systematic basis

252 / 490

consistent with the transfer of goods or services to and loss except to the extent it relates to a business
customer to which the asset relates. combination, or items directly recognised in equity or in
other comprehensive income.
− The Company assesses the timing of the transfer

of goods or services to the customer as compared
a) Current income tax
to the timing of payments to determine whether
a significant financing component exists. As a Current income tax for the current and prior
practical expedient, the Company does not assess periods are measured at the amount expected
the existence of a significant financing component to be recovered from or paid to the taxation
when the difference between payment and transfer authorities based on the taxable income for the
of deliverables is a year or less. If the difference in period. The tax rates and tax laws used to compute
timing arises for reasons other than the provision the current tax amounts are those that are enacted
of finance to either the customer or us, no financing or substantively enacted as at the reporting date
component is deemed to exist. and applicable for the period. While determining
the tax provisions, the Company assesses whether
− The Company may enter into arrangements with
each uncertain tax position is to be considered
third party suppliers to resell products or services. separately or together with one or more uncertain
In such cases, the Company evaluates whether the tax positions depending upon the nature and
Company is the principal (i.e. report revenues on a circumstances of each uncertain tax position. The
gross basis) or agent (i.e. report revenues on a net Company offsets current tax assets and current
basis). In doing so, the Company first evaluates tax liabilities, where it has a legally enforceable
whether the Company controls the good or service right to set off the recognised amounts and where
before it is transferred to the customer. If Company it intends either to settle on a net basis, or to realise
controls the good or service before it is transferred the asset and liability simultaneously.
to the customer, Company is the principal; if not, the
Company is the agent. b) Deferred income tax

Deferred income tax is recognised using the balance
− Estimates of transaction price and total costs or

sheet approach. Deferred income tax assets and
efforts are continuously monitored over the term of
liabilities are recognised for deductible and taxable
the contract and are recognised in net profit in the
temporary differences arising between the tax base
period when these estimates change or when the
of assets and liabilities and their carrying amount
estimates are revised. Revenues and the estimated
in these standalone financial statements, except
total costs or efforts are subject to revision as the
when the deferred income tax arises from the initial
contract progresses.
recognition of goodwill or an asset or liability in a
transaction that is not a business combination and
(xiv) Finance costs affects neither accounting nor taxable profits or

Finance costs comprises interest cost on borrowings, loss at the time of the transaction.
lease liabilities and net defined benefit liability, gains
or losses arising on re-measurement of financial Deferred income tax assets are recognised to the
assets measured at FVTPL, net loss on translation extent it is probable that taxable profit will be
or settlement of foreign currency borrowings and available against which the deductible temporary
changes in fair value and gains/(losses) on settlement differences and the carry forward of unused tax
of related derivative instruments. Borrowing costs that credits and unused tax losses can be utilised.
are not directly attributable to a qualifying asset are Deferred income tax liabilities are recognised
recognised in the statement of profit and loss using the for all taxable temporary differences except in
effective interest method. respect of taxable temporary differences that is
expected to reverse within the tax holiday period,
(xv) Finance and other income taxable temporary differences associated with

Finance and other income comprises interest income investments in subsidiaries, associates and foreign
on deposits, dividend income, gains/(losses) on branches where the timing of the reversal of the
disposal of investments and net gain on translation temporary difference can be controlled and it is
or settlement of foreign currency borrowings. Interest probable that the temporary difference will not
income is recognised using the effective interest reverse in the foreseeable future.
method. Dividend income is recognised when the right The carrying amount of deferred income tax assets
to receive payment is established. is reviewed at each reporting date and reduced
to the extent that it is no longer probable that
(xvi) Income tax sufficient taxable profit will be available to allow

Income tax comprises current and deferred tax. Income all or part of the deferred income tax asset to be
tax expense is recognised in the statement of profit utilised.
253 / 490

Deferred income tax assets and liabilities are business that has been disposed of or is held for sale, or
measured at the tax rates that are expected to is a subsidiary acquired exclusively with a view to resale.
apply in the period when the asset is realised or the Classification as a discontinued operation occurs upon
liability is settled, based on tax rates (and tax laws) the earlier of disposal or when the operation meets the
that have been enacted or substantively enacted at criteria to be classified as held for sale.
the reporting date.
The Company offsets deferred income tax assets
(xxi) Non-current assets and disposal
and liabilities, where it has a legally enforceable groups held for sale
right to offset current tax assets against current
Assets and liabilities of disposal groups that are
tax liabilities, and they relate to taxes levied by available for immediate sale and where the sale is
the same taxation authority on either the same highly probable of being completed within one year from
taxable entity, or on different taxable entities the date of classification are considered and classified
where there is a right and an intention to settle as assets held for sale and liabilities associated with
the current tax liabilities and assets on a net basis assets held for sale. Non-current assets and disposal
or their tax assets and liabilities will be realised groups held for sale are measured at the lower of
simultaneously. carrying amount and fair value less costs to sell.
(xvii) Earnings per share (xxii) Disposal of assets

Basic earnings per share is computed using the
The gain or loss arising on disposal or retirement of
weighted average number of equity shares outstanding assets is recognised in the standalone statement of
during the period adjusted for treasury shares held. profit and loss.
Diluted earnings per share is computed using the
weighted-average number of equity and dilutive New Accounting standards, amendments and
equivalent shares outstanding during the period, using interpretations adopted by the Company effective
the treasury stock method for options, except where from April 1, 2021:
the results would be anti-dilutive.
Amendment to Ind AS 116 – COVID-19-Related Rent
The number of equity shares and potentially dilutive Concessions
equity shares are adjusted retrospectively for all
periods presented for any splits and bonus shares
The economic challenges presented by the COVID-19
issues including for change effected prior to the pandemic have persisted longer than anticipated,
approval of the standalone financial statements by the and therefore the practical expedient relating to rent
Board of Directors. concessions arising as a consequence of COVID-19 has
been modified. Accordingly, lessees are now exempted
(xviii) Statement of cash flows from assessing whether a COVID-19-related rent
concession is a lease modification, if the reduction in
Cash flows are reported using the indirect method, lease payments affects only payments originally due on
whereby profit for the period is adjusted for the effects or before June 30, 2022. Earlier the practical expedient
of transactions of a non-cash nature, any deferrals or was allowed only for lease payments originally due
accruals of past or future operating cash receipts or on or before June 30, 2021. The adoption of these
payments and item of income or expenses associated amendments did not have any material impact on the
with investing or financing cash flows. The cash from standalone statement of profit and loss for the year
operating, investing and financing activities of the ended March 31, 2022.
Company are segregated.
Amendment to Ind AS 104, Ind AS 107, Ind AS 109

(xix) Assets held for sale and Ind AS 116 - Interest Rate Benchmark Reform –

Sale of business is classified as held for sale, if their Phase 2
carrying amount is intended to be recovered principally

This amendment relates to ‘Interest Rate Benchmark
through sale rather than through continuing use. The
Reform – Phase 2 (Amendments to Ind AS 104, Ind AS
condition for classification as held for sale is met
107, Ind AS 109 and Ind AS 116)’ which addresses issues
when disposal business is available for immediate sale
that might affect financial reporting after the reform of
and the same is highly probable of being completed
an interest rate benchmark, including its replacement
within one year from the date of classification as held
with alternative benchmark rates. Some of the key
for sale.
amendments arising from the interest rate benchmark
are: Ind AS 109: New guidance has been included on
(xx) Discontinued operations changes in the basis for determining the contractual

A discontinued operation is a component of the cash flows as a result of interest rate benchmark
Company’s business that represents a separate line of reform. Ind AS 107: Additional disclosures related

254 / 490

to nature and extent of risks to which the entity is Rules as issued from time to time. On March 23, 2022,
exposed from financial instruments subject to interest MCA amended the Companies (Indian Accounting
rate benchmark reform and how the entity manages Standards) Amendment Rules, 2022, applicable for
these risks. The adoption of these amendments did not annual periods beginning on or after April 1, 2022, as
have any material impact on the standalone financial below:
statements.
Amendments to Ind AS 103 – Business Combinations –

Amendments to Ind AS consequential to Conceptual
Reference to Conceptual Framework
Framework under Ind AS
The amendments specifies that to qualify for

The amendments relating to Ind AS 102, Share-based recognition as part of applying the acquisition method,
Payment; Ind AS 103, Business Combinations; Ind the identifiable assets acquired and liabilities assumed
AS 106, Exploration for and Evaluation of Mineral must meet the definitions of assets and liabilities in the
Resources; Ind AS 114, Regulatory Deferral Accounts; Conceptual Framework for Financial Reporting under
Ind AS 1, Presentation of Financial Statements; Ind Indian Accounting Standards (Conceptual Framework)
AS 8, Accounting Policies, Changes in Accounting issued by the Institute of Chartered Accountants of
Estimates and Errors; Ind AS 34, Interim Financial India at the acquisition date. These changes do not
Reporting; Ind AS 37, Provisions, Contingent Liabilities significantly change the requirements of Ind AS 103.
and Contingent Assets; Ind AS 38, Intangible Assets, The adoption of amendments to Ind AS 103 is not
are consequential due to changes in the Conceptual expected to have any material impact on the standalone
Framework under Ind AS, made in August 2020. The financial statements.
revised Conceptual Framework introduced some
new concepts and clarifications along with revision Amendments to Ind AS 109 – Financial Instruments

in definitions and changes in recognition criteria of
assets and liabilities under Ind AS. The adoption of The amendments clarifies which fees an entity
these amendments did not have any material impact includes when it applies the ‘10 percent’ test of Ind AS
on the standalone financial statements. 109 in assessing whether to derecognize a financial
liability. The adoption of amendments to Ind AS 109
Amendment to Schedule III of the Companies Act,
is not expected to have any material impact on the
2013 standalone financial statements.

On March 24, 2021, the Ministry of Corporate Affairs
(“MCA”) through a notification, amended Schedule Amendments to Ind AS 16 – Property, Plant and

III of the Companies Act, 2013. The amendments Equipment – Proceeds before intended use
relating to Division II which relate to companies
The amendments clarifies that excess of net sale
whose financial statements are required to comply proceeds of items produced over the cost of testing,
with Companies (Indian Accounting Standards) if any, shall not be recognised in the profit or loss
Rules, 2015 include, among other things, requirement but deducted from the directly attributable costs
for disclosure of Current maturities of long-term considered as part of cost of an item of property, plant,
borrowings separately within borrowings instead of and equipment. The adoption of amendments to Ind AS
earlier disclosure requirement under Other Financial 16 is not expected to have any material impact on the
Liabilities. Accordingly, ` 99 towards current maturities standalone financial statements.
of long-term loans has been reclassified from “Other
current financial liabilities” to “Current Borrowings” Amendments to Ind AS 37 – Onerous Contracts – Cost

for the year ended March 31, 2021(Refer to Note 15). of Fulfilling a Contract
Other amendments in the notification applicable for The amendments specifies that the cost of fulfilling
full annual financial statements have been adopted by
a contract comprises the costs that relate directly to
the Company by providing applicable disclosures in the
the contract. Costs that relate directly to a contract
financial statements for the year ending March 31, 2022.
can either be the incremental costs of fulfilling that
New Accounting standards, amendments and
contract (for example, direct labour and materials);
interpretations not yet adopted by the Company: or an allocation of other costs that relate directly to
fulfilling contracts (for example, an allocation of the
Companies (Indian Accounting Standards) depreciation charge for an item of property, plant
Amendment Rules, 2022 and equipment used in fulfilling that contract among

Ministry of Corporate Affairs (“MCA”) notifies new others). The adoption of amendments to Ind AS 37
standard or amendments to the existing standards is not expected to have any material impact on the
under Companies (Indian Accounting Standards) standalone financial statements.
255 / 490


Plant and Furniture and Office
equipment (1) fixtures equipment
As at April 1, 2021 ` 3,659 ` 36,246 ` 83,520 ` 12,204 ` 5,710 ` 378 ` 141,717
Additions 1,031 1,652 15,763 1,564 318 5 20,333
Disposals (30) (162) (5,467) (363) (122) (98) (6,242)
As at March 31, 2022 ` 4,660 ` 37,736 ` 93,816 ` 13,405 ` 5,906 ` 285 ` 155,808
Accumulated depreciation/impairment:
As at April 1, 2021 ` - ` 7,268 ` 64,233 ` 8,607 ` 4,482 ` 369 ` 84,959
Depreciation and impairment (2)

- 1,119 8,784 1,220 471 5 11,599
Disposals - (68) (5,351) (286) (115) (97) (5,917)
As at March 31, 2022 ` - ` 8,319 ` 67,666 ` 9,541 ` 4,838 ` 277 ` 90,641
Net carrying value as at March 31, 2022 ` 4,660 ` 29,417 ` 26,150 ` 3,864 ` 1,068 ` 8 ` 65,167
As at April 1, 2020 ` 3,610 ` 33,620 ` 74,548 ` 11,175 ` 5,477 ` 758 ` 129,188
Additions 107 3,317 11,298 1,493 348 4 16,567
Disposals (58) (691) (2,326) (464) (115) (384) (4,038)
As at March 31, 2021 ` 3,659 ` 36,246 ` 83,520 ` 12,204 ` 5,710 ` 378 ` 141,717
Accumulated depreciation/impairment:
As at April 1, 2020 ` - ` 6,872 ` 59,055 ` 8,097 ` 3,999 ` 692 ` 78,715
Depreciation and impairment(2) - 1,051 7,223 874 586 57 9,791
Disposals - (655) (2,045) (364) (103) (380) (3,547)
As at March 31, 2021 ` - ` 7,268 ` 64,233 ` 8,607 ` 4,482 ` 369 ` 84,959
Net carrying value as at March 31, 2021 ` 3,659 ` 28,978 ` 19,287 ` 3,597 ` 1,228 ` 9 ` 56,758
Including net carrying value of computer equipment and software amounting to ` 18,566 and ` 12,364 as at March 31, 2022 and 2021, respectively.
(1)
Includes impairment charge on certain software platforms amounting to ` 44 for the year ended March 31, 2021.
(2)
Details of title deeds of immovable properties not held in name of the Company :
Whether title deed holder
Relevant line item Description Gross is a promoter, director Property Reason for not being
Title deeds in the
in the Balance of item of carrying or relative of promoter/ held since held in the name of the
name of
Sheet property value director or employee of which date company
promoter/director
Andhra Pradesh Execution of title

Industrial deeds in the name
Property, plant 30 June,
Land ` 404 Infrastructure No of the Company is
and equipment 2007
Corporation pending fulfilment of
Limited, Hyderabad certain conditions.

256 / 490

5. Right-of-Use assets
Category of RoU Asset
Plant and
machinery*

As at April 1, 2021 ` 2,082 ` 9,114 ` 1,350 ` 418 ` 12,964
Additions 15 3,467 - - 3,482
Disposals (819) (1,566) (564) (103) (3,052)
As at March 31, 2022 ` 1,278 ` 11,015 ` 786 ` 315 ` 13,394
Accumulated depreciation
As at April 1, 2021 ` 55 ` 2,928 ` 719 ` 233 ` 3,935
Depreciation 24 2,251 285 82 2,642
Disposals (21) (1,220) (564) (77) (1,882)
As at March 31, 2022 ` 58 ` 3,959 ` 440 ` 238 ` 4,695
Net carrying value as at March 31, 2022 ` 1,220 ` 7,056 ` 346 ` 77 ` 8,699
As at April 1, 2020 ` 2,003 ` 6,685 ` 1,778 ` 472 ` 10,938
Additions 79 3,600 350 - 4,029
Disposals - (1,171) (778) (54) (2,003)
As at March 31, 2021 ` 2,082 ` 9,114 ` 1,350 ` 418 ` 12,964
Accumulated depreciation
As at April 1, 2020 ` 27 ` 1,832 ` 790 ` 129 ` 2,778
Depreciation 28 2,002 625 126 2,781
Disposals - (906) (696) (22) (1,624)
As at March 31, 2021 ` 55 ` 2,928 ` 719 ` 233 ` 3,935
Net carrying value as at March 31, 2021 ` 2,027 ` 6,186 ` 631 ` 185 ` 9,029
The Company recognised the following expenses in the statement of profit and loss:

March 31, 2022 March 31, 2021
Interest expenses on lease liabilities ` 452 ` 361
Rent expense recognised under facility expenses pertaining to:
Leases of low-value assets 9 25
Leases with less than twelve months of lease term 2,217 1,757
` 2,678 ` 2,143
Income from subleasing ROU assets to subsidiaries for the year ended March 31, 2022 and 2021 amounting to ` 140 and ` 211,
respectively.
The Company is committed to certain leases amounting to ` 5 which have not yet commenced as of March 31, 2022. The term of
such leases is 3 years.
Payments toward leases of low-value assets and leases with less than twelve months of lease term, are disclosed under operating
activities in the statement of cash flows. All other lease payments during the period are disclosed under financing activities in the
statement of cash flows.
Refer to Note 20 for remaining contractual maturities of lease liabilities.
257 / 490

6. Capital work-in-progress
The following table represent ageing of Capital work-in-progress as on March 31, 2022:
Outstanding for following periods from due date of payment
Particulars Less than More than
1-2 years 2-3 years Total
1 year 3 years
Projects in progress ` 3,989 ` 4,393 ` 3,405 ` 3,462 ` 15,249

Projects temporarily suspended *
- - - 596 596
Total ` 3,989 ` 4,393 ` 3,405 ` 4,058 ` 15,845
*During the year ended March 31, 2022, impairment loss of ` 31 has been written back based upon reassessment of fair value.
1 year 3 years
Projects in progress ` 7,595 ` 5,411 ` 4,167 ` 742 ` 17,915

Projects temporarily suspended - - 20 545 565
Total ` 7,595 ` 5,411 ` 4,187 ` 1,287 ` 18,480
Following table represent the ageing schedule for capital-work-in progress, whose completion is overdue or has exceeded its
cost compared to its original plan at on March 31, 2022:
To be completed in
Particulars Less than 1 More than
1-2 years 2-3 years
year 3 years
Projects in progress
Kodathi ` 9,480 ` - ` - ` -
Gopannapally 3,977 - - -
Pune Phase 5 1,559 - - -
Projects temporarily suspended
MWC – Chennai ` 596 ` - ` - ` -
Following table represent the ageing schedule for capital-work-in progress, whose completion is overdue or has exceeded its
cost compared to its original plan at on March 31, 2021:
To be completed in
Particulars Less than 1 More than
1-2 years 2-3 years
year 3 years
Kodathi ` - ` 7,294 ` - ` -
Gopannapally 2,165 3,393 - -
IT Projects 2,766 - - -
Pune Phase 5 - 1,346 - -
Sholinganallur 217 - - -
Pune Phase 4 196 - - -
MWC - Chennai ` - ` 565 ` - ` -

258 / 490

7. Goodwill and other intangible assets

The movement in goodwill balance is given below:
March 31, 2022 March 31, 2021
Balance at the beginning of the year ` 4,571 ` 4,571
Acquisition through business combination(1) 33 -
Balance at the end of the year ` 4,604 ` 4,571
(1)
On December 31, 2021, as part of acquisition of LeanSwift Solutions Inc. and its subsidiaries by a wholly owned step-down subsidiary, the Company
acquired leased facilities, assets and employees of LeanSwift Solutions India Private Limited for an upfront cash consideration of ` 30. The fair value of net
assets acquired is ` (3) and goodwill is ` 33. Goodwill was allocated to IT Services segment and it is not deductible for Income Tax purposes in India.
The Company is organised by three operating segments: IT Services, IT Products and India State Run Enterprises services.
Goodwill as at March 31, 2022 and 2021 has been allocated to the IT Services operating segment.
Goodwill recognised on business combinations is allocated to Cash Generating Units (CGUs), within the IT Services operating
segment, which are expected to benefit from the synergies of the acquisitions.
As at As at
CGUs March 31, 2022 March 31, 2021
Americas 1 ` 7 ` -
Americas 2 3,802 3,782
Europe 5 -
Asia Pacific Middle East Africa 790 789
Total ` 4,604 ` 4,571
For impairment testing, goodwill is allocated to a CGU representing the lowest level within the Company at which goodwill is
monitored for internal management purposes, and which is not higher than the Company’s operating segment. Goodwill is tested
for impairment at least annually in accordance with the Company’s procedure for determining the recoverable value of each CGU.
The recoverable amount of the CGU is determined based on FVLCD. The FVLCD of the CGU is determined based on the market
capitalisation approach, using the turnover and earnings multiples derived from observable market data. The fair value
measurement is categorised as a level 2 fair value based on the inputs in the valuation techniques used.
Based on the above testing, no impairment was identified as at March 31, 2022 and 2021 as the recoverable value of the CGUs
exceeded the carrying value. A sensitivity analysis to the change in the key parameters (turnover and earnings multiples), did not
identify any probable scenarios where the CGU’s recoverable amount would fall below its carrying amount.
The movement in other intangible assets is given below:
Other intangible assets

Customer related Marketing related Total
As at April 1, 2021 ` 4,999 ` 32 ` 5,031
Deductions/Adjustments (529) - (529)
As at March 31, 2022 ` 4,470 ` 32 ` 4,502
Accumulated amortisation/impairment:
As at April 1, 2021 ` 2,502 ` 6 ` 2,508
Amortisation 611 5 616
Deductions/Adjustments (529) - (529)
As at March 31, 2022 ` 2,584 ` 11 ` 2,595
Net carrying value as at March 31, 2022 ` 1,886 ` 21 ` 1,907
As at April 1, 2020 ` 5,207 ` 517 ` 5,724
As at March 31, 2021 ` 4,999 ` 32 ` 5,031
259 / 490


Customer related Marketing related Total
Accumulated amortisation/impairment:
As at April 1, 2020 ` 2,047 ` 487 ` 2,534
Amortisation 663 4 667
As at March 31, 2021 ` 2,502 ` 6 ` 2,508
Net carrying value as at March 31, 2021 ` 2,497 ` 26 ` 2,523
As at March 31, 2022, the net carrying value and estimated remaining amortisation period for intangible assets acquired on
acquisition are as follows:
Acquisition Net carrying value Estimated remaining amortisation period

Vara Infotech Private Limited ` 1,596 4.5 - 7.5 years
Other entities 311 1 year
Total ` 1,907
8. Investments
As at As at
Particulars
March 31, 2022 March 31, 2021
Non-Current
Equity instruments- unquoted (Refer to Note 8.1) `  10 ` -
Fixed maturity plan mutual funds - unquoted (Refer to Note 8.3) 513 -
Investment in redeemable preference shares of subsidiary (Refer to Note 8.7) 15,269 -
Equity instruments - quoted (Refer to Note 8.2) 41 26
Equity instruments - unquoted (Refer to Note 8.2) 99 117
Financial instruments at amortised cost
Inter corporate and term deposits-unquoted * 1,656 2
Investment in equity instruments of subsidiaries (net of impairment, if any)
147,984 81,922
(Refer to Note 8.7)
` 165,572 ` 82,067
Aggregate amount of quoted investments and aggregate market value thereof 41 26
Aggregate amount of unquoted investments 165,531 82,041
Aggregate amount of impairment in value of investments in subsidiaries (4,481) (4,481)
As at As at
Particulars
March 31, 2022 March 31, 2021
Current
Short-term mutual funds - unquoted (Refer to Note 8.4) ` 15,312 `  22,750
Commercial paper and certificate of deposits - unquoted (Refer to Note 8.5) 13,937 -
Non-convertible debentures, government securities, commercial papers,
190,902 131,382
certificate of deposit and bonds - quoted (Refer to Note 8.6)

260 / 490

As at As at
Particulars
March 31, 2022 March 31, 2021
Inter corporate and term deposits - unquoted * 20,586 20,820
` 240,737 ` 174,952
Aggregate amount of quoted investments and aggregate market value thereof 190,902 131,382
Aggregate amount of unquoted investments 49,835 43,570
* These deposits earn a fixed rate of interest. Term deposits include non-current and current deposits in lien with banks primarily on account of term deposits held
as margin money deposits against guarantees amounting to ` Nil and ` 652, respectively (March 31, 2021: Term deposits non-current of ` 2 and Term deposits
current of ` 612).
8.1 Investments in equity instruments-other than subsidiaries (unquoted) – classified as FVTPL

Carrying Value
Particulars As at As at
March 31, 2022 March 31, 2021
Non-Current
Altizon Systems Private Limited ` 10 `  -
Total ` 10 `  -
8.2 Investments in equity instruments-other than subsidiaries - classified as FVTOCI

Number of Shares Carrying Value
Particulars
As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Non-Current
Unquoted
Wep Peripherals Limited 306,000 306,000 ` 60 ` 60
Altizon Systems Private Limited 23,758 23,758 20 38
Drivestream India Private Limited 267,600 267,600 19 19
` 99 ` 117
Quoted
Wep Solutions Limited 1,836,000 1,836,000 ` 41 ` 26
` 41 ` 26
Total ` 140 ` 143
8.3 Investments in Fixed maturity plan mutual funds (unquoted) – classified as FVTPL
Number of Units Carrying Value
Particulars As at As at As at As at
Non-current
SBI Fixed Maturity Plan 24,998,750 - ` 261 ` -
SBI Fixed Maturity Plan - Series 56 (1232 Days) 24,998,750 - 252 -
Total ` 513 ` -
261 / 490

8.4 Investments in liquid and short-term mutual funds (unquoted) – classified as FVTPL
Number of units Carrying value
Current
Invesco India Overnight Fund 1,705,851 188,072 ` 1,832 ` 196
Nippon India Overnight Fund 15,346,643 - 1,751 -
SBI Overnight Fund Direct Plan Growth 423,320 579,846 1,465 1,945
Axis Overnight Fund 1,247,396 983,593 1,402 1,070
Kotak Overnight Fund 883,375 994,788 1,002 1,092
L&T Arbitrage Opportunities Fund 61,588,446 - 1,001 -
SBI Liquid Fund Direct Growth 300,077 - 1,000 -
ICICI Prudential Overnight Fund Direct Growth 7,077,993 16,299,450 810 1,057
ABSL Overnight Fund Direct Plan Growth 612,111 71,397 704 79
Kotak Gilt Fund 8,151,573 - 702 -
IDFC Overnight Fund 506,755 47,793 575 52
L&T Overnight Fund 341,747 77,647 567 125
LIC MF Overnight Fund Direct Plan Growth 500,880 629,140 552 671
HDFC Overnight Fund Direct Plan Growth 162,018 364,207 512 1,114
DSP Overnight Fund Direct Plan Growth 424,922 501,432 484 553
HSBC Overnight Fund 316,816 55,197 352 59
UTI Overnight Fund Direct Plan Growth 68,733 22,524 200 63
Tata Overnight Fund 136,893 106,323 154 115
Sundaram Overnight Fund 108,272 - 122 -
Baroda Overnight Fund 91,400 635,996 102 687
Mirae Asset Overnight Fund 21,038 51,808 23 55
UTI Arbitrage Fund-Growth Plan - 107,117,931 - 3,048
Kotak Equity Arbitrage - Direct - Fortnight Dividend - 84,544,140 - 2,560
HDFC Arbitrage Fund - Wholesale Plan - Growth - 141,089,753 - 2,177
ICICI Prudential Equity Arbitrage Fund - Direct Plan -
- 61,667,716 - 1,730
Growth
IDFC Arbitrage Fund - Growth - Direct Plan - 48,133,290 - 1,288
Aditya Birla Sun Life Arbitrage Fund - 46,133,795 - 1,005
DSP Floater Fund - 99,995,000 - 1,005
IDFC Arbitrage Fund – Monthly Dividend - Direct Plan - 74,705,539 - 1,004
Total ` 15,312 ` 22,750

262 / 490

8.5 Investment in commercial paper and certificate of deposits (unquoted) – classified as FVTOCI
As at As at
Particulars
March 31, 2022 March 31, 2021
Current
Small Industries Development Bank of India ` 7,691 ` -
SBI Cards and Payment Service Limited 2,380 -
HDFC Bank Limited 1,938 -
Kotak Mahindra Bank Limited 1,928 -
Total ` 13,937 ` -
8.6 Investment in non-convertible debentures, government securities, commercial papers, certificate of

deposit and bonds (quoted) – classified as FVTOCI
As at As at
Particulars
March 31, 2022 March 31, 2021
Current
National Highways Authority of India ` 19,660 ` 20,520
Bajaj Finance Limited 14,195 -
HDB Financial Services Limited 14,090 12,172
Sundaram Finance Limited 13,893 -
Kotak Mahindra Prime Limited 13,670 9,258
Tata Capital Financial Services Limited 13,598 12,639
Rural Electrification Corporation Limited 13,537 7,788
Kotak Mahindra Investments Limited 13,230 7,537
National Bank for Agriculture and Rural Development 13,168 4,946
Tata Capital Housing Finance Limited 12,192 3,445
Government Securities 10,774 27,373
Axis Bank Limited 8,041 -
LIC Housing Finance Limited 7,363 3,042
Power Finance Corporation Limited 5,788 7,064
Housing Development Finance Corporation Limited 4,981 2,785
Indian Railway Finance Corporation Limited 4,547 4,398
ICICI Bank Limited 3,686 -
NTPC Limited 449 4,050
ANZ Bank 7 8
Aditya Birla Finance Limited - 2,005
Small Industries Development Bank of India - 1,504
Kotak Mahindra Bank Limited - 848
Total ` 190,902 ` 131,382
8.7 Details of investment in unquoted equity instruments and preference shares of subsidiaries (fully
paid up)
Currency of Face Number of Units as at Balances as at

Name of the Subsidiary
Investment Value March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Non-Current
Equity Instruments
Wipro, LLC USD Note 1 Note 1 Note 1 ` 59,212 ` 50,496
Wipro Philippines, Inc PHP PHP100 1,889,142 - 47,298 -
Wipro IT Services UK Societas EUR EUR 1 163,617 163,617 18,903 18,903
263 / 490

Currency of Face Number of Units as at Balances as at

Name of the Subsidiary
Investment Value March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Wipro Holdings (UK) Limited USD USD 1 226,151,974 130,151,974 11,807 4,480
Wipro HR Services India Private Limited INR ` 10 7,010,000 7,010,000 8,275 8,275
Capco Technologies Pvt. Ltd. (India) INR ` 10 10,000 - 2,713 -
Wipro Networks Pte Limited SGD SGD 1 28,126,108 28,126,108 1,339 1,339
Wipro VLSI Design Services India Private
Limited (Formerly known as Eximius INR ` 10 74,977 74,977 1,008 1,008
Design India Private Limited)
Encore Theme Technologies Private INR ` 10 221,280 190,924 849 841
Limited (Refer to Note 5 below)
Wipro Japan KK USD Note 2 16 16 640 640
Wipro IT Services Bangladesh Limited BDT BDT 10 42,499,990 42,499,990 359 359
Wipro Chengdu Limited USD Note 3 Note 3 Note 3 24 24
Wipro Trademarks Holding Limited INR ` 10 93,250 93,250 22 22
Wipro Shanghai Limited INR Note 3 Note 3 Note 3 9 9
Wipro Japan KK JPY Note 2 650 650 6 6
Wipro Travel Services Limited INR ` 10 66,171 66,171 1 1
Wipro Overseas IT Services Pvt. Ltd. INR ` 10 50,000 50,000 ^ ^
Sub-total ` 152,465 ` 86,403
Preference Shares
Wipro IT Services UK Societas EUR EUR 100 1,810,000 - 15,269 -
Sub-total ` 15,269 ` -
Total investment in unquoted equity and preference instruments ` 167,734 `  86,403
of subsidiaries
Less: Impairment in value of investments in subsidiaries (Refer to (4,481) (4,481)
Note 4 below)
Net investment in unquoted equity and preference instruments ` 163,253 ` 81,922
of subsidiaries
^ Value less than ` 1
Note 1 – As per the local laws of USA, there is no requirement of number of shares and face value thereof for a Limited Liability Company (LLC). Hence the
investment by the Company is considered as equity contribution.
Note 2 – As per the local laws of Japan, the shares do not have face value.
Note 3 – As per the local laws of People’s Republic of China, there is no requirement of number of shares and face value thereof. Hence the investment by
the Company is considered as equity contribution.
Note 4 – The impairment as of March 31, 2022 and 2021, are primarily on account of diminution in the value of a step-down subsidiary of Wipro Holdings
(UK) Limited.
Note 5 – As of March 31, 2022, the Company holds 96.68% of the equity securities of Encore Theme Technologies Private Limited, remaining 3.32%
equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory approvals/
confirmations.
9. Trade receivables
The following table represent ageing of Trade receivables as on March 31, 2022:
Particulars
Less than 6 6 months - More than
Not Due 1-2 years 2-3 years Total
months 1 year 3 years
Unsecured - Current
Undisputed Trade receivables – considered good ` 69,057 ` 19,261 ` 1,443 ` 1,951 ` 322 ` 2,348 ` 94,382
Undisputed Trade receivables – credit impaired 271 49 6 542 649 1,701 3,218
Disputed Trade receivables – considered good - 80 17 106 - 2,445 2,648
` 69,328 ` 19,390 ` 1,466 ` 2,599 ` 971 ` 6,494 ` 100,248
Gross Trade receivables ` 100,248
Less: Allowance for lifetime expected credit loss (7,294)
Net Trade receivables ` 92,954

264 / 490

Particulars Less than 6 6 months - More than
months 1 year 3 years
Unsecured - Non-Current
Disputed Trade receivables–considered good ` - ` - ` - ` - ` - ` 4,365 ` 4,365
` - ` - ` - ` - ` - ` 4,365 ` 4,365
Unsecured - Current
Undisputed Trade receivables – considered good ` 55,085 ` 22,090 ` 2,481 ` 919 ` 625 ` 2,569 ` 83,769
Disputed Trade receivables–considered good - 3 5 1 484 322 815
` 55,423 ` 22,227 ` 3,027 ` 1,566 ` 1,329 ` 4,058 ` 87,630
Gross Trade receivables ` 91,995
Net Trade receivables ` 83,541
The activity in the allowance for lifetime expected credit loss is given below:
As at As at
Particulars
March 31, 2022 March 31, 2021
Balance at the beginning of the year ` 8,454 ` 10,581
Additions during the year, net (1,036) 1,149
Charged against allowance (70) (3,232)
Translation adjustment (54) (44)
Balance at the end of the year ` 7,294 ` 8,454

As at As at
Particulars
March 31, 2022 March 31, 2021
Balances with banks
Current accounts ` 14,088 ` 13,972
Demand deposits * 34,832 83,784
Unclaimed dividend 61 74
Cheques, drafts on hand ^ 2
` 48,981 ` 97,832

As at As at
Particulars
March 31, 2022 March 31, 2021
Non-Current
Finance lease receivables ` 1,756 ` 1,937
Security deposits 1,022 1,087
Interest receivable - 1,139
Others 410 306
` 3,188 ` 4,469
265 / 490

As at As at
Particulars
March 31, 2022 March 31, 2021
Current
Finance lease receivables ` 3,079 ` 2,387
Security Deposits 1,033 911
Interest receivable 1,719 1,501
Others 5,389 178
` 39,431 ` 5,187
Total ` 42,619 ` 9,656
Finance lease receivables

Finance lease receivables consist of assets that are leased to customers for contract terms ranging from 1 to 5 years, with lease
payments due in monthly or quarterly installments. Details of finance lease receivables is given below:
Minimum lease Present value of

payments minimum lease payments
Particulars
Not later than one year ` 3,137 ` 2,508 ` 3,079 ` 2,387
Later than one year but not later than five years 1,919 2,026 1,756 1,937
Gross investment in lease 5,056 4,534 4,835 4,324
Less: Unearned finance income (221) (210) - -
Present value of minimum lease payment receivables ` 4,835 ` 4,324 ` 4,835 ` 4,324
Included in the Balance Sheet as follows:

- Non-Current 1,756 1,937
- Current 3,079 2,387
12. Inventories
As at As at
Particulars
March 31, 2022 March 31, 2021
Finished goods* ` - ` 3
Stock-in-trade 847 780
Stores and spares 28 127
` 875 ` 910
* Includes goods in transit of ` 2 as at March 31, 2021.

266 / 490

13. Other assets

As at As at
March 31, 2022 March 31, 2021
Non-current
Prepaid expenses ` 5,998 ` 2,793
Capital advances 273 777
Costs to obtain contract* 243 416
Others 4,324 4,287
` 10,838 ` 8,273
Current
Prepaid expenses ` 11,737 ` 9,818
Advances to suppliers 2,725 2,794
Others 1,125 714
` 22,984 ` 20,783
Total ` 33,822 ` 29,056
* Amortisation during the year ended March 31, 2022 and 2021 amounting to ` 313 and ` 755, respectively.
14. Equity share capital

As at As at
March 31, 2022 March 31, 2021
Authorised capital
12,504,500,000 (March 31, 2021: 12,504,500,000) equity shares
` 25,009 ` 25,009
[Par value of ` 2 per share]
25,000,000 (March 31, 2021: 25,000,000) preference shares [Par value of ` 10 per share] 250 250
150,000 (March 31, 2021:150,000) 10% Optionally convertible cumulative preference
15 15
shares [Par value of ` 100 per share]
` 25,274 ` 25,274
Issued, subscribed and fully paid-up capital
5,482,070,115 (March 31, 2021: 5,479,138,555) equity shares of ` 2 each 10,964 10,958
` 10,964 `  10,958
Terms / Rights attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each shareholder of equity shares is entitled
to one vote per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of
Directors is subject to shareholders approval in the ensuing Annual General Meeting.
Following is the summary of per share dividends recognised as distributions to equity shareholders:

March 31, 2022 March 31, 2021
Interim dividend (Board recommended the adoption of the interim dividend as the final
` 6 per share ` 1 per share
dividend) (Refer to note 29)
In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company,
after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.
267 / 490

i. Reconciliation of number of shares

As at March 31, 2022 As at March 31, 2021
No. of Shares ` Million No. of Shares ` Million
Opening number of equity shares / American Depository
5,479,138,555 10,958 5,713,357,390 11,427
Receipts (ADRs) outstanding
Equity shares issued pursuant to Employee Stock Option
2,931,560 6 3,281,165 6
Plan
Buyback of equity shares (Refer to Note 29) - - (237,500,000) (475)
Closing number of equity shares / ADRs outstanding 5,482,070,115 10,964 5,479,138,555 10,958
ii. Details of shareholders holding more than 5% of the total equity shares of the Company
Name of the Shareholder
No. of Shares % held No. of Shares % held
Mr. Azim Hasham Premji Partner representing Hasham
Traders 928,946,043 16.95 928,946,043 16.95
Mr. Azim Hasham Premji Partner representing Prazim
Traders 1,119,892,315 20.43 1,119,892,315 20.44
Mr. Azim Hasham Premji Partner representing Zash Traders 1,135,618,360 20.72 1,135,618,360 20.73
Azim Premji Trust 558,676,017 10.19 558,676,017 10.20
iii. Other details of equity shares for a period of five years immediately preceding March 31, 2022
(a) 237,500,000, 323,076,923, 343,750,000 and 40,000,000 equity shares were bought back by the Company during the
years ended March 31, 2021, 2020, 2018 and 2017, respectively. Refer to Note 29.
(b) 1,508,469,180 bonus shares and 2,433,074,327 bonus shares were issued during the years ended March 31, 2019 and
2018, respectively.
iv. Shares reserved for issue under employee stock incentive plans
For details of shares reserved for issue under the employee stock incentive plans of the Company, refer to Note 31.
v. Details of Shareholding of Promoters are as under:
Name of the Promoter and Promoters Group % of % change % of % change

No. of No. of
total during the total during the
Shares Shares
shares year shares year
Azim H. Premji 236,815,234 4.32% - 236,815,234 4.32% -
Yasmeen A. Premji 2,689,770 0.05% - 2,689,770 0.05% -
Rishad A. Premji 1,738,057 0.03% - 1,738,057 0.03% -
Tariq A. Premji 1,580,755 0.03% 135.67% 670,755 0.01% -
Azim H. Premji Partner representing Hasham Traders 928,946,043 16.95% - 928,946,043 16.95% (1.07%)
Azim H. Premji Partner representing Prazim Traders 1,119,892,315 20.43% - 1,119,892,315 20.44% (0.67%)
Azim H. Premji Partner representing Zash Traders 1,135,618,360 20.72% - 1,135,618,360 20.73% (0.66%)
Hasham Investment and Trading Co. Pvt. Ltd 1,425,034 0.03% - 1,425,034 0.03% -
Azim Premji Trust* 558,676,017 10.19% - 558,676,017 10.20% (26.24%)
Azim Premji Philanthropic Initiatives Private Limited** 14,568,663 0.27% - 14,568,663 0.27% (26.24%)
The % of total shares held by Promoter and Promoters Group changed during the year ended March 31, 2021 on account of
buyback of equity shares by the Company.
Note:
*Mr. Azim H. Premji disclaims the beneficial ownership of 558,676,017 shares held by Azim Premji Trust.
**Mr. Azim H. Premji also disclaims the beneficial ownership of 14,568,663 shares held by Azim Premji Philanthropic Initiatives Private Limited.

268 / 490

15. Borrowings
As at As at
March 31, 2022 March 31, 2021
Non-current
Unsecured
Loans from institutions other than banks `  57 `  141
` 57 ` 141
Current
Unsecured
Borrowings from banks ` 76,650    ` 57,912
Loans from institutions other than banks ` 84                            ` 99
` 76,734 ` 58,011
Total ` 76,791 ` 58,152
Short-term borrowings
Indian Rupee Interest rate Interest rate Indian Rupee
Unsecured borrowings from banks 76,650 MIBOR / T-Bill + Spread 3.76% - 4.55% 57,912
` 76,650 ` 57,912
The principal source of short-term borrowings from banks as at March 31, 2022 primarily consists of lines of credit of approximately
` 86,323 and US Dollar (US$) 514 Million from bankers for working capital requirements and other short-term needs. As at March
31, 2022, the Company has unutilised lines of credit aggregating ` 9,673 and US$ 514 Million. To utilise these unused lines of
credit, the Company requires consent of the lender and compliance with certain financial covenants. Significant portion of these
lines of credit are revolving credit facilities and floating rate foreign currency loans, renewable on a periodic basis.
Significant portion of borrowings from banks bear floating rates of interest, referenced to country specific official benchmark
interest rates and a spread, determined based on market conditions.

Long-term borrowings
A summary of long-term borrowings is as follows:
Currency Foreign currency Foreign currency
Indian Rupee Final maturity Indian Rupee
in millions in millions
NA ` 141 March-24 NA ` 240
Indian Rupee
` 141 ` 240

Cash and non-cash changes in liabilities arising from financing activities:

Non-Cash Changes
April 1, 2021 Cash flow Additions to lease Foreign exchange March 31, 2022
liabilities movements
Borrowings ` 58,152 ` 18,639 ` - ` - ` 76,791
Lease Liabilities 11,094 (4,638) 4,718 76 11,250
Total ` 69,246 ` 14,001 ` 4,718 ` 76 ` 88,041
Interest expense on borrowings was ` 2,371 and ` 1,453 for the year ended March 31, 2022 and 2021, respectively.
269 / 490

Non-Cash Changes
April 1, 2020 Cash flow Additions to lease Foreign exchange March 31, 2021
liabilities movements
Borrowings ` 50,459 ` 7,875 ` - ` (182) ` 58,152

Lease Liabilities 9,121 (4,559) 6,395 137 11,094
Total ` 59,580 ` 3,316 ` 6,395 ` (45) ` 69,246
Non-fund based
The Company has non-fund based revolving credit facilities in INR amounting to ` 38,536 and ` 46,660 as at March 31, 2022 and
2021, respectively, towards operational requirements that can be used for the issuance of letters of credit and bank guarantees.
As at March 31, 2022 and 2021, an amount of ` 25,999 and ` 33,627, respectively, was unutilised out of these non-fund based
facilities.
16. Trade Payables

The following table represent ageing of Trade payables as on March 31, 2022:
Unbilled Not Due 1-2 years 2-3 years Total
1 year 3 years
Current
Trade payables - MSME ` 605 ` 486 ` 25 ^ ` 1 ^ `  1,117
Trade payables - Others 18,690 23,267 3,082 121 8 566 45,734
Total ` 19,295 ` 23,753 ` 3,107 ` 121 ` 9 ` 566 ` 46,851
1 year 3 years
Current
Trade payables - MSME ` - `  159 ` 18 ` 5 ` 2 `  - ` 184
Trade payables - Others 17,760 18,054 3,889 290 202 860 41,055
Total ` 17,760 ` 18,213 ` 3,907 `  295 ` 204 ` 860 ` 41,239
Dues of micro enterprises and small enterprises

During the year ended March 31, 2022, and 2021, an amount of ` 341 and ` 137 respectively was paid to micro and small
enterprises beyond the appointed day as defined in the Micro, Small and Medium Enterprises Development Act, 2006. Further,
there is an amount of ` 4 and ` 3 interest accrued and remaining unpaid as at March 31, 2022 and 2021 respectively.
This information has been determined to the extent such parties have been identified on the basis of information available with
the Company.
Relationship with the struck off companies
Transactions with struck off companies:

Transactions Balance Transactions Balance
Nature of
Name of struck off company during the year outstanding as at during the year outstanding as at
Transaction
Justhire Online Talent Management Payables ` 2 ` - ` - ` -
Hexatric Solution Private Limited Payables 1 - 1 ^
Balicon Engineering and Technologies Payables - - ^ -
^ Value less than ` 1

270 / 490


As at As at
March 31, 2022 March 31, 2021
Non-current
Advance from customers ` - ` 123
Cash Settled ADS RSUs (Refer to Note 31) 2 7
` 2 ` 130
Current
Salary Payable ` 22,915 ` 20,039
Deposits and others 2,163 1,383
Advance from customers 1,076 496
Interest accrued but not due on borrowing 71 33
Unclaimed dividends 61 74
Cash Settled ADS RSUs (Refer to Note 31) 18 24
` 53,714 ` 22,049
Total ` 53,716 ` 22,179
18. Provisions
As at As at
March 31, 2022 March 31, 2021
Non-current
Provision for employee benefits ` 640 ` 883
Provision for warranty 1 2
` 641 ` 885
Current
Provision for employee benefits ` 11,003 ` 11,810
Provision for onerous contracts * 1,855 2,246
Others 531 851
` 13,683 ` 15,120
Total ` 14,324 ` 16,005
* For the year ended March 31, 2021, provision for onerous contracts was included under Trade payables in the balance sheet and has been reclassified
under Provisions.
A summary of activity in provision for warranty, provision for onerous contracts and other provisions is as follows:
Year ended March 31, 2022 Year ended March 31, 2021
Particulars Provision Provision

Provision for Provision for
for onerous Others Total for onerous Others Total
warranty warranty
contracts contracts
Provision at the beginning of the year ` 215 ` 2,246 ` 851 ` 3,312 ` 319 ` 1,749 ` 689 ` 2,757
Additions during the year, net 307 951 191 1,449 245 1,003 270 1,518
Utilised/written-back during the year (227) (1,342) (511) (2,080) (349) (506) (108) (963)
Provision at the end of the year ` 295 ` 1,855 ` 531 ` 2,681 ` 215 ` 2,246 ` 851 ` 3,312
Included in the balance sheet as follows:
Non-current portion ` 1 ` - ` - ` 1 ` 2 ` - ` - ` 2
Current portion ` 294 ` 1,855 ` 531 ` 2,680 ` 213 ` 2,246 ` 851 ` 3,310
271 / 490

Provision for warranty represents cost associated with providing sales support services which are accrued at the time of
recognition of revenues and are expected to be utilised over a period of 1 to 2 years.
Provision for onerous contracts is recognised when the expected benefit by the company from a contract are lower than the
unavoidable costs of meeting the future obligations under the contract.
Other provisions primarily include provisions for compliance related contingencies. The timing of cash outflows in respect of such
provision cannot be reasonably determined.

As at As at
March 31, 2022 March 31, 2021
Non-current
Others ` 4,845 ` 4,979
` 4,845 ` 4,979
Current
Statutory and other liabilities ` 5,521 ` 6,489
Others 525 126
` 6,426 ` 6,965
Total ` 11,271 ` 11,944
20. Financial instruments

As at As at
March 31, 2022 March 31, 2021
Financial assets
Cash and cash equivalents ` 48,981 ` 97,832
Investments
Financial instruments at FVTPL 15,835 22,750
Financial instruments at FVTOCI 204,979 131,525
Financial instruments at amortised cost 22,242 20,822
Investment in equity instruments of subsidiaries 147,984 81,922
Investment in redeemable preference shares of subsidiary 15,269 -
Other financial assets
Trade receivables 92,954 83,541
Other assets 42,619 9,656
Derivative assets 3,001 4,065
` 648,121 ` 509,951
Trade payables and other payables
Trade payables ` 46,851 ` 41,239
Other financial liabilities 53,716 22,179
Borrowings 76,791 58,152
Derivative liabilities 633 1,021
` 177,991 ` 122,591

272 / 490

Offsetting financial assets and liabilities

The following table contains information on other financial assets and trade payables and other payables subject to offsetting:
As at As at
March 31, 2022 March 31, 2021
Financial Assets:
Gross amounts of recognised other financial assets ` 178,388 ` 115,361
Gross amounts of recognised financial liabilities set off in the balance sheet (7,688) (6,341)
Net amounts of recognised other financial assets presented in the balance sheet ` 170,700 ` 109,020
Gross amounts of recognised trade payables and other payables ` 108,255 ` 69,759
Gross amounts of recognised financial liabilities set off in the balance sheet (7,688) (6,341)
Net amounts of recognised trade payables and other payables presented in the balance sheet ` 100,567 ` 63,418
For the financial assets and liabilities subject to offsetting or similar arrangements, each agreement between the Company and
the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis.
In the absence of such an election, financial assets and liabilities will be settled on a gross basis and hence are not offset.
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, borrowings, trade payables, and eligible
current liabilities and non-current liabilities.
The fair value of cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, borrowings and
bank overdrafts, trade payables and accrued expenses, other current financial assets and liabilities approximate their carrying
amount largely due to the short-term nature of these instruments. The Company’s long-term debt has been contracted at market
rates of interest. Accordingly, the carrying value of such long-term debt approximates fair value. Further, finance lease receivables
are periodically evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records
allowance for estimated losses on these receivables. As at March 31, 2022, and 2021 the carrying value of such receivables, net
of allowances approximates the fair value.
Investments in short-term mutual funds and fixed maturity plans, 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 multiples method.
The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and
forward rates, yield curves, currency volatility etc.

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined
as follows:
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).
There were no transfers between Level 1, 2 and 3 during the year ended March 31, 2022.
273 / 490

Assets
Cash flow hedges ` 2,242 ` - ` 2,242 ` - ` 2,998 ` - ` 2,998 ` -
Others 759 - 759 - 1,067 - 1,067 -
Investments:
Fixed maturity plan mutual funds 513 - 513 - - - - -
Equity instruments – other than subsidiaries 150 41 - 109 143 26 - 117
Redeemable preference shares of subsidiary 15,269 - - 15,269 - - - -
Non-convertible debentures, government
securities, commercial papers, certificate of 204,839 1,251 203,588 - 131,832 2,217 129,615 -
deposit and bonds
Liabilities
Cash flow hedges ` (299) ` - ` (299) ` - ` (816) ` - ` (816) ` -
Others (334) - (334) - (205) - (205) -
The following methods and assumptions were used to estimate the fair value of the level 2 financial instruments included in the
above table.
Derivative instruments (assets and liabilities): The Company enters 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 March 31, 2022, 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 recognised 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 equity instruments and 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.
above table.

274 / 490


As at As at
Investment in equity instruments - other than subsidiaries March 31, 2022 March 31, 2021
Balance at the beginning of the year ` 117 ` 152
Additions 10 -
Loss recognised in other comprehensive income (18) (8)
Transfer out of Level 3 - (27)
Balance at the end of the year ` 109 ` 117
As at As at
Investment in redeemable preference shares of subsidiary March 31, 2022 March 31, 2021
Balance at the beginning of the year ` - ` -
Additions 15,269 -
Balance at the end of the year ` 15,269 ` -

The Company is exposed to foreign currency fluctuations on foreign currency assets/liabilities, forecasted cash flows
denominated in foreign currency and net investment in foreign operations. The Company follows established risk management
policies, including the use of derivatives to hedge foreign currency assets / liabilities, foreign currency forecasted cash flows and
net investment in foreign operations. The counterparties in these derivative instruments are primarily banks and the Company
considers the risks of non-performance by the counterparty as non-material.
The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:
Notional Fair Value Notional Fair Value
Sell: Forward contracts USD 1,413 ` 509 USD 1,577 ` 2,293
€ 191 ` 668 € 109 ` 114
£ 173 ` 645 £ 96 ` (254)
AUD 170 ` (217) AUD 103 ` (246)
Range Forward Option contracts USD 493 ` 217 USD 138 ` 385
€ 6 ` 8 € 20 ` 24
£ 28 ` 119 £ 55 ` (116)
AUD 11 ` (6) AUD 34 ` (18)
Sell: Forward contracts USD 1,366 ` 499 USD 1,394 ` 514
€ 109 ` 1 € 99 ` 202
£ 91 ` 81 £ 104 ` 98
AUD 47 ` (122) AUD 29 ` 11
SGD 4 ` (1) SGD 9 ` 5
ZAR 8 `^ ZAR 22 ` (1)
CAD 47 ` (25) CAD 30 ` 3
SAR 33 ` (1) SAR 137 ` (1)
PLN 14 ` (2) PLN 8 ` 2
CHF 5 ` (5) CHF 10 ` 13
QAR 11 ` (4) QAR 15 ` (6)
TRY 30 ` 6 TRY 47 ` 42
NOK 13 ` (3) NOK 4 `^
275 / 490


Notional Fair Value Notional Fair Value
OMR 2 `^ OMR 2 ` (1)
SEK 17 ` (2) SEK 42 ` 10
JPY 513 ` 20 JPY 370 ` 6
DKK 2 `^ DKK - ` -
Buy: Forward contracts AED 26 `^ AED 9 `^

SEK 22 ` 2 SEK 37 ` (15)
CHF 2 ` (1) CHF 2 ` (6)
RMB - ` - RMB 30 ` (2)
DKK 16 ` (2) DKK 45 ` (12)
JPY 447 ` (18) JPY - ` -
CNH 11 `^ CNH - ` -
NOK 12 ` (1) NOK - ` -
Interest Rate Swaps INR 4,750 ` 3 INR - ` -
` 2,368 ` 3,044
^ Value is less than ` 1.
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.
The following table summarises activity in the cash flow hedging reserve within equity related to all derivative instruments
classified as cash flow hedges:
As at As at
March 31, 2022 March 31, 2021
Balance as at the beginning of the year ` 2,182 ` (2,876)

Changes in fair value of effective portion of derivatives 3,943 4,753
Net (gain)/loss reclassified to statement of profit and loss on occurrence of
(4,182) 305
hedged transactions*
Gain/(loss) on cash flow hedging derivatives, net ` (239) ` 5,058
Balance as at the end of the year ` 1,943 ` 2,182

Balance as at the end of the year, net of deferred tax ` 1,477 ` 1,730
*Includes net (gain)/loss reclassified to revenue of ` (4,979) and ` 58 for the year ended March 31, 2022 and 2021, respectively; and net (gain)/ loss
reclassified to expense of ` 797 and ` 247 for the year ended March 31, 2022 and 2021, respectively.
The related hedge transactions for balance in cash flow hedging reserves as at March 31, 2022 are expected to occur and be
reclassified to the statement of profit and loss over a period of one year.
As at March 31, 2022 and 2021 there were no significant gains or losses on derivative transactions or portions thereof that have
Sale of financial assets
From time to time, in the normal course of business, the Company transfers accounts receivables, unbilled receivables,
net investment in finance lease receivables (financial assets) to banks. Under the terms of the arrangements, the Company
surrenders control over the financial assets and transfer is without recourse. Accordingly, such transfers are recorded as sale

276 / 490

of financial assets. Gains and losses on sale of financial assets without recourse are recorded at the time of sale based on the
carrying value of the financial assets and fair value of servicing liability. The incremental impact of such transactions on our cash
flow and liquidity for the year ended March 31, 2022 and March 31, 2021 is not material.
In certain cases, transfer of financial assets may be with recourse. Under arrangements with recourse, the Company is obligated
to repurchase the uncollected financial assets, subject to limits specified in the agreement with the banks. These are reflected
as part of borrowings in the balance sheet.
Financial risk management
Market Risk
Market risk is the risk of loss of future earnings, to fair values or to future cash flows that may result from a change in the price
of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable
to all market risk sensitive financial instruments including investments, foreign currency receivables, payables and loans and
borrowings.
The Company’s exposure to market risk is a function of investment and borrowing activities and revenue generating activities in
foreign currency. The objective of market risk management is to avoid excessive exposure of the Company’s earnings and equity
to losses.
Risk Management Procedures
The Company manages market risk through a corporate treasury department, which evaluates and exercises independent
control over the entire process of market risk management. The corporate treasury department recommends risk management
objectives and policies, which are approved by senior management and Audit Committee. The activities of this department
include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies,
and ensuring compliance with market risk limits and policies.
Foreign currency risk
The Company operates internationally, and a major portion of its business is transacted in several currencies. Consequently, the
Company is exposed to foreign exchange risk through receiving payment for sales and services in the United States of America
and elsewhere and making purchases from overseas suppliers in various foreign currencies. The exchange rate risk primarily
arises from foreign exchange revenue, receivables, cash balances, forecasted cash flows, payables and foreign currency loans
and borrowings. A significant portion of the Company’s revenue is in the US Dollar, the Pound Sterling, the Euro, the Canadian
Dollar and the Australian Dollar, while a large portion of costs are in Indian rupees. The exchange rate between the rupee and
these currencies has fluctuated significantly in recent years and may continue to fluctuate in the future. Appreciation of the
rupee against these currencies can adversely affect the Company’s results of operations.
The Company evaluates exchange rate exposure arising from these transactions and enters foreign currency derivative
instruments to mitigate such exposure. The Company follows established risk management policies, including the use of
derivatives like foreign exchange forward/option contracts to hedge forecasted cash flows denominated in foreign currency.
The Company has designated certain derivative instruments as cash flow hedges to mitigate the foreign exchange exposure of
forecasted highly probable cash flows.
As at March 31, 2022, a ` 1 increase in the spot exchange rate of the Indian rupee with the US dollar would result in approximately
` 3,159 (statement of profit and loss ` 1,366 and other comprehensive income ` 1,793) decrease in the fair value, and a ` 1
decrease would result in approximately ` 3,165 (statement of profit and loss ` 1,366 and other comprehensive income ` 1,799)
increase in the fair value of foreign currency dollar denominated derivative instruments (forward and option contracts).
277 / 490

The below table presents foreign currency risk from non-derivative financial instruments as of March 31, 2022 and 2021:
As at March 31, 2022
Particulars Pound Australian Canadian Other
US $ Euro Total
Sterling Dollar Dollar currencies #
Trade receivables ` 43,029 ` 9,571 ` 10,429 ` 4,677 ` 3,451 ` 6,286 ` 77,443
Unbilled receivables 19,719 3,833 3,480 2,161 819 1,221 31,233
Contract assets 3,992 3,340 3,626 1,194 162 879 13,193
Cash and cash equivalents 6,480 1,024 966 537 1,936 2,084 13,027
Other assets 4,361 3,916 353 265 172 1,304 10,371
Investment in redeemable preference shares of
subsidiary - 15,269 - - - - 15,269
Loans to subsidiaries 18,945 - - - - - 18,945
Lease liabilities (2,776) (1,561) (958) (189) (83) (1,301) (6,868)
Trade payables and other financial liabilities (29,872) (5,449) (5,814) (1,749) (659) (5,140) (48,683)
Net assets/ (liabilities) ` 63,878 ` 29,943 ` 12,082 ` 6,896 ` 5,798 ` 5,333 ` 123,930

Particulars Pound Australian Canadian Other
US $ Euro Total
Trade receivables ` 36,896 ` 9,071 ` 9,446 ` 4,049 ` 1,922 ` 7,488 ` 68,872
Unbilled receivables 8,405 1,647 1,688 797 283 719 13,539
Contract assets 4,719 1,121 2,755 838 102 460 9,995
Cash and cash equivalents 4,609 1,051 2,041 765 1,877 2,437 12,780
Other assets 1,434 1,174 171 209 93 1,027 4,108
Loans to subsidiaries 42,015 - - - - - 42,015
Lease liabilities (3,018) (1,893) (1,575) (202) (117) (1,547) (8,352)
#
Other currencies reflect currencies such as Swiss Franc, UAE Dirhams, Singapore Dollar etc.
As at March 31, 2022 and 2021, respectively, every 1% increase/decrease in the respective foreign currencies compared to
functional currency of the Company would impact results by approximately ` 1,239 and ` 1,041, respectively.
Interest rate risk

Interest rate risk primarily arises from floating rate borrowing, including various revolving and other lines of credit. The Company’s
investments are primarily in short-term investments, which do not expose it to significant interest rate risk. From time to time,
the Company manages its net exposure to interest rate risk relating to borrowings by entering into interest rate swap agreements,
which allows it to exchange periodic payments based on a notional amount and agreed upon fixed and floating interest rates.
Certain borrowings are also transacted at fixed interest rates. If interest rates were to increase by 100 bps as on March 31, 2022,
additional net annual interest expense on floating rate borrowing would amount to approximately ` 767.
Credit risk
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. To manage this,
the Company periodically assesses the credit rating and financial reliability of customers, considering the financial condition,
current economic trends, forward looking macroeconomic information, analysis of historical bad debts and ageing of accounts
receivable. Individual risk limits are set accordingly. No single customer accounted for more than 10% of the accounts receivable
as at March 31, 2022 and 2021, and revenues for the year ended March 31, 2022 and 2021. There is no significant concentration
of credit risk.

278 / 490

Counterparty risk
Counterparty risk encompasses issuer risk on marketable securities, settlement risk on derivative and money market contracts
and credit risk on cash and time deposits. Issuer risk is minimised by only buying securities which are at least AA rated in
India based on Indian rating agencies. Settlement and credit risk is reduced by the policy of entering into transactions with
counterparties that are usually banks or financial institutions with acceptable credit ratings. Exposure to these risks are closely
monitored and maintained within predetermined parameters. There are limits on credit exposure to any financial institution. The
limits are regularly assessed and determined based upon credit analysis including financial statements and capital adequacy
ratio reviews.
Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable
price. The Company’s corporate treasury department is responsible for liquidity and funding as well as settlement management.
In addition, processes and policies related to such risks are overseen by senior management. Management monitors the
Company’s net liquidity position through rolling forecasts based on the expected cash flows. As at March 31, 2022, cash and cash
equivalents are held with major banks and financial institutions.
The table below provides details regarding the remaining contractual maturities of significant financial liabilities at the reporting
date. The amounts include estimated interest payments and exclude the impact of netting agreements, if any.

Interest
Contractual cash flows Less than Beyond Total included in Carrying
1-2 years 2-4 years
1 year 4 years cash flows total value
cash flows
Borrowings ` 78,383 ` 57 ` - ` - ` 78,440 `  (1,649) ` 76,791
Lease liabilities 4,744 3,309 3,251 919 12,223 (973) 11,250
Trade payables 46,851 - - - 46,851 - 46,851
Other financial liabilities 53,714 2 - - 53,716 - 53,716
Derivative liabilities 585 10 38 - 633 - 633

Interest
Contractual cash flows Less than Beyond Total cash included in Carrying
1-2 years 2-4 years
1 year 4 years flows total value
cash flows
Borrowings ` 59,627 ` 84 ` 57 ` - ` 59,768 ` (1,616) `58,152
Lease liabilities 4,400 3,554 3,119 849 11,922 (828) 11,094
Trade payables 41,239 - - - 41,239 - 41,239
Other financial liabilities 22,172 6 1 - 22,179 - 22,179
Derivative liabilities 1,021 - - - 1,021 - 1,021

The balanced view of liquidity and financial indebtedness is stated in the table below. This calculation of the net cash position is
used by the management for external communication with investors, analysts and rating agencies:
As at As at
March 31, 2022 March 31, 2021
Cash and cash equivalents ` 48,981 ` 97,832
Investments - current 240,737 174,952
Borrowings (76,791) (58,152)
` 232,057 ` 256,647
279 / 490

21. Income tax

Income tax expense has been allocated as follows:
March 31, 2022 March 31, 2021
Income tax expense
Current taxes ` 31,941 ` 22,430
Deferred taxes (652) 3,809
Unrealised gains/(losses) on investment securities (724) 225
Gains/(losses) on cash flow hedging derivatives 14 1,013
Remeasurements of the defined benefit plans (3) 116
` 30,576 `  27,593

March 31, 2022 March 31, 2021
Current taxes
Domestic ` 29,240 ` 19,427
Foreign 2,701 3,003
` 31,941 ` 22,430
Deferred taxes
Domestic ` (629) ` 3,904
Foreign (23) (95)
` (652) ` 3,809
` 31,289 ` 26,239

The reconciliation between the provision of income tax and amounts computed by applying the Indian statutory income tax rate
to profit before taxes is as follows:
March 31, 2022 March 31, 2021
Profit before tax ` 152,642 ` 126,848
Enacted income tax rate in India 34.94% 34.94%
Computed expected tax expense ` 53,333 ` 44,321
Effect of:
Income exempt from tax ` (26,993) ` (11,951)
Basis differences that will reverse during a tax holiday period 1,536 (2,396)
Income taxed at higher/ (lower) rates (470) 245
Taxes related to prior years 1,258 (4,677)
Changes in unrecognised deferred tax assets - (1,005)
Expenses disallowed for tax purpose 2,640 1,703
Others, net (15) (1)
Income tax expense ` 31,289 ` 26,239
Effective income tax rate 20.50% 20.69%

280 / 490

The components of deferred tax assets and liabilities are as follows:

As at As at
March 31, 2022 March 31, 2021
Carry-forward losses ` 1,169 ` 548
Trade payables, accrued expenses and other liabilities 4,515 4,380
Allowances for lifetime expected credit loss 2,424 2,890
Others 114 58
`  8,222 ` 7,876
Property, plant and equipment `  (602) (25)
Amortisable goodwill (151) (128)
Interest income and fair value movement of investments (921) (1,608)
Cash flow hedges (466) (452)
Special Economic Zone Re-investment Reserve (5,549) (6,494)
` (7,689) ` (8,707)
Net deferred tax assets / (liabilities) `  533 ` (831)
Amounts presented in the balance sheet
Deferred tax assets `  533 ` 474
Deferred tax liabilities ` - ` 1,305
Movement in deferred tax assets and liabilities
Movement during the year ended March 31, 2022

Credit/(charge) Credit/(charge)
As at in the in Other As at
Particulars
April 1, 2021 Statement of Comprehensive March 31, 2022
Profit and Loss Income
Carry-forward losses ` 548 `  621 `  - `  1,169
Trade payables and other liabilities 4,380 132 3 4,515
Allowances for lifetime expected credit loss 2,890 (466) - 2,424
Cash flow hedges (452) - (14) (466)
Property, plant and equipment (25) (577) - (602)
Amortisable goodwill (128) (23) - (151)
Interest income and fair value movement of
investments (1,608) (37) 724 (921)
Special Economic Zone Re-investment Reserve (6,494) 945 - (5,549)
Others 58 57 - 115
Total ` (831) ` 652 ` 713 ` 534

Particulars
Carry-forward losses ` 201 `   347 ` - ` 548
Trade payables and other liabilities 3,667 829 (116) 4,380
Allowances for lifetime expected credit loss 3,647 (757) - 2,890
Cash flow hedges 561 - (1,013) (452)
Property, plant and equipment 155 (180) - (25)
Amortisable goodwill (99) (29) - (128)
281 / 490

Particulars
investments (643) (740) (225) (1,608)
Minimum alternate tax 3,425 (3,425) - -
Special Economic Zone Re-investment Reserve (6,614) 120 - (6,494)
Others 33 26 (1) 58
Total ` 4,333 `  (3,809) ` (1,355) ` (831)
Deferred taxes on unrealised foreign exchange gain / loss relating to cash flow hedges, fair value movements in investments and
remeasurements of the defined benefit plans are recognised in other comprehensive income and presented within equity. Other
than these, the change in deferred tax assets and liabilities is primarily recorded in the statement of profit and loss.
In assessing the realisability of deferred tax assets, the Company considers the extent to which it is probable that the deferred
tax asset will be realised. The ultimate realisation 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 the expected reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making
this assessment. Based on this, the Company believes that it is probable that the Company will realise the benefits of these
deductible differences. The amount of deferred tax asset considered realisable, however, could be reduced in the near term if the
estimates of future taxable income during the carry-forward period are reduced.
The Company has recognised deferred tax assets of ` 1,169 and ` 548 as at March 31, 2022 and 2021 primarily in respect of
capital loss incurred on account of liquidation of an investment. Management’s projections of future taxable capital gain support
the assumption that it is probable that sufficient taxable income will be available to utilise this deferred tax asset.
We have calculated our domestic tax liability under normal provisions. Accordingly, no deferred tax asset has been recognised
towards MAT in the balance sheet for the years ended March 31, 2022 and 2021. The effective MAT rate is 17.47%. The excess
tax paid under MAT provisions over and above normal tax liability can be carried forward for a period of fifteen years and set-off
against future tax liabilities computed under normal tax provisions.
A substantial portion of the profits of the Company’s India operations are exempt from Indian income taxes being profits
attributable to export operations and profits from units established under Special Economic Zone Act, 2005 scheme. Units in
designated special economic zones providing service on or after April 1, 2005 will be eligible for a deduction of 100 percent of
profits or gains derived from the export of services for the first five years from commencement of provision of services and 50
percent of such profits and gains for a further five years. Certain tax benefits are also available for a further five years. 50% tax
deduction is available for a further five years subject to the unit meeting certain defined conditions. Profits from certain other
undertakings are also eligible for preferential tax treatment. New SEZ units set up on or after April 1, 2021 are not eligible for
aforesaid deduction. The tax holiday period being currently available to the Company expires in various years through fiscal
2034-35. The impact of tax holidays has resulted in a decrease of current tax expense of ` 16,483 and ` 11,458 for the years
ended March 31, 2022 and 2021, respectively, compared to the effective tax amounts that we estimate we would have been
required to pay if these incentives had not been available. The per share effect of these tax incentives for the years ended March
31, 2022 and 2021 was ` 2.95 and ` 2.03, respectively.
Deferred income tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary
differences associated with US branch profit tax where the timing of the reversal of the temporary difference can be controlled
and it is probable that the temporary difference will not reverse in the foreseeable future. Accordingly, deferred income tax
liabilities on branch profit tax @ 15% of the US branch profits have not been recognised. Further, it is not practicable to estimate
the amount of the unrecognised deferred tax liabilities for these undistributed earnings.

282 / 490

22. Revenue from operations

A. Contract Assets and Liabilities
The Company classifies its right to consideration in exchange for deliverables as either a receivable or a contract asset.
A receivable is a right to consideration that is unconditional. A right to consideration is unconditional if only the passage of
time is required before payment of that consideration is due. For example, the Company recognises a receivable for revenues
related to time and materials contracts or volume-based contracts. The Company presents such receivables as part of
unbilled receivables at their net estimated realisable value. The same is tested for impairment as per the guidance in Ind AS
109 using expected credit loss method.
Contract assets: During the years ended March 31, 2022 and 2021, ` 9,978 and ` 11,451 of contract assets pertaining to
fixed-price development contracts have been reclassified to receivables on completion of milestones.
Contract liabilities: During the years ended March 31, 2022 and 2021, the Company recognised revenue of ` 15,150 and
` 11,978 arising from contract liabilities as at March 31, 2021 and 2020 respectively.
Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting
period.
B. Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognised,
which includes contract liabilities and amounts that will be invoiced and recognised as revenue in future periods. Applying the
practical expedient, the Company has not disclosed its right to consideration from customers in an amount that corresponds
directly with the value to the customer of the Company’s performance completed to date, which are contracts invoiced on
time and material basis and volume based.
As at March 31, 2022 and 2021, the aggregate amount of transaction price allocated to remaining performance obligations,
other than those meeting the exclusion criteria above, were ` 171,136 and ` 224,746, respectively of which approximately
70% and 71%, respectively is expected to be recognised as revenues within two years, and the remainder thereafter. This
includes contracts, with a substantive enforceable termination penalty if the contract is terminated without cause by the
customer, based on an overall assessment of the contract carried out at the time of inception. Historically, customers have
not terminated contracts without cause.
C. Disaggregation of Revenue
The tables below present disaggregated revenue from contracts with customers by business segment 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
Revenue by business segment

March 31, 2022 March 31, 2021
Rendering of services ` 590,956 `  496,434
Sale of products 4,788 6,560
`  595,744 `  502,994
Revenue by nature of contract

March 31, 2022 March 31, 2021
Fixed price and volume based `  359,322 ` 301,694
Time and material 231,634 194,740
Products 4,788 6,560
` 595,744 ` 502,994
283 / 490

23. Other income

March 31, 2022 March 31, 2021
Interest income ` 12,934 ` 17,935
Dividend income 28,539 45
Net gain from investments classified as FVTPL 1,205 1,475
Net gain from investments classified as FVTOCI 386 988
Finance and other income 43,064 20,443
Foreign exchange gain / (loss), net on financial instruments measured at FVTPL 2,058 3,594
Other foreign exchange differences, net 1,939 (208)
Foreign exchange gain / (loss), net 3,997 3,386
` 47,061 ` 23,829
24. Changes in inventories of finished goods and stock-in-trade

March 31, 2022 March 31, 2021
Opening Stock
Finished goods ` 3 ` 3
Stock-in-trade 780 1,125
` 783 ` 1,128
Less: Closing Stock
Finished goods ` - ` 3
Stock-in-trade 847 780
` 847 ` 783
Decrease / (Increase) ` (64) ` 345
25. Employee benefits

March 31, 2022 March 31, 2021
a) Employee costs includes
Salaries and bonus ` 301,032 ` 253,424
Share-based compensation* 3,706 2,814
` 315,424 ` 264,673
* Includes ` 54 and ` 587 for the year ended March 31, 2022 and 2021 towards cash settled ADS RSUs.
Remeasurements of the defined benefit plans, net recognised in other comprehensive income include:
March 31, 2022 March 31, 2021
Remeasurements of the defined benefit plans, net
Return on plan assets excluding interest income - (gain) / loss ` (263) ` (573)
Actuarial (gains) / loss arising from financial assumptions (120) 249
Actuarial (gains) / loss arising from demographic assumptions (576) 91
Actuarial (gains) / loss arising from experience adjustments 971 (329)
` 12 ` (562)

284 / 490

b) Gratuity and foreign pension:

Defined benefit plans include gratuity for employees drawing salary in Indian rupees, pension and certain benefits plans in
foreign jurisdictions. Amount recognised in the statement of profit and loss in respect of defined benefit plans is as follows:

March 31, 2022 March 31, 2021
Current service cost ` 2,028 ` 1,713
Net interest on net defined benefit liability / (asset) (31) 66
Net gratuity cost / (benefit) ` 1,997 ` 1,779
Actual return on plan assets ` 920 ` 1,096
Change in present value of defined benefit obligation is summarised below:

As at As at
March 31, 2022 March 31, 2021
Defined benefit obligation at the beginning of the year ` 11,747 ` 10,341
Current service cost 2,028 1,713
Interest on obligation 625 589
Benefits paid (2,108) (910)
Remeasurement (gains) / loss
Actuarial (gains) / loss arising from financial assumptions (120) 249
Actuarial (gains) / loss arising from demographic assumptions (576) 91
Actuarial (gains) / loss arising from experience adjustments 971 (329)
Defined benefit obligation at the end of the year ` 12,578 ` 11,747
Change in plan assets is summarised below:

As at As at
March 31, 2022 March 31, 2021
Fair value of plan assets at the beginning of the year ` 12,021 ` 9,092
Expected return on plan assets 657 523
Employer contributions 567 1,832
Benefits paid (7) (5)
Remeasurement gains / (loss)
Return on plan assets excluding interest income - gain / (loss) 263 573
Fair value of plan assets at the end of the year ` 13,504 ` 12,021
Present value of unfunded obligation ` 926 ` 274
Recognised asset ` 926 ` 274
As at March 31, 2022 and 2021, plan assets were primarily invested in insurer managed funds.
The Company has established an income tax approved irrevocable trust fund to which it regularly contributes to finance the
liabilities of the gratuity plan. The fund’s investments are managed by certain insurance companies as per the selection made by
the trustees among the fund plan available.
285 / 490

The principal assumptions used for the purpose of actuarial valuation of these defined benefit plans are as follows:
As at As at
March 31, 2022 March 31, 2021
Discount rate 5.54% 5.31%
Expected return on plan assets 5.54% 5.31%
Expected rate of salary increase 7.52% 7.41%
Duration of defined benefit obligations 5 years 7 years
The expected return on plan assets is based on expectation of the average long-term rate of return expected on investments of
the fund during the estimated term of the obligations.
The discount rate is primarily based on the prevailing market yields of Indian government securities for the estimated term of
the obligations. The estimates of future salary increase considered takes into account the inflation, seniority, promotion and
other relevant factors. Attrition rate considered is the management’s estimate, based on previous years’ employee turnover of
the Company.
The expected future contribution and estimated future benefit payments from the fund are as follows:
Expected contribution to the fund during the year ending March 31, 2023 `  1,311
Estimated benefit payments from the fund for the year ending March 31:
2023 `  2,260
2024 1,651
2025 1,651
2026 1,651
2027 1,651
Thereafter 8,424
Total ` 17,288
The expected benefits are based on the same assumptions used to measure the Company’s benefit obligations as at
March 31, 2022.
Sensitivity for significant actuarial assumptions is computed to show the movement in defined benefit obligation by 1 percentage.
As at March 31, 2022, every 1 percentage point increase / (decrease) in discount rate will result in (decrease) / increase of gratuity
benefit obligation by approximately ` (730) and ` 634, respectively.
As at March 31, 2022 every 1 percentage point increase / (decrease) in expected rate of salary will result in increase / (decrease)
of gratuity benefit obligation by approximately ` 558 and ` (536), respectively.
The sensitivity analysis to significant actuarial assumptions may not be representative of the actual change in the defined
benefit obligations as the change in assumptions may not occur in isolation since some of the assumptions may be correlated.
Furthermore, in presenting the sensitivity analysis, the present value of the defined benefit obligations has been calculated using
the Projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined
benefit obligation liability recognised in the statement of financial position.
c) Provident fund:
The details of fund and plan assets are given below:
As at As at
March 31, 2022 March 31, 2021
Fair value of plan assets ` 76,573 ` 71,196
Present value of defined benefit obligation 76,573 71,196
Net shortfall ` - ` -
The total expense for the year ended March 31, 2022 and 2021 is ` 3,578 and ` 2,833 respectively.
The plan assets have been invested as per the regulations of Employees’ Provident Fund Organisation (EPFO).

286 / 490

The principal assumptions used in determining the present value obligation of interest guarantee under the deterministic
approach are as follows:
As at As at
March 31, 2022 March 31, 2021
Discount rate for the term of the obligation 5.85% 5.80%
Average remaining tenure of investment portfolio 6 years 6 years
Guaranteed rate of return 8.10% 8.50%
d) Defined contribution plans:

26. Finance costs

March 31, 2022 March 31, 2021
Interest expense ` 3,674 ` 3,235
Exchange fluctuation on foreign currency borrowings, net - 791
` 3,674 ` 4,026
27. Other Expenses

March 31, 2022 March 31, 2021
Rates, taxes and insurance ` 2,690 ` 2,116
Lifetime expected credit loss / (write-back) (1,036) 1,149
Provision for diminution in value of investments in subsidiaries - (2,875)
Auditors’ remuneration
Audit fees 86 73
For taxation matters - 1
Other Services 19 13
Out of pocket expenses 7 2
Miscellaneous expenses * 6,898 3,487
` 8,664 ` 3,966
* Miscellaneous expenses for the year ended March 31, 2021 include an amount of ` 991 towards COVID-19 contributions.
28. Earnings per equity share

A reconciliation of profit for the year and equity shares used in the computation of basic and diluted earnings per equity share is
set out below:
Basic: Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding during the year, excluding equity shares purchased by the Company and
held as treasury shares.
March 31, 2022 March 31, 2021
Profit attributable to equity holders of the Company ` 121,353 ` 100,609
Basic earnings per share `  22.20 `  17.81
Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity shares outstanding during
the year for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity
shares for the Company.
287 / 490

The calculation is performed in respect of share options to determine the number of shares that could have been acquired at
fair value (determined as the average market price of the Company’s shares during the year). The number of shares calculated as
above is compared with the number of shares that would have been issued assuming the exercise of the share options.
March 31, 2022 March 31, 2021
Profit attributable to equity holders of the Company ` 121,353 ` 100,609
Diluted earnings per share ` 22.14 ` 17.77
29. Dividends and Buyback of equity shares

The Company declares and pays dividends in Indian rupees. According to the Companies Act, 2013 any dividend should be
declared out of accumulated distributable profits. A Company may, before the declaration of any dividend, transfer a percentage
of its profits for that financial year as it may consider appropriate to the reserves.
The cash dividends paid per equity share were ` 1 and ` 1, during the year ended March 31, 2022 and 2021, respectively, including
an interim dividend of ` 1 and ` 1 for the year ended March 31, 2022 and 2021, respectively.
The Board of Directors in their meeting held on March 25, 2022, declared an interim dividend of ` 5/- (US$ 0.07) per equity share
and ADR (250% on an equity share of par value of ` 2/-). Consequently, the Company has recorded a liability of ` 27,410 as at
March 31, 2022 and this has been paid subsequently on April 19, 2022.
During the year ended March 31, 2021, the Company concluded the buyback of 237,500,000 equity shares as approved by
the Board of Directors on October 13, 2020. This has resulted in a total cash outflow of ` 116,445 (including tax on buyback of
` 21,445). In line with the requirement of the Companies Act 2013, an amount of ` 1,427 and ` 115,018 has been utilised from
securities premium and retained earnings respectively. Further, capital redemption reserve of ` 475 (representing the nominal
value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buyback,
the paid-up equity share capital has reduced by ` 475.
30. Additional capital disclosures

The key objective of the Company’s capital management is to ensure that it maintains a stable capital structure with the focus
on total equity to uphold investor, creditor, and customer confidence and to ensure future development of its business. The
Company’s focus is on keeping a strong total equity base to ensure independence, security, as well as a high financial flexibility
for potential future borrowings, if required without impacting the risk profile of the Company.
The Company’s goal is to continue to be able to return excess liquidity to shareholders by continuing to distribute annual dividends
in future periods.
The amount of future dividends / buyback of equity shares will be balanced with efforts to continue to maintain an adequate
liquidity status.
The capital structure as of March 31, 2022 and 2021 was as follows:
As at As at
% Change
March 31, 2022 March 31, 2021
Total equity (A) ` 543,507 ` 452,416 20.13%
As percentage of total capital 86.06% 86.73%
Current borrowings ` 76,734 ` 58,011
Non-current borrowings 57 141
Lease Liabilities 11,250 11,094
Total borrowings and lease liabilities (B) ` 88,041 ` 69,246 27.14%
As percentage of total capital 13.94% 13.27%
Total capital (A) + (B) ` 631,548 ` 521,662 21.06%

288 / 490

31. Employee stock option

The stock compensation expense recognised for employee services received during the year ended year ended March 31, 2022
and March 31, 2021 were ` 3,706 and ` 2,814, respectively.
Wipro Equity Reward Trust (“WERT”)

In 1984, the Company established a controlled trust called the Wipro Equity Reward Trust (“WERT”). In the earlier years, WERT
purchased shares of the Company out of funds borrowed from the Company. The Company’s Board Governance, Nomination
and Compensation Committee recommends to WERT certain officers and key employees, to whom WERT issues shares from its
holdings at nominal price subject to vesting conditions.
Wipro Employee Stock Option Plans and Restricted Stock Unit Option Plans
A summary of the general terms of grants under stock option plans and restricted stock unit option plans are as follows:
Number of options Range of
Name of Plan reserved under the plan exercise price
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan) * 59,797,979 US $ 0.03
Wipro employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan) * 59,797,979 `2
Wipro employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) * 49,831,651 `2
Wipro Equity Reward Trust Employee Stock Purchase Plan, 2013 ** 39,546,197 `2
Employees covered under Stock Option Plans and Restricted Stock Unit (“RSU”) Option Plans (collectively “Stock Option
Plans”) are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements
of vesting conditions. These options generally vest in tranches over a period of one to four years from the date of grant. Upon
vesting, the employees can acquire one equity share for every option.
* The maximum contractual term for these Stock Option Plans and RSU Option Plans is perpetual until the options are available for grant under the plan.
** The maximum contractual term for these Stock Option Plans is up to May 29, 2023 until the options are available for grant under the plan.
The activity in equity-settled stock option plans and restricted stock unit option plan is summarised below:
Range of exercise Number of options
price and Weighted
average exercise Year ended Year ended
price March 31, 2022 March 31, 2021
` 2 15,831,948 15,594,190

Outstanding at the beginning of the year
US $ 0.03 10,822,476 7,854,540
` 2 2,500,481 6,275,290
Granted *
US $ 0.03 10,470,026 5,033,648
Adjustment of Performance based stock options on completion ` 2 608,435 (1,291,500)
of performance measurement period US $ 0.03 570,076 (1,021,560)
` 2 (4,712,311) (3,356,199)
Exercised
US $ 0.03 (2,930,735) (3,269,832)
` 2 - -
Modification **
US $ 0.03 - 3,453,015
` 2 (1,985,881) (1,389,833)
Forfeited and expired
US $ 0.03 (1,419,941) (1,227,335)
` 2 12,242,672 15,831,948
Outstanding at the end of the year
US $ 0.03 17,511,902 10,822,476
` 2 2,478,568 2,679,538
Exercisable at the end of the year
US $ 0.03 1,072,118 465,603
289 / 490

The activity in cash-settled stock option plans and restricted stock unit option plans is summarised below:
Number of options
March 31, 2022 March 31, 2021
Outstanding at the beginning of the year 78,199 4,721,388

Modification ** - (3,453,015)
Exercised (46,133) (845,066)
Forfeited and expired (7,466) (345,108)
Outstanding at the end of the year 24,600 78,199
Exercisable at the end of the year 2,800 23,999
The following table summarises information about outstanding stock options:

2022 2021
Range of exercise price and Weighted Weighted average Weighted average
average exercise price Number of options remaining life Number of options remaining life
(months) (months)
`2 12,242,672 13 15,831,948 18

US $ 0.03 17,511,902 20 10,822,476 19
* Includes 1,135,949 and 2,969,860 Performance based stock options (RSU) granted during the year ended March 31, 2022 and 2021, respectively.
2,941,546 and 2,376,980 Performance based stock options (ADS) granted during the year ended March 31, 2022 and 2021, respectively. Performance
based stock options (RSU) were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and Performance based stock options
(ADS) were issued under Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan). Such performance based stock options will vest based on the perfor-
mance parameters of the Company.
** Restricted Stock Units arrangements that were modified during the year ended March 31, 2021
Pursuant to the SEBI clarification dated December 18, 2020 the restriction under SEBI’s circular dated October 10, 2019 “Framework of Depository
Receipts” shall not apply in case of issue of Depository Receipts to Non-resident Indians (“NRIs”), pursuant to share based employee benefit schemes
which are implemented by a company in terms of SEBI (Share Based Employee Benefits) Regulations 2014, the Board Governance, Nomination and
Compensation Committee approved in January 2021, allotment of underlying equity shares in respect of ADSs to be issued and allocated to NRI employees
upon exercise of vested ADS RSU under the Company’s WARSUP 2004 Plan. This change was accounted as a modification and the fair value on the date of
modification was determined based on prevailing market price and accordingly an amount of ` 739 has been recognised as equity with a corresponding
adjustment to financial liability.
The weighted-average grant-date fair value of options granted during the year ended March 31, 2022, and 2021 was ` 603.47
and ` 354.78 for each option, respectively. The weighted average share price of options exercised during the year ended March
31, 2022 and 2021 was ` 604.47 and ` 354.45 for each option, respectively.
The carrying value of liability towards Cash Settled ADS RSU’s outstanding was ` 20 (including ` 2 towards exercisable units)
and ` 31 (including ` 11 towards exercisable units) as at March 31, 2022 and 2021, respectively.
32. Related party relationship and transactions

List of subsidiaries and associates as of March 31, 2022 are provided in the table below:
Country of
Incorporation
Wipro, LLC USA
Wipro Opus Risk Solutions LLC
(formerly known as Wipro Opus Mortgage USA
Solutions LLC)

290 / 490

Country of
Incorporation
HealthPlan Services, Inc. ** USA
Wipro Appirio, Inc.** USA
International TechneGroup Incorporated ** USA
Wipro Designit Services, Inc.** USA
Cardinal US Holdings, Inc** USA
LeanSwift Solutions, Inc** USA
Edgile, LLC USA
Wipro Overseas IT Services Private
India
Limited
Wipro Trademarks Holding Limited India
Wipro Holdings (UK) Limited U.K.
Wipro Europe Limited U.K.
Wipro UK Limited U.K.
Wipro Financial Services UK Limited U.K.

Sultanate of
Wipro Gulf LLC
Oman
Wipro 4C NV Belgium
Wipro 4C Nederland B.V (formerly known as
Netherlands
4C Nederland B.V)
Wipro Weare4C UK Limited ** U.K.
Wipro IT Services UK Societas U.K.
Wipro Doha LLC # Qatar
Wipro Holdings Hungary Korlátolt
Hungary
Wipro Holdings Investment
Hungary
Korlátolt Felelősségű Társaság
291 / 490

Country of
Incorporation
Wipro Information Technology Egypt
Egypt
SAE
Wipro Arabia Co. Limited * Saudi Arabia
Women’s Business Park Technologies
Saudi Arabia
Limited *
Wipro Technologies Australia Pty
Australia
Ltd
Ampion Holdings Pty Ltd** Australia
Wipro Technologies South Africa
South Africa
Wipro Information Technology
Netherlands
Netherlands BV.
Wipro Portugal S.A. ** Portugal
Wipro Information Technology Kazakhstan
Kazakhstan
LLP
Wipro Outsourcing Services (Ireland)
Ireland
Limited
Wipro do Brasil Technologia Ltda ** Brazil
Cardinal Foreign Holdings 2 S.á.r.l ** Luxembourg
Wipro IT Services Bangladesh
Bangladesh
Limited
Wipro HR Services India Private
India
Limited
Encore Theme Technologies
India
Private Limited *

292 / 490

Country of
Incorporation

Private Limited (Formerly known
India
as Eximius Design India Private
Limited)
Capco Technologies Private
India
Limited
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the equity securities of Encore Theme
Technologies Private Limited, 66.67% of the equity securities of Wipro Arabia Co. Limited and 55% of the equity securities of Women’s Business Park
Technologies Limited are held by Wipro Arabia Co. Limited.
The remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain
regulatory approvals/confirmations.
# 51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in these holdings is with the Company.
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.
** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc, International TechneGroup Incorporated,
Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc, Cardinal Foreign Holdings 2 S.á.r.l, Ampion
Holdings Pty Ltd, and LeanSwift Solutions, Inc are as follows:
Country of
Incorporation
Wipro Business Solutions GmbH
Germany
(formerly known as Metro-nom GmbH)***
Wipro do Brasil Technologia Ltda Brazil
Wipro Do Brasil Sistemetas De
Brazil
Informatica Ltd
HealthPlan Services Insurance
USA
Agency, LLC
International TechneGroup
USA
Incorporated
International TechneGroup Ltd. U.K.
Wipro Italia S.R.L. (formerly known
as International TechneGroup Italy
S.R.L.)
Wipro Appirio, K.K. (formerly known
Japan
as Appirio, K.K)
Topcoder, LLC. USA
Wipro Appirio UK Limited U.K.
293 / 490

Wipro Weare4C UK Limited U.K.

CloudSocius DMCC UAE
Cardinal Foreign Holdings 2 S.á.r.l Luxembourg
The Capital Markets Company BV*** Belgium
Capco Brasil Serviços E Consultoria Em
Brazil
Informática Ltda
The Capital Markets Company LLC USA
CAPCO (US) LLC USA
NEOS LLC USA
Iris Holdco Pty Ltd*** Australia
LeanSwift AB Sweden
*** Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom
GmbH) and Iris Holdco Pty Ltd are as follows:
Country of
Incorporation
The Capital Markets Company BV Belgium
The Capital Markets Company (UK)
UK
Ltd
The Capital Markets Company
Canada
Limited
Capco (US) GP LLC**** USA
Hong Kong
Limited
Capco Consulting Services (Guangzhou)
China
Company Limited
The Capital Markets Company s.r.o Slovakia
The Capital Markets Company S.A.S France
The Capital Markets Company S.á.r.l Switzerland
Capco Consulting Singapore Pte.
Singapore
Ltd

294 / 490


Germany
GmbH
Capco Consultancy (Malaysia) Sdn.
Malaysia
Bhd
(formerly known as Metro-nom Germany
GmbH)
Wipro Technology Solutions S.R.L

(formerly known as Metro Systems Romania
Romania S.R.L)
**** Step Subsidiary details of Capco (US) GP LLC is as follows:
Country of
Incorporation
As at March 31, 2022, Wipro, LLC held 43.7% interest in Drivestream Inc, accounted for using the equity method.
The list of controlled trusts are:

Capco (Canada) LP@ Canada
@
The other related parties are:
Name of the related parties Nature

Azim Premji Foundation Entity controlled by Promoters
Azim Premji Foundation for Development Entity controlled by Promoters
Hasham Traders Entity controlled by Promoters
Prazim Traders Entity controlled by Promoters
Zash Traders Entity controlled by Promoters
Hasham Investment and Trading Co. Pvt. Ltd Entity controlled by Promoters
Azim Premji Philanthropic Initiatives Pvt. Ltd Entity controlled by Promoters
Azim Premji Trust Entity controlled by Promoters
Wipro Enterprises (P) Limited Entity controlled by Promoters
Joint Venture between Wipro Enterprises (P) Limited and General
Wipro GE Healthcare Private Limited
Electric
Key management personnel
Rishad A. Premji Chairman of the board (designated as “Executive chairman”)
Thierry Delaporte Chief Executive Officer and Managing Director
Non-Executive non-Independent director (designated as “Founder
Azim H. Premji
Chairman”) (1)
295 / 490

Name of the related parties Nature

William Arthur Owens Independent Director
M.K. Sharma Independent Director (2)
Ireena Vittal Independent Director
Dr. Patrick J. Ennis Independent Director
Patrick Dupuis Independent Director
Deepak M. Satwalekar Independent Director
Tulsi Naidu Independent Director (3)
Jatin Pravinchandra Dalal Chief Financial Officer
M. Sanaulla Khan Company Secretary
(1)
Mr. Azim H. Premji is the ultimate controlling party.
(2)
Mr. M.K. Sharma retired as Independent Director with effect from close of business hours on June 30, 2021.
(3)
Ms. Tulsi Naidu was appointed as Independent Director with effect from July 1, 2021 for a term of five years
Relatives of key management personnel:

- Yasmeen A. Premji
- Tariq A. Premji
The Company has the following related party transactions for the year ended March 31, 2022 and 2021:
Entities controlled by Key Management

Subsidiaries/ Trusts
Transactions / balances Promoters Personnel(1)
2022 2021 2022 2021 2022 2021
Sales of goods and services ` 74,696 ` 63,938 ` 182 ` 171 ` - ` -
Purchase of services 42,064 25,452 - 1 - -
Assets purchased - - 158 423 - -
Dividend paid - 19 3,760 3,760 244 242
Dividend received 28,500 - - - - -
Commission paid 1,853 1,489 - - - -
Rent Paid 186 162 2 2 8 7
Rental Income 160 223 3 50 - -
Loans given to subsidiaries 180 32,630 - - - -
Loans repaid by Subsidiaries 24,390 - - - - -
Investment in redeemable preference shares 15,269 - - - - -
Others 936 4,165 49 44 - -
Buyback of shares - - - 91,562 - -
Interest Income 370 133 - -
Corporate guarantee commission 265 165 - -
Key management personnel (2)
Remuneration and short-term benefits ` - ` - ` - ` - ` 823 ` 761
Other benefits - - - - 386 231
Balance as at the year end
Receivables(3) ` 17,006 ` 11,690 ` 198 ` 229 ` - ` -
Payables 8,120 5,945 - - 295 334
(1)
Includes relative of key management personnel.
(2)
Post-employment benefits comprising compensated absences is not disclosed, as this is determined for the Company as a whole. Other benefits include
` 368 and ` 219 for the year ended March 31, 2022 and 2021, respectively towards amortization of Restricted Stock Units (“RSUs”) granted to them which
vest over a period of time. This also includes RSU’s that will vest based on performance parameters of the Company.
(3)
Includes the following balances being in the nature of loans given to subsidiaries of the Company including interest accrued, where applicable and in-
ter-corporate deposits with subsidiary.

296 / 490

Loan outstanding from subsidiaries:
Balance Maximum amount

Name of the entity As at March 31, due during the year
2022 2021 2022 2021
Wipro, LLC ` 18,945 ` 42,015 ` 42,551 ` 42,015
Eximius Design India Private Limited 185 - 185 -
The following are the significant related party transactions during the year ended March 31, 2022 and 2021:
March 31, 2022 March 31, 2021
Sale of services
Wipro, LLC ` 50,593 ` 45,355
Wipro Solutions Canada Limited 4,167 2,785
Wipro Arabia Co. Limited 2,474 1,715
Wipro Technologies Gmbh 2,306 1,933
Wipro Networks Pte Limited 2,022 1,703
Wipro Gallagher Solutions, LLC 1,632 1,474
Wipro Japan KK 1,437 1,132
Wipro Holdings (UK) Limited 1,100 1,078
HealthPlan Services, Inc. 1,074 657
Wipro IT Services Bangladesh Limited 890 587
Wipro Technologies SA DE CV 699 570
Wipro Technologies Australia Pty Ltd 691 736
Infocrossing, LLC 618 281
Wipro Appirio, Inc. 586 507
Wipro Technologies South Africa (Proprietary) Limited 493 501
PT. WT Indonesia 445 291
Wipro Doha LLC 399 389
Wipro Information Technology Netherlands BV. 333 425
Purchase of services
Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) ` 5,717 ` -
Wipro Technologies Gmbh 5,643 3,729
Wipro Appirio, Inc. 4,616 3,779
Wipro, LLC 3,451 2,699
Wipro Philippines, Inc. 3,103 2,849
Wipro Technologies SA DE CV 2,851 2,260
Wipro Technologies SRL 2,572 2,255
Wipro Technology Solutions S.R.L (formerly known as Metro Systems Romania S.R.L) 1,789 -
Wipro IT Services Poland SP Z.O.O 1,768 1,829
Wipro do Brasil Technologia Ltda 1,448 1,198
Wipro Portugal S.A. 1,342 771
Wipro VLSI Design Services India Private Limited (Formerly known as Eximius Design
1,223 25
India Private Limited)
Wipro Chengdu Limited 1,221 537
Wipro (Dalian) Limited 574 504
297 / 490


March 31, 2022 March 31, 2021
Wipro Technologies Australia Pty Ltd 524 287
Wipro Appirio UK Limited 499 506
Designit Denmark A/S 449 211
Wipro Networks Pte Limited 446 319
Wipro Weare4C UK Limited 272 30
HealthPlan Services, Inc. 268 247
Wipro Designit Services, Inc. 255 64
Asset purchased/capitalised
Wipro Enterprises (P) Limited ` 158 ` 419
Dividend paid
Zash Traders ` 1,136 ` 1,136
Prazim Traders 1,120 1,120
Hasham Traders 929 929
Azim Premji Trust 559 559
Commission paid
Wipro Technologies Gmbh ` 1,230 ` 790
Wipro Japan KK 602 678
Rent paid
Wipro Holdings (UK) Limited ` 68 ` 57
Wipro, LLC 43 41
Wipro Technologies Australia Pty Ltd 32 -
Wipro Japan KK 24 -
Designit Oslo A/S 11 -
Buyback of shares
Azim Premji Trust ` - ` 79,489
Hasham Traders - 4,000
Prazim Traders - 3,000
Zash Traders - 3,000
Azim Premji Philanthropic Initiatives Pvt. Ltd - 2,073
Azim H. Premji - -
Rental income
Wipro, LLC ` 135 ` 182
Designit Denmark A/S 5 29
Wipro Enterprises (P) Limited 3 44
Remuneration paid to key management personnel

Azim H. Premji* ` 10 ` 8
Rishad A. Premji 138 118

298 / 490


March 31, 2022 March 31, 2021
Thierry Delaporte 798 644
Abidali Z. Neemuchwala - 23
Jatin Pravinchandra Dalal 120 75
M. Sanaulla Khan 28 20
Corporate guarantee commission
Wipro IT Services, LLC ` 114 ` -
Wipro, LLC 86 96
Wipro Solutions Canada Limited 44 43
Wipro Technologies GmbH 9 9
Wipro Technologies Australia Pty Ltd 7 -
Wipro Arabia Co. Limited - 8
All related party transactions were entered at an arm’s length basis and in the ordinary course of business. There are no materially
significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel, which may have
a potential conflict with the interests of the Company at large.
33. Analytical Ratios

Measured March 31, March 31,
Ratio Numerator Denominator Variance
In 2022 2021
Current ratio times Current assets Current liabilities 2.23 2.50 -10.8%
Debt-equity ratio times Debt (1)
Total equity 0.16 0.15 6.7%
Debt service coverage ratio times Earnings available for Debt service(3) 1.46 1.17 24.8%
debt service(2)
Return on Equity % Profit for the period Average total equity 24.37% 21.94% 11.1%
Inventory turnover ratio times Sale of products Average inventory 5.36 4.95 8.3%
Trade receivable turnover ratio times Revenue from operations Average trade receivables 6.75 5.57 21.2%
Trade payables turnover ratio(5) times Purchase of technical ser- Average trade payables 3.57 2.81 27.0%
vices, software licenses
and other expenses
Net capital turnover ratio times Revenue from operations Average working capital 2.13 1.78 19.7%
Net profit ratio % Profit for the period Revenue from operations 20.37% 20.00% 1.9%
Return on capital employed % Earnings before interest Capital employed(4) 25.01% 25.37% -1.4%
and tax
Return on investment % Income generated from Time weighted average 5.19% 6.79% -23.6%
investments investments
(1)
Debt consists of borrowings and lease liabilities.
Profit for the period adjusted for non-cash operating expenses, finance cost and other expenses like provision for diminution in value of investments
(2)
in subsidiaries, gain on sale of fixed assets.

(3)
Debt Service consists of repayment of borrowings, lease liabilities and interest and finance costs paid.
(4)
Capital Employed consists of tangible net worth, borrowings, lease liabilities and deferred tax liabilities.
(5)
Improvement in the Trade Payables turnover ratio is due to better vendor payment cycle.
299 / 490

34. Commitments and contingencies

Capital commitments: As at March 31, 2022 and March 31, 2021 the Company had committed to spend approximately ` 10,502 and
` 6,949, respectively, under agreements to purchase/construct property and equipment. These amounts are net of capital
advances paid in respect of these purchases.
Contingent liabilities to the extent not provided for:

As at As at
March 31, 2022 March 31, 2021
Guarantees given by the banks on behalf of the Company ` 12,536 ` 13,032
Guarantees given by the Company on behalf of subsidiaries 59,677 9
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, 2018. 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 de-
mand 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 Supreme Court of India.
Other claims relate to disallowance of tax benefits on profits earned from Software Technology Park and Special Economic Zone
units, capitalisation of research and development expenses, transfer pricing adjustments on intercompany/interunit transac-
tions and other issues.
Income tax claims against the Company amounting to ` 92,388 and ` 80,032 are not acknowledged as debt as at March 31, 2022
and March 31, 2021, 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 `
12,092 and ` 11,413 as of March 31, 2022 and March 31, 2021, 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.
The Hon’ble Supreme Court of India, through a ruling in February 2019, provided interpretation on the components of Salary on
which the Company and its employees are to contribute towards Provident Fund under the Employee’s Provident Fund Act. Based
on the current evaluation, the Company believes it is not probable that certain components of Salary paid by the Company will
be subject to contribution towards Provident Fund due to the Supreme Court order. The Company will continue to monitor and
evaluate its position based on future events and developments.
35. Corporate social responsibility

a. Gross amount required to be spent by the Company is ` 1,832 and ` 1,656 for the year ended March 31, 2022 and March 31, 2021,
respectively.
b. Amount spent during the year on:
For the year ended March 31, 2022

Yet to be paid in
In Cash Total
Cash
(i) Construction/acquisition of any asset ` - ` - ` -
(ii) On purposes other than above (i) above* 2,184 32 2,216
Total amount spent during the year ` 2,184 ` 32 ` 2,216

300 / 490

For the year ended March 31, 2021

Yet to be paid
In Cash Total
in Cash
(i) Construction/acquisition of any asset ` - ` - ` -
(ii) On purposes other than above (i) above* 2,435 77 2,512
Total amount spent during the year ` 2,435 ` 77 ` 2,512
*Includes contribution of ` 166 and ` 582, to Wipro Foundation a trust controlled by the Company for the year ended March 31, 2022 and 2021, respectively.
There is no shortfall out of the amount required to be spent by the Company during the year ended March 31, 2022 and 2021.
The nature of corporate social responsibility activities undertaken by the Company for the year ended March 31, 2022 and 2021
includes education, sustainability initiatives, rural development, protection of national heritage, art and culture, healthcare and
COVID-19 infrastructure.
36. Segment information

The Company publishes these standalone financial statements along with the consolidated financial statements. In accordance
with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial
statements.
37. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social
Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under active consideration by
the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund
contributions by the Company and its Indian subsidiaries is not expected to be material, whereas, the likely additional impact
on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its Indian
subsidiaries will complete their evaluation once the subject rules are notified and will give appropriate impact in the standalone
financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact
are published.
38. In April 2021, the Company completed the acquisition of Capco Technologies Private Limited for an upfront cash consideration of
` 2,713.
39. In June 2021, the Company acquired 100% shareholding in Wipro Philippines, Inc. from a wholly owned subsidiary, for an upfront
cash consideration of ` 47,299.
40. Events after the reporting period

On May 20, 2022, as part of acquisition of Rizing Intermediate Holdings, Inc and its subsidiaries by a wholly owned step-
down subsidiary, the Company acquired 100% equity interest in Attune Consulting India Private Limited for an upfront cash
consideration of ` 121.


Bengaluru
June 8, 2022
301 / 490
Consolidated financial statements under Ind AS

To The Members of Wipro Limited Revenue from fixed price contracts using
Report on the Audit of the Consolidated Financial Statements the percentage of completion method -
Opinion Refer Notes 2 (iii)(a), 3(xiv)B and 22 to the
financial statements.
We have audited the accompanying consolidated financial
statements of Wipro Limited (“the Company”) and its subsidiaries, Key Audit Matter Description
(the Company and its subsidiaries together referred to as “the Revenue from fixed-price contracts, including software
Group”), which comprise the Consolidated Balance Sheet as at development, and integration contracts, where the performance
March 31, 2022, and the Consolidated Statement of Profit and obligations are satisfied over time, is recognized using the
Loss (including Other Comprehensive Income), the Consolidated percentage-of-completion method.
Statement of Changes in Equity and the Consolidated Statement
of Cash Flows for the year then ended, and a summary of significant Use of the percentage-of-completion method requires the
accounting policies and other explanatory information (herein Company to determine the project costs incurred to date as a
after referred to as “the Consolidated Financial Statements”). percentage of total estimated project costs at completion. The
estimation of total project costs involves significant judgement
In our opinion and to the best of our information and according and is assessed throughout the period of the contract to reflect
to the explanations given to us, the aforesaid Consolidated any changes based on the latest available information. In
Financial Statements give the information required by the addition, provisions for estimated losses, if any, on uncompleted
Companies Act, 2013 (“the Act”) in the manner so required and contracts are recorded in the period in which such losses become
give a true and fair view in conformity with the Indian Accounting probable based on the total estimated project costs.
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as We identified the revenue recognition for fixed price contracts
amended (‘Ind AS’), and other accounting principles generally where the percentage-of-completion method is used as a key
accepted in India, of the consolidated state of affairs of the Group audit matter because of the significant judgement involved in
as at March 31, 2022, and it’s consolidated profit, consolidated estimating the efforts to complete such contracts.
total comprehensive income, consolidated changes in equity and
consolidated cash flows for the year ended on that date.
consideration of progress of the contract, efforts incurred to-
date and estimates of efforts required to complete the remaining
Basis for Opinion performance obligations.
We conducted our audit of the Consolidated Financial Statements
This required a high degree of auditor judgment in evaluating the
in accordance with the Standards on Auditing specified under
audit evidence supporting estimated efforts to complete and a
section 143 (10) of the Act (“SA”s). Our responsibilities under those
higher extent of audit effort to evaluate the reasonableness of
Standards are further described in the Auditor’s Responsibility for
the total estimated efforts used to recognise revenue from fixed-
the Audit of the Consolidated Financial Statements section of our
price contracts.
report. We are independent of the Group in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants How the Key Audit Matter was Addressed in the Audit
of India (“ICAI”) together with the ethical requirements that are
relevant to our audit of the Consolidated Financial Statements Our audit procedures related to estimates of efforts to complete
under the provisions of the Act and the Rules made thereunder, for fixed-price contracts accounted using the percentage-of-
and we have fulfilled our other ethical responsibilities in completion method included the following, among others:
accordance with these requirements and the ICAI’s Code of • We tested the effectiveness of controls relating to (1) recording
Ethics. We believe that the audit evidence obtained by us is of efforts incurred and estimation of efforts required to
sufficient and appropriate to provide a basis for our audit opinion complete the remaining performance obligations, and
on the Consolidated Financial Statements. (2) access and application controls pertaining to time
recording and allocation systems, which prevents
Key Audit Matters unauthorised changes to recording of efforts incurred.
Key audit matters are those matters that, in our professional • We evaluated management’s ability to reasonably estimate
judgment, were of most significance in our audit of the the progress towards satisfying the performance obligation by
Consolidated Financial Statements of the current period. comparing actual information to estimates for performance
These matters were addressed in the context of our audit of the obligations that have been fulfilled.
Consolidated Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on • We selected a sample of fixed price contracts with customers
these matters. We have determined the matters described below accounted using percentage-of-completion method and
to be the key audit matters to be communicated in our report. performed the following:

302 / 490
Independent Auditor's Report
• Read the contract and based on the terms and conditions that give a true and fair view of the consolidated financial
evaluated whether recognizing revenue over time using position, consolidated financial performance including other
percentage of completion method was appropriate, and comprehensive income, consolidated changes in equity and
the contract was included in management’s calculation consolidated cash flows of the Group in accordance with the Ind
of revenue over time. AS and other accounting principles generally accepted in India.
The respective Board of Directors of the companies included
• Evaluated the appropriateness of and consistency in the
in the Group are responsible for maintenance of adequate
application of management’s policies and methodologies
accounting records in accordance with the provisions of the
to estimate progress towards satisfying the performance
Act for safeguarding the assets of the Group and for preventing
obligation.
and detecting frauds and other irregularities; selection
• Compared efforts incurred to date with Company’s and application of appropriate accounting policies; making
estimate of efforts incurred to date to identify significant judgments and estimates that are reasonable and prudent;
variations and evaluate whether those variations and design, implementation and maintenance of adequate
have been considered appropriately in estimating the internal financial controls, that were operating effectively for
remaining efforts to complete the contract. ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the
• Tested the estimate for consistency with the status of Consolidated Financial Statements that give a true and fair view
delivery of milestones and customer acceptances to and are free from material misstatement, whether due to fraud
identify possible delays in achieving milestones, which or error, which have been used for the purpose of preparation of
require changes in estimated efforts to complete the the Consolidated Financial Statements by the Directors of the
remaining performance obligations. Company, as aforesaid.
• Evaluated other information that supported the estimates In preparing the Consolidated Financial Statements, the
of the progress towards satisfying the performance respective Board of Directors of the companies included in the
obligation. Group are responsible for assessing the ability of the respective
entities to continue as a going concern, disclosing, as applicable,
Information Other than the Financial matters related to going concern and using the going concern
basis of accounting unless the respective Board of Directors
Statements and Auditor’s Report Thereon either intends to liquidate their respective entities or cease
• The Company’s Board of Directors is responsible for the operations, or have no realistic alternative but to do so.
preparation of the other information. The other information
The respective Board of Directors of the companies included
comprises the information included in the Management
in the Group are also responsible for overseeing the financial
Discussion and Analysis, Board’s report including Annexures
reporting process of the Group.
to Board’s report, Business Responsibility and Sustainability
Report and Corporate Governance Report, but does not
include the Consolidated Financial Statements, Standalone
Financial Statements and our auditor’s report thereon.
Auditor’s Responsibility for the Audit of the
Consolidated Financial Statements
• Our opinion on the Consolidated Financial Statements does
not cover the other information and we do not express any Our objectives are to obtain reasonable assurance about
form of assurance conclusion thereon. whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud or
• In connection with our audit of the Consolidated Financial error, and to issue an auditor’s report that includes our opinion.
Statements, our responsibility is to read the other information Reasonable assurance is a high level of assurance, but is not
and, in doing so, consider whether the other information a guarantee that an audit conducted in accordance with SAs
is materially inconsistent with the Consolidated Financial will always detect a material misstatement when it exists.
Statements, or our knowledge obtained during the course of Misstatements can arise from fraud or error and are considered
our audit or otherwise appears to be materially misstated. material if, individually or in the aggregate, they could reasonably
• If, based on the work we have performed, we conclude that be expected to influence the economic decisions of users taken
there is a material misstatement of this other information, we on the basis of these Consolidated Financial Statements.
are required to report that fact. We have nothing to report in As part of an audit in accordance with SAs, we exercise
this regard. professional judgment and maintain professional skepticism
throughout the audit. We also:
Management’s Responsibility for the • Identify and assess the risks of material misstatement of the
Consolidated Financial Statements, whether due to fraud
Consolidated Financial Statements or error, design and perform audit procedures responsive to
The Company’s Board of Directors is responsible for the matters those risks, and obtain audit evidence that is sufficient and
stated in section 134(5) of the Act with respect to the preparation appropriate to provide a basis for our opinion. The risk of not
and presentation of these Consolidated Financial Statements detecting a material misstatement resulting from fraud is
303 / 490
higher than for one resulting from error, as fraud may involve to bear on our independence, and where applicable, related
collusion, forgery, intentional omissions, misrepresentations, safeguards.
or the override of internal control.
From the matters communicated with those charged with
• Obtain an understanding of internal financial control relevant governance, we determine those matters that were of most
to the audit in order to design audit procedures that are significance in the audit of the Consolidated Financial
appropriate in the circumstances. Under section 143(3)(i) of Statements of the current period and are therefore the key audit
the Act, we are also responsible for expressing our opinion matters. We describe these matters in our auditor’s report unless
on whether the Company and its subsidiary companies law or regulation precludes public disclosure about the matter
which are companies incorporated in India, has adequate or when, in extremely rare circumstances, we determine that a
internal financial controls system in place and the operating matter should not be communicated in our report because the
effectiveness of such controls. adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the management. Report on Other Legal and Regulatory
• Conclude on the appropriateness of management’s use of the Requirements
going concern basis of accounting and, based on the audit 1. As required by Section 143(3) of the Act, based on our audit
evidence obtained, whether a material uncertainty exists we report that:
related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going a) We have sought and obtained all the information and
concern. If we conclude that a material uncertainty exists, we explanations which to the best of our knowledge and
are required to draw attention in our auditor’s report to the belief were necessary for the purposes of our audit of the
related disclosures in the Consolidated Financial Statements aforesaid Consolidated Financial Statements.
or, if such disclosures are inadequate, to modify our opinion. b) In our opinion, proper books of account as required by
Our conclusions are based on the audit evidence obtained law relating to preparation of the aforesaid Consolidated
up to the date of our auditor’s report. However, future events Financial Statements have been kept so far as it appears
or conditions may cause the Group to cease to continue as a from our examination of those books.
going concern.
c) The Consolidated Balance Sheet, the Consolidated
• Evaluate the overall presentation, structure and content Statement of Profit and Loss (including Other
of the Consolidated Financial Statements, including the Comprehensive Income), the Consolidated Statement of
disclosures, and whether the Consolidated Financial Changes in Equity and the Consolidated Statement of
Statements represent the underlying transactions and Cash Flows dealt with by this Report are in agreement
events in a manner that achieves fair presentation. with the relevant books of account maintained for the
• Obtain sufficient appropriate audit evidence regarding the purpose of preparation of the Consolidated Financial
financial information of the entities and business activities Statements.
within the Group to express an opinion on the Consolidated d) In our opinion, the aforesaid Consolidated Financial
Financial Statements. Statements comply with the Ind AS specified under
Materiality is the magnitude of misstatements in the Consolidated Section 133 of the Act.
Financial Statements that, individually or in aggregate, makes e) On the basis of the written representations received from
it probable that the economic decisions of a reasonably the directors of the Company as on March 31,2022 taken
knowledgeable user of the Consolidated Financial Statements on record by the Board of Directors of the Company and
may be influenced. We consider quantitative materiality and its subsidiaries incorporated in India, and the reports
qualitative factors in (i) planning the scope of our audit work and of the statutory auditors of its subsidiary companies
in evaluating the results of our work; and (ii) to evaluate the effect incorporated in India, none of the directors of the Group
of any identified misstatements in the Consolidated Financial companies incorporated in India is disqualified as on
Statements. March 31, 2022 from being appointed as a director in
We communicate with those charged with governance of the terms of Section 164(2) of the Act.
Company and such other entities included in the Consolidated f) With respect to the adequacy of the internal financial
Financial Statements of which we are the independent auditors controls over financial reporting and the operating
regarding, among other matters, the planned scope and timing of effectiveness of such controls, refer to our separate
the audit and significant audit findings, including any significant Report in “Annexure A” which is based on the auditors’
deficiencies in internal control that we identify during our audit. reports of the company and its subsidiary companies
We also provide those charged with governance with a statement incorporated in India. Our report expresses an unmodified
that we have complied with relevant ethical requirements opinion on the adequacy and operating effectiveness of
regarding independence, and to communicate with them all internal financial controls over financial reporting of
relationships and other matters that may reasonably be thought those companies.
Integrated Annual Report 2021-22 21 7

304 / 490

g) With respect to the other matters to be included in the funds (Which are material either individually or in
Auditor’s Report in accordance with the requirements of aggregate) have been received by the Company or
section 197(16) of the Act, as amended, in our opinion any of such subsidiaries, from any person or entity,
and to the best of our information and according to the including foreign entities (“Funding Parties”), with
explanations given to us, the remuneration paid by the the understanding, whether recorded in writing
Company to its directors during the year is in accordance or otherwise, that the Company or any of such
with the provisions of section 197 of the Act. subsidiaries, shall, directly or indirectly, lend or
invest in other persons or entities identified in any
h) With respect to the other matters to be included in manner whatsoever by or on behalf of the Funding
the Auditor’s Report in accordance with Rule 11 of the Party (“Ultimate Beneficiaries”) or provide any
Companies (Audit and Auditors) Rules, 2014, as amended guarantee, security or the like on behalf of the
in our opinion and to the best of our information and Ultimate Beneficiaries.
according to the explanations given to us:
(c) Based on the audit procedures performed
i) The Consolidated Financial Statements disclose the that have been considered reasonable and
impact of pending litigations on the consolidated appropriate in the circumstances performed
financial position of the Group; by us on the Company and that performed
by the auditors of the subsidiaries, which are
ii) Provision has been made in the Consolidated Financial
companies incorporated in India whose financial
Statements, as required under the applicable law
statements have been audited under the Act,
or accounting standards, for material foreseeable
nothing has come to our or other auditor’s
losses, if any, on long-term contracts including
notice that has caused us or the other auditors
derivative contracts;
to believe that the representations under sub-
iii) There has been no delay in transferring amounts, clause (i) and (ii) of Rule 11(e), as provided
required to be transferred, to the Investor Education under (a) and (b) above, contain any material
and Protection Fund by the Company and its misstatement.
subsidiary companies incorporated in India. v) The interim dividend declared and paid by the
iv) (a) The respective Managements of the Company and company, during the year and until the date of this
its subsidiaries, which are companies incorporated report is in accordance with section 123 of the
in India, whose financial statements have been Companies Act, 2013.
audited under the Act, have represented to us 2. With respect to the matters specified in clause (xxi) of
and to the other auditors of such subsidiaries paragraph 3 and paragraph 4 of the Companies (Auditor’s
that, to the best of their knowledge and belief, Report) Order, 2020 (“CARO”/ “the Order”) issued by the Central
no funds (which are material either individually Government in terms of Section 143(11) of the Act, according
and in aggregate) have been advanced or loaned to the information and explanations given to us, and based on
or invested (either from borrowed funds or share the CARO reports issued by us and the auditors of respective
premium or any other sources or kind of funds) companies included in the consolidated financial statements
by the Company or any of such subsidiaries, to to which reporting under CARO is applicable, as provided to
or in any other person or entity, including foreign us by the Management of the Company, we report that there
entity (“Intermediaries”), with the understanding, are no qualifications or adverse remarks by the respective
whether recorded in writing or otherwise, that auditors in the CARO reports of the said companies included
the Intermediary shall, directly or indirectly lend in the consolidated financial statements.
or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the For DELOITTE HASKINS & SELLS LLP
Company or any of such subsidiaries, (“Ultimate Chartered Accountants
Beneficiaries”) or provide any guarantee, security Firm Registration Number: 117366W/W-100018
or the like on behalf of the Ultimate Beneficiaries.
(b) The respective Managements of the Company and Vikas Bagaria
its subsidiaries, which are companies incorporated Partner
in India, whose financial statements have been Membership Number: 60408
audited under the Act, have represented to us
and to the other auditors of such subsidiaries, Bengaluru
that, to the best of their knowledge and belief, no June 8, 2022
305 / 490
ANNEXURE “A” TO THE INDEPENDENT and maintained and if such controls operated effectively in all
material respects.
AUDITOR’S REPORT
Our audit involves performing procedures to obtain audit evidence
(Referred to in paragraph 1(f) under ‘Report on Other Legal and about the adequacy of the internal financial controls system over
Regulatory Requirements’ section of our report to the Members financial reporting and their operating effectiveness. Our audit
of Wipro Limited of even date) of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over
Report on the Internal Financial Controls financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
Over Financial Reporting under Clause (i) effectiveness of internal control based on the assessed risk.
of Sub-section 3 of Section 143 of the The procedures selected depend on the auditor’s judgement,
Companies Act, 2013 (“the Act”) including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error.
In conjunction with our audit of the Consolidated Financial
Statements of the Company as of and for the year ended March We believe that the audit evidence we have obtained, is sufficient
31, 2022, we have audited the internal financial controls over and appropriate to provide a basis for our audit opinion on the
financial reporting of Wipro Limited (hereinafter referred to internal financial controls system over financial reporting of the
as “the Company”) and its subsidiary companies, which are Company, and its subsidiary companies which are companies
companies incorporated in India, as of that date. incorporated in India.
Meaning of Internal Financial Controls over

Management’s Responsibility for Internal Financial Reporting
Financial Controls
A company’s internal financial control over financial reporting is
The respective Board of Directors of the company, and its a process designed to provide reasonable assurance regarding
subsidiary companies, which are companies incorporated in the reliability of financial reporting and the preparation of
India, are responsible for establishing and maintaining internal financial statements for external purposes in accordance with
financial controls based on the internal control over financial generally accepted accounting principles. A company’s internal
reporting criteria established by the respective Companies financial control over financial reporting includes those policies
considering the essential components of internal control stated and procedures that (1) pertain to the maintenance of records
in the Guidance Note on Audit of Internal Financial Controls that, in reasonable detail, accurately and fairly reflect the
Over Financial Reporting issued by the Institute of Chartered transactions and dispositions of the assets of the company;
Accountants of India (“the ICAI”). These responsibilities include the (2) provide reasonable assurance that transactions are recorded
design, implementation and maintenance of adequate internal as necessary to permit preparation of financial statements in
financial controls that were operating effectively for ensuring the accordance with generally accepted accounting principles, and
orderly and efficient conduct of its business, including adherence that receipts and expenditures of the company are being made
to the respective company’s policies, the safeguarding of its only in accordance with authorisations of management and
assets, the prevention and detection of frauds and errors, the directors of the company; and (3) provide reasonable assurance
accuracy and completeness of the accounting records, and the regarding prevention or timely detection of unauthorised
timely preparation of reliable financial information, as required acquisition, use, or disposition of the company’s assets that
under the Act. could have a material effect on the financial statements.
Auditor’s Responsibility Inherent Limitations of Internal Financial

Our responsibility is to express an opinion on the internal Controls over Financial Reporting
financial controls over financial reporting of the Company, and
its subsidiary companies, which are companies incorporated in Because of the inherent limitations of internal financial
India, based on our audit. We conducted our audit in accordance controls over financial reporting, including the possibility of
with the Guidance Note on Audit of Internal Financial Controls collusion or improper management override of controls, material
Over Financial Reporting (the “Guidance Note”) issued by the ICAI misstatements due to error or fraud may occur and not be
and the Standards on Auditing, prescribed under Section 143(10) detected. Also, projections of any evaluation of the internal
of the Act, to the extent applicable to an audit of internal financial financial controls over financial reporting to future periods
controls. Those Standards and the Guidance Note require that we are subject to the risk that the internal financial control over
comply with ethical requirements and plan and perform the audit financial reporting may become inadequate because of changes
to obtain reasonable assurance about whether adequate internal in conditions, or that the degree of compliance with the policies
financial controls over financial reporting was established or procedures may deteriorate.

306 / 490

Opinion in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the ICAI.
In our opinion to the best of our information and according to For DELOITTE HASKINS & SELLS LLP
the explanations given to us, the Company, and its subsidiary Chartered Accountants
companies, which are companies incorporated in India, have, Firm Registration Number: 117366W/W-100018
in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial Vikas Bagaria
controls over financial reporting were operating effectively as at Partner
March 31, 2022, based on, the criteria for internal control over Membership Number: 60408
financial reporting established by the respective companies Bengaluru
considering the essential components of internal control stated June 8, 2022
307 / 490
Consolidated Balance Sheet

(' in millions, except share and per share data, unless otherwise stated)
As at As at
Notes
March 31,2022 March 31,2021
ASSETS
Non-current assets
Property, plant and equipment 4 74,610 65,751
Right-of-Use Assets 5 18,870 16,420
Capital work-in-progress 6 16,015 18,532
Goodwill 7 242,861 135,147
Other Intangible assets 7 43,555 13,085
Investments accounted for using the equity method 9 774 1,464
Financial assets
Investments 9 19,109 10,576
Derivative assets 10 6 16
Deferred tax assets (net) 29 2,298 1,664
Non-current tax assets (net) 10,256 14,323
Other non-current assets 13 15,099 16,712
Total non-current assets 454,302 304,136
Current assets
Inventories 14 1,334 1,064
Financial assets
Investments 9 241,655 175,707
Derivative assets 10 3,032 4,064
Cash and cash equivalents 15 103,836 169,793
Current tax assets (net) 2,373 2,461
Contract assets 20,647 16,507
Other current assets 13 28,933 24,923
Total current assets 620,752 523,186
TOTAL ASSETS 1,075,054 827,322
EQUITY AND LIABILITIES
EQUITY
Equity share capital 16 10,964 10,958
Other equity 643,066 538,052
Equity attributable to the equity holders of the Company 654,030 549,010
Non-controlling interests 515 1,498
TOTAL EQUITY 654,545 550,508

308 / 490
Consolidated Balance Sheet

As at As at
Notes
March 31, 2022 March 31,2021
LIABILITIES
Non-current liabilities
Borrowings 17 56,463 7,458
Derivative liabilities 10 48 -
Provisions 19 2,721 3,057
Deferred tax liabilities (net) 29 12,141 4,606
Non-current tax liabilities (net) 17,818 11,069
Other non-current liabilities 20 4,851 4,780
Total non-current liabilities 112,180 46,774
Current liabilities
Borrowings 17 95,233 75,874
Derivative liabilities 10 585 1,070
Trade payables 21 62,522 51,816
Other current liabilities 20 12,084 9,750
Provisions 19 18,081 17,836
Current tax liabilities (net) 13,231 17,324
Total current liabilities 308,329 230,040
TOTAL LIABILITIES 420,509 276,814
TOTAL EQUITY AND LIABILITIES 1,075,054 827,322
The accompanying notes form an integral part of these consolidated financial statements
Firm's Registration No.: 117366W/W - 100018


Bengaluru
June 8, 2022
309 / 490
O ® Statutory Reports and Financial Statements
Consolidated Statement of Profit and Loss


Notes
March 31,2022 March 31,2021
INCOME
Revenue from operations 22 790,934 619,430
Other operating income/(loss), net 23 2,186 (81)
Other income 24 20,612 23,907
Total Income 813,732 643,256
EXPENSES
Purchases of stock-in-trade 6,735 6,957
Changes in inventories of finished goods and stock-in-trade 25 (369) 315
Employee benefits expense 26 450,075 332,371
Finance costs 27 5,325 5,088
Travel 7,320 5,258
Legal and Professional charges 7,561 5,561
Marketing and brand building 2,010 1,011
Lifetime expected credit loss/(write-back) (797) 1,506
Other expenses 28 14,125 8,723
Total expenses 662,381 504,357
Share of net profit /(loss) of associates accounted for using the equity method 57 130
Profit before tax 151,408 139,029
Tax expense
Current tax 29 32,415 26,065
Deferred tax 29 (3,441) 4,284
Total tax expense 28,974 30,349
Other Comprehensive Income (OCI)
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of the defined benefit plans, net 26 402 334

Net change in fair value of investment in equity instruments measured at fair value
9,678 1,214
through OCI
Income tax relating to items that will not be reclassified to profit or loss 29 (972) (109)
Items that will be reclassified to profit or loss:
Foreign currency translation differences relating to foreign operations 3,974 (518)

Reclassification of foreign currency translation differences on sale of investment in
(158) -
associates and liquidation of subsidiaries to statement of profit and loss

310 / 490
Consolidated Statement of Profit and Loss


Notes
March 31,2022 March 31,2021
Net change in time value of option contracts designated as cash flow hedges 183 66
Net change in intrinsic value of option contracts designated as cash flow hedges (120) 1,193
Net change in fair value of forward contracts designated as cash flow hedges (303) 3,799
Net change in fair value of investment in debt instruments measured at fair value
(1,944) 2,079
through OCI
Income tax relating to items that will be reclassified to profit or loss 29 712 (1,241)
Total other comprehensive income/(loss) for the year, net of taxes 11,452 6,817
Total comprehensive income for the year 133,886 115,497
Profit for the year attributable to:
Equity holders of the Company 122,296 107,964
Non-controlling interests 138 716
122,434 108,680
Total comprehensive income for the year attributable to:
Equity holders of the Company 133,699 114,834
Non-controlling interests 187 663
133,886 115,497
Earnings per equity share: (Equity shares of par value ' 2 each) 31
Basic 22.37 19.11
Diluted 22.31 19.07
Weighted average number of equity shares used in computing earnings per equity share
Basic 5,466,705,840 5,649,265,885

Diluted 5,482,083,438 5,661,657,822


Bengaluru
June 8, 2022
311 / 490
Consolidated Statement of Changes in Equity
(? in millions, except share and per share data, unless otherwise stated)
A. Equity share capital
Change in equity share

Changes in equity share capital
Balance as at April 1, 2021 Restated balance as at April 1, 2021 capital during the current Balance as at March 31, 2022
due to prior period errors
year
10,958 10,958 6 10,964
Change in equity share

Changes in equity share capital
Balance as at April 1, 2020 Restated balance as at April 1, 2020 capital during the previous Balance as at March 31, 2021
due to prior period errors
year
11.427 - 11427 (469) 10,958
B. Other equity
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Tota I
Special Investment in attributable Non
Share Share Foreign Remeasure Investment in
Particulars Capital Economic Cash flow debt instruments to equity controlling Total
application Securities Capital Retained options currency ments of equity instruments
redemption Zone re hedging measured at fair holders of the interests
money pending premium reserve earnings outstanding translation the defined measured at fair
reserve investment reserve value through Company
allotment Account reserve121 benefit plans value through OCI
reserve OCI
312 / 490
Balance as at April 1,2021 * 785 1,139 1,135 462,803 3,071 41,154 21,516 1,730 (897) 4,237 1,379 538,052 1,498 539,550
Profit for the year - - - - 122,296 - - - - - - - 122,296 138 122,434
Other comprehensive income - - - - - - - 3,767 (253) 399 (1,219) 8,709 11,403 49 11,452
Total comprehensive income/
- - - - 122,296 - - 3,767 (253) 399 (1,219) 8,709 133,699 187 133,886
(loss) for the year
Issue of equity shares on exercise (852) .... . . ...

852
of options
Issue of shares by controlled trust
O O O O O
1,071 (1,071)
■ ■
•
on exercise of options01
Compensation cost related to .
- - 9 4,110 - - - 4,119 - 4,119
employee share-based payment
Transferred to Special Economic
- - - (5,907) - 5,907 - - - - - -
Zone re-investment reserve

Dividend (3) - - - (32,804) - . - - - (32,804) (1,135) (33,939)
Others - - - - - - - - (35) (35)
Other transactions for the year 852 - - (37,631) 2,187 5,907 - - - (28,685) (1,170) (29,855)
Balance as at March 31,2022 * 1,637 1,139 1,135 547,468 5,258 47,061 25,283 1,477 (498) 3,018 10,088 643,066 515 643,581
(1) Includes 14,689,729 treasury shares held as at March 31,2022 by a controlled trust . 4,711,486 shares have been transferred by the controlled trust to eligible employees on exercise of options

during the year ended March 31,2022.
A Value is less than ? 1
225
226

Investment Investment Total
Share Special attributable Non-
Share Foreign Remeasure- in debt in equity
Particulars application Capital Economic Cash flow to equity controlling Total
Securities Capital Retained options currency ments of the instruments instruments
money redemption Zone re- hedging
premium reserve earnings outstand- translation defined benefit measured measured holders of the interest
pending reserve investment reserve Company
ing Account reserve(2) plans at fair value at fair value
allotment reserve
through OCI through OCI
Balance as at April 1, 2020 ^ 1,346 1,139 660 472,196 1,550 43,804 21,981 (2,315) (1,120) 2,386 163 541,790 1,875 543,665
Profit for the year - - - - 107,964 - - - - - - - 107,964 716 108,680
Other comprehensive income - - - - - - - (465) 4,045 223 1,851 1,216 6,870 (53) 6,817
Total comprehensive income/(loss) for the year - - - - 107,964 - - (465) 4,045 223 1,851 1,216 114,834 663 115,497
Issue of equity shares on exercise of options - 866 - - - (866) - - - - - - - - -

Buyback of equity shares, including tax thereon(3) - (1,427) - 475 (115,018) - - - - - - - (115,970) - (115,970)
Transaction cost related to buyback of equity shares - - - - (199) - - - - - - - (199) - (199)
Issue of shares by controlled trust on exercise of
- - - - 662 (662) - - - - - - - - -
options(1)
Effect of modification of ADS RSUs from cash settled
- - - - - 739 - - - - - - 739 - 739
to equity settled (4)
Compensation cost related to employee share-based
- - - - 7 2,310 - - - - - - 2,317 - 2,317
payment
Transferred from Special Economic Zone re-
- - - - 2,650 - (2,650) - - - - - - - -
investment reserve
Dividend (3) - - - - (5,459) - - - - - - - (5,459) (960) (6,419)
Others - - - - - - - - - - - - - (80) (80)
313 / 490
Other transactions for the year - (561) - 475 (117,357) 1,521 (2,650) - - - - - (118,572) (1,040) (119,612)
Balance as at March 31, 2021 ^ 785 1,139 1,135 462,803 3,071 41,154 21,516 1,730 (897) 4,237 1,379 538,052 1,498 539,550
1)
Includes 19,401,215 treasury shares held as at March 31, 2021 by a controlled trust. 3,344,866 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2021.
(2)
Refer to Note 30
(3)
Refer to Note 33
(4)
Refer to Note 32
^ Value is less than ` 1
As per our Report of even date attached.

Partner Chairman Director Chief Executive Officer
Membership No.: 60408 & Managing Director

Bengaluru
June 8, 2022
Consolidated Statement of Cash Flows


March 31,2022 March 31,2021
Cash flows from operating activities:
Adjustments to reconcile profit for the year to net cash generated from operating activities
Gain on sale of property, plant and equipment, net (313) (516)
Unrealised exchange (gain)/loss, net and exchange gain on borrowings (1,021) (2,251)
Share-based compensation expense 4,110 2,310
Share of net profit of associates accounted for using equity method (57) (130)
Income tax expense 28,974 30,349
Finance and other income, net of finance costs (9,447) (16,614)
(Gain)/loss from sale of business and investment accounted for using the equity method (2,186) 81
Gain on derecognition of contingent consideration payable (301) -
Trade receivables (11,833) 12,848
Unbilled receivables and contract assets (31,396) (1,062)
Inventories (256) 803
Other assets (6,530) 931
Trade payables, other liabilities and provisions 9,695 5,698
Cash generated from operating activities before taxes 136,483 172,465
Income taxes paid, net (25,686) (24,915)
Net cash generated from operating activities 110,797 147,550
Payment for purchase of property, plant and equipment (20,153) (19,577)
Proceeds from disposal of property, plant and equipment 736 753
Payment for purchase of investments (1,015,486) (1,172,251)
Proceeds from sale of investments 953,735 1,189,059
Payment into restricted interim dividend account (27,410) -
Payment for business acquisitions including deposits and escrow, net of cash acquired (129,846) (9,873)
Proceeds from sale of investment accounted for using the equity method 1,652 -
Interest received 12,275 19,624
Dividend received 2 4
Net cash generated from/(used in) investing activities (224,495) 7,739

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March 31,2022 March 31,2021
Proceeds from issuance of equity shares and shares pending allotment 6 6
Repayment of borrowings (191,810) (97,206)
Proceeds from borrowings 260,120 103,418
Payment of lease liabilities (9,730) (8,660)
Payment for buyback of equity shares, including transaction cost - (95,199)
Payment of tax on buyback of equity shares - (21,445)
Payment for deferred contingent consideration (309) -
Interest and finance costs paid (5,089) (3,335)
Payment of dividend (5,467) (5,459)
Payment of dividend to Non-controlling interests holders (1,135) (960)
Net cash generated from/(used in) financing activities 46,586 (128,840)
Net increase in cash and cash equivalents during the year (67,112) 26,449
Effect of exchange rate changes on cash and cash equivalents 1,282 (890)
Cash and cash equivalents at the beginning of the year 169,663 144,104
Cash and cash equivalents at the end of the year (Note 15) 103,833 169,663
Refer to Note 17 for supplementary information on consolidated statement of cash flows


Bengaluru
June 8, 2022
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Notes to the Consolidated Financial Statements

1. The Company Overview measured at fair value as required by relevant Ind AS:
Wipro Limited (“Wipro” or the “Parent Company”), together a. Derivative financial instruments;
with its subsidiaries and controlled trusts (collectively, b. Financial instruments classified as fair value through
“we”, “ us”, “ our”, “the Company” or the “Group”) is a global other comprehensive income or fair value through
information technology (“IT”), consulting and business profit or loss;
process services (“BPS”) company.
c. The defined benefit liability/(asset) is recognised as
Wipro is a public limited company incorporated and the present value of defined benefit obligation less fair
domiciled in India. The address of its registered office value of plan assets; and
is Wipro Limited, Doddakannelli, Sarjapur Road,
Bengaluru - 560 035, Karnataka, India. The Company has its d. Contingent consideration.
primary listing with BSE Ltd. and National Stock Exchange
of India Ltd. The Company's American Depository Shares (iii) Use of estimates and judgment
(“ADS”) representing equity shares are also listed on the
The preparation of these consolidated financial statements
New York Stock Exchange. in conformity with Ind AS requires the management to
The Company's Board of Directors authorised these make judgments, accounting estimates and assumptions
consolidated financial statements for issue on June 8, 2022. that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and
2. Basis of Preparation of Consolidated expenses. Accounting estimates are monetary amounts in
the consolidated financial statements that are subject to
Financial Statements measurement uncertainty. An accounting policy may require
items in consolidated financial statements to be measured
(i) Statement of compliance and basis of at monetary amounts that cannot be observed directly and
preparation must instead be estimated. In such a case, management
develops an accounting estimate to achieve the objective
The consolidated financial statements have been prepared
set out by the accounting policy. Developing accounting
in compliance with Indian Accounting Standards (“Ind AS”),
estimates involves the use of judgements or assumptions
the provisions of the Companies Act, 2013 (“the Companies
based on the latest available and reliable information.
Act”), as applicable and guidelines issued by the Securities
Actual results may differ from those accounting estimates.
and Exchange Board of India (“SEBI”). The Ind AS are
prescribed under Section 133 of the Companies Act read Accounting estimates and underlying assumptions are
with Rule 3 of the Companies (Indian Accounting Standards) reviewed on an ongoing basis. Changes to accounting
Rules, 2015 and amendments issued thereafter. estimates are recognised in the period in which the
estimates are changed and in any future periods affected. In
The consolidated financial statements correspond
particular, information about material areas of estimation,
to the classification provisions contained in Ind AS 1,
uncertainty and critical judgments in applying accounting
“Presentation of Financial Statements”. For clarity, various
policies that have the material effect on the amounts
items are aggregated in the consolidated statement of
recognised in the consolidated financial statements are
profit and loss and consolidated balance sheet. These
items are disaggregated separately in the notes to the
consolidated financial statements, where applicable. The a) Revenue recognition: The Company applies
accounting policies have been consistently applied to all judgement to determine whether each product
periods presented in these financial statements, except for or service promised to a customer is capable of
the adoption of new accounting standards, amendments being distinct, and is distinct in the context of the
and interpretations effective from April 1,2021. contract, if not, the promised product or service is
combined and accounted as a single performance
All amounts included in the consolidated financial
obligation. The Company allocates the arrangement
statements are reported in millions of Indian rupees (' in
consideration to separately identifiable performance
millions) except share and per share data, unless otherwise
obligation deliverables based on their relative stand
stated. Due to rounding off, the numbers presented
alone selling price. In cases where the Company is
throughout the document may not add up precisely to
unable to determine the standalone selling price the
the totals and percentages may not precisely reflect the
Company uses expected cost-plus margin approach in
absolute figures. Previous year figures have been regrouped/
estimating the standalone selling price. The Company
rearranged, wherever necessary.
uses the percentage of completion method using the
input (cost expended) method to measure progress
(ii) Basis of measurement towards completion in respect of fixed price contracts.
The consolidated financial statements have been prepared Percentage of completion method accounting relies
on a historical cost convention and on an accrual basis, on estimates of total expected contract revenue
except for the following material items which have been and costs. This method is followed when reasonably

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dependable estimates of the revenues and costs taxable income during the carry forward period are
applicable to various elements of the contract can be reduced.
made. Key factors that are reviewed in estimating the
future costs to complete include estimates of future d) Business combinations: In accounting for business
labor costs and productivity efficiencies. Because combinations, judgment is required to assess whether
the financial reporting of these contracts depends on an identifiable intangible asset is to be recorded
estimates that are assessed continually during the separately from goodwill. Additionally, estimating
term of these contracts, revenue recognised, profit the acquisition date fair value of the identifiable
and timing of revenue for remaining performance assets acquired (including useful life estimates),
obligations are subject to revisions as the contract liabilities assumed, and contingent consideration
progresses to completion. When estimates indicate assumed involves management judgment. These
that a loss will be incurred, the loss is provided for in measurements are based on information available at
the period in which the loss becomes probable. Volume the acquisition date and are based on expectations
discounts are recorded as a reduction of revenue. and assumptions that have been deemed reasonable
When the amount of discount varies with the levels by management. Changes in these judgments,
of revenue, volume discount is recorded based on estimates, and assumptions can materially affect the
estimate of future revenue from the customer. results of operations.
b) Impairment testing: Goodwill and intangible assets e) Defined benefit plans and compensated absences:
with indefinite useful life recognised on business The cost of the defined benefit plans, compensated
combination are tested for impairment at least absences and the present value of the defined benefit
annually and when events occur or changes in obligations are based on actuarial valuation using the
circumstances indicate that the recoverable amount projected unit credit method. An actuarial valuation
of an asset or a cash generating unit to which an asset involves making various assumptions that may differ
pertains, is less than the carrying value. The Company from actual developments in the future. These include
assesses acquired intangible assets with finite useful the determination of the discount rate, future salary
life for impairment whenever events or changes in increases and mortality rates. Due to the complexities
circumstances indicate that the carrying amount may involved in the valuation and its long-term nature,
not be recoverable. The recoverable amount of an a defined benefit obligation is highly sensitive to
asset or a cash generating unit is higher of value-in- changes in these assumptions. All assumptions are
use and fair value less cost of disposal. The calculation reviewed at each reporting date.
of value-in-use of an asset or a cash generating unit f) Expected credit losses on financial assets: The
involves use of significant estimates and assumptions impairment provisions of financial assets are based
which include turnover, growth rates and net margins on assumptions about risk of default and expected
used to calculate projected future cash flows, risk- timing of collection. The Company uses judgment
adjusted discount rate, future economic and market in making these assumptions and selecting the
conditions. inputs to the expected credit loss calculation based
c) Income taxes: The major tax jurisdictions for the on the Company’s history of collections, customer’s
Company are India and the United States of America. creditworthiness, existing market conditions as well as
forward looking estimates at the end of each reporting
Significant judgments are involved in determining period.
the provision for income taxes including judgment on
whether tax positions are probable of being sustained g) Useful lives of property, plant and equipment: The
in tax assessments. A tax assessment can involve Company depreciates property, plant and equipment
complex issues, which can only be resolved over on a straight-line basis over estimated useful lives
extended time periods. of the assets. The charge in respect of periodic
depreciation is derived based on an estimate of an
Deferred tax is recorded on temporary differences asset’s expected useful life and the expected residual
between the tax bases of assets and liabilities and value at the end of its life. The lives are based on
their carrying amounts, at the rates that have been historical experience with similar assets as well as
enacted or substantively enacted at the reporting anticipation of future events, which may impact their
date. The ultimate realisation of deferred tax assets life, such as changes in technology. The estimated
is dependent upon the generation of future taxable useful life is reviewed at least annually.
profits during the periods in which those temporary
differences and tax loss carry forwards become h) Useful lives of intangible assets: The Company
deductible. The Company considers expected reversal amortises intangible assets on a straight-line basis
of deferred tax liabilities and projected future taxable over estimated useful lives of the assets. The useful life
income in making this assessment. The amount of is estimated based on a number of factors including
deferred tax assets considered realisable, however, the effects of obsolescence, demand, competition and
could reduce in the near term if estimates of future other economic factors such as the stability of the
317 / 490

industry and known technological advances and the controlled by the Group. The Group controls an entity when
level of maintenance expenditures required to obtain the parent has power over the entity, it is exposed to, or has
the expected future cash flows from the assets. The rights to, variable returns from its involvement with the entity
estimated useful life is reviewed at least annually. and has the ability to affect those returns through its power
over the entity. The financial statements of subsidiaries and
i) Provisions and contingent liabilities: The Company controlled trusts are included in the consolidated financial
estimates the provisions that have present obligations statements from the date on which control commences
as a result of past events, and it is probable that until the date on which control ceases.
outflow of resources will be required to settle the
obligations. These provisions are reviewed at the end The financial statements of the Group companies are
of each reporting date and are adjusted to reflect the consolidated on a line-by-line basis and all intra-Group
current best estimates. balances, transactions, income and expenses are eliminated
in full on consolidation.
The Company uses significant judgement to disclose
contingent liabilities. Contingent liabilities are Non-controlling interests
disclosed when there is a possible obligation arising
from past events, the existence of which will be Non-controlling interests in the net assets (excluding
goodwill) of consolidated subsidiaries are identified
confirmed only by the occurrence or non-occurrence of
separately from the Company’s equity. The interest of non-
one or more uncertain future events not wholly within
controlling shareholders may be initially measured either at
the control of the Company or a present obligation that
fair value or at the non-controlling interest’s proportionate
arises from past events where it is either not probable
share of the fair value of the acquiree’s identifiable net
that an outflow of resources will be required to settle
assets. The choice of measurement basis is made on an
the obligation or a reliable estimate of the amount
acquisition to acquisition basis. Subsequent to acquisition,
cannot be made. Contingent assets are neither
the carrying amount of non-controlling interests is the
recognised nor disclosed in the financial statements.
amount of those interests at initial recognition plus the
j) Uncertainty relating to the global health pandemic non-controlling interest’s share of subsequent changes in
on COVID-19: In assessing the recoverability of equity. Total comprehensive income is attributed to non-
receivables including unbilled receivables, contract controlling interests even if it results in the non-controlling
assets and contract costs, goodwill, intangible assets, interests having a deficit balance.
and certain investments, the Company has considered
internal and external information up to the date of Investments accounted for using the equity method
approval of these consolidated financial statements Investments accounted for using the equity method are
including credit reports and economic forecasts. entities in respect of which, the Company has significant
Based on the current indicators of future economic influence, but not control, over the financial and operating
conditions, the Company expects to recover the policies. Generally, a Company has a significant influence if
carrying amount of these assets. it holds between 20 and 50 percent of the voting power of
another entity. Investments in such entities are accounted
The Company bases its assessment on the belief
for using the equity method and are initially recognised
that the probability of occurrence of forecasted
at cost. The carrying amount of investment is increased/
transactions is not impacted by COVID-19. The
decreased to recognise investors share of profit or loss of
Company has considered the effect of changes, if any, the investee after the acquisition date.
in both counterparty credit risk and its own credit risk
while assessing hedge effectiveness and measuring Non-current assets and disposal groups held for sale
hedge ineffectiveness and continues to believe that
Assets and liabilities of disposal groups that are available
COVID-19 has no impact on effectiveness of its hedges.
for immediate sale and where the sale is highly probable
The impact of COVID-19 may be different from what of being completed within one year from the date of
we have estimated as of the date of approval of these classification are considered and classified as assets held
consolidated financial statements and the Company for sale and liabilities associated with assets held for sale.
will continue to closely monitor any material changes Non-current assets and disposal groups held for sale are
to future economic conditions. measured at the lower of carrying amount and fair value
less costs to sell.
3. Material Accounting Policy Information
(ii) Functional and presentation currency
(i) Basis of consolidation Items included in the financial statements of each of the
Company’s entities are measured using the currency of
Subsidiaries and controlled trusts
the primary economic environment in which these entities
The Company determines the basis of control in line with operate (i.e. the “functional currency”). These consolidated
the requirements of Ind AS 110, Consolidated Financial financial statements are presented in Indian rupees, which
Statements. Subsidiaries and controlled trusts are entities is the functional currency of the Parent Company.

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(iii) Foreign currency transactions and When the hedged part of a net investment is disposed of,
the relevant amount recognised in FCTR is transferred
translation to the consolidated statement of profit and loss as
a) Transactions and balances: Transactions in foreign part of the profit or loss on disposal. Foreign currency
currency are translated into the respective functional differences arising from translation of intercompany
currencies using the exchange rates prevailing at receivables or payables relating to foreign operations,
the date of the transaction. Foreign exchange gains the settlement of which is neither planned nor likely in
and losses resulting from the settlement of such the foreseeable future, are considered to form part of
transactions and from translation at the exchange net investment in foreign operation and are recognised
rates prevailing at the reporting date of monetary in FCTR.
assets and liabilities denominated in foreign currencies
are recognised in the consolidated statement of profit
and loss and reported within foreign exchange gains/
(iv) Financial instruments
(losses), net, within results of operating activities A) Non-derivative financial instruments:
except when deferred in other comprehensive income
Non-derivative financial instruments consist of:
as qualifying cash flow hedges and qualifying net
investment hedges. Net loss relating to translation • financial assets, which include cash and cash equivalents,
or settlement of borrowings denominated in foreign trade receivables, unbilled receivables, finance lease
currency are reported within finance costs. Net gain receivables, employee and other advances, investments
relating to translation or settlement of borrowings in equity and debt securities and eligible current and non-
denominated in foreign currency are reported within current assets; Financial assets are derecognised when
Other income. Non-monetary assets and liabilities substantial risks and rewards of ownership of the financial
denominated in foreign currency and measured at asset have been transferred. In cases where substantial
historical cost are translated at the exchange rate risks and rewards of ownership of the financial assets
prevalent at the date of transaction. Translation are neither transferred nor retained, financial assets are
differences on non-monetary financial assets derecognised only when the Company has not retained
measured at fair value at the reporting date, such as control over the financial asset.
equities classified as financial instruments measured • financial liabilities, which include long and short-term
at fair value through other comprehensive income are loans and borrowings, bank overdrafts, trade payables,
included in other comprehensive income, net of taxes. lease liabilities and eligible current and non-current
b) Foreign operations: For the purpose of presenting liabilities.
consolidated financial statements, the assets and Non-derivative financial instruments are recognised initially
liabilities of the Company’s foreign operations that at fair value. Subsequent to initial recognition, non-derivative
have a functional currency other than Indian rupees financial instruments are measured as described below:
are translated into Indian rupees using exchange rates
a. Cash and cash equivalents: The Company’s cash
prevailing at the reporting date. Income and expense
and cash equivalents consist of cash on hand and in
items are translated at the average exchange rates
banks and demand deposits with banks, which can be
for the period. Exchange differences arising, if any,
withdrawn at any time, without prior notice or penalty on
are recognised in other comprehensive income and
the principal.
held in foreign currency translation reserve (FCTR),
a component of equity, except to the extent that the For the purposes of the statement of cash flows, cash
translation difference is allocated to non-controlling and cash equivalents include cash on hand, in banks
interest. When a foreign operation is disposed of, the and demand deposits with banks, net of outstanding
relevant amount recognised in FCTR is transferred to bank overdrafts that are repayable on demand and are
the consolidated statement of profit and loss as part considered part of the Company’s cash management
of the profit or loss on disposal. Goodwill and fair value system. In the consolidated balance sheet, bank
adjustments arising on the acquisition of a foreign overdrafts are presented under borrowings within
operation are treated as assets and liabilities of the current liabilities.
foreign operation and translated at the exchange rate
prevailing at the reporting date. b. Investments
Financial instruments measured at amortised cost:
c) Others: Foreign currency differences arising on
the translation or settlement of a financial liability Debt instruments that meet the following criteria
designated as a hedge of a net investment in a foreign are measured at amortised cost (except for debt
operation are recognised in other comprehensive instruments that are designated at fair value through
income and presented within equity in the FCTR to the Profit or Loss (FVTPL) on initial recognition):
extent the hedge is effective. To the extent the hedge • the asset is held within a business model whose
is ineffective, such differences are recognised in the objective is to hold assets in order to collect
consolidated statement of profit and loss. contractual cash flows; and
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• the contractual terms of the instrument give rise on Dividends from these investments are recognised in
specified dates to cash flows that are solely payment the consolidated statement of profit and loss when the
of principal and interest on the principal amount Company’s right to receive dividends is established.
outstanding.
c. Other financial assets: Other financial assets are non-
Financial instruments measured at fair value through derivative financial assets with fixed or determinable
other comprehensive income (FVTOCI): payments that are not quoted in an active market.
They are presented as current assets, except for those
Debt instruments that meet the following criteria are
maturing later than 12 months after the reporting date
measured at fair value through other comprehensive
which are presented as non-current assets. These are
income (FVTOCI) (except for debt instruments that are
initially recognised at fair value and subsequently
designated at fair value through Profit or Loss (FVTPL)
measured at amortised cost using the effective interest
on initial recognition):
method, less any impairment losses. These comprise
• the asset is held within a business model whose trade receivables, unbilled receivables, finance lease
objective is achieved both by collecting contractual receivables, employee and other advances and eligible
cash flows and selling the financial asset; and current and non-current assets.
• the contractual terms of the instrument give rise on d. Trade payables and other liabilities: Trade payables
specified dates to cash flows that are solely payment and other liabilities are initially recognised at fair
of principal and interest on the principal amount value, and subsequently carried at amortised cost
outstanding. using the effective interest method. For these financial
Interest income is recognised in the consolidated instruments, the carrying amounts approximate
statement of profit and loss for FVTOCI debt instruments. fair value due to the short-term maturity of these
Other changes in fair value of FVTOCI financial assets instruments. Contingent consideration recognised in a
are recognised in other comprehensive income. When business combination is subsequently measured at fair
the investment is disposed of, the cumulative gain or value through profit or loss.
loss previously accumulated in reserves is transferred B) Derivative financial instruments:
to the consolidated statement of profit and loss.
The Company is exposed to foreign currency fluctuations
Financial instruments measured at fair value through on foreign currency assets, liabilities, net investment
profit or loss (FVTPL): in foreign operations and forecasted cash flows
denominated in foreign currency.
Instruments that do not meet the amortised cost or
FVTOCI criteria are measured at FVTPL. Financial assets The Company limits the effect of foreign exchange rate
at FVTPL are measured at fair value at the end of each fluctuations by following established risk management
reporting period, with any gains or losses arising on re- policies including the use of derivatives. The Company
measurement recognised in consolidated statement of enters into derivative financial instruments where the
profit and loss. The gain or loss on disposal is recognised counterparty is primarily a bank.
in the consolidated statement of profit and loss.
Derivatives are recognised and measured at fair
Interest income is recognised in the consolidated value. Attributable transaction costs are recognised in
statement of profit and loss for FVTPL debt instruments. consolidated statement of profit and loss as cost.
Dividend on financial assets at FVTPL is recognised Subsequent to initial recognition, derivative financial
when the Group’s right to receive dividend is established. instruments are measured as described below:
Investments in equity instruments: a. Cash flow hedges: Changes in the fair value of the
The Company carries certain equity instruments which derivative hedging instruments designated as a cash
are not held for trading. At initial recognition, the flow hedge are recognised in other comprehensive
Company may make an irrevocable election to present income and held in cash flow hedging reserve, net
subsequent changes in the fair value of an investment of taxes, a component of equity, to the extent that
in an equity instrument in other comprehensive income the hedge is effective. To the extent that the hedge is
(FVTOCI) or through statement of profit and loss (FVTPL). ineffective, changes in fair value are recognised in the
For investments designated to be classified as FVTOCI, consolidated statement of profit and loss and reported
movements in fair value of investments are recognised within foreign exchange gains/(losses), net within results
in other comprehensive income and the gain or loss from operating activities. If the hedging instrument no
is not transferred to consolidated statement of profit longer meets the criteria for hedge accounting, then
and loss on disposal of investments. For investments hedge accounting is discontinued prospectively. If the
designated to be classified as FVTPL, both movements hedging instrument expires or is sold, terminated or
in fair value of investments and gain or loss on disposal exercised, the cumulative gain or loss on the hedging
of investments are recognised in the consolidated instrument recognised in cash flow hedging reserve till
statement of profit and loss. the period the hedge was effective remains in cash flow

320 / 490

hedging reserve until the forecasted transaction occurs. amount received in excess of par value is classified as
The cumulative gain or loss previously recognised in Securities premium.
the cash flow hedging reserve is transferred to the
Every holder of the equity shares, as reflected in
consolidated statement of profit and loss upon the
the records of the Company as at the date of the
occurrence of the related forecasted transaction. If the
shareholder meeting shall have one vote in respect of
forecasted transaction is no longer expected to occur,
each share held for all matters submitted to vote in the
such cumulative balance is immediately recognised in
shareholder meeting.
the consolidated statement of profit and loss.
b) Shares held by controlled trust (Treasury shares):
b. Hedges of net investment in foreign operations: The
The Company’s equity shares held by the controlled
Company designates derivative financial instruments
trust, which is consolidated as a part of the Group
as hedges of net investments in foreign operations.
are classified as Treasury shares. The Company has
The Company also designates foreign currency
14,689,729 and 19,401,215 treasury shares as at
denominated borrowing as a hedge of net investment
March 31, 2022 and 2021, respectively. Treasury shares
in foreign operations. Changes in the fair value of the
are recorded at acquisition cost.
derivative hedging instruments and gains/(losses)
on translation or settlement of foreign currency c) Retained earnings: Retained earnings comprises of the
denominated borrowings designated as a hedge of net Company’s undistributed earnings after taxes.
investment in foreign operations are recognised in other
d) Capital Reserve: Capital Reserve amounting to ` 1,139
comprehensive income and presented within equity in
(March 31, 2021: ` 1,139) is not freely available for
the FCTR to the extent that the hedge is effective. To the
distribution.
extent that the hedge is ineffective, changes in fair value
are recognised in the consolidated statement of profit e) Capital Redemption Reserve: As per the Companies
and loss and reported within foreign exchange gains/ Act, 2013, Capital redemption reserve is created when a
(losses), net within results from operating activities. company purchases its own shares out of free reserves
or securities premium. A sum equal to the nominal
c. Others: Changes in fair value of foreign currency
value of the shares so purchased is transferred to
derivative instruments neither designated as cash
capital redemption reserve. The reserve can be utilised
flow hedges nor hedges of net investment in foreign
in accordance with the provisions of Section 69 of the
operations are recognised in the consolidated statement
Companies Act, 2013. As of March 31, 2022, Capital
of profit and loss and reported within foreign exchange
redemption reserve amounting to ` 1,135 (March 31,
gains/(losses), net within results from operating
2021: ` 1,135) is not freely available for distribution.
activities. Changes in fair value and gains/(losses), net,
on settlement of foreign currency derivative instruments f) Share options outstanding account: The Share options
relating to borrowings, which have not been designated outstanding account is used to record the value of
as hedges are recorded in finance costs. equity-settled share-based payment transactions with
employees. The amounts recorded in share options
C) Derecognition of financial instruments: outstanding account are transferred to securities
premium upon exercise of stock options and restricted
The Company derecognises a financial asset when the
stock unit options by employees.
contractual rights to the cash flows from the financial
asset expire or it transfers the financial asset and g) Special Economic Zone re-investment reserve: The
the transfer qualifies for derecognition under Ind Special Economic Zone re-investment Reserve has
AS 109. If the Company retains substantially all the been created out of profit of eligible Special Economic
risks and rewards of a transferred financial asset, the Zone units as per provisions of Section 10AA(1)(ii) of
Company continues to recognise the financial asset the Income–tax Act, 1961 for acquiring new plant and
and recognises a borrowing for the proceeds received. machinery. The said reserve should be utilised by the
A financial liability (or a part of a financial liability) is Company for acquiring plant and machinery as per the
derecognised from the Company’s consolidated balance terms of Section 10AA(2) of the Income-tax Act, 1961.
sheet when the obligation specified in the contract is This reserve is not freely available for distribution.
discharged or cancelled or expires.
h) Foreign currency translation reserve (FCTR): The
exchange differences arising from the translation
(v) Equity and share capital of financial statements of foreign subsidiaries,
a) Share capital and Securities premium: The authorised differences arising from translation of long-term inter-
share capital of the Company as at March 31, 2022 is company receivables or payables relating to foreign
`25,274 divided into 12,504,500,000 equity shares operations, settlement of which is neither planned
of `2 each, 25,000,000 preference shares of `10 each nor likely in the foreseeable future, changes in fair
and 150,000 10% optionally convertible cumulative value of the derivative hedging instruments and gains/
preference shares of `100 each. Par value of the losses on translation or settlement of foreign currency
equity shares is recorded as share capital and the denominated borrowings designated as hedge of
321 / 490

net investment in foreign operations are recognised Category Useful life
in other comprehensive income, net of taxes and
presented within equity in the FCTR. Buildings 28 to 40 years
Plant and equipment 5 to 21 years
i) Cash flow hedging reserve: Changes in fair value
of derivative hedging instruments designated and
effective as a cash flow hedge are recognised in other Furniture, fixtures and equipment 3 to 10 years
comprehensive income, net of taxes, and presented Vehicles 4 to 5 years
within equity as cash flow hedging reserve.
When parts of an item of property, plant and equipment
j) Others: Changes in the fair value of financial have different useful lives, they are accounted for as
instruments (debt or equity) measured at fair value separate items (major components) of property, plant
through other comprehensive income is recognised and equipment. Subsequent expenditure relating to
in other comprehensive income, net of taxes and property, plant and equipment is capitalised only when
presented within investment in debt instruments it is probable that future economic benefits associated
measured at fair value through OCI or investment in with these will flow to the Company and the cost of the
equity instruments measured at fair value through item can be measured reliably.
OCI. Actuarial gains and losses on re-measurements Deposits and advances paid towards the acquisition of
of the defined benefit plans are recognised in other property, plant and equipment outstanding as at each
comprehensive income, net of taxes and presented reporting date is classified as capital advances under
within equity in re-measurement of the defined benefit other non-current assets and the cost of property, plant
plans. and equipment not available for use before such date
k) Dividend: A final dividend on equity shares is recorded are disclosed under capital work-in-progress.
as a liability on the date of approval by the shareholders.
An interim dividend is recorded as a liability on the date (vii) Business combinations, Goodwill and
of declaration by the board of directors. Intangible assets
l) Buyback of equity shares: The buyback of equity a) Business combinations: Business combinations
shares, including tax thereon and related transaction are accounted for using the purchase (acquisition)
cost are recorded as a reduction of free reserves. method. The cost of an acquisition is measured as
Further, capital redemption reserve is created as an the fair value of the assets transferred, liabilities
apportionment from retained earnings. incurred or assumed, and equity instruments issued
at the date of exchange by the Company. Identifiable
m) Bonus issue: For the purpose of bonus issue, the
assets acquired and liabilities and contingent
amount is transferred from capital redemption
liabilities assumed in a business combination
reserves, securities premium and retained earnings to
are measured initially at fair value at the date of
the share capital.
acquisition. Transaction costs incurred in connection
with a business acquisition are expensed as incurred.
(vi) Property, plant and equipment
The cost of an acquisition also includes the fair value
a) Recognition and measurement: Property, plant and of any contingent consideration measured as at the
equipment are measured at cost less accumulated date of acquisition. Any subsequent changes to the
depreciation and impairment losses, if any. Cost fair value of contingent consideration classified
includes expenditures directly attributable to the as liabilities, other than measurement period
acquisition of the asset. General and specific borrowing adjustments, are recognised in the consolidated
costs directly attributable to the construction of a statement of profit and loss.
qualifying asset are capitalised as part of the cost.
b) Goodwill: The excess of the cost of an acquisition
Capital work-in-progress are measured at cost less over the Company’s share in the fair value of the
accumulated impairment losses, if any. acquiree’s identifiable assets and liabilities is
b) Depreciation: The Company depreciates property, recognised as goodwill. If the excess is negative, a
plant and equipment over the estimated useful life bargain purchase gain is recognised in equity as
on a straight-line basis from the date the assets capital reserve. Goodwill is measured at cost less
are available for use. Leasehold improvements are accumulated impairment (if any).
amortised over the shorter of estimated useful life of Goodwill associated with disposal of an operation
the asset or the related lease term. Term licenses are that is part of cash-generating unit is measured
amortised over their respective contract term. Freehold based on the relative values of the operation
land is not depreciated. The estimated useful life of disposed of and the portion of the cash-generating
assets is reviewed and where appropriate are adjusted, unit retained, unless some other method better
annually. The estimated useful lives of assets are as reflects the goodwill associated with the operation
follows: disposed of.

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c) Intangible assets: Intangible assets acquired date over the shorter of lease term or useful life of RoU
separately are measured at cost of acquisition. assets. The estimated useful lives of RoU assets are
Intangible assets acquired in a business combination determined on the same basis as those of property, plant
are measured at fair value as at the date of acquisition. and equipment.
Following initial recognition, intangible assets are
carried at cost less accumulated amortisation and The Company applies Ind AS 36 to determine whether
impairment losses, if any. a RoU asset is impaired and accounts for any identified
impairment loss as described in the impairment of non-
The amortisation of an intangible asset with a finite financial assets below.
useful life reflects the manner in which the economic
benefit is expected to be generated. For lease liabilities at the commencement of the lease,
the Company measures the lease liability at the present
The estimated useful life of amortisable intangibles value of the lease payments that are not paid at that date.
is reviewed and where appropriate is adjusted, The lease payments are discounted using the interest rate
annually. The estimated useful lives of the implicit in the lease, if that rate is readily determined, if
amortisable intangible assets are as follows: that rate is not readily determined, the lease payments are
discounted using the incremental borrowing rate that the
Category Useful life Company would have to pay to borrow funds, including the
Customer-related intangibles 1 to 15 years consideration of factors such as the nature of the asset
and location, collateral, market terms and conditions, as
Marketing-related intangibles 2.5 to 10 years applicable in a similar economic environment.
After the commencement date, the amount of lease
(viii) Leases liabilities is increased to reflect the accretion of interest
The Company as a lessee and reduced for the lease payments made.
The Company enters into an arrangement for lease of The Company recognises the amount of the re-
land, buildings, plant and equipment including computer measurement of lease liability as an adjustment to
equipment and vehicles. Such arrangements are generally the RoU assets. Where the carrying amount of the RoU
for a fixed period but may have extension or termination asset is reduced to zero and there is a further reduction
options. The Company assesses, whether the contract in the measurement of the lease liability, the Company
is, or contains, a lease, at its inception. A contract is, or recognises any remaining amount of the re-measurement
contains, a lease if the contract conveys the right to – in consolidated statement of profit and loss.
(a) control use of an identified asset, Payment of lease liabilities are classified as cash used in
financing activities in the consolidated statement of cash
(b) obtain substantially all the economic benefits from flows.
use of the identified asset, and
The Company as a lessor
(c) direct the use of the identified asset.
Leases under which the Company is a lessor are classified
The Company determines the lease term as the non- as a finance or operating lease. Lease contracts where all
cancellable period of a lease, together with periods the risks and rewards are substantially transferred to the
covered by an option to extend the lease, where the lessee, are classified as a finance lease. All other leases
Company is reasonably certain to exercise that option. are classified as operating lease.
The Company at the commencement of the lease contract For leases under which the Company is an intermediate
recognises a Right of Use (“RoU”) asset at cost and lessor, the Company accounts for the head-lease and the
corresponding lease liability, except for leases with term sub-lease as two separate contracts. The sub-lease is
of less than twelve months (short-term leases) and low- further classified either as a finance lease or an operating
value assets. For these short-term and low-value leases, lease by reference to the RoU asset arising from the head-
the Company recognises the lease payments as an lease.
operating expense on a straight-line basis over the lease
term.
(ix) Inventories
Inventories are valued at lower of cost and net realisable
The cost of the RoU assets comprises the amount of value, including necessary provision for obsolescence. Cost
the initial measurement of the lease liability, any lease is determined using the weighted average method.
payments made at or before the inception date of the
lease plus any initial direct costs, less any lease incentives (x) Impairment
cost less any accumulated depreciation and accumulated a) Financial assets: The Company applies the expected
impairment losses, if any. The RoU assets are depreciated credit loss model for recognizing impairment loss on
using the straight-line method from the commencement financial assets measured at amortised cost, debt
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instruments classified as FVTOCI, trade receivables, would have been reported if the impairment losses
unbilled receivables, contract assets, finance lease had not been recognised initially. An impairment loss
receivables, and other financial assets. Expected in respect of goodwill is not reversed.
credit loss is the difference between the contractual
cash flows and the cash flows that the entity expects (xi) Employee benefits
to receive, discounted using the effective interest rate. a) Post-employment plans: The Group participates in
Loss allowances for trade receivables, unbilled various employee benefit plans. Pensions and other
receivables, contract assets and finance lease post-employment benefits are classified as either
receivables are measured at an amount equal to defined contribution plans or defined benefit plans.
lifetime expected credit loss. Lifetime expected credit Under a defined contribution plan, the Company’s sole
losses are the expected credit losses that result from obligation is to pay a fixed amount with no obligation
all possible default events over the expected life of a to pay further contributions if the fund does not hold
financial instrument. Lifetime expected credit loss is sufficient assets to pay all employee benefits. The
computed based on a provision matrix which takes in related actuarial and investment risks are borne by
the employee. The expenditure for defined contribution
to account, risk profiling of customers and historical
plans is recognised as an expense during the period
credit loss experience adjusted for forward looking
when the employee provides service. Under a defined
information. For other financial assets, expected
benefit plan, it is the Company’s obligation to provide
credit loss is measured at the amount equal to
agreed benefits to the employees. The related actuarial
twelve months expected credit loss unless there has
and investment risks are borne by the Company.
The present value of the defined benefit obligations
recognition, in which case those are measured at
is calculated by an independent actuary using the
lifetime expected credit loss. projected unit credit method.
b) Non-financial assets: The Company assesses long- Re-measurements of the defined benefit plans,
lived assets such as property, plant and equipment, RoU comprising actuarial gains or losses, and the return
assets and acquired intangible assets for impairment on plan assets (excluding interest) are immediately
whenever events or changes in circumstances indicate recognised in other comprehensive income, net of taxes
that the carrying amount of an asset or group of assets and not reclassified to profit or loss in subsequent
may not be recoverable. If any such indication exists, period.
the Company estimates the recoverable amount of the
Net interest recognised in profit or loss is calculated by
asset or group of assets.
applying the discount rate used to measure the defined
Goodwill is tested for impairment at least annually at benefit obligation to the net defined benefit liability or
the same time and when events occur or changes in asset. The actual return on the plan assets above or
circumstances indicate that the recoverable amount below the discount rate, is recognised as part of re-
of the cash generating unit is less than its carrying measurements of the defined benefit plans through
value. The goodwill impairment test is performed at other comprehensive income, net of taxes.
the level of cash generating unit or groups of cash The Company has the following employee benefit plans:
generating units which represents the lowest level at
A. Provident fund: Eligible employees receive
which goodwill is monitored for internal management
benefits under the Company’s provident fund
purposes.
plan, into which both the employer and employees
The recoverable amount of an asset or cash generating make periodic contributions to the approved
unit is the higher of its fair value less cost of disposal provident fund trust managed by the Company.
(“FVLCD”) and its value-in-use (“VIU”). The VIU of A portion of the employer’s contribution is made
long-lived assets is calculated using projected to the government administered pension fund.
future cash flows. FVLCD of a cash generating unit is The contributions to the trust managed by the
computed using turnover and earnings multiples. If Company is accounted for as a defined benefit
the recoverable amount of the asset or the recoverable plan as the Company is liable for any shortfall in
amount of the cash generating unit to which the asset the fund assets based on the government specified
belongs is less than its carrying amount, the carrying minimum rates of return.
amount is reduced to its recoverable amount. The Certain employees receive benefits under the
reduction is treated as an impairment loss and is provident fund plan in which both the employer
recognised in the consolidated statement of profit and employees make periodic contributions to
and loss. If at the reporting date, there is an indication the government administered provident fund. A
that a previously assessed impairment loss no longer portion of the employer’s contribution is made
exists, the recoverable amount is reassessed and the to the government administered pension fund.
impairment losses previously recognised are reversed This is accounted as a defined contribution plan
such that the asset is recognised at its recoverable as the obligation of the Company is limited to the
amount but not exceeding written down value which contributions made to the fund.

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B. Gratuity and foreign pension: In accordance with method. Non-accumulating compensated absences
the Payment of Gratuity Act, 1972, applicable are recognised in the period in which the absences
for Indian companies, the Company provides for occur.
a lump sum payment to eligible employees, at
retirement or termination of employment based
on the last drawn salary and years of employment
(xii) Share-based payment transactions
with the Company. The gratuity fund is managed by Selected employees of the Company receive remuneration
third party fund managers. in the form of equity settled instruments or cash settled
instruments, for rendering services over a defined vesting
The Company also maintains pension and similar period and for Company’s performance-based stock options
plans for employees outside India, based on over the defined period. Equity instruments granted are
country specific regulations. These plans are measured by reference to the fair value of the instrument
partially funded, and the funds are managed by at the date of grant. In cases, where equity instruments are
third party fund managers. The plans provide for granted at a nominal exercise price, the intrinsic value on
monthly payout after retirement as per salary the date of grant approximates the fair value. The expense
drawn and service period or for a lump sum is recognised in the consolidated statement of profit and
payment as set out in rules of each fund. loss with a corresponding increase to the share options
outstanding account, a component of equity.
The Company’s obligations in respect of these
plans, which are defined benefit plans, are The equity instruments or cash settled instruments
provided for based on actuarial valuation using the generally vest in a graded manner over the vesting period.
projected unit credit method. The fair value determined at the grant date is expensed
over the vesting period of the respective tranches of such
C. Superannuation: Superannuation plan, a defined grants (accelerated amortisation). The stock compensation
contribution scheme is administered by third expense is determined based on the Company’s estimate
party fund managers. The Company makes annual of equity instruments or cash settled instruments that will
contributions based on a specified percentage of eventually vest.
each eligible employee’s salary.
Cash settled instruments granted are re-measured by
b) Termination benefits: Termination benefits are reference to the fair value at the end of each reporting
expensed when the Company can no longer withdraw period and at the time of vesting. The expense is recognised
the offer of those benefits. in the consolidated statement of profit and loss with a
corresponding increase to financial liability.
c) Short-term benefits: Short-term employee benefit
obligations such as cash bonus, management incentive (xiii) Provisions
plans or profit-sharing plans are measured on an
undiscounted basis and are recorded as expense as Provisions are recognised when the Company has a
the related service is provided. A liability is recognised present obligation (legal or constructive), as a result of
for the amount expected to be paid under short-term a past event, it is probable that an outflow of economic
cash bonus, management incentive plans or profit- benefits will be required to settle the obligation and
sharing plans, if the Company has a present legal or a reliable estimate can be made of the amount of the
constructive obligation to pay this amount as a result obligation.
of past service provided by the employee and the
obligation can be estimated reliably. The amount recognised as a provision is the best estimate
of the consideration required to settle the present
d) Compensated absences: The employees of the obligation at the end of the reporting period, considering
Company are entitled to compensated absences. The the risks and uncertainties surrounding the obligation.
employees can carry forward a portion of the unutilised
When some or all of the economic benefits required to
accumulating compensated absences and utilise
settle a provision are expected to be recovered from a
it in future periods or receive cash at retirement or
third party, the receivable is recognised as an asset, if it is
termination of employment. The Company records an
virtually certain that reimbursement will be received and
obligation for compensated absences in the period in
the amount of the receivable can be measured reliably.
which the employee renders the services that increases
this entitlement. The Company measures the expected Provisions for onerous contracts are recognised when the
cost of compensated absences as the additional expected benefits to be derived by the Company from a
amount that the Company expects to pay as a result of contract are lower than the unavoidable costs of meeting
the unused entitlement that has accumulated at the the future obligations under the contract. Provisions for
end of the reporting period. The Company recognises onerous contracts are measured at the present value of
accumulated compensated absences based on lower of the expected net cost of fulfilling the contract and
actuarial valuation using the projected unit credit the expected cost of terminating the contract.
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(xiv) Revenue of-completion” method. The performance

obligations are satisfied as and when the services
The Company derives revenue primarily from software are rendered since the customer generally obtains
development, maintenance of software/hardware and control of the work as it progresses. Percentage of
related services, business process services, sale of IT and completion is determined based on project costs
other products. incurred to date as a percentage of total estimated
Revenues from customer contracts are considered for project costs required to complete the project.
recognition and measurement when the contract has The cost expended (or input) method has been
been approved by the parties to the contract, the parties used to measure progress towards completion
to contract are committed to perform their respective as there is a direct relationship between input
obligations under the contract, and the contract is legally and productivity. If the Company is not able to
enforceable. Revenue is recognised upon transfer of reasonably measure the progress of completion,
control of promised products or services to customers in revenue is recognised only to the extent of costs
an amount that reflects the consideration the Company incurred for which recoverability is probable.
expects to receive in exchange for those products or When total cost estimates exceed revenues in an
services. To recognise revenues, the Company applies the arrangement, the estimated losses are recognised
following five step approach: (1) identify the contract with in the consolidated statement of profit and loss in
a customer, (2) identify the performance obligations in the the period in which such losses become probable
contract, (3) determine the transaction price, (4) allocate based on the current contract estimates as an
the transaction price to the performance obligations in the onerous contract provision.
contract, and (5) recognise revenues when a performance A contract asset is a right to consideration that is
obligation is satisfied. When there is uncertainty as to conditional upon factors other than the passage of
collectability, revenue recognition is postponed until such time. Contract assets primarily relate to unbilled
uncertainty is resolved. amounts on fixed price development contracts
At contract inception, the Company assesses its promise and are classified as non-financial asset as the
to transfer products or services to a customer to identify contractual right to consideration is dependent on
separate performance obligations. The Company applies completion of contractual milestones.
judgement to determine whether each product or service A contract liability is an entity’s obligation to transfer
promised to a customer is capable of being distinct, goods or services to a customer for which the entity
and are distinct in the context of the contract, if not, the has received consideration (or the amount is due)
promised product or service is combined and accounted from the customer.
as a single performance obligation. The Company allocates
the arrangement consideration to separately identifiable Unbilled receivables on other than fixed price
performance obligation based on their relative standalone development contracts are classified as a
selling price or residual method. Standalone selling prices financial asset where the right to consideration
are determined based on sale prices for the components is unconditional and only the passage of time is
when it is regularly sold separately, in cases where the required before the payment is due.
Company is unable to determine the standalone selling ii. Maintenance contracts: Revenues related to fixed
price the Company uses third-party prices for similar price maintenance contracts are recognised on a
deliverables or the Company uses expected cost-plus straight-line basis when services are performed
margin approach in estimating the standalone selling through an indefinite number of repetitive acts over
price. a specified period or ratably using percentage of
For performance obligations where control is transferred completion method when the pattern of benefits
over time, revenues are recognised by measuring progress from the services rendered to the customers and
towards completion of the performance obligation. The the cost to fulfil the contract is not even through
selection of the method to measure progress towards the period of contract because the services are
completion requires judgment and is based on the nature generally discrete in nature and not repetitive.
of the promised products or services to be provided. Revenue for contracts in which the invoicing is
The method for recognizing revenues and costs depends representative of the value being delivered is
on the nature of the services rendered: recognised based on our right to invoice. If our
invoicing is not consistent with value delivered,
A. Time and materials contracts: Revenues and costs revenues are recognised as the service is performed
relating to time and materials contracts are recognised using the percentage of completion method.
as the related services are rendered.
B. Fixed price contracts: output units is agreed at a fixed price for a fixed
i. Fixed price development contracts: Revenues term. In such contracts, revenue is recognised with
from fixed price development contracts, including respect to the actual output achieved till date as a
software development, and integration contracts, percentage of total contractual output. Any residual
where the performance obligations are satisfied service unutilised by the customer is recognised as
over time, are recognised using the “percentage- revenue on completion of the term.

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iii. Element or Volume based contracts: Revenues to the timing of payments to determine whether
and costs are recognised as the related services are a significant financing component exists. As a
rendered. practical expedient, the Company does not assess
C. Products: Revenue on product sales are recognised the existence of a significant financing component
when the customer obtains control of the specified when the difference between payment and transfer
product. of deliverables is a year or less. If the difference in
timing arises for reasons other than the provision
D. Others of finance to either the customer or us, no financing
• Any change in scope or price is considered to be a component is deemed to exist.
contract modification. The Company accounts for • The Company may enter into arrangements with
modifications to existing contracts by assessing third party suppliers to resell products or services.
whether the services added are distinct and whether In such cases, the Company evaluates whether the
the pricing is at the standalone selling price. Company is the principal (i.e. report revenues on a
Services added that are not distinct are accounted gross basis) or agent (i.e. report revenues on a net
for on a cumulative catch up basis, while those that basis). In doing so, the Company first evaluates
are distinct are accounted for prospectively, either whether the Company controls the good or service
as a separate contract if the additional services before it is transferred to the customer. If Company
are priced at the standalone selling price, or as a controls the good or service before it is transferred
termination of the existing contract and creation of to the customer, Company is the principal; if not, the
a new contract if not priced at the standalone selling Company is the agent.
price.
• Estimates of transaction price and total costs or
• The Company accounts for variable considerations efforts are continuously monitored over the term of
like, volume discounts, rebates and pricing the contract and are recognised in net profit in the
incentives to customers and penalties as reduction period when these estimates change or when the
of revenue on a systematic and rational basis over estimates are revised. Revenues and the estimated
the period of the contract. The Company estimates total costs or efforts are subject to revision as the
an amount of such variable consideration using contract progresses.
expected value method or the single most likely
amount in a range of possible consideration (xv) Finance costs
depending on which method better predicts the Finance costs comprises interest cost on borrowings,
amount of consideration to which the Company may lease liabilities and net defined benefit liability, gains or
be entitled and when it is probable that a significant losses arising on re-measurement of financial assets
reversal of cumulative revenue recognised will not measured at FVTPL, net loss on translation or settlement
occur when the uncertainty associated with the of foreign currency borrowings and changes in fair value
variable consideration is resolved. and gains/(losses) on settlement of related derivative
• Revenues are shown net of allowances/returns, instruments. Borrowing costs that are not directly
sales tax, value added tax, goods and services tax attributable to a qualifying asset are recognised in the
and applicable discounts and allowances. consolidated statement of profit and loss using the
• The Company accrues the estimated cost of effective interest method.
warranties at the time when the revenue is
recognised. The accruals are based on the
(xvi) Finance and other income
Company’s historical experience of material usage Finance and other income comprise interest income on
and service delivery costs. deposits, dividend income, gains/(losses) on disposal of
investments and net gain on translation or settlement
• Incremental costs that relate directly to a contract of foreign currency borrowings. Interest income is
and incurred in securing a contract with a customer recognised using the effective interest method. Dividend
are recognised as an asset when the Company income is recognised when the right to receive payment is
expects to recover these costs and amortised over established.
the contract term.
• The Company recognises contract fulfilment cost (xvii) Income tax
as an asset if those costs specifically relate to a Income tax comprises current and deferred tax. Income
contract or to an anticipated contract, the costs tax expense is recognised in the consolidated statement
generate or enhance resources that will be used in of profit and loss except to the extent it relates to a
satisfying performance obligations in future; and business combination, or items directly recognised in
the costs are expected to be recovered. The asset equity or in other comprehensive income.
so recognised is amortised on a systematic basis
a) Current income tax: Current income tax for the
consistent with the transfer of goods or services to
current and prior periods are measured at the amount
customer to which the asset relates.
expected to be recovered from or paid to the taxation
• The Company assesses the timing of the transfer authorities based on the taxable income for the
of goods or services to the customer as compared period. The tax rates and tax laws used to compute
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the current tax amounts are those that are enacted (xviii) Earnings per share
or substantively enacted as at the reporting date
and applicable for the period. While determining the Basic earnings per share is computed using the weighted
tax provisions, the Company assesses whether each average number of equity shares outstanding during
uncertain tax position is to be considered separately the period adjusted for treasury shares held. Diluted
or together with one or more uncertain tax positions earnings per share is computed using the weighted
depending upon the nature and circumstances of average number of equity and dilutive equivalent shares
each uncertain tax position. The Company offsets outstanding during the period, using the treasury stock
current tax assets and current tax liabilities, where method for options, except where the results would be
it has a legally enforceable right to set off the anti-dilutive.
recognised amounts and where it intends either The number of equity shares and potentially dilutive
to settle on a net basis, or to realise the asset and equity shares are adjusted retrospectively for all periods
liability simultaneously. presented for any splits and bonus shares issues
including for change effected prior to the approval of
b) Deferred income tax: Deferred income tax is the consolidated financial statements by the Board of
recognised using the balance sheet approach. Directors.
Deferred income tax assets and liabilities are
recognised for deductible and taxable temporary (xix) Statement of cash flows
differences arising between the tax base of assets
and liabilities and their carrying amount in these Cash flows are reported using the indirect method,
consolidated financial statements, except when the whereby profit for the period is adjusted for the effects
deferred income tax arises from the initial recognition of transactions of a non-cash nature, any deferrals or
of goodwill or an asset or liability in a transaction that accruals of past or future operating cash receipts or
is not a business combination and affects neither payments and item of income or expenses associated
accounting nor taxable profits or loss at the time of with investing or financing cash flows. The cash from
the transaction. operating, investing and financing activities of the
Company are segregated.
Deferred income tax assets are recognised to the
extent it is probable that taxable profit will be (xx) Assets held for sale
available against which the deductible temporary
differences and the carry forward of unused tax Sale of business is classified as held for sale, if their
credits and unused tax losses can be utilised. carrying amount is intended to be recovered principally
through sale rather than through continuing use. The
Deferred income tax liabilities are recognised for condition for classification as held for sale is met when
all taxable temporary differences except in respect disposal business is available for immediate sale and
of taxable temporary differences that is expected the same is highly probable of being completed within
to reverse within the tax holiday period, taxable one year from the date of classification as held for sale.
temporary differences associated with investments in
subsidiaries, associates and foreign branches where
the timing of the reversal of the temporary difference
(xxi) Discontinued operations
can be controlled and it is probable that the temporary A discontinued operation is a component of the
difference will not reverse in the foreseeable future. Company’s business that represents a separate line of
The carrying amount of deferred income tax assets business that has been disposed of or is held for sale, or
is reviewed at each reporting date and reduced to is a subsidiary acquired exclusively with a view to resale.
the extent that it is no longer probable that sufficient Classification as a discontinued operation occurs upon
taxable profit will be available to allow all or part of the earlier of disposal or when the operation meets the
the deferred income tax asset to be utilised. criteria to be classified as held for sale.
Deferred income tax assets and liabilities are (xxii) Disposal of assets
measured at the tax rates that are expected to apply
in the period when the asset is realised or the liability The gain or loss arising on disposal or retirement of
is settled, based on tax rates (and tax laws) that assets is recognised in the consolidated statement of
have been enacted or substantively enacted at the profit and loss.
reporting date. New Accounting standards, amendments and interpretations
The Company offsets deferred income tax assets adopted by the Company effective from April 1, 2021:
and liabilities, where it has a legally enforceable
Amendment to Ind AS 116 – COVID-19-Related Rent
right to offset current tax assets against current tax
Concessions
liabilities, and they relate to taxes levied by the same
taxation authority on either the same taxable entity, or The economic challenges presented by the COVID-19 pandemic
on different taxable entities where there is a right and have persisted longer than anticipated, and therefore the
an intention to settle the current tax liabilities and practical expedient relating to rent concessions arising as a
assets on a net basis or their tax assets and liabilities consequence of COVID-19 has been modified. Accordingly,
will be realised simultaneously. lessees are now exempted from assessing whether a COVID-19-

328 / 490

related rent concession is a lease modification, if the reduction in disclosures in the financial statements for the year ending
lease payments affects only payments originally due on or before March 31, 2022.
June 30, 2022. Earlier the practical expedient was allowed only
for lease payments originally due on or before June 30, 2021. The New Accounting standards, amendments and interpretations
adoption of these amendments did not have any material impact not yet adopted:
on the consolidated statement of profit and loss for the year
Companies (Indian Accounting Standards) Amendment
ended March 31, 2022.
Rules, 2022
Amendment to Ind AS 104, Ind AS 107, Ind AS 109 and Ind AS Ministry of Corporate Affairs (“MCA”) notifies new standard
116 - Interest Rate Benchmark Reform – Phase 2 or amendments to the existing standards under Companies
This amendment relates to ‘Interest Rate Benchmark Reform – (Indian Accounting Standards) Rules as issued from time to
Phase 2 (Amendments to Ind AS 104, Ind AS 107, Ind AS 109 and time. On March 23, 2022, MCA amended the Companies (Indian
Ind AS 116)’ which addresses issues that might affect financial Accounting Standards) Amendment Rules, 2022, applicable for
reporting after the reform of an interest rate benchmark, annual periods beginning on or after April 1, 2022, as below:
including its replacement with alternative benchmark rates.
Amendments to Ind AS 103 – Business Combinations –
Some of the key amendments arising from the interest rate
Reference to Conceptual Framework
benchmark are: Ind AS 109: New guidance has been included
on changes in the basis for determining the contractual cash The amendments specifies that to qualify for recognition as part of
flows as a result of interest rate benchmark reform. Ind AS applying the acquisition method, the identifiable assets acquired
107: Additional disclosures related to nature and extent of and liabilities assumed must meet the definitions of assets and
risks to which the entity is exposed from financial instruments liabilities in the Conceptual Framework for Financial Reporting
subject to interest rate benchmark reform and how the entity under Indian Accounting Standards (Conceptual Framework)
manages these risks. The adoption of these amendments did issued by the Institute of Chartered Accountants of India at the
not have any material impact on the consolidated financial acquisition date. These changes do not significantly change the
statements. requirements of Ind AS 103. The adoption of amendments to
Ind AS 103 is not expected to have any material impact on the
Amendments to Ind AS consequential to Conceptual Framework consolidated financial statements.
under Ind AS
The amendments relating to Ind AS 102, Share-based Payment; Amendments to Ind AS 109 – Financial Instruments
Ind AS 103, Business Combinations; Ind AS 106, Exploration for The amendments clarifies which fees an entity includes when it
and Evaluation of Mineral Resources; Ind AS 114, Regulatory applies the ‘10 percent’ test of Ind AS 109 in assessing whether
Deferral Accounts; Ind AS 1, Presentation of Financial Statements; to derecognise a financial liability. The adoption of amendments
Ind AS 8, Accounting Policies, Changes in Accounting Estimates to Ind AS 109 is not expected to have any material impact on the
and Errors; Ind AS 34, Interim Financial Reporting; Ind AS 37, consolidated financial statements.
Provisions, Contingent Liabilities and Contingent Assets; Ind
AS 38, Intangible Assets, are consequential due to changes in the Amendments to Ind AS 16 – Property, Plant and Equipment –
Conceptual Framework under Ind AS, made in August 2020. The Proceeds before intended use
revised Conceptual Framework introduced some new concepts
The amendments clarifies that excess of net sale proceeds
and clarifications along with revision in definitions and changes
of items produced over the cost of testing, if any, shall not be
in recognition criteria of assets and liabilities under Ind AS. The
recognised in the profit or loss but deducted from the directly
adoption of these amendments did not have any material impact
attributable costs considered as part of cost of an item of
on the consolidated financial statements.
property, plant and equipment. The adoption of amendments
Amendment to Schedule III of the Companies Act, 2013 to Ind AS 16 is not expected to have any material impact on the
On March 24, 2021, the Ministry of Corporate Affairs (“MCA”) consolidated financial statements.
through a notification, amended Schedule III of the Companies
Amendments to Ind AS 37 – Onerous Contracts – Cost of
Act, 2013. The amendments relating to Division II which relate
Fulfilling a Contract
to companies whose financial statements are required to
comply with Companies (Indian Accounting Standards) Rules, The amendments specifies that the cost of fulfilling a contract
2015 include, among other things, requirement for disclosure comprises the costs that relate directly to the contract. Costs that
of Current maturities of long-term borrowings separately within relate directly to a contract can either be the incremental costs of
borrowings instead of earlier disclosure requirement under fulfilling that contract (for example, direct labour and materials);
Other Financial Liabilities. Accordingly, ` 15,511 towards current or an allocation of other costs that relate directly to fulfilling
maturities of long-term loans has been reclassified from “Other contracts (for example, an allocation of the depreciation charge
current financial liabilities” to “Current Borrowings” for the year for an item of property, plant and equipment used in fulfilling
ended March 31, 2021 (Refer to Note 17). Other amendments in that contract among others). The adoption of amendments to
the notification applicable for full annual financial statements Ind AS 37 is not expected to have any material impact on the
have been adopted by the Company by providing applicable consolidated financial statements.
329 / 490

4. Property, Plant and Equipment

Plant and Furniture and Office
equipment (1) fixtures equipment
As at April 1, 2021 ` 3,815 ` 39,218 ` 110,775 ` 13,732 ` 6,863 ` 418 ` 174,821
Additions 1,031 1,676 19,411 1,841 543 7 24,509
Additions through Business combinations - - 370 297 38 3 708
Disposals (30) (440) (7,863) (624) (202) (115) (9,274)
Translation adjustment (3) 36 698 43 17 4 795
As at March 31, 2022 ` 4,813 ` 40,490 ` 123,391 ` 15,289 ` 7,259 ` 317 ` 191,559
As at April 1, 2021 ` - ` 8,706 ` 84,975 ` 9,712 ` 5,280 ` 397 ` 109,070
Depreciation and impairment (2) - 1,418 12,290 1,501 640 10 15,859
Disposals - (346) (7,451) (539) (186) (112) (8,634)
Translation adjustment - 29 571 41 11 2 654
As at March 31, 2022 ` - ` 9,807 ` 90,385 ` 10,715 ` 5,745 ` 297 ` 116,949
Net carrying value as at March 31, 2022 ` 4,813 ` 30,683 ` 33,006 ` 4,574 ` 1,514 ` 20 ` 74,610
As at April 1, 2020 ` 3,761 ` 36,314 ` 100,615 ` 12,901 ` 6,872 ` 808 ` 161,271
Additions 107 3,569 14,362 1,615 343 9 20,005
Additions through Business combinations - - 27 55 2 - 84
Disposals (58) (765) (4,532) (844) (374) (398) (6,971)
Translation adjustment 5 100 303 5 20 (1) 432
As at March 31, 2021 ` 3,815 `39,218 ` 110,775 ` 13,732 ` 6,863 ` 418 ` 174,821
As at April 1, 2020 ` - ` 7,888 ` 77,993 ` 9,117 ` 4,929 ` 727 ` 100,654
Depreciation and impairment (2) - 1,481 11,122 1,211 632 61 14,507
Disposals - (695) (4,312) (615) (293) (391) (6,306)
Translation adjustment - 32 172 (1) 12 - 215
As at March 31, 2021 ` - ` 8,706 ` 84,975 ` 9,712 ` 5,280 ` 397 ` 109,070
Net carrying value as at March 31, 2021 ` 3,815 ` 30,512 `  25,800 ` 4,020 ` 1,583 `  21 `  65,751
(1)
Including net carrying value of computer equipment and software amounting to ` 25,162 and ` 18,508 as at March 31, 2022 and 2021, respectively.
(2)
Includes impairment charge on certain software platforms, amounting to ` Nil and ` 285 for the year ended March 31, 2022 and 2021, respectively.
5. Right-of-Use Assets
Plant and equip-
ment (1)
As at April 1, 2021 ` 2,082 ` 18,844 ` 3,918 ` 926 ` 25,770
Additions 15 7,517 429 105 8,066
Additions through Business combinations - 2,920 - 36 2,956
Disposals (819) (3,360) (1,861) (149) (6,189)
As at March 31, 2022 ` 1,278 ` 25,993 ` 2,511 ` 904 ` 30,686
As at April 1, 2021 ` 55 ` 6,703 ` 2,157 ` 435 ` 9,350
Depreciation 24 5,572 849 264 6,709
Disposals (21) (2,667) (1,518) (121) (4,327)
As at March 31, 2022 ` 58 ` 9,676 ` 1,512 ` 570 ` 11,816
Net carrying value as at March 31, 2022 ` 18,870

330 / 490


Plant and equip-
ment (1)
As at April 1, 2020 ` 2,003 ` 15,624 ` 4,236 ` 826 ` 22,689
Additions 79 5,323 770 162 6,334
Additions through Business combinations - 352 - 84 436
Disposals - (2,503) (1,103) (154) (3,760)
As at March 31, 2021 ` 2,082 ` 18,844 ` 3,918 ` 926 ` 25,770
As at April 1, 2020 ` 27 ` 3,928 ` 1,721 ` 265 ` 5,941
Depreciation 28 4,487 1,465 285 6,265
Disposals - (1,703) (1,023) (119) (2,845)
Translation adjustment - (9) (6) 4 (11)
As at March 31, 2021 ` 55 ` 6,703 ` 2,157 ` 435 ` 9,350
Net carrying value as at March 31, 2021 ` 16,420
(1)
Including net carrying value of computer equipment amounting to ` 6 and ` 8 as at March 31, 2022 and 2021, respectively.
The Company recognised the following expenses in the consolidated statement of profit and loss:
Year ended Year ended March

March 31, 2022 31, 2021
Interest expenses on lease liabilities ` 894 ` 798
Rent expense recognized under facility expenses pertaining to:
Leases of low-value assets 150 53
Leases with less than twelve months of lease term 2,392 1,876
` 3,436 ` 2,727
activities in the consolidated statement of cash flows. All other lease payments during the period are disclosed under financing
activities in the consolidated statement of cash flows.
Income from subleasing RoU assets is not material.
The Company is committed to certain leases amounting to ` 1,657 which have not commenced as of March 31, 2022. The term of
such leases ranges from 3 to 7 years.
6. Capital Work-in-Progress

Less than More than
1 year 3 years
Projects in progress ` 4,137 ` 4,400 ` 3,420 ` 3,462 ` 15,419
Projects temporarily suspended (1) - - - 596 596
Total ` 4,137 ` 4,400 ` 3,420 ` 4,058 ` 16,015
(1)
During the year ended March 31, 2022 impairment loss of ` 31 has been written back based on the reassessment of fair value.
331 / 490


Less than More than
1 year 3 years
Projects in progress ` 7,627 ` 5,431 ` 4,167 ` 742 ` 17,967
Projects temporarily suspended - - 20 545 565
Total `  7,627 ` 5,431 ` 4,187 ` 1,287 ` 18,532
Following table represent the ageing schedule for capital work-in progress, whose completion is overdue or has exceeded its cost
compared to its original plan at on March 31, 2022:
To be completed in
Less than More than
1-2 years 2-3 years
1 year 3 years
Kodathi ` 9,480 ` - ` - ` -
Gopannapally 3,977 - - -
Pune Phase 5 1,559 - - -

MWC Chennai ` 596 ` - ` - ` -
Following table represent the ageing schedule for capital work-in progress, whose completion is overdue or has exceeded its cost
compared to its original plan at on March 31, 2021:
To be completed in
Less than More than
1-2 years 2-3 years
1 year 3 years
Kodathi ` - ` 7,294 ` - ` -
Gopannapally 2,165 3,393 - -
IT Projects 2,766 - - -
Pune Phase 5 - 1,346 - -
Sholinganallur 217 - - -
Pune Phase 4 196 - - -

MWC Chennai ` - ` 565 ` - ` -
7. Goodwill and Other Intangible Assets

Year ended Year ended March

March 31, 2022 31, 2021
Translation adjustment 5,145 (1,219)
Acquisition through business combinations (1) (Refer to Note 8) 102,569 9,472
(1)
Acquisition through business combinations for the year ended March 31, 2022 and 2021 is after considering the impact of ` 116 and ` (72) towards
changes in the purchase price allocation of acquisitions made during the year ended March 31, 2021 and 2020, respectively.
The Company is organised by three operating segments: IT Services, IT Products and India State Run Enterprise Services. Goodwill
as at March 31, 2022 and 2021 has been allocated to the IT Services operating segment.
Goodwill recognised on business combinations is allocated to Cash Generating Units (CGUs), within the IT Services operating

332 / 490


March 31, 2022 March 31, 2021
CGUs
Americas 1 ` 76,998 ` 64,469
Americas 2 82,231 32,172
Europe 62,539 24,953
Asia Pacific Middle East Africa (APMEA) 21,093 13,553
` 242,861 ` 135,147
For impairment testing, goodwill is allocated to a CGU representing the lowest level within the Group at which goodwill is
capitalisation approach, using the turnover and earnings multiples derived from observable market data. The fair value
measurement is categorised as a level 2 fair value based on the inputs in the valuation techniques used.
Based on the above testing, no impairment was identified as at March 31, 2022 and 2021, as the recoverable value of the CGUs
exceeded the carrying value. A sensitivity analysis to the change in the key parameters (turnover and earnings multiples) did not
The movement in other intangible assets is given below:
As at April 1, 2021 ` 26,326 ` 1,611 ` 27,937
Acquisition through business combinations (Refer to Note 8) 27,834 9,814 37,648
As at March 31, 2022 ` 43,366 ` 11,428 ` 54,794
Accumulated amortisation/ impairment:
As at April 1, 2021 ` 14,248 ` 604 ` 14,852
Amortization and impairment (1) 6,872 1,338 8,210
As at March 31, 2022 ` 9,483 ` 1,756 ` 11,239
Net carrying value as at March 31, 2022 ` 33,883 ` 9,672 ` 43,555
As at April 1, 2020 ` 32,490 ` 6,698 ` 39,188
Deductions/adjustments (8,568) (5,756) (14,324)
Translation adjustment (56) (159) (215)
As at March 31, 2021 ` 26,326 ` 1,611 ` 27,937
Accumulated amortisation/ impairment:
As at April 1, 2020 ` 17,898 ` 4,928 ` 22,826
Amortization and impairment (1) 5,060 1,548 6,608
As at March 31, 2021 ` 14,248 ` 604 ` 14,852
Net carrying value as at March 31, 2021 ` 12,078 ` 1,007 ` 13,085
(1)
During the year ended March 31, 2021, change in business strategy of a customer led to a significant decline in the revenue and earnings estimates,
resulting in revision of recoverable value of customer-relationship intangible assets recognised on business combination. Further, the Company integrated
certain brands acquired as part of a business combination, resulting in discontinuance of the acquired brands. Consequently, the Company has recognised
impairment charge ` 1,879 for the year ended March 31, 2021 as part of amortisation and impairment.
(1)
During the year ended March 31, 2021, due to change in our estimate of useful life of customer-related intangibles in an earlier business combination,
the Company has recognised additional amortisation charge of ` 795.
333 / 490

As at March 31, 2022, the net carrying value and the estimated remaining amortisation period for intangible assets acquired on
Estimated remaining
Acquisition Net carrying value
amortisation period
Capco - customer-related intangible ` 22,197 8.08 years
Capco - marketing-related intangible 7,477 9.08 years
Edgile, LLC 2,847 5.75 years
Ampion Holdings Pty Ltd 1,986 2.35 - 5.35 years
Vara Infotech Private Limited 1,596 4.5 - 7.5 years
Rational Interaction, Inc. 1,483 0.89 - 4.89 years
Eximius Design, LLC 1,313 1.9 - 5.4 years
4C NV 471 1.36 - 3.36 years
IVIA Serviços de Informática Ltda 332 3.37 years
International TechneGroup Incorporated 212 2.5 years
LeanSwift Solutions Inc. 148 0.75 - 2.25 years
Encore Theme Technologies Private Limited 117 1.7 - 3.71 years
Others 3,376 0.25 - 10.25 years
Total 43,555
8. Business Combinations
Summary of acquisitions during the year ended March 31, 2022 is given below:

During the year ended March 31, 2022, the Company has completed four business combinations by acquiring 100% equity
interest in:
(a) Capco and its subsidiaries (“Capco”), a global management and technology consultancy company providing digital,
consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific. This acquisition makes
the Company one of the largest end-to-end global consulting, technology and transformation service providers to the banking
and financial services industry. By combining our capabilities in strategic design, digital transformation, cloud, cybersecurity,
IT and operations services with Capco’s domain and consulting strength, our SMUs will be able to provide our clients the
access to a partner who can deliver integrated, bespoke solutions to help fuel growth and achieve their transformation
objectives. The acquisition was consummated on April 29, 2021 for total cash consideration of ` 109,530.
(b) Ampion Holdings Pty Ltd and its subsidiaries (“Ampion”), an Australia-based provider of cyber security, DevOps and quality
engineering services. This acquisition is an important step in the direction of our new operating model which emphasises
strategic investments in focus geographies, proximity to customers, agility, scale and localisation. It reinstates the commitment
towards clients and stakeholders in Australia and New Zealand, under our APMEA SMU. Further, Ampion’s product and
services combined with ours and powered by engineering transformation, DevOps and security consulting services will bring
scale and market agility to respond to the growing demands of customers. The acquisition was consummated on August 6,
2021 for total cash consideration of ` 9,102.
(c) Edgile, LLC (“Edgile”), a US based transformational cybersecurity consulting provider that focuses on risk and compliance,
information and cloud security, and digital identity. This acquisition helps address the fast-growing demand for
transformational cybersecurity consulting among Global 2000 enterprises. Together, Wipro and Edgile will help enterprises
enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security
in action. In collaboration with an extensive roster of alliance partners from Wipro and Edgile, we will enable organisations to
accelerate their digital transformation and operate in virtual and digital supply chains. The acquisition was consummated on
December 31, 2021 for total consideration (upfront cash payout to acquire control and contingent consideration) of ` 17,176.
(d) LeanSwift Solutions Inc. and its subsidiaries (“LeanSwift”), a system integrator of Infor products for customers across
the Americas and Europe. This acquisition aligns with our strategic investments in cloud transformation. The combined
entity will provide Wipro an edge in key transformation deals, especially in the manufacturing and distribution sectors, by
combining LeanSwift’s expertise in the Infor CloudSuites with our broader cloud-native digital capabilities. The acquisition
was consummated on December 31, 2021 for total cash consideration of ` 1,606.

334 / 490


Description Capco Ampion Edgile LeanSwift
Net assets ` 4,667 ` 1,235 ` 1,306 ` 199
Fair value of Customer-related intangibles 24,273 1,748 1,754 59
Fair value of Marketing-related intangibles 8,083 460 1,160 111
Deferred tax liabilities on intangible assets (9,383) (663) - (48)
Total ` 27,640 ` 2,780 ` 4,220 ` 321
Goodwill 81,890 6,322 12,956 1,285
Total purchase price ` 109,530 ` 9,102 ` 17,176 ` 1,606
Net Assets include:

Cash and cash equivalents ` 4,278 ` 855 ` 907 ` 139
Fair value of acquired trade receivables included in net assets ` 6,167 ` 1,074 ` 819 ` 205
Gross contractual amount of acquired trade receivables 6,181 1,074 819 221
Less: Allowance for lifetime expected credit loss (14) - - (16)
Transaction costs included in general and administrative
` 358 ` 49 `  152 ` 88
expenses
The purchase price allocation for Edgile and LeanSwift is provisional and will be finalised as soon as practicable within the
measurement period, but in no event later than one year following the date of acquisition.
The acquisition of Capco contributed revenues of ` 66,616 and profit after taxes of ` 4,336 for the Company during the year ended
March 31, 2022. The other acquisitions completed during the year ended March 31, 2022 contributed revenues of ` 6,114 and
profit after taxes of ` 55.
If all the acquisitions during the year ended March 31, 2022, had been consummated on April 1, 2021, management estimates
that consolidated revenues for the Company would have been ` 802,835 and the profit after taxes would have been ` 123,005
for the year ended March 31, 2022. The pro-forma amounts are not necessarily indicative of the actual or future results if the
acquisition had been consummated on April 1, 2021.
The goodwill of ` 102,453 comprises value of acquired workforce and expected synergies arising from the business combination.
Goodwill is allocated to IT Services segment and is not deductible for income tax purposes except for Edgile, LLC in the United
States of America.
The total consideration of Edgile includes a contingent consideration linked to achievement of revenues and earnings over a
period of 2 years ending December 31, 2023, and range of contingent consideration payable is between ` Nil and ` 2,230. The
fair value of the contingent consideration is estimated by applying the discounted cash flow approach considering discount
rate of 2.9% and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration
is ` 1,531 as at the date of acquisition. The discounted fair value of contingent consideration of ` 1,462 is recorded as part of
provisional purchase price allocation.
Summary of acquisitions consummated after March 31, 2022
(a) Convergence Acceleration Solutions, LLC (“CAS Group”) is a US based consulting and program management company that
specialises in driving large scale business and technology transformation for Fortune 100 communications service providers.
The acquisition advances the Company’s strategic consulting capabilities as we help our clients drive large scale business
and technology transformation. The acquisitions was consummated on April 11, 2022 for a total consideration (upfront cash
to acquire control and contingent consideration) of ` 5,584.
The total consideration for the acquisition of CAS Group includes a contingent consideration linked to achievement of revenues
and earnings over a period of 3 years ending December 31, 2024, and range of contingent consideration payable is between
` Nil and ` 2,277. The fair value of the contingent consideration is estimated by applying the discounted cash flow approach
considering discount rate of 4.58% and probability adjusted revenue and earnings estimates. The undiscounted fair value
of contingent consideration is ` 1,804 as at the date of acquisition. The discounted fair value of contingent consideration of
` 1,662 is recorded as part of provisional purchase price allocation.
The following table presents the provisional purchase price allocation:
Description CAS Group
Net assets ` 554
Fair value of Customer-related intangibles 1,614
Total ` 2,168
Goodwill 3,416
Total purchase price ` 5,584
Net assets acquired include ` 127 of cash and cash equivalents and trade receivables valued at ` 453.
335 / 490

Goodwill is allocated to IT Services segment and is deductible for income tax purposes in the United States of America.
(b) Rizing Intermediate Holdings, Inc and its subsidiaries (“Rizing”) – On May 20, 2022, the Company acquired 100% equity
interests in Rizing, a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset
management, consumer industries, and human experience management for a total cash consideration of ` 44,622. Rizing
complements the Company in capabilities (EAM, HCM and S/4HANA), in industries such as Energy and Utilities, Retail and
Consumer Products, Manufacturing and Hi Tech in geographies across North America, Europe, Asia, and Australia.
The initial accounting is incomplete at the time these consolidated financial statements are authorized for issue and the fair
value remeasurement of the assets (including trade receivables) and liabilities, and the provisional purchase price allocation
pursuant to Ind AS 103 are being assessed by an independent expert and are still on-going.
During the year ended March 31, 2021, the Company has completed four business combinations (which individually are not
material) for a total consideration (upfront cash payout to acquire control and contingent consideration) of ` 13,801. These
include:
a) ` 1,643 towards acquisition of IVIA Serviços de Informática Ltda. (“IVIA”) on August 14, 2020, a specialised IT services provider
to financial services, retail and manufacturing sectors in Brazil
b) ` 5,268 towards acquisition of 4C NV and its subsidiaries (“4C”) on August 11, 2020, a Salesforce multi-cloud partner in
Europe, U.K. and the Middle East
c) ` 849 towards acquisition of Encore Theme Technologies Private Limited (“ETT”), a Finastra trade finance solutions partner
across the Middle East, Africa, India and Asia Pacific on December 15, 2020, and
d) ` 6,041 towards acquisition of Eximius Design, LLC and Eximius Design India Private Limited (“Eximius”) on February 25,
2021, a leading engineering services company with expertise in semiconductor, software and systems design.
Purchase price
Description
allocated
Net assets ` 1,285
Fair value of Marketing-related intangibles 828
Deferred tax liabilities on intangible assets (432)
Total ` 4,141
Goodwill 9,660
The total consideration for IVIA includes a contingent consideration linked to achievement of revenues and earnings over a period
of 3 years ending September 30, 2023, and range of contingent consideration payable is between ` Nil and ` 746. The fair value
of the contingent consideration is estimated by applying the discounted cash flow approach considering discount rate of 5.7%
and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is ` 525 as
of the date of acquisition. The fair value of discounted contingent consideration of ` 460 is recorded as part of purchase price
allocation.
The total consideration for ETT includes a contingent consideration linked to achievement of revenues and earnings over a period
of 18 months ending March 31, 2022, and range of contingent consideration payable is between ` Nil and ` 305. The fair value
of the contingent consideration is estimated by applying the discounted cash flow approach considering discount rate of 7.4%
allocation.
The total consideration for Eximius includes a contingent consideration linked to achievement of revenues and earnings over a
period of 2 years ending March 31, 2023, and range of contingent consideration payable is between ` Nil and ` 1,738. The fair
value of the contingent consideration is estimated by applying the discounted cash flow approach considering discount rate
of 2.3% and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is
` 1,695 as of the date of acquisition. The fair value of discounted contingent consideration of ` 1,637 is recorded as part of
purchase price allocation.
Net assets acquired include ` 1,026 of cash and cash equivalents and trade receivables valued at ` 1,159.
The goodwill of ` 9,660 comprises value of acquired workforce and expected synergies arising from the business combinations.
Goodwill is allocated to IT Services segment and is not deductible for income tax purposes except for Eximius Design, LLC in the
United States of America.

336 / 490

The transaction costs of ` 175 related to the above acquisitions have been included in the consolidated statement of profit and
loss.
The pro-forma effects of these business combinations on the Company’s results were not material.
9. Investments
As at As at
March 31, 2022 March 31, 2021
Non-current
Equity instruments - unquoted (Refer to Note 9.1) ` 1,976 ` -
Fixed maturity plan mutual funds - unquoted (Refer to Note 9.2) 513 -
Equity instruments - unquoted (Refer to Note 9.3) 14,922 10,546
Equity instruments - quoted (Refer to Note 9.4) 41 26
Inter corporate and term deposits - unquoted (1) 1,657 4
` 19,109 ` 10,576
Aggregate amount of quoted investments and aggregate market value thereof ` 41 ` 26
Aggregate amount of unquoted investments ` 19,068 ` 10,550
Current
Short-term mutual funds - unquoted (Refer to Note 9.5) ` 15,550 ` 23,502
Commercial papers and certificate of deposits - unquoted (Refer to Note 9.6) 13,937 -
Non-convertible debentures, government securities, commercial papers, certificate of
190,902 131,382
deposit and bonds - quoted (Refer to Note 9.7)
Inter corporate and term deposits - unquoted (1) 21,266 20,823
` 241,655 ` 175,707
Aggregate amount of quoted investments and aggregate market value thereof ` 190,902 ` 131,382
Aggregate amount of unquoted investments ` 50,753 ` 44,325
(1)
These deposits earn a fixed rate of interest. Term deposits include non-current and current deposits in lien with banks primarily
on account of term deposits held as margin money deposits against guarantees amounting to ` Nil and ` 654, respectively (March
31, 2021: Term deposits non-current of ` 4 and Term deposits current of ` 615).
Investments accounted for using the equity method
The Company has no material associates as at March 31, 2022.
During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its investment in Denim
Group, Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method. Refer to note 23 for
additional information.
The aggregate summarised financial information in respect of the Company’s immaterial associates that are accounted for using
the equity method is set forth below:

Carrying amount of the Company’s interest in associates accounted for using the ` 774 ` 1,464
equity method

March 31, 2022 March 31, 2021
Company’s share of net profit/(loss) of associates accounted for using the equity ` 57 ` 130
method in consolidated statement of profit and loss
337 / 490

9.1 Details of investments in equity instruments (unquoted) - classified as FVTPL
Number of shares Carrying value
Non-current
Lilt, Inc. 872,713 - ` 378 -
YugaByte, Inc. 258,253 - 357 -
CyCognito Ltd. 330,957 - 227 -
Nexus Ventures Partner’s VI, L.P. - 189 -
Functionize, Inc. - 152 -
vFunction Inc. 6,740,361 - 152 -
SYN Ventures Fund LP - 118 -
Sealights Technologies Ltd. 840,854 - 114 -
Incorta, Inc. 185,165 - 90 -
TLV Partners IV, L.P. - 60 -
Boldstart Opportunities III, L.P. - 55 -
Sorenson Ventures, L.P. - 42 -
Glilot Capital Partners IV, L.P - 32 -
Altizon Systems Private Limited - 10 ` -
Total ` 1,976 ` -
9.2 Investments in Fixed maturity plan mutual funds (unquoted) – classified as FVTPL
Non-current
SBI Fixed Maturity Plan 24,998,750 - ` 261 ` -
SBI Fixed Maturity Plan - Series 56 (1232 Days) 24,998,750 - 252 -
Total ` 513 ` -
9.3 Details of investments in equity instruments (unquoted) - classified as FVTOCI

Particulars
As at March 31, 2022 As at March 31, 2021 As at March 31, 2022 As at March 31, 2021
Non-current
Tricentis Corporation 4,933,051 4,933,051 ` 2,698 `  674
YugaByte, Inc. 1,443,530 1,443,530 1,993 494
TLV Partners, L.P. 1,209 804
Vectra Networks, Inc 1,826,920 1,826,920 1,064 562
CyCognito Ltd. 1,422,816 1,422,816 977 216
TLV Partners II, L.P. 774 295
Immuta, Inc. 1,126,394 1,126,394 740 714
Incorta, Inc. 1,458,272 1,458,272 712 512
Harte Hanks Inc. 9,926 9,926 575 319
B Capital Fund II, L.P. 493 220
Work-Bench Ventures II-A, LP 413 170
Tradeshift Inc. 384,615 384,615 379 367
Boldstart Ventures IV, L.P. 379 156
Vicarious FPC, Inc. 555,103 173,575 321 309
Boldstart Opportunities II, L.P. 296 79
Glilot Capital Partners III L.P. 289 87
TLV Partners III, L.P. 288 73
Avaamo Inc. 1,887,193 1,887,193 261 252
Vulcan Cyber Limited 691,238 691,238 227 219

338 / 490


Particulars
Sealights Technologies Ltd. 1,343,635 1,343,635 182 146
Netspring Data, Inc. 928,160 - 152 -
Headspin Inc. 633,076 633,076 145 140
Moogsoft (Herd) Inc. 2,918,933 2,918,933 133 179
Squadcast, Inc. 837,111 - 91 -
Wep Peripherals Ltd. 306,000 306,000 60 60
Work-Bench Ventures III-A, LP 33 11
Altizon Systems Private Limited 23,758 23,758 19 38
Drivestream India Private Limited 267,600 267,600 19 19
CloudKnox Security Inc. - 2,389,486 - 146
IntSights Cyber Intelligence
- 2,192,838 - 620
Limited
Ensono Holdings, LLC - 13,024,920 - 2,665
Total `  14,922 ` 10,546
9.4 Details of investments in equity instruments (quoted) - classified as FVTOCI

Particulars
Non-current
Wep Solutions Limited 1,836,000 1,836,000 ` 41 ` 26
Total ` 41 ` 26
9.5 Investments in short-term mutual funds (unquoted) – classified as FVTPL

Current
Invesco India Overnight Fund 1,705,851 188,072 ` 1,832 ` 196
Nippon India Overnight Fund 15,346,643 - 1,751 -
SBI Overnight Fund Direct Plan Growth 423,320 579,846 1,465 1,945
Axis Overnight Fund 1,247,396 983,593 1,402 1,070
ICICI Prudential Overnight Fund Direct Growth 9,148,551 16,299,450 1,048 1,809
Kotak Overnight Fund 883,375 994,788 1,002 1,092
L&T Arbitrage Opportunities Fund 61,588,446 - 1,001 -
SBI Liquid Fund Direct Growth 300,077 - 1,000 -
Aditya Birla Sun Life Overnight Fund Direct Plan Growth 612,111 71,397 704 79
Kotak Gilt Fund 8,151,573 - 702 -
IDFC Overnight Fund 506,755 47,793 575 52
L&T Overnight Fund 341,747 77,647 567 125
LIC MF Overnight Fund Direct Plan Growth 500,880 629,140 552 671
HDFC Overnight Fund Direct Plan Growth 162,018 364,207 512 1,114
DSP Overnight Fund Direct Plan Growth 424,922 501,432 484 553
HSBC Overnight Fund 316,816 55,197 352 59
UTI Overnight Fund Direct Plan Growth 68,733 22,524 200 63
Tata Overnight Fund 136,893 106,323 154 115
Sundaram Overnight Fund 108,272 - 122 -
Baroda Overnight Fund 91,400 635,996 102 687
Mirae Asset Overnight Fund 21,038 51,808 23 55
UTI Arbitrage Fund-Growth Plan - 107,117,931 - 3,048
Kotak Equity Arbitrage Fund-Direct Plan-Growth - 84,544,140 - 2,560
339 / 490


HDFC Arbitrage Fund – Wholesale Plan – Growth - 141,089,753 - 2,177
ICICI Prudential Equity Arbitrage Fund – Direct Plan –
- 61,667,716 - 1,730
Growth
IDFC Arbitrage Fund – Growth – Direct Plan - 48,133,290 - 1,288
Aditya Birla Sun Life Arbitrage Fund - 46,133,795 - 1,005
DSP Floater Fund - 99,995,000 - 1,005
IDFC Arbitrage Fund – Monthly Dividend – Direct Plan - 74,705,539 - 1,004
Total ` 15,550 ` 23,502
9.6 Investment in commercial papers and certificate of deposits (unquoted)– classified as FVTOCI
As at As at
Particulars
March 31, 2022 March 31, 2021
Current
Small Industries Development Bank of India `  7,691 ` -
Kotak Mahindra Bank Limited 1,928 -
Total ` 13,937 ` -
9.7 Investment in Non-convertible debentures, government securities, commercial papers, certificate of deposit and bonds
(quoted) – classified as FVTOCI
As at As at
Particulars
March 31, 2022 March 31, 2021
Current
National Highways Authority of India `  19,660 `  20,520
Bajaj Finance Limited 14,195 -
HDB Financial Services Limited 14,090 12,172
Sundaram Finance Limited 13,893 -
Kotak Mahindra Prime Limited 13,670 9,258
Tata Capital Financial Services Limited 13,598 12,639
Rural Electrification Corporation Limited 13,537 7,788
Kotak Mahindra Investments Limited 13,230 7,537
National Bank for Agriculture and Rural Development 13,168 4,946
Tata Capital Housing Finance Limited 12,192 3,445
Government Securities 10,774 27,374
Axis Bank Limited 8,041 -
LIC Housing Finance Limited 7,363 3,042
Power Finance Corporation Limited 5,788 7,064
Housing Development Finance Corporation Limited 4,981 2,785
Indian Railway Finance Corporation Limited 4,547 4,398
ICICI Bank Limited 3,686 -
NTPC Limited 449 4,050
ANZ Bank 7 7
Aditya Birla Finance Limited - 2,005
Small Industries Development Bank of India - 1,504
Kotak Mahindra Bank Limited - 848
Total ` 190,902 ` 131,382

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10. Financial Instruments

As at As at
March 31, 2022 March 31, 2021
Financial assets:
Cash and cash equivalents ` 103,836 ` 169,793
Investments
Financial instruments at Amortised cost 22,923 20,827
` 597,429 ` 499,269
Financial liabilities:
Trade payables and other liabilities
Trade payables ` 62,522 ` 51,816
Lease liabilities 24,233 21,182
Other financial liabilities 72,583 28,457
Borrowings 151,696 83,332
Derivative liabilities 633 1,070
`  311,667 ` 185,857
The following table contains information on other financial assets and trade payables and other liabilities, subject to offsetting:
As at As at
March 31, 2022 March 31, 2021
Financial Assets:
Gross amounts of recognised other financial assets ` 239,897 ` 146,709
Gross amounts of recognised financial liabilities set off in the consolidated balance sheet (10,106) (7,596)
Net amounts of recognised other financial assets presented in the consolidated balance
` 229,791 ` 139,113
sheet
Gross amounts recognised as Trade payables and other liabilities ` 145,211 ` 87,869
Gross amounts of recognised financial liabilities set off in the consolidated balance sheet (10,106) (7,596)
Net amounts of recognised Trade payables and other liabilities presented in the
` 135,105 ` 80,273
consolidated balance sheet
Fair value
receivables, employee and other advances, eligible current and non-current assets, borrowings, trade payables, eligible current
liabilities and non-current liabilities.
The fair value of cash and cash equivalents, trade receivables, unbilled receivables, finance lease receivables, employee and
other advances, eligible current and non-current assets, borrowings, trade payables, other current financial assets and liabilities
approximate their carrying amount largely due to the short-term nature of these instruments. The Company’s long-term debt
341 / 490

has been contracted at market rates of interest. Accordingly, the carrying value of such long-term debt approximates fair value.
Further, finance lease receivables are periodically evaluated based on individual credit worthiness of customers. Based on
this evaluation, the Company records allowance for estimated losses on these receivables. As at March 31, 2022 and 2021, the
carrying value of such receivables, net of allowances approximates the fair value.
securities, commercial papers, certificate of deposits 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 multiples method.
as follows:
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).
Particulars Fair value measurements at reporting date Fair value measurements at reporting date
Assets
Cash flow hedges ` 2,242 ` ` 2,242 ` - ` 2,998 - ` 2,998 ` -
Others 796 - 796 - 1,082 - ` 1,082 -
Investments:
Fixed maturity plan mutual funds 513 - 513 - - - - -
government securities, commercial
204,839 1,251 203,588 - 131,382 2,217 129,165 -
papers, certificate of deposit and
bonds
Liabilities
Cash flow hedges ` (299) ` - ` (299) ` - ` (816) ` - ` (816) ` -
Others (334) - (334) - (254) - (254) -
above table.
Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various
counterparties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market
observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts.
The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option
valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties,
foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As at March 31, 2022, the
hedge relationships and other financial instruments recognised at fair value.

342 / 490

reporting date.
Investment in equity instruments and fixed maturity plan mutual funds: Fair value of these instruments is derived based on
indicative quotes of price prevailing in the market as at reporting date.
above table.
As at As at
March 31, 2022 March 31, 2021
Investment in equity instruments
Disposals (7,697) (1,256)
Transfers out of level 3 - (27)
Unrealised gain recognised in statement of profit and loss (Refer to Note 24) 40 -
Gain recognised in other comprehensive income 9,423 1,009
Translation adjustment 358 (252)
Balance at the end of the year `  16,324 ` 10,227
Contingent consideration
Balance at the beginning of the year ` (2,293) ` -
Additions (2,533) (2,293)
Reversals 468 -
Payouts 309 -
Finance expense recognised in statement of profit and loss (117) (25)
Translation adjustment (163) 25
Balance at the end of the year ` (4,329) ` (2,293)
During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its shares in Ensono Holdings,
LLC, Cloudknox Security Inc. and IntSights Cyber Intelligence Limited at a fair value of ` 7,573 and recognised a cumulative gain of
` 2,848 in other comprehensive income.
During the year ended March 31, 2021, as a result of acquisition by another investor, the Company sold its shares in CloudGenix
and Emailage Corp at a fair value of ` 1,256 and recognised a cumulative gain of ` 884 in other comprehensive income.
The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities, forecasted cash flows
net investment in foreign operations. The counterparties in these derivative instruments are primarily banks and the Company
(in million)
Sell : Forward contracts USD 1,413 ` 509 USD 1,577 ` 2,293
€ 191 ` 668 € 109 ` 114
£ 173 ` 645 £ 96 ` (254)
AUD 170 ` (217) AUD 103 ` (246)
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Range forward option contracts USD 493 ` 217 USD 138 ` 385
€ 6 ` 8 € 20 ` 24
£ 28 ` 119 £ 55 ` (116)
AUD 11 ` (6) AUD 34 ` (18)
Sell : Forward contracts (1) USD 1,452 ` 536 USD 1,638 ` 480
€ 109 ` 1 € 99 ` 202
£ 91 ` 81 £ 104 ` 98
AUD 47 ` (122) AUD 29 ` 11
SGD 4 ` (1) SGD 9 ` 5
ZAR 8 `^ ZAR 22 ` (1)
CAD 47 ` (25) CAD 30 ` 3
SAR 33 ` (1) SAR 137 ` (1)
PLN 14 ` (2) PLN 8 ` 2
CHF 5 ` (5) CHF 10 ` 13
QAR 11 ` (4) QAR 15 ` (6)
TRY 30 ` 6 TRY 47 ` 42
NOK 13 ` (3) NOK 4 `^
OMR 2 `^ OMR 2 ` (1)
SEK 17 ` (2) SEK 42 ` 10
JPY 513 ` 20 JPY 370 ` 6
DKK 2 `^ DKK - ` -
Buy : Forward contracts SEK 22 ` 2 SEK 37 ` (15)
DKK 16 ` (2) DKK 45 ` (12)
CHF 2 ` (1) CHF 2 ` (6)
RMB - ` - RMB 30 ` (2)
AED 26 `^ AED 9 `^
JPY 447 ` (18) JPY - ` -
CNH 11 `^ CNH - ` -
NOK 12 NOK -
` (1) ` -
Interest Rate Swaps INR 4,750 ` 3 INR - ` -
` 2,405 ` 3,010
(1)
USD 1,452 and USD 1,638 includes USD/PHP sell forward of USD 86 and USD 244 as at March 31, 2022 and 2021, respectively.
The following table summarises activity in the cash flow hedging reserve within equity related to all derivative instruments
As at As at
March 31, 2022 March 31, 2021
Balance as at the beginning of the year ` 2,182 ` (2,876)
Net (gain)/loss reclassified to consolidated statement of profit and loss on occurrence of
(4,182) 305
hedged transactions (1)
Gain/(loss) on cash flow hedging derivatives, net ` (239) ` 5,058

344 / 490

As at As at
March 31, 2022 March 31, 2021
Balance as at the end of the year ` 1,943 `  2,182
Balance as at the end of the year, net of deferred tax ` 1,477 ` 1,730
(1)
Includes net (gain)/loss reclassified to revenue of ` (4,979) and ` 58 for year ended March 31, 2022 and 2021, respectively and
net (gain)/loss reclassified to expense of ` 797 and ` 247 for year ended March 31, 2022 and 2021, respectively.
reclassified to the consolidated statement of profit and loss over a period of one year.
As at March 31, 2022 and 2021, there were no significant gains or losses on derivative transactions or portions thereof that have
flow and liquidity for the year ended March 31, 2022 and 2021 is not material.
as part of borrowings in the consolidated balance sheet.
Market Risk
currency exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to
all market risk sensitive financial instruments including investments, foreign currency receivables, payables and borrowings.
to losses.
and borrowings. A significant portion of the Company’s revenue is in the U.S. Dollar, the Pound Sterling, the Euro, the Canadian
The Company evaluates exchange rate exposure arising from these transactions and enters into foreign currency derivative
345 / 490

forecasted highly probable cash flows. The Company also designates foreign currency borrowings as hedge against respective
net investments in foreign operations.
As at March 31, 2022, a ` 1 increase in the spot exchange rate of the Indian rupee with the U.S. dollar would result in approximately
` 3,159 (consolidated statement of profit and loss ` 1,366 and other comprehensive income ` 1,793) decrease in the fair value, and
a ` 1 decrease would result in approximately ` 3,165 (consolidated statement of profit and loss ` 1,366 and other comprehensive
income ` 1,799) increase in the fair value of foreign currency dollar denominated derivative instruments (forward and option
contracts).
The below table presents foreign currency risk from non-derivative financial instruments as at March 31, 2022 and 2021:

Pound Australian Canadian Other
US $ Euro Total
Sterling Dollar Dollar currencies (1)
Trade receivables ` 34,969 ` 9,429 ` 10,016 ` 4,455 ` 1,711 ` 4,078 ` 64,658
Contract assets 4,239 3,417 3,968 1,194 168 957 13,943
Other assets 44,559 3,980 354 519 626 1,319 51,357
Lease Liabilities (3,813) (3,449) (958) (189) (83) (1,420) (9,912)

US $ Euro Total
Sterling Dollar Dollar currencies (1)
Trade receivables ` 33,421 ` 9,094 ` 9,334 ` 4,101 ` 1,436 ` 4,196 ` 61,582
Contract assets 5,111 1,121 2,755 838 102 536 10,463
Other assets 73,212 3,981 9,116 2 891 3,479 90,681
Lease Liabilities (3,800) (2,684) (1,575) (202) (117) (1,548) (9,926)
Other currencies reflect currencies such as Swiss Franc, Singapore Dollar, UAE Dirhams etc.
(1)
Interest rate risk
investments are primarily in short-term investments, which do not expose it to significant interest rate risk. From time to time the
Company manages its net exposure to interest rate risk relating to borrowings by entering into interest rate swap agreements,
Credit risk
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. To manage this,
the Company periodically assesses the credit rating and financial reliability of customers, considering the financial condition,
current economic trends, forward looking macroeconomic information, analysis of historical bad debts and ageing of accounts
receivable. Individual risk limits are set accordingly. No single customer accounted for more than 10% of the accounts receivable
as of March 31, 2022 and 2021, and revenues for the year ended March 31, 2022 and 2021. There is no significant concentration
of credit risk.
Counterparty risk
and credit risk on cash and time deposits. Issuer risk is minimised by only buying securities which are at least AA rated in

346 / 490

ratio reviews.
Liquidity risk
Company’s net liquidity position through rolling forecasts based on the expected cash flows. As of March 31, 2022, cash and cash

Interest
Less than 1 Total cash included in
1-2 years 2-4 years Beyond 4 years Carrying value
year flows total cash
flows
Borrowings ` 97,693 ` 912 ` 1,706 ` 57,261 ` 157,572 ` (5,876) ` 151,696
Lease liabilities 9,872 6,947 6,913 2,344 26,076 (1,843) 24,233
Trade payables 62,522 - - - 62,522 - 62,522
Derivative liabilities 585 10 38 - 633 - 633
Other financial liabilities 69,638 2,833 220 - 72,691 (108) 72,583

Interest
Less than 1 Total cash included in
Contractual cash flows 1-2 years 2-4 years Beyond 4 years Carrying value
year flows total cash
flows
Borrowings ` 77,609 ` 166 ` 7,441 ` - ` 85,216 ` (1,884) ` 83,332
Lease liabilities 8,398 6,317 6,017 2,091 22,823 (1,641) 21,182
Trade payables 51,816 - - - 51,816 - 51,816
Derivative liabilities 1,070 - - - 1,070 - 1,070
Other financial liabilities 26,169 1,330 1,077 - 28,576 (119) 28,457
The balanced view of liquidity and financial indebtedness is stated in the table below. The management for external communication
with investors, analysts and rating agencies uses this calculation of the net cash position:

Cash and cash equivalents ` 103,836 ` 169,793
Investments - current 241,655 175,707
Borrowings (151,696) (83,332)
` 193,795 ` 262,168
11. Trade Receivables

Less than 6 months - More than
6 months 1 year 3 years
Unsecured - Non-current
Undisputed Trade receivables – considered good ` 1,060 ` - ` - ` - ` - ` - ` 1,060
Disputed Trade receivables–considered good - - 48 3,657 - - 3,705
` 1,060 ` - ` 48 ` 3,657 ` - ` - `  4,765
347 / 490


Less than 6 months - More than
6 months 1 year 3 years
Unsecured - Current
Undisputed Trade receivables – considered good ` 84,357 ` 26,272 ` 1,724 ` 2,077 `  429 ` 2,726 ` 117,585
Disputed Trade receivables–considered good - 377 17 640 55 2,525 3,614
` 84,649 ` 26,702 ` 1,757 ` 3,312 ` 1,211 ` 7,887 ` 125,518
Gross Trade receivables ` 130,283
Net Trade receivables ` 119,984
Less than 6 6 months - 1-2 2-3 More than
Not Due Total
months 1 year years years 3 years
Unsecured - Non-current
Undisputed Trade receivables – considered good `  1,279 ` - `  - `  - `  - ` - ` 1,279
Disputed Trade Receivables–considered good - - - - - 4,365 4,365
`  1,279 ` - ` - `  - `  - `  4,365 ` 5,644
Unsecured - Current
Undisputed Trade receivables – considered good ` 63,586 ` 27,245 `  1,496 `  1,319 ` 1,008 `  2,785 ` 97,439
Undisputed Trade Receivables – credit impaired 376 175 601 672 385 2,410 4,619
Disputed Trade Receivables–considered good 100 464 461 123 484 399 2,031
` 64,062 ` 27,884 `  2,558 `  2,114 `  1,877 `  5,594 ` 104,089
Gross Trade receivables ` 109,733
Net Trade receivables ` 98,656
Balance at the beginning of the year ` 11,077 `  13,937
Additions / (Write-back) during the year, net (797) 1,506
Charged against allowance (76) (4,381)
12. Other Financial Assets

Non-current
Finance lease receivables ` 4,262 `  3,144
Interest receivables - 1,139
Others 426 328
` 6,084 `  6,088
Current
Finance lease receivables ` 5,065 ` 3,438
Dues from officers and employees 1,301 411
Others 5,790 619
` 42,914 ` 7,245
` 48,998 ` 13,333

348 / 490


Finance lease receivables consist of assets that are leased to customers for a contract term ranging from 1 to 5 years, with lease
payments due in monthly or quarterly installments. Details of finance lease receivables are given below:
Minimum lease Present value of minimum lease

payments payments
Not later than one year ` 5,223 ` 3,636 ` 5,065 ` 3,438
Gross investment in lease ` 9,727 `  6,900 ` 9,327 `  6,582
Present value of minimum lease payment receivables ` 9,327 `  6,582 ` 9,327 ` 6,582
Included in the consolidated balance sheet as follows:
Non-current ` 4,262 `  3,144
Current `  5,065 `  3,438
13. Other Assets

Non-current
Prepaid expenses ` 7,079 ` 3,417
Costs to obtain contract (1) 3,128 3,413
Costs to fulfil contract (2)
295 337
Capital advances 273 777
Others (Refer to Note 39) 4,324 8,768
` 15,099 `  16,712
Current
Advances to suppliers 3,179 3,199
Costs to obtain contract (1) 820 759
Costs to fulfil contract (2)
55 53
Others 1,223 783
` 28,933 ` 24,923
` 44,032 ` 41,635
(1)
Costs to obtain contract amortisation of ` 902 and ` 1,257 during the year ended March 31, 2022 and 2021 respectively.
(2)
Costs to fulfil contract amortisation of ` 54 and ` Nil during the year ended March 31, 2022 and 2021 respectively.
14. Inventories
As at As at
March 31, 2022 March 31, 2021
Finished goods (1) ` - ` 3
Stock-in-trade 1,308 936
Stores and spares 26 125
` 1,334 ` 1,064
(1)
Includes goods in transit of ` 2 as at March 31, 2021
349 / 490

15. Cash and Cash Equivalents

As at As at
March 31, 2022 March 31, 2021
Balances with banks
Current accounts ` 61,773 `  68,758
Demand deposits (1) 41,954 100,951
Cheques, drafts on hand 48 10
`  103,836 ` 169,793
(1)
These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal.
As at As at
March 31, 2022 March 31, 2021
Cash and cash equivalents (as above) ` 103,836 ` 169,793
Bank overdrafts (3) (130)
`  103,833 ` 169,663
16. Equity Share Capital

As at As at
March 31, 2022 March 31, 2021
Authorised capital
12,504,500,000 (March 31, 2021: 12,504,500,000) equity shares
`  25,009 ` 25,009
[Par value of ` 2 per share]
25,000,000 (March 31, 2021: 25,000,000) preference shares [Par value of ` 10 per share] 250 250
150,000 (March 31, 2021: 150,000) 10% Optionally convertible cumulative preference
15 15
shares [Par value of ` 100 per share]
` 25,274 `  25,274
Issued, subscribed and fully paid-up capital
5,482,070,115 (March 31, 2021: 5,479,138,555) equity shares of ` 2 each ` 10,964 ` 10,958
`  10,964 `  10,958
Terms / Rights attached to equity shares
The Company has only one class of equity shares having a par value of ` 2 per share. Each shareholder of equity shares is entitled
to one vote per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of
Directors is subject to shareholders approval in the ensuing Annual General Meeting.
Following is the summary of per share dividends recognised as distributions to equity shareholders:

March 31, 2022 March 31, 2021
Interim dividend (Board recommended the adoption of the interim dividend as the
` 6 per share ` 1 per share
final dividend)
(Refer to note 33)
In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company,
after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.
i. Reconciliation of number of shares
No. of Shares ` Million No. of Shares ` Million
Opening number of equity shares / American Depository Receipts
5,479,138,555 10,958 5,713,357,390 11,427
(ADRs) outstanding
Equity shares issued pursuant to Employee Stock Option Plan 2,931,560 6 3,281,165 6
Buyback of equity shares (Refer to Note 33) - - (237,500,000) (475)
Closing number of equity shares / ADRs outstanding 5,482,070,115 10,964 5,479,138,555 10,958

350 / 490

ii. Details of shareholders holding more than 5% of the total equity shares of the Company
Name of the Shareholder
No. of Shares % held No. of Shares % held
Mr. Azim Hasham Premji Partner representing Hasham Traders 928,946,043 16.95 928,946,043 16.95
Mr. Azim Hasham Premji Partner representing Prazim Traders 1,119,892,315 20.43 1,119,892,315 20.44
Mr. Azim Hasham Premji Partner representing Zash Traders 1,135,618,360 20.72 1,135,618,360 20.73
Azim Premji Trust 558,676,017 10.19 558,676,017 10.20
iii. Other details of equity shares for a period of five years immediately preceding March 31, 2022
(a) 237,500,000, 323,076,923, 343,750,000 and 40,000,000 equity shares were bought back by the Company during the year
ended March 31, 2021, 2020, 2018 and 2017 respectively. Refer to Note 33.
(b) 1,508,469,180 and 2,433,074,327 bonus shares were issued during the year ended March 31, 2019 and 2018.
iv. Shares reserved for issue under the employee stock incentive plans
For details of shares reserved for issue under the employee stock incentive plans of the Company, Refer to Note 32.
v. Details of shareholding of Promoters and Promoter Group are as under:
Name of the Promoter and Promoter Group % change

% of total % of total % change
No. of Shares during the No. of Shares
shares shares during the year
year
Azim H. Premji 236,815,234 4.3% - 236,815,234 4.3% -
Yasmeen A. Premji 2,689,770 0.0% - 2,689,770 0.0% -
Rishad A. Premji 1,738,057 0.0% - 1,738,057 0.0% -
Tariq A. Premji 1,580,755 0.0% 135.7% 670,755 0.0% -
Mr Azim Hasham Premji Partner representing 928,946,043 16.9% - 928,946,043 17.0% (1.1%)
Hasham Traders
Mr Azim Hasham Premji Partner representing 1,119,892,315 20.4% - 1,119,892,315 20.4% (0.7%)
Prazim Traders
Mr Azim Hasham Premji Partner representing 1,135,618,360 20.7% - 1,135,618,360 20.7% (0.7%)
Zash Traders
Hasham Investment And Trading Co Pvt. Ltd. 1,425,034 0.0% - 1,425,034 0.0% -
Azim Premji Trust (1) 558,676,017 10.2% - 558,676,017 10.2% (26.2%)
Azim Premji Philanthropic Initiatives Pvt. Ltd. (2) 14,568,663 0.3% - 14,568,663 0.3% (26.2%)
Mr. Azim H. Premji disclaims the beneficial ownership of 558,676,017 shares held by Azim Premji Trust
(1)
Mr. Azim H. Premji also disclaims the beneficial ownership of 14,568,663 shares held by Azim Premji Philanthropic Initiatives Private Limited
(2)
The % of total shares held by Promoter and Promoters Group changed during the year ended March 31, 2021 on account of
buyback of equity shares by the Company.
17. Borrowings
As at As at
March 31, 2022 March 31, 2021
Non-current
Unsecured
Unsecured Notes 2026 (1) ` 56,403 `  -
Borrowings from banks - 7,310
` 56,463 `  7,458
351 / 490

As at As at
March 31, 2022 March 31, 2021
Current
Unsecured
Bank overdrafts `  3 `130
Borrowings from Banks 95,143 75,585
` 95,233 `  75,874
` 151,696 ` 83,332

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
(1)
“Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. The notes were issued at the discounted price of 99.636%
against par value and have an effective interest rate of 1.6939% after considering the issue expenses and discount of ` 501 (US$ 6.7 million). 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).
Short-term borrowings
The Company had borrowings amounting to ` 95,146 and ` 60,363, as at March 31, 2022 and 2021, respectively. The principal
source of borrowings from banks as at March 31, 2022 primarily consists of lines of credit of approximately ` 86,873, U.S. Dollar
(US$) 713 million, Canadian Dollar (CAD) 10 million, Saudi Riyal (SAR) 140 million, Euro (EUR) 18 million, Pound Sterling (GBP) 7
million, Bahraini Dinar (BHD) 1 million, Australian Dollar (AUD $) 90 million, UAE Dirham (AED) 3 million, Thai Baht (THB) 5 million
and Indonesian Rupiah (IDR) 290 million from bankers for working capital requirements and other short-term needs.
As at March 31, 2022, the Company has unutilised lines of credit aggregating ` 10,233, US$ 563 million, CAD 10 million, SAR 40
million, EUR 18 million, GBP 7 million, BHD 1 million, AED 3 million, THB 5 million and IDR 290 million. To utilise these unused
lines of credit, the Company requires consent of the lender and compliance with certain financial covenants. Significant portion
of these lines of credit are revolving credit facilities and floating rate foreign currency loans, renewable on a periodic basis.
Significant portion of these facilities bear floating rates of interest, referenced to country specific official benchmark interest
rates and a spread, determined based on market conditions.
Long-term borrowings
A summary of long- term borrowings is as follows:
Foreign currency in Foreign currency in
Indian Rupee Final maturity Indian Rupee
millions millions
Currency
Unsecured Notes 2026
U.S. Dollar (US$) 744 56,403 June-26 - -
Unsecured loans
U.S. Dollar (US$) - - 310 22,671
Canadian Dollar (CAD) - - ^ 10
Indian Rupee (INR) - 141 March-24 - 240
Australian Dollar (AUD) - - ^ 26
Pound Sterling (GBP) - - ^ 12
Euro (EUR) ^ 6 April-23 ^ 10
` 56,550 ` 22,969
Non-current portion of long-term loans and
56,463 7,458
borrowings
Current portion of long-term loans and
87 15,511
borrowings
Interest expense on borrowings was ` 3,261 and ` 1,897 for the year ended March 31, 2022 and 2021, respectively.

352 / 490

Non-cash changes
Issue expenses Effective Foreign March 31,
April 1, 2021 Cash flow Net additions to
on Notes interest rate exchange 2022
Lease Liabilities
adjustment movements
Borrowings `  83,202 ` 68,310 ` (298) `  - ` 77 ` 402 `  151,693

Bank overdrafts 130 (127) - - - - 3
Lease liabilities 21,182 (9,730) - 12,532 - 249 24,233
`  104,514 ` 58,453 ` (298) ` 12,532 ` 77 `  651 `  175,929
Non-cash changes
Issue expenses Net additions Effective Foreign
April 1, 2020 Cash flow March 31, 2021
on Notes to Lease interest rate exchange
Liabilities adjustment movements
Borrowings `  77,647 ` 6,212 `  - ` - ` - ` (657) ` 83,202

Bank overdrafts 395 (265) - - - - 130
Lease liabilities 19,198 (8,660) - 10,404 - 240 21,182
` 97,240 ` (2,713) ` - `  10,404 ` - `  (417) ` 104,514
Non-fund based
The Company has non-fund based revolving credit facilities in various currencies equivalent to ` 48,369 and ` 56,421 as of
March 31, 2022 and 2021, respectively, towards operational requirements that can be used for the issuance of letters of credit
and bank guarantees. As of March 31, 2022 and 2021, an amount of ` 31,276 and ` 39,293, respectively, was unutilised out of
these non-fund based facilities.
18. Other Financial Liabilities

As at As at
March 31, 2022 March 31, 2021
Non-current
Contingent consideration (Refer to Note 10) ` 2,423 ` 2,158
Advance from customers - 123
`  2,961 ` 2,291
Current
Salary payable `  36,512 ` 24,696
Contingent consideration (Refer to Note 10) 1,906 135
Deposits and others 1,881 694
Advance from customers 1,582 496
Interest accrued but not due on borrowing 325 47
`  69,622 `  26,166
`  72,583 ` 28,457
19. Provisions
As at As at
March 31, 2022 March 31, 2021
Non-current
Provision for employee benefits ` 2,720 ` 3,055
`  2,721 ` 3,057
353 / 490

As at As at
March 31, 2022 March 31, 2021
Current
Provision for employee benefits `  15,310 ` 14,401
Provision for onerous contracts (1) 1,946 2,358
Others 531 864
` 18,081 ` 17,836
` 20,802 `  20,893
(1)
For the year ended March 31, 2021, provision for onerous contracts was included under Trade payables in the consolidated
balance sheet and has been reclassified under Provisions.
A summary of activity in provision for warranty, onerous contracts and other provisions is as follows:
Provision Provision Provision Provision
for for onerous Others Total for for onerous Others Total
warranty contracts warranty contracts
Provision at the beginning of the year ` 215 ` 2,358 ` 864 ` 3,437 ` 318 `  1,841 `  689 ` 2,848
Additions during the year, net 307 1,080 191 1,578 246 1,122 284 1,652
Utilised/written-back during the year (227) (1,492) (524) (2,243) (349) (605) (109) (1,063)
Provision at the end of the year ` 295 `  1,946 ` 531 `  2,772 ` 215 ` 2,358 ` 864 ` 3,437
Included in the consolidated balance
sheet as follows:
Non-current portion ` 1 `  - ` - ` 1 ` 2 `  - ` - ` 2
Current portion ` 294 ` 1,946 ` 531 `  2,771 ` 213 ` 2,358 ` 864 ` 3,435
Provision for warranty represents cost associated with providing sales support services which are accrued at the time of
recognition of revenues and are expected to be utilised over a period of 1 to 2 years.
Provision for onerous contracts is recognised when the expected benefit by the company from a contract are lower than the
20. Other Liabilities

As at As at
March 31, 2022 March 31, 2021
Non-current:
Others ` 4,851 ` 4,780
` 4,851 `  4,780
Current:
Statutory and other liabilities `  10,933 ` 9,266
Others 522 122
` 12,084 ` 9,750
` 16,935 ` 14,530
21. Trade Payables

Less than 1 More than 3
year years
Trade payables ` 33,837 `  24,911 ` 2,963 ` 205 ` 40 ` 566 `  62,522

354 / 490

Less than 1 More than 3
year years
Trade payables ` 28,584 ` 18,152 `  3,692 `  341 ` 180 `  867 `  51,816
Relationship with the Struck off companies

Transactions with the Struck off companies:
Transactions Balance Transactions Balance
Nature of
Name of Struck off Company during the year outstanding as at during the year outstanding as at
Transaction
Justhire Online Talent Management Payables ` 2 ` - `  - ` -

Hexatric Solution Private Limited Payables 1 - 1 ^
Balicon Engineering & Technologies Payables - - ^ -
Spunk Indo Marketings Pvt. Ltd. Payables ^ - 1 -
22. Revenue from Operations

A receivable is a right to consideration that is unconditional. A right to consideration is unconditional if only the passage of
time is required before payment of that consideration is due. For example, the Company recognises a receivable for revenues
related to time and materials contracts or volume based contracts. The Company presents such receivables as part of
unbilled receivables at their net estimated realisable value. The same is tested for impairment as per the guidance in Ind AS
109 using expected credit loss method.
Contract assets: During the year ended March 31, 2022 and 2021, ` 13,944 and ` 15,101 of contract assets pertaining to
fixed price development contracts have been reclassified to receivables on completion of milestones.
Contract liabilities: During the year ended March 31, 2022 and 2021, the Company recognised revenue of ` 18,880 and `
16,082 arising from contract liabilities as at March 31, 2021 and 2020 respectively.
Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting
period.
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognised,
which includes contract liabilities and amounts that will be invoiced and recognised as revenue in future periods. Applying the
practical expedient, the Company has not disclosed its right to consideration from customers in an amount that corresponds
directly with the value to the customer of the Company’s performance completed to date, which are contracts invoiced on
time and material basis and volume based.
As at March 31, 2022 and 2021, the aggregate amount of transaction price allocated to remaining performance obligations,
other than those meeting the exclusion criteria above, were ` 328,191 and ` 384,881, respectively, of which approximately
59% and 59%, respectively, is expected to be recognised as revenues within two years, and the remainder thereafter. This
includes contracts with a substantive enforceable termination penalty if the contract is terminated without cause by the
customer, based on an overall assessment of the contract carried out at the time of inception. Historically, customers have
The tables below present disaggregated revenue from contracts with customers by business segment (refer to Note 36
“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.
355 / 490

Information on disaggregation of revenues for the year ended March 31, 2022 is as follows:
IT Services
A. Revenue
Rendering of services ` 216,843 ` 238,123 ` 232,021 ` 90,479 ` 777,466 `  - `  7,295 ` 784,761
Sale of products - - - - - 6,173 - 6,173
` 216,843 ` 238,123 `232,021 `  90,479 ` 777,466 ` 6,173 `  7,295 ` 790,934
Banking, Financial
`  2,609 ` 144,076 ` 93,039 ` 30,048 ` 269,772
Services and Insurance
Health 73,542 127 13,975 3,407 91,051
Consumer 89,824 2,589 31,718 12,310 136,441
Communications 9,387 1,207 12,952 15,035 38,581
Energy, Natural
712 36,413 38,421 19,038 94,584
Resources and Utilities
Manufacturing 199 26,662 23,220 3,197 53,278
Technology 40,570 27,049 18,696 7,444 93,759
` 216,843 ` 238,123 ` 232,021 `  90,479 ` 777,466 ` 6,173 ` 7,295 ` 790,934
C. Revenue by nature of
contract
Fixed price and volume
` 121,656 `  131,975 ` 139,031 ` 56,104 ` 448,766 ` - ` 5,789 ` 454,555
based
Time and materials 95,187 106,148 92,990 34,375 328,700 - 1,506  330,206
Products - - - - - 6,173 - 6,173
` 216,843 ` 238,123 ` 232,021 `  90,479 ` 777,466 `  6,173 ` 7,295 ` 790,934
IT Services
A. Revenue
Rendering of services ` 177,387 ` 178,920 ` 164,498 ` 82,050 ` 602,855 `  - ` 8,912 ` 611,767
Sale of products - - - - - 7,663 - 7,663
` 177,387 ` 178,920 ` 164,498 `  82,050 ` 602,855 ` 7,663 ` 8,912 ` 619,430
Banking, Financial Services
and Insurance ` 2,609 ` 103,040 ` 56,275 ` 23,228 ` 185,152
Health 64,397 18 12,390 4,789 81,594
Consumer 68,258 2,306 17,731 10,544 98,839
Communications 6,252 1,112 8,247 15,512 31,123
Energy, Natural Resources
426 27,405 31,271 19,717 78,819
and Utilities
Manufacturing 265 23,350 22,339 3,024 48,978
Technology 35,180 21,689 16,245 5,236 78,350
` 177,387 ` 178,920 ` 164,498 `  82,050 ` 602,855 ` 7,663 ` 8,912 ` 619,430
C. Revenue by nature of
contract
Fixed price and volume
` 98,868 ` 110,143 ` 108,591 ` 54,519 ` 372,121 `  - ` 7,166 ` 379,287
based
Time and materials 78,519 68,777 55,907 27,531 230,734 - 1,746 232,480
Products - - - - - 7,663 - 7,663
` 177,387 ` 178,920 ` 164,498 `  82,050 ` 602,855 ` 7,663 ` 8,912 ` 619,430
23. Other Operating Income/(Loss), Net

Year ended March 31, 2022
The Company sold its investment in Ensono Holdings, LLC as a result of acquisition by another investor for a consideration of
` 5,628 and recognised a cumulative gain of ` 1,252 (net of tax ` 430) in other comprehensive income being profit on sale of

356 / 490

investment designated as FVTOCI. The Company also recognised ` 1,233 for the year ended March 31, 2022 under other operating
income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.
The Company sold its investment in Denim Group as a result of acquisition by another investor for a consideration of ` 1,652 and
recognised a cumulative gain of ` 953 in other operating income/(loss), net including reclassification of exchange differences on
foreign currency translation.
The Company has partially met the first and second-year business targets pertaining to sale of hosted data center business
concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement of
cumulative business targets amounting to ` Nil and ` (81) for the three months and year ended March 31, 2021 respectively has
been recognised under other operating income/(loss), net.
24. Other Income

March 31, 2022 March 31, 2021
Interest income `  13,114 `  18,442
Dividend income 2 4
Exchange fluctuation gain on foreign currency borrowings 1,485 -
Net gain from investments classified as FVTPL 1,270 1,478
Net gain from investments classified as FVTOCI 386 988
Finance and other income `  16,257 `  20,912
Foreign exchange gains/(losses), net, on financial instruments measured at FVTPL ` 808 ` 4,383
Other foreign exchange gains/(losses), net 3,547 (1,388)
Foreign exchange gains, net ` 4,355 ` 2,995
` 20,612 ` 23,907
25. Changes in Inventories of Finished Goods and Stock-in-Trade

March 31, 2022 March 31, 2021
Opening stock
Finished goods `  3 ` 3
Stock-in-trade 936 1,251
` 939 ` 1,254
Less: Closing stock
Finished goods `  - ` 3
Stock-in-trade 1,308 936
`  1,308 ` 939
` (369) ` 315
26. Employee Benefits

March 31, 2022 March 31, 2021
Salaries and bonus ` 429,837 ` 318,043
Share-based compensation (1) 4,164 2,897
` 450,075 ` 332,371
Includes ` 54 and ` 587 for the year ended March 31, 2022 and 2021 respectively, towards cash settled ADS RSUs.
(1)
357 / 490

Re-measurements of the defined benefit plans, net recognised in other comprehensive income include:

March 31, 2022 March 31, 2021
Re-measurements of the defined benefit plans, net
Return on plan assets excluding interest income - (gain)/loss ` (30) ` (578)
Actuarial (gain)/loss arising from financial assumptions (625) 423
Actuarial (gain)/loss arising from demographic assumptions (667) 155
Actuarial (gain)/loss arising from experience adjustments 920 (334)
` (402) ` (334)
b) Gratuity and foreign pension
Defined benefit plans include gratuity for employees drawing salary in Indian rupees and certain benefits plans in foreign
jurisdictions Amount recognised in the consolidated statement of profit and loss in respect of defined benefit plans is as follows:
March 31, 2022 March 31, 2021
Current service cost `  2,674 ` 2,085
Net interest on net defined benefit liability/(asset) 64 131
` 2,738 ` 2,216
Actual return on plan assets ` 715 ` 1,127
Change in present value of defined benefit obligation is summarised below:
As at As at
March 31, 2022 March 31, 2021
Defined benefit obligation at the beginning of the year ` 15,475 `  13,465
Acquisitions (Refer to Note 8 and 39) 3,123 7
Benefits paid (2,731) (1,069)
Re-measurement (gain)/loss
Actuarial (gain)/loss arising from financial assumptions (625) 423
Actuarial (gain)/loss arising from demographic assumptions (667) 155
Actuarial (gain)/loss arising from experience adjustments 920 (334)
Defined benefit obligation at the end of the year ` 18,893 ` 15,475
Change in plan assets is summarised below:
As at As at
March 31, 2022 March 31, 2021
Fair value of plan assets at the beginning of the year ` 13,637 `  10,535
Acquisitions 1,636 -
Employer contributions 2,213 1,993
Re-measurement (loss)/gain
Return on plan assets excluding interest income - (loss)/gain 30 578
Fair value of plan assets at the end of the year ` 17,701 `  13,637
Present value of unfunded obligation `  (1,192) `  (1,838)
Recognised asset/(liability) ` (1,192) `  (1,838)

358 / 490

As at As at
March 31, 2022 March 31, 2021
The discount rate is primarily based on the prevailing market yields of government securities for the estimated term of the
obligations. The estimates of future salary increase considered takes into account the inflation, seniority, promotion and other
relevant factors. Attrition rate considered is the management’s estimate, based on previous years’ employee turnover of the
Company.
Expected contribution to the fund during the year ending March 31, 2023 ` 1,454
2023 ` 2,935
2024 2,052
2025 1,970
2026 1,907
2027 1,920
Thereafter 15,001
Total ` 25,785
The expected benefits are based on the same assumptions used to measure the Company’s benefit obligations as of March 31,
2022.
Sensitivity for significant actuarial assumptions is computed to show the movement in defined benefit obligation by 1 percentage.
As of March 31, 2022, every 1 percentage point increase/(decrease) in discount rate will result in (decrease)/increase of defined
benefit obligation by approximately ` (1,937) and ` 1,000 respectively (March 31, 2021: ` (1,508) and ` 1,440 respectively).
As of March 31, 2022, every 1 percentage point increase/(decrease) in expected rate of salary will result in increase/(decrease) of
defined benefit obligation by approximately ` 634 and ` (635) respectively (March 31, 2021: ` 864 and ` (798) respectively).
Furthermore, in presenting the sensitivity analysis, the present value of the defined benefit obligations has been calculated
using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the
defined benefit obligation liability recognised in the Balance sheet.
c) Provident fund:
As at As at
March 31, 2022 March 31, 2021
Fair value of plan assets ` 76,573 ` 71,196
Present value of defined benefit obligation (76,573) (71,196)
Net shortfall ` - ` -
The total expense for the year ended March 31, 2022 and 2021 is ` 3,578 and ` 2,833, respectively.
The plan assets have been invested as per the regulations of Employees’ Provident Fund Organisation (EPFO).
359 / 490

The principal assumptions used in determining the present value obligation of interest guarantee under the deterministic
approach are as follows:
As at As at
March 31, 2022 March 31, 2021
27. Finance Costs

March 31, 2022 March 31, 2021
Interest expense ` 5,325 ` 4,298
Exchange fluctuation loss on foreign currency borrowings - 790
` 5,325 ` 5,088
28. Other Expenses

March 31, 2022 March 31, 2021
Rates, taxes and insurance ` 4,548 ` 3,475
Miscellaneous expenses (1) 9,577 5,248
` 14,125 ` 8,723
Miscellaneous expenses for the year ended March 31, 2021 include an amount of ` 991 towards COVID-19 contributions.
(1)
29. Income Tax

Income tax expense has been allocated as follows:
March 31, 2022 March 31, 2021
Income tax expense as per the consolidated statement of profit and loss ` 28,974 ` 30,349
Gains/(losses) on investment securities 243 226
Gains/(losses) on cash flow hedging derivatives 14 1,013
Re-measurements of the defined benefit plans 3 111
` 29,234 ` 31,699
Income tax expenses consist of the following:

March 31, 2022 March 31, 2021
Current taxes
Domestic ` 29,862 ` 19,773
Foreign 2,553 6,292
` 32,415 ` 26,065
Deferred taxes
Domestic ` (607) `   3,986
Foreign (2,834) 298
` (3,441) `   4,284
` 28,974 ` 30,349

360 / 490

to profit before tax is as follows:
March 31, 2022 March 31, 2021
Profit before tax ` 151,408 ` 139,029
Enacted income tax rate in India 34.94% 34.94%
Computed expected tax expense 52,902 48,577
Effect of:
Income exempt from tax (17,503) (12,697)
Basis differences that will reverse during a tax holiday period 1,348 (2,268)
Income taxed at higher/ (lower) rates (5,649) (2,381)
Taxes related to prior years (5,499) (3,861)
Changes in unrecognised deferred tax assets 669 1,096
Expenses disallowed for tax purpose 2,898 1,879
Others, net (192) 4
Income tax expense ` 28,974 ` 30,349
Effective tax rate 19.14% 21.83%
As at As at
March 31, 2022 March 31, 2021
Carry forward losses (1) ` 2,144 ` 1,637
Trade payables and other liabilities 6,103 5,115
Allowance for lifetime expected credit losses 2,987 3,208
Contract assets - 91
Others 53 90
11,287 10,141
Property, plant and equipment (1,058) (1,241)
Amortisable goodwill (3,285) (2,065)
Intangible assets (9,645) (1,249)
Interest Income and fair value movement of investments (1,067) (1,582)
Contract liabilities (60) -
Special Economic Zone re-investment reserve (5,549) (6,494)
` (21,130) ` (13,083)
Net deferred tax assets/(liabilities) `   (9,843) ` (2,942)
Amounts presented in the consolidated balance sheet
Deferred tax assets ` 2,298 ` 1,664
Deferred tax liabilities ` (12,141) `  (4,606)
Includes deferred tax asset recognised on carry forward losses pertaining to business combinations.
(1)

Credit/ (charge) in Credit/ (charge) On account
As at the consolidated in other of business As at
April 1, 2021 statement of comprehensive combination March 31, 2022
profit and loss income (1) and others
Carry forward losses `  1,637 ` 1,083 ` 101 `   (677) ` 2,144
Trade payables and other liabilities 5,115 363 41 584 6,103
Allowance for lifetime expected credit losses 3,208 (248) 27 - 2,987
Property, plant and equipment (1,241) 262 (30) (49) (1,058)
Amortisable goodwill (2,065) (1,129) (91) - (3,285)
Intangible assets (1,249) 1,910 (212) (10,094) (9,645)
Interest Income and fair value movement of investment (1,582) 424 (245) 336 (1,067)
Cash flow hedges (452) - (14) - (466)
Contract asset / (Contract liabilities) 91 (205) 7 47 (60)
Special Economic Zone re-investment reserve (6,494) 945 - - (5,549)
Others 90 36 (98) 25 53
Total ` (2,942) ` 3,441 ` (514) ` (9,828) ` (9,843)
361 / 490

Credit/ (charge) in Credit/ (charge)

As at the consolidated in other As at
Movement during the year ended March 31, 2021 Others
April 1, 2020 statement of profit comprehensive March 31, 2021
and loss income (1)
Carryforward losses ` 2,044 ` (230) ` (22) ` (155) ` 1,637
Trade payables and other liabilities 4,994 279 (171) 13 5,115
Allowance for lifetime expected credit losses 3,921 (734) 21 - 3,208
Minimum alternate tax 3,425 (3,425) - - -
Property, plant and equipment (654) (653) 65 1 (1,241)
Amortisable goodwill (2,166) 34 67 - (2,065)
Intangible assets (1,541) 759 (55) (412) (1,249)
Interest Income and fair value movement of (626) (730) (226) - (1,582)
investment
Cash flow hedges 561 - (1,013) - (452)
Contract liabilities (11) 101 4 (3) 91
Special Economic Zone re-investment reserve (6,614) 120 - - (6,494)
Others (121) 195 16 - 90
Total ` 3,212 ` (4,284) ` (1,314) ` (556) ` (2,942)
(1)
Includes impact of foreign currency translation.
Deferred taxes on unrealised foreign exchange gain / loss relating to cash flow hedges, fair value movements in investments
and re-measurements of the defined benefit plans are recognised in other comprehensive income. Deferred tax liability on the
intangible assets identified and carry forward losses on acquisitions is recorded by an adjustment to goodwill. Other than these,
the change in deferred tax assets and liabilities is primarily recorded in the consolidated statement of profit and loss.
In assessing the realizability of deferred tax assets, the Company considers the extent to which it is probable that the deferred
tax asset will be realised. The ultimate realisation 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 the expected reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making
this assessment. Based on this, the Company believes that it is probable that the Company will realise the benefits of these
deductible differences. The amount of deferred tax asset considered realisable, however, could be reduced in the near term if the
estimates of future taxable income during the carry forward period are reduced.
Deferred tax asset amounting to ` 8,017 and ` 8,676 as at March 31, 2022 and 2021, respectively in respect of unused tax losses
have not been recognised by the Company. The tax loss carry forwards of ` 32,117 and ` 31,993 as at March 31, 2022 and 2021,
respectively, on which deferred tax asset has not been recognised by the Company, because it is probable that future taxable
profits will not be available against which the unused tax losses can be utilised in the foreseeable future. Approximately, ` 29,993
and ` 17,691 as at March 31, 2022 and 2021, respectively, of these tax loss carry forwards is not currently subject to expiration
dates. The remaining tax loss carry forwards of approximately ` 2,124 and ` 14,302 as at March 31, 2022 and 2021, respectively,
expires in various years through fiscal year 2038.
The Company has recognised deferred tax assets of ` 2,144 and ` 1,637 primarily in respect of carry forward losses including
certain subsidiaries as at March 31, 2022 and 2021, respectively. Management’s projections of future taxable income and tax
planning strategies support the assumption that it is probable that sufficient taxable income will be available to utilise these
deferred tax assets.
We have calculated our domestic tax liability under normal provisions. Accordingly, no deferred tax asset has been recognized
towards MAT in the consolidated balance sheet for the years ended March 31, 2022 and 2021. The effective MAT rate is 17.47%.
The excess tax paid under MAT provisions over and above normal tax liability can be carried forward for a period of fifteen years
and set-off against future tax liabilities computed under normal tax provisions
A substantial portion of the profits of the Company’s India operations are exempt from Indian income taxes being profits
attributable to export operations and profits from units established under the Special Economic Zone Act, 2005 scheme. Units
in designated special economic zones providing service on or after April 1, 2005 will be eligible for a deduction of 100 percent
of profits or gains derived from the export of services for the first five years from commencement of provision of services and
50 percent of such profits and gains for a further five years. 50% tax deduction is available for a further five years subject to the
unit meeting certain defined conditions. Certain tax benefits are also available for a further five years subject to the unit meeting
defined conditions. Profits from certain other undertakings are also eligible for preferential tax treatment. New special economic
zone units set up on or after April 1, 2021 are not eligible for the aforesaid deduction. The tax holiday period being currently
available to the Company expires in various years through fiscal 2034-35. The impact of tax holidays has resulted in a decrease
of current tax expense of ` 16,483 and ` 11,458 for the years ended March 31, 2022 and 2021, respectively, compared to the
effective tax amounts that we estimate the Company would have been required to pay if these incentives had not been available.
The per share effect of these tax incentives for the years ended March 31, 2022 and 2021 was ` 3.02 and ` 2.03, respectively.

362 / 490

Deferred income tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference can be
controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Accordingly, deferred
income tax liabilities on cumulative earnings of subsidiaries amounting to ` 94,029 and ` 59,793 as at March 31, 2022 and
2021, respectively and branch profit tax @ 15% of the US branch profit have not been recognised. Further, it is not practicable to
estimate the amount of the unrecognised deferred tax liabilities for these undistributed earnings.
30. Foreign Currency Translation Reserve

The movement in foreign currency translation reserve attributable to equity holders of the Company is summarised below:
As at As at
March 31, 2022 March 31, 2021
Balance at the beginning of the year ` 21,516 ` 21,981
Translation difference related to foreign operations, net 3,925 (465)
(158) -
associates and liquidation of subsidiaries to statement of profit and loss
31. Earnings per Equity Share

set out below:
March 31, 2022 March 31, 2021
Profit attributable to equity holders of the Company ` 122,296 ` 107,964
Basic earnings per share ` 22.37 ` 19.11

March 31, 2022 March 31, 2021
Profit attributable to equity holders of the Company ` 122,296 ` 107,964
Diluted earnings per share ` 22.31 ` 19.07
Earnings per share for each of the three months ended June 30, September 30, December 31 and March 31 will not add up to
earnings per share for the year ended March 31, 2021, on account of buyback of equity shares.
32. Employee Stock Incentive Plan

The stock compensation expense recognised for employee services received during the Year ended March 31, 2022 and 2021 were
` 4,164 and ` 2,897, respectively.
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holdings at nominal price subject to vesting conditions. WERT held 14,689,729 and 19,401,215 treasury shares as at March 31,
Number of options reserved Range of
Name of Plan
under the plan exercise price
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan) (1) 59,797,979 US $ 0.03
Wipro Employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan) (1) 59,797,979 `2
Wipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) (1)
49,831,651 `2
Wipro Equity Reward Trust Employee Stock Purchase Plan, 2013 (2)
39,546,197 `2
Employees covered under Stock Option Plans and Restricted Stock Unit (RSU) Option Plans (collectively “Stock Option Plans”)
are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting
conditions. These options generally vest in tranches over a period of one to four years from the date of grant. Upon vesting, the
employees can acquire one equity share for every option.
(1)
The maximum contractual term for these Stock Option Plans and RSU Option Plans is perpetual until the options are available for grant under the plan.
(2)
The maximum contractual term for these Stock Option Plans is up to May 29, 2023, until the options are available for grant under the plan.
The activity in equity-settled stock option plans and restricted stock unit option plan is summarised below:
Range of exercise price and March 31, 2022 March 31, 2021
Weighted average exercise price
Number of options
`2 15,831,948 15,594,190
US $ 0.03 10,822,476 7,854,540
`2 2,500,481 6,275,290
Granted (1)
US $ 0.03 10,470,026 5,033,648
Adjustment of Performance based stock options on `2 608,435 (1,291,500)
completion of performance measurement period US $ 0.03 570,076 (1,021,560)
`2 (4,712,311) (3,356,199)
Exercised
US $ 0.03 (2,930,735) (3,269,832)
`2 - -
Modification (2)
US $ 0.03 - 3,453,015
`2 (1,985,881) (1,389,833)
US $ 0.03 (1,419,941) (1,227,335)
`2 12,242,672 15,831,948
US $ 0.03 17,511,902 10,822,476
`2 2,478,568 2,679,538
US $ 0.03 1,072,118 465,603

Includes 1,135,949 and 2,969,860 Performance based stock options (RSU) during the year ended March 31, 2022 and 2021, respectively. 2,941,546
(1)
and 2,376,980 Performance based stock options (ADS) during the year ended March 31, 2022 and 2021, respectively. Performance based stock options
(RSU) were issued under Wipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) and Performance based stock options (ADS) 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.

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The activity in cash-settled stock option plans and restricted stock unit option plans is summarised below:
Number of options
March 31, 2022 March 31, 2021
Outstanding at the beginning of the year 78,199 4,721,388
Modification (2) - (3,453,015)
Exercised (46,133) (845,066)
Forfeited and lapsed (7,466) (345,108)
The carrying value of liability towards Cash Settled ADS RSU’s outstanding was ` 20 (including ` 2 towards exercisable units) and
` 31 (including ` 11 towards exercisable units) as at March 31, 2022 and 2021, respectively.
(2)
Restricted Stock Units arrangements that were modified during the year ended March 31, 2021
Pursuant to the SEBI clarification dated December 18, 2020, the restriction under SEBI circular dated October 10, 2019,
“Framework of Depository Receipts” shall not apply in case of issue of Depository Receipts to NRIs, pursuant to share based
employee benefit schemes which are implemented by a company in terms of SEBI (Share Based Employee Benefits) Regulations,
2014, the Board Governance, Nomination and Compensation Committee approved in January 2021, allotment of underlying
equity shares in respect of ADSs to be issued and allocated to NRI employees upon exercise of vested ADS RSU under the
Company’s WARSUP 2004 Plan. This change was accounted as a modification and the fair value on the date of modification
was determined based on prevailing market price and accordingly an amount of ` 739 has been recognised as equity with a
corresponding adjustment to financial liability.
The following table summarises information about outstanding stock options and restricted stock unit option plan:
Range of exercise price and Weighted Weighted average Weighted average
Number of options Number of options
average exercise price remaining life (months) remaining life (months)
`2 12,242,672 13 15,831,948 18
US $ 0.03 17,511,902 20 10,822,476 19
The weighted average grant date fair value of options granted during the year ended March 31, 2022 and 2021 was ` 603.47 and
` 354.78 for each option, respectively. The weighted average share price of options exercised during the year ended March 31,
2022 and 2021 was ` 604.47 and ` 354.45 for each option, respectively.
33. Dividends and Buyback of Equity Shares

The Company declares and pays dividends in Indian rupees. According to the Companies Act, 2013 any dividend should be
declared out of accumulated distributable profits. A Company may, before the declaration of any dividend, transfer a percentage
of its profits for that financial year as it may consider appropriate to the reserves.
The cash dividends paid per equity share were ` 1 and ` 1, during the year ended March 31, 2022 and 2021, respectively, including
an interim dividend of ` 1 and ` 1 for the year ended March 31, 2022 and 2021, respectively.
The Board of Directors in their meeting held on March 25, 2022, declared an interim dividend of ` 5/- (US$ 0.07) per equity share
and ADR (250% on an equity share of par value of ` 2/-). Consequently, the Company has recorded a liability of ` 27,337 as at
March 31, 2022 and this has been paid subsequently on April 19, 2022.
During the year ended March 31, 2021, the Company concluded the buyback of 237,500,000 equity shares as approved by the
Board of Directors on October 13, 2020. This has resulted in a total cash outflow of ` 116,445 (including tax on buyback of `
21,445). In line with the requirement of the Companies Act, 2013, an amount of ` 1,427 and ` 115,018 has been utilised from
share premium and retained earnings respectively. Further, capital redemption reserve (included in other reserves) of ` 475
(representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings.
Consequent to such buyback, the paid-up equity share capital has reduced by ` 475.
34. Additional Capital Disclosures

The key objective of the Company’s capital management is to ensure that it maintains a stable capital structure with the focus
on total equity to uphold investor, creditor, and customer confidence and to ensure future development of its business. The
Company’s focus is to keep strong total equity base to ensure independence, security, as well as a high financial flexibility for
potential future borrowings, if required without impacting the risk profile of the Company.
365 / 490

The Company’s goal is to continue to be able to return excess liquidity to shareholders by continuing to distribute annual dividends
in future periods. The amount of future dividends/buyback of equity shares will be balanced with efforts to continue to maintain
an adequate liquidity status.
The capital structure as of March 31, 2022 and 2021 was as follows:
As at As at
% Change
March 31, 2022 March 31, 2021
Equity attributable to the equity shareholders of the Company (A) ` 654,030 ` 549,010 19.13%
As percentage of total capital 79% 84%
Current borrowings 95,233 75,874
Non-current borrowings 56,463 7,458
Total borrowings and lease liabilities (B) ` 175,929 ` 104,514 68.33%
Total capital (A) + (B) ` 829,959 ` 653,524 27.00%
Borrowings and Lease liabilities represents 21% and 16% of total capital as of March 31, 2022 and 2021, respectively. The
Company is not subjected to any externally imposed capital requirements.
35. Commitments and Contingencies

Capital commitments: As at March 31, 2022 and 2021 the Company had committed to spend approximately ` 11,376 and ` 7,490
respectively, under agreements to purchase/construct property and equipment. These amounts are net of capital advances paid
in respect of these purchases.
Guarantees: As at March 31, 2022 and 2021, guarantees provided by banks on behalf of the Company to the Indian Government,
customers and certain other agencies amount to approximately ` 17,094 and ` 17,128 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, 2018. 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, capitalisation of research and development expenses, transfer pricing adjustments on intercompany /
inter unit transactions and other issues.
Income tax claims against the Company amounting to ` 92,476 and ` 80,032 are not acknowledged as debt as at March 31, 2022
and March 31, 2021, 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 `
12,092 and ` 11,413 as of March 31, 2022 and March 31, 2021, 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.
The Hon’ble Supreme Court of India, through a ruling in February 2019, provided interpretation on the components of Salary on
which the Company and its employees are to contribute towards Provident Fund under the Employee’s Provident Fund Act. Based
on the current evaluation, the Company believes it is not probable that certain components of Salary paid by the Company will be
subject to contribution towards Provident Fund due to the Hon’ble Supreme Court order. The Company will continue to monitor
and evaluate its position based on future events and developments.

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36. Segment Information

The Company is organised into the following operating segments: IT Services, IT Products and India State Run Enterprise segment
(“ISRE”).
IT Services: During the year ended March 31, 2021, in order to broad base our growth, the Company re-organised IT Services
segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).
Americas 1 and Americas 2 are primarily organised by industry sector, while Europe and APMEA are organised by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of
America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications,
media and information services, technology products and plat forms. Americas 2 includes the entire business in Canada and
the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-
tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and
Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center
of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on
such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU
based on the geographical location of key decision makers.
Prior to the Company’s re-organisation of its IT services segment, the IT services segment was organised by seven industry
verticals: Banking, Financial Services and Insurance (“BFSI”), Health Business unit (“Health BU”), Consumer Business Unit
(“CBU”), Energy, Natural Resources and Utilities (“ENU”), Manufacturing (“MFG”), Technology (“TECH”) and Communications
(“COMM”).
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.
ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India
and/or any State Governments.
The Chairman of the Company has been identified as the Chief Operating Decision Maker (“CODM”) as defined by Ind AS 108,
“Operating Segments”. The Chairman 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.
Information on reportable segments for the year ended March 31, 2022 is as follows:
IT Services IT Reconciling
ISRE Total
Americas 1 Americas 2 Europe APMEA Total Products Items
Revenue ` 217,874 ` 239,404 ` 233,443 `  91,103 ` 781,824 ` 6,173 ` 7,295 ` (3) ` 795,289
Other operating income/(loss), net - - - - 2,186 - - - 2,186
Segment result 42,820 47,376 35,739 10,523 136,458 115 1,173 53 137,799
Segment result Total ` 139,078 ` 115 ` 1,173 ` 53 ` 140,419
Finance costs (5,325)
Share of net profit /(loss) of associates
57
accounted for using the equity method
Profit before tax ` 151,408
Profit for the year ` 122,434
Depreciation, amortisation and
` 30,778
impairment
367 / 490

IT Services IT Reconciling
ISRE Total
Americas 1 Americas 2 Europe APMEA Total Products Items
Revenue ` 178,091 ` 179,821 ` 165,441 ` 82,462 ` 605,815 ` 7,685 ` 8,912 ` 13 ` 622,425
Other operating income/(loss), net - - - - (81) - - - (81)
Segment result 33,040 41,589 31,673 11,476 117,778 45 1,061 (881) 118,003
Unallocated 5,153 - - - 5,153
Segment result Total ` 122,850 `    45 ` 1,061 ` (881) ` 123,075
Finance costs (5,088)
130
Depreciation, amortisation and
` 27,634
impairment
Revenues from India, being Company’s country of domicile, is ` 25,939 and ` 27,156 for year ended March 31, 2022 and 2021,
respectively.
Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per
table below:
Year ended March Year ended March
31, 2022 31, 2021
United States of America ` 427,021 ` 336,009
United Kingdom 101,437 67,852
Total ` 528,458 ` 403,861
No customer individually accounted for more than 10% of the revenues during the year ended March 31, 2022 and 2021.
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 a part of IT Services revenues.
c) For the purpose of segment reporting, the Company has included the impact of “Foreign exchange gains, net” of ` 4,355 and
` 2,995 for the year ended March 31, 2022 and 2021, respectively, in revenues (which is reported as a part of ‘Other income’ in
the consolidated statement of profit and loss).
d) During the year ended March 31, 2022 and 2021, the Company has contributed ` Nil and ` 991 towards COVID-19 and is
reported in Reconciling items.
e) Other operating income/(loss) of ` 2,186 and ` (81) is included as part of IT Services segment results for the year ended March
31, 2022 and 2021 respectively. Refer to Note 23.
f) Segment results for the year ended March 31, 2021, are after considering the impact of impairment charge of ` 1,250 in
Americas 1 and ` 192 in Europe. Further, an impairment charge of ` 674 for the year ended March 31, 2021 towards certain
marketing-related intangible assets and software platform recognised on acquisitions, is allocated to all IT Services SMUs.
The remaining impairment charge of ` 302 for the year ended March 31, 2021 is included under unallocated. Refer to Note 4
and 7.
g) Segment results for the year ended March 31, 2021, are after considering additional amortisation of ` 795 in Americas 2 due
to change in estimate of useful life of the customer-related intangibles in an earlier business combination. Refer to Note 7.
h) Segment results of IT Services segment are after recognition of share-based compensation expense ` 4,164 and ` 2,897 for
the year ended March 31, 2022 and 2021, respectively.

368 / 490

37. Related Party Relationship and Transactions

List of subsidiaries and associates as of March 31, 2022 are provided in the table below:
Country of
Incorporation
Wipro, LLC USA
Wipro Opus Risk Solutions LLC USA
(formerly known as Wipro Opus
Mortgage Solutions LLC)
HealthPlan Services, Inc. (3) USA
Wipro Appirio, Inc. (3) USA
International TechneGroup USA
Incorporated (3)
Wipro Designit Services, Inc. (3) USA
Cardinal US Holdings, Inc. (3) USA
LeanSwift Solutions, Inc. (3) USA
Edgile, LLC USA
Wipro Overseas IT Services Private India
Limited
Wipro Trademarks Holding Limited India
Wipro Financial Services UK U.K.
Limited
Wipro Gulf LLC Sultanate of
Oman
Wipro 4C NV Belgium
Wipro 4C Nederland B.V (formerly Netherlands
known as 4C Nederland B.V)
Wipro Weare4C UK Limited (3) U.K.
Wipro Doha LLC (2) Qatar
Wipro Holdings Hungary Korlátolt Hungary
369 / 490

Country of
Incorporation
Wipro Holdings Investment Hungary
Wipro Information Technology Egypt
Egypt SAE
Wipro Arabia Co. Limited (1) Saudi Arabia
Women’s Business Park Saudi Arabia
Technologies Limited (1)
Wipro Technologies Australia Pty Australia
Ltd
Ampion Holdings Pty Ltd (3) Australia
Wipro Technologies South Africa South Africa
Wipro Technologies Nigeria Nigeria
Limited
Wipro Information Technology Netherlands
Netherlands BV.
Wipro Portugal S.A. (3) Portugal
Wipro Information Technology Kazakhstan
Kazakhstan LLP
Wipro Technologies W.T. Sociedad Costa Rica
Anonima
Wipro Outsourcing Services Ireland
(Ireland) Limited
Wipro do Brasil Technologia Brazil
Ltda (3)
Cardinal Foreign Holdings 2 Luxembourg
S.á.r.l (3)
Wipro IT Services Bangladesh Limited Bangladesh
Wipro HR Services India Private Limited India
Encore Theme Technologies Private India
Limited (1)
Wipro VLSI Design Services India Private India
Limited (Formerly known as Eximius
Capco Technologies Private Limited India
All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the equity securities of Encore Theme
(1)

370 / 490

The remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory
approvals/confirmations.
51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in these holdings is with the Company.
(2)
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.
(3)
Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc, International TechneGroup Incorporated, Wipro
Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty
Ltd, and LeanSwift Solutions, Inc. are as follows:
Country of
Incorporation
Wipro Business Solutions GmbH Germany
(formerly known as Metro-nom
GmbH) (4)
Wipro Do Brasil Sistemetas De Brazil
Informatica Ltd
HealthPlan Services Insurance USA
Agency, LLC
International TechneGroup Incorporated USA
Wipro Italia S.R.L. (formerly Italy
known as International
TechneGroup S.R.L.)
Wipro Appirio, K.K. (formerly Japan
known as Appirio, K.K)
Topcoder, LLC. USA
Cardinal Foreign Holdings 2 S.á.r.l Luxembourg
The Capital Markets Company Belgium
BV (4)
Capco Brasil Serviços E Brazil
Consultoria Em Informática Ltda
The Capital Markets Company USA
LLC
CAPCO (US) LLC USA
NEOS LLC USA
371 / 490

Country of
Incorporation
Iris Holdco Pty Ltd (4) Australia
LeanSwift AB Sweden
Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) and Iris Holdco Pty
(4)
Ltd are as follows:
Country of
Incorporation
The Capital Markets Company BV Belgium
UK
(UK) Ltd
Canada
Limited
Capco (US) GP LLC (5)
USA
Hong Kong
Limited
Capco Consulting Services
China
(Guangzhou) Company Limited
Slovakia
s.r.o
France
S.A.S
Switzerland
S.á.r.l
Capco Consulting Singapore Pte.
Singapore
Ltd
Germany
GmbH
Capco Consultancy (Malaysia)
Malaysia
Sdn. Bhd
Germany
(formerly known as Metro-nom GmbH)
Wipro Technology Solutions
S.R.L (formerly known as Metro Romania
Systems Romania S.R.L)

372 / 490

Step Subsidiary details of Capco (US) GP LLC is as follows:
(5)
Country of
Incorporation
Capco (Canada) LP (6) Canada
(6)

Name of the related parties: Nature
Hasham Investment and Trading Co. Pvt. Ltd. Entity controlled by Promoters
Azim Premji Philanthropic Initiatives Pvt. Ltd. Entity controlled by Promoters
Electric

Rishad A. Premji Chairman of the board (designated as “Executive chairman”)
Non-Executive non-Independent director (designated as “Founder
Azim H. Premji
Chairman”) (1)
M. Sanaulla Khan Company Secretary
(1)
(2)
Ms. Tulsi Naidu was appointed as Independent Director with effect from July 1, 2021 for a term of five years.
(3)

– Yasmeen A. Premji
– Tariq A. Premji
373 / 490

The Company has the following related party transactions:
Entities controlled by Promoters Key Management Personnel (1)

Transactions / balances
Sale of goods and services ` 182 ` 171 ` - ` -
Assets purchased 158 423 - -
Dividend 3,760 3,760 244 242
Buyback of shares - 91,562 - -
Rental Income 3 50 - -
Rent Paid 2 2 8 7
Others 49 44 - -
Key management personnel (2)

Remuneration and short-term benefits ` - `  - ` 823 ` 761
Other benefits - - 386 231

Receivables ` 198 ` 241 ` - ` -
Payables - - 295 334
(1)
Includes relative of key management personnel.
(2)
Post employment benefit comprising compensated absences is not disclosed as this are determined for the Company as a
whole. Other benefits include ` 368 and ` 219, for the year ended March 31, 2022 and 2021, respectively towards amortisation of
Restricted Stock Units (“RSUs”) granted to them which vest over a period of time. This also includes RSU’s that will vest based on
performance parameters of the Company.
The following are the significant related party transactions during the year ended March 31, 2022 and 2021:
March 31, 2022 March 31, 2021
Asset purchased/capitalised
Wipro Enterprises (P) Limited ` 158 ` 419
Sale of goods and services

Wipro Enterprises (P) Limited ` 161 ` 164
Dividend paid
Hasham Traders `  929 ` 929
Prazim Traders 1,120 1,120
Zash Traders 1,136 1,136
Azim Premji Trust 559 559
Azim H. Premji 237 237
Rental income
Wipro Enterprises (P) Limited `  3 ` 44
Remuneration paid to key management personnel

Azim H. Premji ` 10 ` 8
Rishad A. Premji 138 118
Thierry Delaporte 798 644
Abidali Z. Neemuchwala - 23
Jatin Pravinchandra Dalal 120 75
M. Sanaulla Khan 28 20
significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel, which may
have a potential conflict with the interests of the Company at large.

374 / 490

38. Additional Information as required under Schedule III to the Companies act, 2013
pursuant to para 2 of general instructions for the preparation of Consolidated Financial
Statements
Share in Other Share in total
Share in Profit or
Net Asset comprehensive comprehensive
Loss
Name of the entity income income
As % of Amount As % of Amount As % of Amount As % of Amount
total in ` total in ` total in ` total in `
Parent
Wipro Limited 56.2% ` 543,507 52.1% `121,346 (25.3)% `   (1,487) 50.2% 119,859
Indian Subsidiaries
Capco Technologies Private Limited 0.2% 1,847 0.2% 493 0.0% 1 0.2% 494
Encore Theme Technologies Private Limited 0.0% 194 0.0% 86 - - 0.0% 86
Wipro HR Services India Private Limited 0.7% 6,993 0.4% 901 0.9% 51 0.4% 952
Wipro Trademarks Holding Limited 0.0% 50 0.0% 2 - - 0.0% 2
Wipro Travel Services Limited 0.0% 104 (0.0)% (19) - - (0.0)% (19)
Wipro VLSI Design Services India Private Limited
(Formerly known as Eximius Design India Private 0.0% 62 (0.0)% (114) - - (0.0)% (114)
Limited)
Foreign Subsidiaries
Ampion Holdings Pty Ltd 0.1% 516 (0.0)% (21) 0.3% 18 (0.0)% (3)
Ampion Pty Ltd (0.0)% (2) - - - - - -
Andrion AG 0.0% 20 (0.0)% (33) - - (0.0)% (33)
ATOM Solutions LLC 0.0% 172 0.0% 10 0.1% 3 0.0% 13
CapAfric Consulting (Pty) Ltd (0.0)% (4) (0.0)% (2) - - (0.0)% (2)
Capco (Canada) LP 0.0% 32 (0.0)% (26) - - (0.0)% (26)
Capco (UK) 1, Limited 0.0% 149 (0.0)% (36) (0.1)% (7) (0.0)% (43)
CAPCO (US) LLC 0.0% 472 0.0% 21 0.2% 9 0.0% 30
Capco Austria GmbH 0.0% 159 (0.0)% (6) (0.2)% (12) (0.0)% (18)
Capco Belgium BV 0.2% 2,189 (0.0)% (74) (2.8)% (162) (0.1)% (236)
Capco Brasil Serviços E Consultoria Em Informática
0.0% 402 (0.0)% (6) 0.8% 50 0.0%
Ltda 44
Capco Consultancy (Malaysia) Sdn. Bhd (0.0)% (22) (0.0)% (3) - - (0.0)% (3)
Capco Consultancy (Thailand) Ltd (0.0)% (99) 0.0% 33 0.1% 5 0.0% 38
Capco Consulting Services LLC 0.1% 1,016 0.2% 506 0.6% 37 0.2% 543
Capco Consulting Singapore Pte. Ltd (0.0)% (82) (0.0)% (74) (0.0)% (1) (0.0)% (75)
Capco Greece Single Member P.C (0.0)% (67) 0.0% 1 0.4% 26 0.0% 27
Capco Poland sp. z.o.o 0.0% 59 0.0% 67 (0.0)% (2) 0.0% 65
Capco RISC Consulting LLC 0.1% 1,079 0.2% 471 1.0% 60 0.2% 531
Cardinal Foreign Holdings 2 S.a.r.l. 2.6% 24,769 (0.0)% (17) (3.1)% (183) (0.1)% (200)
Cardinal Foreign Holdings S.a.r.l. 2.8% 27,011 (0.1)% (126) (1.9)% (111) (0.1)% (237)
Cardinal US Holdings, Inc. 2.6% 25,057 1.2% 2,848 1.5% 90 1.2% 2,938
Cloudsocius DMCC (0.0)% (188) (0.0)% (95) (0.1)% (5) (0.0)% (100)
Crowdsprint Pty Ltd (0.0)% (18) (0.0)% (7) (0.0)% (1) (0.0)% (8)
Designit A/S 0.2% 1,921 (0.1)% (304) 0.2% 13 (0.1)% (291)
Designit Denmark A/S 0.0% 403 (0.0)% (65) (0.2)% (9) (0.0)% (74)
Designit Germany GmbH (0.0)% (245) (0.0)% (104) 0.2% 9 (0.0)% (95)
Designit North America, Inc. (0.2)% (1,453) (0.1)% (212) (0.8)% (48) (0.1)% (260)
Designit Oslo A/S 0.0% 130 0.0% 10 0.0% 1 0.0% 11
Designit Spain Digital, S.L.U 0.0% 13 (0.1)% (224) 0.1% 3 (0.1)% (221)
Designit Sweden AB (0.0)% (247) (0.0)% (54) 0.2% 10 (0.0)% (44)
Designit T.L.V Ltd. 0.0% 113 (0.0)% (31) 0.2% 11 (0.0)% (20)
375 / 490


Share in Profit or
Loss
Designit Tokyo Ltd. (0.0)% (163) (0.0)% (71) 0.2% 10 (0.0)% (61)
Edgile, LLC 0.1% 1,312 (0.0)% (19) 0.4% 25 0.0% 6
Grove Holdings 2 S.á.r.l 0.2% 1,729 0.0% 1 (0.1)% (3) (0.0)% (2)
HealthPlan Services Insurance Agency, LLC 0.0% 326 0.0% 39 0.2% 11 0.0% 50
HealthPlan Services, Inc. 0.6% 5,743 2.0% 4,553 2.1% 123 2.0% 4,676
Infocrossing, LLC (0.4)% (4,022) 0.7% 1,707 1.4% 83 0.7% 1,790
International TechneGroup Incorporated 0.1% 749 0.1% 156 0.2% 13 0.1% 169
International TechneGroup Ltd. 0.0% 24 (0.0)% (20) - - (0.0)% (20)
Iris Bidco Pty Ltd 0.0% 6 - - - - - -
Iris Holdco Pty Ltd 0.0% 35 - - 0.0% 1 0.0% 1
ITI Proficiency Ltd (0.0)% (124) (0.0)% (32) (0.2)% (9) (0.0)% (41)
LeanSwift AB 0.0% 32 (0.0)% (19) - - (0.0)% (19)
LeanSwift Solutions, Inc. 0.0% 162 0.0% 8 0.1% 3 0.0% 11
MechWorks S.R.L. 0.0% 168 0.0% 112 (0.1)% (4) 0.0% 108
NEOS LLC (0.0)% (7) (0.1)% (137) - - (0.1)% (137)
NEOS Software LLC (0.0)% (2) (0.0)% (2) - - (0.0)% (2)
PT. WT Indonesia 0.1% 717 0.0% 68 1.0% 59 0.1% 127
Rainbow Software LLC (0.0)% (7) (0.0)% (1) - - (0.0)% (1)
Revolution IT Pty Ltd 0.0% 470 0.0% 56 0.3% 16 0.0% 72
Shelde Pty Ltd 0.0% 307 0.0% 8 0.2% 10 0.0% 18
The Capital Markets Company (UK) Ltd 0.0% 104 0.3% 630 0.1% 8 0.3% 638
The Capital Markets Company BV (3) 0.7% 7,194 (0.1)% (312) 2.3% 135 (0.1)% (177)
The Capital Markets Company BV (4) 0.0% 79 0.0% 21 (0.1)% (5) 0.0% 16
The Capital Markets Company GmbH (0.0)% (47) (0.2)% (454) 0.0% 1 (0.2)% (453)
The Capital Markets Company Limited (1) 0.6% 5,988 0.6% 1,501 0.7% 39 0.6% 1,540
The Capital Markets Company Limited (2) 0.0% 290 (0.1)% (310) 0.0% 2 (0.1)% (308)
The Capital Markets Company LLC 0.1% 1,047 0.8% 1,876 0.2% 13 0.8% 1,889
The Capital Markets Company S.á.r.l 0.1% 691 (0.0)% (14) 2.7% 159 0.1% 145
The Capital Markets Company S.A.S 0.0% 457 0.1% 119 (0.0)% (1) 0.0% 118
The Capital Markets Company s.r.o 0.0% 142 0.1% 121 (0.1)% (5) 0.0% 116
The Wipro SA Broad Based Ownership Scheme Trust 0.0% 154 (0.0)% (5) (0.6)% (33) (0.0)% (38)
Topcoder, LLC 0.0% 20 0.0% 110 (0.0)% (1) 0.0% 109
Wipro (Dalian) Limited 0.1% 775 0.0% 100 1.0% 60 0.1% 160
Wipro (Thailand) Co. Limited 0.0% 241 (0.0)% (6) (0.2)% (13) (0.0)% (19)
Wipro 4C Consulting France SAS (0.0)% (352) (0.1)% (282) 0.3% 15 (0.1)% (267)
Wipro 4C Danmark ApS (0.0)% (128) (0.0)% (14) 0.1% 4 (0.0)% (10)
Wipro 4C Nederland B.V (formerly known as 4C
0.0% 15 (0.0)% (10) - - (0.0)%
Nederland B.V) (10)
Wipro 4C NV 0.1% 949 (0.1)% (232) (0.2)% (13) (0.1)% (245)
Wipro Appirio (Ireland) Limited 0.0% 259 0.0% 72 (0.1)% (6) 0.0% 66
Wipro Appirio UK Limited (0.1)% (572) 0.0% 58 0.1% 7 0.0% 65
Wipro Appirio, Inc. 0.4% 3,584 0.4% 958 1.7% 98 0.4% 1,056
Wipro Appirio, K.K. (formerly known as Appirio, K.K) (0.0)% (298) (0.1)% (127) 0.3% 19 (0.0)% (108)
Wipro Arabia Co. Limited 0.2% 2,145 0.4% 958 1.7% 100 0.4% 1,058
Wipro Bahrain Limited Co. W.L.L 0.0% 256 (0.0)% (61) 0.3% 17 (0.0)% (44)
Wipro Business Solutions GmbH (formerly known as
0.5% 4,641 0.2% 369 (1.9)% (111) 0.1%
Metro-nom GmbH) 258
Wipro Chengdu Limited 0.2% 1,999 0.2% 378 2.0% 118 0.2% 496
Wipro Designit Services Limited 0.0% 34 0.0% 8 (0.0)% (1) 0.0% 7
Wipro Designit Services, Inc. (0.0)% (120) (0.1)% (248) - - (0.1)% (248)

376 / 490


Share in Profit or
Loss
Wipro do Brasil Servicos Ltda 0.0% 289 (0.0)% (43) 1.0% 57 0.0% 14
Wipro Do Brasil Sistemetas De Informatica Ltd 0.0% 19 - - 0.1% 4 0.0% 4
Wipro do Brasil Technologia Ltda 0.4% 3,668 (0.2)% (364) 7.3% 430 0.0% 66
Wipro Doha LLC 0.0% 474 0.1% 253 0.3% 15 0.1% 268
Wipro Europe Limited 0.0% 158 0.0% 95 - - 0.0% 95
Wipro Financial Services UK Limited 0.0% 2 0.0% 1 - - 0.0% 1
Wipro Gallagher Solutions, LLC 0.1% 680 (0.2)% (399) 2.8% 166 (0.1)% (233)
Wipro Gulf LLC 0.0% 281 0.1% 210 0.9% 54 0.1% 264
Wipro Holdings (UK) Limited 0.7% 6,539 (0.5)% (1,158) 28.1% 1,655 0.2% 497
Wipro Holdings Hungary Korlátolt Felelősségű
3.4% 33,031 1.1% 2,534 - - 1.1% 2,534
Társaság
Wipro Holdings Investment Korlátolt Felelősségű
2.6% 25,196 0.4% 939 - - 0.4%
Társaság 939
Wipro Information Technology Egypt SAE (0.0)% (133) (0.0)% (18) 0.3% 16 (0.0)% (2)
Wipro Information Technology Kazakhstan LLP (0.0)% (31) (0.0)% (14) 0.0% 2 (0.0)% (12)
Wipro Information Technology Netherlands BV. 1.1% 10,501 0.3% 743 0.0% 1 0.3% 744
Wipro Insurance Solutions, LLC 0.0% 129 (0.0)% (40) 0.1% 5 (0.0)% (35)
Wipro IT Service Ukraine, LLC 0.0% 6 0.0% 6 - - 0.0% 6
Wipro IT Services Austria GmbH 0.0% 275 0.0% 55 (0.0)% (2) 0.0% 53
Wipro IT Services Bangladesh Limited 0.0% 135 (0.1)% (310) 0.1% 6 (0.1)% (304)
Wipro IT Services Poland SP Z.O.O 0.1% 1,201 0.3% 736 (1.0)% (60) 0.3% 676
Wipro IT Services S.R.L. 0.0% 112 0.0% 27 (0.1)% (3) 0.0% 24
Wipro IT Services UK Societas 9.4% 90,800 26.3% 61,347 (0.1)% (3) 25.7% 61,344
Wipro IT Services, LLC 4.3% 41,918 4.9% 11,442 (42.4)% (2,496) 3.7% 8,946
Wipro Italia S.R.L. (formerly known as International
0.0% 340 (0.0)% (4) - - (0.0)%
TechneGroup S.R.L.) (4)
Wipro Japan KK 0.1% 1,153 0.1% 219 (1.1)% (62) 0.1% 157
Wipro, LLC 4.6% 44,042 4.6% 10,709 123.1% 7,244 7.5% 17,953
Wipro Networks Pte Limited 0.2% 2,350 0.2% 471 0.9% 53 0.2% 524
Wipro Opus Mortgage Solutions LLC (formerly known
(0.0)% (312) (0.2)% (404) (0.1)% (4) (0.2)%
as Opus Capital Markets Consultants, LLC) (408)
Wipro Outsourcing Services (Ireland) Limited 0.0% 218 (0.0)% (2) (0.1)% (4) (0.0)% (6)
Wipro Philippines, Inc. 0.5% 4,595 1.6% 3,753 (9.5)% (559) 1.3% 3,194
Wipro Poland SP Z.O.O 0.0% 40 0.0% 8 (0.0)% (1) 0.0% 7
Wipro Portugal S.A. 0.7% 7,205 0.1% 217 (0.2)% (9) 0.1% 208
Wipro SA Broad Based Ownership Scheme SPV (RF)
0.1% 774 (0.0)% (1) - - (0.0)%
(PTY) LTD (1)
Wipro Shanghai Limited 0.0% 188 0.0% 19 0.4% 23 0.0% 42
Wipro Solutions Canada Limited 0.1% 1,031 1.2% 2,828 (0.3)% (17) 1.2% 2,811
Wipro Technologies Australia Pty Ltd 0.4% 3,545 0.0% 52 (3.2)% (189) (0.1)% (137)
Wipro Technologies GmbH 0.9% 8,352 0.4% 898 3.9% 228 0.5% 1,126
Wipro Technologies Limited 0.0% 43 0.0% 9 (0.2)% (14) (0.0)% (5)
Wipro Technologies Nigeria Limited 0.0% 148 0.1% 200 - - 0.1% 200
Wipro Technologies Peru SAC 0.0% 228 0.0% 72 0.2% 13 0.0% 85
Wipro Technologies SA 0.0% 154 0.0% 27 (0.4)% (24) 0.0% 3
Wipro Technologies SA DE CV 0.1% 1,038 0.1% 242 1.0% 60 0.1% 302
Wipro Technologies SDN BHD 0.0% 12 0.0% 7 - - 0.0% 7
Wipro Technologies South Africa (Proprietary) Limited 0.1% 997 0.1% 183 0.8% 50 0.1% 233
Wipro Technologies SRL 0.1% 578 0.1% 213 (0.3)% (16) 0.1% 197
Wipro Technologies W.T. Sociedad Anonima (0.1)% (548) (0.0)% (35) 0.4% 22 (0.0)% (13)
Wipro Technology Chile SPA 0.0% 214 0.1% 118 (0.2)% (9) 0.0% 109
377 / 490


Share in Profit or
Loss
Wipro Technology Solutions S.R.L (Formerly known as
0.0% 391 0.0% 72 (0.3)% (15) 0.0%
Metro Systems Romania S.R.L) 57
Wipro UK Limited 0.0% 141 0.0% 83 (1.3)% (79) 0.0% 4
Wipro VLSI Design Services, LLC 0.1% 912 0.1% 324 0.4% 26 0.1% 350
Wipro Weare4C UK Limited (0.0)% (169) (0.0)% (81) - - (0.0)% (81)
Women’s Business Park Technologies Limited (0.0)% (240) (0.2)% (394) (0.0)% (1) (0.2)% (395)
Wipro Promax Analytics Solutions Americas, LLC (5) - - 0.0% 5 - - 0.0% 5
Wipro Technologies VZ, C.A. (5) - - 0.0% 1 0.0% 1 0.0% 2
Wipro Corporate Technologies Ghana Limited (5) - - - - 0.1% 4 0.0% 4
Designit Colombia S A S (5) - - 0.0% 89 0.0% 1 0.0% 90
Designit Peru SAC (5) - - 0.0% 81 0.0% 2 0.0% 83
Rational Consulting Australia Pty Ltd (5) - - 0.0% 18 - - 0.0% 18
Capco Sweden AB (5) - - (0.0)% (3) - - (0.0)% (3)
Associates
Drivestream Inc. 0.1% `    774 0.0% ` 57 - `   - 0.0% 57
Trusts
Wipro Equity Reward Trust 0.1% ` 1,405 0.0% ` 46 - `    - 0.0% 46
Wipro Foundation (0.0)% (18) (0.0)% (70) - - (0.0)% (70)
Total 100% ` 967,845 100% ` 232,822 100% ` 5,884 100% ` 238,706
Non-controlling interest `   (515) `  (138) ` (49) (187)

Adjustment arising out of consolidation (313,300) (110,388) 5,568 (104,820)
Grand Total ` 654,030 ` 122,296 `  11,403 ` 133,699
(1)
The Capital Markets Company Limited is incorporated in Canada.
(2)
The Capital Markets Company Limited is incorporated in Hong Kong.
(3)
The Capital Markets Company BV incorporated in Belgium.
(4)
The Capital Markets Company BV incorporated in Netherlands.
(5)
Liquidated during the year ended March 31, 2022.
39. As part of customer contract with Metro AG, the Company has acquired Metro-nom GmbH (currently known as Wipro Business
Solutions GmbH) and Metro Systems Romania S.R.L. (currently known as Wipro Technology Solutions S.R.L.), the IT units of Metro
AG in Germany and Romania, respectively, for a consideration of ` 5,096. Considering the terms and conditions of the agreement,
the Company has concluded that this transaction does not meet the definition of Business under Ind AS 103 “Business
Combinations”. The transaction was consummated on April 1, 2021. The fair value of net assets acquired aggregating to ` 4,691
is allocated to respective assets and liabilities. The excess of consideration paid, and net assets taken over is accounted as ‘costs
to obtain contract’, which will be amortised over the tenure of the contract as reduction in revenues.
Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under active consideration by
the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident
Fund contributions by the Company and its Indian subsidiaries is not expected to be material, whereas, the likely additional
impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its
Indian subsidiaries will complete their evaluation once the subject rules are notified and will give appropriate impact in the
are published.

378 / 490

41. Events after the Reporting Period

(a) On April 11, 2022, the Company acquired CAS Group.
(b) On May 20, 2022, the Company acquired Rizing.
Refer to note 8 for Additional details on acquisitions completed after March 31, 2022.


Bengaluru
June 8, 2022
379 / 490
AOC-1 - Information relating to Subsidiaries as at March 31, 2022
[Pursuant to first proviso to sub-section (3) of Section 129 of Companies Act, 2013, read with rule 5 of Companies (Accounts) Rules,2014 ]
Part -A- Subsidiaries
Proposed
Exchange rate Total
Date of Profit Provision Profit Dividend
Sr. as on Share Reserves Total Liabilities Turnover
becoming the Reporting Reporting Investments % of before for after (incl.
Name of the Subsidiary Mar 31, 2022/Jan capital & Assets excluding (i)
subsidiary/ period Currency (i) & (h) Holding taxation taxation taxation dividend
No. 31, 2022/ Dec 31, (i) Surplus (i) (6) & (7)
acquisition (i) (i) (i) tax)
2021 (i) (i)
(i)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
1 Wipro, LLC 7-Jul-98 31-Mar-22 USD 75.78 77,140 (29,586) 111,748 64,193 14,874 100% 93,698 10,917 11 10,906 -
2 The Capital Markets 29-Apr-21 31-Mar-22 USD 75.78 9,490 (8,557) 11,127 10,194 - 100% 21,243 2,554 764 1,790 -
Company, LLC
3 The Capital Markets 29-Apr-21 31-Mar-22 GBP 99.41 504 (484) 11,007 10,987 - 100% 21,109 641 12 629 -
Company (UK) Ltd
4 Wipro do Brasil Servicos 14-Aug-20 31-Dec-21 BRL 13.34 164 121 480 195 - 100% 1,151 * 6 (5) -
Ltda (Formerly IVIA Servicos
De Informatica Ltda)
5 Healthplan Services, Inc. 29-Feb-16 31-Dec-21 USD 74.33 7,879 (2,259) 8,356 2,737 - 100% 13,641 (405) (4,347) 3,942 -
6 Wipro Technologies GmbH 30-Jun-06 31-Mar-22 EUR 84.07 7,846 (2,967) 16,554 11,676 - 100% 14,920 1,053 181 872 -
7 Wipro Solutions Canada 16-Aug-14 31-Mar-22 CAD 60.50 1,936 (905) 7,627 6,596 - 100% 11,676 3,764 879 2,886 -
Limited
8 Wipro Philippines, Inc. 16-Oct-07 31-Mar-22 PHP 1.46 277 4,319 9,585 4,990 - 100% 11,665 3,898 206 3,692 -
9 Wipro Arabia Limited 19-Jun-07 31-Dec-21 SAR 19.79 594 1,379 7,707 5,734 - 67% 10,480 1,000 161 839 3,746
10 Wipro HR Services India 1-Sep-18 31-Mar-22 INR 1.00 70 6,923 9,976 2,983 237 100% 10,175 1,221 319 901 -
380 / 490
Pvt Ltd.
11 The Capital Markets 29-Apr-21 31-Mar-22 CAD 60.50 * 5,988 9,530 3,542 - 100% 9,938 1,975 443 1,532 -
Company Limited
12 Designit Tokyo Ltd. 6-Aug-15 31-Mar-22 JPY 62.27 1,028 (17,153) 3,516 19,641 - 100% 8,457 (6,491) 22 (6,513) -
13 Infocrossing, LLC 20-Sep-07 31-Mar-22 USD 75.78 * 2,197 4,448 2,251 - 100% 8,417 2,378 640 1,739 1,440
14 Wipro Technologies SA 13-Jun-07 31-Mar-22 MXN 3.81 763 275 4,057 3,019 - 100% 6,623 540 288 252 -
DE C V
15 Wipro Appirio Inc. (formerly 23-Nov-16 31-Mar-22 USD 75.78 * 1,665 3,292 1,627 - 100% 5,626 865 6 859 2,273
known as Appirio, Inc.)
16 Wipro do Brasil Technologia 29-May-01 31-Dec-21 BRL 13.34 1,960 1,002 5,330 2,367 - 100% 5,601 (524) (7) (518) -
Ltda
17 Wipro Business Solutions 1-Apr-21 31-Mar-22 EUR 84.07 52 4,589 8,348 3,707 - 100% 5,582 358 * 358 -
GmbH (formerly known as
Metro-nom GmbH)
18 Wipro Technologies SRL 17-Aug-06 31-Mar-22 RON 16.99 183 393 2,940 2,363 - 100% 3,860 241 35 206 -
19 Capco Consulting Services, 29-Apr-21 31-Mar-22 USD 75.78 * 1,016 2,662 1,646 - 100% 3,830 729 213 516 985
LLC
20 Wipro Gallagher Solutions, 1-Jul-08 31-Mar-22 USD 75.78 3,740 (3,040) 2,131 1,430 - 100% 3,744 (468) (58) (410) 606
LLC
21 Wipro Designit Services, Inc. 21-Feb-20 31-Mar-22 USD 75.78 * (120) 788 908 - 100% 3,641 (291) (38) (252) -
(formerly known Rational
Interaction, Inc.)

22 Wipro IT Services Poland 6-Apr-12 31-Mar-22 PLN 18.07 * 1,198 2,350 1,152 - 100% 3,583 895 190 705 1,030
SP Z.O.O
23 Capco Technologies Pvt. Ltd. 29-Apr-21 31-Mar-22 INR 1.00 * 1,946 2,413 467 - 100% 3,565 753 217 536 -
24 Capco RISC Consulting, LLC 29-Apr-21 31-Mar-22 USD 75.78 * 1,079 2,379 1,301 - 100% 3,486 671 192 480 2,137
293
Proposed
Exchange rate Total
294
No. 31, 2022/ Dec 31, (i) Surplus (i) (6) & (7)
2021 (i) (i)
(i)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
25 The Capital Markets 29-Apr-21 31-Dec-21 EUR 84.20 2 318 2,075 1,756 - 100% 3,320 (599) * (599) -
Company GmbH
26 Wipro Networks Pte. Limited 15-Dec-99 31-Mar-22 USD 75.78 1,695 786 3,695 1,213 - 100% 3,226 468 (32) 500 -
27 The Capital Markets 29-Apr-21 31-Dec-21 CHF 81.48 2 814 3,280 2,465 - 100% 3,145 26 5 21 -
Company S.a.r.l.
28 Wipro Opus Risk 14-Jan-14 31-Mar-22 USD 75.78 77 (389) 1,366 1,678 - 100% 2,968 (358) 54 (412) -
Solutions, LLC (formerly
known as Wipro Opus
Mortgage Solutions, LLC
- Opus Capital Markets
Consultants, LLC)

29 Wipro VLSI Design Services 24-Feb-21 31-Mar-22 INR 1.00 * 65 1,264 1,198 - 100% 2,756 (77) 69 (147) -
India Private Limited
(formerly known as Eximius
30 LeanSwift AB 31-Dec-21 31-Dec-21 EUR 84.20 4 513 976 460 - 100% 2,604 254 54 200 -
31 Wipro Japan KK 1-May-98 31-Mar-22 JPY 0.62 269 876 2,177 1,032 - 100% 2,246 300 95 205 -
32 Wipro Chengdu Limited 21-Oct-08 31-Dec-21 RMB 11.71 446 1,540 2,928 942 - 100% 2,229 626 97 529 -
33 TopCoder, LLC 23-Nov-16 31-Mar-22 USD 75.78 1,774 (1,754) 158 138 - 100% 2,178 156 44 112 -
34 Wipro Technology Solutions 1-Apr-21 31-Dec-21 RON 17.01 20 402 710 288 - 100% 2,033 376 62 314 -
S.R.L (formerly known as
Metro Systems Romania
S.R.L)
381 / 490
35 Wipro VLSI Design Services, 24-Feb-21 31-Mar-22 USD 75.78 * 912 1,374 462 - 100% 1,988 430 126 304 -
LLC (formerly known as
Eximius Design, LLC)
36 The Capital Markets 29-Apr-21 31-Dec-21 EUR 84.20 3 561 2,430 1,866 - 100% 1,858 (1) * (1) -
Company S.A.S.
37 Wipro Technologies 30-Apr-12 31-Mar-22 AUD 56.73 3,971 (69) 10,622 6,720 - 100% 1,812 54 16 38 -
Australia Pty Ltd.
38 International Technegroup 31-Oct-19 31-Mar-22 USD 75.78 20 748 1,304 536 - 100% 1,670 264 105 159 -
Inc.
39 Wipro Technologies South 2-Nov-10 31-Mar-22 ZAR 5.21 27 964 1,388 397 - 100% 1,549 221 43 177 -
Africa (Proprietary) Limited
40 Wipro Portugal SA 30-Jun-06 31-Mar-22 EUR 84.07 3,776 1,133 5,675 767 - 100% 1,476 1,157 24 1,133 -
41 Wipro Holdings (UK) Limited 9-Dec-02 31-Mar-22 GBP 99.41 15,147 (8,395) 11,924 5,172 9,770 100% 1,610 (1,073) 18 (1,091) -
42 PT WT Indonesia 24-Jul-09 31-Mar-22 IDR 0.01 71 653 1,144 419 - 100% 1,470 153 76 78 604
43 Wipro (Dalian) Limited 25-Dec-15 31-Dec-21 RMB 11.71 618 126 1,088 344 - 100% 1,387 98 17 81 -
44 Wipro Weare4C UK LIMITED 10-Aug-20 31-Mar-22 GBP 99.41 * (169) 545 714 - 100% 1,290 (92) (13) (79) -
(formerly known as Weare4C
UK Limited)
45 The Capital Markets 29-Apr-21 31-Dec-21 HKD 9.53 * 507 1,388 881 - 100% 1,221 (272) (41) (231) -
Company Limited
46 Edgile, LLC (e) 31-Dec-21 31-Mar-22 USD 75.78 * 1,312 1,852 540 - 100% 1,162 11 31 (19) -
47 Wipro IT Services 9-Jan-18 31-Mar-22 BDT 0.88 373 (247) 1,534 1,408 - 100% 1,072 (331) (13) (319) -
Bangladesh Limited
Proposed
Exchange rate Total
No. 31, 2022/ Dec 31, (i) Surplus (i) (6) & (7)
2021 (i) (i)
(i)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
48 Wipro IT Services Austria 15-Jun-16 31-Mar-22 EUR 84.07 6 268 418 144 - 100% 986 72 18 53 429
GmbH (formerly known as
Cellent GmbH)
49 Wipro Doha LLC 26-Feb-14 31-Mar-22 QAR 20.75 4 470 661 187 - 49% 901 266 6 259 -
50 Wipro 4C NV 10-Aug-20 31-Jan-22 EUR 83.23 652 (1,434) 907 1,688 - 100% 898 (997) 1 (998) -
51 The Capital Markets 29-Apr-21 31-Mar-22 EUR 84.07 170 888 9,758 8,700 - 100% 866 (1,693) 1 (1,694) -
Company BV
52 Capco Brasil Serviços e 29-Apr-21 31-Mar-22 BRL 15.88 187 192 793 414 - 100% 790 (23) 8 (30) -
Consultoria em Informática
Ltda
53 The Capital Markets 29-Apr-21 31-Dec-21 EUR 84.20 * 57 1,187 1,130 - 100% 604 41 3 37 -
Company, s. r. o.
54 Wipro Gulf LLC 1-Jun-11 31-Mar-22 OMR 196.77 30 247 402 126 - 100% 590 174 1 173 1,673
55 Wipro 4C Danmark ApS 10-Aug-20 31-Mar-22 DKK 11.30 1 (130) 160 289 - 100% 584 (18) * (18) -
(formerly known as 4C
Danmark ApS)
56 Designit Oslo A/S 6-Aug-15 31-Mar-22 NOK 8.67 * 112 259 146 - 100% 577 8 (3) 11 -
57 Designit A/S 6-Aug-15 31-Mar-22 DKK 11.30 113 837 1,824 874 - 100% 566 (684) (6) (678) -
58 Designit North America, Inc. 6-Aug-15 31-Mar-22 USD 75.78 16 (1,469) 260 1,713 - 100% 537 (337) (122) (215) -
(formerly known as Cooper
Software, Inc.)
59 Capco Poland Sp. z.o.o. 29-Apr-21 31-Mar-22 PLN 18.07 * 59 271 212 - 100% 526 78 15 64 -
382 / 490
60 Capco Greece Single 29-Apr-21 31-Mar-22 EUR 84.07 386 (382) 605 602 - 100% 521 * 1 (2) -
Member P.C
61 Andrion AG 29-Apr-21 31-Dec-21 CHF 81.48 12 74 184 98 - 100% 461 4 * 3 -
62 Wipro 4C Consulting France 10-Aug-20 31-Jan-22 EUR 83.23 70 (265) 305 500 - 100% 450 (221) * (221) -
SAS (formerly known as 4C
Consulting France)
63 Capco Consultancy 29-Apr-21 31-Dec-21 MYR 17.83 200 (226) 215 241 - 100% 442 (14) * (14) -
(Malaysia) Sdn. Bhd.
64 Wipro Technology Chile SPA 19-Dec-11 31-Mar-22 CLP 0.10 272 (58) 431 217 - 100% 419 122 3 118 -
65 Women’s Business Park 26-Oct-17 31-Mar-22 SAR 20.20 76 (327) 961 1,212 - 55% 404 (386) 14 (401) -
Technologies Limited
66 Wipro Appirio (Ireland) 23-Nov-16 31-Mar-22 EUR 84.07 86 173 432 174 - 100% 399 79 9 70 -
Limited (formerly known as
Appirio Ltd)
67 Wipro Appirio K.K (formerly 23-Nov-16 31-Mar-22 JPY 0.62 6 (293) 279 566 - 100% 372 (85) 21 (106) -
68 Wipro Outsourcing Services 14-May-12 31-Mar-22 EUR 84.07 * 221 449 228 - 100% 362 * * * -
(Ireland) Limited
69 Wipro Information 30-Jun-06 31-Mar-22 EUR 84.07 7,546 3,396 13,372 2,430 - 100% 356 729 8 721 -
Technology Netherlands BV
70 Wipro Technologies WT 15-Oct-10 31-Mar-22 CRC 0.11 * (548) 299 847 - 100% 348 (34) * (34) -
Sociedad Anonima

71 Capco Austria GmbH 29-Apr-21 31-Mar-22 EUR 84.07 45 140 401 217 - 100% 347 20 * 20 -
72 Designit Denmark A/S 6-Aug-15 31-Mar-22 DKK 11.30 14 681 857 162 - 100% 343 (54) * (54) -
73 LeanSwift Solutions, Inc. 31-Dec-21 31-Mar-22 USD 75.78 * 162 372 210 - 100% 339 11 3 8 -
295
Proposed
Exchange rate Total
296
No. 31, 2022/ Dec 31, (i) Surplus (i) (6) & (7)
2021 (i) (i)
(i)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
74 Wipro Bahrain Limited 28-Oct-09 31-Mar-22 BHD 200.96 10 251 449 188 - 100% 318 (57) * (57) 221
Co. WLL
75 Designit T.L.V Ltd. 6-Aug-15 31-Mar-22 ILS 23.87 * 111 217 106 - 100% 327 (32) * (32) -
76 Designit Spain Digital SL 6-Aug-15 31-Mar-22 EUR 84.07 * 13 156 143 - 100% 321 (209) 8 (218) -
77 Wipro Technologies SA 22-Apr-08 31-Dec-21 ARS 0.72 189 11 374 174 - 100% 305 * (2) 2 -
78 Wipro Technologies Peru 15-Aug-12 31-Mar-22 PEN 20.37 38 177 227 13 - 100% 282 105 41 64 -
SAC
79 Healthplan Services 29-Feb-16 31-Dec-21 USD 74.33 * 329 348 19 - 100% 266 91 19 72 -
Insurance Agency, Inc
80 Designit Germany GmbH 6-Aug-15 31-Mar-22 EUR 84.07 380 (625) 218 463 - 100% 262 (101) * (101) -

81 Capco Consultancy 29-Apr-21 31-Dec-21 THB 2.24 12 (136) 203 327 - 100% 254 (21) * (21) -
(Thailand) Ltd.
82 International TechneGroup 31-Oct-19 31-Mar-22 GBP 99.41 * 21 206 184 - 100% 253 (27) (5) (22) -
Ltd.
83 MechWorks S.r.l. 31-Oct-19 31-Mar-22 EUR 84.07 * 167 293 126 - 100% 237 127 18 109 -
84 Cloudsocious DMCC 10-Aug-20 31-Jan-22 AED 20.31 1 (173) 102 273 - 100% 231 (87) * (87) -
85 Wipro Do Brasil Sistemetas 22-Aug-14 31-Dec-21 BRL 13.34 19 26 295 250 - 100% 306 29 5 25 -
De Informatica Ltd
86 Wipro (Thailand) Co. Limited 30-Jul-07 31-Mar-22 BAHT 2.28 235 13 292 45 - 100% 209 4 2 2 250
87 Wipro IT Services S.R.L 1-Nov-18 31-Mar-22 RON 16.99 * 111 148 35 - 100% 195 29 3 26 -
88 Capco Consulting 29-Apr-21 31-Dec-21 SGD 55.09 25 (69) 211 255 - 100% 194 (47) * (47) -
Singapore Pte Ltd.
383 / 490
89 Wipro Technologies Nigeria 15-Aug-12 31-Mar-22 NGN 0.18 3 145 773 625 - 100% 185 4 2 2 -
Limited
90 Wipro 4C Nederland BV 10-Aug-20 31-Mar-22 EUR 84.07 2 17 80 62 - 100% 158 (9) * (9) -
(formerly known as 4C
Nederland B.V)
91 Designit Sweden AB 6-Aug-15 31-Mar-22 SEK 8.13 * 15 62 45 - 100% 127 (52) * (52) -
92 Wipro Designit Services 21-Feb-20 31-Mar-22 EUR 84.07 * 36 43 7 - 100% 122 9 1 8 -
Limited (fomerly known as
Rational Interaction Limited)
93 Wipro Technologies SDN 16-Nov-06 31-Mar-22 MYR 18.02 * 13 76 63 - 100% 122 10 2 7 -
BHD
94 The Capital Markets 29-Apr-21 31-Mar-22 EUR 84.07 2 78 322 243 - 100% 74 25 5 20 -
Company BV
95 ITI Proficiency Ltd. 31-Oct-19 31-Mar-22 ILS 23.87 * (124) 37 160 - 100% 85 (33) * (33) -
96 Wipro Technologies Limited, 8-Feb-08 31-Mar-22 RUB 0.91 9 19 42 14 - 100% 40 (6) 1 (7) -
Russia
97 NEOS LLC 29-Apr-21 31-Mar-22 USD 75.78 * 125 142 17 - 100% 40 (7) * (8) -
98 Wipro Shanghai Limited 27-Apr-04 31-Dec-21 RMB 11.71 126 57 195 12 - 100% 38 23 * 23 -
99 Wipro Insurance Solutions, 30-Nov-12 31-Mar-22 USD 75.78 30 99 176 47 - 100% 29 (22) 19 (40) -
LLC
100 Wipro Travel Services 10-Jun-96 31-Mar-22 INR 1.00 * 103 470 367 - 100% 23 (19) * (19) -
Limited
101 ATOM Solutions, LLC 29-Apr-21 31-Mar-22 USD 75.78 31 140 366 194 - 100% 9 15 4 11 -
Proposed
Exchange rate Total
No. 31, 2022/ Dec 31, (i) Surplus (i) (6) & (7)
2021 (i) (i)
(i)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
102 Wipro Information 27-Sep-06 31-Mar-22 KZT 0.16 5 (24) 78 97 - 100% 7 (10) (3) (7) -
Technology Kazakhstan LLP
103 Wipro UK Limited 1-Jun-11 31-Mar-22 GBP 99.41 70 87 223 66 - 100% * 3 * 2 -
104 Wipro IT Services Ukraine 6-Oct-14 31-Mar-22 UAH 2.56 5 * 5 * - 100% * 5 * 5 -
LLC
105 Capco Belgium BV 29-Apr-21 31-Mar-22 EUR 84.07 4 2,184 4,541 2,353 - 100% 2 (73) * (73) -
106 Wipro Holdings Investment 29-Feb-16 31-Dec-21 USD 74.33 1 27,722 27,725 2 - 100% * 220 5 215 -
Korlátolt Felelősségű
Társaság
107 Capco (Canada) GP ULC 9-Apr-21 31-Mar-22 CAD 60.50 - - - - - 100% - - - - -
108 CAPCO (US) GP, LLC 9-Apr-21 31-Mar-22 USD 75.78 - - - - - 100% - - - - -
109 Neos Holdings, LLC 9-Apr-21 31-Mar-22 USD 75.78 - - - - - 100% - - - - -
110 Neos Software, LLC 9-Apr-21 31-Mar-22 USD 75.78 - - - - - 100% - - - - -
111 Capco Consulting Services 9-Apr-21 31-Mar-22 CNY 11.71 - - - - - 100% - - - - -
(Guangzhou) Company
Limited
112 Wipro Appirio UK Ltd. 23-Nov-16 31-Mar-22 GBP 99.41 * (572) 319 891 - 100% 681 56 * 57 -
(formerly know as Appirio
UK Ltd.)
113 Wipro Trademarks Holding 30-Oct-82 31-Mar-22 INR 1.00 * 49 50 * - 100% * 2 * 2 -
Limited
384 / 490
114 Wipro US Foundation (g) 25-Jan-19 31-Mar-22 USD 75.78 - - - - - 100% - - - - -
115 Wipro Overseas IT Services 12-May-15 31-Mar-22 INR 1.00 * * * * - 100% * * * * -
Pvt Ltd
116 Wipro IT Services UK 29-Feb-16 31-Mar-22 USD 75.78 11 77,522 29,074 - 100% 12,035 62,515 59 62,456 11,789
Societas 106,607
117 Ampion Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 - - - - - 100% - - - - -
118 Revolution IT Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 - - - - - 100% - - - - -
119 Crowdsprint Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 - - - - - 100% - - - - -
120 IRIS Holdco Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 - - - - - 100% - - - - -
121 IRIS Bidco Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 - - - - - 100% - - - - -
122 Shelde Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 - - - - - 100% - - - - -
123 LeanSwift Solutions, LLC 31-Dec-21 31-Mar-22 USD 75.78 - - - - - 100% - - - - -
124 Rainbow Software LLC 10-Jan-16 31-Dec-21 IQD 0.05 * (7) * 7 - 100% * * * * -
125 Wipro Holdings Hungary 17-Sep-07 31-Dec-21 USD 74.33 2,044 39,615 41,663 4 - 100% * (192) * (191) -
Korlátolt Felelősségű
Társaság
126 Encore Theme Technologies 15-Dec-20 31-Mar-22 INR 1.00 2 186 747 559 - 96.7% 795 114 43 71 -
Private Limited (b)
127 Wipro SA Broad Based 17-Jan-14 31-Mar-22 ZAR 5.21 717 * 718 * - 100% * * * * -
Ownership Scheme SPV (Rf)
(Pty) Ltd
128 Wipro Italia SRL 1-Oct-19 31-Mar-22 EUR 84.07 22 350 373 * - 100% * * (2) * -

129 Wipro IT Services LLC 6-Apr-15 31-Mar-22 USD 75.78 95,771 (41,770) 75,488 - 100% * 10,063 (1,590) 11,653 -
129,489
130 Cardinal US Holdings, Inc 29-Apr-21 31-Mar-22 USD 75.78 36,475 (10,955) 26,483 964 - 100% * 2,838 (62) 2,901 4,168
297
Proposed
Exchange rate Total
298
No. 31, 2022/ Dec 31, (i) Surplus (i) (6) & (7)
2021 (i) (i)
(i)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
131 Wipro Europe Limited 1-Jun-11 31-Mar-22 GBP 99.41 10 184 195 * - 100% * 74 * 74 -
132 CAPCO (US) LLC 29-Apr-21 31-Mar-22 USD 75.78 303 169 2,562 2,090 - 100% * 30 9 22 -
133 Wipro Poland Sp Z.o.o. 1-Jul-08 31-Mar-22 PLN 18.07 * 40 44 3 - 100% * 7 * 7 -
134 Grove Holdings 2 S.a.r.l. 29-Apr-21 31-Mar-22 USD 75.78 5,350 (3,286) 2,229 165 - 100% * 1 * 1 -
135 CapAfric Consulting 29-Apr-21 31-Dec-21 ZAR 4.67 * 6 7 2 - 100% * (1) * (1) -
Proprietary Limited
136 Wipro Financials Services 30-Apr-12 31-Mar-22 GBP 99.41 * 2 4 2 - 100% * 1 * 1 -
UK Ltd
137 Wipro Information 22-May-08 31-Mar-22 EGP 4.15 3 (137) 29 163 - 100% * (16) * (16) -
Technology Egypt SAE

138 Cardinal Foreign Holdings 29-Apr-21 31-Mar-22 USD 75.78 27,331 (685) 26,660 14 - 100% * (17) * (17) -
2 S.a.r.l.
139 Capco (Canada) LP 29-Apr-21 31-Mar-22 CAD 60.50 * 32 375 343 - 100% * (27) * (27) -
140 Capco (UK) 1, Limited 29-Apr-21 31-Mar-22 GBP 99.41 * 149 203 54 - 100% * (43) (8) (35) -
141 Cardinal Foreign Holdings 29-Apr-21 31-Mar-22 USD 75.78 27,481 (142) 27,353 14 - 100% * (128) * (128) -
S.a.r.l.
142 Ampion Holdings Pty Ltd 6-Aug-21 31-Mar-22 AUD 56.73 2,745 196 5,591 2,650 - 100% 5,489 (162) (47) (114) -
Part B Associates and Joint Ventures

Name of the Latest audited Date on which the No. of shares held Amont of Extent of Description Reason why the Networth attributable Profit or Loss for the year
associates/Joint Balance Sheet Associate or Joint by the Company in investment in Holding (in of how there associate/joint to shareholding as per
385 / 490
Ventures date Venture was associated Associate on the Associates percentage) is significant venture is not latest audited Balance Considered in Not Considered in
or acquired yearend influence consolidated Sheet Consolidation Consolidation
Drivestream 31-Dec-20 12-Jun-17 94,527 Series A USD 9,480,032 43.75% Extent of equity Not Applicable (1,469,569) 765,233 983,997
Preferred Stock holding in
27,865 common stock the associate
190,525 Series B company
Preferred stock exceeds 20%
Notes
(a) Wipro do Brasil Servicos de Technologia S.A. merged with and into Wipro Do Brasil Technologia Ltda, effective April 1, 2021. Therefore, particulars of the entity are not included in the above
list.
(b) Encore Theme Technologies Private Limited was acquired on Decmber 15, 2020 - stake of 83.4%, additional stake of 13.3% was acquired on January 25, 2022. Consequently, the Company’s
holding as on March 31, 2022 is 96.7%. The remaining 3.3% equity stake will be acquired subject to and after receipt of certain regulatory approvals/confirmations.
(c) Ampion Holdings Pty Ltd. and its subsidiaries were acquired on August 6, 2021.
(d) Capco group was acquired by the Company on April 29, 2021.
(e) Edigle LLC was acquired on December 31, 2021.
(f) Leanswift Solutions, Inc. and its subsidiaries were acquired on December 31, 2021.
(g) Wipro US Foundation is yet to start operations.

(h) Investments excludes investments in subsidiaries and associates.
(i) Indian rupee equivalents of the figures in foreign currencies of the accounts of the subsidiary entities are based on the exchange rates as of the respective reporting period end dates.
(j) During the financial year 2021-22, seven subsidiaries of your Company i.e., Wipro Promax Analytics Solutions Americas, LLC, Rational Consulting Australia Pty Ltd., Designit Colombia S A
S, Wipro Technologies VZ, C.A, Designit Peru S.A.C, Capco Sweden AB and Wipro Corporate Technologies Ghana Limited were deregistered
* Value is less than One Million Rupees.
Rishad A. Premji Deepak M. Satwalekar

Chairman Director
Thierry Delaporte Jatin Pravinchandra Dalal M. Sanaulla Khan

Chief Executive Officer and Managing Director Chief Financial Officer Company Secretary
Consolidated financial statements under IFRS
Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Wipro Critical Audit Matters
Limited
The critical audit matters communicated below are matters
arising from the current-period audit of the financial statements
Opinion on the Financial Statements that were communicated or required to be communicated to the
audit committee and that (1) relate to accounts or disclosures
We have audited the accompanying consolidated statements that are material to the financial statements and (2) involved our
of financial position of Wipro Limited and subsidiaries (the especially challenging, subjective, or complex judgments. The
“Company”) as of March 31, 2022 and 2021, the related communication of critical audit matters does not alter in any way
consolidated statements of income, comprehensive income, our opinion on the financial statements, taken as a whole, and
shareholders’ equity, and cash flows, for each of the three years we are not, by communicating the critical audit matters below,
in the period ended March 31, 2022, and the related notes providing separate opinions on the critical audit matters or on the
(collectively referred to as the “financial statements”). In our accounts or disclosures to which they relate.
opinion, the financial statements present fairly, in all material
respects, the financial position of the Company as of March 31, Revenue from fixed price contracts using
2022 and 2021, and the results of its operations and its cash the percentage of completion method -
flows for each of the three years in the period ended March 31,
2022, in conformity with the International Financial Reporting
Refer Notes 2 (iv)(a), 3(xiv)B and 24 to the
Standards as issued by the International Accounting Standards financial statements
Board. Critical Audit Matter Description
We have also audited, in accordance with the standards of the Revenue from fixed-price contracts, including software
Public Company Accounting Oversight Board (United States) development, and integration contracts, where the performance
(PCAOB), the Company’s internal control over financial reporting obligations are satisfied over time, is recognized using the
as of March 31, 2022, based on criteria established in Internal percentage-of-completion method.
Control – Integrated Framework (2013) issued by the Committee Use of the percentage-of-completion method requires the
of Sponsoring Organizations of the Treadway Commission and Company to determine the project costs incurred to date as a
our report dated June 8, 2022, expressed an unqualified opinion percentage of total estimated project costs at completion. The
on the Company’s internal control over financial reporting. estimation of total project costs involves significant judgement
and is assessed throughout the period of the contract to reflect
any changes based on the latest available information. In
Basis for Opinion addition, provisions for estimated losses, if any, on uncompleted
These financial statements are the responsibility of the contracts are recorded in the period in which such losses become
Company’s management. Our responsibility is to express an probable based on the total estimated project costs.
opinion on the Company’s financial statements based on our We identified the revenue recognition for fixed price contracts
audits. We are a public accounting firm registered with the where the percentage-of-completion method is used as a critical
PCAOB and are required to be independent with respect to the audit matter because of the significant judgement involved in
Company in accordance with the U.S. federal securities laws estimating the efforts to complete such contracts.
and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
consideration of progress of the contract, efforts incurred to-
We conducted our audits in accordance with the standards of date and estimates of efforts required to complete the remaining
the PCAOB. Those standards require that we plan and perform performance obligations.
the audit to obtain reasonable assurance about whether the This required a high degree of auditor judgment in evaluating the
financial statements are free of material misstatement, whether audit evidence supporting estimated efforts to complete and a
due to error or fraud. Our audits included performing procedures higher extent of audit effort to evaluate the reasonableness of
to assess the risks of material misstatement of the financial the total estimated efforts used to recognise revenue from fixed-
statements, whether due to error or fraud, and performing price contracts.
procedures that respond to those risks. Such procedures included
How the Critical Audit Matter was Addressed in the Audit
examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included Our audit procedures related to estimates of efforts to complete
evaluating the accounting principles used and significant for fixed-price contracts accounted using the percentage-of-
estimates made by management, as well as evaluating the completion method included the following, among others:
overall presentation of the financial statements. We believe that • We tested the effectiveness of controls relating to (1) recording
our audits provide a reasonable basis for our opinion. of efforts incurred and estimation of efforts required to

386 / 490
Report of Independent Registered Public Accounting Firm
complete the remaining performance obligations, and o Compared efforts incurred to date with Company’s
(2) access and application controls pertaining to time estimate of efforts incurred to date to identify significant
recording and allocation systems, which prevents variations and evaluate whether those variations
unauthorised changes to recording of efforts incurred. have been considered appropriately in estimating the
remaining efforts to complete the contract.
• We evaluated management’s ability to reasonably estimate
the progress towards satisfying the performance obligation by o Tested the estimate for consistency with the status of
comparing actual information to estimates for performance delivery of milestones and customer acceptances to
obligations that have been fulfilled. identify possible delays in achieving milestones, which
require changes in estimated efforts to complete the
• We selected a sample of fixed price contracts with customers remaining performance obligations.
accounted using percentage-of-completion method and
performed the following: o Evaluated other information that supported the estimates
of the progress towards satisfying the performance
o Read the contract and based on the terms and conditions obligation.
evaluated whether recognizing revenue over time using
percentage of completion method was appropriate, and
the contract was included in management’s calculation /s/ Deloitte Haskins & Sells LLP
of revenue over time.
Bengaluru, India
o Evaluated the appropriateness of and consistency in the June 8, 2022
application of management’s policies and methodologies
to estimate progress towards satisfying the performance We have served as the Company’s auditor since fiscal 2018.
obligation.
387 / 490
Consolidated Statement of Financial Position

As at As at As at
Notes
March 31, 2021 March 31, 2022 March 31, 2022
Convenience
translation into US
dollar in millions
(unaudited)
ASSETS
Goodwill 6 139,127 246,989 3,255
Intangible assets 6 13,085 43,555 574
Property, plant and equipment 4 85,192 90,898 1,198
Right-of-Use assets 5 16,420 18,870 249
Financial assets
Derivative assets 19 16 6 ^
Investments 8 10,576 19,109 252
Trade receivables 9 4,358 4,765 63
Investments accounted for using the equity method 8 1,464 774 10
Deferred tax assets 21 1,664 2,298 30
Non-current tax assets 14,323 10,256 136
Other non-current assets 13 15,935 14,826 195
Total non-current assets 308,248 458,430 6,042
Inventories 10 1,064 1,334 18
Financial assets
Derivative assets 19 4,064 3,032 40
Investments 8 175,707 241,655 3,185
Cash and cash equivalents 11 169,793 103,836 1,369
Trade receivables 9 94,298 115,219 1,519
Unbilled receivables 27,124 60,809 801
Contract assets 16,507 20,647 272
Current tax assets 2,461 2,373 31
Other current assets 13 24,923 28,933 381
Total current assets 523,186 620,752 8,182
TOTAL ASSETS 831,434 1,079,182 14,224
EQUITY
Share capital 10,958 10,964 145
Share premium 714 1,566 21
Retained earnings 466,692 551,252 7,266
Share-based payment reserve 3,071 5,258 69
Special Economic Zone Re-investment reserve 41,154 47,061 620
Other components of equity 30,506 42,057 554
Equity attributable to the equity holders of the Company 553,095 658,158 8,675
Non-controlling interests 1,498 515 7
TOTAL EQUITY 554,593 658,673 8,682

388 / 490
Consolidated Statement of Financial Position

As at As at As at
Notes
Convenience
translation into US
dollar in millions
(unaudited)
LIABILITIES
Loans and borrowings 14 7,458 56,463 744
Lease liabilities 5, 14 13,513 15,177 200
Derivative liabilities 19 - 48 1
Deferred tax liabilities 21 4,633 12,141 160
Non-current tax liabilities 11,069 17,818 235
Other non-current liabilities 17 7,835 7,571 100
Provisions 18 2 1 ^
Total non-current liabilities 46,801 112,180 1,479
Loans, borrowings and bank overdrafts 14 75,874 95,233 1,255
Lease liabilities 5, 14 7,669 9,056 119
Derivative liabilities 19 1,070 585 8
Trade payables and accrued expenses 15 76,512 99,034 1,305
Contract liabilities 22,535 27,915 368
Current tax liabilities 17,324 13,231 174
Other current liabilities 17 24,552 27,394 361
Provisions 18 3,034 2,771 37
Total current liabilities 230,040 308,329 4,063
TOTAL LIABILITIES 276,841 420,509 5,542
TOTAL EQUITY AND LIABILITIES 831,434 1,079,182 14,224

The accompanying notes form an integral part of these consolidated financial statements.
389 / 490
Consolidated Statement of Income

Year ended Year ended Year ended Year ended

Notes
Convenience
translation into US
dollar in millions
(unaudited)
Refer to Note 2 (iii)
Revenues 24 610,232 619,430 790,934 10,425
Cost of revenues 25 (436,085) (423,205) (555,872) (7,327)
Gross profit 174,147 196,225 235,062 3,098
Selling and marketing expenses 25 (42,907) (41,400) (54,935) (724)

General and administrative expenses 25 (29,823) (34,686) (46,382) (611)
Foreign exchange gains/(losses), net 28 3,169 2,995 4,355 57
Other operating income/(loss), net 26 1,144 (81) 2,186 29
Results from operating activities 105,730 123,053 140,286 1,849
Finance expenses 27 (7,328) (5,088) (5,325) (70)

Finance and other income 28 24,081 20,912 16,257 214
8 29 130 57 1
Profit before tax 122,512 139,007 151,275 1,994
Income tax expense 21 (24,799) (30,345) (28,946) (382)
Profit for the year 97,713 108,662 122,329 1,612
Profit attributable to:

Equity holders of the Company 97,218 107,946 122,191 1,610
Non-controlling interests 495 716 138 2
Earnings per equity share: 29

Attributable to equity holders of the
Company
Basic 16.67 19.11 22.35 0.29
Diluted 16.62 19.07 22.29 0.29
Weighted average number of equity shares

used in computing earnings per equity share
Basic 5,833,384,018 5,649,265,885 5,466,705,840 5,466,705,840
Diluted 5,847,823,239 5,661,657,822 5,482,083,438 5,482,083,438

390 / 490
Consolidated Statement of Comprehensive Income


Convenience
translation into US
dollar in millions
(unaudited) Refer
to Note 2 (iii)

Items that will not be reclassified to profit or loss in
subsequent periods
Remeasurements of the defined benefit plans, net (1,050) 223 399 5
Net change in fair value of investment in equity
instruments measured at fair value through OCI 724 1,216 8,710 115
(326) 1,439 9,109 120
Items that will be reclassified to profit or loss in
subsequent periods
Foreign currency translation differences 8,447 (656) 4,121 54
Reclassification of foreign currency translation
differences on sale of investment in associates and
liquidation of subsidiaries to statement of income - - (158) (2)
Net change in time value of option contracts designated as
cash flow hedges (520) 52 139 2
Net change in intrinsic value of option contracts
designated as cash flow hedges (1,558) 958 (100) (1)
Net change in fair value of forward contracts designated
as cash flow hedges (2,652) 3,035 (292) (4)
Net change in fair value of investment in debt instruments
measured at fair value through OCI 1,222 1,851 (1,219) (16)
4,939 5,240 2,491 33
Total other comprehensive income, net of taxes 4,613 6,679 11,600 153
Total comprehensive income for the year 102,326 115,341 133,929 1,765
Total comprehensive income attributable to:

Equity holders of the Company 101,673 114,678 133,742 1,763
Non-controlling interests 653 663 187 2
102,326 115,341 133,929 1,765
391 / 490

Special Equity
Share Share- Economic Foreign attributable
capital, based Zone Re- currency Cash flow to the equity Non-
Particulars Shares(1) up premium earnings reserve reserve reserve reserve reserves(2) Company interests Total equity
As at April 1, 2019 6,033,935,388 12,068 533 506,135 2,617 28,565 15,250 2,415 533 568,116 2,637 570,753
Adjustment on adoption of IFRS 16 - - - (872) - - - - - (872) - (872)
Adjusted balance as at April 1, 2019 6,033,935,388 12,068 533 505,263 2,617 28,565 15,250 2,415 533 567,244 2,637 569,881
Comprehensive income for the year

Profit for the year -
- - 97,218 - - - - - 97,218 495 97,713
Other comprehensive income -
- - -
- - 8,289 (4,730) 896 4,455 158 4,613
Total comprehensive income for the year - - - 97,218 - - 8,289 (4,730) 896 101,673 653 102,326

Issue of equity shares on exercise of
2,498,925 5 742 - (742) - - - - 5 -
5
options

392 / 490
Buyback of equity shares (3) (323,076,923) (646) - (105,000) - - - - 646 (105,000) - (105,000)

Transaction cost related to buyback of
- - - (311) - - - - - (311) - (311)
equity shares
Issue of shares by controlled trust on
- - - 1,026 (1,026) - - - - - - -
exercise of options (1)
Compensation cost related to employee
- - - 9 1,262 - - - - 1,271 - 1,271
share-based payment
Effect of modification of ADS RSUs from
- - - - (561) - - - - (561) - (561)
equity settled to cash settled (4)
Transferred to special economic zone
- - - (15,239) - 15,239 - - - - - -
re-investment reserve
Dividend (including dividend tax
- - - (6,863) - - - - - (6,863) - (6,863)
thereon) (3)
Dividend to Non-controlling interests
- - - - - - - - - - (1,415) (1,415)
holders
Other transactions for the year (320,577,998) (641) 742 (126,378) (1,067) 15,239 - - 646 (111,459) (1,415) (112,874)
As at March 31, 2020 5,713,357,390 11,427 1,275 476,103 1,550 43,804 23,539 (2,315) 2,075 557,458 1,875 559,333

305
306
(? in millions, except share and per share data, unless otherwise stated)
Special
Economic Equity
Share Share- Zone Foreign Cash attributable
capital, based Re-in- currency flow to the equity Non-con-
Number of fully paid- Share Retained payment vestment translation hedging Other re- holders of trolling
Particulars Shares® up premium earnings reserve reserve reserve reserve serves® the Company interests Total equity
As at April 1,2020 5,713,357,390 11,427 1,275 476,103 1,550 43,804 23,539 (2,315) 2,075 557,458 1,875 559,333

Profit for the year - 107,946 - - - 107,946 716 108,662
Other comprehensive income (603) 4,045 3,290 6,732 (53) 6,679
Total comprehensive income for the year - 107,946 (603) 4,045 3,290 114,678 663 115,341

options 3,281,165 6 866 - (866) - 6 - 6
Buyback of equity shares, including tax
thereon 3' (237,500,000) (475) (1,427) (115,018) - - - - 475 (116,445) - (116,445)
Transaction cost related to buyback of
393 / 490
equity shares - (199) - - - (199) - (199)
exercise of options(1) - 662 (662) - - -
Effect of modification of ADS RSUs from
cash settled to equity settled (4) 739 739 739
share-based payment 7 2,310 2,317 2,317
Transferred from special economic zone
re-investment reserve 2,650 (2,650)
Dividend (3) - - - (5,459) - - - (5,459) (960) (6,419)
Others - - - - - - - - (80) (80)
Other transactions for the year (234,218,835) (469) (561) (117,357) 1,521 (2,650) 475 (119,041) (1,040) (120,081)
As at March 31,2021 5,479,138,555 10,958 714 466,692 3,071 41,154 22,936 1,730 5,840 553,095 1,498 554,593
Other components of equity Equity

attribut-
Foreign able to
Share Share- Special Eco- currency the equity Non-
capital, based nomic Zone trans- Cash flow holders of con-
Number of fully paid- Share Retained payment Re-invest- lation hedging Other the Com- trolling Total
Particulars Shares(1) up premium earnings reserve ment reserve reserve reserve reserves(2) pany interests equity
As at April 1, 2021 5,479,138,555 10,958 714 466,692 3,071 41,154 22,936 1,730 5,840 553,095 1,498 554,593
Profit for the year - - - 122,191 - - - - - 122,191 138 122,329
Other comprehensive income - - - - - - 3,914 (253) 7,890 11,551 49 11,600
Total comprehensive income for the year - - - 122,191 - - 3,914 (253) 7,890 133,742 187 133,929

options 2,931,560 6 852 - (852) - - - - 6 - 6
exercise of options (1) - - - 1,071 (1,071) - - - - - - -
394 / 490
share-based payment - - - 9 4,110 - - - - 4,119 - 4,119
Transferred to special economic zone
re-investment reserve - - - (5,907) - 5,907 - - - - - -
(3)
Dividend - - - (32,804) - - - - - (32,804) (1,135) (33,939)
Others - - - - - - - - - - (35) (35)
Other transactions for the year 2,931,560 6 852 (37,631) 2,187 5,907 - - - (28,679) (1,170) (29,849)
As at March 31, 2022 5,482,070,115 10,964 1,566 551,252 5,258 47,061 26,850 1,477 13,730 658,158 515 658,673
Convenience translation into US dollar
in millions (unaudited) Refer to Note
2(iii) 145 21 7,266 69 620 354 19 181 8,675 7 8,682
(1)
Includes 22,746,081, 19,401,215 and 14,689,729 treasury shares held as at March 31, 2020, 2021 and 2022, respectively by a controlled trust. 4,607,772, 3,344,866 and
4,711,486 shares have been transferred by the controlled trust to eligible employees on exercise of options during the year ended March 31, 2020, 2021 and 2022, respectively.
(2)
Refer to Note 20
(3)
Refer to Note 22
(4)
Refer to Note 30

307


Convenience
translation
into US dollar
in millions
(unaudited) Refer
to Note 2(iii)
Cash flows from operating activities:
Adjustments to reconcile profit for the year to net cash
generated from operating activities:
Gain on sale of property, plant and equipment, net (11) (516) (313) (4)
Depreciation, amortization and impairment expense 20,862 27,656 30,911 407
Unrealized exchange (gain)/loss, net and exchange (gain)/loss
on borrowings 6,376 (2,251) (1,021) (13)
Share-based compensation expense 1,262 2,310 4,110 54
Share of net profit of associates accounted for using the equity
method (29) (130) (57) (1)
Income tax expense 24,799 30,345 28,946 382
Finance and other income, net of finance expense (18,945) (16,614) (9,447) (125)
(Gain)/loss from sale of business and investment accounted
for using the equity method (1,144) 81 (2,186) (29)
Gain on derecognition of contingent consideration payable - - (301) (4)
Changes in operating assets and liabilities; net of effects from
acquisitions:
Trade receivables (3,327) 12,848 (11,833) (156)
Unbilled receivables and Contract assets (3,561) (1,062) (31,396) (414)
Inventories 2,085 803 (256) (3)
Other assets (80) 931 (6,530) (86)
Trade payables, accrued expenses, other liabilities and
provisions (12,401) 5,698 9,695 128
Contract liabilities (6,572) 3,704 3,832 51
Cash generated from operating activities before taxes 107,027 172,465 136,483 1,799
Income taxes paid, net (6,384) (24,915) (25,686) (339)
Net cash generated from operating activities 100,643 147,550 110,797 1,460
Cash flows from investing activities:

Payment for purchase of property, plant and equipment (23,497) (19,577) (20,153) (266)
Proceeds from disposal of property, plant and equipment 1,270 753 736 10
Payment for purchase of investments (1,178,247) (1,172,251) (1,015,486) (13,385)
Proceeds from sale of investments 1,212,826 1,189,059 953,735 12,571
Payment into restricted interim dividend account - - (27,410) (361)
Payment for business acquisitions including deposits and
escrow, net of cash acquired (10,003) (9,873) (129,846) (1,711)
Proceeds from sale of business 7,459 - - -
Proceeds from sale of investment accounted for using the
equity method - - 1,652 22
Interest received 23,837 19,624 12,275 162
Dividend received 367 4 2 ^
Net cash generated from/(used in) investing activities 34,012 7,739 (224,495) (2,958)
395 / 490


Convenience
translation
into US dollar
in millions
(unaudited) Refer
to Note 2(iii)
Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending
allotment 14 6 6 ^
Repayment of loans and borrowings (132,380) (97,206) (191,810) (2,528)
Proceeds from loans and borrowings 106,342 103,418 260,120 3,428
Payment of lease liabilities (6,784) (8,660) (9,730) (128)
Payment for buyback of equity shares, including transaction
cost (105,311) (95,199) - -
Payment of tax on buyback of equity shares - (21,445) - -
Payment for deferred contingent consideration - - (309) (4)
Interest and finance expenses paid (4,601) (3,335) (5,089) (67)
Payment of dividend (5,689) (5,459) (5,467) (72)
Payment of tax on cash dividend (1,174) - - -
Payment of dividend to Non-controlling interests holders (1,415) (960) (1,135) (15)
Net cash generated from/(used in) financing activities (150,998) (128,840) 46,586 614
Net increase/ (decrease) in cash and cash equivalents during

the year (16,343) 26,449 (67,112) (884)
Effect of exchange rate changes on cash and cash
equivalents 1,922 (890) 1,282 17
Cash and cash equivalents at the beginning of the year 158,525 144,104 169,663 2,236
Cash and cash equivalents at the end of the year (Note 11) 144,104 169,663 103,833 1,369
Refer to Note 14 for supplementary information on the consolidated statement of cash flows.

396 / 490

1. The Company overview b. Financial instruments classified as fair value through

other comprehensive income or fair value through
Wipro Limited (“Wipro” or the “Parent Company”), together profit or loss,
with its subsidiaries and controlled trusts (collectively,
“we”, “us”, “our”, “the Company” or the “Group”) is a global c. The defined benefit liability/(asset) is recognized as
the present value of defined benefit obligation less fair
information technology (“IT”), consulting and business
value of plan assets; and
process services (“BPS”) company.
d. Contingent consideration.
Wipro is a public limited company incorporated and
domiciled in India. The address of its registered office is
Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru –
(iii) Convenience translation (unaudited)
560 035, Karnataka, India. The Company has its primary The accompanying consolidated financial statements have
listing with BSE Ltd. and National Stock Exchange of India been prepared and reported in Indian rupees, the functional
currency of the Parent Company. Solely for the convenience
Ltd. The Company’s American Depository Shares (“ADS”)
of the readers, the consolidated financial statements as at
representing equity shares are also listed on the New York
and for the year ended March 31, 2022, have been translated
Stock Exchange.
into United States dollars at the certified foreign exchange
The Company’s Board of Directors authorized these rate of $1 = ` 75.87 as published by Federal Reserve Board
consolidated financial statements for issue on June 8, 2022. of Governors on March 31, 2022. No representation is made
that the Indian rupee amounts have been, could have been
2. Basis of preparation of consolidated or could be converted into United States dollars at such a
rate or any other rate. Due to rounding off, the translated
financial statements numbers presented throughout the document may not add
(i) Statement of compliance and basis of up precisely to the totals.
preparation
(iv) Use of estimates and judgment
The consolidated financial statements have been prepared
The preparation of the consolidated financial statements
in compliance with International Financial Reporting
in conformity with IFRS requires the management to
Standards and its interpretations (“IFRS”), as issued by
make judgments, accounting estimates and assumptions
the International Accounting Standards Board (“IASB”). that affect the application of accounting policies and
All accounting policies have been applied consistently the reported amounts of assets, liabilities, income, and
to all periods presented in these consolidated financial expenses. Accounting estimates are monetary amounts
statements, except for new accounting standards adopted in the consolidated financial statements that are subject
by the Company. to measurement uncertainty. An accounting policy may
The consolidated financial statements correspond to require items in consolidated financial statements to be
the classification provisions contained in IAS 1(revised), measured at monetary amounts that cannot be observed
“Presentation of Financial Statements”. For clarity, various directly and must instead be estimated. In such a case,
items are aggregated in the consolidated statement of management develops an accounting estimate to achieve
the objective set out by the accounting policy. Developing
income, consolidated statement of comprehensive income
accounting estimates involves the use of judgements or
and consolidated statement of financial position. These
assumptions based on the latest available and reliable
items are disaggregated separately in the notes to the
information. Actual results may differ from those accounting
consolidated financial statements, where applicable.
estimates.
All amounts included in the consolidated financial
Accounting estimates and underlying assumptions are
statements are reported in millions of Indian rupees (` in reviewed on an ongoing basis. Changes to accounting
millions) except share and per share data, unless otherwise estimates are recognized in the period in which the
stated. Due to rounding off, the numbers presented estimates are changed and in any future periods affected. In
throughout the document may not add up precisely to particular, information about material areas of estimation,
the totals and percentages may not precisely reflect the uncertainty and critical judgments in applying accounting
absolute figures. Previous year figures have been regrouped/ policies that have the material effect on the amounts
rearranged, wherever necessary. recognized in the consolidated financial statements are
(ii) Basis of measurement
a) Revenue recognition: The Company applies
The consolidated financial statements have been prepared judgement to determine whether each product
on a historical cost convention and on an accrual basis, or service promised to a customer is capable of
except for the following material items which have been being distinct, and is distinct in the context of the
measured at fair value as required by relevant IFRS: contract, if not, the promised product or service is
a. Derivative financial instruments, combined and accounted as a single performance
397 / 490

obligation. The Company allocates the arrangement Deferred tax is recorded on temporary differences
consideration to separately identifiable performance between the tax bases of assets and liabilities and
obligation deliverables based on their relative stand- their carrying amounts, at the rates that have been
alone selling price. In cases where the Company is enacted or substantively enacted at the reporting
unable to determine the standalone selling price the date. The ultimate realization of deferred tax assets
Company uses expected cost-plus margin approach in is dependent upon the generation of future taxable
estimating the standalone selling price. The Company profits during the periods in which those temporary
uses the percentage of completion method using the differences and tax loss carry-forwards become
input (cost expended) method to measure progress deductible. The Company considers expected reversal
towards completion in respect of fixed price contracts. of deferred tax liabilities and projected future taxable
Percentage of completion method accounting relies income in making this assessment. The amount of
on estimates of total expected contract revenue deferred tax assets considered realizable, however,
and costs. This method is followed when reasonably could reduce in the near term if estimates of future
dependable estimates of the revenues and costs taxable income during the carry forward period are
applicable to various elements of the contract can be reduced.
made. Key factors that are reviewed in estimating the
d) Business combinations: In accounting for business
future costs to complete include estimates of future
combinations, judgment is required to assess whether
labor costs and productivity efficiencies. Because
an identifiable intangible asset is to be recorded
the financial reporting of these contracts depends on
separately from goodwill. Additionally, estimating
estimates that are assessed continually during the
the acquisition date fair value of the identifiable
term of these contracts, revenue recognized, profit
assets acquired (including useful life estimates),
and timing of revenue for remaining performance
liabilities assumed, and contingent consideration
obligations are subject to revisions as the contract
assumed involves management judgment. These
progresses to completion. When estimates indicate
measurements are based on information available at
that a loss will be incurred, the loss is provided for in
the acquisition date and are based on expectations
the period in which the loss becomes probable. Volume
and assumptions that have been deemed reasonable
discounts are recorded as a reduction of revenue.
by management. Changes in these judgments,
When the amount of discount varies with the levels
estimates, and assumptions can materially affect the
of revenue, volume discount is recorded based on
results of operations.
estimate of future revenue from the customer.
e) Defined benefit plans and compensated absences:
b) Impairment testing: Goodwill and intangible assets
The cost of the defined benefit plans, compensated
with indefinite useful life recognized on business
absences and the present value of the defined benefit
combination are tested for impairment at least
obligations are based on actuarial valuation using the
annually and when events occur or changes in
projected unit credit method. An actuarial valuation
circumstances indicate that the recoverable amount
involves making various assumptions that may differ
of an asset or a cash generating unit to which an asset
from actual developments in the future. These include
pertains is less than the carrying value. The Company
the determination of the discount rate, future salary
assesses acquired intangible assets with finite useful
increases and mortality rates. Due to the complexities
life for impairment whenever events or changes in
involved in the valuation and its long-term nature,
circumstances indicate that the carrying amount may
a defined benefit obligation is highly sensitive to
not be recoverable. The recoverable amount of an
changes in these assumptions. All assumptions are
asset or a cash generating unit is higher of value-in-
reviewed at each reporting date.
use and fair value less cost of disposal. The calculation
of value in use of an asset or a cash generating unit f) Expected credit losses on financial assets: The
involves use of significant estimates and assumptions impairment provisions of financial assets are based
which include turnover, growth rates and net margins on assumptions about risk of default and expected
used to calculate projected future cash flows, risk- timing of collection. The Company uses judgment
adjusted discount rate, future economic and market in making these assumptions and selecting the
conditions. inputs to the expected credit loss calculation based
on the Company’s history of collections, customer’s
c) Income taxes: The major tax jurisdictions for the creditworthiness, existing market conditions as well as
Company are India and the United States of America. forward looking estimates at the end of each reporting
period.
Significant judgments are involved in determining
the provision for income taxes including judgment on g) Useful lives of property, plant and equipment: The
whether tax positions are probable of being sustained Company depreciates property, plant and equipment
in tax assessments. A tax assessment can involve on a straight-line basis over estimated useful lives
complex issues, which can only be resolved over of the assets. The charge in respect of periodic
extended time periods. depreciation is derived based on an estimate of an

398 / 490

asset’s expected useful life and the expected residual The impact of COVID-19 may be different from what
value at the end of its life. The lives are based on we have estimated as of the date of approval of these
historical experience with similar assets as well as consolidated financial statements and the Company
anticipation of future events, which may impact their will continue to closely monitor any material changes
life, such as changes in technology. The estimated to future economic conditions.
useful life is reviewed at least annually.
h) Useful lives of intangible assets: The Company
3. Material accounting policy information
amortizes intangible assets on a straight-line basis
over estimated useful lives of the assets. The useful life
(i) Basis of consolidation
is estimated based on a number of factors including Subsidiaries and controlled trusts
the effects of obsolescence, demand, competition and The Company determines the basis of control in line with
other economic factors such as the stability of the the requirements of IFRS 10, Consolidated Financial
industry and known technological advances and the Statements. Subsidiaries and controlled trusts are entities
level of maintenance expenditures required to obtain controlled by the Group. The Group controls an entity when
the expected future cash flows from the assets. The the parent has power over the entity, it is exposed to, or has
estimated useful life is reviewed at least annually. rights to, variable returns from its involvement with the entity
i) Provisions and contingent liabilities: The Company and has the ability to affect those returns through its power
estimates the provisions that have present obligations over the entity. The financial statements of subsidiaries and
as a result of past events and it is probable that controlled trusts are included in the consolidated financial
outflow of resources will be required to settle the statements from the date on which control commences
obligations. These provisions are reviewed at the end until the date on which control ceases.
of each reporting date and are adjusted to reflect the
The financial statements of the Group companies are
current best estimates.
consolidated on a line-by-line basis and all intra-Group
The Company uses significant judgement to disclose balances, transactions, income and expenses are eliminated
contingent liabilities. Contingent liabilities are in full on consolidation.
disclosed when there is a possible obligation arising Non-controlling interests
from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence Non-controlling interests in the net assets (excluding
of one or more uncertain future events not wholly goodwill) of consolidated subsidiaries are identified
within the control of the Company or a present separately from the Company’s equity. The interest of non-
obligation that arises from past events where it is controlling shareholders may be initially measured either at
either not probable that an outflow of resources will be fair value or at the non-controlling interest’s proportionate
required to settle the obligation or a reliable estimate share of the fair value of the acquiree’s identifiable net
of the amount cannot be made. Contingent assets assets. The choice of measurement basis is made on an
acquisition to acquisition basis. Subsequent to acquisition,
are neither recognized nor disclosed in the financial
the carrying amount of non-controlling interests is the
statements.
amount of those interests at initial recognition plus the
j) Uncertainty relating to the global health pandemic non-controlling interest’s share of subsequent changes in
on COVID-19: In assessing the recoverability of equity. Total comprehensive income is attributed to non-
receivables including unbilled receivables, contract controlling interests even if it results in the non-controlling
assets and contract costs, goodwill, intangible assets, interests having a deficit balance.
and certain investments, the Company has considered
internal and external information up to the date of
approval of these consolidated financial statements Investments accounted for using the equity method are
including credit reports and economic forecasts. entities in respect of which, the Company has significant
Based on the current indicators of future economic influence, but not control, over the financial and operating
conditions, the Company expects to recover the policies. Generally, a Company has a significant influence if
carrying amount of these assets. it holds between 20 and 50 percent of the voting power of
another entity. Investments in such entities are accounted
The Company bases its assessment on the belief for using the equity method and are initially recognized
that the probability of occurrence of forecasted at cost. The carrying amount of investment is increased/
transactions is not impacted by COVID-19. The decreased to recognize investors share of profit or loss of
Company has considered the effect of changes, if any, the investee after the acquisition date.
in both counterparty credit risk and its own credit risk
while assessing hedge effectiveness and measuring Non-current assets and disposal groups held for sale
hedge ineffectiveness and continues to believe Assets and liabilities of disposal groups that are available
that COVID-19 has no impact on effectiveness of for immediate sale and where the sale is highly probable
its hedges. of being completed within one year from the date of
399 / 490

classification are considered and classified as assets held the profit or loss on disposal. Goodwill and fair value
for sale and liabilities associated with assets held for sale. adjustments arising on the acquisition of a foreign
Non-current assets and disposal groups held for sale are operation are treated as assets and liabilities of the
measured at the lower of carrying amount and fair value foreign operation and translated at the exchange rate
less costs to sell. prevailing at the reporting date.
(ii) Functional and presentation currency c) Others: Foreign currency differences arising on
the translation or settlement of a financial liability
Items included in the financial statements of each of the
designated as a hedge of a net investment in a foreign
Company’s entities are measured using the currency of
the primary economic environment in which these entities operation are recognized in other comprehensive
operate (i.e. the “functional currency”). These consolidated income and presented within equity in the FCTR to the
financial statements are presented in Indian rupees, which extent the hedge is effective. To the extent the hedge
is the functional currency of the Parent Company. is ineffective, such differences are recognized in the
consolidated statement of income.
(iii) Foreign currency transactions and
When the hedged part of a net investment is disposed
translation of, the relevant amount recognized in FCTR is
a) Transactions and balances: Transactions in foreign transferred to the consolidated statement of income as
currency are translated into the respective functional part of the profit or loss on disposal. Foreign currency
currencies using the exchange rates prevailing at differences arising from translation of intercompany
the date of the transaction. Foreign exchange gains receivables or payables relating to foreign operations,
and losses resulting from the settlement of such the settlement of which is neither planned nor likely in
transactions and from translation at the exchange rates the foreseeable future, are considered to form part of
prevailing at the reporting date of monetary assets net investment in foreign operation and are recognized
and liabilities denominated in foreign currencies are in FCTR.
recognized in the consolidated statement of income
and reported within foreign exchange gains/(losses), (iv) Financial instruments
net, within results of operating activities except when
deferred in other comprehensive income as qualifying A) Non-derivative financial instruments:
cash flow hedges and qualifying net investment Non-derivative financial instruments consist of:
hedges. Net loss relating to translation or settlement
 financial assets which include cash and
of borrowings denominated in foreign currency are
cash equivalents, trade receivables, unbilled
reported within finance expense. Net gain relating to
receivables, finance lease receivables, employee
translation or settlement of borrowings denominated
and other advances, investments in equity and debt
in foreign currency are reported within finance and
securities and eligible current and non-current
other income. Non-monetary assets and liabilities
assets; Financial assets are derecognized when
denominated in foreign currency and measured at
substantial risks and rewards of ownership of the
historical cost are translated at the exchange rate
financial asset have been transferred. In cases
prevalent at the date of transaction. Translation
where substantial risks and rewards of ownership
differences on non-monetary financial assets
of the financial assets are neither transferred nor
measured at fair value at the reporting date, such as
retained, financial assets are derecognized only
equities classified as financial instruments measured
when the Company has not retained control over
at fair value through other comprehensive income are
the financial asset.
included in other comprehensive income, net of taxes.
b) Foreign operations: For the purpose of presenting  financial liabilities which include long and short-
consolidated financial statements, the assets and term loans and borrowings, bank overdrafts, trade
liabilities of the Company’s foreign operations that payables and accrued expenses, lease liabilities
have a functional currency other than Indian rupees and eligible current and non-current liabilities.
are translated into Indian rupees using exchange rates Non-derivative financial instruments are recognized
prevailing at the reporting date. Income and expense initially at fair value. Subsequent to initial recognition,
items are translated at the average exchange rates non-derivative financial instruments are measured as
for the period. Exchange differences arising, if any, described below:
are recognized in other comprehensive income and
held in foreign currency translation reserve (FCTR), a. Cash and cash equivalents
a component of equity, except to the extent that the The Company’s cash and cash equivalents
translation difference is allocated to non-controlling consist of cash on hand and in banks and demand
interest. When a foreign operation is disposed of, the deposits with banks, which can be withdrawn at
relevant amount recognized in FCTR is transferred any time, without prior notice or penalty on the
to the consolidated statement of income as part of principal.

400 / 490

For the purposes of the statement of cash flows, recognized in consolidated statement of income.
cash and cash equivalents include cash on hand, The gain or loss on disposal is recognized in the
in banks and demand deposits with banks, consolidated statement of income.
net of outstanding bank overdrafts that are
Interest income is recognized in the consolidated
repayable on demand and are considered part
statement of income for FVTPL debt instruments.
of the Company’s cash management system. In
Dividend on financial assets at FVTPL is
the consolidated statement of financial position,
recognized when the Group’s right to receive
bank overdrafts are presented under borrowings
dividend is established.
within current liabilities.
b. Investments Investments in equity instruments:
Financial instruments measured at amortized The Company carries certain equity instruments
cost: which are not held for trading. At initial
recognition, the Company may make an
Debt instruments that meet the following criteria
irrevocable election to present subsequent
are measured at amortized cost (except for
changes in the fair value of an investment in an
debt instruments that are designated at fair
equity instrument in other comprehensive income
value through Profit or Loss (FVTPL) on initial
(FVTOCI) or through statement of income (FVTPL).
recognition):
For investments designated to be classified as
 the asset is held within a business model FVTOCI, movements in fair value of investments
whose objective is to hold assets in order to are recognized in other comprehensive income
collect contractual cash flows; and and the gain or loss is not transferred to
 the contractual terms of the instrument give consolidated statement of income on disposal of
rise on specified dates to cash flows that are investments. For investments designated to be
solely payment of principal and interest on the classified as FVTPL, both movements in fair value
principal amount outstanding. of investments and gain or loss on disposal of
investments are recognized in the consolidated
Financial instruments measured at fair value
statement of income.
through other comprehensive income (FVTOCI):
Debt instruments that meet the following Dividends from these investments are recognized
criteria are measured at fair value through in the consolidated statement of income when
other comprehensive income (FVTOCI) (except the Company’s right to receive dividends is
for debt instruments that are designated at fair established.
value through Profit or Loss (FVTPL) on initial c. Other financial assets:
recognition):
Other financial assets are non-derivative
 the asset is held within a business model financial assets with fixed or determinable
whose objective is achieved both by collecting payments that are not quoted in an active
contractual cash flows and selling the market. They are presented as current assets,
financial asset; and except for those maturing later than 12 months
 the contractual terms of the instrument give after the reporting date which are presented as
rise on specified dates to cash flows that are non-current assets. These are initially recognized
solely payment of principal and interest on the at fair value and subsequently measured at
principal amount outstanding. amortized cost using the effective interest
Interest income is recognized in the consolidated method, less any impairment losses. These
statement of income for FVTOCI debt instruments. comprise trade receivables, unbilled receivables,
Other changes in fair value of FVTOCI financial finance lease receivables, employee and other
assets are recognized in other comprehensive advances and eligible current and non-current
income. When the investment is disposed of, the assets.
cumulative gain or loss previously accumulated
in reserves is transferred to the consolidated d. Trade payables, accrued expenses, and other
statement of income. liabilities
Trade payables, accrued expenses, and other
Financial instruments measured at fair value liabilities are initially recognized at fair value, and
through profit or loss (FVTPL): subsequently carried at amortized cost using the
Instruments that do not meet the amortized effective interest method. For these financial
cost or FVTOCI criteria are measured at FVTPL. instruments, the carrying amounts approximate
Financial assets at FVTPL are measured at fair fair value due to the short-term maturity of
value at the end of each reporting period, with these instruments. Contingent consideration
any gains or losses arising on re-measurement recognized in a business combination is
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subsequently measured at fair value through investment in foreign operations are recognized
profit or loss. in other comprehensive income and presented
within equity in the FCTR to the extent that the
B) Derivative financial instruments hedge is effective. To the extent that the hedge is
The Company is exposed to foreign currency ineffective, changes in fair value are recognized
fluctuations on foreign currency assets, liabilities, net in the consolidated statement of income and
investment in foreign operations and forecasted cash reported within foreign exchange gains/(losses),
flows denominated in foreign currency. net within results from operating activities.
The Company limits the effect of foreign exchange rate c. Others
fluctuations by following established risk management
policies including the use of derivatives. The Company Changes in fair value of foreign currency
enters into derivative financial instruments where the derivative instruments neither designated as
counterparty is primarily a bank. cash flow hedges nor hedges of net investment
in foreign operations are recognized in the
Derivatives are recognized and measured at fair consolidated statement of income and reported
value. Attributable transaction costs are recognized in within foreign exchange gains/(losses), net within
consolidated statement of income as cost. results from operating activities. Changes in fair
Subsequent to initial recognition, derivative financial value and gains/(losses), net, on settlement of
instruments are measured as described below: foreign currency derivative instruments relating
to borrowings, which have not been designated
a. Cash flow hedges as hedges are recorded in finance expenses.
Changes in the fair value of the derivative hedging C) Derecognition of financial instruments
instruments designated as a cash flow hedge are
recognized in other comprehensive income and The Company derecognizes a financial asset when
held in cash flow hedging reserve, net of taxes, the contractual rights to the cash flows from the
a component of equity, to the extent that the financial asset expire or it transfers the financial asset
hedge is effective. To the extent that the hedge is and the transfer qualifies for derecognition under
ineffective, changes in fair value are recognized IFRS 9. If the Company retains substantially all the
in the consolidated statement of income and risks and rewards of a transferred financial asset, the
reported within foreign exchange gains/(losses), Company continues to recognize the financial asset
net, within results from operating activities. If the and recognizes a borrowing for the proceeds received.
hedging instrument no longer meets the criteria A financial liability (or a part of a financial liability)
for hedge accounting, then hedge accounting is derecognized from the Company’s statement of
is discontinued prospectively. If the hedging financial position when the obligation specified in the
instrument expires or is sold, terminated or contract is discharged or cancelled or expires.
exercised, the cumulative gain or loss on the
hedging instrument recognized in cash flow (v) Equity and share capital
hedging reserve till the period the hedge was a) Share capital and Share premium
effective remains in cash flow hedging reserve
The authorized share capital of the Company as at
until the forecasted transaction occurs. The
March 31, 2022 is ` 25,274 divided into 12,504,500,000
cumulative gain or loss previously recognized in
equity shares of ` 2 each, 25,000,000 preference shares
the cash flow hedging reserve is transferred to
of ` 10 each and 150,000 10% optionally convertible
the consolidated statement of income upon the
cumulative preference shares of ` 100 each. Par value
occurrence of the related forecasted transaction.
of the equity shares is recorded as share capital and
If the forecasted transaction is no longer
the amount received in excess of par value is classified
expected to occur, such cumulative balance is
as share premium.
immediately recognized in the consolidated
statement of income. Every holder of the equity shares, as reflected in
the records of the Company, as at the date of the
b. Hedges of net investment in foreign operations
shareholder meeting shall have one vote in respect of
The Company designates derivative financial each share held for all matters submitted to vote in the
instruments as hedges of net investments in shareholder meeting.
foreign operations. The Company also designates
foreign currency denominated borrowing as a b) Shares held by controlled trust (Treasury shares)
hedge of net investment in foreign operations. The Company’s equity shares held by the controlled
Changes in the fair value of the derivative hedging trust, which is consolidated as a part of the Group
instruments and gains/(losses) on translation are classified as Treasury shares. The Company
or settlement of foreign currency denominated has 22,746,081, 19,401,215 and 14,689,729
borrowings designated as a hedge of net treasury shares as at March 31, 2020, 2021 and

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2022, respectively. Treasury shares are recorded at created when a company purchases its own shares
acquisition cost. out of free reserves or share premium. A sum equal
to the nominal value of the shares so purchased is
c) Retained earnings transferred to capital redemption reserve. The reserve
Retained earnings comprises of the Company’s can be utilized in accordance with the provisions of
undistributed earnings after taxes. This includes Section 69 of the Companies Act, 2013. As of March
Capital reserve as at March 31, 2020, 2021 and 2022 31, 2022, capital redemption reserve amounting to
amounting to ` 1,139, ` 1,139 and ` 1,139 respectively, ` 1,122 (March 31, 2021: ` 1,122) is not freely available
which is not freely available for distribution. for distribution.
d) Special Economic Zone Re-Investment reserve i) Dividend
The Special Economic Zone Re-Investment Reserve A final dividend on common stock is recorded as a
has been created out of profit of eligible SEZ units as liability on the date of approval by the shareholders. An
per provisions of section 10AA(1)(ii) of the Income- interim dividend is recorded as a liability on the date of
tax Act, 1961 for acquiring new plant and machinery. declaration by the board of directors.
The said reserve should be utilized by the Company
j) Buyback of equity shares
for acquiring plant and machinery as per the terms
of Section 10AA(2) of the Income-tax Act, 1961. This The buyback of equity shares, including tax thereon
reserve is not freely available for distribution. and related transaction costs are recorded as a
reduction of free reserves. Further, capital redemption
e) Share-based payment reserve reserve is created as an apportionment from retained
The share-based payment reserve is used to record earnings.
the value of equity-settled share-based payment
k) Bonus issue
transactions with employees. The amounts recorded in
For the purpose of bonus issue, the amount is
share-based payment reserve are transferred to share
transferred from capital redemption reserves, share
premium upon exercise of stock options and restricted
premium and retained earnings to the share capital.
stock unit options by employees.
f) Foreign currency translation reserve (FCTR) (vi) Property, plant and equipment
The exchange differences arising from the translation a) Recognition and measurement
of financial statements of foreign subsidiaries,
Property, plant and equipment are measured at cost
differences arising from translation of long-term inter-
less accumulated depreciation and impairment
company receivables or payables relating to foreign
losses, if any. Cost includes expenditures directly
operations, settlement of which is neither planned
attributable to the acquisition of the asset. General
nor likely in the foreseeable future, changes in fair
and specific borrowing costs directly attributable to
value of the derivative hedging instruments and gains/
the construction of a qualifying asset are capitalized
losses on translation or settlement of foreign currency
as part of the cost.
denominated borrowings designated as hedge of
net investment in foreign operations are recognized Capital work-in-progress are measured at cost less
in other comprehensive income, net of taxes and accumulated impairment losses, if any.
presented within equity in the FCTR.
b) Depreciation
g) Cash flow hedging reserve The Company depreciates property, plant and
Changes in fair value of derivative hedging instruments equipment over the estimated useful life on a straight-
designated and effective as a cash flow hedge are line basis from the date the assets are available for
recognized in other comprehensive income, net use. Leasehold improvements are amortized over
of taxes and presented within equity as cash flow the shorter of estimated useful life of the asset or
hedging reserve. the related lease term. Term licenses are amortized
over their respective contract term. Freehold land is
h) Other reserves not depreciated. The estimated useful life of assets
is reviewed and where appropriate are adjusted,
Changes in the fair value of financial instruments
annually. The estimated useful lives of assets are as
measured at fair value through other comprehensive
follows:
income and actuarial gains and losses on
remeasurements of the defined benefit plans are Category Useful life
recognized in other comprehensive income, net of Buildings 28 to 40 years
taxes and presented within equity in other reserves. Plant and equipment 5 to 21 years
Other reserves also include Capital redemption reserve,
which is not freely available for distribution. As per the Furniture, fixtures and equipment 3 to 10 years
Companies Act, 2013, Capital redemption reserve is Vehicles 4 to 5 years
403 / 490

When parts of an item of property, plant and equipment intangible assets are carried at cost less accumulated
have different useful lives, they are accounted for as amortization and impairment losses, if any.
separate items (major components) of property, plant
The amortization of an intangible asset with a finite
and equipment. Subsequent expenditure relating to
useful life reflects the manner in which the economic
property, plant and equipment is capitalized only when benefit is expected to be generated and is included in
it is probable that future economic benefits associated selling and marketing expenses in the consolidated
with these will flow to the Company and the cost of the statement of income.
item can be measured reliably.
The estimated useful life of amortizable intangibles
Deposits and advances paid towards the acquisition is reviewed and where appropriate is adjusted,
of property, plant and equipment outstanding as at annually. The estimated useful lives of the amortizable
each reporting date and the cost of property, plant and intangible assets are as follows:
equipment not available for use before such date are
disclosed under capital work-in-progress. Category Useful life
Customer-related intangibles 1 to 15 years
(vii) Business combinations, Goodwill, and Marketing-related intangibles 2.5 to 10 years
Intangible assets
(viii) Leases
a) Business combinations On April 1, 2019, the Company adopted IFRS 16 “Leases”,
Business combinations are accounted for using which applied to all lease contracts outstanding as at
the purchase (acquisition) method. The cost of an April 1, 2019, using modified retrospective method by
acquisition is measured as the fair value of the assets recording the cumulative effect of initial application as an
transferred, liabilities incurred or assumed, and equity adjustment to opening retained earnings. The adoption of
instruments issued at the date of exchange by the the new standard has resulted in a reduction of ` 872 in
Company. Identifiable assets acquired, and liabilities retained earnings, net of deferred tax asset of ` 138.
and contingent liabilities assumed in a business
The Company evaluates each contract or arrangement,
combination are measured initially at fair value at
whether it qualifies as lease as defined under IFRS 16.
the date of acquisition. Transaction costs incurred in
connection with a business acquisition are expensed The Company as a lessee
as incurred.
The Company enters into an arrangement for lease of
The cost of an acquisition also includes the fair value of land, buildings, plant and equipment including computer
any contingent consideration measured as at the date equipment and vehicles. Such arrangements are generally
of acquisition. Any subsequent changes to the fair value for a fixed period but may have extension or termination
of contingent consideration classified as liabilities, options. The Company assesses, whether the contract
other than measurement period adjustments, are is, or contains, a lease, at its inception. A contract is, or
recognized in the consolidated statement of income. contains, a lease if the contract conveys the right to –
b) Goodwill (a) control use of an identified asset,
The excess of the cost of an acquisition over the (b) obtain substantially all the economic benefits from
Company’s share in the fair value of the acquiree’s use of the identified asset, and
identifiable assets and liabilities is recognized as (c) direct the use of the identified asset.
goodwill. If the excess is negative, a bargain purchase The Company determines the lease term as the non-
gain is recognized immediately in the consolidated cancellable period of a lease, together with periods covered
statement of income. Goodwill is measured at cost by an option to extend the lease, where the Company is
less accumulated impairment (if any). reasonably certain to exercise that option.
Goodwill associated with disposal of an operation that The Company at the commencement of the lease contract
is part of cash-generating unit is measured based recognizes a Right of Use (“RoU”) asset at cost and
on the relative values of the operation disposed of corresponding lease liability, except for leases with term
and the portion of the cash-generating unit retained, of less than twelve months (short-term leases) and low-
unless some other method better reflects the goodwill value assets. For these short-term and low-value leases,
associated with the operation disposed of. the Company recognizes the lease payments as an
c) Intangible assets operating expense on a straight-line basis over the lease
term.
Intangible assets acquired separately are measured
at cost of acquisition. Intangible assets acquired in a The cost of the RoU assets comprises the amount of
business combination are measured at fair value as the initial measurement of the lease liability, any lease
at the date of acquisition. Following initial recognition, payments made at or before the inception date of the

404 / 490

lease plus any initial direct costs, less any lease incentives (x) Impairment
a) Financial assets
cost less any accumulated depreciation and accumulated
impairment losses, if any. The RoU assets are depreciated The Company applies the expected credit loss model
using the straight-line method from the commencement for recognizing impairment loss on financial assets
date over the shorter of lease term or useful life of RoU measured at amortized cost, debt instruments
assets. The estimated useful lives of RoU assets are classified as FVTOCI, trade receivables, unbilled
determined on the same basis as those of property, plant receivables, contract assets, finance lease receivables,
and equipment. and other financial assets. Expected credit loss is
the difference between the contractual cash flows
The Company applies IAS 36 to determine whether a and the cash flows that the entity expects to receive,
RoU asset is impaired and accounts for any identified discounted using the effective interest rate.
impairment loss as described in the impairment of non-
financial assets below. Loss allowances for trade receivables, unbilled
receivables, contract assets and finance lease
For lease liabilities at the commencement of the lease, receivables are measured at an amount equal to
the Company measures the lease liability at the present lifetime expected credit loss. Lifetime expected credit
value of the lease payments that are not paid at that date. losses are the expected credit losses that result from
The lease payments are discounted using the interest rate all possible default events over the expected life of a
implicit in the lease, if that rate is readily determined, if financial instrument. Lifetime expected credit loss is
that rate is not readily determined, the lease payments are computed based on a provision matrix which takes in
discounted using the incremental borrowing rate that the to account, risk profiling of customers and historical
Company would have to pay to borrow funds, including the credit loss experience adjusted for forward looking
consideration of factors such as the nature of the asset information. For other financial assets, expected
and location, collateral, market terms and conditions, as credit loss is measured at the amount equal to
applicable in a similar economic environment. twelve months expected credit loss unless there has
After the commencement date, the amount of lease recognition, in which case those are measured at
liabilities is increased to reflect the accretion of interest lifetime expected credit loss.
and reduced for the lease payments made.
b) Non-financial assets
The Company recognizes the amount of the re-
The Company assesses long-lived assets such as
measurement of lease liability as an adjustment to
property, plant and equipment, RoU assets and
the RoU assets. Where the carrying amount of the RoU
acquired intangible assets for impairment whenever
asset is reduced to zero and there is a further reduction
events or changes in circumstances indicate that the
in the measurement of the lease liability, the Company
carrying amount of an asset or group of assets may
recognizes any remaining amount of the re-measurement
not be recoverable. If any such indication exists, the
in consolidated statement of income.
Company estimates the recoverable amount of the
Payment of lease liabilities are classified as cash used in asset or group of assets.
financing activities in the consolidated statement of cash
Goodwill is tested for impairment at least annually at
flows.
the same time and when events occur or changes in
The Company as a lessor circumstances indicate that the recoverable amount
of the cash generating unit is less than its carrying
Leases under which the Company is a lessor are classified value. The goodwill impairment test is performed at
as a finance or operating lease. Lease contracts where all the level of cash generating unit or groups of cash
the risks and rewards are substantially transferred to the generating units which represents the lowest level at
lessee are classified as a finance lease. All other leases which goodwill is monitored for internal management
are classified as operating lease. purposes.
For leases under which the Company is an intermediate The recoverable amount of an asset or cash generating
lessor, the Company accounts for the head-lease and the unit is the higher of its fair value less cost of disposal
sub-lease as two separate contracts. The sub-lease is (“FVLCD”) and its value-in-use (“VIU”). The VIU of
further classified either as a finance lease or an operating long-lived assets is calculated using projected
lease by reference to the RoU asset arising from the head- future cash flows. FVLCD of a cash generating unit is
lease. computed using turnover and earnings multiples. If
the recoverable amount of the asset or the recoverable
(ix) Inventories amount of the cash generating unit to which the asset
Inventories are valued at lower of cost and net realizable belongs is less than its carrying amount, the carrying
value, including necessary provision for obsolescence. amount is reduced to its recoverable amount. The
Cost is determined using the weighted average method. reduction is treated as an impairment loss and is
405 / 490

recognized in the consolidated statement of income. plan as the Company is liable for any shortfall
If at the reporting date, there is an indication that in the fund assets based on the government
a previously assessed impairment loss no longer specified minimum rates of return.
exists, the recoverable amount is reassessed and the
Certain employees receive benefits under the
impairment losses previously recognized are reversed
provident fund plan in which both the employer
such that the asset is recognized at its recoverable
and employees make periodic contributions to
amount but not exceeding written down value which
the government administered provident fund. A
would have been reported if the impairment losses
portion of the employer’s contribution is made
had not been recognized initially. An impairment loss
to the government administered pension fund.
in respect of goodwill is not reversed.
This is accounted as a defined contribution plan
(xi) Employee benefits as the obligation of the Company is limited to the
contributions made to the fund.
a) Post-employment plans
B. Gratuity and foreign pension
The Group participates in various employee benefit
plans. Pensions and other post-employment benefits In accordance with the Payment of Gratuity
are classified as either defined contribution plans or Act, 1972, applicable for Indian companies, the
defined benefit plans. Under a defined contribution Company provides for a lump sum payment to
plan, the Company’s sole obligation is to pay a fixed eligible employees, at retirement or termination
amount with no obligation to pay further contributions of employment based on the last drawn salary
if the fund does not hold sufficient assets to pay and years of employment with the Company.
all employee benefits. The related actuarial and The gratuity fund is managed by third party fund
investment risks are borne by the employee. The managers.
expenditure for defined contribution plans is The Company also maintains pension and similar
recognized as an expense during the period when the plans for employees outside India, based on
employee provides service. Under a defined benefit country specific regulations. These plans are
plan, it is the Company’s obligation to provide agreed partially funded, and the funds are managed by
benefits to the employees. The related actuarial third party fund managers. The plans provide for
and investment risks are borne by the Company. monthly payout after retirement as per salary
The present value of the defined benefit obligations drawn and service period or for a lumpsum
is calculated by an independent actuary using the payment as set out in rules of each fund.
projected unit credit method.
The Company’s obligations in respect of these
Remeasurements of the defined benefit plans, plans, which are defined benefit plans, are
comprising actuarial gains or losses, and the return provided for based on actuarial valuation using
on plan assets (excluding interest) are immediately the projected unit credit method.
recognized in other comprehensive income, net
of taxes and not reclassified to profit or loss in C. Superannuation
subsequent period. Superannuation plan, a defined contribution
scheme is administered by third party fund
Net interest recognized in profit or loss is calculated
managers. The Company makes annual
by applying the discount rate used to measure the
contributions based on a specified percentage of
defined benefit obligation to the net defined benefit
each eligible employee’s salary.
liability or asset. The actual return on the plan assets
above or below the discount rate, is recognized as b) Termination benefits
part of remeasurements of the defined benefit plans Termination benefits are expensed when the Company
through other comprehensive income, net of taxes. can no longer withdraw the offer of those benefits.
The Company has the following employee benefit c) Short-term benefits
plans:
Short-term employee benefit obligations such as cash
A. Provident fund bonus, management incentive plans or profit-sharing
Eligible employees receive benefits under the plans are measured on an undiscounted basis and are
Company’s provident fund plan, into which both recorded as expense as the related service is provided.
the employer and employees make periodic A liability is recognized for the amount expected to be
contributions to the approved provident fund paid under short-term cash bonus or management
trust managed by the Company. A portion of incentive plans or profit-sharing plans, if the Company
the employer’s contribution is made to the has a present legal or constructive obligation to pay
government administered pension fund. The this amount as a result of past service provided by
contributions to the trust managed by the the employee and the obligation can be estimated
Company is accounted for as a defined benefit reliably.

406 / 490

d) Compensated absences considering the risks and uncertainties surrounding the
The employees of the Company are entitled to obligation.
compensated absences. The employees can carry
When some or all of the economic benefits required to
forward a portion of the unutilized accumulating
settle a provision are expected to be recovered from a
compensated absences and utilize it in future
third party, the receivable is recognized as an asset, if it is
periods or receive cash at retirement or termination
virtually certain that reimbursement will be received, and
of employment. The Company records an obligation
the amount of the receivable can be measured reliably.
for compensated absences in the period in which the
employee renders the services that increases this Provisions for onerous contracts are recognized when the
entitlement. The Company measures the expected expected benefits to be derived by the Company from a
cost of compensated absences as the additional contract are lower than the unavoidable costs of meeting
amount that the Company expects to pay as a result of the future obligations under the contract. Provisions for
the unused entitlement that has accumulated at the onerous contracts are measured at the present value of
end of the reporting period. The Company recognizes lower of the expected net cost of fulfilling the contract and
accumulated compensated absences based on the expected cost of terminating the contract.
actuarial valuation using the projected unit credit
method. Non-accumulating compensated absences (xiv) Revenue
are recognized in the period in which the absences
The Company derives revenue primarily from software
occur.
development, maintenance of software/hardware and
related services, business process services, sale of IT and
(xii) Share-based payment transactions other products.
Selected employees of the Company receive remuneration
in the form of equity settled instruments or cash settled Revenues from customer contracts are considered for
instruments, for rendering services over a defined vesting recognition and measurement when the contract has
period and for Company’s performance-based stock been approved by the parties to the contract, the parties
options over the defined period. Equity instruments to contract are committed to perform their respective
granted are measured by reference to the fair value of the obligations under the contract, and the contract is legally
instrument at the date of grant. In cases, where equity enforceable. Revenue is recognized upon transfer of
instruments are granted at a nominal exercise price, the control of promised products or services to customers in
intrinsic value on the date of grant approximates the an amount that reflects the consideration the Company
fair value. The expense is recognized in the consolidated expects to receive in exchange for those products or
statement of income with a corresponding increase to the services. To recognize revenues, the Company applies the
share-based payment reserve, a component of equity. following five step approach: (1) identify the contract with
The equity instruments or cash settled instruments a customer, (2) identify the performance obligations in the
generally vest in a graded manner over the vesting period. contract, (3) determine the transaction price, (4) allocate
The fair value determined at the grant date is expensed the transaction price to the performance obligations in the
over the vesting period of the respective tranches of such contract, and (5) recognize revenues when a performance
grants (accelerated amortization). The stock compensation obligation is satisfied. When there is uncertainty as to
expense is determined based on the Company’s estimate collectability, revenue recognition is postponed until such
of equity instruments or cash settled instruments that will uncertainty is resolved.
eventually vest.
At contract inception, the Company assesses its promise
Cash Settled instruments granted are re-measured by to transfer products or services to a customer to identify
reference to the fair value at the end of each reporting separate performance obligations. The Company applies
period and at the time of vesting. The expense is judgement to determine whether each product or service
recognized in the consolidated statement of income with promised to a customer is capable of being distinct, and are
a corresponding increase to financial liability. distinct in the context of the contract, if not, the promised
products or services are combined and accounted as a
(xiii) Provisions single performance obligation. The Company allocates
Provisions are recognized when the Company has a the arrangement consideration to separately identifiable
present obligation (legal or constructive), as a result of performance obligation based on their relative standalone
a past event, it is probable that an outflow of economic selling price or residual method. Standalone selling prices
benefits will be required to settle the obligation and are determined based on sale prices for the components
a reliable estimate can be made of the amount of the when it is regularly sold separately, in cases where the
obligation. Company is unable to determine the stand-alone selling
price the Company uses third-party prices for similar
The amount recognized as a provision is the best deliverables or the Company uses expected cost-plus
estimate of the consideration required to settle the margin approach in estimating the standalone selling
present obligation at the end of the reporting period, price.
407 / 490

For performance obligations where control is transferred is unconditional and only the passage of time is
over time, revenues are recognized by measuring progress required before the payment is due.
towards completion of the performance obligation. The
ii. Maintenance contracts
selection of the method to measure progress towards
completion requires judgment and is based on the nature Revenues related to fixed-price maintenance
of the promised products or services to be provided. contracts are recognized on a straight-line
basis when services are performed through
The method for recognizing revenues and costs depends an indefinite number of repetitive acts over a
on the nature of the services rendered: specified period or ratably using percentage of
completion method when the pattern of benefits
A. Time and materials contracts from the services rendered to the customers and
Revenues and costs relating to time and materials the cost to fulfil the contract is not even through
contracts are recognized as the related services are the period of contract because the services are
rendered. generally discrete in nature and not repetitive.
B. Fixed-price contracts Revenue for contracts in which the invoicing is

representative of the value being delivered is
i. Fixed-price development contracts recognized based on our right to invoice. If our
Revenues from fixed-price development invoicing is not consistent with value delivered,
contracts, including software development, and revenues are recognized as the service is
integration contracts, where the performance performed using the percentage of completion
obligations are satisfied over time, are recognized method.
using the “percentage-of-completion” method.
The performance obligations are satisfied as
output units is agreed at a fixed price for a fixed
and when the services are rendered since the
term. In such contracts, revenue is recognized
customer generally obtains control of the work
with respect to the actual output achieved till
as it progresses. Percentage of completion is
date as a percentage of total contractual output.
determined based on project costs incurred
Any residual service unutilized by the customer is
to date as a percentage of total estimated
recognized as revenue on completion of the term.
project costs required to complete the project.
The cost expended (or input) method has been iii. Element or Volume based contracts
used to measure progress towards completion Revenues and costs are recognized as the related
as there is a direct relationship between input services are rendered.
and productivity. If the Company is not able to
reasonably measure the progress of completion, C. Products
revenue is recognized only to the extent of costs Revenue on product sales are recognized when the
incurred, for which recoverability is probable. customer obtains control of the specified product.
When total cost estimates exceed revenues
in an arrangement, the estimated losses are D. Others
recognized in the consolidated statement  Any change in scope or price is considered to be a
of income in the period in which such losses contract modification. The Company accounts for
become probable based on the current contract modifications to existing contracts by assessing
estimates as an onerous contract provision. whether the services added are distinct and
whether the pricing is at the standalone selling
A contract asset is a right to consideration
price. Services added that are not distinct are
that is conditional upon factors other than the
accounted for on a cumulative catch up basis,
passage of time. Contract assets primarily relate
while those that are distinct are accounted for
to unbilled amounts on fixed-price development
prospectively, either as a separate contract if the
contracts and are classified as non-financial
additional services are priced at the standalone
asset as the contractual right to consideration
selling price, or as a termination of the existing
is dependent on completion of contractual
contract and creation of a new contract if not
milestones.
priced at the standalone selling price.
A contract liability is an entity’s obligation to
 The Company accounts for variable considerations
transfer goods or services to a customer for
like volume discounts, rebates and pricing
which the entity has received consideration (or
incentives to customers and penalties as reduction
the amount is due) from the customer.
of revenue on a systematic and rational basis over
Unbilled receivables on other than fixed-price the period of the contract. The Company estimates
development contracts are classified as a an amount of such variable consideration using
financial asset where the right to consideration expected value method or the single most likely

408 / 490

amount in a range of possible consideration the estimated total costs or efforts are subject to
depending on which method better predicts the revision as the contract progresses.
amount of consideration to which the Company may
be entitled and when it is probable that a significant (xv) Finance expenses
reversal of cumulative revenue recognized will not Finance expenses comprises interest cost on borrowings,
occur when the uncertainty associated with the lease liabilities and net defined benefit liability, gains or
variable consideration is resolved. losses arising on re-measurement of financial assets
 Revenues are shown net of allowances / returns, measured at FVTPL, net loss on translation or settlement
sales tax, value added tax, goods and services tax of foreign currency borrowings and changes in fair value
and applicable discounts and allowances. and gains / (losses) on settlement of related derivative
instruments. Borrowing costs that are not directly
 The Company accrues the estimated cost of attributable to a qualifying asset are recognized in the
warranties at the time when the revenue is consolidated statement of income using the effective
recognized. The accruals are based on the interest method.
Company’s historical experience of material usage
and service delivery costs. (xvi) Finance and other income
 Incremental costs that relate directly to a contract Finance and other income comprise interest income on
and incurred in securing a contract with a customer deposits, dividend income, gains / (losses) on disposal of
are recognized as an asset when the Company investments and net gain on translation or settlement
expects to recover these costs and amortized over of foreign currency borrowings. Interest income is
the contract term. recognized using the effective interest method. Dividend
income is recognized when the right to receive payment
 The Company recognizes contract fulfilment cost is established.
as an asset if those costs specifically relate to a
contract or to an anticipated contract, the costs (xvii) Income tax
generate or enhance resources that will be used in
satisfying performance obligations in future; and Income tax comprises current and deferred tax. Income
the costs are expected to be recovered. The asset tax expense is recognized in the consolidated statement
so recognized is amortized on a systematic basis of income except to the extent it relates to a business
consistent with the transfer of goods or services to combination, or items directly recognized in equity or in
customer to which the asset relates. other comprehensive income.
a) Current income tax
 The Company assesses the timing of the transfer
of goods or services to the customer as compared Current income tax for the current and prior periods
to the timing of payments to determine whether are measured at the amount expected to be recovered
a significant financing component exists. As from or paid to the taxation authorities based on the
a practical expedient, the Company does not taxable income for the period. The tax rates and tax
assess the existence of a significant financing laws used to compute the current tax amounts are
component when the difference between payment those that are enacted or substantively enacted as
and transfer of deliverables is a year or less. If the at the reporting date and applicable for the period.
difference in timing arises for reasons other than While determining the tax provisions, the Company
the provision of finance to either the customer or assesses whether each uncertain tax position is to be
us, no financing component is deemed to exist. considered separately or together with one or more
uncertain tax positions depending upon the nature
 The Company may enter into arrangements with and circumstances of each uncertain tax position.
third-party suppliers to resell products or services. The Company offsets current tax assets and current
In such cases, the Company evaluates whether the tax liabilities, where it has a legally enforceable
Company is the principal (i.e., report revenues on right to set off the recognized amounts and where it
a gross basis) or agent (i.e., report revenues on a intends either to settle on a net basis, or to realize the
net basis). In doing so, the Company first evaluates asset and liability simultaneously.
whether the Company controls the good or service
before it is transferred to the customer. If Company b) Deferred income tax
controls the good or service before it is transferred Deferred income tax is recognized using the balance
to the customer, Company is the principal; if not, sheet approach. Deferred income tax assets and
the Company is the agent. liabilities are recognized for deductible and taxable
 Estimates of transaction price and total costs or temporary differences arising between the tax base
efforts are continuously monitored over the term of assets and liabilities and their carrying amount
of the contract and are recognized in net profit in financial statements, except when the deferred
in the period when these estimates change or income tax arises from the initial recognition of
when the estimates are revised. Revenues and goodwill or an asset or liability in a transaction that
409 / 490

is not a business combination and affects neither (xix) Statement of cash flows
accounting nor taxable profits or loss at the time
of the transaction. Deferred income tax assets are Cash flows are reported using the indirect method,
recognized to the extent it is probable that taxable whereby profit for the period is adjusted for the effects
profit will be available against which the deductible of transactions of a non-cash nature, any deferrals or
temporary differences and the carry forward of accruals of past or future operating cash receipts or
unused tax credits and unused tax losses can be payments and item of income or expenses associated
utilized. with investing or financing cash flows. The cash from
operating, investing and financing activities of the
Deferred income tax liabilities are recognized for Company are segregated.
all taxable temporary differences except in respect
of taxable temporary differences that is expected (xx) Assets held for sale
to reverse within the tax holiday period, taxable
temporary differences associated with investments Sale of business is classified as held for sale, if their
in subsidiaries, associates and foreign branches carrying amount is intended to be recovered principally
where the timing of the reversal of the temporary through sale rather than through continuing use. The
difference can be controlled and it is probable that condition for classification as held for sale is met when
the temporary difference will not reverse in the disposal business is available for immediate sale and
foreseeable future. the same is highly probable of being completed within
one year from the date of classification as held for sale.
The carrying amount of deferred income tax assets
is reviewed at each reporting date and reduced to (xxi) Discontinued operations
the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of A discontinued operation is a component of the
the deferred income tax asset to be utilized. Company’s business that represents a separate line of
business that has been disposed of or is held for sale, or
Deferred income tax assets and liabilities are is a subsidiary acquired exclusively with a view to resale.
measured at the tax rates that are expected to Classification as a discontinued operation occurs upon
apply in the period when the asset is realized, or the the earlier of disposal or when the operation meets the
liability is settled, based on tax rates (and tax laws) criteria to be classified as held for sale.
that have been enacted or substantively enacted at
the reporting date. (xxii) Disposal of assets
The Company offsets deferred income tax assets The gain or loss arising on disposal or retirement of
and liabilities, where it has a legally enforceable assets is recognized in the consolidated statement of
right to offset current tax assets against current tax income.
liabilities, and they relate to taxes levied by the same
taxation authority on either the same taxable entity, New Accounting standards, amendments
or on different taxable entities where there is a right and interpretations adopted by the Company
and an intention to settle the current tax liabilities effective from April 1, 2021:
and assets on a net basis or their tax assets and
liabilities will be realized simultaneously.
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS
4 and IFRS 16 – Interest Rate Benchmark
(xviii) Earnings per share Reform (Phase 2)
Basic earnings per share is computed using the weighted The IASB issued Interest Rate Benchmark Reform
average number of equity shares outstanding during (Phase 2), which amends IFRS 9, IAS 39, IFRS 7, IFRS
the period adjusted for treasury shares held. Diluted 4 and IFRS 16. The amendments complement those
earnings per share is computed using the weighted issued in 2019 and focus on the effects on financial
average number of equity and dilutive equivalent shares statements when a company replaces the old interest
outstanding during the period, using the treasury stock rate benchmark with an alternative benchmark rate as a
method for options, except where the results would be result of the reform. The amendments in this final phase
anti-dilutive. relate to the modification of financial assets, financial
liabilities and lease liabilities, specific hedge accounting
The number of equity shares and potentially dilutive requirements, and disclosure requirements applying
equity shares are adjusted retrospectively for all periods IFRS 7 to accompany the amendments regarding
presented for any splits and bonus shares issues modifications and hedge accounting. The adoption of
including for change effected prior to the approval of the amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS
the consolidated financial statements by the Board of 16 did not have any material impact on the consolidated
Directors. financial statements.

410 / 490

IFRS 9 – Annual Improvements to IFRS amending the standard regarding costs a company
Standards - 2018-2020 should include as the cost of fulfilling a contract when
assessing whether a contract is onerous. The amendment
On May 14, 2020, IASB amended IFRS 9 as part of its
Annual Improvements to IFRS Standards 2018-2020. specifies that the “cost of fulfilling” a contract comprises
The amendment clarifies which fees an entity includes the “costs that relate directly to the contract”. Costs that
when it applies the ‘10 percent’ test in paragraph B3.3.6 relate directly to a contract can either be incremental
of IFRS 9 in assessing whether to derecognize a financial costs of fulfilling that contract or an allocation of other
liability. The early adoption of amendments to IFRS 9 costs that relate directly to fulfilling contracts. These
did not have any material impact on the consolidated amendments are effective for annual reporting periods
financial statements. beginning on or after January 1, 2022, with earlier
application permitted. The adoption of amendments to
Amendments to IAS 1 – Presentation of IAS 37 is not expected to have any material impact on the
Financial Statements consolidated financial statements.
On February 12, 2021, the IASB amended IAS 1
“Presentation of Financial Statements”. The amendments Amendment to IAS 1 – Presentation of
require companies to disclose their material accounting Financial Statements
policy information rather than their significant accounting
policies. The amendments clarify that accounting policy On January 23, 2020, the IASB issued “Classification
information may be material because of its nature, even of liabilities as Current or Non-Current (Amendments
if the related amounts are immaterial. The amendments to IAS 1)” providing a more general approach to the
also clarified that accounting policy information is classification of liabilities under IAS 1 based on the
material if users of an entity’s financial statements contractual arrangement in place at the reporting
would need it to understand other material information date. The amendments aim to promote consistency
in the financial statements; and the amendments clarify in applying the requirements by helping companies
that if an entity discloses immaterial accounting policy to determine whether, in the statement of financial
information, such information shall not obscure material position, debt and other liabilities with an uncertain
accounting policy information. The early adoption of settlement date should be classified as current (due
amendments to IAS 1 did not have any material impact or potentially due to be settled within one year) or
on the consolidated financial statements. non-current. The amendments also clarified the
classification requirements for debt a company might
Amendments to IAS 8 – Accounting Policies,
settle by converting it into equity. These amendments
Changes in Accounting Estimates and Errors
are effective for annual reporting periods beginning
On February 12, 2021, the IASB amended IAS 8 on or after January 1, 2023 and are to be applied
“Accounting Policies, Changes in Accounting Estimates retrospectively, with earlier application permitted. The
and Errors”. The amendments clarify how companies adoption of amendments to IAS 1 is not expected to
should distinguish changes in accounting policies from have any material impact on the consolidated financial
changes in accounting estimates. That distinction is statements of the Company.
important because changes in accounting estimates
are applied prospectively only to future transactions and
other future events, but changes in accounting policies Amendments to IAS 12 – “Income Taxes”
are generally also applied retrospectively to past
On May 7, 2021, the IASB amended IAS 12 “Income
transactions and other past events. The early adoption
Taxes” and published ‘Deferred Tax related to Assets
of amendments to IAS 8 did not have any material impact
and Liabilities arising from a Single Transaction
on the consolidated financial statements.
(Amendments to IAS 12)’ that clarify how companies
New amendments not yet adopted: account for deferred tax on transactions such as
leases and decommissioning obligations. In specified
Certain new standards, amendments to standards and
circumstances, companies are exempt from recognizing
interpretations are not yet effective for annual periods
deferred tax when they recognize assets or liabilities
beginning after April 1, 2021 and have not been applied
for the first time. The amendments clarify that this
in preparing these consolidated financial statements.
exemption does not apply to transactions such as leases
New standards, amendments to standards and
and decommissioning obligations and companies are
interpretations that could have potential impact on the
required to recognize deferred tax on such transactions.
consolidated financial statements of the Company are:
These amendments are effective for annual reporting
Amendments to IAS 37 – Onerous Contracts – periods beginning on or after January 1, 2023 and are
to be applied retrospectively, with earlier application
Cost of Fulfilling a Contract
permitted. The Company is currently evaluating the
On May 14, 2020, the IASB issued “Onerous Contracts — impact of amendment to IAS 12 on the consolidated
Cost of Fulfilling a Contract (Amendments to IAS 37)”, financial statements.
411 / 490


Furniture
Plant and
Land Buildings fixtures and Vehicles Total
equipment(1)
equipment

As at April 1, 2020 ` 3,761 ` 36,510 ` 100,695 ` 19,870 ` 808 ` 161,644
Additions 107 3,569 14,362 1,958 9 20,005
Additions through Business combinations - - 27 57 - 84
Disposals (58) (765) (4,532) (1,218) (398) (6,971)
Translation adjustment 5 100 303 25 (1) 432
As at March 31, 2021 ` 3,815 ` 39,414 ` 110,855 ` 20,692 ` 418 ` 175,194
As at April 1, 2020 ` - ` 7,948 ` 78,056 ` 14,141 ` 727 ` 100,872
Depreciation and impairment (2)
- 1,500 11,123 1,845 61 14,529
Disposals - (695) (4,313) (908) (391) (6,307)
Translation adjustment - 32 174 11 - 217
As at March 31, 2021 ` - ` 8,785 ` 85,040 ` 15,089 ` 397 ` 109,311
Capital work-in-progress ` 19,309
Net carrying value including Capital work-in-
` 85,192
progress as at March 31, 2021

As at April 1, 2021 ` 3,815 ` 39,414 ` 110,855 ` 20,692 ` 418 ` 175,194
Additions 1,031 1,676 19,411 2,384 7 24,509
Additions through Business combinations - - 370 335 3 708
Disposals (30) (440) (7,863) (826) (115) (9,274)
Translation adjustment (3) 36 698 60 4 795
As at March 31, 2022 ` 4,813 ` 40,686 ` 123,471 ` 22,645 ` 317 ` 191,932
As at April 1, 2021 ` - ` 8,785 ` 85,040 ` 15,089 ` 397 ` 109,311
Depreciation and impairment (2) - 1,536 12,305 2,141 10 15,992
Disposals - (346) (7,451) (725) (112) (8,634)
As at March 31, 2022 ` - ` 10,003 ` 90,465 ` 16,557 ` 297 ` 117,322
Capital work-in-progress ` 16,288
Net carrying value including Capital work-in-
` 90,898
progress as at March 31, 2022
Including net carrying value of computer equipment and software amounting to ` 18,508 and ` 25,162, as at March 31, 2021 and 2022, respectively.
(1)
Includes impairment charge on certain software platforms amounting to ` Nil, ` 285 and ` Nil for the year ended March 31, 2020, 2021 and 2022,
(2)
respectively.

412 / 490

5. Right-of-Use assets
Category of Right-of-Use asset
Plant and
equipment *
As at April 1, 2020 ` 2,003 ` 15,624 ` 4,236 ` 826 ` 22,689
Additions 79 5,323 770 162 6,334
Additions through Business combinations - 352 - 84 436
Disposals - (2,503) (1,103) (154) (3,760)
As at March 31, 2021 ` 2,082 ` 18,844 ` 3,918 ` 926 ` 25,770
As at April 1, 2020 ` 27 ` 3,928 ` 1,721 ` 265 ` 5,941
Depreciation 28 4,487 1,465 285 6,265
Disposals - (1,703) (1,023) (119) (2,845)
Translation adjustment - (9) (6) 4 (11)
As at March 31, 2021 ` 55 ` 6,703 ` 2,157 ` 435 ` 9,350
Net carrying value as at March 31, 2021 ` 16,420

As at April 1, 2021 ` 2,082 ` 18,844 ` 3,918 ` 926 ` 25,770
Additions 15 7,517 429 105 8,066
Additions through Business combinations - 2,920 - 36 2,956
Disposals (819) (3,360) (1,861) (149) (6,189)
As at March 31, 2022 ` 1,278 ` 25,993 ` 2,511 ` 904 ` 30,686
As at April 1, 2021 ` 55 ` 6,703 ` 2,157 ` 435 ` 9,350
Depreciation 24 5,572 849 264 6,709
Disposals (21) (2,667) (1,518) (121) (4,327)
As at March 31, 2022 ` 58 ` 9,676 ` 1,512 ` 570 ` 11,816
Net carrying value as at March 31, 2022 ` 18,870
* Including net carrying value of computer equipment amounting to ` 8 and ` 6 as at March 31, 2021 and 2022, respectively.
The Company recognized the following expenses in the consolidated statement of income:
Year ended Year ended Year ended
Interest expenses on lease liabilities ` 914 ` 798 ` 894
Rent expense recognized under facility expenses pertaining to:
Leases of low-value assets 44 53 150
Leases with less than twelve months of lease term 2,085 1,876 2,392
` 3,043 ` 2,727 ` 3,436
activities in the consolidated statement of cash flows. All other lease payments during the period are disclosed under financing
activities in the consolidated statement of cash flows.
Income from subleasing RoU assets is not material.
The Company is committed to certain leases amounting to ` 1,657 which have not commenced as of March 31, 2022. The term of
such leases ranges from 3 to 7 years.
413 / 490

6. Goodwill and intangible assets

March 31, 2021 March 31, 2022
Translation adjustment (1,357) 5,293
Acquisition through business combinations* (Refer to Note 7) 9,472 102,569
*Acquisition through business combinations for the year ended March 31, 2021 and 2022 is after considering the impact of ` (72) and ` 116 towards
changes in the purchase price allocation of acquisitions made during the year ended March 31, 2020 and 2021, respectively.
The Company is organized by three operating segments: IT Services, IT Products and India State Run Enterprise Services. Goodwill
as at March 31, 2021 and 2022 has been allocated to the IT Services operating segment.
Goodwill recognized on business combinations is allocated to Cash Generating Units (CGUs), within the IT Services operating
March 31, 2021 March 31, 2022
CGUs
Americas 1 ` 64,573 ` 77,106
Americas 2 34,038 84,166
Europe 26,641 64,288
Asia Pacific Middle East Africa 13,875 21,429
` 139,127 ` 246,989
For impairment testing, goodwill is allocated to a CGU representing the lowest level within the Group at which goodwill is
capitalization approach, using the turnover and earnings multiples derived from observable market data. The fair value
measurement is categorized as a level 2 fair value based on the inputs in the valuation techniques used.
Based on the above testing, no impairment was identified as at March 31, 2021 and 2022, as the recoverable value of the CGUs
exceeded the carrying value. A sensitivity analysis to the change in the key parameters (turnover and earnings multiples) did not
The movement in intangible assets is given below:
Intangible assets
As at April 1, 2020 ` 32,490 ` 6,698 ` 39,188
As at March 31, 2021 ` 26,326 ` 1,611 ` 27,937
Accumulated amortization/impairment:
As at April 1, 2020 ` 17,898 ` 4,928 ` 22,826
Amortization and impairment * 5,060 1,548 6,608
As at March 31, 2021 ` 14,248 `  604 ` 14,852
Net carrying value as at March 31, 2021 ` 12,078 ` 1,007 ` 13,085

414 / 490

Intangible assets
As at April 1, 2021 ` 26,326 ` 1,611 ` 27,937
Acquisition through business combinations (Refer to Note 7) 27,834 9,814 37,648
As at March 31, 2022 ` 43,366 ` 11,428 ` 54,794
As at April 1, 2021 ` 14,248 `  604 ` 14,852
Amortization and impairment * 6,872 1,338 8,210
As at March 31, 2022 ` 9,483 ` 1,756 ` 11,239
Net carrying value as at March 31, 2022 ` 33,883 ` 9,672 ` 43,555
* During the year ended March 31, 2021, a change in business strategy of a customer led to a significant decline in the revenue and earnings estimates,
resulting in revision of recoverable value of customer-relationship intangible assets recognized on business combination. Further, the Company integrated
certain brands acquired as part of a business combination, resulting in discontinuance of the acquired brands. Consequently, the Company has recognized
impairment charge ` 1,879 for the year ended March 31, 2021 as part of amortization and impairment.
* During the year ended March 31, 2021, due to change in our estimate of useful life of customer-related intangibles in an earlier business combination,
the Company has recognized additional amortization charge of ` 795.
Amortization expense on intangible assets is included in selling and marketing expenses in the consolidated statement of
income.
As at March 31, 2022, the net carrying value and the estimated remaining amortization period for intangible assets acquired on
Estimated remaining
Acquisition Net carrying value
amortization period
Capco - customer-related intangible ` 22,197 8.08 years
Capco - marketing-related intangible 7,477 9.08 years
Edgile, LLC 2,847 5.75 years
Ampion Holdings Pty Ltd 1,986 2.35 - 5.35 years
Vara Infotech Private Limited 1,596 4.5 - 7.5 years
Rational Interaction, Inc. 1,483 0.89 - 4.89 years
Eximius Design, LLC 1,313 1.9 - 5.4 years
4C NV 471 1.36 - 3.36 years
IVIA Serviços de Informática Ltda 332 3.37 years
International TechneGroup Incorporated 212 2.5 years
LeanSwift Solutions Inc. 148 0.75 - 2.25 years
Encore Theme Technologies Private Limited 117 1.7 - 3.71 years
Others 3,376 0.25 - 10.25 years
Total ` 43,555
415 / 490

7. Business combinations
During the year ended March 31, 2021, the Company has completed four business combinations (which individually are not
material) for a total consideration (upfront cash payout to acquire control and contingent consideration) of ` 13,801. These
include:
a) ` 1,643 towards acquisition of IVIA Serviços de Informática Ltda. (“IVIA”) on August 14, 2020, a specialized IT services provider
to financial services, retail and manufacturing sectors in Brazil.
b) ` 5,268 towards acquisition of 4C NV and its subsidiaries (“4C”) on August 11, 2020, a Salesforce multi-cloud partner in
Europe, U.K. and the Middle East
c) ` 849 towards acquisition of Encore Theme Technologies Private Limited (“ETT”), a Finastra trade finance solutions partner
across the Middle East, Africa, India and Asia Pacific on December 15, 2020, and
d) ` 6,041 towards acquisition of Eximius Design, LLC and Eximius Design India Private Limited (“Eximius”) on February 25,
2021, a leading engineering services company with expertise in semiconductor, software and systems design.
Description Purchase price allocated
Net assets ` 1,285
Fair Value of Customer-related intangibles 2,460
Fair Value of Marketing-related intangibles 828
Deferred tax liabilities on intangible assets (432)
Total ` 4,141
Goodwill 9,660
The total consideration for IVIA includes a contingent consideration linked to achievement of revenues and earnings over a period
of 3 years ending September 30, 2023, and range of contingent consideration payable is between ` Nil and ` 746. The fair value
of the contingent consideration is estimated by applying the discounted cash-flow approach considering discount rate of 5.7%
allocation.
The total consideration for ETT includes a contingent consideration linked to achievement of revenues and earnings over a period
of 18 months ending March 31, 2022, and range of contingent consideration payable is between ` Nil and ` 305. The fair value
of the contingent consideration is estimated by applying the discounted cash-flow approach considering discount rate of 7.4%
allocation.
The total consideration for Eximius includes a contingent consideration linked to achievement of revenues and earnings over a
period of 2 years ending March 31, 2023, and range of contingent consideration payable is between ` Nil and ` 1,738. The fair
value of the contingent consideration is estimated by applying the discounted cash-flow approach considering discount rate
of 2.3% and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration is
` 1,695 as of the date of acquisition. The fair value of discounted contingent consideration of ` 1,637 is recorded as part of
purchase price allocation.
Net assets acquired include ` 1,026 of cash and cash equivalents and trade receivables valued at ` 1,159.
The goodwill of ` 9,660 comprises value of acquired workforce and expected synergies arising from the business combinations.
Goodwill is allocated to IT Services segment and is not deductible for income tax purposes except for Eximius Design, LLC in the
United States of America.
The transaction costs of ` 175 related to the above acquisitions have been included in general and administrative expenses in the
consolidated statement of income.
The pro-forma effects of these business combinations on the Company’s results were not material.

416 / 490

During the year ended March 31, 2022, the Company has completed four business combinations by acquiring 100% equity
interest in:
(a) Capco and its subsidiaries (“Capco”), a global management and technology consultancy company providing digital,
consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific. This acquisition makes
the Company one of the largest end-to-end global consulting, technology and transformation service providers to the banking
and financial services industry. By combining our capabilities in strategic design, digital transformation, cloud, cybersecurity,
IT and operations services with Capco’s domain and consulting strength, our SMUs will be able to provide our clients the
access to a partner who can deliver integrated, bespoke solutions to help fuel growth and achieve their transformation
objectives. The acquisition was consummated on April 29, 2021 for total cash consideration of ` 109,530.
(b) Ampion Holdings Pty Ltd and its subsidiaries (“Ampion”), an Australia-based provider of cyber security, DevOps and quality
engineering services. This acquisition is an important step in the direction of our new operating model which emphasizes
strategic investments in focus geographies, proximity to customers, agility, scale and localization. It reinstates the commitment
towards clients and stakeholders in Australia and New Zealand, under our APMEA SMU. Further, Ampion’s product and
services combined with ours and powered by engineering transformation, DevOps and security consulting services will bring
scale and market agility to respond to the growing demands of customers. The acquisition was consummated on August 6,
2021 for total cash consideration of ` 9,102.
(c) Edgile, LLC (“Edgile”), a US-based transformational cybersecurity consulting provider that focuses on risk and compliance,
information and cloud security, and digital identity. This acquisition helps address the fast-growing demand for
transformational cybersecurity consulting among Global 2000 enterprises. Together, Wipro and Edgile will help enterprises
enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security
in action. In collaboration with an extensive roster of alliance partners from Wipro and Edgile, we will enable organizations to
accelerate their digital transformation and operate in virtual and digital supply chains. The acquisition was consummated on
December 31, 2021 for total consideration (upfront cash payout to acquire control and contingent consideration) of ` 17,176.
(d) LeanSwift Solutions Inc. and its subsidiaries (“LeanSwift”), a system integrator of Infor products for customers across
the Americas and Europe. This acquisition aligns with our strategic investments in cloud transformation. The combined
entity will provide Wipro an edge in key transformation deals, especially in the manufacturing and distribution sectors, by
combining LeanSwift’s expertise in the Infor CloudSuites with our broader cloud-native digital capabilities. The acquisition
was consummated on December 31, 2021 for total cash consideration of ` 1,606.
Description Capco Ampion Edgile LeanSwift

Net assets ` 4,667 ` 1,235 ` 1,306 ` 199
Fair value of Customer-related intangibles 24,273 1,748 1,754 59
Fair value of Marketing-related intangibles 8,083 460 1,160 111
Deferred tax liabilities on intangible assets (9,383) (663) - (48)
Total ` 27,640 ` 2,780 ` 4,220 ` 321
Goodwill 81,890 6,322 12,956 1,285
Total purchase price ` 109,530 ` 9,102 ` 17,176 ` 1,606
Net Assets include:

Cash and cash equivalents ` 4,278 ` 855 ` 907 ` 139
Fair value of acquired trade receivables included in
` 6,167 ` 1,074 ` 819 ` 205
net assets
Gross contractual amount of acquired trade
receivables 6,181 1,074 819 221
Less: Allowance for lifetime expected credit loss (14) - - (16)
Transaction costs included in general and
` 358 ` 49 ` 152 ` 88
administrative expenses
The purchase price allocation for Edgile and LeanSwift is provisional and will be finalized as soon as practicable within the
measurement period, but in no event later than one year following the date of acquisition.
417 / 490

The acquisition of Capco contributed revenues of ` 66,616 and profit after taxes of ` 4,336 for the Company during the year ended
March 31, 2022. The other acquisitions completed during the year ended March 31,2022 contributed revenues of ` 6,114 and
profit after taxes of ` 55.
If all the acquisitions during the year ended March 31, 2022, had been consummated on April 1, 2021, management estimates
that consolidated revenues for the Company would have been ` 802,835 and the profit after taxes would have been ` 122,900
for the year ended March 31, 2022. The pro-forma amounts are not necessarily indicative of the actual or future results if the
acquisition had been consummated on April 1, 2021.
Goodwill is allocated to IT Services segment and is not deductible for income tax purposes except for Edgile, LLC in the United
States of America.
The total consideration of Edgile includes a contingent consideration linked to achievement of revenues and earnings over a
period of 2 years ending December 31, 2023, and range of contingent consideration payable is between ` Nil and ` 2,230. The
fair value of the contingent consideration is estimated by applying the discounted cash-flow approach considering discount
rate of 2.9% and probability adjusted revenue and earnings estimates. The undiscounted fair value of contingent consideration
is ` 1,531 as at the date of acquisition. The discounted fair value of contingent consideration of ` 1,462 is recorded as part of
provisional purchase price allocation.
Summary of acquisitions consummated after March 31, 2022
(a) Convergence Acceleration Solutions, LLC (“CAS Group”) is a US-based consulting and program management company that
specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers.
The acquisition advances the Company’s strategic consulting capabilities as we help our clients drive large scale business
and technology transformation. The acquisition was consummated on April 11, 2022 for total consideration (upfront cash to
acquire control and contingent consideration) of ` 5,584.
The total consideration for the acquisition of CAS Group includes a contingent consideration linked to achievement of revenues
and earnings over a period of 3 years ending December 31, 2024, and range of contingent consideration payable is between
` Nil and ` 2,277. The fair value of the contingent consideration is estimated by applying the discounted cash-flow approach
considering discount rate of 4.58% and probability adjusted revenue and earnings estimates. The undiscounted fair value
of contingent consideration is ` 1,804 as at the date of acquisition. The discounted fair value of contingent consideration of
` 1,662 is recorded as part of provisional purchase price allocation.
The following table presents the provisional purchase price allocation:
Description CAS Group

Net assets ` 554
Total ` 2,168
Goodwill 3,416
Net assets acquired include ` 127 of cash and cash equivalents and trade receivables valued at ` 453.
Goodwill is allocated to IT Services segment and is deductible for income tax purposes in the United States of America.
(b) Rizing Intermediate Holdings, Inc and its subsidiaries (“Rizing”) - On May 20, 2022, the Company acquired 100% equity
interests in Rizing, a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset
management, consumer industries, and human experience management for a total cash consideration of ` 44,622. Rizing
complements the Company in capabilities (EAM, HCM and S/4HANA), in industries such as Energy and Utilities, Retail and
Consumer Products, Manufacturing and Hi Tech in geographies across North America, Europe, Asia, and Australia.
The initial accounting is incomplete at the time these consolidated financial statements are authorized for issue and the fair
value remeasurement of the assets (including trade receivables) and liabilities, and the provisional purchase price allocation
pursuant to IFRS 3 are being assessed by an independent expert and are still on-going.

418 / 490

8. Investments
As at As at
March 31, 2021 March 31, 2022
Non-current
Equity instruments ` - ` 1,976
Fixed maturity plan mutual funds - 513
Equity instruments 10,572 14,963
Inter corporate and term deposits * 4 1,657
` 10,576 ` 19,109
Current
Short-term mutual funds ` 23,502 ` 15,550
Non-convertible debentures, government securities, commercial papers,
131,382 204,839
certificate of deposit and bonds
Inter corporate and term deposits* 20,823 21,266
` 175,707 ` 241,655
Total ` 186,283 ` 260,764
*These deposits earn a fixed rate of interest. Term deposits include non-current and current deposits in lien with banks primarily on account of term
deposits held as margin money deposits against guarantees amounting to ` Nil and ` 654, respectively (March 31, 2021: Term deposits non-current of ` 4
and Term deposits current of ` 615).

The Company has no material associates as at March 31, 2021 and 2022.
During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its investment in Denim
Group Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method. Refer to Note 26 for
additional information.
The aggregate summarized financial information in respect of the Company’s immaterial associates that are accounted for using
the equity method is set forth below:
As at As at As at
Carrying amount of the Company’s interest in associates ` 1,383 ` 1,464 ` 774
For the year ended For the year ended For the year ended
Company’s share of net profit / (loss) of associates accounted for ` 29 ` 130 ` 57

using the equity method in consolidated statement of income

419 / 490

Details of investments in equity instruments- classified as FVTOCI
Carrying value
March 31, 2021 March 31, 2022
Non-current
Tricentis Corporation ` 674 ` 2,698
YugaByte, Inc. 494 1,993
TLV Partners, L.P. 804 1,209
Vectra Networks, Inc 562 1,064
CyCognito Ltd. 216 977
TLV Partners II, L.P. 295 774
Immuta, Inc. 714 740
Incorta, Inc. 512 712
Harte Hanks Inc. 319 575
B Capital Fund II, L.P. 220 493
Work-Bench Ventures II-A, LP 170 413
Tradeshift Inc. 367 379
Boldstart Ventures IV, L.P. 156 379
Vicarious FPC, Inc. 309 321
Boldstart Opportunities II, L.P. 79 296
Glilot Capital Partners III L.P. 87 289
TLV Partners III, L.P. 73 288
Avaamo Inc. 252 261
Vulcan Cyber Ltd. 219 227
Sealights Technologies Ltd. 146 182
Netspring Data, Inc. - 152
Headspin Inc. 140 145
Moogsoft (Herd) Inc. 179 133
Squadcast, Inc. - 91
Wep Peripherals Ltd. 60 60
Wep Solutions Limited 26 41
Work-Bench Ventures III-A, LP 11 33
Altizon Systems Private Limited 38 19
Drivestream India Private Limited 19 19
CloudKnox Security Inc. 146 -
IntSights Cyber Intelligence Limited 620 -
Ensono Holdings, LLC 2,665 -
Total ` 10,572 ` 14,963
Details of investments in equity instruments- classified as FVTPL
Carrying value
March 31, 2021 March 31, 2022
Non-current
Lilt, Inc. ` - ` 378
YugaByte, Inc. - 357
CyCognito Ltd. - 227
Nexus Ventures VI, L.P. - 189
Functionize, Inc. - 152
vFunction Inc. - 152
SYN Ventures Fund LP - 118
Sealights Technologies Ltd. - 114

420 / 490

Carrying value
March 31, 2021 March 31, 2022
Incorta, Inc. - 90
TLV Partners IV, L.P. - 60
Boldstart Opportunities III, L.P. - 55
Sorenson Ventures, L.P. - 42
Glilot Capital Partners IV, L.P - 32
Altizon Systems Private Limited - 10
Total ` - ` 1,976
9. Trade receivables
As at As at
March 31, 2021 March 31, 2022
Trade receivables ` 109,733 ` 130,283
Allowance for lifetime expected credit loss (11,077) (10,299)
` 98,656 ` 119,984
Non-current 4,358 4,765

Current 94,298 115,219
As at As at
March 31, 2021 March 31, 2022
Balance at the beginning of the year ` 13,937 ` 11,077

Additions / (write-back), net (Refer to Note 25) 1,506 (797)
Charged against allowance (4,381) (76)
Balance at the end of the year ` 11,077 ` 10,299
10. Inventories
As at As at
March 31, 2021 March 31, 2022
Stores and spare parts ` 127 ` 28
Finished and traded goods 937 1,306
` 1,064 ` 1,334

As at As at As at
Cash and bank balances ` 34,087 ` 68,842 `  61,882
Demand deposits with banks * 110,412 100,951 41,954
` 144,499 ` 169,793 ` 103,836
As at As at As at
Cash and cash equivalents (as above) ` 144,499 ` 169,793 ` 103,836
Bank overdrafts (395) (130) (3)
` 144,104 ` 169,663 ` 103,833
421 / 490


As at As at
March 31, 2021 March 31, 2022
Non-current
Security deposits ` 1,477 ` 1,396
Interest receivables 1,139 -
Others 328 426
` 6,088 ` 6,084
Current
Security deposits ` 1,149 ` 1,513
Dues from officers and employees 411 1,301
Deposit in interim dividend account - 27,410
Others 619 5,790
` 7,245 ` 42,914
` 13,333 ` 48,998

Finance lease receivables consist of assets that are leased to customers for a contract term normally ranging 1 to 5 years, with
lease payments due in monthly or quarterly installments. Details of finance lease receivables are given below:
Minimum lease Present value of minimum lease
payments payments
Not later than one year ` 3,636 ` 5,223 ` 3,438 ` 5,065

Gross investment in lease 6,900 9,727 6,582 9,327
Present value of minimum lease payment receivables ` 6,582 ` 9,327 ` 6,582 ` 9,327
Non-current 3,144 4,262
Current 3,438 5,065
13. Other assets

As at As at
March 31, 2021 March 31, 2022
Non-current
Costs to obtain contract* 3,413 3,128
Costs to fulfil contract** 337 295
Others (Refer to Note 35) 8,768 4,324
` 15,935 ` 14,826
Current
Advance to suppliers 3,199 3,179
Costs to fulfil contract** 53 55
Others 783 1,223
` 24,923 ` 28,933
` 40,858 ` 43,759
* Costs to obtain contract amortization of ` 1,237, ` 1,257 and ` 902 during the year ended March 31, 2020, 2021 and 2022 respectively.
** Costs to fulfil contract amortization of ` Nil, ` Nil and ` 54 during the year ended March 31, 2020, 2021 and 2022 respectively.

422 / 490

14. Loans, borrowings and bank overdrafts

As at As at
March 31, 2021 March 31, 2022
Non-current
Unsecured Notes 2026* ` - ` 56,403
Borrowings from banks 7,310 -
` 7,458 ` 56,463
Current
Bank overdrafts ` 130 ` 3
Borrowings from Banks 75,585 95,143
` 75,874 ` 95,233
` 83,332 ` 151,696
*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. The Notes were issued at the discounted price of 99.636%
against par value and have an effective interest rate of 1.6939% after considering the issue expenses and discount of ` 501 (US$ 6.7 million). 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).
Short-term loans, borrowings and bank overdrafts

The Company had loans, borrowings and bank overdrafts amounting to ` 60,363 and ` 95,146, as at March 31, 2021 and
2022, respectively. The principal source of borrowings from banks as at March 31, 2022 primarily consists of lines of credit of
approximately ` 86,873, U.S. Dollar (US$) 713 million, Canadian Dollar (CAD) 10 million, Saudi Riyal (SAR) 140 million, Euro (EUR)
18 million, Pound Sterling (GBP) 7 million, Bahraini Dinar (BHD) 1 million, Australian Dollar (AUD $) 90 million, UAE Dirham (AED)
3 million, Thai Baht (THB) 5 million and Indonesian Rupiah (IDR) 290 million from bankers for working capital requirements and
other short-term needs.
As at March 31, 2022, the Company has unutilized lines of credit aggregating ` 10,223, US$ 563 million, CAD 10 million, SAR 40
million, EUR 18 million, GBP 7 million, BHD 1 million, AED 3 million, THB 5 million and IDR 290 million. To utilize these unused
lines of credit, the Company requires consent of the lender and compliance with certain financial covenants. Significant portion
of these lines of credit are revolving credit facilities and floating rate foreign currency loans, renewable on a periodic basis.
Significant portion of these facilities bear floating rates of interest, referenced to country specific official benchmark interest
rates and a spread, determined based on market conditions.
Long-term loans and borrowings
Currency Foreign Foreign
Final
currency in Indian Rupee currency in Indian Rupee
maturity
millions millions
Unsecured Notes 2026
U.S. Dollar (US$) - - 744 56,403 June-26
Unsecured loans
U.S. Dollar (US$) 310 22,671 - -
Canadian Dollar (CAD) ^ 10 - -
Indian Rupee (INR) - 240 - 141 March-24
Australian Dollar (AUD) ^ 26 - -
Pound Sterling (GBP) ^ 12 - -
Euro (EUR) ^ 10 ^ 6 April-23
`  22,969 ` 56,550
Non-current portion of long-term loans and borrowings 7,458 56,463

Current portion of long-term loans and borrowings 15,511 87
423 / 490

Interest expense on loans, borrowings and bank overdrafts was ` 3,166, ` 1,897, and ` 3,261 for the year ended March 31, 2020,
Non-cash changes
Borrowings ` 77,647 ` 6,212 ` - ` - ` - ` (657) ` 83,202
Bank overdrafts 395 (265) - - - - 130
Lease Liabilities 19,198 (8,660) - 10,404 - 240 21,182
` 97,240 ` (2,713) ` - ` 10,404 ` - ` (417) ` 104,514
Non-cash changes
Borrowings ` 83,202 ` 68,310 ` (298) ` - ` 77 ` 402 ` 151,693
Bank overdrafts 130 (127) - - - - 3
Lease Liabilities 21,182 (9,730) - 12,532 - 249 24,233
` 104,514 ` 58,453 `  (298) ` 12,532 ` 77 ` 651 ` 175,929
Non-fund based
The Company has non-fund based revolving credit facilities in various currencies equivalent to ` 56,421 and ` 48,369, as at
March 31, 2021 and 2022, respectively, towards operational requirements that can be used for the issuance of letters of credit
and bank guarantees. As at March 31, 2021, and 2022, an amount of ` 39,293, and ` 31,276, respectively, was unutilized out of
these non-fund based facilities.
15. Trade payables and accrued expenses

As at As at
March 31, 2021 March 31, 2022
Trade payables ` 23,232 ` 28,683
Accrued expenses 53,280 70,351
` 76,512 ` 99,034

As at As at
March 31, 2021 March 31, 2022
Non-current
Contingent consideration (Refer to Note 19) ` 2,158 ` 2,423
Advance from customers 123 -
Cash Settled ADS RSUs  7 2
` 2,291 `  2,961
Current
Contingent consideration (Refer to Note 19) ` 135 ` 1,906
Advance from customers 496 1,582
Interim dividend payable - 27,337
Deposits and others 815 2,267
` 1,470 ` 33,110
` 3,761 ` 36,071

424 / 490


As at As at
March 31, 2021 March 31, 2022
Non-current
Employee benefits obligations ` 3,055 ` 2,720
Others 4,780 4,851
` 7,835 ` 7,571
Current
Statutory and other liabilities ` 9,266 ` 10,933
Employee benefits obligations 14,401 15,310
Others 523 522
` 24,552 ` 27,394
` 32,387 ` 34,965
18. Provisions
As at As at
March 31, 2021 March 31, 2022
Non-current
Provision for warranty ` 2 ` 1
` 2 ` 1
Current
Provision for warranty ` 213 ` 294
Provision for onerous contracts* 2,358 1,946
Others 463 531
` 3,034 ` 2,771
` 3,036 ` 2,772
*For the year ended March 31, 2021, provision for onerous contracts was included under Trade payables and accrued expenses in the statement of finan-
cial position and has been reclassified under Provisions.
A summary of activity in provision for warranty, provision for onerous contracts and other provisions is as follows:
Provision Provision Provision Provision
for for onerous Others Total for for onerous Others Total
warranty contracts warranty contracts
Balance at the beginning of the year ` 319 ` 1,841 ` 295 ` 2,455 `  215 ` 2,358 ` 463 ` 3,036
Additional provision during the year 245 1,122 270 1,637 307 1,080 191 1,578
Utilized/written-back during the
year (349) (605) (102) (1,056) (227) (1,492) (123) (1,842)
Balance at the end of the year ` 215 ` 2,358 `  463 ` 3,036 `  295 ` 1,946 `  531 ` 2,772
Provision for warranty represents cost associated with providing sales support services, which are accrued at the time of
recognition of revenues and are expected to be utilized over a period of 1 to 2 years.
Provision for onerous contracts is recognized when the expected benefit by the company from a contract are lower than the
425 / 490

19. Financial instruments

As at As at
March 31, 2021 March 31, 2022
Financial Assets:
Cash and cash equivalents `169,793 ` 103,836
Investments
Financial instruments at Amortized cost 20,827 22,923
` 499,269 ` 597,429
Financial Liabilities:
Trade payables and other liabilities
Trade payables and accrued expenses ` 76,512 ` 99,034
Other liabilities 3,761 36,071
Loans, borrowings and bank overdrafts 83,332 151,696
Derivative liabilities 1,070 633
` 185,857 ` 311,667

The following table contains information on other financial assets and trade payable and other liabilities subject to offsetting:
Financial assets
Net amounts of
Gross amounts of
recognized other
Gross amounts of recognized financial
financial assets
recognized other liabilities set off
presented in the
financial assets in the statement of
statement of
financial position
financial position
As at March 31, 2021 ` 146,709 ` (7,596) ` 139,113
As at March 31, 2022 ` 239,897 ` (10,106) ` 229,791
Net amounts of
Gross amounts of
Gross amounts of recognized trade
recognized financial
recognized trade payables and other
liabilities set off
payables and other payables presented
in the statement of
payables in the statement of
financial position
financial position
As at March 31, 2021 ` 87,869 ` (7,596) ` 80,273
As at March 31, 2022 ` 145,211 ` (10,106) ` 135,105
Fair value
receivables, employee and other advances, eligible current and non-current assets, loans, borrowings and bank overdrafts, trade
payables and accrued expenses, and eligible current liabilities and non-current liabilities.

426 / 490

The fair value of cash and cash equivalents, trade receivables, unbilled receivables, loans, borrowings and bank overdrafts, trade
payables and accrued expenses, other current financial assets and liabilities approximate their carrying amount largely due to
the short-term nature of these instruments. The Company’s long-term debt has been contracted at market rates of interest.
Accordingly, the carrying value of such long-term debt approximates fair value. Further, finance lease receivables are periodically
evaluated based on individual credit worthiness of customers. Based on this evaluation, the Company records allowance for
estimated losses on these receivables. As at March 31, 2021 and 2022, the carrying value of such receivables, net of allowances
approximates the fair value.
securities, commercial papers, certificate of deposits 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 multiples method.
as follows:
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).
Assets
Cash flow hedges ` 2,998 ` - ` 2,998 ` - ` 2,242 ` - ` 2,242 ` -
Others 1,082 - 1,082 - 796 - 796 -
Investments:
Fixed maturity plan mutual funds - - - - 513 - 513 -
government securities, commercial
papers, certificate of deposit and
bonds 131,382 2,217 129,165 - 204,839 1,251 203,588 -
Liabilities
Cash flow hedges ` (816) ` - ` (816) ` - ` (299) ` - ` (299) ` -
Others (254) - (254) - (334) - (334) -
427 / 490

above table.
Derivative instruments (assets and liabilities): The Company enters 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 March 31, 2022, the
hedge relationships and other financial instruments recognized at fair value.
reporting date.
Investment in equity instruments and 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.
above table.
As at As at
March 31, 2021 March 31, 2022
Investment in equity instruments
Disposals (1,256) (7,697)
Transfers out of level 3 (27) -
Unrealized gain recognized in statement of income
(Refer to Note 28) - 40
Gain recognized in other comprehensive income 1,009 9,423
Balance at the end of the year ` 10,227 ` 16,324
As at As at
Contingent consideration
March 31, 2021 March 31, 2022
Balance at the beginning of the year `  - ` (2,293)
Additions (2,293) (2,533)
Reversals - 468
Payouts - 309
Finance expense recognized in statement of income (25) (117)
Balance at the end of the year ` (2,293) ` (4,329)
During the year ended March 31, 2021, as a result of acquisition by another investor, the Company sold its shares in CloudGenix
and Emailage Corp at a fair value of ` 1,256 and recognized a cumulative gain of ` 884 in other comprehensive income.
During the year ended March 31, 2022, as a result of acquisition by another investor, the Company sold its shares in Ensono
Holdings, LLC, Cloudknox Security Inc. and IntSights Cyber Intelligence Limited at a fair value of ` 7,573 and recognized a
cumulative gain of ` 2,848 in other comprehensive income.

The Company is exposed to foreign currency fluctuations on foreign currency assets/liabilities, forecasted cash flows

428 / 490

net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company
Sell: Forward contracts USD 1,577 ` 2,293 USD 1,413 ` 509
€ 109 ` 114 € 191 ` 668
£ 96 ` (254) £ 173 ` 645
AUD 103 ` (246) AUD 170 ` (217)
Range forward option contracts USD 138 ` 385 USD 493 ` 217
€ 20 ` 24 € 6 ` 8
£ 55 ` (116) £ 28 ` 119
AUD 34 ` (18) AUD 11 ` (6)
Sell: Forward contracts * USD 1,638 ` 480 USD 1,452 ` 536
€ 99 ` 202 € 109 ` 1
£ 104 ` 98 £ 91 ` 81
AUD 29 ` 11 AUD 47 ` (122)
SGD 9 ` 5 SGD 4 ` (1)
ZAR 22 ` (1) ZAR 8 `^
CAD 30 ` 3 CAD 47 ` (25)
SAR 137 ` (1) SAR 33 ` (1)
PLN 8 ` 2 PLN 14 ` (2)
CHF 10 ` 13 CHF 5 ` (5)
QAR 15 ` (6) QAR 11 ` (4)
TRY 47 ` 42 TRY 30 ` 6
NOK 4 `^ NOK 13 ` (3)
OMR 2 ` (1) OMR 2 `^
SEK 42 ` 10 SEK 17 ` (2)
JPY 370 ` 6 JPY 513 ` 20
DKK - ` - DKK 2 `^
Buy: Forward contracts SEK 37 ` (15) SEK 22 ` 2

DKK 45 ` (12) DKK 16 ` (2)
CHF 2 ` (6) CHF 2 ` (1)
RMB 30 ` (2) RMB - ` -
AED 9 `^ AED 26 `^
JPY - ` - JPY 447 ` (18)
CNH - ` - CNH 11 `^
NOK - ` - NOK 12 ` (1)
Interest Rate Swaps INR - ` - INR 4,750 ` 3

` 3,010 ` 2,405
* USD 1,638 and USD 1,452 includes USD/PHP sell forward of USD 244 and USD 86 as at March 31, 2021 and 2022, respectively.
429 / 490

The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments
As at As at
March 31, 2021 March 31, 2022
Balance as at the beginning of the year ` (2,876) ` 2,182
Net (gain)/loss reclassified to consolidated statement of income on occurrence of
305 (4,182)
hedged transactions *
Gain/(loss) on cash flow hedging derivatives, net ` 5,058 ` (239)
Balance as at the end of the year 2,182 1,943
Balance as at the end of the year, net of deferred tax ` 1,730 ` 1,477
*Includes net (gain)/loss reclassified to revenue of ` 58 and ` (4,979) for the year ended March 31, 2021 and 2022, respectively and net (gain)/loss
reclassified to cost of revenues of ` 247 and ` 797 for the year ended March 31, 2021 and 2022, respectively.
reclassified to the consolidated statement of income over a period of one year.
As at March 31, 2021 and 2022 there were no significant gains or losses on derivative transactions or portions thereof that have
flow and liquidity for the year ended March 31, 2020, 2021 and 2022 is not material.
as part of loans and borrowings in the consolidated statement of financial position.

Market Risk
currency exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable
to all market risk sensitive financial instruments including investments, foreign currency receivables, payables and loans and
borrowings.
to losses.

430 / 490

and borrowings. A significant portion of the Company’s revenue is in the U.S. Dollar, the Pound Sterling, the Euro, the Canadian
The Company evaluates exchange rate exposure arising from these transactions and enters foreign currency derivative
forecasted highly probable cash flows. The Company also designates foreign currency borrowings as hedge against respective
net investments in foreign operations.
As at March 31, 2022, a ` 1 increase in the spot exchange rate of the Indian rupee with the U.S. dollar would result in approximately
` 3,159 (consolidated statement of income ` 1,366 and other comprehensive income ` 1,793) decrease in the fair value, and
a ` 1 decrease would result in approximately ` 3,165 (consolidated statement of income ` 1,366 and other comprehensive income
` 1,799) increase in the fair value of foreign currency dollar denominated derivative instruments (forward and option contracts).
The below table presents foreign currency risk from non-derivative financial instruments as at March 31, 2021 and 2022:
US $ Euro Total
Trade receivables ` 33,421 ` 9,094 ` 9,334 ` 4,101 ` 1,436 `  4,196 ` 61,582
Contract assets 5,111 1,121 2,755 838 102 536 10,463
Other assets 73,212 3,981 9,116 2 891 3,479 90,681
Lease Liabilities (3,800) (2,684) (1,575) (202) (117) (1,548) (9,926)
Trade payables, accrued expenses
and other liabilities (23,187) (3,569) (4,370) (1,415) (350) (2,622) (35,513)
Net assets/ (liabilities) ` 105,850 ` 11,009 ` 19,052 `  4,892 ` 4,121 ` 7,590 ` 152,514

US $ Euro Total
Trade receivables ` 34,969 `  9,429 ` 10,016 `  4,455 `  1,711 `  4,078 ` 64,658
Contract assets 4,239 3,417 3,968 1,194 168 957 13,943
Other assets 44,559 3,980 354 519 626 1,319 51,357
Lease Liabilities (3,813) (3,449) (958) (189) (83) (1,420) (9,912)
Trade payables, accrued expenses and
other liabilities (28,907) (9,087) (9,784) (1,725) (663) (6,193) (56,359)
#
Other currencies reflect currencies such as Swiss Franc, Singapore Dollar, UAE Dirhams etc.
Interest rate risk
investments are primarily in short-term investments, which do not expose it to significant interest rate risk. From time to time,
the Company manages its net exposure to interest rate risk relating to borrowings by entering into interest rate swap agreements,
431 / 490

Credit risk
Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. To manage this, the
Company periodically assesses the credit rating and financial reliability of customers, considering the financial condition, current
economic trends, forward looking macroeconomic information, analysis of historical bad debts and ageing of accounts receivable.
Individual risk limits are set accordingly. No single customer accounted for more than 10% of the accounts receivable as at
March 31, 2021 and 2022, or revenues for the year ended March 31, 2020, 2021 and 2022. There is no significant concentration
of credit risk.
Counterparty risk
and credit risk on cash and time deposits. Issuer risk is minimized by only buying securities which are at least AA rated in
ratio reviews.
Liquidity risk
Company’s net liquidity position through rolling forecasts based on the expected cash flows. As at March 31, 2022, cash and cash
Carrying Less than Beyond
value 1 year 4 years
Loans, borrowings and bank overdrafts * `  83,332 `  77,609 ` 166 ` 7,441 ` - ` 85,216
Lease Liabilities * 21,182 8,398 6,317 6,017 2,091 22,823
Trade payables and accrued expenses 76,512 76,512 - - - 76,512
Derivative liabilities 1,070 1,070 - - - 1,070
Other liabilities # 3,761 1,473 1,330 1,077 - 3,880

Carrying Less than Beyond
value 1 year 4 years
Loans, borrowings and bank
overdrafts * ` 151,696 ` 97,693 ` 912 ` 1,706 ` 57,261 ` 157,572
Lease Liabilities * 24,233 9,872 6,947 6,913 2,344 26,076
Trade payables and accrued expenses 99,034 99,034 - - - 99,034
Derivative liabilities 633 585 10 38 - 633
Other liabilities # 36,071 33,126 2,833 220 - 36,179
* Includes future cash outflow towards estimated interest on borrowings and lease liabilities.
# Includes future cash outflow towards estimated interest on contingent consideration
The balanced view of liquidity and financial indebtedness is stated in the table below. The management for external communication
with investors, analysts and rating agencies uses this calculation of the net cash position:
As at As at
March 31, 2021 March 31, 2022
Cash and cash equivalents ` 169,793 ` 103,836
Investments - Current 175,707 241,655
Loans, borrowings and bank overdrafts (83,332) (151,696)
` 262,168 ` 193,795

432 / 490

20. Foreign currency translation reserve and Other reserves

The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:
As at As at
March 31, 2021 March 31, 2022
Translation difference related to foreign operations, net (603) 4,072
- (158)
associates and liquidation of subsidiaries to statement of income
The movement in other reserves is summarized below:

Other Reserves
Investment in debt Investment in
Particulars Remeasurements Capital
instruments equity instruments
of the defined Redemption
measured at fair measured at fair
benefit plans Reserve
value through OCI value through OCI
As at April 1, 2019 ` (70) ` 1,164 ` (562) `1
Other comprehensive income (1,050) 1,222 724 -
Buyback of equity shares - - - 646
As at March 31, 2020 ` (1,120) ` 2,386 ` 162 ` 647
As at April 1, 2020 ` (1,120) ` 2,386 ` 162 ` 647

Other comprehensive income 223 1,851 1,216 -
Buyback of equity shares - - - 475
As at March 31, 2021 ` (897) ` 4,237 ` 1,378 ` 1,122
As at April 1, 2021 ` (897) ` 4,237 ` 1,378 ` 1,122

Other comprehensive income 399 (1,219) 8,710 -
As at March 31, 2022 ` (498) ` 3,018 ` 10,088 ` 1,122
21. Income taxes

Income tax expense as per the consolidated statement of income ` 24,799 ` 30,345 ` 28,946
Gains/(losses) on investment securities (230) 226 242
Gains/(losses) on cash flow hedging derivatives (1,165) 1,013 14
Remeasurements of the defined benefit plans (196) 111 3
` 23,208 ` 31,695 ` 29,205
Current taxes
Domestic ` 18,437 ` 19,773 ` 29,862
Foreign 5,887 6,292 2,553
24,324 26,065 32,415
Deferred taxes
Domestic 1,624 3,982 (635)
Foreign (1,149) 298 (2,834)
475 4,280 (3,469)
` 24,799 ` 30,345 ` 28,946
433 / 490

to profit before taxes is as follows:

Profit before tax ` 122,512 ` 139,007 ` 151,275
Enacted income tax rate in India 34.94% 34.94% 34.94%
Computed expected tax expense 42,806 48,569 52,855
Effect of:
Income exempt from tax (12,930) (12,697) (17,503)
Basis differences that will reverse during a tax holiday period 480 (2,268) 1,348
Income taxed at higher / (lower) rates (3,122) (2,381) (5,649)
Taxes related to prior years (116) (3,861) (5,499)
Changes in unrecognized deferred tax assets (3,898) 1,096 669
Expenses disallowed for tax purpose 1,785 1,879 2,898
Others, net (206) 8 (173)
Income tax expense ` 24,799 ` 30,345 ` 28,946
Effective income tax rate 20.24% 21.83% 19.13%
As at As at
March 31, 2021 March 31, 2022
Carry forward losses * ` 1,637 ` 2,144
Trade payables, accrued expenses and other liabilities 5,115 6,103
Allowances for lifetime expected credit loss 3,208 2,987
Contract asset 91 -
Others 90 53
10,141 11,287
Property, plant and equipment (1,268) (1,058)

Amortizable goodwill (2,065) (3,285)
Intangible assets (1,249) (9,645)
Interest income and fair value movement of investments (1,582) (1,067)
Contract liabilities - (60)
Special Economic Zone Re-investment Reserve (6,494) (5,549)
(13,110) (21,130)
Net deferred tax assets/(liabilities) ` (2,969) ` (9,843)
Amounts presented in consolidated statement of financial position:

Deferred tax assets ` 1,664 ` 2,298
Deferred tax liabilities ` (4,633) ` (12,141)
* Includes deferred tax asset recognized on carry forward losses pertaining to business combinations.

434 / 490

Credit/
Credit/ (charge)
(charge) in the On account
Movement during the year ended As at in other As at
consolidated of business
March 31, 2020 April 1, 2019 comprehensive March 31, 2020
statement of combination
income *
income
Carry forward losses ` 3,149 ` (1,287) ` 182 `- ` 2,044
Trade payables, accrued expenses and other
3,713 1,033 248 - 4,994
liabilities
Allowances for lifetime expected credit loss 4,521 (591) (9) - 3,921
Minimum alternate tax - 3,425 - - 3,425
Property, plant and equipment (1,840) 1,150 4 - (686)
Amortizable goodwill (1,899) (92) (175) - (2,166)
Intangible assets (2,295) 1,021 (90) (177) (1,541)
(1,455) 599 230 - (626)
investments
Cash flow hedges (604) - 1,165 - 561
Contract asset / (Contract liabilities) (289) 285 (7) - (11)
Special Economic Zone
(1,132) (5,482) - - (6,614)
Re-investment Reserve
Others 318 (536) 97 - (121)
Total ` 2,187 ` (475) ` 1,645 ` (177) ` 3,180
Credit/
Credit/ (charge)
(charge) in the
Movement during the year ended As at in other As at
consolidated Others
March 31, 2021 April 1, 2020 comprehensive March 31, 2021
statement of
income *
income
Carry forward losses ` 2,044 ` (230) ` (22) ` (155) ` 1,637
4,994 279 (171) 13 5,115
liabilities
Allowances for lifetime expected
3,921 (734) 21 - 3,208
credit loss
Minimum alternate tax 3,425 (3,425) - - -
Property, plant and equipment (686) (649) 66 1 (1,268)
Amortizable goodwill (2,166) 34 67 - (2,065)
Intangible assets (1,541) 759 (55) (412) (1,249)
(626) (730) (226) - (1,582)
investments
Cash flow hedges 561 - (1,013) - (452)
Contract asset / (Contract liabilities) (11) 101 4 (3) 91
(6,614) 120 - - (6,494)
Others (121) 195 16 - 90
Total ` 3,180 ` (4,280) ` (1,313) ` (556) ` (2,969)
435 / 490

Credit/
Credit/ (charge) On account
(charge) in the
Movement during the year ended As at in other of business As at
consolidated
March 31, 2022 April 1, 2021 comprehensive combinations March 31, 2022
statement of
income * and others
income
Carry forward losses ` 1,637 ` 1,083 ` 101 ` (677) ` 2,144
5,115 363 41 584 6,103
liabilities
Allowances for lifetime expected
3,208 (248) 27 - 2,987
credit loss
Property, plant and equipment (1,268) 289 (30) (49) (1,058)
Amortizable goodwill (2,065) (1,129) (91) - (3,285)
Intangible assets (1,249) 1,910 (212) (10,094) (9,645)
(1,582) 424 (245) 336 (1,067)
investments
Cash flow hedges (452) - (14) - (466)
Contract asset / (Contract liabilities) 91 (205) 7 47 (60)
(6,494) 945 - - (5,549)
Others 90 37 (98) 24 53
Total ` (2,969) ` 3,469 ` (514) ` (9,829) ` (9,843)
*Includes impact of foreign currency translation.
Deferred taxes on unrealized foreign exchange gain / loss tax loss carry-forwards of ` 31,993 and ` 32,117 as at
relating to cash flow hedges, fair value movements in March 31, 2021 and 2022, respectively, on which deferred
investments and remeasurements of the defined benefit tax asset has not been recognized by the Company, because
plans are recognized in other comprehensive income. it is probable that future taxable profits will not be available
Deferred tax liability on the intangible assets identified against which the unused tax losses can be utilized in the
and carry forward losses on acquisitions is recorded by an foreseeable future. Approximately, ` 17,691 and ` 29,993 as
adjustment to goodwill. Other than these, the change in at March 31, 2021 and 2022, respectively, of these tax loss
deferred tax assets and liabilities is primarily recorded in carry-forwards is not currently subject to expiration dates.
the consolidated statement of income. The remaining tax loss carry-forwards of approximately
` 14,302 and ` 2,124 as at March 31, 2021 and 2022,
In assessing the realizability of deferred tax assets, the
respectively, expires in various years through fiscal year
Company considers the extent to which it is probable
2038.
that the deferred tax asset will be realized. The ultimate
realization of deferred tax assets is dependent upon the The Company has recognized deferred tax assets of ` 1,637
generation of future taxable profits during the periods in and ` 2,144 primarily in respect of carry forward losses
which those temporary differences and tax loss carry- including certain subsidiaries as at March 31, 2021 and
forwards become deductible. The Company considers the 2022, respectively. Management’s projections of future
expected reversal of deferred tax liabilities, projected future taxable income and tax planning strategies support the
taxable income and tax planning strategies in making this assumption that it is probable that sufficient taxable
assessment. Based on this, the Company believes that it is income will be available to utilize these deferred tax assets.
probable that the Company will realize the benefits of these
We have calculated our domestic tax liability under normal
deductible differences. The amount of deferred tax asset
provisions. Accordingly, no deferred tax asset has been
considered realizable, however, could be reduced in the
recognized towards MAT in the statement of financial
near term if the estimates of future taxable income during
position for the years ended March 31, 2021 and 2022. The
the carry-forward period are reduced.
effective MAT rate is 17.47%. The excess tax paid under MAT
Deferred tax asset amounting to ` 8,676 and ` 8,017 as at provisions over and above normal tax liability can be carried
March 31, 2021 and 2022, respectively in respect of unused forward for a period of fifteen years and set-off against
tax losses have not been recognized by the Company. The future tax liabilities computed under normal tax provisions.

436 / 490

A substantial portion of the profits of the Company’s India and ` 1 for the year ended March 31, 2020, 2021 and 2022,
operations are exempt from Indian income taxes being respectively.
profits attributable to export operations and profits from
The Board of Directors in their meeting held on March 25,
units established under the Special Economic Zone Act,
2022, declared an interim dividend of ` 5/- (US$ 0.07) per
2005 scheme. Units in designated special economic zones
equity share and ADR (250% on an equity share of par value
providing service on or after April 1, 2005 will be eligible for a
of ` 2/-). Consequently, the Company has recorded a liability
deduction of 100 percent of profits or gains derived from the
of ` 27,337 as at March 31, 2022 and this has been paid
export of services for the first five years from commencement
subsequently on April 19, 2022.
of provision of services and 50 percent of such profits and
gains for a further five years. 50% tax deduction is available During the year ended March 31, 2020, the Company
for a further five years subject to the unit meeting certain concluded the buyback of 323,076,923 equity shares as
defined conditions. Profits from certain other undertakings approved by the Board of Directors on April 16, 2019. This
are also eligible for preferential tax treatment. New Special has resulted in a total cash outflow of ` 105,000. In line with
Economic Zone units set up on or after April 1, 2021 are not the requirement of the Companies Act, 2013, an amount of
eligible for the aforesaid deduction. The tax holiday period ` 105,000 has been utilized from retained earnings. Further,
being currently available to the Company expires in various capital redemption reserve (included in other reserves) of
years through fiscal 2034-35. The impact of tax holidays has ` 646 (representing the nominal value of the shares bought
resulted in a decrease of current tax expense of ` 11,963, back) has been created as an apportionment from retained
` 11,458 and ` 16,483 for the years ended March 31, 2020, earnings. Consequent to such buyback, the paid-up equity
2021 and 2022, respectively, compared to the effective tax share capital has reduced by ` 646.
amounts that we estimate the Company would have been During the year ended March 31, 2021, the Company
required to pay if these incentives had not been available. concluded the buyback of 237,500,000 equity shares as
The per share effect of these tax incentives for the years approved by the Board of Directors on October 13, 2020. This
ended March 31, 2020, 2021 and 2022 was ` 2.05, ` 2.03, has resulted in a total cash outflow of ` 116,445 (including
and ` 3.02, respectively. tax on buyback of ` 21,445). In line with the requirement
Deferred income tax liabilities are recognized for all of the Companies Act, 2013, an amount of ` 1,427 and
taxable temporary differences except in respect of taxable ` 115,018 has been utilized from share premium and
temporary differences associated with investments retained earnings respectively. Further, capital redemption
reserve (included in other reserves) of ` 475 (representing
in subsidiaries where the timing of the reversal of the
the nominal value of the shares bought back) has been
temporary difference can be controlled and it is probable
created as an apportionment from retained earnings.
that the temporary difference will not reverse in the
Consequent to such buyback, the paid-up equity share
foreseeable future. Accordingly, deferred income tax
capital has reduced by ` 475.
liabilities on cumulative earnings of subsidiaries amounting
to ` 59,793 and ` 94,029 as at March 31, 2021 and 2022,
respectively and branch profit tax @ 15% of the US branch 23. Additional capital disclosures
profit have not been recognized. Further, it is not practicable
to estimate the amount of the unrecognized deferred tax The key objective of the Company’s capital management is
liabilities for these undistributed earnings. to ensure that it maintains a stable capital structure with
the focus on total equity to uphold investor, creditor, and
customer confidence and to ensure future development of
22. Dividends and Buyback of equity shares its business. The Company’s focus is to keep strong total
The Company declares and pays dividends in Indian rupees. equity base to ensure independence, security, as well as
According to the Companies Act, 2013 any dividend should a high financial flexibility for potential future borrowings,
be declared out of accumulated distributable profits. A if required without impacting the risk profile of the
Company may, before the declaration of any dividend, Company.
transfer a percentage of its profits for that financial year as
The Company’s goal is to continue to be able to return excess
it may consider appropriate to the reserves.
liquidity to shareholders by continuing to distribute annual
The cash dividends paid per equity share were ` 1, ` 1 dividends in future periods. The amount of future dividends/
and ` 1, during the years ended March 31, 2020, 2021 and buyback of equity shares will be balanced with efforts to
2022, respectively, including an interim dividend of ` 1, ` 1 continue to maintain an adequate liquidity status.
437 / 490

The capital structure as at March 31, 2021 and 2022 was as follows:
As at As at
% Change
March 31, 2021 March 31, 2022
Equity attributable to the equity shareholders of the Company ` 553,095 ` 658,158 19.0%
Current loans, borrowings and bank overdrafts 75,874 95,233

Non-current long-term loans and borrowings 7,458 56,463
Total loans, borrowings and bank overdrafts and lease liabilities ` 104,514 ` 175,929 68.3%
Total capital ` 657,609 ` 834,087 26.8%

Loans and borrowings represent 16% and 21% of total capital as at March 31, 2021 and 2022, respectively. The Company is not
subjected to any externally imposed capital requirements.
24. Revenue
A receivable is a right to consideration that is unconditional. A right to consideration is unconditional if only the passage of time is
required before payment of that consideration is due. For example, the Company recognizes a receivable for revenues related to
time and materials contracts or volume based contracts. The Company presents such receivables as part of unbilled receivables
at their net estimated realizable value. The same is tested for impairment as per the guidance in IFRS 9 using expected credit
loss method.
Contract liabilities: During the year ended March 31, 2021 and March 31, 2022, the Company recognized revenue of ` 16,082 and
` 18,880 arising from contract liabilities as at March 31, 2020 and March 31, 2021 respectively.
Contract assets: During the year ended March 31, 2021 and March 31, 2022, ` 15,101 and ` 13,944 of contract assets pertaining
to fixed-price development contracts have been reclassified to receivables on completion of milestones.
Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period.

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which
includes contract liabilities and amounts that will be invoiced and recognized as revenue in future periods. Applying the practical
expedient, the Company has not disclosed its right to consideration from customers in an amount that corresponds directly with
the value to the customer of the Company’s performance completed to date, which are contracts invoiced on time and material
basis and volume based.
As at March 31, 2020, 2021 and 2022, the aggregate amount of transaction price allocated to remaining performance obligations,
other than those meeting the exclusion criteria above, were ` 360,033, ` 384,881 and ` 328,191, respectively of which
approximately 62%, 59% and 59% respectively is expected to be recognized as revenues within two years, and the remainder
thereafter. This includes contracts with a substantive enforceable termination penalty if the contract is terminated without cause
by the customer, based on an overall assessment of the contract carried out at the time of inception. Historically, customers have
The tables below present disaggregated revenue from contracts with customers by business segment (refer to Note 34 “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.

438 / 490

IT Services
A. Revenue
Rendering of services ` 175,318 ` 180,404 ` 156,598 ` 78,280 ` 590,600 `- ` 7,950 ` 598,550
Sale of products - - - - - 11,682 - 11,682
` 175,318 ` 180,404 ` 156,598 ` 78,280 ` 590,600 ` 11,682 ` 7,950 ` 610,232
Banking, Financial Services and Insurance ` 2,151 ` 106,694 ` 53,869 ` 20,659 ` 183,373
Health 63,435 105 10,090 4,167 77,797
Consumer 67,980 2,054 16,030 10,448 96,512
Communications 8,061 1,048 7,753 16,794 33,656
Manufacturing 349 23,548 20,324 3,639 47,860
Technology 32,924 20,931 18,678 2,912 75,445
` 175,318 ` 180,404 ` 156,598 ` 78,280 ` 590,600 ` 11,682 ` 7,950 ` 610,232
Fixed price and volume based ` 96,876 ` 108,665 ` 104,165 ` 53,220 ` 362,926 `- ` 6,404 ` 369,330
Products - - - - - 11,682 - 11,682
` 175,318 ` 180,404 ` 156,598 ` 78,280 ` 590,600 ` 11,682 ` 7,950 ` 610,232
IT Services
A. Revenue
Sale of products - - - - - 7,663 - 7,663
` 177,387 ` 178,920 ` 164,498 ` 82,050 ` 602,855 ` 7,663 ` 8,912 ` 619,430
Health 64,397 18 12,390 4,789 81,594
Consumer 68,258 2,306 17,731 10,544 98,839
Communications 6,252 1,112 8,247 15,512 31,123
Manufacturing 265 23,350 22,339 3,024 48,978
Technology 35,180 21,689 16,245 5,236 78,350
` 177,387 ` 178,920 ` 164,498 ` 82,050 ` 602,855 ` 7,663 ` 8,912 ` 619,430
Products - - - - - 7,663 - 7,663
` 177,387 ` 178,920 ` 164,498 ` 82,050 ` 602,855 ` 7,663 ` 8,912 ` 619,430
439 / 490

IT Services
A. Revenue
Sale of products - 6,173 - 6,173
` 216,843 ` 238,123 ` 232,021 ` 90,479 ` 777,466 ` 6,173 ` 7,295 ` 790,934
Health 73,542 127 13,975 3,407 91,051
Consumer 89,824 2,589 31,718 12,310 136,441
Communications 9,387 1,207 12,952 15,035 38,581
Manufacturing 199 26,662 23,220 3,197 53,278
Technology 40,570 27,049 18,696 7,444 93,759
` 216,843 ` 238,123 ` 232,021 ` 90,479 ` 777,466 ` 6,173 ` 7,295 ` 790,934
Products - 6,173 - 6,173
` 216,843 ` 238,123 ` 232,021 ` 90,479 ` 777,466 ` 6,173 ` 7,295 ` 790,934
25. Expenses by nature

Employee compensation ` 326,571 ` 332,371 ` 450,075
Sub-contracting and technical fees 90,521 83,609 108,589
Cost of hardware and software 11,491 7,684 6,431
Travel 18,169 5,258 7,320
Facility expenses 19,733 20,255 25,269
Depreciation, amortization and impairment* 20,862 27,656 30,911
Communication 4,812 6,069 5,760
Legal and professional fees 4,733 5,561 7,561
Rates, taxes and insurance 3,004 3,475 4,548
Marketing and brand building 2,532 1,011 2,010
Lifetime expected credit loss/(write-back) 1,043 1,506 (797)
Miscellaneous expenses** 5,344 4,836 9,512
Total cost of revenues, selling and marketing expenses and
` 508,815 ` 499,291 ` 657,189
general and administrative expenses
* Depreciation, amortization, and impairment includes an impairment charge on certain software platforms, capital work-in-progress, property, plant and
equipment and intangible assets amounting to ` Nil, ` 2,418 and ` Nil, for the year ended March 31, 2020, 2021 and 2022, respectively.
** Miscellaneous expenses for the year ended March 31, 2021, includes an amount of ` 991 towards COVID-19 contributions.

440 / 490

26. Other operating income/(loss), net

During the year ended March 31, 2020, the Company concluded the sale of assets pertaining to Workday business and Cornerstone
OnDemand business in Portugal, France, and Sweden. A gain of ` 152 arising from such transaction was recognized under other
operating income/(loss), net.
The Company has partially met the first year and second year business targets pertaining to the sale of its hosted data center
business concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement
of the business targets amounting to ` 992 for the year ended March 31, 2020, was recognized under other operating income/
(loss), net.
The Company has partially met the first and second-year business targets pertaining to the sale of its hosted data center
business concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement
of cumulative business targets amounting to ` (81) for the year ended March 31, 2021, was recognized under other operating
income/(loss), net.
The Company sold its investment in Ensono Holdings, LLC as a result of acquisition by another investor for a consideration of
` 5,628 and recognized a cumulative gain of ` 1,252 (net of tax ` 430) in other comprehensive income being profit on sale of
investment designated as FVTOCI. The Company also recognized ` 1,233 for the year ended March 31, 2022 under other operating
income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.
The Company sold its investment in Denim Group as a result of acquisition by another investor for a consideration of ` 1,652 and
recognized a cumulative gain of ` 953 in other operating income/(loss), net including reclassification of exchange differences on
foreign currency translation.
27. Finance expenses

Interest expense ` 5,136 ` 4,298 ` 5,325
Exchange fluctuation loss on foreign currency borrowings 2,192 790 -
` 7,328 ` 5,088 ` 5,325
28. Finance and other income and Foreign exchange gains/(losses), net
Interest income ` 21,764 ` 18,442 ` 13,114
Dividend income 367 4 2
Exchange fluctuation gain on foreign currency borrowings - - 1,485
Net gain from investments classified as FVTPL 1,275 1,478 1,270
Net gain from investments classified as FVTOCI 675 988 386
Finance and other income ` 24,081 ` 20,912 ` 16,257
Foreign exchange gains/(losses), net, on financial instruments
measured at FVTPL 2,144 4,383 808
Other foreign exchange gains/(losses), net 1,025 (1,388) 3,547
Foreign exchange gains/(losses), net ` 3,169 ` 2,995 ` 4,355
` 27,250 ` 23,907 ` 20,612
441 / 490

29. Earnings per equity share

set out below:
Profit attributable to equity holders of the Company ` 97,218 ` 107,946 ` 122,191
Weighted average number of equity shares outstanding 5,833,384,018 5,649,265,885 5,466,705,840
Basic earnings per share ` 16.67 ` 19.11 ` 22.35
Profit attributable to equity holders of the Company ` 97,218 ` 107,946 ` 122,191
Weighted average number of equity shares outstanding 5,833,384,018 5,649,265,885 5,466,705,840
Effect of dilutive equivalent share options 14,439,221 12,391,937 15,377,598
Weighted average number of equity shares for diluted earnings per share 5,847,823,239 5,661,657,822 5,482,083,438
Diluted earnings per share ` 16.62 ` 19.07 ` 22.29
30. Employee stock incentive plans

The stock compensation expense recognized for employee services received during the year ended March 31, 2020, 2021 and
2022, were ` 1,262, ` 2,897, and ` 4,164, respectively.
holdings at nominal price subject to vesting conditions. WERT held 22,746,081, 19,401,215 and 14,689,729 treasury shares as at
March 31, 2020, 2021 and 2022, respectively.
Number of options
Range of
Name of Plan reserved under
exercise price
the plan
Wipro ADS Restricted Stock Unit Plan (WARSUP 2004 plan) * 59,797,979 US $ 0.03
Wipro Employee Restricted Stock Unit Plan 2005 (WSRUP 2005 plan) * 59,797,979 `2
Wipro Employee Restricted Stock Unit Plan 2007 (WSRUP 2007 plan) * 49,831,651 `2
Wipro Equity Reward Trust Employee Stock Purchase Plan, 2013 ** 39,546,197 `2
Employees covered under Stock Option Plans and Restricted Stock Unit (“RSU”) Option Plans (collectively “Stock Option Plans”)
are granted an option to purchase shares of the Company at the respective exercise prices, subject to requirements of vesting
conditions. These options generally vest in tranches over a period of one to four years from the date of grant. Upon vesting, the
employees can acquire one equity share for every option.
* The maximum contractual term for these Stock Option Plans and RSU Option Plans is perpetual until the options are available for grant under the plan.
** The maximum contractual term for these Stock Option Plans is up to May 29, 2023 until the options are available for grant under the plan.

442 / 490

The activity in equity-settled stock option plans and restricted stock unit option plan is summarized below:
Range of exercise price Numbers of options

and Weighted average Year ended Year ended Year ended
exercise price March 31, 2020 March 31, 2021 March 31, 2022
` 2 17,607,463 15,594,190 15,831,948
US $ 0.03 14,446,790 7,854,540 10,822,476
` 2 5,662,500 6,275,290 2,500,481
Granted *
US $ 0.03 5,341,000 5,033,648 10,470,026
Adjustment of Performance based stock ` 2 (2,182,667) (1,291,500) 608,435
options on completion of performance
measurement period US $ 0.03 (2,273,164) (1,021,560) 570,076
` 2 (4,610,572) (3,356,199) (4,712,311)
Exercised
US $ 0.03 (2,496,125) (3,269,832) (2,930,735)
` 2 - - -
Modification **
US $ 0.03 (5,681,966) 3,453,015 -
` 2 (882,534) (1,389,833) (1,985,881)
US $ 0.03 (1,481,995) (1,227,335) (1,419,941)
` 2 15,594,190 15,831,948 12,242,672
US $ 0.03 7,854,540 10,822,476 17,511,902
` 2 1,502,957 2,679,538 2,478,568
US $ 0.03 1,212,560 465,603 1,072,118
* Includes 2,461,500, 2,969,860 and 1,135,949 Performance based stock options (RSU) during the year ended March 31, 2020, 2021 and 2022, respectively.
2,524,600, 2,376,980 and 2,941,546 Performance based stock options (ADS) during the year ended March 31, 2020, 2021 and 2022, respectively.
Performance based stock options (RSU) were issued under Wipro Employee Restricted Stock Unit plan 2007 (WSRUP 2007 plan) and Performance based
stock options (ADS) 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.
The activity in cash-settled stock option plans and restricted stock unit option plan is summarized below:
Number of options
March 31, 2021 March 31, 2022
Outstanding at the beginning of the year 4,721,388 78,199
Modification ** (3,453,015) -
Exercised (845,066) (46,133)
Forfeited and lapsed (345,108) (7,466)
The carrying value of liability towards Cash Settled ADS RSU’s outstanding was ` 31 (including ` 11 towards exercisable units)
and ` 20 (including ` 2 towards exercisable units) as at March 31, 2021 and 2022, respectively.
Pursuant to the SEBI circular dated October 10, 2019, prohibiting issuance of depository receipts by listed companies to NRIs, the
Board Governance, Nomination and Compensation Committee approved in November 2019 cash pay out to its NRI employees in
lieu of shares and upon exercise of vested ADS RSU under the Company’s WARSUP 2004 Plan, based on prevailing market price
of ADS on the date of exercise. This change was accounted as a modification and the fair value on the date of modification of
` 561 has been recognised as financial liability with a corresponding adjustment to equity.
Pursuant to the SEBI clarification dated December 18, 2020, the restriction under SEBI circular dated October 10, 2019,
“Framework of Depository Receipts” shall not apply in case of issue of Depository Receipts to NRIs, pursuant to share based
employee benefit schemes which are implemented by a company in terms of SEBI (Share Based Employee Benefits) Regulations
2014, the Board Governance, Nomination and Compensation Committee approved in January 2021, allotment of underlying
equity shares in respect of ADSs to be issued and allocated to NRI employees upon exercise of vested ADS RSU under the
Company’s WARSUP 2004 Plan. This change was accounted as a modification and the fair value on the date of modification
was determined based on prevailing market price and accordingly an amount of ` 739 has been recognized as equity with a
corresponding adjustment to financial liability.
443 / 490

The following table summarizes information about outstanding stock options and restricted stock unit option plan:
Range of exercise Year ended March 31, 2020 Year ended March 31, 2021 Year ended March 31, 2022
price and Weighted Weighted Average Weighted Average Weighted Average
Number of Number of Number of
average exercise Remaining life Remaining life Remaining life
options options options
price (months) (months) (months)
`2 15,594,190 23 15,831,948 18 12,242,672 13
US $ 0.03 7,854,540 23 10,822,476 19 17,511,902 20
The weighted average grant date fair value of options granted during the year ended March 31, 2020, 2021 and 2022 was
` 260.65, ` 354.78, and ` 603.47 for each option, respectively. The weighted average share price of options exercised during the
year ended March 31, 2020, 2021 and 2022 was ` 267.04, ` 354.45, and ` 604.47 for each option, respectively.
31. Employee benefits

Salaries and bonus ` 315,036 ` 318,043 ` 429,837
Employee benefits plans 10,273 11,431 16,074
Share-based compensation* 1,262 2,897 4,164
` 326,571 ` 332,371 ` 450,075
* Includes ` 587 and ` 54 for the year ended March 31, 2021 and 2022 respectively, towards cash settled ADS RSUs.
The employee benefit cost is recognized in the following line items in the consolidated statement of income:
Cost of revenues ` 279,356 ` 282,983 ` 382,446
Selling and marketing expenses 30,763 31,236 41,339
General and administrative expenses 16,452 18,152 26,290
` 326,571 ` 332,371 ` 450,075
Defined benefit plan actuarial (gains)/losses recognized in other comprehensive income include:
Re-measurement of net defined benefit liability/(asset)
Return on plan assets excluding interest income - loss/(gain) ` 76 ` (578) ` (30)
Actuarial loss/(gain) arising from financial assumptions 749 423 (625)
Actuarial loss/(gain) arising from demographic assumptions 227 155 (667)
Actuarial loss/(gain) arising from experience adjustments 194 (334) 920
` 1,246 ` (334) ` (402)
b) Gratuity and foreign pension

Defined benefit plans include gratuity for employees drawing salary in Indian rupees, pension and certain benefit plans in foreign
jurisdictions. Amount recognized in the consolidated statement of income in respect of defined benefit plans is as follows:
Current service cost ` 1,782 ` 2,085 ` 2,674
Net interest on net defined benefit liability/(asset) 63 131 64
Net charge to statement of income ` 1,845 ` 2,216 ` 2,738
Actual return on plan assets ` 513 ` 1,127 ` 715

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Change in present value of defined benefit obligation is summarized below:
As at As at
March 31, 2021 March 31, 2022
Defined benefit obligation at the beginning of the year ` 13,465 ` 15,475
Acquisitions (Refer to Note 7 and 35) 7 3,123
Benefits paid (1,069) (2,731)
Remeasurement loss/(gain)
Actuarial loss/(gain) arising from financial assumptions 423 (625)
Actuarial loss/(gain) arising from demographic assumptions 155 (667)
Actuarial loss/(gain) arising from experience adjustments (334) 920
Defined benefit obligation at the end of the year ` 15,475 ` 18,893
Change in plan assets is summarized below:

As at As at
March 31, 2021 March 31, 2022
Fair value of plan assets at the beginning of the year ` 10,535 ` 13,637
Acquisitions - 1,636
Employer contributions 1,993 2,213
Remeasurement (loss)/gain
Return on plan assets excluding interest income - (loss)/gain 578 30
Fair value of plan assets at the end of the year ` 13,637 ` 17,701
Present value of unfunded obligation ` (1,838) ` (1,192)
Recognized asset/(liability) ` (1,838) ` (1,192)
As at As at
March 31, 2021 March 31, 2022
The discount rate is primarily based on the prevailing market yields of government securities for the estimated term of the
obligations. The estimates of future salary increase considered takes into account the inflation, seniority, promotion and other
relevant factors. Attrition rate considered is the management’s estimate, based on previous years’ employee turnover of the
Company.
445 / 490

Expected contribution to the fund during the year ending March 31, 2023 ` 1,454
2023 ` 2,935
2024 2,052
2025 1,970
2026 1,907
2027 1,920
Thereafter 15,001
Total ` 25,785
The expected benefits are based on the same assumptions used to measure the Company’s benefit obligations as at
March 31, 2022. Sensitivity for significant actuarial assumptions is computed to show the movement in defined benefit obligation
by 1 percentage.
As of March 31, 2022, every 1 percentage point increase/(decrease) in discount rate will result in (decrease)/increase of defined
benefit obligation by approximately ` (1,937) and ` 1,000 respectively (March 31, 2021: ` (1,508) and ` 1,440 respectively).
As of March 31, 2022, every 1 percentage point increase/(decrease) in expected rate of salary will result in increase/(decrease)
of defined benefit obligation by approximately ` 634 and ` (635) respectively (March 31, 2021: ` 864 and ` (798) respectively).
Furthermore, in presenting the sensitivity analysis, the present value of the defined benefit obligations has been calculated
using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the
defined benefit obligation liability recognized in the statement of financial position.
c) Provident fund:
As at As at
March 31, 2021 March 31, 2022
Fair value of plan assets ` 71,196 ` 76,573
Present value of defined benefit obligation (71,196) (76,573)
Net shortfall `- `-
The total expense for the year ended March 31, 2020, 2021 and 2022 is ` 2,282, ` 2,833 and ` 3,578, respectively.
The plan assets have been invested as per the regulations of Employees’ Provident Fund Organization (EPFO).
The principal assumptions used in determining the present value obligation of interest guarantee under the deterministic approach
are as follows:
As at As at
March 31, 2021 March 31, 2022

The total expense for the year ended March 31, 2020, 2021 and 2022 is ` 6,209, ` 6,513 and ` 9,822, respectively.

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32. Related party relationship and transactions

List of subsidiaries and associates as at March 31, 2022, are provided in the table below:
Country of
Incorporation
Wipro, LLC USA
Wipro Opus Risk Solutions LLC (formerly known
USA
as Wipro Opus Mortgage Solutions LLC)
HealthPlan Services, Inc. ** USA
Wipro Appirio, Inc. ** USA
International TechneGroup Incorporated ** USA
Wipro Designit Services, Inc. ** USA
Cardinal US Holdings, Inc.** USA
LeanSwift Solutions, Inc.** USA
Edgile, LLC USA
Wipro Overseas IT Services
India
Private Limited
Wipro Trademarks Holding
India
Limited
Designit T.L.V. Ltd. Israel
Designit Spain Digital, S.L.U. Spain
Wipro Financial Services UK
U.K.
Limited
Sultanate of
Wipro Gulf LLC
Oman
Wipro Bahrain Limited Co. W.L.L. Bahrain
Wipro 4C NV Belgium
Wipro 4C Nederland B.V (formerly known as 4C
Netherlands
Nederland B.V)
Wipro Weare4C UK Limited ** U.K.
447 / 490

Country of
Incorporation
Wipro Doha LLC # Qatar
Wipro Holdings Hungary
Hungary
Wipro Holdings Investment
Hungary
Egypt
Egypt SAE
Wipro Arabia Co. Limited * Saudi Arabia
Women’s Business Park Technologies Limited * Saudi Arabia
Wipro IT Services Poland SP
Poland
Z.O.O
Wipro Technologies Australia
Australia
Pty Ltd
Ampion Holdings Pty Ltd** Australia
Wipro Technologies South Africa
South Africa
Netherlands
Netherlands BV.
Wipro Portugal S.A. ** Portugal
Wipro Information Technology Kazakhstan LLP Kazakhstan
Wipro Outsourcing Services (Ireland) Limited Ireland
Wipro do Brasil Technologia Ltda ** Brazil
Wipro Technologies S.R.L Romania
PT WT Indonesia Indonesia
Cardinal Foreign Holdings 2 S.á.r.l ** Luxembourg
Wipro IT Services Bangladesh
Bangladesh
Limited
Wipro HR Services India Private
India
Limited
Encore Theme Technologies
India
Private Limited *

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Country of
Incorporation
Private Limited (Formerly known
India
as Eximius Design India Private
Limited)
Capco Technologies Private
India
Limited
* All the above direct subsidiaries are 100% held by the Company except that the Company holds 96.68% of the equity securities of Encore Theme
The remaining 3.32% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory
approvals/confirmations.
# 51% of equity securities of Wipro Doha LLC are held by a local shareholder. However, the beneficial interest in these holdings is with the Company.
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.
** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, HealthPlan Services, Inc, International TechneGroup Incorporated,
Wipro Appirio, Inc., Wipro Designit Services, Inc., Wipro Weare4C UK Limited, Cardinal US Holdings, Inc., Cardinal Foreign Holdings 2 S.á.r.l, Ampion
Holdings Pty Ltd, and LeanSwift Solutions, Inc. are as follows:
Country of
Incorporation
Wipro Business Solutions GmbH (formerly
Germany
known as Metro-nom GmbH)***
Wipro Do Brasil Sistemetas De
Brazil
Informatica Ltd
HealthPlan Services Insurance
USA
Agency, LLC
International TechneGroup
USA
Incorporated
Wipro Italia S.R.L. (formerly
known as International Italy
TechneGroup S.R.L.)
Wipro Appirio, K.K. (formerly
Japan
Topcoder, LLC. USA
Cardinal Foreign Holdings 2
Luxembourg
S.á.r.l
449 / 490

Country of
Incorporation
The Capital Markets Company BV*** Belgium
Capco Brasil Serviços E Consultoria Em
Brazil
Informática Ltda
USA
LLC
CAPCO (US) LLC USA
NEOS LLC USA
Iris Holdco Pty Ltd*** Australia
LeanSwift AB Sweden
***Step Subsidiary details of The Capital Markets Company BV, Wipro Business Solutions GmbH (formerly known as Metro-nom
GmbH) and Iris Holdco Pty Ltd are as follows:
Country of
Incorporation
Belgium
BV
UK
(UK) Ltd
Canada
Limited
Capco (US) GP LLC**** USA
Hong Kong
Limited
Capco Consulting Services (Guangzhou)
China
Company Limited
Slovakia
s.r.o
France
S.A.S
Switzerland
S.á.r.l
Netherlands
BV

450 / 490

Country of
Incorporation
Capco Consulting Singapore
Singapore
Pte. Ltd
Germany
GmbH
Capco Consultancy (Malaysia)
Malaysia
Sdn. Bhd
Capco Consultancy (Thailand)
Thailand
Ltd
(formerly known as Metro-nom Germany
GmbH)
Wipro Technology Solutions
S.R.L (formerly known as Metro Romania
Systems Romania S.R.L)
****Step Subsidiary details of Capco (US) GP LLC is as follows:

Country of
Incorporation

Capco (Canada) LP@ Canada
@
Name of the related parties: Nature

Hasham Investment and Trading Co. Pvt. Ltd Entity controlled by Promoters
Azim Premji Philanthropic Initiatives Pvt. Ltd Entity controlled by Promoters
Electric
451 / 490

Country of
Incorporation
Rishad A. Premji Chairman of the board (designated as “Executive Chairman”)
Non-Executive non-Independent director (designated as
Azim H. Premji
“Founder Chairman”) (1)
(1)
(2)
(3)
Ms. Tulsi Naidu was appointed as Independent Director with effect from July 1, 2021 for a term of five years.

- Yasmeen A. Premji
- Tariq A. Premji
The Company has the following related party transactions:
Entities controlled by Directors Key Management Personnel

Transactions / balances
2020 2021 2022 2020 2021 2022
Sale of goods and services ` 43 ` 171 ` 182 `- `- `-
Assets purchased 741 423 158 - - -
Dividend 3,987 3,760 3,760 243 242 244
Buyback of Shares 69,392 91,562 - 4,076 - -
Rental income 45 50 3 - - -
Rent Paid 2 2 2 9 7 8
Others 119 44 49 - - -
Key management personnel *

Remuneration and short-term benefits `- `- `- ` 354 ` 741 ` 805
Other benefits - - - 178 231 376

Receivables ` 94 ` 241 ` 198 `- `- `-
Payables 23 - - 166 333 293
* Post-employment benefits comprising compensated absences is not disclosed, as this is determined for the Company as a whole. Other benefits include
` 170, ` 219, and ` 368 as of March 31, 2020, 2021 and 2022, respectively towards amortization of Restricted Stock Units (“RSUs”) granted to them which
vest over a period of time. This also includes RSU’s that will vest based on performance parameters of the Company.
significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel, which may
have a potential conflict with the interests of the Company at large.

452 / 490

33. Commitments and contingencies The Hon’ble Supreme Court of India, through a ruling in
February 2019, provided interpretation on the components
Capital commitments: As at March 31, 2021 and 2022, the of Salary on which the Company and its employees are to
Company had committed to spend approximately ` 7,490 contribute towards Provident Fund under the Employee’s
and ` 11,376 respectively, under agreements to purchase/ Provident Fund Act. Based on the current evaluation, the
construct property and equipment. These amounts are net Company believes it is not probable that certain components
of capital advances paid in respect of these purchases. of Salary paid by the Company will be subject to contribution
towards Provident Fund due to the Hon’ble Supreme Court
Guarantees: As at March 31, 2021 and 2022, guarantees order. The Company will continue to monitor and evaluate its
provided by banks on behalf of the Company to the Indian position based on future events and developments.
Government, customers and certain other agencies amount
to approximately ` 17,128 and ` 17,094 respectively, as part
of the bank line of credit. 34. Segment information
Contingencies and lawsuits: The Company is subject to The Company is organized into the following operating
legal proceedings and claims resulting from tax assessment segments: IT Services, IT Products and India State Run
orders/penalty notices issued under the Income-tax Enterprise segment (“ISRE”).
Act, 1961, which have arisen in the ordinary course of its
IT Services: During the year ended March 31, 2021, in order
business. Some of the claims involve complex issues and
to broad base our growth, the Company re-organized IT
it is not possible to make a reasonable estimate of the
Services segment to four Strategic Market Units (“SMUs”) -
expected financial effect, if any, that will result from ultimate
Americas 1, Americas 2, Europe and Asia Pacific Middle
resolution of such proceedings. However, the resolution of
East Africa (“APMEA”).
these legal proceedings is not likely to have a material and
adverse effect on the results of operations or the financial Americas 1 and Americas 2 are primarily organized by
position of the Company. industry sector, while Europe and APMEA are organized by
countries.
The Company’s assessments are completed for the years up
to March 31, 2018. The Company has received demands on Americas 1 includes the entire business of Latin America
multiple tax issues. These claims are primarily arising out (“LATAM”) and the following industry sectors in the United
of denial of deduction under section 10A of the Income- States of America: healthcare and medical devices,
tax Act, 1961 in respect of profit earned by the Company’s consumer goods and life sciences, retail, transportation and
undertaking in Software Technology Park at Bengaluru, the services, communications, media and information services,
appeals filed against the said demand before the Appellate technology products and platforms. Americas 2 includes
authorities have been allowed in favor of the Company by the entire business in Canada and the following industry
the second appellate authority for the years up to March sectors in the United States of America: banking, financial
31, 2008 which either has been or may be contested by services and insurance, manufacturing, hi-tech, energy and
the Income tax authorities before the Hon’ble Supreme utilities. Europe consists of the United Kingdom and Ireland,
Court of India. Other claims relate to disallowance of tax Switzerland, Germany, Benelux, the Nordics and Southern
benefits on profits earned from Software Technology Europe. APMEA consists of Australia and New Zealand,
Park and Special Economic Zone units, capitalization of India, Middle East, South East Asia, Japan and Africa.
research and development expenses, transfer pricing The corresponding information for the year ended March
adjustments on intercompany / inter unit transactions and 31, 2020 have been re-stated to give effect to the above
other issues. changes.
Income tax claims against the Company amounting to Revenue from each customer is attributed to the respective
` 80,032 and ` 92,476 are not acknowledged as debt as SMUs based on the location of the customer’s primary
at March 31, 2021 and 2022, respectively. These matters buying center of such services. With respect to certain
are pending before various Appellate Authorities and the strategic global customers, revenue may be generated
management expects its position will likely be upheld on from multiple countries based on such customer’s buying
ultimate resolution and will not have a material adverse centers, but the total revenue related to these strategic
effect on the Company’s financial position and results of global customers are attributed to a single SMU based on
operations. the geographical location of key decision makers.
The contingent liability in respect of disputed demands Prior to the Company’s re-organization of its IT services
for excise duty, custom duty, sales tax and other matters segment, the IT services segment was organized by
amounting to ` 11,413 and ` 12,092 as of March 31, 2021 seven industry verticals: Banking, Financial Services and
and 2022, respectively. However, the resolution of these Insurance (“BFSI”), Health Business unit (“Health BU”),
disputed demands is not likely to have a material and Consumer Business unit (“CBU”), Energy, Natural Resources
adverse effect on the results of operations or the financial and Utilities (“ENU”), Manufacturing (“MFG”), Technology
position of the Company. (“TECH”) and Communications (“COMM”).
453 / 490

Our IT Services segment provides a range of IT and IT ISRE: This segment consists of IT Services offerings
enabled services which include digital strategy advisory, to entities and/or departments owned or controlled by
customer centric design, technology consulting, IT Government of India and/or any State Governments.
consulting, custom application design, development,
re-engineering and maintenance, systems integration, The Chairman of the Company has been identified as the
package implementation, cloud and infrastructure services, Chief Operating Decision Maker (“CODM”) as defined by
business process services, cloud, mobility and analytics IFRS 8, “Operating Segments”. The Chairman of the Company
services, research and development and hardware and evaluates the segments based on their revenue growth and
software design. operating income.
IT Products: The Company is a value-added reseller Assets and liabilities used in the Company’s business are
of security, packaged and SaaS software for leading not identified to any of the operating segments, as these
international brands. In certain total outsourcing contracts are used interchangeably between segments. Management
of the IT Services segment, the Company delivers hardware, believes that it is currently not practicable to provide
software products and other related deliverables. Revenue segment disclosures relating to total assets and liabilities
relating to these items is reported as revenue from the sale since a meaningful segregation of the available data is
of IT Products. onerous.
Revenue ` 176,115 ` 181,481 ` 157,526 ` 78,676 ` 593,798 ` 11,657 ` 7,950 ` (4) ` 613,401
Segment result 27,289 34,341 27,617 9,550 98,797 (323) (1,849) 229 96,854
Unallocated 7,732 - - - 7,732
Segment result total ` 107,673 ` (323) ` (1,849) ` 229 ` 105,730
Finance expense (7,328)
Share of net profit/(loss) of associates
accounted for using the equity method 29
Depreciation, amortization and impairment ` 20,862
Revenue ` 178,091 ` 179,821 ` 165,441 ` 82,462 ` 605,815 ` 7,685 ` 8,912 ` 13 ` 622,425
Other operating income/(loss), net - - - - (81) - - - (81)
Segment result 33,040 41,589 31,673 11,476 117,778 45 1,061 (903) 117,981
Unallocated 5,153 - - - 5,153
Segment result total ` 122,850 ` 45 ` 1,061 ` (903) ` 123,053

454 / 490

Revenue ` 217,874 ` 239,404 ` 233,443 ` 91,103 ` 781,824 ` 6,173 ` 7,295 ` (3) ` 795,289
Segment result 42,820 47,376 35,739 10,523 136,458 115 1,173 (80) 137,666
Segment result total ` 139,078 ` 115 ` 1,173 ` (80) ` 140,286
Revenues from India, being Company’s country of domicile, is ` 29,374, ` 27,156 and ` 25,939 for year ended March 31, 2020, 2021 and
2022 respectively.
Revenues from United States of America and United Kingdom contributed more than 10% of Company’s total revenues as per table
below:

United States of America ` 338,490 ` 336,009 ` 427,021
United Kingdom 65,258 67,852 101,437
` 403,748 ` 403,861 ` 528,458
No customer individually accounted for more than 10% of the revenues during the year ended March 31, 2020, 2021 and 2022.
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) Effective beginning of fiscal year ended March 31, 2021, revenue from sale of traded cloud-based licenses is no longer reported
in IT Services revenue and finance income on deferred consideration earned under total outsourcing contracts is not included
in segment revenue. Further, for evaluating performance of the individual operating segments, stock compensation expense is
allocated based on the accelerated amortization as per IFRS 2. Segment information for the year ended March 31, 2020 has been
re-stated to give effect to these changes.
b) “Reconciling items” includes elimination of inter-segment transactions and other corporate activities.
c) Revenue from sale of Company owned intellectual properties is reported as part of IT Services revenues.
d) For the purpose of segment reporting, the Company has included the impact of “foreign exchange gains / (losses), net” in revenues
(which is reported as a part of operating profit in the consolidated statement of income).
e) During the year ended March 31, 2021, the Company has contributed ` 991 towards COVID-19 and is reported in Reconciling
items.
f) Other operating income/(loss) of ` 1,144, ` (81) and ` 2,186 is included as part of IT Services segment result for the year ended
March 31, 2020, 2021 and 2022, respectively. Refer to Note 26.
g) Segment results for the year ended March 31, 2021, are after considering the impact of impairment charge of ` 1,250 in Americas 1
and ` 192 in Europe. Further, an impairment charge of ` 674 for the year ended March 31, 2021 towards certain marketing-
related intangible assets and software platform recognized on acquisitions, is allocated to all IT Services SMUs. The remaining
impairment charge of ` 302 for the year ended March 31, 2021 is included under unallocated. Refer to Note 4, 6 and 25.
h) Segment results for year ended March 31, 2021, are after considering additional amortization of ` 795 in Americas 2 due to
change in estimate of useful life of the customer-related intangibles in an earlier business combination. Refer to Note 6.
i) Segment results of IT Services segment are after recognition of share-based compensation expense ` 1,262, ` 2,897, and ` 4,164
for the year ended March 31, 2020, 2021 and 2022, respectively.
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35. As part of a customer contract with Metro AG, the Company has acquired Metro-nom GmbH (currently known as Wipro Business
Solutions GmbH) and Metro Systems Romania S.R.L (currently known as Wipro Technology Solutions S.R.L), the IT units of Metro
AG in Germany and Romania, respectively, for a consideration of ` 5,096. Considering the terms and conditions of the agreement,
the Company has concluded that this transaction does not meet the definition of Business under IFRS 3 “Business Combinations”.
The transaction was consummated on April 1, 2021. The fair value of net assets acquired aggregating to ` 4,691 is allocated to
respective assets and liabilities. The excess of consideration paid, and net assets taken over is accounted as ‘costs to obtain
contract’, which will be amortized over the tenure of the contract as reduction in revenues.
Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by
the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident
Fund contributions by the Company and its Indian subsidiaries is not expected to be material, whereas, the likely additional
impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its
Indian subsidiaries will complete their evaluation once the subject rules are notified and will give appropriate impact in the
are published.
37. Events after the reporting period

a) On April 11, 2022, the Company acquired CAS Group.
b) On May 20, 2022, the Company acquired Rizing.
Refer to Note 7 for additional details on acquisitions completed after March 31, 2022.

456 / 490
Business Responsibility and Sustainability Report 2021-22
Section A: General Disclosures

I. Details
of the Listed Entity
1. Corporate Identity Number (CIN) of the Listed Entity L32102KA1945PLC020800
2. Name of the Listed Entity Wipro Limited

3. Year of incorporation 1945
4. Registered office address Doddakannelli, Sarjapur Road, Bengaluru-560035,
Karnataka, India
5. Corporate address Doddakannelli, Sarjapur Road, Bengaluru-560035,
Karnataka, India
6. E-mail eco.eye@wipro.com
7. Telephone +91-80-28440011
8. Website https://www.wipro.com
9. Financial year for which reporting is being done April 1, 2021 to March 31, 2022 (FY 2021-22)
10. Name of the Stock Exchange(s) where shares are listed India- National Stock Exchange of India Limited
(NSE) and BSE Limited (BSE)
USA- New York Stock Exchange (NYSE)
11. Paid-up Capital The paid-up equity share capital of the
Company as of March 31, 2022, stood at
` 10,964 million consisting of 5,482,070,115
equity shares of ` 2/- each
12. Name and contact details (telephone, email address) of the person who Narayan PS
may be contacted in case of any queries on the Business Responsibility Global Head - Sustainability and Social Initiatives
and Sustainability Report (“BRSR”) report narayan.pan@wipro.com
Telephone: +91-80-46827999
13. Reporting boundary - Are the disclosures under this report made on a The disclosures under this report are made
standalone basis (i.e., only for the entity) or on a consolidated basis (i.e., on a consolidated basis, excluding Capco and
for the entity and all the entities which form a part of its consolidated its subsidiaries that were acquired during the
financial statements, taken together). year.
II. Products/Services
14. Details of business activities (accounting for 90% of the turnover):
Refer to page no. 48 of the Annual Report.
15. Products/Services sold by the entity (accounting for 90% of the entity’s turnover):
The Company’s IT and IT-enabled services including, technology consulting, IT consulting, business process services,
among others, are the predominant services which accounts for more than 90% of the entity’s turnover. The NIC Code is
62013 and 62020.
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Number of Offices +
Location Number of plants Total
Data Centre
Offices – 36
National NA 39
Data Centre - 3
Offices – 211
Data Centers – 5
International NA 220
Warehouses – 2
Storage – 2
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17. Markets served by the entity:

a. Number of locations
Locations Number
National (No. of States) 14
International (No. of Countries) 66
b. What is the contribution of exports as a percentage of the total turnover of the entity?
97% contribution of exports.
c. A brief on types of customers.
Our customers are from a range of diversified industry sectors from across the globe; we also work with the
government sector in select markets.
IV. Employees
18. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
Refer to details provided in section 2.1 and 2.2 of the ESG Dashboard available on the Company’s website at https://
www.wipro.com/investors/annual-reports/.
b. Differently abled Employees and workers:
Refer to details provided in section 2.2 of the ESG Dashboard available on the Company’s website at https://www.
wipro.com/investors/annual-reports/.
19. Participation/Inclusion/Representation of Women
Total No. and percentage of Females
(A)
No. (B) % (B / A)
Board of Directors 9 2 22.22%
Key Management Personnel*# 4 0 0
* Includes Executive Chairman, Chief Executive Officer and Managing Director, Chief Financial Officer and Company Secretary.
# Our overall gender diversity stands at 36.1% and we heave nearly 20% women in our 200 senior-most leadership ranks.
20. Turnover rate for permanent employees and workers:

Refer to details provided in section 2.4 of the ESG Dashboard available on the Company’s website at https://www.wipro.
com/investors/annual-reports/.
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures:
Refer to Form AOC-1 provided at page nos. 293 to 298 of this Annual Report for information on holding/subsidiary/
associate companies/ joint ventures.
VI. CSR Details
22. (i) Whether CSR is applicable as per Section 135 of Companies Act, 2013 : Yes
(ii) Turnover (` In Mn) : ` 595,744
(iii) Net worth (` In Mn) : ` 543,506
VII. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct (NGRBC):
i) Employees may register their concerns through the dedicated e-mail address available (ombuds.person@wipro.com)
or through the Company’s intranet portal. The Company encourages its employees to register their concerns/grievances
through the Ombuds process and ensures that there is no discrimination, retaliation or harassment of any kind against
any employee who reports under the vigil mechanism or participates in the investigation.

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Business Responsibility and Sustainability Report (BRSR)
ii) Investors and shareholders may register their complaints/grievances through the grievance redressal mechanism
implemented by the Company in coordination with KFin Technologies Limited, the Company’s Registrar and Transfer
Agent. Details on Investor complaints received and resolved during the year are provided at page no. 125 of the Annual
Report.
iii) Suppliers may provide their feedback either through the Ombuds process, Helpline/Helpdesk or other forums like the
Annual Supplier Meet.
iv) Customers may raise grievances through the respective account managers/client engagement managers, Customer
Advocacy Group or through independently administered satisfaction surveys. We obtain ongoing, project based and
annual feedbacks from our customers.
We monitor and track the complaints/grievances received from different stakeholder groups on an ongoing basis. Refer
to details provided in section 3.2 of the ESG Dashboard available on the Company’s website at https://www.wipro.com/
investors/annual-reports/.
24. Overview of the entity’s material responsible business conduct issues.
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
mitigate the risk along-with its financial implications.
We have a detailed materiality determination process basis which we regularly review the most significant issues to our
business. What is material to business is a function of which stakeholders we serve, what is the shared value proposition
for each of the stakeholders, what risks and opportunities does this present for Wipro and the time-horizon (short,
medium and long term). We also apply the concept of double materiality in arriving at the priority issues i.e. “The impacts
on us” and the “The impacts due to us”. Further details of our materiality determination, risk and opportunity management
can be found in the following sections
Materiality Determination ( Refer to page no. 40 of the Annual Report)
Human Capital (Refer to page no. 59 of the Annual Report)
Social & Relationship Capital- Customers & Suppliers (Refer to page no. 65 for customers and page no. 69 for suppliers of
the Annual Report)
Natural Capital (Refer to page no. 79 of the Annual Report)
S
ECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the
NGRBC Principles and Core Elements.
Policy & Management Processes
1. a. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs.
Yes
b. Has the policy been approved by the Board?
Yes
c. Web Link of the Policies:
P1 to P9: Code of Business Conduct, Ombuds Policy, Supplier Code of Conduct.
P2: Policy on ecological sustainability
P3 & P5: Human Rights Policy, Global Policy for Equal Employment Opportunity for Persons with Disabilities, Anti-slavery
&\Human Trafficking
P4 & P8: CSR Policy
P6: Health & Safety Policy
2. Whether the entity has translated the policy into procedures.
Yes
3. Do the enlisted policies extend to your value chain partners?
Yes
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4. Name of the national and international codes/certifications/labels/ standards (e.g., Forest Stewardship Council, Fairtrade,
Rainforest Alliance, Trustea) standards (e.g., SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle.
P2: ISO 9001:2015, ISO 20000:2018, ISO 27001:2013, ISO 22301:2019*, ISO 45001:2018
P5: International Labour Organization (“ILO”) Declaration, Universal Declaration of Human Rights (“UNDHR”), UN Guiding
Principles on Business & Human Rights, United Nations Global Compact (“UNGC”)
P6: ISO 14001:2015, ISO 14064, Leadership in Energy & Environmental Design (“LEED”)
*Partial compliance (Few locations in India and 1 Centre in Germany)

5. Specific commitments, goals and targets set by the entity with defined timelines, if any & 6. Performance of the entity against
the specific commitments, goals, and targets along-with reasons in case the same are not met.
As part of the ESG strategy, we have articulated 15 ESG goals. The performance against each goal and targets have been
provided in the ESG Dashboard available on the Company’s website at https://www.wipro.com/investors/annual-reports/.
Governance, leadership, and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets, and
achievements (listed entity has flexibility regarding the placement of this disclosure)
Refer to page no. 19 and 23 of the Annual Report.
8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies) and
specified Committee of the Board/ Director responsible for decision making on sustainability related issues?
• Mr. Narayan PS, Global Head - Sustainability and Social Initiatives
• Board Governance, Nomination and Compensation Committee (which also acts as Corporate Social Responsibility Committee)
9. Details of Review of NGRBCs by the Company:
a. Performance against the above policies and follow up action.
The respective Committee of the Board reviews the performance, as needed from time to time. This is supplemented by
leadership reviews e.g. Human capital and people related issues are reviewed regularly by our Chief Executive Officer
(“CEO”), the Global Executive Council and the Human Resource (“HR”) leadership. Ecological sustainability related matters
are reviewed by the Board Governance, Nomination and Compensation Committee (“BGNC”), the CEO, the Heads of
Sustainability, Finance, HR and Operations.
b. Compliance with statutory requirements of relevance to the principles, and rectification of any non-compliances.
The Board has approved a Global Statutory Compliance Policy providing guidance on broad categories of applicable
laws and process for monitoring compliance. In furtherance to this, the Company has instituted an online compliance
management system within the organization to monitor compliances and provide updates to the senior management and
Board on a periodic basis. The Audit, Risk and Compliance Committee and the Board periodically monitor the status of
compliances with applicable laws.
c. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency?
Yes, we carry out assessments against P2 & P6, and our sustainability audit (by DNV GL) covering all the principles.
10. If the answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated.
Not Applicable
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and
Accountable.
At Wipro, we hold a strong commitment towards integrity outlined through our values of the “Spirit of Wipro”. Through effective
sustainability risk monitoring, strong data privacy protection for stakeholders, a rigorous and fair Ombuds procedure and
transparent disclosures, Wipro intends to establish and maintain the highest standards of ESG governance at the Board and
Executive levels. The Corporate Governance at Wipro is implemented through four functional levels, namely- Governance by
Shareholders, Governance by Board of Directors, Governance by Committees of Board of Directors and Governance by Management
Process. Apart from this, Wipro also has an enterprise-wide Code of Business Conduct (applicable to our customers, suppliers,
partners, competitors, employees, and other stakeholders) that outlines all ethical considerations that need to be adhered to for
responsible and professional conduct. It also includes general principles aimed at guiding employees in making ethical decisions.
Apart from this, Corporate Governance is articulated in the Corporate Governance Guidelines, Charters of various Committees

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and the Disclosure policy. Wipro has a compliance framework, with the goal of establishing suitable procedures and processes
to ensure global compliance with all applicable laws and regulations, as well as identifying and mitigating compliance risks. One
of our tenets of transparency is the great emphasis we place on comprehensive ESG disclosures in the public domain i.e., apart
from our Annual Report based on the principles of integrated reporting and BRSR, we also publish a detailed Sustainability Report.
Further, our Chairman introduced the Five Habits essential to drive a Growth Mindset in early 2020, which are our values in action.
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programs on any of the principles during the financial year:
The Company conducts various programs for all employees (100%) covering various BRSR aspects which are as follows:
a. Code of Business Conduct (COBC): E-learning module for all employees along with an annual assessment.
b. Prevention of Sexual Harassment (PSH): E-learning module for all employees along with annual assessment to maintain a
workplace free from discrimination or harassment of any kind and to create awareness among employees.
c. Prohibition of Insider Trading (“PIT”) Program: E-learning module with a combination of quarterly sessions are conducted to
create awareness among employees.
d. Anti-Bribery & Anti-Corruption Training Program: E-learning module for employees to create awareness about Wipro’s
policy and values on Anti-Bribery and Anti-Corruption.
e. Five Habits Session: Sessions are conducted by the leadership team of the Company, focusing on core values of the
organization as specified in the Corporate Governance Report.
f. Health and Safety Program: Awareness sessions on healthy lifestyle and employee assistance or counselling programs
are conducted by the Company to prevent workplace injuries and ill health and provide employees with a safe and healthy
working environment by continuously evolving industry practices and societal standards of care.
Training programs listed in Sl. No a and b are mandatory training programs and remaining training programs are conducted
for employees based upon applicability.
All Directors and Senior Management Personnel of the Company have affirmed compliance with Wipro’s Code of Business
Conduct for the financial year ended March 31, 2022.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by
directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format
(Note: the entity shall make disclosures based on materiality as specified in Regulation 30 of SEBI (Listing Obligations and
Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):
Not Applicable
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary
action has been appealed.
Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to
the policy.
Yes. The Company has a Code of Business Conduct (“COBC”) which covers anti-corruption and anti-bribery. The COBC provides
the ethical guidelines and expectations for conducting business on behalf of Wipro Limited, its subsidiaries and affiliate
companies.
It applies to all employees and members of the Board of Directors of the Company. It also applies to individuals who serve the
Company on contract, subcontract, retainer, consultant or any other such basis.
This Code has been displayed on the Company’s website at Code of Business Conduct and Ethics.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action wastaken by any law enforcement agency for
the charges of bribery/ corruption:
FY 2022 FY 2021
Directors
KMPs Nil
Employees
6. Details of complaints with regard to conflict of interest:

NIL
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7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law
enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest:
Not Applicable
LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year:
Total number of %age of value chain partners covered
Topics/principles covered
awareness programmes (by value of business done with such partners)
under the training
held under the awareness programmes
Environment Health and Safety (EHS), Pandemic, More than 80% of the value chain partners, who are
Health related sessions, Ergonomic lifestyle, manpower services related, are covered under the
106*
Supplier diversity, Anti-Bribery & Corruption and awareness programmes.
Modern Slavery
*Includes EHS and related-78, Supplier Diversity-21 & Anti-Bribery & Corruption and Modern Slavery-7
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No) If yes,
provide details of the same.
Yes. The Company receives from the members of the Board, a list of entities in which they are interested, at the beginning of
every financial year and as and when there is any change in such interest.
Additionally, a self-declaration portal is designed for employees to identify and disclose any situation which may be
perceived to be an actual or potential conflict with the interests of the Company.
PRINCIPLE 2: Businesses should provide goods & services in a manner that is sustainable and safe
With more than 30 sustainability-aligned services and offerings, our capabilities are comprehensive and customizable to our clients
across several industries. These offerings draw from Wipro’s expertise in Cloud, Sustainable IT, Sustainable Design, Innovation and
Experience (Designit), Sustainable Finance (CAPCO), Engineering, Cyber Security, and other lines of business to offer the type of
unified transformation that clients need to achieve their sustainability and Net Zero goals.
Since 2017, Wipro’s IT hardware purchase standards have been in line with the Electronic Product Environmental Assessment Tool
(“EPEAT”) standard from the Green Electronic Council. As a result, we are the only IT services and consulting firm in the world to obtain
the EPEAT purchaser award across four product categories. Engineering/design services, materials, and equipment procurement
that comply with stringent environmental criteria, forms the basis for Wipro’s Green Building Program. During commissioning, 24
of our current buildings across campuses were certified to the International LEED standard (Silver, Gold, and Platinum), making
us one of the early adopters of green building design. Environmental Management System (“EMS”) (ISO 14001:2015 standard) has
been in place for two decades and forms the core of the implemented EMS.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and
social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
FY 2022 FY 2021 Details of improvements on environmental and social impacts
We at present do not separately track R&D spend on ESG. However,
R&D our IP and new solution offerings encompass a range of sustainability
offerings across sectors.
Capex (In INR Million) 2,713 9,977 Investments in green buildings across locations.
2. a. Does the entity have procedures in place for sustainable sourcing?

Yes
b. If yes, what percentage of inputs were sourced sustainably?
We have green procurement guidelines across core areas of procurement, like the Facilities Management Group (FMG)
where we ensure use of safe cleaning supplies and gardening materials, Civil & Infrastructure where we adhere to
procurement of green building materials & IT Products where procurement of equipment is as per stringent environmental
criteria validated by EPEAT.
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life, for (a)
Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Given that Wipro does not manufacture any products, this question is not applicable. However, Wipro has waste management
strategies in place for its own operations, as mentioned in detail in page no. 84 of the Annual Report.

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4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not,
provide steps taken to address the same.
Not Applicable.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for
its services (for service industry)? If yes, provide details in the following format?
Yes, we perform natural capital valuation for Wipro’s direct operations and upstream indirect impacts through an external
agency. Natural Capital impact is 2.66% as a share of revenue of Wipro operations and 14.93% as a share of Earnings before
Interest & Tax (“EBIT”) in FY 2021-22. We report the results in the Natural Capital section of the Annual Report. For more
details, refer to section 1.6 of the ESG Dashboard available on the Company’s website at https://www.wipro.com/investors/
annual-reports/.
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products/
services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same
along-with action taken to mitigate the same.
LCA is not applicable to Wipro since we are not in the product manufacturing segment. However, we conduct a Natural Capital
Valuation Program, which is a rigorous framework that assesses and quantifies positive and negative impacts on nature or
natural capital on account of a company’s operations and value chain. Natural Capital Impacts are calculated across six key
performance indicators (KPIs) namely, GHG emissions, air pollution, water consumption, water and land pollution, waste
generation and land use change. Please refer to Natural capital section of the Annual Report at page no. 86 for more details.
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry)
or providing services (for service industry).
Not Applicable.
4. The products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely
disposed:
The sanitary, bio-medical, hazardous, and inorganic tissue paper are incinerated. Other categories of waste are recycled and/
or managed appropriately. Please refer to details provided in section 1.4 of the ESG Dashboard available on the Company’s
website at https://www.wipro.com/investors/annual-reports/.
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Not Applicable.
PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value chains
Wipro is an inclusive organization in spirit and in practice. Our people strategies are focused on providing an exceptional employee
experience through a variety of learning opportunities, rewarding careers, and a safe and healthy workplace. These include
workplace health and safety programs, occupational medical and healthcare services programs on lifestyle diseases and mental
well-being, in addition to comprehensive medical benefits programs. Wipro endeavours to follow the principles of diversity and
fairness with all our value chain partners, in terms of human rights, employee welfare, health and safety, standards of minimum
wages and maximum working hours. We also provide volunteering opportunities to employees in community work.
1. a. Details of measures for the well-being of employees:
With the ongoing pandemic, employee well-being has become an area of strategic focus for Wipro. Our employee wellness
programs encompass the three areas of employee well-being, namely- physical, emotional, and financial. Please refer to
the Human Capital section at page no. 57, for more details.
b. Details of measures for the well-being of workers:
Refer the response to 1.a. above.
2. Details of retirement benefits, for Current FY and Previous Financial Year.
Refer to details provided in section 2.11 of the ESG Dashboard available on the Company’s website at https://www.wipro.com/
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3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the
Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Wipro complies with the Rights of Persons with Disabilities Act, 2016, and the premises are largely accessible as per the
requirements. In 2021, we have conducted a detailed assessment of each of the premises and have developed a plan with
the recommendations. We are in the process of implementing the identified gaps. This is incorporated within the Facilities
Management for continued focus.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a
web-link to the policy.
Yes, we have a Global policy for Equal Employment Opportunity as per the Rights of Persons with Disabilities Act, 2016.
5. Return to work and retention rates of permanent employees and workers that took parental leave.
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and workers? If
yes, give details of the mechanism in brief.
Yes, we have an Ombuds Policy to redress the grievances. Refer to details provided in section 3.2 of the ESG Dashboard available
on the Company’s website at https://www.wipro.com/investors/annual-reports/.
7. Membership of employees and worker in association(s) or Unions recognized by the listed entity:
8. Details of training given to employees and workers:
9. Details of performance and career development reviews of employees and workers:
100% coverage for employees.
10. Health and safety management system:
a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes,
the coverage of such a system?
Yes, all our campuses conform to ISO 45001:2018 (Occupational Health & Safety management system) with 100% coverage
and are certified by accredited third party agencies. Besides internal and third-party audits, EHS experts periodically
assess every unit (at least once in six months), to ensure compliance to statutory norms and requirements.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the
entity?
We conduct a Hazard Analysis and Risk Assessment annually or anytime there is a change in process, new equipment, or
service, and build risk mitigation plans.
The following steps are taken to assess risks and hazards:
- Break down the job into successive steps or tasks
- Identify the hazards associated with each step and task
- Identify controls in place for each hazard
- Identify applicable legal obligations relating to risk assessment and implementation of necessary controls
- Estimate the potential severity of an incident associated with each hazard from both safety and health aspects
- Estimate the probability of an incident occurring for each hazard (given existing controls)
- Calculate the risk
- Identify possible additional controls needed to eliminate these hazards

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c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks.
(Y/N)
Yes
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes
11. Details of safety related incidents, in the following format:
Refer to details provided in section 2.12 of the ESG Dashboard available on the Company’s website at https://www.wipro.
com/investors/annual-reports/.
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
Refer to page no. 57 of the Annual Report.
13. Number of complaints about the following made by employees and workers:
On working conditions and Health & Safety we reported 427 and 496 cases respectively.

14. Assessments for the year:
% Of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Health and Safety Practices 100% coverage – For India As per 45001,
Working Conditions For larger operations overseas, we follow similar guidelines.
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks/
concerns arising from assessments of health & safety practices and working conditions.
An online tool is available on the employee intranet where employees can log an EHS incident. These recorded incidents
are tracked up to closure. Employees can log work-related injuries or ill health and other EHS incidents, post which the
functional lead performs an on-site incident investigation for all reported incidents. If required, the following people are a
part of the on-site investigation: Incident Reporter, Witness and EHS Manager. The incident investigation team establishes
the facts of circumstances leading up to the incident to determine EHS deficiencies and other factors that might be causing
or contributing to the occurrence of incidents. Key personnel from the operations team are empowered to ensure that the
resolution of these incidents is achieved at the earliest and recurrence is avoided. Review meetings are then conducted to
gather key learning and establish processes to prevent occurrence of such nature in the future. All individual locations have a
dedicated safety committee. The committee meets every quarter to discuss and review any EHS concerns existing, accident/
incident trends, status reports of previous meeting minutes, inspections, training, suggestions and recommendation from
members.
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B) Workers
(Y/N)?
Yes, our benefits program follows an integrated approach and provides a range of options for better financial and social
security, including efficient tax-management options, life and accident insurance, and medical packages. In India, we ensured
insurance coverage for contract employees supporting short-term assignments during the COVID-19 pandemic.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value
chain partners.
Currently, our program covers 402 (manpower service providers) value chain partners in India, out of which 302 have been
audited. The scope of audits also cover Labor Compliance asks such as:
Prohibition of Employment of Child Labor Statutory Compliance- Provident Fund (“PF”), Employee State Insurance Corporation
(“ESIC”), Professional Tax (“PT”), Labor Welfare Fund (“LWF”)
Availability of Labor License with vendor under Contract Labor (Regulation & Abolition) Act, 1970
Payment of minimum wages
Salary disbursement
Vendor to hold WC (“Workmen compensation”) policy/ GPA (“Group personal accident”) policy for employees not covered
under ESIC Scheme.
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3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health / fatalities (as
reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family
members have been placed in suitable employment:
We do have a program that supports such needs. As an example in the year, the spouses of 12 employees who lost their lives
due to COVID-19 (across both core and non-core) were provided suitable employment in Wipro.
4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career
endings resulting from retirement or termination of employment? (Yes/ No)
Yes, for more details refer to page no. 56 of the Annual Report
5. Details on assessment of value chain partners:
% Of value chain partners (by value of business
done with such partners) that were assessed
Health and Safety Practices
100% coverage
Working Conditions
6. Provide details of any corrective actions taken or underway to address significant risks /concerns arising from assessments of
health and safety practices and working conditions of value chain partners.
Vendors who are associated with Wipro are internally trained for health & safety practices by in house EHS (Environmental,
Health & Safety) team with 100% coverage. Wipro provides a workplace that is physically and emotionally safe for contractual
staff, where they can focus on their job responsibilities and obtain fulfillment. Wipro provides a safe workplace, compensating
workers fairly, and treating them with a sense of dignity and equality while respecting their privacy. Vendors partners undergo
training on sexual harassment with 100% coverage.
Internal risk review mechanism is in place with all relevant functions to understand the requirements through fortnightly and
monthly reviews with all the functions. Location Facility Management Group (“FMG”) leads are designated as single point
of contacts to conduct and coordinate cross-functional efforts and third-party verification is being carried out on all the
documents submitted by the vendor partner.
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders.
Stakeholder involvement is essential for Wipro to promote responsible and sustainable business practises that benefit both the
Company and its stakeholders. Engaging with stakeholders serves the larger goal of better understanding the risks and possibilities
connected with the social, environmental, and economic framework within which the company operates. These characteristics
aid in identifying stakeholders across the value chain who are important to the business, society and necessitate meaningful
engagement. We have identified eight stakeholder groups based on these attributes: Employees, Customers, Investors, Suppliers,
Education System, Communities & Civil Societies, Government and Policy Networks, and The Young Citizen and Future Generation.
1. Describe the processes for identifying key stakeholder groups of the entity.
Identification of stakeholders is based on characteristics such as Impact, Influence, Interest, Legitimacy, Urgency, and Diversity
Perspective. Please refer section on Stakeholder Identification provided in page no. 42 of the Sustainability Report FY 2020-21.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Wipro has identified 8 key stakeholders based on certain parameters, and the engagements with each of them are provided
in the Summary of Stakeholder Engagement in page no. 40 of the Annual Report. Wipro has quarterly engagements with its
investors, and annual engagements with its employees and customers.
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if
consultation is delegated, how feedback from such consultations is provided to the Board.
The consultation with the Board on key stakeholder concerns is largely mediated by different organizational functions which
are responsible for the respective stakeholders. The setting for this are the periodic Board reviews held at least once a quarter,
during which the Board holds extensive discussions with the CEO and other senior leaders representing these functions. For
example, feedback on customer trends and issues is provided by the Heads of Businesses and Market Units, that on investors
by the Chief Financial Officer (“CFO”) and his team, on employees by the Chief Human Resources Officer (“CHRO”) and his team,
on sustainability issues by the Chief Sustainability Officer, etc. Please refer the table below for further information in this
regard.

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Stakeholder Responsible Function and Person

Employees Human Resources, Chief Human Resources Officer
Investors Finance, Chief Financial Officer
Customers 4 Strategic Market Units - CEOs
2 Global Business Lines - Managing Partners
Suppliers Central Procurement Organization, Chief Procurement Officer
Communities and Civil Society Sustainability and Community Programs, Chief Sustainability Officer
The Education System
The Young citizen and Future Generation
Government and Policy Networks Government Affairs, General Counsel
Sustainability and Community Programs, Chief Sustainability Officer
2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics
(Yes/No). If so, provide details of instances as to how the input received from stakeholders on these topics were incorporated
into policies and activities of the entity.
Yes, stakeholder engagement covers key material issues driven by strategic objectives through various modes of engagements.
There is a primary internal custodian for each stakeholder group. For example, feedback from employees involves certain
informed steps which are taken leading to enhanced communications and collaboration forums. Similarly, for suppliers, this
has informed the ease of doing business across the order to payment cycle and ability to address environmental and social
aspects. For additional details, please refer the Summary of Stakeholder Engagement in page no. 47 of the Sustainability
Report FY 2020-21.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized
stakeholder groups.
Wipro engages with communities and civil society networks to work on systemic issues that can act as force multipliers for
social transformation and sustainable development. Within this ambit, we deliberatively focus on disadvantaged groups
in a significant majority of our social initiatives e.g. Children with Disability, the Urban Poor, Women from disadvantaged
communities, Suppliers from under-represented groups (e.g. Women owned enterprises) , Employees with disability or from
LGBTQ+ groups. For additional details, please refer page no. 70 of this Annual Report and page no. 47 of the Sustainability Report
FY 2020-21.
PRINCIPLE 5: Businesses should respect and promote human rights.
Wipro is committed to protecting and respecting human rights and remedying rights violations, in the instances they are identified,
such as issues related to human trafficking, forced labour, child labour, freedom of association, the right to collective bargaining,
equal remuneration and discrimination. Providing equal employment opportunity, ensuring distributive, procedural, and interactional
fairness in all what we do, creating a harassment-free, safe environment and respecting one’s fundamental rights are some of the
ways in which we ensure the same. To monitor progress and formulate strategies to address human rights related issues, we have
established committees and processes such as the Ombuds, Prevention of Sexual Harassment Committee, Employee Experience
Survey, EHS, an Inclusion & Diversity Council and Culture Council, which are reviewed by the top management on a regular basis.
Wipro has also put forth its commitment statement for human rights, which is available in the public domain.
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following
format:

2. Details of minimum wages paid to employees and workers, in the following format:
The compensation and benefits offered for both full-time and part-time employees is well above the statutory minimum

wage. The minimum wage criteria are met for workers as well. Please refer to section on Human capital (Financial Well-being)
for more details.
3. Details of remuneration/salary/wages, in the following format:
Please refer to page no. 98 to 99 of this Annual Report.

4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business?
Yes. Mr. Saurabh Govil, Chief Human Resource Officer, is responsible for addressing human rights issues.
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5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Wipro’s Ombuds Policy has been established to allow workers and other individuals associated with the Company to voice
their concerns pertaining to malpractice, impropriety, abuse, and deviant behaviour at an early stage through an appropriate
channel, freely without fear of retaliation, victimization, or eventual discrimination or disadvantage at workplace. Please
refer the section on Human Capital for more details on this.
6. Number of Complaints on the following made by employees and workers:
We have an Ombuds process for receiving complaints from different stakeholders and the number of complaints categorized
based on allegation types are provided in section 3.2 of the ESG Dashboard, which is available at https://www.wipro.com/
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Ombuds Policy assures all complainants protection and safeguards against perceived or actual victimization or retaliation
for reporting a complaint. Moreover, if any complainant still feels or raises such concern of retaliation, they may approach the
Chief Ombudsperson for a suitable remedy.
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes. Human Rights aspects are covered as part of the Wipro Supplier Code of Conduct, which is required for all contracts.
9. Assessments for the year
% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Child labor
Forced/involuntary Labor
Sexual Harassment
100
Discrimination at Workplace
Wages
Others – please specify
10. Provide details of any corrective actions taken or underway to address significant risks /concerns arising from the assessments
at Question 9 above.
We conduct monthly audits to address risks and escalate in case of any issues. We ensure all statutory compliances regarding
minimum wages and strictly prohibit employment of child labor.
1. Details of a business process being modified/introduced as a result of addressing human rights grievances/complaints.
Please refer page no. 59 & 60 of this Annual Report.
2. Details of the scope and coverage of any Human rights due diligence conducted.
Please refer page no. 59 of this Annual Report.
3. Is the premise/office of the entity accessible to differently abled visitors, as per therequirements of the Rights of Persons
with Disabilities Act, 2016?
Wipro complies with the Rights of Persons with Disabilities Act, 2016, and the premises are largely accessible as per the
requirements. In 2021, we have conducted a detailed assessment of each of the premises and have developed a plan with
the recommendations. We are in the process of implementing the identified gaps. This is incorporated within the Facilities
Management for continued focus.

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4. Details on assessment of value chain partners:
% of value chain partners (by value of business

donewith such partners) that were assessed*
Sexual Harassment
Discrimination at Workplace
Child Labour
100
Forced Labour/Involuntary Labour
Wages
Others – please specify
*All the vendors operating from Wipro campuses have been assessed on above risks & concerns
5. Provide details of any corrective actions taken or underway to address significant risks /concerns arising from the assessments
at Question 4 above.
Monthly audits are conducted to address risks and escalate in case of any issues. All statutory compliance regarding minimum
wages and other benefits are ensured. Employment of child labor is strictly prohibited.
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
Wipro has been working on these areas for over 15 years. The latest Global Risk Report by the World Economic Forum calls out
several environmental risks such as climate action, biodiversity loss, and natural resource crises. Wipro is focused on managing
these risks efficiently by identifying energy efficiency and Greenhouse Gas (“GHG”) mitigation, water efficiency and responsible
water management, pollution and waste management and campus biodiversity as the most material issues. Wipro has developed
a portfolio of multiple initiatives to address these issues. These include our commitments to Net Zero GHG emissions by 2040,
halving our water footprint by 2030, near 100% waste reuse & recycling and supporting larger community initiatives in these areas.
1. Details of total energy consumption (in Joules or multiples) and energy intensity:
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade
(PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved.
In case targets have not been achieved, provide the remedial action taken, if any.
No.
3. Provide details of the following disclosures related to water:

4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
Wipro follows Zero Liquid Discharge across all locations except one location which was converted to a hospital during
COVID-19. The latter exception was on instructions from the local municipal authority. For more details, please refer use of
recycled water provided in the section on Natural Capital on page no. 83 in this Annual Report.
5. Please provide details of air emissions (other than GHG emissions) by the entity:
We monitor SOx, NOx and Particulate matter data which can be referred to in section 1.5 of the ESG Dashboard available on

the Company’s website at https://www.wipro.com/investors/annual-reports/. However, since we are a service industry, we do
not monitor Hazardous Air Pollutants (HAP), Volatile Organic compounds (VOC) and Persistent Organic Pollutants (POP) data.
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & their intensity:

7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
Yes, we have a detailed roadmap to become Net Zero on our value-chain GHG emissions by 2040 with firm interim goals till
2030. Our plans envisage a multi pronged approach around energy efficiency, renewable energy, green buildings, and Scope
3 emission reduction. For more details, please refer the details provided under the section on Natural capital in this Annual
Report.
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8. Provide details related to waste management by the entity:


9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your
company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to
manage such wastes.
Waste management is one of the material topics to Wipro and we have a comprehensive program covering all streams of
waste. For a more detailed strategy, please refer the section on Natural capital provided on page no. 84 of this Annual Report.
Since we are a service industry, Hazardous Air Pollutants (“HAP”), Volatile Organic compounds (“VOC”) and Persistent Organic
Pollutants (“POP”) data are not material for our sector. However, we monitor SOx, NOx and Particulate matter data from diesel
generators used for backup power, which can be referred to in the ESG Dashboard. In addition, we also measure VOC’s in office
spaces as part of our Indoor Air Quality Program.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals /
clearances are required, please specify details in the following format:
Not Applicable.
1 1. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
financial year:
Not Applicable.

12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such as the Water (Prevention
and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder
(Y/N). If not, provide details of all such non-compliances:
Yes.
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in the
following format:
2. Provide the following details related to water discharge: -
3. Water withdrawal, consumption, and discharge in areas of water stress (in kiloliters):
4. Please provide details of total Scope 3 emissions & its intensity:
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details of
significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.
Not Applicable.

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6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or
reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome
of such initiatives, as per the following format:
Sr. Details of the initiative (Web-link, if
Initiative undertaken Outcome of the initiative
No. any, may be provided along with summary)
1. Global Energy command Aggregates Building Management System (BMS) Optimize operational control and improve
center inputs on a common platform energy efficiency
2. Indoor Air Quality Continuous Air Quality monitoring system (PM 2.5. Improved air quality monitoring and
PM 10, TVOC, Co2, Temperature, RH) using certified management for occupants
sensors. Old campuses will also have improved air
filtration and IAQ (Improved Air Quality) monitoring
in place (phase wise execution plan based on RTW).
Air quality audit & Implemented 2nd stage filter
with > 99% Viral load reduction efficiency
3. UPS Capacitor Conversion of VRLA (Valve Regulated Lead Acid) LIB’s have a longer life of more than 2 to 3
replacement batteries to Lithium Batteries (LIB) with monitoring times of VRLA (Valve Regulated Lead Acid)
system. batteries. It helps in the reduction of UPS
capacity requirement & backup related
capacity optimization.
4. Ultrafiltration and 6 of the Wipro owned locations have installed Improved water recycling efficiency
nano-filtration ultra-filtration where water from these locations
is being treated completely. Membrane Bio reactor
(MBR) is used in 2 of the campuses. And further
installation in 2 more locations is being carried
out.
Nano filtration is used in 4 locations for treatment
of fresh water
7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
Wipro is aligned to ISO 22301 Business Continuity Management System (BCMS) framework which is applicable across global
locations, accounts, and service functions. Wipro’s VirtuaDeskTM Business Continuity Solution is designed to introduce desktop
and application virtualization to the workplace in a quick and cost-effective manner. We also have a well developed Business
Continuity Management Plan which helped us recover from COVID-19 pandemic. The details regarding Company’s Business
Continuity Management Plan is available on the website.
Our business continuity policy is used to plan for climate related disruptions which could impact business objectives. For more
details, please refer the section on Natural capital provided on page no. 78 of this Annual Report.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or
adaptation measures have been taken by the entity in this regard?
Please refer to GHG mitigation projects in section on Natural Capital in page no. 79 of this Annual Report.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental
impacts.
The natural capital valuation program assesses the environmental impact of our value chain activities, including purchased
goods and services. This is based on our spend data for each supplier and categories they belong to. Details of the same are
provided in in ESG Dashboard.
Based on the above, this year, we are engaging with 57 suppliers, who contribute to 80% of carbon emissions impact through
Carbon Disclosure Project (“CDP”) Supply chain program.
PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible
and transparent.
We are members of the industry and business forums in countries where we have significant presence. These associations are
aimed at improving local competitiveness and worker rights advocacy in those countries. Additionally, our engagements with Indian
forums like CII focus on a wide range of ecological sustainability issues and ESG. We chair the CII Greenco Bangalore chapter that
seeks to catalyze companies across sectors to reduce their environmental footprint and develop sustainable products and services.
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1. a. Number of affiliations with trade and industry chambers/associations.
We are members of Industry and Business Forums in countries where we have significant operations. National Association
of Software and Service Companies (“NASSCOM”), U.S. Chambers of Commerce (“USCC”) and BITKOM are the top three by
financial contribution. The total contribution made to NASSCOM, USCC and BITKOM is $170,000 during FY 2021-22.
b. List the top 10 trade and industry chambers/ associations (determined based on thetotal members of such body) the entity
is a member of/ affiliated to:
SL. Name of the trade and industry Reach of trade and industrychambers/
No. chambers/associations associations (State/National)
1. U.S. Chamber of Commerce International
2. CII International
3. FICCI National
4. digitalswitzerland International
5. NASSCOM International
6. BiTKOM International
7. techUK International
8. IFCCI National
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based
on adverse orders from regulatory authorities.
None.
1. Details of public policy positions advocated by the entity
The following public policies are available in public domain and are reviewed by the Board. The public policy positions advocated
by the entity ranges from talent availability, human capital mobility, ESG, to future of work. Wipro’s top 8 trade & industry
associations include U.S. Chamber of Commerce, FICCI, CII, NASSCOM, techUK, BITKOM, and digitalSwitzerland. Their public
position on ESG broadly addresses the need for market-based solutions, capacity building and training, proactive participation
by businesses, and digital technology to support aspects of sustainability and emission reduction. They have emphasized
on the importance of hybrid work model as their position on future of work, and equipping people and businesses with the
skills needed to take advantage of the modern working space of emerging technologies such as AI (Artificial Intelligence), and
robotics. In terms of their policy position on human capital mobility, the associations have included advocacy for responsive
immigration policy, partnerships with various organizations to build strong coalitions, and the need for skilled labour in the
tech sector.
PRINCIPLE 8: Business should promote inclusive growth and equitable development.
Wipro’s corporate citizenship and CSR efforts are implemented through various modes such as:
(i) Wipro Foundation, a public charitable trust
(ii) Wipro Cares, a charitable trust that matches employee contributions and
(iii) Directly through Wipro Limited’s functions.
Wipro’s key impact areas include education, children with disability, primary healthcare disaster response, and community ecology.
We strive for inclusive growth and equitable development through initiatives such as the Digital skills program for students, and
STEM education in the US. Additionally, Wipro also provides opportunities to its employees to engage in volunteering activities and
community work.
1. Details of Social Impact Assessments (“SIA”) of projects undertaken by the entity based on applicable laws, in the current
financial year.
As per provisions governing CSR activities, none of our projects were SIA candidates in financial year 2021-22. However, we will
conduct SIA’s during financial year 2022-23, wherever applicable.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement(R&R) is being undertaken by your entity,
in the following format
Not Applicable.

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3. Describe the mechanisms to receive and redress grievances of the community.

In addition to Grievance Redressal, the community stakeholders also have the option of sharing their concerns with us via
e-mail mentioned on our website. We have registers at all our locations which can be used by any stakeholder group to express
their concerns.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2022 FY 2021
Directly sourced from MSMEs/ small producers 5% 3%
Sourced directly from within the district and At present, we do not track this. Also this
neighboring districts metric is not material for our sector
1. Provide details of actions taken to mitigate any negative social impacts identified in theSocial Impact Assessments (Reference:
Question 1 of Essential Indicators above):
Not Applicable.
2. Provide the following information on CSR projects undertaken by your entity indesignated aspirational districts as identified by
government bodies and provide details of beneficiaries of CSR Projects.
Please find below the details of the CSR projects undertaken by the Company in designated aspirational districts:
No. of persons % Of beneficiaries
Sl. Aspirational Amount Spent
CSR Project State benefitted From vulnerable
No. District (In INR)
From CSR Projects and marginalized groups
1 Education Chhattisgarh Sukma 5300 1,080,000
2 Education Bihar Jamui 415 360,000
3 Education Bihar Gaya 30 720,000
4 Education Chhattisgarh Korba 340 1,607,500
5 Education Himachal Chamba 300 360,000
100 %
Pradesh
6 Education Bihar Gaya 2600 360,000
7 Education Odisha Rayagada 244 663,500
8 Education Maharashtra Jalgaon 330 1,080,000
9 Education Jharkhand Khunti 650 750,000
10 Community Andhra Pradesh Vizag 1480 Around 40% 39,00,000
Healthcare- Project
started in Jan 2022

3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized /vulnerable groups? (Yes/No)
Yes
(b) From which marginalized /vulnerable groups do you procure?
(c) What percentage of total procurement (by value) does it constitute?
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current
financial year), based on traditional knowledge:
Not Applicable.
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein
usage of traditional knowledge is involved.
Not Applicable.
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PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner.
Wipro has a wide variety of clients ranging from multiple sectors including manufacturing and heavy Industry, banking financial
services & insurance, electricity oil & gas, transportation & logistics, health care and life sciences, and consumer goods. ESG
being one of the core areas looked at by customers, Wipro has focused on emerging issues which is a mix of sustainability, data
privacy, open source, and gig workforce, while also exploring metaverse tools and frameworks. Wipro’s partnerships with many of
the world’s largest enterprise software providers, cloud computing businesses, and technology organizations enable us to offer
unique and holistic solutions for our clients.
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
Customers have multiple channels for raising grievances– account managers, client engagement managers, the customer
advocacy group and through independently administered satisfaction surveys. There is ongoing, project-based, and annual
feedback from our customers.
2. Turnover of products and/ services as a percentage of turnover from all products/servicethat carry information about:
Since we are not in B2C or product business, this is not applicable.
3. Number of consumer complaints in respect of the following:
FY 2022 FY 2021
Pending
Received Remarks Received Pending Remarks
resolution
during the during the resolution at
at end of
year year end of year
year
Data privacy 0 0 0 0
Advertising NA NA NA NA
Cyber-security 0 0 0 0
Delivery of essential 0 0 3 1 The 1 pending
services resolution has been
closed in FY 2021-22
Restrictive Trade Practices Nil
Unfair TradePractices
4. Details of instances of product recalls on account of safety issues:

Not Applicable.
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a
web-link of the policy.
Yes. Wipro is committed towards protecting the data of customers and all its employees. The principles regarding data privacy
are available on our website at https://www.wipro.com/privacy-statement/. We also have a business contingency plan for
mitigation in case of cyber security issues or data breaches. For more details refer to the section covering Risk in this Annual
Report.
6. Provide details of any corrective actions taken or underway on issues relating toadvertising, and delivery of essential services;
cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory
authorities on safety of products / services.
In case of Ransomware attack, we support the customers with our robust Ransomware recovery processes. Wipro also
highlights potential vulnerabilities to customers and supports them with measures to protect themselves including mitigation
advisory and strategies.
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).
https://www.wipro.com/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Not Applicable.

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3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

We have a dedicated team who work on major incidents or disruption of services. We have ISO 22301:2019 aligned Business
Continuity Management System (BCMS) framework implemented across all global delivery locations covering customer
accounts and service functions.
4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not
Applicable) If yes, provide details in brief. Did your entity carry out any survey regarding consumer satisfaction relating to the
major products / services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)
Not Applicable.
5. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact
None
b. Percentage of data breaches involving personally identifiable information ofcustomers
None
DNV GL, a global provider of certification, verification, assessment and training services, helping customers to build sustainable
business performance, has carried out an independent assessment of all the above indicators. The assurance statement from
DNV GL is available on the Company’s website.
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Glossary
Sl. Sl.
Abbreviation Expansion Abbreviation Expansion
No No
1 AAS As A Service 38 CII Confederation of Indian Industry
2 ABAC Anti- Corruption program 39 CIN Corporate Identification Number
3 ACV Annual contract value 40 CIS Cloud and Infrastructure Services
4 ADR American Depositary Receipt 41 COBC Code of Business Conduct
5 ADS American Depositary Share 42 COMM Communications
6 AGM Annual General Meeting 43 CRS Cybersecurity and Risk Services
7 AHU Air Handling Units 44 CSAT Customer Satisfaction
8 AI Artificial Intelligence 45 CSR Corporate Social Responsibility
9 AI/ML Artificial Intelligence/Machine Learning 46 CTO Chief Technology Officer
10 ANZ Australia and New Zealand 47 CX Customer Experience
11 APAC Asia Pacific 48 CXO Chief Experience Officer
12 APMEA Asia Pacific, Middle East and Africa 49 D&I Diversity & Inclusion
13 AR Augmented Reality 50 DDT Dividend Distribution Tax
14 ATD Association for Talent Development 51 DIN Director Identification Number
15 B2B Business to Business 52 DJSI Dow Jones Sustainability Index
16 BCMS Business Continuity Management System 53 DOP Digital Operations and Platforms
17 BCP Business Continuity Plan 54 DSO Day Sales Outstanding
18 BCWI Best Companies for Women in India 55 DTA Data Transfer agreements
19 BFSI Banking, Financial Services & Insurance 56 DX Digital Experience
20 BI Business Intelligence 57 EBITDA Earnings before Interest, Tax,
Depreciations and Amortization
21 BPS Basis point
58 EES Employee Experience Survey
22 BRSR Business Responsibility and
Sustainability Report 59 EMS Environmental Management System
23 BSE BSE Limited 60 ENU Energy, Natural Resources and Utilities
24 BSF Bengaluru Sustainability Forum 61 EPEAT Electronic Product Environmental
Assessment Tool
25 BU Business Unit
62 EPI Energy Performance Index
26 BVM Business Value Meter
63 EPS Earnings Per Share
27 C&D Construction and demolition
64 ER&D Engineering, Research and Development
28 CAD Computer Aided Design
65 ERM Enterprise Risk Management
29 CAGR Compounded Annual Growth Rate
66 ESG Environmental, Social and Governance
30 CBCMT Corporate Business Continuity Team
67 ESOP Employee Stock Option
31 CBU Consumer Business Unit
68 ESS Employee Satisfaction Survey
32 CC Constant Currency
69 EV Electric Vehicles
33 CDP Carbon disclosure Project
70 FSSAI Food Safety Standards Authority of India
34 CDSB Climate disclosures Standards Board
71 FTSE Russell Financial Times Stock Exchange Russell
35 CEO Chief Executive Officer ESG Environmental Social and Governance
36 CFO Chief Financial Officer 72 GAAP Generally Accepted Accounting Principles
37 CGU Cash Generated Units 73 GAE Global Account Executive

476 / 490
Sl. Sl.
No No
74 GBL Global Business Units 108 ITI International TechneGroup Incorporated
75 GDP Gross Domestic Product 109 IWEI India Workplace Equality Index
76 GDPR General Data Protection Regulation 110 KMP Key Managerial Personnel
77 GDS Global Depository Share 111 KPI Key Performance Indicator
78 GEI Gender-Equality Index 112 LAN Local Area Network
79 GHG Green House Gases 113 LATAM Latin America
80 GoI Government of India 114 LEED Leadership in Energy and Environmental
Designs
81 GPTW Great place to Work
115 LIBOR London Inter Bank Offered Rate
82 GRI Global Reporting Initiative
116 LODR Listing Obligations and Disclosure
83 GSSB Global Sustainability Standard Board Requirements
84 H2 Second Half 117 LTI Long Term Incentive
85 HBCUs Historically Black colleges and 118 M&A Mergers and Acquisitions
Universities 119 MAT Minimum Alternate Tax
86 HPS Health Plan Services
120 MCA Ministry of Corporate Affairs
87 HUF Hindu Undivided Family
121 MD Managing Director
88 I&D Inclusion and Diversity
122 MD&A Management Discussion and Analysis
89 IAAS Infrastructure as a Service
123 MICI Most Inclusive Companies Index
90 IAS International Accounting Standard
124 ML Machine Learning
91 IASB International Accounting Standards Board
125 MOU Memorandum of Understanding
92 iCORE Cloud Infrastructure, Digital Operations,
Risk and Enterprise Cyber Security 126 MRE Median Remuneration of Employees
Services 127 MSCI ESG Morgan Stanley Capital International
93 iDEAS Integrated Digital, Engineering and Environmental Social and Governance
Application Services 128 MSME Micro, Small and Medium Enterprises
94 IFRIC IFRS Interpretations Committee
129 NASSCOM National Association of Software and
95 IFRS International Financial Reporting Services Companies
Standards 130 NFT Non-fungible token
96 IIRC International Integrated Reporting Council
131 NGO Non-government organization
97 IISc Indian Institute of Science
132 NLP Natural Language Processing
98 IIT Indian Institute of Technology
133 NPS Net Promoter Score
99 ILO International Labour Organization
134 NSE National Stock Exchange of India Limited
100 Ind AS Indian Accounting Standards
135 NYSE New York Stock Exchange
101 IoT Internet of Things
136 OEM Original Equipment Manufacturer
102 IP Intellectual Property
137 OHSAS Occupational Health and Safety
103 ISG Information Services Group Assessment Series
104 ISIN International Securities Identification 138 OM Operating Margin
Number 139 OSDU Open Subsurface Data Universe
105 ISO International Standards Organisation
140 PMI Post-Merger Integration
106 ISRE India State Run Enterprises 141 POS Launchpad Point of Sale
107 IT Information Technology 142 PPA Power Purchase agreements
477 / 490
Glossary
Sl. Sl.
No No
143 PPE Personal Protection Equipment 171 STEM Science, Technology, Engineering and
Mathematics
144 PSH/POSH Prevention of Sexual Harassment
172 STP Sewage Treatment Plants
145 PSUs Performance-based stock units
173 SWM Solid Waste Management
146 QaaS Quality as a Service
174 T&D Transmission and Distribution
147 R&D Research and Development
175 T&M Time and Material
148 REC Renewable Energy Certificate
176 TaaS Talent as a Service
149 RPA Robotic process automation
177 TAU Tel Aviv University
150 RPT Related Party Transactions
178 TCFD Task Force on Climate related Financial
151 RSPM Respirable Suspended Particulate Matter disclosures
152 RSU Restricted Stock Unit 179 TCV Total contract value
153 RTA Registrar and Transfer Agent 180 TECH Technology
154 SaaS Software as a Service 181 UK United Kingdom
155 SASB Sustainability Accounting Standard Board 182 UNGC United Nation Global Compact
156 SBTI Science based Targets Initiative 183 VDI Virtual Desktop Infrastructure
157 SCOC Supplier Code of Conduct 184 VILT Virtual Instructor Led Trainings
158 SDG Sustainable Development Goals 185 VIU Value-in-Use
159 SD-WAN Software-defined networking in a Wide 186 VLSI Very-large-scale integration

Area Network 187 VoC Voice of Customer
160 SEBI Securities and Exchange Board of India
188 VPN Virtual Private Network
161 SEC Securities and Exchange Commission,
USA 189 VR Virtual Reality
162 SEF Science Education Fellowship 190 WEF World Economic Forum
163 SEZ Special Economic Zones 191 WERT Wipro Equity Reward Trust
164 SHG Self Help Groups 192 WFH Work from Home
165 SHU Sheffield Hallam University 193 WHO World Health Organization
166 SI System Integrator 194 WINDOV Wipro Inclusion % Diversity Opportunity

for Vendors
167 SIR Security Incident Reporting
195 Wipro SEF Wipro Science Education Fellowship
168 SMU Strategic Marketing Units
195 WRI World Resource Institute
169 SoW Spirit of Wipro 196 WTD Whole-Time Director
170 SOX Sarbanes’ Oxley 197 YoY Year-on-Year

478 / 490
Notes
479 / 490
Corporate Information
Board of Directors Statutory Auditors

Rishad A. Premji Deloitte Haskins & Sells LLP
Chairman
Azim H. Premji Auditors- IFRS

Founder Chairman Deloitte Haskins & Sells LLP
Thierry Delaporte
Chief Executive Officer and Managing Director Company Secretary
M Sanaulla Khan
Ireena Vittal
William Arthur Owens Depository for American Depository Shares
J.P. Morgan Chase Bank N.A.
Deepak M. Satwalekar
Dr. Patrick J. Ennis Registrar and Share Transfer Agents
KFin Technologies Limited
Patrick Dupuis
Tulsi Naidu Registered & Corporate Office
Wipro Limited
Chief Financial Officer Doddakannelli, Sarjapur Road
Jatin Pravinchandra Dalal Bengaluru – 560 035, India
Ph: +91 (80) 28440011
Fax: +91 (80) 28440054
Website: www.wipro.com
Cautionary Statement Regarding Forward-Looking Statement

Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a number
of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings,
revenue and profits, our ability to generate and manage growth, intense competition in IT Services, our ability to maintain our cost advantage,
wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time
frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal
of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India,
unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that
could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission.
These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including
statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not
undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
480 / 490
Wipro Limited
Bengaluru - 560035, India
CIN:L32102KA1945PLC020800
Email: info@wipro.com
wipro.com
481 / 490
Other Filings
482 / 490
483 / 490
A. GRI Content Index

GRI STANDARD/ DISCLOSURE LOCATION OMISSION GRI GRI STANDARD/ DISCLOSURE LOCATION OMISSION GRI
OTHER SOURCE REQUIREMENT(S) REASON EXPLANATION SECTOR OTHER SOURCE REQUIREMENT(S) REASON EXPLANATION SECTOR
OMITTED STANDARD OMITTED STANDARD
REF. NO. REF. NO.
General disclosures GRI 2: General 2-21 Annual total Board’s Report- Page 87 of Integrated
GRI 2: General 2-1 Organizational details BRSR Section A - Page 370 of Integrated Disclosures compensation ratio Annual Report 2021-22
Disclosures Annual Report 2021-22 2021 2-22 Statement on Social and Relationship capitals (Emerging
2021 2-2 Entities included in the BRSR Section A - Page 370 of Integrated sustainable development issues and trends) - Page 65 of Integrated
organization’s sustainability Annual Report 2021-22 strategy Annual Report 2021-22
reporting 2-23 Policy commitments BRSR Section B (Management & Process
2-3 Reporting period, BRSR Section A - Page 370 of Integrated Disclosures) - Page 372-373 of Integrated
frequency and contact point Annual Report 2021-22 Annual Report 2021-22
2-4 Restatements of BRSR Section A - Page 370 of Integrated 2-24 Embedding policy BRSR Section B (Management & Process
information Annual Report 2021-22 commitments Disclosures) - Page 372-373 of Integrated
Annual Report 2021-23
2-5 External assurance BRSR Section A - Page 370 of Integrated
Annual Report 2021-22 2-25 Processes to remediate BRSR Section A(Transparency and
negative impacts Disclosures Compliances) - Page 370 &
2-6 Activities, value chain and BRSR Section A - Page 370 of Annual Principle 5 - Page 380 of Integrated Annual
other business relationships Report 2021-22 Report 2021-22
2-7 Employees Social Metrics - Page 9 of ESG Dashboard 2-26 Mechanisms for seeking Vigil Mechanism - Page 93 of Integrated
2021-22 advice and raising concerns Annual Report 2021-22
2-8 Workers who are not Social Metrics - Page 9 of ESG Dashboard 2-27 Compliance with laws BRSR Principle 1 - Page 374 of Integrated
employees 2021-22 and regulations Annual Report 2021-22
2-9 Governance structure and Corporate Governance Report - Page 116 of 2-28 Membership BRSR Principle 7 - Page 384 of Integrated
composition Integrated Annual Report 2021-22 associations Annual Report 2021-22
2-10 Nomination and selection Page 91 and 92 of Integrated Annual 2-29 Approach to stakeholder BRSR Principle 4 - Page 379 of Integrated
of the highest governance Report 2021-22 engagement Annual Report 2021-22
body
2-30 Collective bargaining Social Metrics (Freedom of Association) -
2-11 Chair of the highest Page 122 to 127 of Integrated Annual agreements Page 15 of ESG Dashboard 2021-22
governance body Report 2021-22
Material topics
2-12 Role of the highest BRSR Principle 4 (Leadership indicator
governance body in 1) - Page 379 of Integrated Annual Report GRI 3: Material 3-1 Process to determine Stakeholder management and Materiality
overseeing the management 2021-22 Topics 2021 material topics Determination - Page 40 of Integrated
of impacts Annual Report 2021-22
2-13 Delegation of BRSR Principle 5 (Essential Indicator 3-2 List of material topics Stakeholder management and Materiality
responsibility for managing 4) - Page 380 of Integrated Annual Report Determination - Page 40-41 of Integrated
impacts 2021-22 Annual Report 2021-22
2-14 Role of the highest Natural Capital - Page 76 of Integrated 3-3 Management of material Stakeholder management and Materiality
governance body in Annual Report 2021-22 topics Determination - Page 40-41 of Integrated
sustainability reporting Annual Report 2021-23; Natural, Human
and Social & Relationship - Suppliers and
2-15 Conflicts of interest Page 127 of Integrated Annual Report Investors Capital sections
2021-22
Economic performance
2-16 Communication of Vigil Mechanism - Page 93 of Integrated
critical concerns Annual Report 2021-22 & Governnace GRI 201: 201-1 Direct economic value Financial Capital - Page 46 of Integrated
metrics - Page 20 of ESG Dashboard Economic generated and distributed Annual Report 2021-22
2022-21 Performance 201-2 Financial implications Natural Capital - Page 76 & Financial
2016 and other risks and Capital - Page 46 of Integrated Annual
2-17 Collective knowledge of Corporate Governance Report - Page 116 of
the highest governance body Integrated Annual Report 2021-22 opportunities due to climate Report 2021-22
change
2-18 Evaluation of the Page 92 of Integrated Annual Report
performance of the highest 2021-22 201-3 Defined benefit Employee benefits - Page 162 of Integrated
governance body plan obligations and other Annual Report 2021-22
retirement plans
2-19 Remuneration policies Human Capital (Human Rights & Values
at Wipro) - Page 59 of Integrated Annual 201-4 Financial assistance Financial Capital - Page 46 of Integrated
Report 2021-22 received from government Annual Report 2021-22
2-20 Process to determine Page 92 of Integrated Annual Report

remuneration 2021-22
2 Wipro Limited 3
484 / 490
REF. NO. REF. NO.
Market presence Materials

GRI 202: Market 202-1 Ratios of standard Financial Well-being - Page 58 of GRI 301: 301-1 Materials used by Information is not Not applicable
Presence 2016 entry level wage by gender Integrated Annual Report 2021-22 Materials 2016 weight or volume disclosed to our business
compared to local minimum and industry.
wage We are not in the
202-2 Proportion of senior Social metrics (Share of Nationalities) - manufacturing
management hired from the Page 14 of ESG Dashboard 2021-22 sector.
local community 301-2 Recycled input Information is not Not applicable
Indirect economic impacts materials used disclosed to our business
and industry.
GRI 203: 203-1 Infrastructure Page 109 & BRSR Principle 2 - Page 375 of We are not in the
Indirect investments and services Integrated Annual Report 2021-22 manufacturing
Economic supported sector.
Impacts 2016 203-2 Significant indirect Social & Relationship Capital (Community 301-3 Reclaimed products Information is not Not applicable
economic impacts Initiatives) - Page 70 of Integrated Annual and their packaging materials disclosed to our business
Report 2021-22 and industry.
Procurement practices We are not in the
manufacturing
GRI 204: 204-1 Proportion of spending Social & Relationship Capital (Suppliers)
sector.
Procurement on local suppliers - Page 69 of Integrated Annual Report
Practices 2016 2021-22 Energy
Anti-corruption GRI 302: Energy 302-1 Energy consumption Natural Capital (Performance Against
2016 within the organization Goals) - Page 80 of Integrated Annual
GRI 205: Anti- 205-1 Operations assessed Page 43 of Integrated Annual Report
Report 2021-22 and Energy - Page 4 of
corruption 2016 for risks related to corruption 2021-22
ESG Dashboard 2021-22
205-2 Communication and Social Metrics (Training & Development) -
302-2 Energy consumption Natural Capital (Performance Against
training about anti-corruption Page 14 of ESG Dashboard 2021-22
outside of the organization Goals) - Page 80 of Integrated Annual
policies and procedures
Report 2021-22
205-3 Confirmed incidents of BRSR Principle 1(Essential Indicator 4)
302-3 Energy intensity Natural Capital (Performance Against
corruption and actions taken - Page 374 of Integrated Annual Report
Goals) - Page 80 of Integrated Annual
2021-22
Report 2021-22 and Energy - Page 4 of
Anti-competitive behavior ESG Dashboard 2021-22
GRI 206: Anti- 206-1 Legal actions for anti- BRSR Principle 7 - Page 384 of Integrated 302-4 Reduction of energy Natural Capital (Performance Against
competitive competitive behavior, anti- Annual Report 2021-22 consumption Goals) - Page 80 of Integrated Annual
Behavior 2016 trust, and monopoly practices Report 2021-22 and Energy - Page 4 of
Tax ESG Dashboard 2021-22
GRI 207: Tax 207-1 Approach to tax Wipro Form 20F & Global Tax Policy 302-5 Reductions in energy Natural Capital (Performance Against
2019 requirements of products and Goals) - Page 80 of Integrated Annual
207-2 Tax governance, control, Financial Capital - Page 46 of Integrated
services Report 2021-22 and Energy - Page 4 of
and risk management Annual Report 2021-22
ESG Dashboard 2021-22
207-3 Stakeholder Wipro Global Tax Policy
Water and effluents
engagement and
management of concerns GRI 303: Water 303-1 Interactions with water Natural Capital (Water efficiency and
related to tax and Effluents as a shared resource responsible use) - Page 83 of Integrated
2018 Annual Report 2021-22 and Water - Page 5
207-4 Country-by-country Information Filed with
of ESG Dashboard 2021-22
reporting unavailable Income tax,
Government 303-2 Management of water Natural Capital (Water efficiency and
of India. discharge-related impacts responsible use) - Page 83 of Integrated
Annual Report 2021-22 and Water - Page 5
303-3 Water withdrawal Natural Capital (Water efficiency and
responsible use) - Page 83 of Integrated
Annual Report 2021-22 and Water - Page 5
303-4 Water discharge Water - Page 5 of ESG Dashboard 2021-22
303-5 Water consumption Water - Page 5 of ESG Dashboard 2021-22
4 Wipro Limited 5
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REF. NO. REF. NO.
Biodiversity Waste
GRI 304: 304-1 Operational sites Information is not Not applicable GRI 306: Waste 306-1 Waste generation and Natural Capital (Pollution and waste
Biodiversity owned, leased, managed in, or disclosed to our business 2020 significant waste-related management) - Page 84 of Integrated
2016 adjacent to, protected areas and industry. We impacts Annual Report 2021-22 and Waste - Page 5
and areas of high biodiversity are not in areas of ESG Dashboard 2021-22
value outside protected areas proximate to 306-2 Management of Natural Capital (Management Approach)
protected areas significant waste-related - Page 77 of Integrated Annual Report
and areas of impacts 2021-22
high biodiversity
value 306-3 Waste generated Natural Capital (Pollution and waste
management) - Page 84 of Integrated
304-2 Significant impacts Information is not Not applicable Annual Report 2021-22 and Waste - Page 5
of activities, products and disclosed to our business of ESG Dashboard 2021-22
services on biodiversity and industry
306-4 Waste diverted from Natural Capital (Pollution and waste
304-3 Habitats protected or Information is not Not applicable disposal management) - Page 84 of Integrated
restored disclosed to our business Annual Report 2021-22 and Waste - Page 5
and industry of ESG Dashboard 2021-22
304-4 IUCN Red List species Information is not Not applicable 306-5 Waste directed to Natural Capital (Pollution and waste
and national conservation list disclosed to our business disposal management) - Page 84 of Integrated
species with habitats in areas and industry Annual Report 2021-22 and Waste - Page 5
affected by operations of ESG Dashboard 2021-22
Emissions Supplier environmental assessment
GRI 305: 305-1 Direct (Scope 1) GHG Natural Capital (Performance Against GRI 308: 308-1 New suppliers that were Social & Relationship Capital (Suppliers)
Emissions 2016 emissions Goals) - Page 80 of Integrated Annual Supplier screened using environmental - Page 69 of Integrated Annual Report
Report 2021-22 Environmental criteria 2021-22
305-2 Energy indirect (Scope Natural Capital (Performance Against Assessment 308-2 Negative environmental Social & Relationship Capital (Suppliers)
2) GHG emissions Goals) - Page 80 of Integrated Annual 2016 impacts in the supply chain - Page 69 of Integrated Annual Report
Report 2021-22 and actions taken 2021-23
305-3 Other indirect (Scope 3) Natural Capital (Performance Against Employment
GHG emissions Goals) - Page 80 of Integrated Annual
Report 2021-24 GRI 401: 401-1 New employee hires Social Metrics - Page 9 of ESG Dashboard
Employment and employee turnover 2021-22
305-4 GHG emissions Natural Capital (Performance Against 2016
intensity Goals) - Page 80 of Integrated Annual 401-2 Benefits provided to Human Capital - Page 54 of Integrated
Report 2021-22 full-time employees that are Annual Report 2021-22
not provided to temporary or
GRI 305: 305-5 Reduction of GHG Natural Capital (Energy efficiency & part-time employees
Emissions 2016 emissions GHG mitigation) - Page 79 of Integrated
Annual Report 2021-22 401-3 Parental leave Human Capital - Page 54 of Integrated
305-6 Emissions of ozone- Natural Capital (Performance Against
depleting substances (ODS) Goals) - Page 80 of Integrated Annual Labor/management relations
Report 2021-22 GRI 402: Labor/ 402-1 Minimum notice Information
305-7 Nitrogen oxides (NOx), Air Quality - Page 6 of ESG Dashboard Management periods regarding operational unavailable
sulfur oxides (SOx), and other 2021-22 Relations 2016 changes
significant air emissions Occupational health and safety
GRI 403: 403-1 Occupational health Human Capital (Physical well-being)- Page
Occupational and safety management 57 of Integrated Annual Report 2021-22
Health and system
Safety 2018 403-2 Hazard identification, Human Capital (Physical well-being)- Page
risk assessment, and incident 57 of Integrated Annual Report 2021-22
investigation
403-3 Occupational health Human Capital (Physical well-being)- Page
services 57 of Integrated Annual Report 2021-22
6 Wipro Limited 7
486 / 490
REF. NO. REF. NO.
GRI 403: 403-4 Worker participation, Human Capital (Physical well-being)- Page Child labor
Occupational consultation, and 57 of Integrated Annual Report 2021-22 GRI 408: Child 408-1 Operations and Information is not Not applicable
Health and communication on Labor 2016 suppliers at significant risk for disclosed to our business
Safety 2018 occupational health and incidents of child labor and industry.
safety Wipro has a Zero
403-5 Worker training on Human Capital (Physical well-being)- Page tolerance policy
occupational health and 57 of Integrated Annual Report 2021-22 towards Child
safety Labour
403-6 Promotion of worker Human Capital (Physical well-being)- Page Forced or compulsory labor
health 57 of Integrated Annual Report 2021-22 GRI 409: Forced 409-1 Operations and Information is not Not applicable
403-7 Prevention and Human Capital (Physical well-being)- Page or Compulsory suppliers at significant risk disclosed to our business
mitigation of occupational 57 of Integrated Annual Report 2021-22 Labor 2016 for incidents of forced or and industry.
health and safety impacts compulsory labor Wipro has a Zero
directly linked by business tolerance policy
relationships towards Forced
403-8 Workers covered by Human Capital (Physical well-being)- Page or Compulsory
an occupational health and 57 of Integrated Annual Report 2021-22 Labour
safety management system Security practices
403-9 Work-related injuries Social Metrics (Health & Safety) - Page 16 GRI 410: 410-1 Security personnel BRSR Principle 1 (Leadership Indicator
of ESG Dashboard 2021-22 Security trained in human rights 1) - Page 375 of Integrated Annual Report
403-10 Work-related ill health Social Metrics (Health & Safety) - Page 16 Practices 2016 policies or procedures 2021-22
of ESG Dashboard 2021-22 Rights of indigenous peoples
Training and education GRI 411: Rights 411-1 Incidents of violations Not Applicable
GRI 404: 404-1 Average hours of Social Metrics (Training & Development) - of Indigenous involving rights of indigenous - as our
Training and training per year per employee Page 14 of ESG Dashboard 2021-22 Peoples 2016 peoples operations are
Education 2016 404-2 Programs for upgrading Human Capital - Page 54 of Integrated in urban areas
under city
employee skills and transition Annual Report 2021-22 administration
assistance programs limits.
404-3 Percentage of Human Capital - Page 56 of Integrated Local communities
employees receiving regular Annual Report 2021-22
performance and career GRI 413: Local 413-1 Operations with local Social & Relationship Capital (Community
development reviews Communities community engagement, Initiatives) - Page 70 of Integrated Annual
2016 impact assessments, and Report 2021-22
Diversity and equal opportunity development programs
GRI 405: 405-1 Diversity of governance Human Capital - Page 54 of Integrated 413-2 Operations with None. However
Diversity bodies and employees Annual Report 2021-22 significant actual and we have
and Equal 405-2 Ratio of basic salary Social Metrics (Gender Pay Parity) - Page potential negative impacts on extensive
Opportunity and remuneration of women 13 of ESG Dashboard 2021-22 local communities community
2016 to men engagement
programs in the
Non-discrimination
area of ecology,
GRI 406: Non- 406-1 Incidents of Human Capital (Human Rights & Values at education and
discrimination discrimination and corrective Wipro) - Page 59 & BRSR Principle 5 - Page health care in
2016 actions taken 380 of Integrated Annual Report 2021-22 regions where
Freedom of association and collective bargaining we operate.
GRI 407: 407-1 Operations and Human Capital (Human Rights & Values Supplier social assessment
Freedom of suppliers in which the right to at Wipro) - Page 59 of Integrated Annual GRI 414: 414-1 New suppliers that were Social & Relationship Capital (Suppliers)
Association freedom of association and Report 2021-22 and Social Metrics Supplier Social screened using social criteria - Page 69 of Integrated Annual Report
and Collective collective bargaining may be (Freedom of Association) - Page 15 of ESG Assessment 2021-22
Bargaining 2016 at risk Dashboard 2021-22 2016 414-2 Negative social impacts Social & Relationship Capital (Suppliers)
in the supply chain and - Page 69 of Integrated Annual Report
actions taken 2021-22
8 Wipro Limited 9
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B. World Economic Forum - Stakeholder

Capitalism Metrics
GRI STANDARD/ DISCLOSURE LOCATION OMISSION GRI Theme Metrics & Disclosures Location
OTHER SOURCE REQUIREMENT(S) REASON EXPLANATION SECTOR
Governance Governing Purpose Setting Purpose Corporate Governance Report - Page 116 of
OMITTED STANDARD
REF. NO.
Quality of Governing Body Governance body Corporate Governance Report - Page 116 of
Public policy composition Integrated Annual Report 2021-23
GRI 415: Public 415-1 Political contributions As per our Code Stakeholder Engagement Material issues impacting BRSR Principle 4 - Page 379 of Integrated
Policy 2016 of Business stakeholders Annual Report 2021-22
Conduct Policy, Ethical Behaviour Anti-corruption Social Metrics - Page 9 of ESG Dashboard 2021-
we do not make
any political
22 & BRSR Principle 1(Essential Indicator 4) -
contributions. Page 374 of Integrated Annual Report 2021-22
Customer health and safety Ethical Behaviour Protected ethics advice and Governance & Ethics - Page 91 of Integrated
GRI 416: 416-1 Assessment of the Not applicable
reporting mechanisms Annual Report 2021-22
Customer health and safety impacts to our sector Risk and Opportunity Oversight Integrating risk and Risk Management Framework - Page 42 of
Health and of product and service opportunity into business Integrated Annual Report 2021-22
Safety 2016 categories process
416-2 Incidents of non- Not applicable EXPANDED METRICS
compliance concerning the to our sector
health and safety impacts of Governing Purpose Purpose led management Corporate Governance Report - Page 116 of
products and services Integrated Annual Report 2021-22
Marketing and labeling Quality of Governing Body Progress against strategic Business Strategy- Page 30 of Integrated
GRI 3: Material 3-3 Management of material Not applicable milestones Annual Report 2021-22
Topics 2021 topics to our business Quality of Governing Body Remuneration Annexure 1 - Page 98 of Integrated Annual
and industry Report 2021-22
GRI 417: 417-1 Requirements Not applicable Ethical Behaviour Alignment of strategy and BRSR Principle 7 - Page 384 of Integrated
Marketing and for product and service to our business
policies to lobbying Annual Report 2021-22
Labeling 2016 information and labeling and industry
417-2 Incidents of non- Not applicable Ethical Behaviour Monetary losses from NIL
compliance concerning to our business unethical behaviour
product and service and industry Risk and Opportunity Oversight Economic, environmental, Performance by Capital - Page 15 and Value
information and labeling and social topics in capital creation model - Pages 34-35 of Integrated
417-3 Incidents of non- Not applicable allocation framework Annual Report 2021-22
compliance concerning to our business
Planet Climate change Greenhouse Gas (GHG) Natural Capital (Performance Against Goals) -
marketing communications and industry
emissions Page 80 of Integrated Annual Report 2021-22
Customer privacy
Climate change TCFD implementation Natural Capital - Page 76 to 86 of Integrated
GRI 418: 418-1 Substantiated Social & Relationship Capital (Customers)
Customer complaints concerning - Page 65 & BRSR Principle 9 - Page 387 of
Privacy 2016 breaches of customer privacy Integrated Annual Report 2021-22 Nature loss Land use and ecological Not applicable
and losses of customer data sensitivity
Fresh water availability Water consumption and Water - Page 5 of ESG dashboard 2021-22
withdrawal in water stressed
areas
EXPANDED METRICS
Climate Change Paris aligned GHG emissions Page 1 of ESG dahsboard 2021-22
targets
Climate Change Impact of Greenhouse gas Natural Capital Valuation Program - Page 86
emissions of Integrated Annual Report 2021-22 & NCX
Valuation - Page 6 of ESG Dashboard 2021-22
10 Wipro Limited 11
488 / 490
Theme Metrics & Disclosures Location Theme Metrics & Disclosures Location
Planet Nature Loss Land use and ecological Natural Capital Valuation Program - Page 86 People Dignity and equality Annual total compensation Board’s Report- Page 87 of Integrated Annual
sensitivity of Integrated Annual Report 2021-22 & NCX ratio Report 2021-22
Valuation - Page 6 of ESG Dashboard 2021-22 Health and well being Monetized Impacts of No impact or Not material
Impact of land use and Natural Capital Valuation Program - Page 86 Work related Incidents on
conversion of Integrated Annual Report 2021-22 & NCX Organization (#, $)
Valuation - Page 6 of ESG Dashboard 2021-22 Health and well being Well Being (%) Social Metrics (Health & Safety) - Page 16 of
Fresh water availability Impact of freshwater Natural Capital Valuation Program - Page 86 ESG Dashboard 2021-22
consumption and withdrawal of Integrated Annual Report 2021-22 & NCX Skills for the future Number of unfilled ‘Skilled’ Not Reported
Valuation - Page 6 of ESG Dashboard 2021-22 Positions
Air pollution Air pollution Air Quality - Page 6 of ESG dashboard 2021-22 Skills for the future Monetized Impacts of Training Not Reported
Air pollution Impact of air pollution Natural Capital Valuation Program - Page 86 Increased earning capacity
of Integrated Annual Report 2021-22 & NCX as a result of training
Valuation - Page 6 of ESG Dashboard 2021-22 intervention
Water pollution Nutrients Water - Page 5 of ESG dashboard 2021-22 Prosperity Employment and wealth generation Absolute number and rate of Social Metrics - Page 9 of ESG Dashboard
Water pollution Impact of water pollution Natural Capital Valuation Program - Page 86 employment 2021-22
of Integrated Annual Report 2021-22 & NCX Employment and wealth generation Economic Contribution Financial Capital - Page 46 of Integrated
Valuation - Page 6 of ESG Dashboard 2021-22 Annual Report 2021-22
Solid waste Single use plastics Pollution and waste management - Page 84 of Wealth creation and employment Financial investment Consolidated Statement of Cash Flows - Page
Integrated Annual Report 2021-22 contribution disclosure 237-238 of Integrated Annual Report 2021-22
Impact of solid waste Natural Capital Valuation Program - Page 86 Innovation in better products and Total R&D expenses Intellectual Capital - Page 61 & BRSR principle
disposal of Integrated Annual Report 2021-22 & NCX services 2 - Page 375 of Integrated Annual Report
Valuation - Page 6 of ESG Dashboard 2021-22 2021-22
Resource availability Resource circularity Not applicable Community and social vitality Total tax paid Financial Capital - Page 46 of Integrated
People Dignity and equality Diversity and inclusion (%) Human Capital - Page 54 of Integrated Annual Annual Report 2021-22
Report 2021-22 EXPANDED METRICS
Dignity and equality Pay equality Social Metrics (Gender Pay Parity) - Page 13 of Employment and wealth generation Infrastructure investments Page 109 & BRSR Principle 2 - Page 375 of
ESG Dashboard 2021-22 and services supported Integrated Annual Report 2021-22
Dignity and equality Wage level (%) BRSR Principle 5 - Page 380 of Integrated Employment and wealth generation Significant indirect economic Social & Relationship Capital (Community
Annual Report 2021-22 impacts Initiatives) - Page 70 of Integrated Annual
Dignity and equality Risk for incidents of child, None or Not material Report 2021-22
forced or compulsory labour Innovation in better products and Social value generated Not Reported
Health & wellbeing Health and Safety (%) Social Metrics (Health & Safety) - Page 16 of services
ESG Dashboard 2021-22 Innovation in better products and Vitality Index Not Reported
Human Capital (Physical well-being)- Page 57 services
of Integrated Annual Report 2021-22 Community and social vitality Total social investment Annexure 4 - Page 109-113 of Integrated Annual
Skills for the future Training provided (#) Social Metrics (Training & Development) - Page Report 2021-22
14 of ESG Dashboard 2021-22 Community and social vitality Additional tax remitted Financial Capital - Page 46 of Integrated
EXPANDED METRICS Annual Report 2021-22
Dignity and equality Pay gap Check ESG dashboard (Gender Pay Gap) Community and social vitality Total and additional tax Financial Capital - Page 46 of Integrated
Pg no. 13 breakdown by country for Annual Report 2021-22
significant locations
Dignity and equality Discrimination and Human Capital (Human Rights & Values at
Harassment Incidents (#) and Wipro) - Page 59 & BRSR Principle 5 - Page 380
the Total Amount of Monetary of Integrated Annual Report 2021-22 (Total
Losses ($) Amount of Monetary Losses - None)
Dignity and equality Human rights review, Human Capital (Human Rights & Values at
grievance impact and modern Wipro) - Page 59 of Integrated Annual Report
slavery (#, %) 2021-22 and Social Metrics (Freedom of
Dignity and equality Living Wage (%) Association) - Page 15 of ESG Dashboard
2021-22
12 Wipro Limited 13
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C. TCFD
Core Elements of Details Location
Recommendation
Governance Role of the Board of the organization in overseeing climate- Natural Capital - Governance
related issues.
Role of management in assessing and managing climate-related Natural Capital - Management Approach
issues
Strategy Role of management in assessing and managing climate-related Natural Capital - Management Approach
issues
Impact of climate-related risks and opportunities on the Natural Capital - Climate Change related risks
organization’s businesses, strategy and financial planning
Resilience of the organization’s strategy, taking into Natural Capital - Energy Efficiency & GHG
consideration different climate-related scenarios including a 2˚C mitigation
or lower scenario.
Risk Management Organization’s processes for identifying climate-related risks. Natural Capital – Environmental Risks, Impact
and Assessment
The organization’s processes for managing climate-related risks Natural Capital – Environmental Risks, Impact
and Assessment
Processes for identifying, assessing, and managing climate- Natural Capital – Environmental Risks, Impact
related risks are integrated into the organization’s overall risk and Assessment
management.
Metrics & Targets Metrics used by the organization to assess climate-related risks Natural Capital - GHG Mitigation & ESG
and opportunities in line with its strategy and risk management Dashboard
process.
Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas Natural Capital - GHG Mitigation & ESG
(GHG) emissions, and the related risks. Dashboard
Targets used by the organization to manage climate-related Natural Capital - GHG Mitigation & ESG
risks and opportunities and performance against targets. Dashboard
14 Wipro Limited 15
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For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

Wipro Ltd Currency: INR

Website www.wipro.com Revenue(M) 790,934.00 YTD Return -41.24

Key Insights One Year Daily Price and Volume

Consensus 3 year estimated EPS CAGR is 7.7% vs 11.5% average

Current Capitalization (INR Millions)

Bloomberg Public Information Book: WIPRO LTD

Overview Key Executives

IT Products (1.5) IT Services (74.7) Americas 2 (30.1)

Consensus Rating 2.93

% Buy % Hold % Sell TargetPrice Price

Bloomberg Public Information Book: WIPRO LTD

Fiscal Year Financial Performance and Estimates (INR Millions)

Equity Comparables (Top 6 Peers)

Credit Ratings Credit Ratios

Ownership: Top 5 by Country Ownership: Top 15 by % of Shares Outstanding Held

India 63.52% Premji Azim Hasham 72.57%

Global Industry Classification Standard

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Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

Market Cap - 2,282.4 (B)

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

1-Yr Implied Volatility 37.7 33.4 37.0 29.7 23.7

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Bloomberg Public Information Book: WIPRO LTD

Biotechnology 1.3 (B)

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EARNINGS & ESTIMATES

2023 Annual EPS Earnings Trend (EPS, INR per share)

Price 2023 Annual EPS Actuals Estimates

Current Period ( 2023 YEARLY) Overview

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Bloomberg Public Information Book: WIPRO LTD

Top 20 Holders by Position

Top 10 of 32 Insider Holders by Position

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WIPRO LTD

Consensus Rating 2.93 Curr INR

Historical Analyst Recommendation and 12M Target Price

% Buy % Hold % Sell TargetPrice Price

FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK

Bloomberg Public Information Book: WIPRO LTD

Bloomberg Public Information Book: WPRO

Revenue 502,994.00 595,744.00 618,399.00 894,293.00 961,807.00

Cash from Operations 144,193.00 109,442.00

Key Stats-Enterprise Value

Total Capital 521,662.00 631,548.00

EV/Sales 4.11 5.11 3.49 2.33 2.16

Diluted Market Cap 2,344,775.59 3,244,845.19 2,283,262.57

P/Book 5.02 5.97

P/Tangible Book 5.10 6.04

P/Sales 4.65 5.43 3.68 2.55 2.37

P/Cash Flow 16.23 29.57

P/Free Cash Flow 18.27 34.57

Original:2021 A Original:2022 A Current Estimate:2023 A Estimate:2024 A