MANAGEMENT PRACTICES OF: AZIM PREMJI

Submitted By: BHAWNA JAIN

Submitted to: IRUM KHAN MA’AM

Semester: MBA SEM I (2020-2023)

Name of institute: Poddar management and technical campus

Date of submission:

Table of contents:

No. Topic Page no.

1 Introduction 3
2 Wipro 6
3 Annual report 9
4 Detailed analysis 13
5 Spirit of Wipro 18
6 Wipro corporate social 20
responsibility strategy
7 bibliography 22
 Introduction

Azim Hashim Premji (born 24 July 1945) is an Indian businessman, investor, engineer,

and philanthropist, who was the chairman of Wipro Limited. Premji remains a non-executive
member of the board and founder chairman. He is informally known as the Czar of the Indian
IT Industry.  In 2010, he was voted among the 20 most powerful men in the world
by Asiaweek. He has twice been listed among the 100 most influential
people by Time magazine, once in 2004 and more recently in 2011. For years, he has been
regularly listed one among The 500 Most Influential Muslims. In 1945, Muhammed Hashim
Premji incorporated Western Indian Vegetable Products Ltd, based at Amalner, a small town
in the Jalgaon district of Maharashtra. It used to manufacture cooking oil under the brand
name Sunflower Vanaspati, and a laundry soap called 787, a byproduct of oil manufacture. In
1966, on the news of his father's death, the then 21-year-old Azim Premji returned home
from Stanford University, where he was studying engineering, to take charge of Wipro. The
company, which was called Western Indian Vegetable Products at the time, dealt in
hydrogenated oil manufacturing but Azim Premji later diversified the company to bakery
fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products, and
hydraulic cylinders. In the 1980s, the young entrepreneur, recognising the importance of the
emerging IT field, took advantage of the vacuum left behind by the expulsion of IBM from
India, changed the company name to Wipro and entered the high-technology sector by
manufacturing minicomputers in technological collaboration with an American company
Sentinel Computer Corporation.  Thereafter, Premji made a focused shift from soaps to
software.

Recognition

 Premji has been recognised by Business Week as one of the "Greatest Entrepreneurs" for
being responsible for Wipro emerging as one of the world's fastest growing companies.

 In 2000, he was conferred an honorary doctorate by the Manipal Academy of Higher

Education. In 2006, Azim Premji was awarded Lakshya Business Visionary by National
Institute of Industrial Engineering, Mumbai.
 In 2009, he was awarded an honorary doctorate from Wesleyan University in
Middletown, Connecticut for his outstanding philanthropic work. In 2015, Mysore
University conferred an honorary doctorate on him.

 In 2005, the Government of India honoured him with the title of Padma Bhushan for his
outstanding work in trade and commerce.

 In 2011, he has been awarded Padma Vibhushan, the second highest civilian award by the
Government of India.
 In April 2017, India Today magazine ranked him 9th in India's 50 Most powerful people
of 2017 list.

 In 2018, Premji was conferred with Chevalier de la Légion d'Honneur (Knight of the

Legion of Honour) – the highest French civilian distinction by the French Government.

 In December 2019, Premji was cited by Forbes magazine as one of the "Heroes of

Philanthropy list of 30 altruists" in the Asia-Pacific region.

 In 2019, Forbes put Premji in the list of the world's most generous philanthropists outside
of the US.

Premji has been driven by one basic idea – to build an organization deeply committed to
Values, with the firm belief that success in business eventually but inevitably follows.
Unflinching commitment to Values continues to remain at the core of Wipro. Premji strongly
believes that ordinary people are capable of extraordinary things when organized into highly
charged teams, and takes keen personal interest in developing leaders and teams.

Wipro's business success has been driven by keeping the customer at the core of everything it
does. Combining its deep expertise in technology with an equally clear understanding of
customer industries, Wipro attempts to deliver business value to customers consistently. The
consistency is driven by its pioneering efforts in service quality and predictability, through
methodologies like Six Sigma, PCMM and Lean. The underlying tenets that drive this overall
culture are that of speed, simplicity and excellence
.
Premji firmly believes that business organizations have a social responsibility not only to
employ ethical, fair and ecologically sensitive business practices but also to actively engage
with fundamental societal issues. "Wipro Applying Thought in Schools " (in India) and
"Wipro STEM Fellowships" (in the US) are initiatives deeply involved in trying to improve
quality of school education, while the "Wipro Cares" program engages with local community
causes. Mission 10X works to improve quality of engineering college education. In 2001,
Premji established and personally endowed the Azim Premji Foundation, a not-for-profit
organization, with a vision of enhancing quality and equity in the public school education
system in India, to build a better society. The Azim Premji Foundation works in 7 states of
India which have over 300,000 schools. In 2011, the Foundation established the Azim Premji
University, which is focused on teaching and research programs in Education and other areas
of Human Development
.
Over the years, Azim Premji has received numerous honors and accolades, which he
considers as recognitions for Team Wipro. Business Week featured him on their cover of the
October 2003 issue with the sobriquet "India's Tech King" and listed him amongst the top 30
entrepreneurs in world history in July 2007. In October 2005, Financial Times included him
in a global list of 25 people "dramatically reshaping the way people live, work or
think". Time listed him amongst the world's 100 most influential people in April 2004 and
again April 2011, citing his contribution to improving the public education system in India.
He was named by Fortune (August 2003) as one of the 25 most powerful business leaders
outside the US, by Forbes (March 2003) as one of ten people globally with most "power to
effect change", and by the Journal of Foreign Policy (November 2011) as amongst the top
global thinkers.
 Premji became the first Indian recipient of the Faraday Medal and has been conferred
honorary doctorates by the Michigan State University and Wesleyan University (in the US),
Indian Institute of Technology Bombay, Roorkee and Kharagpur amongst others. He is a
member of the Indo-UK, Indo-French CEO forums and a member of the Indo-Japan Business
Leaders' Forum. The Republic of France bestowed upon him the "Legion of Honor"
and Forbes India honored him with its inaugural "Outstanding Philanthropist of the Year' in
November 2012. He was conferred in January 2011 with Padma Vibhushan, the second
highest civilian award in India.

In September 2013 Premji received All India Management Association (AIMA) Managing

India Award as the Corporate Citizen of the Year for his inspiring business values and his
contribution to society. He was honored with the Asian Business Leaders Award by Asia
House (UK) in October 2013 for his "impressive business credentials and his significant
efforts to inspire a commitment in others to improving society." In December
2013, Economic Times bestowed Mr. Premji Life Time Achievement Award.
 WIPRO

Wipro Limited, formerly known as the Western Indian Vegetable Products Limited, is an

Indian multinational conglomerate headquartered in Bangalore, Karnataka, India.[ The
company was incorporated on 29 December 1945 in Amalner, India, by Mohamed Premji as
Western India Vegetable Products Limited, later abbreviated to Wipro. It was initially set up
as a manufacturer of vegetable and refined oils in Amalner, Maharashtra, British India, under
the trade names of Kisan, Sunflower, and Camel.
In 1966, after Mohamed Premji's death, his son Azim Premji took over Wipro as
its chairman at the age of 21.
During the 1970s and 1975 the company shifted its focus to new opportunities in the IT and
computing industry, which was at a nascent stage in India at the time. On 7 June 1977, the
name of the company changed from Western India Vegetable Products Limited, to Wipro
Products Limited. In 1982, the name was changed again, from Wipro Products Limited to
Wipro Limited.
Wipro continued to expand in the consumer products domain with the launch of Ralak,
a tulsi-based family soap and Wipro Jasmine, a toilet soap. Its diverse businesses
include FMCG, lighting, information technology, and consulting. The Fortune India
500 ranks it the 29th largest Indian company by total revenue.It is also ranked the 9th largest
employer in India with over 221,000 employees.
In 1988, Wipro added mobile hydraulic cylinders and heavy-duty industrial cylinders to its
line of products.

A joint venture company with the United States' General Electric in the name of Wipro GE
Medical Systems Pvt. Ltd. was set up in 1989 for the manufacture, sales, and service of
diagnostic and imaging products. In 1991, tipping systems and Eaton hydraulic products were
launched. The Wipro Fluid Power division, in 1992, developed the capability to offer
standard hydraulic cylinders for construction equipment and truck tipping systems. The
Santoor talcum powder and Wipro Baby Soft range of baby toiletries were launched in 1990.

In 2012, Wipro demerged its non-IT businesses into a separate company called Wipro

Enterprises. Prior to this demerger, these businesses, mainly in the consumer care, lighting,
furniture, hydraulics, water treatment, and medical diagnostics, contributed about 10% of
Wipro's total revenues.
In the same year, Wipro acquired Australian Trade Promotions Management firm Promax
Applications Group (PAG) for $35 million.
In 2014, the firm signed a ten-year $1.2 billion contract with ATCO, a Canadian Energy and
Utilities corporation based in Calgary, Alberta. This was the largest deal in Wipro's
history. In October 2016, Wipro announced that it was buying Appirio, an Indianapolis-based
cloud services company for $500 million. In 2017, the company expanded its operations in
London.
In 2017, the firm won a five-year IT infrastructure and applications managed services
engagement with Grameenphone (GP), a major telecom operator in Bangladesh and
announced it would set up a new delivery centre there.
In 2018, the company began building software to help with the General Data Protection
Regulation (GDPR) in Europe. In March 2018, Wipro said it would be buying a third of
Denim Group.  In April 2018, the company sold its stake in the airport IT services company
JV.
In August 2018, Wipro paid US$75m to National Grid US as a settlement for a botched SAP
implementation that a 2014 audit estimated could cost the company US$1 billion. Wipro had
been hired as systems integrator in 2010, but errors in the rollout, intended to replace an
Oracle system, caused serious losses and reputational damage.
In 2019, Wipro Consumer Care and the Ang-Hortaleza Corporation signed a share purchase
agreement for the sale of 100% of the latter's stake in the personal care business Splash
Corporation.
In March 2020, Hedera announced that Wipro would be joining their Governing Council,
providing decentralized governance to its hashgraph distributed ledger technology.
In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer
experience consultancy.
Wipro has shifted to Work from Anywhere model since March 2020. As per this model
Wipro employees can work from anywhere in the world except Wipro office premises.
Wipro has 215,876 employees in India. Each employee in India works from their own office
(home).]
In July 2020, the firm announced the launch of its 5G edge services solutions suite built with
IBM software systems.
In March 2021, Wipro acquired Capco, a 22-year-old British tech consultancy firm. The deal
was completed in April.
Wipro has signed an agreement to acquire Ampion for a cash consideration of $117 million,
according to an exchange filing.
In March 2021, Wipro appoints Pierre Bruno as CEO of European operations.
In June 2021, Wipro acquired Boeing supplier TECT Aerospace Group Holdings for $31
million.
In December 2021, Wipro has signed a definitive agreement to acquire LeanSwift, a system
integrator of Infor products for customers across the Americas and Europe. The acquisition is
subject to customary closing conditions and is expected to close before the end of the quarter
ending March 31, 2022, Wipro stated in a BSE filing.

Subsidiaries
Western India Products Limited
Wipro Limited is a provider of IT services, including Systems Integration, Consulting,
Information Systems outsourcing, IT-enabled services, and R&D services.
Wipro entered into the technology business in 1981 and has over 221,890 employees and
clients across 110 countries. IT revenues were at $7.1 billion for the year ended 31 March
2015, with a repeat business ratio of over 95%.
Wipro GE Medical Systems
Wipro GE Medical Systems Limited is Wipro's joint venture with GE Healthcare South Asia.
It is engaged in the research and development of healthcare products. This partnership, which
began in 1990, today includes gadgets and equipment for diagnostics, healthcare IT and
 services to help healthcare professionals combat cancer, heart disease, and other ailments.
There is complete adherence to Six Sigma quality standards in all products.

Listing and shareholding

Listing: Wipro's initial public offering was in 1946. Wipro's equity shares are listed
on Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index, and
the National Stock Exchange of India where it is a constituent of the S&P CNX
Nifty. The American Depositary Shares of the company are listed at the NYSE since October
2000.
Shareholding: The table provides the share holding pattern as of 30 September 2018.

Shareholders (as on 30 September

Shareholding
2018)

Promoter group led by Azim Premji 74.31%

Public 25.21%

Employee trust 0.48%

 Annual Report Analysis (2020-2021)

WIPRO has announced its results for the year ended March 2021. Let us have a look at the
detailed performance review of the company during FY20-21.
WIPRO Income Statement Analysis

 Operating income during the year rose 1.3% on a year-on-year (YoY) basis.
 The company's operating profit increased by 18.6% YoY during the fiscal. Operating
profit margins witnessed a fall and down at 23.6% in FY21 as against 20.2% in FY20.
 Depreciation charges increased by 32.5% and finance costs decreased by 30.6% YoY,
respectively.
 Other income declined by 7.2% YoY.
 Net profit for the year grew by 11.1% YoY.
 Net profit margins during the year grew from 15.3% in FY20 to 16.8% in FY21.

WIPRO Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change

Net Sales Rs m 611,376 619,430 1.3%

Other income Rs m 27,250 25,295 -7.2%

Total Revenues Rs m 638,626 644,725 1.0%

Gross profit Rs m 123,423 146,326 18.6%

Depreciation Rs m 20,855 27,634 32.5%

Interest Rs m 7,328 5,088 -30.6%

Profit before tax Rs m 122,490 138,899 13.4%

Tax Rs m 24,801 30,349 22.4%

Profit after tax Rs m 97,689 108,550 11.1%

Gross profit margin % 20.2 23.6

Effective tax rate % 20.2 21.8

 Net profit margin % 15.3 16.8

* Results Consolidated
WIPRO Balance Sheet Analysis

 The company's current liabilities during FY21 stood at Rs 230 billion as compared to
Rs 216 billion in FY20, thereby witnessing an increase of 6.3%.
 Long-term debt stood at Rs 7 billion as compared to Rs 5 billion during FY20, a
growth of 54.1%.
 Current assets rose 1% and stood at Rs 523 billion, while fixed assets rose 5% and
stood at Rs 302 billion in FY21.
 Overall, the total assets and liabilities for FY21 stood at Rs 826 billion as against Rs
807 billion during FY20, thereby witnessing a growth of 2%.

WIPRO Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change

Networth Rs m 551,667 545,939 -1.0

Current Liabilities Rs m 216,393 230,040 6.3

Long-term Debt Rs m 4,840 7,458 54.1

Total Liabilities Rs m 806,784 825,658 2.3

Current assets Rs m 519,851 523,186 0.6

Fixed Assets Rs m 286,933 302,472 5.4

Total Assets Rs m 806,784 825,658 2.3

* Results Consolidated
WIPRO Cash Flow Statement Analysis

 WIPRO's cash flow from operating activities (CFO) during FY21 stood at Rs 148
billion, an improvement of 46.6% on a YoY basis.
 Cash flow from investing activities (CFI) during FY21 stood at Rs 8 billion on a YoY
basis.
 Cash flow from financial activities (CFF) during FY21 stood at Rs -129 billion, an
improvement of 15% on a YoY basis.
 Overall, net cash flows for the company during FY21 stood at Rs 26 billion from the
Rs -14 billion net cash flows seen during FY20.

WIPRO Cash Flow Statement 2020-21

No. of
12 12
months
%
Particulars
Change
Year Mar- Mar-
Ending 20 21

Cash Flow from Operating 100,64 147,55

Rs m 46.6%
Activities 3 0

Cash Flow from Investing

Rs m 34,012 7,739 -77.2%
Activities

- -
Cash Flow from Financing
Rs m 150,99 128,84 -
Activities
8 0

Net Cash Flow Rs m -14,421 25,559 -

Current Valuations for WIPRO

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 19.8,
an improvement from the EPS of Rs 17.1 recorded last year.
 The price to earnings (P/E) ratio, at the current price of Rs 529.8, stands at 26.7 times
its trailing twelve months earnings.
 The price to book value (P/BV) ratio at current price levels stands at 3.2 times, while
the price to sales ratio stands at 2.8 times.
 The company's price to cash flow (P/CF) ratio stood at 21.3 times its end-of-year
operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*

Sales per share (Unadj.) Rs 107.0 113.1

 TTM Earnings per share Rs 17.1 19.8

Diluted earnings per share Rs 17.8 19.8

Price to Cash Flow X 25.5 21.3

TTM P/E ratio X 27.9 26.7

Price / Book Value ratio X 2.4 3.2

Market Cap Rs m 3,026,937 2,902,891

Dividends per share (Unadj.) Rs 1.0 1.0

* Results Consolidated
Interim results exclude extraordinary / exceptional items
Ratio Analysis for WIPRO

 Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.3x during FY21,
from 2.4x during FY20. The current ratio measures the company's ability to pay short-term
and long-term obligations.
Interest Coverage Ratio: The company's interest coverage ratio improved and stood at
28.3x during FY21, from 17.7x during FY20. The interest coverage ratio of a company states
how easily a company can pay its interest expense on outstanding debt. A higher ratio is
preferable.
 Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 19.9% during
FY21, from 17.7% during FY21. The ROE measures the ability of a firm to generate profits
from its shareholders capital in the company.
Return on Capital Employed (ROCE): The ROCE for the company improved and stood at
26.0% during FY21, from 23.3% during FY20. The ROCE measures the ability of a firm to
generate profits from its total capital (shareholder capital plus debt capital) employed in the
company.
Return on Assets (ROA): The ROA of the company improved and stood at 13.8% during
FY21, from 13.0% during FY20. The ROA measures how efficiently the company uses its
assets to generate earnings.
 Key Ratio Analysis
No. of Mths Year Ending 12 Mar-20* 12 Mar-21*

Current ratio X 2.4 2.3

Debtors’ Days Days 62 56

Interest coverage X 17.7 28.3

Debt to equity ratio X 0.0 0.0

Return on assets % 13.0 13.8

Return on equity % 17.7 19.9

Return on capital employed % 23.3 26.0

To see how WIPRO has performed over the last 5 years, please visit here.

WIPRO Share Price Performance

Over the last one year, WIPRO share price has moved up from Rs 223.0 to Rs 529.8,
registering a gain of Rs 306.8 or around 137.6%.
Meanwhile, the S&P BSE IT Index is trading at Rs 29,624.8 (down 0.5%). Over the last one
year it has moved up from 15,680.9 to 29,624.8, a gain of 13,944 points (up 88.9%).
Overall, the S&P BSE SENSEX is up 44.1% over the year.
 Wipro Limited Announces Results for the Quarter Ended September 30, 2021 Under

IFRS
IT Services delivers strong revenue growth for the quarter at 8.1% QoQ and 28.8%
YoY
Net Income & EPS showed a robust increase of 18.9% YoY and 23.8% YoY
respectively

October 13, 2021 09:30 AM Eastern Daylight Time

BANGALORE, India & NEW YORK--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT,
BSE: 507685, NSE: WIPRO) today announced financial results under International Financial
Reporting Standards (IFRS) for the Quarter ended September 30, 2021.

Highlights of the Results

Results for the Quarter ended September 30, 2021:

 Gross Revenue was Rs 196.7 billion ($2.7 billion1), an increase of 7.8% QoQ and 30.1%
YoY
 IT Services Segment Revenue was at $2,580.0 million, an increase of 6.9% QoQ and 29.5%
YoY
 Non-GAAP  constant currency IT Services Segment Revenue increased by 8.1% QoQ and
2

28.8% YoY
 IT Services Operating Margin for the quarter was at 17.8%, flat on adjusted4 basis QoQ and
3 

reported decrease of 104 bps QoQ

 Net Income for the quarter was Rs 29.3 billion ($395.2 million1), an increase of 18.9% YoY
 Earnings Per Share for the quarter was at Rs 5.36 ($0.071), an increase of 23.8% YoY
Performance for the quarter ended September 30, 2021

Thierry Delaporte, CEO and Managing Director said, “The Q2 results demonstrate that
our business strategy is working well. We grew at over 4.5% organic sequential growth for a
second quarter in a row, resulting in a 28% YoY growth in the first half of this financial year.
I thank our customers, partners, and colleagues as we surpassed the $10Bn milestone of
annualized revenue run rate.”

Jatin Dalal, Chief Financial Officer said, “We sustained our operating margins in Q2 in a
narrow band even after absorbing the full impact of our recent acquisitions and investing
significantly in our business across sales, capabilities and talent. We completed a salary
increase covering 80% of our colleagues, making it the second hike in this calendar year. We
delivered a robust growth in EPS of 23.8% YoY.”

Outlook for the quarter ending December 31, 2021

 We expect Revenue from our IT Services business to be in the range of $2,631 million
to $2,683 million*. This translates to a sequential growth of 2.0% to 4.0%.

*Outlook is based on the following exchange rates: GBP/USD at 1.36, Euro/USD at 1.17,
AUD/USD at 0.72, USD/INR at 74.13 and CAD/USD at 0.78

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been
translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs
74.16, as published by the Federal Reserve Board of Governors on September 30, 2021.
However, the realized exchange rate in our IT Services business segment for the quarter
ended September 30, 2021 was US$1= Rs 75.11
2. Constant currency revenue for a period is the product of volumes in that period times the
average actual exchange rate of the corresponding comparative period
3. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials
4. IT Services Operating Margin change has been adjusted for one time gains in ‘other operating
income’ in Q1’22 for Rs 2,150 million
IT Services

Wipro continued its momentum in winning large deals with our customers as described
below:

 Wipro has won a strategic, multi-year cloud migration and application modernization
engagement with a leading North American financial institution to transform and migrate its
enterprise applications across all lines of business. The engagement will lower total cost of
ownership (TCO) and provide the bank with significant tools and intellectual property to
modernize its processes and become more nimble.
 Wipro has won a multi-year engagement with ABB Information Systems to provide digital
workplace services for their 100,000+ employees spread over 100+ countries. Wipro will
support and contribute to the transformation of ABB’s end-user infrastructure to enhance the
consumer experience, leveraging industry-leading practices.
 Wipro has won an engagement with a global healthcare company to consolidate and deliver
member engagement services for various public assistance programs. The scope includes
outreach, advocacy, retention services, as well as procuring and revival of patient’s health
care records securely. Additionally, Wipro will guide dual eligible members on benefits and
beneficiary protections.
 Wipro has won a strategic, multi-year engagement with a leading North American financial
institution to modernize and transform the Quality Engineering and Testing portfolio within
their Retail and Commercial Banking segment to the new ways of working. The engagement
will focus on Digital Transformation for enhanced customer experience and cost
optimization.
 Wipro has won an engagement with a US-based financial services organization to extend its
capabilities into Infrastructure Operations and Engineering. The multi-year deal expands the
partnership while driving greater productivity, increased delivery speed, and higher business
value, ensuring a stable and modern IT Infrastructure.
Digital Services Highlights
 We continue to see increasing traction in digital oriented and other strategic deals as
illustrated below:

Wipro has won an engagement with a multinational electrical engineering and software
company to transform their sales and marketing services across subsidiaries and affiliated
companies spread over 55 countries. Wipro FullStride Cloud Services will develop and
implement a cloud platform to empower the client with a single global view of their customer
database.
 Wipro has won a strategic engagement with a leading multinational financial services
company in LATAM to accelerate their digital transformation journey. Wipro will deliver
API and micro services based on Banking Industry Architecture Network model and
modernize the bank’s direct and assisted customer channels.
 A US-based software solutions company has selected Wipro to transfer their on-premise
platforms to a SaaS-based business model. Wipro FullStride Cloud Services will modernize
the client’s offerings using cloud native capabilities.
 A global technology company has hired Designit to support the operation and management of
100+ social and blog channels as part of their B2B marketing program.
Analyst Recognition

 Wipro was recognized as a Leader in Everest Group’s Application and Digital Services in
Banking PEAK Matrix® Assessment 2021: Global Focus
 Wipro was recognized as a Leader in Everest Group’s Network Transformation and Managed
Services PEAK Matrix® Assessment 2021
 Wipro was recognized as a Leader in Everest Group’s Data and Analytics (D&A) Services
PEAK Matrix® Assessment 2021
 Wipro was recognized as a Leader in Everest Group’s Capital Markets Operations – Services
PEAK Matrix® Assessment 2021
 Wipro was recognized as a Leader and Star Performer in Everest Group’s Finance and
Accounting Outsourcing (FAO) – Service Provider Landscape with PEAK Matrix®
Assessment 2021
 Wipro was positioned as a Leader in IDC MarketScape: Worldwide Network Consulting
Services 2021 Vendor Assessment (Doc #US48076121, Aug 2021)
 Wipro was positioned as a Leader in IDC MarketScape: Asia/Pacific (Excluding Japan)
Managed Cloud Services 2021 Vendor Assessment (Doc #AP47014921, Aug 2021)
 Wipro was positioned as a Leader in IDC MarketScape: Worldwide Life Science R&D ITO
Services 2021 Vendor Assessment (Doc #US47455021, Aug 2021)
 Wipro was positioned as a Leader in IDC MarketScape: Worldwide Life Science R&D BPO
Services 2021 Vendor Assessment (Doc #US48076121, Aug 2021)
 Wipro was positioned as a Leader in IDC MarketScape: Worldwide Smart Manufacturing
Service Providers 2021 Vendor Assessment (Doc #EUR147689021, Jun 2021)
 Wipro was positioned as a Leader in 2021 ISG Provider Lens™ – SAP HANA Ecosystem
Services 2021 – UK, US
 Wipro was positioned as a Leader in 2021 ISG Provider Lens™ – Utilities Industry -
Services and Solutions 2021 - North America
 Wipro was featured in the Top Players in HFS Top 10: Banking and Financial Services 2021
 Wipro was recognized as a Gartner Peer Insights Customers’ Choice for Data and Analytics
Service Providers
Disclaimer: Gartner Peer Insights ‘Voice of the Customer’: Data and Analytics Service
Providers, Peer Contributors, 19 August 2021. Gartner Peer Insights Customers’ Choice
constitute the subjective opinions of individual end-user reviews, ratings, and data applied
against a documented methodology; they neither represent the views of, nor constitute an
endorsement by, Gartner or its affiliates.

IT Products

 IT Products Segment Revenue for the quarter was Rs 1.9 billion ($25.5 million1)
 IT Products Segment Results for the quarter was a profit of Rs 0.1 billion ($1.3 million1)
India business from State Run Enterprises (ISRE)

India SRE Segment Revenue for the quarter was Rs 1.9 billion ($25.2 million1)

 India SRE Segment Results for the quarter was a profit of Rs 0.4 billion ($5.3 million1)
Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and
IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAP Financial Measures

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

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

This non-GAAP financial measure is not based on any comprehensive set of accounting rules
or principles and should not be considered a substitute for, or superior to, the most directly
comparable financial measure calculated in accordance with IFRS and may be different from
non-GAAP measures used by other companies. In addition to this non-GAAP measure, the
financial statements prepared in accordance with IFRS and the reconciliation of these non-
GAAP financial measures with the most directly comparable IFRS financial measure should
be carefully evaluated.
 Results for the quarter ended September 30, 2021, prepared under IFRS, along with
individual business segment reports, are available in the Investors section of our
website www.wipro.com

Quarterly Conference Call

We will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (09:45
a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the
conference call will be available online through a web-cast and can be accessed at the
following link- https://links.ccwebcast.com/?EventId=WIP20211013

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

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information
technology, consulting and business process services company. We harness the power of
cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies
to help our clients adapt to the digital world and make them successful. A company
recognized globally for its comprehensive portfolio of services, strong commitment to
sustainability and good corporate citizenship, we have over 220,000 dedicated employees
serving clients across six continents. Together, we discover ideas and connect the dots to
build a better and a bold new future.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future
events, many of which are by their nature, inherently uncertain and outside Wipro’s control.
Such statements include, but are not limited to, statements regarding Wipro’s growth
prospects, its future financial operating results, and its plans, expectations and intentions.
Wipro cautions readers that the forward-looking statements contained herein are subject to
risks and uncertainties that could cause actual results to differ materially from the results
anticipated by such statements. Such risks and uncertainties include, but are not limited to,
risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability
to generate and manage growth, complete proposed corporate actions, intense competition in
IT services, our ability to maintain our cost advantage, wage increases in India, our ability to
attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-
time frame contracts, client concentration, restrictions on immigration, our ability to manage
our international operations, reduced demand for technology in our key focus areas,
disruptions in telecommunication networks, our ability to successfully complete and integrate
potential acquisitions, liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of fiscal governmental
incentives, political instability, war, legal restrictions on raising capital or acquiring
companies outside India, unauthorized use of our intellectual property and general economic
conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our
filings with the United States Securities and Exchange Commission, including, but not
limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral forward-looking statements,
including statements contained in the company’s filings with the Securities and Exchange
Commission and our reports to shareholders. We do not undertake to update any forward-
looking statement that may be made from time to time by us or on our behalf.

Spirit of Wipro

The Spirit of Wipro is the core of Wipro. These are our Values. It is about who we are. It
is our character. It is reflected consistently in all our behavior. The Spirit is deeply rooted in
the unchanging essence of Wipro. But it also embraces what we must aspire to be. It is the
indivisible synthesis of the four values. The Spirit is a beacon. It is what gives us direction
and a clear sense of purpose. It energizes us and is the touchstone for all that we do.

We succeed when we make our clients successful. We collaborate to sharpen our insights and
amplify this success. We execute with excellence. Always.

We treat every human being with respect. We nurture an open environment where people are
encouraged to learn, share and grow. We embrace diversity of thought, of cultures, and of
people.
 We will be global in our thinking and our actions. We are responsible citizens of the
world. We are energized by the deep connectedness between people, ideas, communities and
the environment.

Integrity is our core and is the basis of everything. It is about following the law, but it’s more.
It is about delivering on our commitments. It is about honesty and fairness in action. It is
about being ethical beyond any doubt, in the toughest of circumstances.
 Wipro corporate social responsibility strategy

There are two main focus areas for all the Wipro CSR activities: one is to make the company
more sustainable in line with the triple bottom line approach; the other is to work towards a
just, inclusive and sustainable society. While the main focus areas of Wipro corporate social
responsibility are Education, Ecology, Primary Health Care and Disaster Response, the CSR
activities of Wipro projects span various sub-categories including Urban Ecology, Access
and Inclusion in Education to public spaces.

Social Partnerships

Working in silos is an archaic approach to corporate responsibility. The evolved

management here recognises the importance of partnerships with social enterprises and
nonprofits in making change happen.

There is a lot of emphasis on social and natural capital. The team chooses partners based on
how well they can foster social and natural capital. Apart from the implementation of CSR
programmes, the company encourages partnerships for collaborative advocacy. It takes a
long term view of problems, and designs programmes in line with its ethical standards.

Last year, corporate social responsibility of Wipro worked with nearly 200 partners which
include civil society organisations and academic institutions across India, US, UK, Europe
and Asia-Pacific.

CSR Committee

The Wipro CSR committee was formed in accordance with the norms in Section 135 of the
Companies Act, 2013. It is part of the Board Governance, Nomination and Compensation
Committee. It comprises three Independent Directors (William Arthur Owens, M. K. Sharma
and lreena Vittal) with Mr. Owens also being the Chairman of the CSR Committee.
 . CSR spend

The Company spent Rs. 181.8 crores towards corporate social responsibility activities in the
financial year 2019-20, according to the latest integrated annual report. As you can see in
the graph, the actual spend is much higher than the prescribed amount every year, for the
past five years. This is true of previous years as well, since the firm has been engaged in
Nation Building decades before the mandate came into effect.

Over and above the annual spend of Rs. 181.8 crores, the company pledged Rs. 100 crores
towards COVID-19 relief work. The sum is being invested in helping frontline health
professionals fighting the pandemic, medical aid, and essentials for the most vulnerable
people affected by the coronavirus pandemic and resultant lockdown.
In conclusion, The CSR Journal says Wipro CSR has specific targets for social growth that its
well-designed programmes are working towards. Establishing an ecosystem for STEM and
sustainable education, for example. Or fighting climate change and preserving the
environment through collaborative advocacy in water, waste and biodiversity. CSR activities
of Wipro are making student’s lives easier with a range of scholarships, in turn freeing them
up to pursue higher
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THANK YOU