Wipro Announces Results for the Quarter Ended June 30, 2024

Large Deal Bookings at $1.2 billion.
IT Services Margin expands 0.4% YoY. EPS increases 9.9% YoY.
Operating cash flows at 131.6% of net income.

EAST BRUNSWICK, N.J. & BANGALORE, India--()--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2024.

Highlights of the Results

Results for the Quarter ended June 30, 2024:

  1. Gross revenue was at Rs 219.6 billion ($2,635.8 million1), a decrease of 1.1% QoQ and 3.8% YoY.
  2. IT services segment revenue was at $2,625.9 million, a decrease of 1.2% QoQ and decrease of 5.5% YoY.
  3. Non-GAAP2 constant currency IT Services segment revenue decreased 1.0% QoQ, and 4.9% YoY.
  4. Total bookings3 was at $3,284 million. Large deal bookings4 was at $1,154 million, a decrease of 3.1% QoQ and 3.6% YoY.
  5. IT services operating margin5 for the quarter was at 16.5%, an increase of 0.1% QoQ and 0.4% YoY.
  6. Net income for the quarter was at Rs 30.0 billion ($360.4 million1), an increase of 5.9% QoQ and 4.6% YoY.
  7. Earnings per share for the quarter was at Rs 5.75 ($0.071), an increase of 5.9% QoQ and 9.9% YoY.
  8. Operating cash flows of Rs 40.0 billion ($479.0 million1), an increase of 6.5% YoY and at 131.6% of Net Income for the quarter.
  9. Voluntary attrition was at 14.1% on a trailing 12-month basis.

Outlook for the Quarter ending September 30, 2024

We expect revenue from our IT Services business segment to be in the range of $2,600 million to $2,652 million*. This translates to sequential guidance of (-)1.0% to +1.0% in constant currency terms.
* Outlook for the Quarter ending September 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.08, AUD/USD at 0.66, USD/INR at 83.27 and CAD/USD at 0.73

Performance for the Quarter ended June 30, 2024

Srini Pallia, CEO and Managing Director, said, We recorded another quarter of total large deal bookings over $1 bn, with our largest win in the recent years. Our top accounts continued to grow, accompanied by a growth in Americas1 SMU, BFSI and Consumer sectors. We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2. While we continue to build on our ai360 strategy and preparing our workforce for an AI-first future.”

Aparna Iyer, Chief Financial Officer, said, We continued to expand our margins to 16.5% in Q1’25, this is a 42-bps improvement YoY. Our margin performance is also reflected in our EPS increase of 10% YoY. Our operating cash flows continue to be strong at 131.6% of our net income which takes our current investment and cash balance to $5.4 billion.”

  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 83.33, as published by the Federal Reserve Board of Governors on June 30, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2024, was US$1= Rs 83.38
  2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
  3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
  4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
  5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.
  6. Voluntary attrition is in IT Services computed on a quarterly annualised basis and excludes DOP.

Highlights of Strategic Deal Wins

In the first quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

  1. Wipro has been awarded a $500 million deal by a leading U.S. communications services provider. This is a five-year contract to provide managed services for select products and industry-specific solutions.
  2. Wipro was selected by a global leader in technology to reimagine its hyperscaler customer experience centers through AI-powered operations. Wipro will enable real-time business insights, scale talent, and reduce cost of operations for the client’s centers across the world. Additionally, the team will modernize the client’s global R&D lab infrastructure and accelerate innovation with rapid prototyping and increased speed to market of new products and services.
  3. A US-based health insurance company has engaged Wipro to deliver end-to-end transformation of its medical claims processing. Over this multi-year deal, Wipro will implement customized AI-based solutions, for claims processing, error prediction and agent assist. Wipro's AI solution will deliver higher accuracy in claims processing leading to a reduction in out-of-compliance claim appeals and an overall decrease in the cost of operations. Wipro is leveraging GenAI and AI to accelerate training and optimize resource allocation for the client.
  4. A US-based automotive Tier 1 supplier has selected Wipro to streamline its global technology services and rationalize its applications including both Engineering and business to support its portfolio. The Wipro team will develop a solution leveraging automation and AI to improve the client’s customer experience and reduce its overall operating costs, enhance innovation as well as improve project delivery.
  5. A leading provider of innovative flash memory solutions has selected Wipro as its strategic partner for Product Development and Engineering. The Wipro team will establish a Center of Excellence for Solid State Drive SSD engineering by leveraging its deep domain expertise on storage firmware, embedded software, system validations and GenAI methodologies to enhance the client’s product development life cycle.
  6. Wipro has secured a transformational engagement with a state government organization in Australia to deliver a centralized road asset management system. This system will help the client make reliable and fast strategic decisions for the future of its road network. The ‘One Wipro’ team, with Rizing, Wipro Enterprise Futuring and Domain & Consulting, will improve management of road assets like bridges, tunnels, traffic assets, etc., through integration and automation of the road asset register. The team will also deliver new capabilities to support business needs like staff mobility, leading to improved user experience with an intuitive map driven approach.
  7. A US-based payment services corporation has selected Wipro to enhance its applications to provide more resilient services, improve performance and scalability to support projected business growth. In partnership with the client, the Wipro team will develop and deploy solutions utilizing proven Continuous Integration & Deployment pipelines, leveraging AI. As a result, the client will have better visibility of compliance requirements and see improved agility and productivity.
  8. A US-based global technology company has selected Wipro to develop and enhance its Silicon IP lifecycle. The Wipro team will deploy a comprehensive end-to-end solution that includes silicon engineering services encompassing areas such as analog circuit, layout, and structural designs. The project will result in increased agility and transparency across the Silicon IP lifecycle.
  9. An Australian public health services organization has chosen Wipro to migrate its legacy systems and automate its workforce management process. The Wipro team will build a solution that connects the aged care community with essential providers and services. The client will see enhanced accessibility and exchange of medical data, improved quality, and safety of primary healthcare services, as well as increased innovation and efficiency through digital technologies.
  10. A global pharmaceutical organization has expanded its existing relationship with Wipro, selecting it to deliver persona-based services for their Service Desk and onsite Field Support Services globally. The programme includes 12 transformation initiatives to modernize the client’s operating model and improve its user experience through Gen AI use cases, including autopilot-based provisioning, and remote management of applicable devices through zero-touch remote IT services resolution. As a result of this project, the client will see enhanced employee experience and increased productivity.
  11. A Europe-based investment management company has selected Wipro to manage its end-to-end infrastructure. The Wipro team will consolidate vendors across the client’s IT operations and develop AI tools to simplify its operations. This project will improve the client’s operational stability and security, reduce costs, and increase its cost efficiency by up to 30%.
  12. One of Europe’s largest providers of holiday parks has selected Wipro to integrate its business functions into a single set of standardized technology platforms with a redesigned operating model. The Wipro team will design the business processes, build and roll out core business platforms for the client’s commerce, finance, and HR functions. The team will also build a data platform to gain better business insights and roll out a change management program to ensure a smooth transition. This project will deliver harmonized and integrated systems enabling the client’s future business growth.
  13. A leading US-based technology company has selected Wipro to provide end-user sales and support services for its Spanish and Portuguese-speaking customers in Latin America. Wipro will deploy its trusted digital marketing advisors to support end users' marketing presence. The team will also help in boosting advertising revenue growth through ad campaign optimization, market planning and book management.

Analyst Recognition

  1. Wipro was rated as a Leader in Avasant's Applied AI Services 2024 RadarView™
  2. Wipro was designated as a Leader in Avasant’s Cybersecurity Services 2024 RadarView™
  3. Wipro was recognized as a Leader in IDC MarketScape: Worldwide Consulting and Digital Services Providers for the Upstream Oil and Gas Industry 2024 Vendor Assessment (Doc # US51004123 May 2024)
  4. Wipro was recognized as a Leader in Everest Group's Mainframe Services PEAK Matrix® Assessment 2024
  5. Wipro was ranked as a Leader in Avasant's Manufacturing Digital Services 2024 RadarView™
  6. Wipro was rated as a Leader in ISG Provider Lens™ - Digital Engineering Services 2024 (all quadrants)
  7. Wipro was classified as a Leader in ISG Provider Lens™ - Microsoft Cloud Ecosystem 2024 (multiple quadrants)
  8. Wipro was recognized as a Leader in ISG Provider Lens™ - SAP Ecosystem 2024 (multiple quadrants)
  9. Wipro was featured as a Horizon 3 – Market Leader in the HFS Horizons: HCP Service Providers, 2024 report
  10. Wipro was classified as a Leader in Avasant’s Banking Process Transformation 2024 RadarView™
  11. Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Finance and Accounting Business Process Outsourcing
  12. Wipro was rated as a Leader in ISG Provider Lens™ - Procurement Services 2024 (all quadrants)

Source & Disclaimer: *Gartner, “Magic Quadrant for Finance and Accounting Business Process Outsourcing”, Jan Ambergen, et al, 21 May 2024.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

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.

The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this press release, and the opinions expressed in the Gartner Content are subject to change without notice.

IT Products

  1. IT Products segment revenue for the quarter was Rs 0.5 billion ($5.6 million1)
  2. IT Products segment results for the quarter were (-) Rs 0.05 billion (-$0.56 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 Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and 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.

Our key metrics and non-GAAP financial measures are 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. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, 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 June 30, 2024, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 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 webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP19072024

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 technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

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, the benefits its customers experience 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.

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Rs in millions, except share and per share data, unless otherwise stated)

 

 

As at March 31, 2024

As at June 30, 2024

Convenience translation
into US dollar in millions
(unaudited)

ASSETS

Goodwill

 

316,002

316,054

3,793

Intangible assets

 

32,748

30,971

372

Property, plant and equipment

 

81,608

79,957

960

Right-of-Use assets

 

17,955

19,233

231

Financial assets

 

Derivative assets

 

25

-

-

Investments

 

21,629

21,262

255

Trade receivables

 

4,045

584

7

Other financial assets

 

5,550

5,290

63

Investments accounted for using the equity method

 

1,044

999

12

Deferred tax assets

 

1,817

1,752

21

Non-current tax assets

 

9,043

9,453

113

Other non-current assets

 

10,331

11,656

140

Total non-current assets

 

501,797

497,211

5,967

Inventories

 

907

912

11

Financial assets

 

Derivative assets

 

1,333

1,359

16

Investments

 

311,171

351,917

4,223

Cash and cash equivalents

 

96,953

98,304

1,180

Trade receivables

 

115,477

114,071

1,369

Unbilled receivables

 

58,345

61,720

741

Other financial assets

 

10,536

9,050

109

Contract assets

 

19,854

19,414

233

Current tax assets

 

6,484

6,031

72

Other current assets

 

29,602

30,827

370

Total current assets

 

650,662

693,605

8,324

 

TOTAL ASSETS

 

1,152,459

1,190,816

14,291

 

EQUITY

Share capital

 

10,450

10,460

126

Share premium

 

3,291

5,512

66

Retained earnings

 

630,936

661,495

7,938

Share-based payment reserve

 

6,384

5,498

66

Special Economic Zone re-investment reserve

 

42,129

41,602

499

Other components of equity

 

56,693

55,526

666

Equity attributable to the equity holders of the Company

 

749,883

780,093

9,361

Non-controlling interests

 

1,340

1,669

20

TOTAL EQUITY

 

751,223

781,762

9,381

 

LIABILITIES

Financial liabilities

 

Loans and borrowings

 

62,300

62,317

748

Lease liabilities

 

13,962

16,191

194

Derivative liabilities

 

4

-

-

Other financial liabilities

 

4,985

5,747

69

Deferred tax liabilities

 

17,467

17,231

207

Non-current tax liabilities

 

37,090

37,238

447

Other non-current liabilities

 

12,970

13,879

167

Total non-current liabilities

 

148,778

152,603

1,832

Financial liabilities

 

Loans, borrowings and bank overdrafts

 

79,166

82,283

987

Lease liabilities

 

9,221

8,115

97

Derivative liabilities

 

558

141

2

Trade payables and accrued expenses

 

88,566

83,051

997

Other financial liabilities

 

2,272

2,825

34

Contract liabilities

 

17,653

17,541

211

Current tax liabilities

 

21,756

26,881

323

Other current liabilities

 

31,295

33,743

405

Provisions

 

1,971

1,871

22

Total current liabilities

252,458

256,451

3,078

TOTAL LIABILITIES

401,236

409,054

4,910

 

TOTAL EQUITY AND LIABILITIES

1,152,459

1,190,816

14,291

 

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Rs in millions, except share and per share data, unless otherwise stated)

 

Three months ended June 30,

 

2023

2024

2024

 

Convenience translation
into US dollar in millions
(unaudited)

Revenues

 

228,310

 

219,638

 

2,636

 

Cost of revenues

 

(161,261

)

(153,306

)

(1,840

)

Gross profit

 

67,049

 

66,332

 

796

 

 

Selling and marketing expenses

 

(16,584

)

(15,844

)

(190

)

General and administrative expenses

 

(15,887

)

(14,213

)

(172

)

Foreign exchange gains/(losses), net

 

(62

)

(206

)

(2

)

Results from operating activities

 

34,516

 

36,069

 

432

 

 

Finance expenses

 

(3,086

)

(3,288

)

(39

)

Finance and other income

 

6,542

 

7,480

 

90

 

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

 

3

 

(45

)

(1

)

Profit before tax

 

37,975

 

40,216

 

482

 

Income tax expense

 

(9,115

)

(9,850

)

(118

)

Profit for the period

 

28,860

 

30,366

 

364

 

 

Profit attributable to:

 

Equity holders of the Company

 

28,701

 

30,032

 

360

 

Non-controlling interests

 

159

 

334

 

4

 

Profit for the period

 

28,860

 

30,366

 

364

 

 

Earnings per equity share:

 

Attributable to equity holders of the Company

 

Basic

 

5.23

 

5.75

 

0.07

 

Diluted

 

5.12

 

5.73

 

0.07

 

 

Weighted average number of equity shares

used in computing earnings per equity share

Basic

5,482,733,329

 

5,225,776,256

 

5,225,776,256

 

Diluted

5,600,307,315

 

5,236,768,113

 

5,236,768,113

 

 

 

Information on reportable segments for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, year ended March 31, 2024 are as follows:

Particulars

Three months ended

Year ended

June
30, 2024

March
31, 2024

June
30, 2023

March
31, 2024

Audited

Audited

Audited

Audited

Segment revenue

IT Services

Americas 1

67,700

 

67,229

 

65,607

 

268,230

 

Americas 2

67,338

 

67,724

 

68,303

 

269,482

 

Europe

60,422

 

61,344

 

67,134

 

253,927

 

APMEA

23,503

 

24,499

 

26,510

 

102,177

 

Total of IT Services

218,963

 

220,796

 

227,554

 

893,816

 

IT Products

469

 

1,159

 

694

 

4,127

 

Total segment revenue

219,432

 

221,955

 

228,248

 

897,943

 

 

Segment result

IT Services

Americas 1

13,687

 

14,081

 

13,537

 

59,364

 

Americas 2

15,533

 

15,791

 

14,169

 

59,163

 

Europe

5,873

 

7,933

 

9,968

 

33,354

 

APMEA

2,441

 

3,401

 

2,800

 

12,619

 

Unallocated

(1,477

)

(5,011

)

(3,957

)

(20,304

)

Total of IT Services

36,057

 

36,195

 

36,517

 

144,196

 

IT Products

(47

)

143

 

(161

)

(371

)

Reconciling Items

59

 

(965

)

(1,840

)

(7,726

)

Total segment result

36,069

 

35,373

 

34,516

 

136,099

 

Finance expenses

(3,288

)

(3,308

)

(3,086

)

(12,552

)

Finance and other income

7,480

 

6,759

 

6,542

 

23,896

 

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

(45

)

(202

)

3

 

(233

)

Profit before tax

40,216

 

38,622

 

37,975

 

147,210

 

Additional Information:

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.

Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe.

APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

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.

Reconciliation of selected GAAP measures to Non-GAAP measures

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended June 30, 2024

IT Services Revenue as per IFRS

$2,625.9

Effect of Foreign currency exchange movement

$5.5

 

 

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates

$2,631.4

Three Months ended June 30, 2024

IT Services Revenue as per IFRS

$2,625.9

Effect of Foreign currency exchange movement

$17.0

 

 

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year

$2,642.9

Reconciliation of Free Cash Flow for three months ended June 30, 2024

 

Amount in INR Mn

 

Three months ended

30-Jun-24

Net Income for the period [A]

30,366

 

Computation of Free Cash Flow

 

Net cash generated from operating activities [B]

39,959

 

Add/ (deduct) cash inflow/ (outflow) on:

 

Purchase of property, plant and equipment

(2,619

)

Proceeds from sale of property, plant and equipment

36

 

Free Cash Flow [C]

37,376

 

Operating Cash Flow as percentage of Net Income [B/A]

131.6

%

Free Cash Flow as percentage of Net Income [C/A]

123.1

%

 

Contacts

Contact for Investor Relations

Dipak Kumar Bohra
Phone: +91-80-6142 7201
dipak.bohra@wipro.com

Abhishek Jain
Phone: +91-80-6142 6143
abhishek.jain2@wipro.com

Contact for Media & Press

Phone: +91-80-6142 6450
media-relations@wipro.com

Release Summary

Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2024.

$Cashtags

Contacts

Contact for Investor Relations

Dipak Kumar Bohra
Phone: +91-80-6142 7201
dipak.bohra@wipro.com

Abhishek Jain
Phone: +91-80-6142 6143
abhishek.jain2@wipro.com

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Phone: +91-80-6142 6450
media-relations@wipro.com