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 Wipro Limited Announces Results for the Quarter and Year Ended March 31, 2016 under IFRS
   Wednesday, April 20, 2016 11:53:00 AM ET

--IT Services Revenue grew 2.7% sequentially in the quarter on constant currency

Wipro Limited (WIT ) today announced financial results under International Financial Reporting Standards (IFRS) for its fourth quarter and year ended March 31, 2016.

Highlights of the Results

Results for the Year ended March 31, 2016:

-- Gross Revenues were Rs. 512.4 billion ($7.7 billion(1)), an increase of 9% YoY.

-- Net Income(2) was Rs. 88.9 billion ($1.3 billion(1)), an increase of 3% YoY.

-- IT Services Revenue was $7,346 million, a YoY increase of 3.7%. Non-GAAP Constant Currency IT Services Revenue in dollar terms grew 7.6%.

-- IT Services Segment Revenues in Rupee terms was Rs. 487.3 billion ($7.4 billion(1)), an increase of 11% YoY.

-- IT Services Segment Profit(3) was Rs. 99.7 billion ($1.5 billion(1)), an increase of 2% YoY. IT Services Margins for the year was 20.5%.

-- Board of Directors recommended a final dividend of Rs. 1 ($0.02(1)) per share/ADS, taking the total dividend declared for the year to Rs. 6 ($0.09(1)) per share/ADS.

-- Board of Directors approved a buyback proposal for purchase by the company of up to 40 million shares at a price of Rs. 625 ($9.43(1)) per equity share for an aggregate amount not exceeding Rs. 25,000 million ($377million(1)).

Results for the Quarter ended March 31, 2016:

-- Gross Revenues were Rs. 136.3 billion ($2.1 billion(1)), an increase of 12% YoY.

-- Net Income(2) was Rs. 22.4 billion ($337 million(1)), decrease of 2% YoY.

-- Non-GAAP constant currency IT Services Revenue in dollar terms grew 2.7% to $1,887.6 million, within our guidance range of $1,875 million to $1,912 million.

-- IT Services Revenue was $1,882.0 million, a sequential increase of 2.4% and YoY increase of 6.1%.

-- IT Services Segment Revenues in Rupee terms was Rs. 128.0 billion ($1,932 million(1)), an increase of 14% YoY.

-- IT Services Segment Profit(3) was Rs. 25.7 billion ($387 million(1)), an increase of 4% YoY.

-- IT Services Margins for the quarter was 20.1%.

Performance for the quarter and year ended March 31, 2016

Abidali Z. Neemuchwala, Chief Executive Officer & Member of the Board, said, "Our focus is to drive significant growth in our ’run’ business through integrated services and hyper-automation while gaining leadership in the ’change’ business through investments in Digital and Consulting capabilities, IP-based platforms & products and creating differentiated domain solutions for non-linear growth."

Jatin Dalal, Chief Financial Officer, said, "We have maintained our margins in the quarter, with benefits from utilization and operational efficiencies largely off-setting the margin impact from our inorganic investments. We continue to generate robust cash flows during the year. The move to buyback equity shares is part of the company’s policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders."

Buyback of Shares

The Board of Directors approved a buyback proposal for purchase by the company of up to 40 million equity shares of Rs. 2 each (representing 1.62% of total equity capital) from the shareholders of the company on a proportionate basis by way of a tender offer. The buyback price will be Rs. 625 ($9.43(1)) per equity share payable in cash for an aggregate amount not exceeding Rs. 25,000 million ($377million(1)) in accordance with the provision of Companies Act, 2013 and the SEBI (Buy Back of Securities) Regulations, 1998 (Buyback Regulations). Additional information regarding the terms and conditions of the buyback will be disclosed in due course in accordance with Buyback Regulations.

Outlook for the Quarter ending June 30, 2016

We expect Revenues from our IT Services business to be in the range of $1,901 million to $1,939 million*.

* Guidance is based on the following exchange rates: GBP/USD at 1.42, Euro/USD at 1.12, AUD/USD at 0.74, USD/INR at 67.31 and USD/CAD at 1.35

IT Services

The IT Services segment had a headcount of 172,912 as of March 31, 2016. We added 119 new customers during the quarter including the customers of cellent and HealthPlan Services.

Wipro continued its momentum in winning Large Deals globally as listed below:

Wipro has been awarded a contract by Saudi Aramco, the national oil company of Saudi Arabia, for the design and implementation of Communications & Security systems for its Fadhili Gas Plant project.

Wipro has won a multi-year engagement with a Top 5 news and information provider as its digital transformation partner. This program will drive innovation for the company, enable revenue growth through digital platforms, augment its risk profile through enhanced cyber security and improve service availability to the company’s end customers.

A global wind energy equipment manufacturing company has selected Wipro as its strategic IT partner to transform its workplace as a part of its digital journey. Leveraging its strong understanding of the manufacturing domain, Wipro’s solution aims to enable a superior and seamless user experience and offers increased mobility for employees of the customer organization, while ensuring data security and optimized costs.

Wipro has won a Customer Service and Billing Transformation engagement with a large water utility company based in the United Kingdom. This deployment, which leverages SaFeWater, Wipro’s certified water industry billing solution, will enable the utility company to transform customer experiences and become more competitive, particularly, given the UK Water Regulator, ofwat’s Open Water market-deregulation initiative.

A leading United States-based natural gas distribution utility has selected Wipro to manage its IT infrastructure for a period of five years. Wipro will leverage its next-generation managed services framework, ServiceNXT for the engagement.

A US-based Fortune 20 Healthcare Payer organization has selected Wipro as its key implementation partner for Provider Contracting and Data Management.

Digital highlights

Our Digital capability combining strategy, design, engineering and analytics is seeing traction in the marketplace. Designit’s unique capabilities combined with Wipro’s technological prowess is driving synergistic deal wins.

Our Digital unit was brought in by a global tier 1 bank to support the rebuild of their wealth management experience. We are supporting their efforts across design and engineering, significantly shortening the time to market and increasing the speed of engineering delivery.

Applying our deep Internet of Things (IoT) capability, we are helping a leading provider of welding solutions with their vision for a data-driven decision-making environment where fabricators and manufacturers can move the true levers of productivity and quality, as well as make better use of working capital.

Wipro has been named a strategic supplier to a global tier 1 bank, where we continue to work to establish the digital banking platform globally, providing digital expertise and support to help deliver the new core banking platform.

Wipro has won a CRM transformation program with Telenor, a leading global operator. This program will enable the Asian business unit of Telenor to achieve business transformation and simplification of complete customer management through simplified business processes. The solution will be designed and built using Open Source technologies and will be future cloud-ready. It will also enable Telenor to provide a mobile interface to retailers for simplified business transactions.

A fragrance provider has selected our combined IoT and Cloud services to support their connected vision for remote monitoring and control of dispensing assets, which will improve visibility into product utilization.

For a leading Asia-based airline, Designit and Wipro started to work on the airline’s future digital experience by creating a benchmark and best-practice study as well as a future vision for C-level management.

For a large Scandinavian energy-provider, Designit and Wipro have been assigned to rethink the company’s digital strategy and transform the digital customer and brand experience, responding to a market in radical change.

A European bank has retained us to support their digital and customer innovation strategy as they look to reimagine the banking experience for their customers.

Cloud highlights

Wipro was chosen as a partner to manage, enhance and transform the sales operations processes developed across multiple cloud platforms for a global provider of products, technologies & software.

Wipro will partner with an Australia-based company that provides outdoor advertising solutions to transform their financial processes on cloud. The solution will involve implementing Cloud ERP solutions including Financials, Purchasing, Planning and Budgeting processes.

Wipro has been awarded a project to streamline the Source-to-Pay processes, improve supply chain relationship, and enhance the visibility of procurement spend for an Australian corporation providing asset management and infrastructure development services. The solution is being delivered on a leading cloud procurement platform.

Delivery Excellence

Wipro’s Healthcare Enrollment Platform ’Member 360’, was used by 16 Medicare Advantage plans for 2016 open enrollment. 125,000 members were enrolled in the plan with 98% first pass enrollment, helping Medicare Advantage plans meet federal mandated timeline for enrollment. Wipro’s Healthcare customers have benefited during this open enrollment, through Wipro’s investments in this ’Member 360’ platform, which enabled higher automation, simplified work-flows and ensured scalability.

For a leading global medical devices OEM, Wipro’s product cross functional specialists worked to achieve a 6% reduction in the product recall rate helping the customer to save about $16 million per annum.

We have been recognized by our clients for the value we have delivered:

Fruit of the Loom’s CEO and CIO have recognized and presented the Slam Dunk Champion Award to the Wipro Delivery Team for excellence in delivery for the year 2015.

Patrik Ekstrom, CIO, Outokumpu said, "We have been working with Wipro for almost 2 years now. The relationship is very open, natural and we can easily engage in dialogue. We were surprised to see that Wipro, whom we saw as an SAP maintenance partner, was able to bring mathematical professor level skills and were able to convince our business team that Wipro is the right partner. Wipro is a company which focusses on asset building, as I understand, like for example, building something that you might not be able to find in the market. One example of what we have achieved together is how the manufacturing execution systems have been connected to the Industrial Internet kind of Automation Solutions. Those are clear examples of innovation Wipro is bringing to us. We will recommend Wipro to peers for its willingness to serve customers."

Douglas Yoder, IT Manager, Echostar Corporation said, "Wipro has delivered the Dish Paperless Agreement mobile app (DPA) which has significantly helped Dish save time, money and effort on creating and maintaining the hard copies of the agreements. Dish is saving 10% on its operational cost on every agreement. Wipro delivery team never ceases to amaze me with their passion and commitment towards the customer success. Wipro has broad and deep reserves of intellectual resources across numerous enterprises whose experience the members of my team can draw upon. My experience with Wipro in the past 5 years has been rewarding and looking forward for many more success stories."

Awards and accolades

Wipro was recognized as a 2016 World’s Most Ethical Company(R) for the fifth successive year by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices.

Wipro received the ’NASSCOM Corporate Award for Excellence in Diversity and Inclusion 2016’, in the category of ’Best Program for Excellence in Gender Diversity’. This award recognizes organizations that have institutionalized robust and successful programs for driving and sustaining gender diversity initiatives, policies and processes.

Wipro has been named a ’Leader’ by the global research and advisory firm NelsonHall in its latest NEAT analysis on Internet of Things (IoT) services. According to the profile detailing Wipro’s IoT capabilities, Wipro is an end-to-end service provider for IoT, moving the client from consulting services, to device engineering and machine analytics, systems integration, platform and application services, workflow building, and managed services.

Wipro has been positioned as a Leader in The Forrester Wave(TM): Information Security Consulting Services, Q1 2016.

Wipro was awarded the Systems Middleware Innovative Solution Award by its partner IBM.

Wipro’s Risk Intelligence Center has won the ’Gold Award’ in the Risk Management category at Info Security Product Guide’s 2016 Global Excellence Awards.

IT Products

-- Revenue for the year ended March 31, 2016 was Rs. 29.7 billion ($449 million(1)) a de-growth of 13% YoY.

-- Our IT Products Segment delivered Revenue of Rs. 9.6 billion ($145 million(1)) for the quarter ended March 31, 2016, a sequential growth of 48%.

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 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.

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 and year ended March 31, 2016, 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. US Eastern Time) to discuss our performance for the quarter. 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 (WIT )

Wipro Limited (WIT ) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology." By combining digital strategy, customer centric design, advanced analytics and product engineering approach, Wipro helps its clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, Wipro has a dedicated workforce of over 160,000, serving clients in 175+ cities across 6 continents. For more information, please visit 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, 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, 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
                                                                                 CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
                                                                                  (Rupees in millions, except share and per share data, unless
                                                                                                        otherwise stated)
                                                                                                        
                                                                                 As of March 31,                                                  As of March 31,
                                                                              -------------------- -------------------- ---------------------------------------------------------------------------------------------------------
                                                                                      2015                                      2016                                                           2016
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
                                                                                                                            Convenience translation into US dollar in millions (unaudited)
                                                                                                                                                                                        - Refer footnote 1
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
ASSETS
--------------------------------------------------------
Goodwill                                                                                    68,078                                   101,991                                                                               1,539
Intangible assets                                                                            7,931                                    15,841                                                                                 239
Property, plant and equipment                                                               54,206                                    64,952                                                                                 980
Derivative assets                                                                              736                                       260                                                                                   4
Available for sale investments                                                               3,867                                     4,907                                                                                  74
Non-current tax assets                                                                      11,409                                    11,751                                                                                 177
Deferred tax assets                                                                          2,945                                     3,800                                                                                  57
Other non-current assets                                                                    14,369                                    15,828                                                                                 239
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
Total non-current assets                                                                   163,541                                   219,330                                                                               3,309
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
                                                                                                                                                                   
Inventories                                                                                  4,849                                     5,390                                                                                  81
Trade receivables                                                                           91,531                                   102,380                                                                               1,545
Other current assets                                                                        73,359                                   104,068                                                                               1,571
Unbilled revenues                                                                           42,338                                    48,273                                                                                 729
Available for sale investments                                                              53,908                                   132,944                                                                               2,007
Current tax assets                                                                           6,490                                     7,812                                                                                 118
Derivative assets                                                                            5,077                                     5,675                                                                                  86
Cash and cash equivalents                                                                  158,940                                    99,049                                                                               1,495
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
Total current assets                                                                       436,492                                   505,591                                                                               7,632
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
TOTAL ASSETS                                                                               600,033                                   724,921                                                                              10,941
                                                                              ====================                      ====================                      ==============================================================
                                                                                                                                                                   
EQUITY
--------------------------------------------------------
Share capital                                                                                4,937                                     4,941                                                                                  75
Share premium                                                                               14,031                                    14,642                                                                                 221
Retained earnings                                                                          372,248                                   425,735                                                                               6,426
Share based payment reserve                                                                  1,312                                     2,229                                                                                  34
Other components of equity                                                                  15,454                                    18,531                                                                                 280
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
Equity attributable to the equity holders of the Company                                   407,982                                   466,078                                                                               7,036
Non-controlling interest                                                                     1,646                                     2,224                                                                                  34
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
Total equity                                                                               409,628                                   468,302                                                                               7,070
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
                                                                                                                                                                   
LIABILITIES
--------------------------------------------------------
Long - term loans and borrowings                                                            12,707                                    17,361                                                                                 262
Deferred tax liabilities                                                                     3,240                                     5,108                                                                                  77
Derivative liabilities                                                                          71                                       119                                                                                   2
Non-current tax liabilities                                                                  6,695                                     8,231                                                                                 124
Other non-current liabilities                                                                3,658                                     7,225                                                                                 109
Provisions                                                                                       5                                        14                                                                                   -
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
Total non-current liabilities                                                               26,376                                    38,058                                                                                 574
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
                                                                                                                                                                   
Loans and borrowings and bank overdrafts                                                    66,206                                   107,860                                                                               1,628
Trade payables and accrued expenses                                                         58,745                                    68,187                                                                               1,027
Unearned revenues                                                                           16,549                                    18,076                                                                                 273
Current tax liabilities                                                                      8,036                                     7,015                                                                                 106
Derivative liabilities                                                                         753                                     2,340                                                                                  35
Other current liabilities                                                                   12,223                                    13,821                                                                                 209
Provisions                                                                                   1,517                                     1,262                                                                                  19
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
Total current liabilities                                                                  164,029                                   218,561                                                                               3,297
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
TOTAL LIABILITIES                                                                          190,405                                   256,619                                                                               3,871
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
                                                                                                                             
                                                                              --------------------                      --------------------                      --------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES                                                               600,033                                   724,921                                                                              10,941
                                                                              ====================                      ====================                      ==============================================================
                                                                                                                                                                   
                                                                                                                                                                   
                                                                                                                                                                                                                                     Wipro Limited and subsidiaries
                                                                                                                                                                                                                                     CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
                                                                                                                                                                                                                                     (Rupees in millions, except share and per share data, unless
                                                                                                                                                                                                                                     otherwise stated)
                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                              Three Months ended March 31,                                                                                                                                                                                                                                    Year ended March 31,
                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                2015                                     2016                       2016                                                                                               2015                                 2016                   2016          
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                 Convenience translation into US dollar in millions (unaudited)-                                                                                Convenience translation into US dollar in millions (unaudited)
                                                                                                                                                                                                                                                          Refer footnote 1                                                                                                                                                                                                                             - Refer footnote 1
---------------------------------------------------------------- -------------------- ------------------------------------------------------------   -------------------- ---------------------------------  -------------------- --------------------------------------------------------------  -------------------- -------------------- -------------------- --------------------------------------------------------------------------------------     -------------------- ------------------------------------------------------------
Gross revenues                                                                                                          121,420                                                 136,324                                                                     2,058                                                                                                      469,545                                                 512,440                                                                               7,735
Cost of revenues                                                                                                        (82,609 )                                               (95,843 )                                                                  (1,447 )                                                                                                   (321,284 )                                              (356,724 )                                                                            (5,385 )
Gross profit                                                                                                             38,811                                                  40,481                                                                       611                                                                                                      148,261                                                 155,716                                                                               2,350
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Selling and marketing expenses                                                                                           (7,916 )                                                (8,983 )                                                                    (136 )                                                                                                    (30,625 )                                               (34,097 )                                                                              (515 )
General and administrative expenses                                                                                      (6,633 )                                                (7,755 )                                                                    (117 )                                                                                                    (25,850 )                                               (28,465 )                                                                              (430 )
Foreign exchange gains/(losses), net                                                                                        294                                                   1,093                                                                        16                                                                                                        3,637                                                   3,867                                                                                  58
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Results from operating activities                                                                                        24,556                                                  24,836                                                                       374                                                                                                       95,423                                                  97,021                                                                               1,463
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Finance expenses                                                                                                           (912 )                                                (1,284 )                                                                     (19 )                                                                                                     (3,599 )                                                (5,582 )                                                                               (84 )
Finance and other income                                                                                                  5,476                                                   5,617                                                                        85                                                                                                       19,859                                                  23,280                                                                                 351
Profit before tax                                                                                                        29,120                                                  29,169                                                                       440                                                                                                      111,683                                                 114,719                                                                               1,730
Income tax expense                                                                                    (6,255 )                                                (6,626 )                                                 (100 )                                                                                                    (24,624 )                                               (25,305 )                                        (382 )
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
Profit for the period                                                                                 22,865                               22,543                                 340                                                                                    87,059                               89,414                      1,348  
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Attributable to:
Equity holders of the company                                                                                            22,720                                                  22,350                                                                       337                                                                                                       86,528                                                  88,922                                                                               1,342
Non-controlling interest                                                                                 145                                  193                                   3                                                                                       531                                  492                          7  
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
Profit for the period                                                                                 22,865                               22,543                                 340                                                                                    87,059                               89,414                      1,349  
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Earnings per equity share:
Attributable to equity share holders of the company
Basic                                                                                                                      9.25                                                    9.10                                                                      0.14                                                                                                        35.25                                                   36.20                                                                                0.55
Diluted                                                                                                                    9.21                                                    9.08                                                                      0.14                                                                                                        35.13                                                   36.12                                                                                0.54
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Weighted average number of equity shares used in computing
earnings per equity share
Basic                                                                                                             2,456,575,761                                           2,457,344,850                                                             2,457,344,850                                                                                                2,454,681,650                                           2,456,559,400                                                                       2,456,559,400
Diluted                                                                                                           2,465,876,236                                           2,462,738,033                                                             2,462,738,033                                                                                                2,462,579,161                                           2,461,689,908                                                                       2,461,689,908
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Additional Information
Segment Revenue
IT Services Business Units
BFSI                                                                                                                     29,852                                                  32,551                                                                       491                                                                                                      115,505                                                 128,147                                                                               1,934
HLS                                                                                                                      13,171                                                  16,905                                                                       255                                                                                                       49,884                                                  58,358                                                                                 881
RCTG                                                                                                                     16,258                                                  19,721                                                                       298                                                                                                       62,209                                                  74,372                                                                               1,123
ENU                                                                                                                      17,437                                                  17,917                                                                       270                                                                                                       71,229                                                  70,866                                                                               1,070
MFG                                                                                                                      20,582                                                  24,109                                                                       364                                                                                                       80,303                                                  90,877                                                                               1,372
GMT                                                                                                   15,117                               16,764                                 253                                                                                    61,050                               64,696                        977  
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
IT SERVICES TOTAL                                                                                                       112,417                                                 127,967                                                                     1,932                                                                                                      440,180                                                 487,316                                                                               7,356
IT PRODUCTS                                                                                                               9,454                                                   9,604                                                                       145                                                                                                       34,006                                                  29,722                                                                                 449
RECONCILING ITEMS                                                                                       (157 )                                                  (154 )                                                   (2 )                                                                                                     (1,004 )                                                  (731 )                                         (11 )
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
TOTAL                                                                                                121,714                              137,417                               2,074                                                                                   473,182                              516,307                      7,793  
                                                                                      ==================== ==================== ====================                      ============= ==================== ==================== =============================== ===============================                                                                ============= ====================                      ============= ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Segment Result
IT Services Business Units
BFSI                                                                                                                      7,474                                                   6,997                                                                       106                                                                                                       27,378                                                  28,143                                                                                 425
HLS                                                                                                                       3,031                                                   3,169                                                                        48                                                                                                       10,565                                                  12,160                                                                                 184
RCTG                                                                                                                      3,542                                                   3,687                                                                        56                                                                                                       13,190                                                  13,898                                                                                 210
ENU                                                                                                                       4,078                                                   3,638                                                                        55                                                                                                       17,561                                                  14,382                                                                                 217
MFG                                                                                                                       4,497                                                   4,482                                                                        68                                                                                                       17,127                                                  17,752                                                                                 268
GMT                                                                                                                       2,878                                                   3,389                                                                        51                                                                                                       13,574                                                  12,317                                                                                 186
OTHERS                                                                                                                        -                                                       -                                                                         -                                                                                                          583                                                       -                                                                                   -
UNALLOCATED                                                                                             (723 )                                                   303                                   5                                                                                    (2,329 )                                                 1,064                         16  
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
TOTAL IT SERVICES                                                                                                        24,777                                                  25,665                                                                       387                                                                                                       97,649                                                  99,716                                                                               1,505
IT PRODUCTS                                                                                                                  58                                                    (290 )                                                                      (4 )                                                                                                        374                                                    (864 )                                                                               (13 )
RECONCILING ITEMS                                                                                       (279 )                                                  (539 )                                                   (8 )                                                                                                     (2,600 )                                                (1,831 )                                         (28 )
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
TOTAL                                                                                                 24,556                               24,836                                 375                                                                                    95,423                               97,021                      1,464  
                                                                                      ==================== ==================== ====================                      ============= ==================== ==================== =============================== ===============================                                                                ============= ====================                      ============= ==================== ==================== ==================== ==================== ====================
FINANCE EXPENSE                                                                                                            (912 )                                                (1,284 )                                                                     (19 )                                                                                                     (3,599 )                                                (5,582 )                                                                               (84 )
FINANCE AND OTHER INCOME                                                                               5,476                                5,617                                  85                                                                                    19,859                               23,280                        351  
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
PROFIT BEFORE TAX                                                                                                        29,120                                                  29,169                                                                       440                                                                                                      111,683                                                 114,719                                                                               1,732
INCOME TAX EXPENSE                                                                                    (6,255 )                                                (6,626 )                                                 (100 )                                                                                                    (24,624 )                                               (25,305 )                                        (382 )
                                                                                      -------------------- -------------------- --------------------                      ------------- -------------------- -------------------- ------------------------------- -------------------------------                                                                ------------- --------------------                      ------------- -------------------- -------------------- -------------------- -------------------- --------------------
PROFIT FOR THE PERIOD                                                                                 22,865                               22,543                                 340                                                                                    87,059                               89,414                      1,350  
                                                                                      ==================== ==================== ====================                      ============= ==================== ==================== =============================== ===============================                                                                ============= ====================                      ============= ==================== ==================== ==================== ==================== ====================
 
Segment result represents operating profits of the segments and
dividend income and gains or losses (net) relating to strategic
investments, which are presented within "Finance and other income"
in the statement of Income.
                                                                                                                                                                                                                                                                                                                                                                  
The Company is organized by the following operating segments; IT
Services and IT Products.
The IT Services segment primarily consists of IT Service offerings
to our customers organized by industry verticals as follows:
Banking, Financial Services and Insurance (BFSI), Healthcare and
Life Sciences (HLS), Retail, Consumer, Transport and Government
(RCTG), Energy, Natural Resources and Utilities (ENU),
Manufacturing (MFG), Global Media and Telecom (GMT). Starting with
quarter ended September 30, 2014, it also includes Others which
comprises dividend income and gains or losses (net) relating to
strategic investments, which are presented within "Finance and
other income" in the statement of Income. Key service offering to
customers includes software application development and
maintenance, research and development services for hardware and
software design, business application services, analytics,
consulting, infrastructure outsourcing services and business
process services.
In the IT Products segment, the Company is a value added reseller
of desktops, servers, notebooks, storage products, networking
solutions and packaged software for leading international brands.
In certain total outsourcing contracts of the IT Services segment,
the Company delivers hardware products, software licenses and
other related deliverables.
 
                                                                                                                                                                                                                                     Reconciliation of Non-GAAP Constant
                                                                                                                                                                                                                                     Currency IT Services Revenue to IT Services Revenue as per IFRS
                                                                                                                                                                                                                                     ($MN)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                             
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------ -------------------- -------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Three Months ended March 31, 2016                                                                                                                                                                                                                                                                                                             Three Months ended March 31, 2016
IT Services Revenue as per IFRS                                                                          $              1,882.0                                                                                                                                                                                        IT Services Revenue as per IFRS                                                                                                                                              $              1,882.0
Effect of Foreign currency exchange movement                                                             $                  5.6                                                                                                                                                                     Effect of Foreign currency exchange movement                                                                                                                                 $                 30.3  
                                                                                      -------------------- -------------------- --------------------                                                                                                                                                                                                                                                                                                                             -------------------- -------------------- --------------------
Non-GAAP Constant Currency IT Services Revenue based on previous                                         $              1,887.6                                                                                                                                                                                        Non-GAAP Constant Currency IT Services Revenue based on previous                                                                                                             $              1,912.3
quarter exchange rates                                                                                                                                                                                                                                                                                                 year exchange rates
                                                                                                                                                                                                                                                  
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------- ------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

-- For the convenience of the reader, the amounts in Indian Rupees in this release have been translated into United States Dollars at the noon buying rate in New York City on March 31, 2016, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1= Rs. 66.25. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2016 was US$1= Rs. 68.00

-- Refers to ’Profit for the period attributable to equity holders of the company’

-- Refers to Segment Results

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160420006121r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160420006121/en/

SOURCE: Wipro Limited"> <Property FormalName="PrimaryTwitterHandle" Value="@Wipro

Wipro Limited 
Contact for Investor Relations 
Pavan N Rao, +91-80-4672 6143 
pavan.rao@wipro.com 
or 
Abhishek Kumar Jain, +1 978 826 4700 
abhishekkumar.jain@wipro.com 
or 
Contact for Media & Press 
Vipin Nair, +91-98450 14036 
vipin.nair1@wipro.com


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