EX-99.3 4 f59084exv99w3.htm EX-99.3
Exhibit 99.3
Wipro Limited
CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2011
( in millions, except share and per share data, unless otherwise stated)

|  |  |  |  |  | Quarter ended March 31, |  |  | Year ended March 31, |
|  |  |  | Particulars |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
| 1 |  |  | Net Income from Sales/Services |  |  | 83,024 |  |  |  | 70,161 |  |  |  | 310,987 |  |  |  | 271,574 |
| 2 |  |  | Cost of Sales / Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | a) (Increase)/Decrease in stock in trade and work in progress |  |  | (872 | ) |  |  | (395 | ) |  |  | (651 | ) |  |  | (323 | )
|  |  |  | b) Consumption of raw materials |  |  | 4,685 |  |  |  | 4,454 |  |  |  | 14,922 |  |  |  | 13,070 |
|  |  |  | c) Purchase of traded goods |  |  | 8,842 |  |  |  | 7,479 |  |  |  | 34,087 |  |  |  | 32,806 |
|  |  |  | d) Other expenditure |  |  | 42,709 |  |  |  | 34,555 |  |  |  | 157,155 |  |  |  | 133,830 |
| 3 |  |  | Gross Profit (1-2) |  |  | 27,660 |  |  |  | 24,068 |  |  |  | 105,474 |  |  |  | 92,191 |
| 4 |  |  | General and Administrative expenses |  |  | 5,211 |  |  |  | 3,537 |  |  |  | 18,048 |  |  |  | 14,480 |
| 5 |  |  | Selling and Distribution expenses |  |  | 5,381 |  |  |  | 4,948 |  |  |  | 21,547 |  |  |  | 18,036 |
| 6 |  |  | Depreciation and amortization |  |  | 2,281 |  |  |  | 1,888 |  |  |  | 8,211 |  |  |  | 7,831 |
| 7 |  |  | Operating Profit before interest (3) — (4+5+6) |  |  | 14,787 |  |  |  | 13,695 |  |  |  | 57,668 |  |  |  | 51,844 |
| 8 |  |  | Interest expense |  |  | 636 |  |  |  | (10 | ) |  |  | 1,933 |  |  |  | 1,324 |
| 9 |  |  | Exceptional Items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| 10 |  |  | Operating Profit after interest and Exceptional Items (7-8-9) |  |  | 14,151 |  |  |  | 13,705 |  |  |  | 55,735 |  |  |  | 50,520 |
| 11 |  |  | Other investment income |  |  | 2,127 |  |  |  | 1,269 |  |  |  | 6,652 |  |  |  | 4,360 |
| 12 |  |  | Profit from Ordinary Activities before tax (10+11) |  |  | 16,278 |  |  |  | 14,974 |  |  |  | 62,387 |  |  |  | 54,880 |
| 13 |  |  | Tax Expense |  |  | 2,604 |  |  |  | 3,015 |  |  |  | 9,714 |  |  |  | 9,294 |
| 14 |  |  | Net Profit from Ordinary Activities after tax (12-13) |  |  | 13,674 |  |  |  | 11,959 |  |  |  | 52,673 |  |  |  | 45,586 |
| 15 |  |  | Minority Interest |  |  | (59 | ) |  |  | (46 | ) |  |  | (344 | ) |  |  | (185 | )
| 16 |  |  | Share in Earnings of Equity accounted investee |  |  | 139 |  |  |  | 176 |  |  |  | 648 |  |  |  | 530 |
| 17 |  |  | Extraordinary items (net of tax expense) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| 18 |  |  | Net Profit for the period (14+15+16-17) |  |  | 13,754 |  |  |  | 12,089 |  |  |  | 52,977 |  |  |  | 45,931 |
| 19 |  |  | Paid up equity share capital (Face value 2 per share) |  |  | 4,908 |  |  |  | 2,936 |  |  |  | 4,908 |  |  |  | 2,936 |
| 20 |  |  | Reserves excluding Revaluation Reserves |  |  | 233,938 |  |  |  | 193,354 |  |  |  | 233,938 |  |  |  | 193,354 |
| 21 |  |  | EARNINGS PER SHARE (EPS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Before extraordinary items (not annualised) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Basic (in ) |  |  | 5.64 |  |  |  | 4.97 |  |  |  | 21.74 |  |  |  | 18.91 |
|  |  |  | Diluted (in ) |  |  | 5.60 |  |  |  | 4.93 |  |  |  | 21.61 |  |  |  | 18.75 |
|  |  |  | After extraordinary items (not annualised) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Basic (in ) |  |  | 5.64 |  |  |  | 4.97 |  |  |  | 21.74 |  |  |  | 18.91 |
|  |  |  | Diluted (in ) |  |  | 5.60 |  |  |  | 4.93 |  |  |  | 21.61 |  |  |  | 18.75 |
| 22 |  |  | Public shareholding * |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Number of shares |  |  | 467,158,697 |  |  |  | 276,454,859 |  |  |  | 467,158,697 |  |  |  | 276,454,859 |
|  |  |  | Percentage of holding |  |  | 19.03 | % |  |  | 18.83 | % |  |  | 19.03 | % |  |  | 18.83 | %
| 23 |  |  | Promoters and promoter group shareholding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | a) Pledged/Encumbered |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | - Number of shares |  | Nil |  |  | Nil |  |  | Nil |  |  | Nil |
|  |  |  | - Percentage of shares (as a % of the total shareholding of promoter and promoter group) |  | Nil |  |  | Nil |  |  | Nil |  |  | Nil |
|  |  |  | - Percentage of shares (as a % of the total share capital of the company) |  | Nil |  |  | Nil |  |  | Nil |  |  | Nil |
|  |  |  | b) Non- encumbered |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | - Number of shares |  |  | 1,945,953,763 | ** |  |  | 1,167,572,260 | ** |  |  | 1,945,953,763 | ** |  |  | 1,167,572,260 | **
|  |  |  | - Percentage of shares (as a % of the total shareholding of promoter and promoter group) |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
|  |  |  | - Percentage of shares (as a % of the total share capital of the company) |  |  | 79.28 | % |  |  | 79.52 | % |  |  | 79.28 | % |  |  | 79.52 | %
|  |  |  | Details of expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Items exceeding 10% of total expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Employee Cost |  |  | 33,830 |  |  |  | 27,912 |  |  |  | 126,867 |  |  |  | 107,230 |
|  |  |  | Subcontracting / technical fees |  |  | 7,151 |  |  |  | 5,837 |  |  |  | 26,415 |  |  |  | 22,372 |

* |  | Public shareholding as defined under clause 40A of the listing agreement (excludes shares beneficially held by promoters and holders of American Depository Receipt).
** |  | Includes 10,843,333 (March 31,2010: 6,506,000) equity shares on which Promoter does not have beneficiary interest.

Status of redressal of Complaints received for the period January 1, 2011 to March 31, 2011

|  |  |  |  |  |  |  |  |  | Opening balance |  | Complaints received |  | Complaints disposed |  |
Sl. No. |  | Nature of the complaint |  | Nature |  | 01.1.2011 |  | during the quarter |  | during the quarter |  | Unresolved
| 1 |  |  | Non Receipt of Securities |  | Complaint |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | — |
| 2 |  |  | Non Receipt of Annual Reports |  | Complaint |  |  | — |  |  |  | 6 |  |  |  | 6 |  |  |  | — |
| 3 |  |  | Correction / Duplicate/ Revalidation of dividend warrants |  | Request |  |  | — |  |  |  | 69 |  |  |  | 69 |  |  |  |  |
| 4 |  |  | SEBI/Stock Exchange Complaints |  | Complaint |  |  | — |  |  |  | 3 |  |  |  | 3 |  |  |  | — |
| 5 |  |  | Non Receipt of Dividend warrants |  | Complaint |  |  | — |  |  |  | 199 |  |  |  | 196 |  |  |  | 3 |
|  |  |  | TOTAL |  |  |  |  |  |  | — |  |  |  | 286 |  |  |  | 283 |  |  |  | 3 |

Note: There are certain pending cases relating to disputes over title to shares in which the company has been made a party. However these cases are not material in nature.

1. |  | The audited consolidated financial results were approved by Directors of the Company at its meeting held on April 27, 2011.
2. |  | The above interim financial results have been prepared from the condensed consolidated interim financial statements, which are prepared in accordance with International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”),
3. |  | The consolidated interim financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items that have been measured at fair value as required by relevant IFRS:-

| a. |  | Derivative financial instruments;
| b. |  | Available-for-sale financial assets; and
| c. |  | Share based payment transactions.

4. |  | The condensed consolidated interim financial statements incorporate the financial statements of the Parent Company and entities controlled by the Parent Company (its subsidiaries). Control is achieved where a company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are taken into account
|  | All intra-company balances, transactions, income and expenses including unrealized income or expenses are eliminated in full on consolidation.

5. |  | The total revenues represent the aggregate revenue and includes foreign exchange gains / (losses), net
6. |  | Derivatives
|  | The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities, forecasted cash flows denominated in foreign currency and net investments in foreign operations. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, foreign currency forecasted cash flows and net investments in foreign operations. The counter party in these derivative instruments is a bank and the Company considers the risks of non-performance by the counterparty as non-material.

The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:
(in Million)

|  | As at |
|  | March 31, 2010 |  |  | March 31, 2011 |
Designated derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sell |  | $ |  |  | 1,518 |  |  | $ |  |  | 901 |
|  | £ |  |  | 31 |  |  | £ |  |  | 21 |
|  | ¥ |  |  | 4,578 |  |  | ¥ |  |  | 3,026 |
|  | € |  |  | — |  |  | € |  |  | 2 |
|  | AUD |  |  | 7 |  |  | AUD |  |  | 4 |
|  | CHF |  |  | — |  |  | CHF |  |  | 6 |
Net investment hedges in foreign operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | ¥ |  |  | 26,014 |  |  | ¥ |  |  | 24,511 |
Others |  | $ |  |  | 262 |  |  | $ |  |  | 262 |
|  | € |  |  | 40 |  |  | € |  |  | 40 |
Non designated derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sell |  | $ |  |  | 45 |  |  | $ |  |  | 526 |
|  | £ |  |  | 38 |  |  | £ |  |  | 40 |
|  | € |  |  | 29 |  |  | € |  |  | 48 |
|  | AUD |  |  | — |  |  | AUD |  |  | 13 |
Buy |  | $ |  |  | 492 |  |  | $ |  |  | 617 |
Cross currency swaps |  | ¥ |  |  | 7,000 |  |  | ¥ |  |  | 7,000 |

7. |  | The list of subsidiaries is included in the condensed consolidated financial statements of Wipro Limited and subsidiaries for the quarter and year ended March 31, 2011, which are available on our company website www.wipro.com
8. |  | Standalone information (Audited)

|  | Quarter ended March 31, |  |  | Year ended March 31, |
Particulars |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Revenues |  |  | 71,784 |  |  |  | 61,409 |  |  |  | 263,407 |  |  |  | 231,776 |
Profit before tax |  |  | 15,804 |  |  |  | 15,095 |  |  |  | 57,055 |  |  |  | 56,838 |
Profit after tax |  |  | 13376 |  |  |  | 12,367 |  |  |  | 48,437 |  |  |  | 48,980 |

9. |  | Segment Information
|  | The Company is currently organized by segments, which includes IT Services (comprising of IT Services and BPO Services), IT Products, Consumer Care and Lighting and ‘Others’.
|  | The Chairman of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by IFRS 8, Operating Segments. The Chairman of the Company evaluates the segments based on their revenue growth, operating income and return on capital employed. The management believes that return on capital employed is considered appropriate for evaluating the performance of its operating segments. Return on capital employed is calculated as operating income divided by the average of the capital employed at the beginning and at the end of the period. Capital employed includes total assets of the respective segments less all liabilities, excluding loans and borrowings,

Information on reportable segments is as follows:
Three months ended March 31, 2010

|  |  |  |  |  |  |  |  |  |  |  |  |  | Consumer |  |  |  |  |  |  |  |  |  |  |
|  | IT Services and Products |  |  | Care and |  |  |  |  |  |  | Reconciling |  |  |  |
Particulars |  | IT Services |  |  | IT Products |  |  | Total |  |  | Lighting |  |  | Others |  |  | Items |  |  | Entity Total |
Revenues |  |  | 52,596 |  |  |  | 8,900 |  |  |  | 61,496 |  |  |  | 6,084 |  |  |  | 2,285 |  |  |  | 296 |  |  |  | 70,161 |
Cost of revenues |  |  | (33,828 | ) |  |  | (8,116 | ) |  |  | (41,944 | ) |  |  | (3,297 | ) |  |  | (2,335 | ) |  |  | (189 | ) |  |  | (47,765 | )
Selling and marketing expenses |  |  | (2,943 | ) |  |  | (258 | ) |  |  | (3,201 | ) |  |  | (1,729 | ) |  |  | (106 | ) |  |  | (72 | ) |  |  | (5,108 | )
General and administrative expenses |  |  | (3,038 | ) |  |  | (266 | ) |  |  | (3,304 | ) |  |  | (228 | ) |  |  | (61 | ) |  |  | — |  |  |  | (3,593 | )
Operating income of segment |  |  | 12,787 |  |  |  | 260 |  |  |  | 13,047 |  |  |  | 830 |  |  |  | (217 | ) |  |  | 35 |  |  |  | 13,695 |
Finance expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10 |
Finance and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,269 |
Share of profits of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 176 |
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,150 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,015 | )
Profit for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,135 |
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  | 1,630 |  |  |  | 81 |  |  |  | 82 |  |  |  | 95 |  |  |  | 1,888 |
Average capital employed |  |  |  |  |  |  |  |  |  |  | 125,485 |  |  |  | 19,946 |  |  |  | 6,417 |  |  |  | 96,280 |  |  |  | 248,128 |
Return on capital employed |  |  |  |  |  |  |  |  |  |  | 42 | % |  |  | 17 | % |  |  | (14 | )% |  |  | — |  |  |  | 22 | %

Three months ended March 31, 2011

|  |  |  |  |  |  |  |  |  |  |  |  |  | Consumer |  |  |  |  |  |  |  |  |  |  |
|  | IT Services and Products |  |  | Care and |  |  |  |  |  |  | Reconciling |  |  |  |
Particulars |  | IT Services |  |  | IT Products |  |  | Total |  |  | Lighting |  |  | Others |  |  | Items |  |  | Entity Total |
Revenues |  |  | 62,891 |  |  |  | 9,105 |  |  |  | 71,996 |  |  |  | 7,244 |  |  |  | 3,519 |  |  |  | 265 |  |  |  | 83,024 |
Cost of revenues |  |  | (41,673 | ) |  |  | (8,119 | ) |  |  | (49,792 | ) |  |  | (4,233 | ) |  |  | (3,142 | ) |  |  | (236 | ) |  |  | (57,403 | )
Selling and marketing expenses |  |  | (3,187 | ) |  |  | (304 | ) |  |  | (3,491 | ) |  |  | (1,856 | ) |  |  | (136 | ) |  |  | (67 | ) |  |  | (5,550 | )
General and administrative expenses |  |  | (4,153 | ) |  |  | (350 | ) |  |  | (4,503 | ) |  |  | (285 | ) |  |  | (116 | ) |  |  | (380 | ) |  |  | (5,284 | )
Operating income of segment |  |  | 13,878 |  |  |  | 332 |  |  |  | 14,210 |  |  |  | 870 |  |  |  | 125 |  |  |  | (418 | ) |  |  | 14,787 |
Finance expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (636 | )
Finance and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,127 |
Share of profits of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 139 |
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,417 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,604 | )
Profit for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,813 |
Depreciation and amortization expens |  |  |  |  |  |  |  |  |  |  | 1,987 |  |  |  | 113 |  |  |  | 89 |  |  |  | 92 |  |  |  | 2,281 |
Average capital employed |  |  |  |  |  |  |  |  |  |  | 152,443 |  |  |  | 21,987 |  |  |  | 7,247 |  |  |  | 109,320 |  |  |  | 290,997 |
Return on capital employed |  |  |  |  |  |  |  |  |  |  | 37 | % |  |  | 16 | % |  |  | 7 | % |  |  | — |  |  |  | 20 | %

Year ended March 31, 2010

|  |  |  |  |  |  |  |  |  |  |  |  |  | Consumer |  |  |  |  |  |  |  |  |  |  |
|  | IT Services and Products |  |  | Care and |  |  |  |  |  |  | Reconciling |  |  |  |
Particulars |  | IT Services |  |  | IT Products |  |  | Total |  |  | lighting |  |  | Others |  |  | Items |  |  | Entity Total |
Revenues |  |  | 202,490 |  |  |  | 38,205 |  |  |  | 240,695 |  |  |  | 22,384 |  |  |  | 7,143 |  |  |  | 1,152 |  |  |  | 271,374 |
Cost of revenues |  |  | (132,144 | ) |  |  | (34,151 | ) |  |  | (166,295 | ) |  |  | (11,805 | ) |  |  | (7,446 | ) |  |  | (753 | ) |  |  | (186,299 | )
Selling and marketing expenses |  |  | (10,213 | ) |  |  | (1,275 | ) |  |  | (11,488 | ) |  |  | (6,470 | ) |  |  | (323 | ) |  |  | (327 | ) |  |  | (18,608 | )
General and administrative expenses |  |  | (12,446 | ) |  |  | (1,015 | ) |  |  | (13,461 | ) |  |  | (1,207 | ) |  |  | (210 | ) |  |  | 55 |  |  |  | (14,823 | )
Operating income of segment |  |  | 47,687 |  |  |  | 1,764 |  |  |  | 49,451 |  |  |  | 3,102 |  |  |  | (836 | ) |  |  | 127 |  |  |  | 51,844 |
Finance expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,324 | )
Finance and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,360 |
Share of profits of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 530 |
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,410 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,294 | )
Profit for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,116 |
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  | 6,816 |  |  |  | 402 |  |  |  | 294 |  |  |  | 319 |  |  |  | 7,831 |
Average capital employed |  |  |  |  |  |  |  |  |  |  | 125,459 |  |  |  | 19,428 |  |  |  | 6,353 |  |  |  | 80,427 |  |  |  | 231,667 |
Return on capital employed |  |  |  |  |  |  |  |  |  |  | 39 | % |  |  | 16 | % |  |  | (13 | )% |  |  | — |  |  |  | 22 | %

#####

Year ended March 31, 2011

|  | IT Services and Products |  |  | Consumer Care and |  |  |  |  |  | Reconciling |  |  |  |
Particulars |  | IT Services |  |  | IT Products |  |  | Total |  |  | Lighting |  |  | Others |  |  | Items |  |  | Entity Total |
Revenues |  |  | 234,850 |  |  |  | 36,910 |  |  |  | 271,760 |  |  |  | 27,258 |  |  |  | 10,896 |  |  |  | 1,073 |  |  |  | 310,987 |
Cost of revenues |  |  | (153,446 | ) |  |  | (32,843 | ) |  |  | (186,289 | ) |  |  | (15,142 | ) |  |  | (10,160 | ) |  |  | (1,217 | ) |  |  | (212,808 | )
Selling and marketing expenses |  |  | (12,642 | ) |  |  | (1,284 | ) |  |  | (13,926 | ) |  |  | (7,514 | ) |  |  | (491 | ) |  |  | (241 | ) |  |  | (22,172 | )
General and administrative expenses |  |  | (15,355 | ) |  |  | (1,174 | ) |  |  | (16,529 | ) |  |  | (1,152 | ) |  |  | (342 | ) |  |  | (316 | ) |  |  | (18,339 | )
Operating income of segment |  |  | 53,407 |  |  |  | 1,609 |  |  |  | 55,016 |  |  |  | 3,450 |  |  |  | (97 | ) |  |  | (701 | ) |  |  | 57,668 |
Finance expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,933 | )
Finance and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,652 |
Share of profits of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 648 |
Profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,035 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,714 | )
Profit for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53,321 |
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  | 7,088 |  |  |  | 433 |  |  |  | 328 |  |  |  | 362 |  |  |  | 8,211 |
Average capital employed |  |  |  |  |  |  |  |  |  |  | 147,654 |  |  |  | 21,161 |  |  |  | 7,243 |  |  |  | 100,061 |  |  |  | 276,119 |
Return on capital employed |  |  |  |  |  |  |  |  |  |  | 37 | % |  |  | 16 | % |  |  | (1 | )% |  |  | — |  |  |  | 21 | %

The Company has four geographic segments: India, the United States, Europe and Rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows:

|  | Three months ended March 31, |  |  | Year ended March 31, |
|  | 2010 |  |  | 2011 |  |  | 2010 |  |  | 2011 |
India |  | . | 16,652 |  |  | . | 19,126 |  |  | . | 62,179 |  |  | . | 67,904 |
United States |  |  | 30,680 |  |  |  | 34,442 |  |  |  | 119,870 |  |  |  | 129,217 |
Europe |  |  | 15,202 |  |  |  | 19,078 |  |  |  | 56,780 |  |  |  | 68,159 |
Rest of the world |  |  | 7,627 |  |  |  | 10,378 |  |  |  | 32,745 |  |  |  | 45,707 |
|  | . | 70,161 |  |  | . | 83,024 |  |  | . | 271,574 |  |  | . | 310,987 |

No customer individually accounted for more than 10% of the revenues during the three months and year ended March 31, 2010 and 2011.
Notes:

a) |  | The company has the following reportable segments:

| i) |  | IT Services: The IT Services segment provides IT and IT enabled services to customers. Key service offering includes software application development, application maintenance, research and development services for hardware and software design, data center outsourcing services and business process outsourcing services.
| ii) |  | IT Products: The IT Products segment sells a range of Wipro personal desktop computers, Wipro servers and Wipro notebooks. The Company is also 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, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
| iii) |  | Consumer Care and Lighting: The Consumer Care and Lighting segment manufactures, distributes and sells personal care products, baby care products, lighting products and hydrogenated cooking oils in the Indian and Asian markets.
| iv) |  | The Others’ segment consists of business segments that do not meet the requirements individually for a reportable segment as defined in IFRS 8.
| v) |  | Corporate activities such as treasury, legal and accounting, which do not qualify as operating segments under IFRS 8, and elimination of inter-segment transactions have been considered as ‘reconciling items’.

b) |  | Revenues include excise duty of 238 and 260 for the three months ended March 31, 2010 and 2011, respectively and 842 and 1,007 for the year ended March 31, 2010 and 2011, respectively. For the purpose of segment reporting, the segment revenues are net of excise duty. Excise duty is reported in reconciling items.
c) |  | For evaluating performance of the individual business segments, stock compensation expense is allocated on the basis of straight line amortization. The incremental impact of accelerated amortization of stock compensation expense over stock compensation expense allocated to the individual business segments is reported in reconciling items.
d) |  | For evaluating the performance of the individual business segments, amortization of intangibles acquired through business combinations are reported in reconciling items. Accordingly, comparative period information has been reclassified.
e) |  | The Company generally offers multi-year payment terms in certain total outsourcing contracts. These payment terms primarily relate to IT hardware, software and certain transformation services in outsourcing contracts. Corporate treasury provides internal financing to the business units offering multi-year payments terms. Accordingly, such receivables are reflected in capital employed in reconciling items. As of March 31, 2010 and 2011, capital employed in reconciling items included 8,516 and 12,255 respectively, of such receivable on extended collection terms.
f) |  | Operating income of segments is after recognition of stock compensation expense arising from the grant of options:

|  | Three months ended March 31, |  |  | Year ended March 31, |
Segments |  | 2010 |  |  | 2011 |  |  | 2010 |  |  | 2011 |
IT Services |  | . | 257 |  |  | . | 337 |  |  | . | 1,159 |  |  | . | 1,214 |
IT Products |  |  | 20 |  |  |  | 23 |  |  |  | 93 |  |  |  | 90 |
Consumer Care and Lighting |  |  | 20 |  |  |  | 26 |  |  |  | 71 |  |  |  | 112 |
Others |  |  | 4 |  |  |  | 7 |  |  |  | 18 |  |  |  | 31 |
Reconciling items |  |  | 38 |  |  |  | (61 | ) |  |  | (39 | ) |  |  | (355 | )
Total |  | . | 339 |  |  | . | 332 |  |  | . | 1,302 |  |  | . | 1,092 |

|  | Management believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.

10. |  | The Company has granted Nil options under RSU Options Plan during the three months ended March 31, 2010 and 2011, respectively and 5,000 and 6,661,180 options under RSU Options Plan during the year ended March 31, 2010 and 2011, respectively.

11. |  | Statement of assets and liabilities

|  | As of March 31, |
|  | 2011 |  |  | 2010 |
Particulars |  | Audited |  |  | Audited |
Shareholders’ fund |  |  |  |  |  |  |  |
(a) Share Capital |  |  | 4,908 |  |  |  | 2,936 |
(b) Reserves and surplus |  |  | 235,463 |  |  |  | 193,613 |
Loans and borrowings |  |  | 52,802 |  |  |  | 62,511 |
Deferred tax liabilities |  |  | 301 |  |  |  | 380 |
Goodwill |  |  | 54,818 |  |  |  | 53,802 |
Fixed assets and intangible |  |  | 58,645 |  |  |  | 57,469 |
Investments |  |  | 52,275 |  |  |  | 32,765 |
Deferred tax assets |  |  | 1,467 |  |  |  | 1,686 |
Other assets, loans and advances |  |  |  |  |  |  |  |
(a) Trade receivables |  |  | 61,627 |  |  |  | 50,928 |
(b) Cash and cash equivalents |  |  | 61,141 |  |  |  | 64,878 |
(c) Other assets |  |  | 81,470 |  |  |  | 68,400 |
Less: Liabilities & provisions |  |  |  |  |  |  |  |
(a) Liabilities |  |  | 75,564 |  |  |  | 68,114 |
(b) Provisions |  |  | 2,405 |  |  |  | 2,374 |
Net current assets |  |  | 126,269 |  |  |  | 113,718 |

12. |  | The Board of Directors, in their meeting on April 27, 2011, proposed a final dividend of 4 per equity share, which is subject to approval of shareholders at the Annual General Meeting.

Place: Bangalore Date: April 27, 2011 |  | By Order of the Board, for Wipro Ltd. Azim H Premji Chairman |  | WIPRO LIMITED Regd. Office: Doddakannelli, Sarjapur Road Bangalore — 560 035. www.wipro.com —