EX-99.5 6 d128333dex995.htm EX-99.5

Exhibit 99.5

WIPRO LIMITED

CIN: L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakanneli, Sarjapur Road, Bangalore - 560035, India

Website: www.wipro.com ; Email id – info@wipro.com ; Tel: +91-80-2844 0011 ; Fax: +91-80-2844 0054

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2015

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

|  | Particulars |  | Quarter ended |  |  | Nine months ended |  |  | Year ended |
|  |  | December 31, 2015 |  |  | September 30, 2015 |  |  | December 31, 2014 |  |  | December 31, 2015 |  |  | December 31, 2014 |  |  | March 31, 2015 |
1 |  | Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Net Sales/income from operations (net of excise duty) |  |  | 129,516 |  |  |  | 125,668 |  |  |  | 120,851 |  |  |  | 378,890 |  |  |  | 351,466 |  |  |  | 473,180 |
|  | b) Other operating income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Total income from operations (net) |  |  | 129,516 |  |  |  | 125,668 |  |  |  | 120,851 |  |  |  | 378,890 |  |  |  | 351,466 |  |  |  | 473,180 |
2 |  | Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Cost of materials consumed |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 1 |  |  |  | 34 |  |  |  | 34 |
|  | b) Purchase of stock-in-trade |  |  | 7,599 |  |  |  | 6,241 |  |  |  | 8,928 |  |  |  | 21,840 |  |  |  | 24,933 |  |  |  | 34,454 |
|  | c) (Increase)/Decrease in inventories of finished stock, work-in-progress and stock in process |  |  | (583 | ) |  |  | (836 | ) |  |  | (1,622 | ) |  |  | (1,322 | ) |  |  | (2,080 | ) |  |  | (2,588 | )
|  | d) Employee benefits expense |  |  | 61,465 |  |  |  | 61,314 |  |  |  | 57,175 |  |  |  | 181,786 |  |  |  | 168,011 |  |  |  | 224,838 |
|  | e) Depreciation and amortisation expense |  |  | 3,764 |  |  |  | 3,530 |  |  |  | 3,647 |  |  |  | 10,661 |  |  |  | 9,556 |  |  |  | 12,823 |
|  | f) Sub contracting/technical fees/third party application |  |  | 17,410 |  |  |  | 15,880 |  |  |  | 14,137 |  |  |  | 47,851 |  |  |  | 38,908 |  |  |  | 52,303 |
|  | g) Other expenses |  |  | 15,987 |  |  |  | 15,250 |  |  |  | 14,547 |  |  |  | 45,888 |  |  |  | 41,237 |  |  |  | 55,893 |
|  | Total expenses |  |  | 105,642 |  |  |  | 101,379 |  |  |  | 96,817 |  |  |  | 306,705 |  |  |  | 280,599 |  |  |  | 377,757 |
3 |  | Profit from operations before other income, finance costs and exceptional items (1-2) |  |  | 23,874 |  |  |  | 24,289 |  |  |  | 24,034 |  |  |  | 72,185 |  |  |  | 70,867 |  |  |  | 95,423 |
4 |  | Other Income |  |  | 6,227 |  |  |  | 6,194 |  |  |  | 5,035 |  |  |  | 17,663 |  |  |  | 14,383 |  |  |  | 19,859 |
5 |  | Profit from ordinary activities before finance costs and exceptional items (3+4) |  |  | 30,101 |  |  |  | 30,483 |  |  |  | 29,069 |  |  |  | 89,848 |  |  |  | 85,250 |  |  |  | 115,282 |
6 |  | Finance Costs |  |  | 1,423 |  |  |  | 1,589 |  |  |  | 810 |  |  |  | 4,298 |  |  |  | 2,687 |  |  |  | 3,599 |
7 |  | Profit from ordinary activities after finance costs but before exceptional items (5-6) |  |  | 28,678 |  |  |  | 28,894 |  |  |  | 28,259 |  |  |  | 85,550 |  |  |  | 82,563 |  |  |  | 111,683 |
8 |  | Exceptional items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
9 |  | Profit from ordinary activities before tax (7+8) |  |  | 28,678 |  |  |  | 28,894 |  |  |  | 28,259 |  |  |  | 85,550 |  |  |  | 82,563 |  |  |  | 111,683 |
10 |  | Tax expense |  |  | 6,248 |  |  |  | 6,486 |  |  |  | 6,228 |  |  |  | 18,679 |  |  |  | 18,369 |  |  |  | 24,624 |
11 |  | Net profit from ordinary activities after tax (9-10) |  |  | 22,430 |  |  |  | 22,408 |  |  |  | 22,031 |  |  |  | 66,871 |  |  |  | 64,194 |  |  |  | 87,059 |
12 |  | Extraordinary items (net of tax expense) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
13 |  | Net profit for the period (11+12) |  |  | 22,430 |  |  |  | 22,408 |  |  |  | 22,031 |  |  |  | 66,871 |  |  |  | 64,194 |  |  |  | 87,059 |
14 |  | Share of Profit/(loss) of associates |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
15 |  | Minority interest |  |  | (89 | ) |  |  | (54 | ) |  |  | (103 | ) |  |  | (299 | ) |  |  | (386 | ) |  |  | (531 | )
16 |  | Net profit after taxes, minority interest and share of profit of associates (13+14+15) |  |  | 22,341 |  |  |  | 22,354 |  |  |  | 21,928 |  |  |  | 66,572 |  |  |  | 63,808 |  |  |  | 86,528 |
17 |  | Paid up equity share capital (Face value 2 per share) |  |  | 4,941 |  |  |  | 4,940 |  |  |  | 4,937 |  |  |  | 4,941 |  |  |  | 4,937 |  |  |  | 4,937 |
18 |  | Reserves excluding revaluation reserves as per balance sheet of previous accounting year |  |  | 403045 |  |  |  | 403,045 |  |  |  | 338,567 |  |  |  | 403,045 |  |  |  | 338,567 |  |  |  | 403,045 |
19 |  | EARNINGS PER SHARE (EPS) (of 2/- each) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Before extraordinary items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic (in ) |  |  | 9.09 |  |  |  | 9.10 |  |  |  | 8.92 |  |  |  | 27.10 |  |  |  | 25.97 |  |  |  | 35.25 |
|  | Diluted (in ) |  |  | 9.07 |  |  |  | 9.08 |  |  |  | 8.88 |  |  |  | 27.05 |  |  |  | 25.85 |  |  |  | 35.13 |
|  | After extraordinary items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (of 2/- each) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic (in ) |  |  | 9.09 |  |  |  | 9.10 |  |  |  | 8.92 |  |  |  | 27.10 |  |  |  | 25.97 |  |  |  | 35.25 |
|  | Diluted (in ) |  |  | 9.07 |  |  |  | 9.08 |  |  |  | 8.88 |  |  |  | 27.05 |  |  |  | 25.85 |  |  |  | 35.13 |

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1. | The consolidated interim financial results of the Company for the quarter and nine months ended December 31, 2015 have been approved by the Board of Directors of the Company at its meeting held on January 18, 2016. The statutory auditors have expressed an unqualified audit opinion.

2. | The above consolidated 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 total revenue from operations represent the aggregate revenue and includes foreign exchange gains / (losses), net amounting to 911, 533 and 922 for the quarter ended December 31, 2015, September 30, 2015 and December 31, 2014, respectively, 2,774 and 3,343 for the nine months ended December 31, 2015 and December 31, 2014, respectively and 3,637 for the year ended March 31, 2015 and is net of excise duty amounting to Nil, Nil and Nil for the quarter ended December 31, 2015, September 30, 2015 and December 31, 2014, respectively, Nil and 2 for the nine months ended December 31, 2015 and December 31, 2014, respectively and 2 for the year ended March 31, 2015.

4. | List of subsidiaries as of December 31, 2015 are provided in the table below:

Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Wipro LLC (formerly Wipro, Inc.) |  |  |  |  |  | USA
|  | Wipro Gallagher Solutions, Inc. |  |  |  | USA
|  |  |  | Opus Capital Markets Consultants LLC |  | USA
|  | Infocrossing, Inc. |  |  |  | USA
|  | Wipro Promax Analytics Solutions LLC [Formerly Promax Analytics Solutions Americas LLC] |  |  |  | USA
|  | Wipro Insurance Solutions LLC Wipro Data Centre and Cloud |  |  |  | USA
|  | Services, Inc. (formerly Macaw Merger, Inc.) |  |  |  | USA
|  | Wipro IT Services, Inc. |  |  |  | USA
Wipro Overseas IT Services Pvt. Ltd |  |  |  |  |  | India
Wipro Japan KK |  |  |  |  |  | Japan
Wipro Shanghai Limited |  |  |  |  |  | China
Wipro Trademarks Holding Limited |  |  |  |  |  | India
Wipro Travel Services Limited |  |  |  |  |  | India
Wipro Holdings (Mauritius) Limited |  |  |  |  |  | Mauritius
|  | Wipro Holdings UK Limited |  |  |  | U.K.
|  |  |  | Wipro Information Technology Austria GmbH(A) (Formerly |  | Austria
|  |  |  | Wipro Holdings Austria GmbH) Wipro Digital Aps (A) |  | Denmark

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Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
|  |  |  | 3D Networks (UK) Limited Wipro Europe Limited ((formerly SAIC Europe Limited)) (A) |  | U.K. U.K.
|  |  |  | Wipro Promax Analytics Solutions (Europe) Limited [formerly Promax Analytics Solutions (Europe) Ltd] |  | UK
Wipro Cyprus Private Limited |  |  |  |  |  | Cyprus
|  | Wipro Doha LLC# |  |  |  | Qatar
|  | Wipro Technologies S.A DE C. V |  |  |  | Mexico
|  | Wipro BPO Philippines LTD. Inc |  |  |  | Philippines
|  | Wipro Holdings Hungary Korlátolt Felelősségű Társaság |  |  |  | Hungary
|  | Wipro Technologies Argentina SA |  |  |  | Argentina
|  | Wipro Information Technology Egypt SAE |  |  |  | Egypt
|  | Wipro Arabia Limited* |  |  |  | Saudi Arabia
|  | Wipro Poland Sp. z o. o |  |  |  | Poland
|  | Wipro IT Services Poland Sp. z o. o |  |  |  | Poland
|  | Wipro Technologies Australia Pty Ltd (formerly Promax Applications Group Pty Ltd) |  |  |  | Australia
|  | Wipro Corporate Technologies Ghana Limited |  |  |  | Ghana
|  | Wipro Technologies South Africa (Proprietary) Limited |  |  |  | South Africa
|  |  |  | Wipro Technologies Nigeria Limited |  | Nigeria
|  | Wipro Information Technology Netherlands BV. |  |  |  | Netherland
|  |  |  | Wipro Portugal S.A.(A) |  | Portugal
|  |  |  | Wipro Technologies Limited, Russia |  | Russia
|  |  |  | Wipro Technology Chile SPA |  | Chile
|  |  |  | Wipro Solutions Canada Limited |  | Canada
|  |  |  | Wipro Information Technology Kazakhstan LLP |  | Kazakhstan

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Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
|  |  |  | Wipro Technologies W.T. Sociedad Anonima |  | Costa Rica
|  |  |  | Wipro Outsourcing Services (Ireland) Limited |  | Ireland
|  |  |  | Wipro IT Services Ukraine LLC |  | Ukraine
|  |  |  | Wipro Technologies Norway AS |  | Norway
|  |  |  | Wipro Technologies VZ, C.A. |  | Venezuela
|  |  |  | Wipro Technologies Peru S.A.C |  | Peru
|  | Wipro Technologies SRL |  |  |  | Romania
|  | PT WT Indonesia |  |  |  | Indonesia
|  | Wipro Australia Pty Limited |  |  |  | Australia
|  |  |  | Wipro Promax Holdings Pty Ltd (formerly Promax Holdings Pty Ltd) (A) |  | Australia
|  | Wipro (Thailand) Co Limited |  |  |  | Thailand
|  | Wipro Bahrain Limited WLL |  |  |  | Bahrain
|  | Wipro Gulf LLC |  |  |  | Sultanate of Oman
Wipro Networks Pte Limited (formerly 3D Networks Pte Limited) |  | Wipro (Dalian) Limited |  |  |  | Singapore China
|  | Wipro Technologies SDN BHD |  |  |  | Malaysia
Wipro Chengdu Limited |  |  |  |  |  | China
Wipro Airport IT Services Limited* |  |  |  |  |  | India

* | All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited.

# | 51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial interest in these holdings is with the Company.

The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’ and ‘Wipro SA Broad Based Ownership Scheme SPV (RF) (PTY) LTD incorporated in South Africa.

Wipro LLC a wholly owned subsidiary of Wipro Limited has invested in Drivestream, Inc. and holds 19.02% of equity.

(A) | Step Subsidiary details of Wipro Information Technology Austria GmbH, Wipro Europe Limited, Wipro Portugal S.A, Wipro Promax Holdings Pty Ltd and Wipro Digital Aps are as follows:

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Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Wipro Information Technology Austria GmbH (Formerly Wipro Holdings Austria GmbH) |  |  |  | Austria
|  | Wipro Technologies Austria GmbH |  | Austria
|  | New Logic Technologies SARL |  | France
Wipro Europe Limited (formerly SAIC Europe Limited) |  |  |  | U.K.
|  | Wipro UK Limited |  | U.K.
|  | Wipro Europe SARL |  | France
Wipro Portugal S.A. |  |  |  | Portugal
|  | SAS Wipro France |  | France
|  | Wipro Retail UK Limited |  | U.K.
|  | Wipro do Brasil Technologia Ltda |  | Brazil
|  | Wipro Technologies Gmbh |  | Germany
|  | Wipro Do Brasil Sistemetas De Informatica Ltd |  | Brazil
Wipro Promax Holdings Pty Ltd (formerly Promax Holdings Pty Ltd) |  |  |  | Australia
|  | Wipro Promax IP Pty Ltd (formerly PAG IP Pty Ltd) |  | Australia
Wipro Digital Aps |  | Designit A/S Designit Denmark A/S Designit MunchenGmbH Denextep Consulting S.L Designit Oslo A/S Designit Sweden AB Designit T.L.V Ltd. Designit Tokyo Ltd. |  | Denmark Denmark Denmark Germany Spain Norway Sweden Israel Japan

5. | Segment Information

The Company is organized by the following operating segments; IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT Service offerings to 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). 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, digital, consulting, infrastructure outsourcing services and business process services.

IT Products: 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, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.

The Chairman and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by IFRS 8, “Operating Segments”. The Chairman of the Company evaluates the segments based on their revenue growth and operating income.

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Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Information on reportable segment for the quarter ended December 31, 2015, September 30, 2015 and December 31, 2014, and nine months ended December 31, 2015 and December 31, 2014, and year ended March 31, 2015 is as follows:

|  | Quarter ended |  |  | Nine months ended |  |  | Year ended |
Particulars |  | December 31, 2015 |  |  | September 30, 2015 |  |  | December 31, 2014 |  |  | December 31, 2015 |  |  | December 31, 2014 |  |  | March 31, 2015 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BFSI |  |  | 32,322 |  |  |  | 32,253 |  |  |  | 29,177 |  |  |  | 95,595 |  |  |  | 85,653 |  |  |  | 115,505 |
HLS |  |  | 14,719 |  |  |  | 13,746 |  |  |  | 13,247 |  |  |  | 41,453 |  |  |  | 36,713 |  |  |  | 49,884 |
RCTG |  |  | 19,158 |  |  |  | 18,112 |  |  |  | 16,005 |  |  |  | 54,650 |  |  |  | 45,951 |  |  |  | 62,209 |
ENU |  |  | 17,708 |  |  |  | 17,664 |  |  |  | 18,637 |  |  |  | 52,949 |  |  |  | 53,792 |  |  |  | 71,229 |
MFG |  |  | 22,683 |  |  |  | 22,562 |  |  |  | 20,718 |  |  |  | 66,769 |  |  |  | 59,721 |  |  |  | 80,303 |
GMT |  |  | 16,557 |  |  |  | 16,091 |  |  |  | 15,661 |  |  |  | 47,932 |  |  |  | 45,933 |  |  |  | 61,050 |
Others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total of IT Services |  |  | 123,147 |  |  |  | 120,428 |  |  |  | 113,445 |  |  |  | 359,348 |  |  |  | 327,763 |  |  |  | 440,180 |
IT Products |  |  | 6,503 |  |  |  | 5,442 |  |  |  | 7,740 |  |  |  | 20,119 |  |  |  | 24,552 |  |  |  | 34,006 |
Reconciling Items |  |  | (134 | ) |  |  | (202 | ) |  |  | (334 | ) |  |  | (577 | ) |  |  | (847 | ) |  |  | (1,004 | )
Total |  |  | 129,516 |  |  |  | 125,668 |  |  |  | 120,851 |  |  |  | 378,890 |  |  |  | 351,468 |  |  |  | 473,182 |
Segment Result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BFSI |  |  | 7,199 |  |  |  | 6,935 |  |  |  | 7,035 |  |  |  | 21,147 |  |  |  | 19,904 |  |  |  | 27,378 |
HLS |  |  | 3,188 |  |  |  | 3,044 |  |  |  | 2,981 |  |  |  | 8,991 |  |  |  | 7,534 |  |  |  | 10,565 |
RCTG |  |  | 3,809 |  |  |  | 3,262 |  |  |  | 3,255 |  |  |  | 10,211 |  |  |  | 9,648 |  |  |  | 13,190 |
ENU |  |  | 3,436 |  |  |  | 3,497 |  |  |  | 4,262 |  |  |  | 10,745 |  |  |  | 13,483 |  |  |  | 17,561 |
MFG |  |  | 4,142 |  |  |  | 4,801 |  |  |  | 4,228 |  |  |  | 13,270 |  |  |  | 12,630 |  |  |  | 17,127 |
GMT |  |  | 3,093 |  |  |  | 3,137 |  |  |  | 3,438 |  |  |  | 8,928 |  |  |  | 10,696 |  |  |  | 13,574 |
Others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 583 |  |  |  | 583 |
Unallocated |  |  | (47 | ) |  |  | 276 |  |  |  | (458 | ) |  |  | 759 |  |  |  | (1,606 | ) |  |  | (2,329 | )
Total of IT Services |  |  | 24,820 |  |  |  | 24,952 |  |  |  | 24,741 |  |  |  | 74,051 |  |  |  | 72,872 |  |  |  | 97,649 |
IT Products |  |  | (505 | ) |  |  | (208 | ) |  |  | 89 |  |  |  | (574 | ) |  |  | 316 |  |  |  | 374 |
Reconciling Items |  |  | (441 | ) |  |  | (455 | ) |  |  | (796 | ) |  |  | (1,292 | ) |  |  | (2,321 | ) |  |  | (2,600 | )
Total |  |  | 23,874 |  |  |  | 24,289 |  |  |  | 24,034 |  |  |  | 72,185 |  |  |  | 70,867 |  |  |  | 95,423 |
Finance Expense |  |  | (1,423 | ) |  |  | (1,589 | ) |  |  | (810 | ) |  |  | (4,298 | ) |  |  | (2,687 | ) |  |  | (3,599 | )
Finance and Other Income |  |  | 6,227 |  |  |  | 6,194 |  |  |  | 5,035 |  |  |  | 17,663 |  |  |  | 14,383 |  |  |  | 19,859 |
Profit before tax |  |  | 28,678 |  |  |  | 28,894 |  |  |  | 28,259 |  |  |  | 85,550 |  |  |  | 82,563 |  |  |  | 111,683 |

Notes:

a) | ‘Reconciling items’ includes elimination of inter-segment transactions, dividend income/ gains/ losses relating to strategic investments and other corporate activities.

b) | 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.

c) | Revenues include excise duty amounting to Nil, Nil and Nil for the quarter ended December 31, 2015, September 30, 2015 and December 31, 2014, respectively, Nil and 2 for the nine months ended December 31, 2015 and December 31, 2014, respectively and 2 for the year ended March 31, 2015. For the purpose of segment reporting, the segment revenues are net of excise duty. Excise duty is reported in reconciling items.

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d) | Revenue from sale of traded cloud based licenses is reported as part of IT Services revenues.

e) | For the purpose of segment reporting, the Company has included the impact of ‘foreign exchange gains / (losses), net’ in revenues (which is reported as a part of operating profit in the statement of income).

f) | For evaluating performance of the individual business segments, stock compensation expense is allocated on the basis of straight line amortization. The differential impact of accelerated amortization of stock compensation expense over stock compensation expense allocated to the individual business segments is reported in reconciling items.

g) | For evaluating the performance of the individual business segments, amortization of intangibles arising out of business combinations are reported in reconciling items.

h) | 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. The finance income on deferred consideration earned under these contracts is included in the revenue of the respective segment and is eliminated under reconciling items.

6. | Subsequent Events

On January 18, 2016, the Board of Directors of the Company declared an interim dividend of 5 ($ 0.08) per equity share and ADR (250% on an equity share of par value of 2)

By order of the Board, |  |  |  | For, Wipro Limited
|  |  |  | T K Kurien
Place: Bangalore |  |  |  | Executive Director &
Date: January 18, 2016 |  |  |  | Chief Executive Officer

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