EX-99.5 6 d500020dex995.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

STATUTORILY AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2017 UNDER IFRS (IASB)

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

|  | Particulars |  | Three months ended |  |  | Nine months ended |  |  | Year ended |
|  | December 31,2017 |  |  | September 30,2017 |  |  | December 31,2016 |  |  | December 31,2017 |  |  | December 31,2016 |  |  | March 31, 2017 |
1 |  | Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Net Sales/Income |  |  | 136,690 |  |  |  | 134,234 |  |  |  | 136,878 |  |  |  | 407,185 |  |  |  | 410,527 |  |  |  | 550,402 |
|  | b) Other operating income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,082 |
|  | c)Foreign exchange gains/(losses),net |  |  | 125 |  |  |  | 453 |  |  |  | 767 |  |  |  | 931 |  |  |  | 3,032 |  |  |  | 3,777 |
|  | Total income from operations |  |  | 136,815 |  |  |  | 134,687 |  |  |  | 137,645 |  |  |  | 408,116 |  |  |  | 413,559 |  |  |  | 558,261 |
2 |  | Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Purchase of stock-in-trade |  |  | 3,883 |  |  |  | 2,939 |  |  |  | 6,393 |  |  |  | 13,128 |  |  |  | 20,179 |  |  |  | 25,560 |
|  | b) (Increase)/Decrease in inventories of finished stock, work-in-progress and stock in process |  |  | 719 |  |  |  | (30 | ) |  |  | (414 | ) |  |  | 1,144 |  |  |  | (235 | ) |  |  | 1,411 |
|  | c) Employee benefit expense |  |  | 67,409 |  |  |  | 67,612 |  |  |  | 66,052 |  |  |  | 202,463 |  |  |  | 199,334 |  |  |  | 268,081 |
|  | d) Depreciation,amortisation and impairment |  |  | 5,279 |  |  |  | 5,200 |  |  |  | 5,412 |  |  |  | 15,422 |  |  |  | 14,926 |  |  |  | 23,107 |
|  | e) Sub contracting/technical fees |  |  | 21,543 |  |  |  | 21,503 |  |  |  | 21,224 |  |  |  | 63,293 |  |  |  | 61,503 |  |  |  | 82,747 |
|  | f) Other expenses |  |  | 18,207 |  |  |  | 14,422 |  |  |  | 15,745 |  |  |  | 47,757 |  |  |  | 48,801 |  |  |  | 63,476 |
|  | Total expenses |  |  | 117,040 |  |  |  | 111,646 |  |  |  | 114,412 |  |  |  | 343,207 |  |  |  | 344,508 |  |  |  | 464,382 |
3 |  | Finance expenses |  |  | 1,205 |  |  |  | 1,386 |  |  |  | 1,366 |  |  |  | 4,065 |  |  |  | 4,130 |  |  |  | 5,183 |
4 |  | Finance and Other Income |  |  | 6,134 |  |  |  | 6,661 |  |  |  | 5,719 |  |  |  | 18,995 |  |  |  | 16,024 |  |  |  | 21,660 |
5 |  | Share of profits/(loss) of equity accounted investees |  |  | 10 |  |  |  | 5 |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | — |
6 |  | Profit before tax [1-2-3+4+5] |  |  | 24,714 |  |  |  | 28,321 |  |  |  | 27,586 |  |  |  | 79,853 |  |  |  | 80,945 |  |  |  | 110,356 |
7 |  | Tax expense |  |  | 5,355 |  |  |  | 6,426 |  |  |  | 6,440 |  |  |  | 17,775 |  |  |  | 18,471 |  |  |  | 25,213 |
8 |  | Net profit for the period [6-7] |  |  | 19,359 |  |  |  | 21,895 |  |  |  | 21,146 |  |  |  | 62,078 |  |  |  | 62,474 |  |  |  | 85,143 |
9 |  | Non Controlling Interest |  |  | (12 | ) |  |  | (22 | ) |  |  | 52 |  |  |  | 25 |  |  |  | 190 |  |  |  | 248 |
10 |  | Net profit after taxes and Non Controlling Interest [8-9] |  |  | 19,371 |  |  |  | 21,917 |  |  |  | 21,094 |  |  |  | 62,053 |  |  |  | 62,284 |  |  |  | 84,895 |
11 |  | Paid up equity share capital (Face value ₹ 2 per share) |  |  | 9,047 |  |  |  | 9,733 |  |  |  | 4,861 |  |  |  | 9,047 |  |  |  | 4,861 |  |  |  | 4,861 |
12 |  | Reserves excluding revaluation reserves and Non Controlling Interest as per balance sheet of previous accounting period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 515,443 |
13 |  | EARNINGS PER SHARE (EPS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (of ₹2/- each) (not annualised) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic (in ₹) |  |  | 4.03 |  |  |  | 4.52 |  |  |  | 4.36 |  |  |  | 12.85 |  |  |  | 12.81 |  |  |  | 17.48 |
|  | Diluted (in ₹) |  |  | 4.03 |  |  |  | 4.52 |  |  |  | 4.35 |  |  |  | 12.83 |  |  |  | 12.77 |  |  |  | 17.43 |

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1. | The audited consolidated financial results of the Company for the three and nine months ended December 31, 2017 have been approved by the Board of Directors of the Company at its meeting held on January 19, 2018. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit reports with unmodified opinion on the consolidated financial results. Amounts for the three and nine months ended December 31, 2016 and year ended March 31, 2017 were audited by B S R & Co. LLP.

2. | The above consolidated financial results have been prepared from the interim condensed consolidated 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. | In December 2017, National Grid filed a legal claim against the Company in U.S. District Court of the Eastern District of New York seeking damages amounting to $140 million (8,936 million) plus additional costs related to an ERP implementation project that was completed in 2014. The Company expects to defend itself against the claim and believes that the claim will not sustain.

4. | List of subsidiaries and equity accounted investees as of December 31, 2017 are provided in the table below:

Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Wipro LLC |  |  |  |  |  | USA
|  | Wipro Gallagher Solutions, Inc. |  |  |  | USA
|  |  |  | Opus Capital Markets Consultants LLC |  | USA
|  |  |  | Wipro Promax Analytics Solutions LLC |  | USA
|  | Infocrossing, Inc. |  |  |  | USA
|  | Wipro Insurance Solutions LLC |  |  |  | USA
|  | Wipro Data Centre and Cloud Services, Inc. |  |  |  | USA
|  | Wipro IT Services, Inc. |  |  |  | USA
|  |  |  | HPH Holdings Corp.(A) |  | USA
|  |  |  | Appirio, Inc. (A) |  | USA
|  |  |  | Cooper Software, 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 |  |  |  | Austria
|  |  |  | Wipro Technologies Austria GmbH |  | Austria
|  |  |  | New Logic Technologies SARL |  | France
|  | Wipro Digital Aps |  |  |  | Denmark
|  |  |  | Designit A/S (A) |  | Denmark
|  | Wipro Europe Limited |  |  |  | U.K.
|  |  |  | Wipro UK Limited |  | U.K.
|  | Wipro Financial Services UK Limited |  |  |  | U.K.

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Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
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 Holdings Investment Korlátolt Felelősségű Társaság |  | Hungary
|  | Wipro Technologies SA |  |  |  | Argentina
|  | Wipro Information Technology Egypt SAE |  |  |  | Egypt
|  | Wipro Arabia Co. Limited * |  |  |  | Saudi Arabia
|  |  |  | Women’s Business Park Technologies Limited * |  | Saudi Arabia
|  | Wipro Poland Sp. Z.o.o |  |  |  | Poland
|  | Wipro IT Services Poland Sp.zo.o |  |  |  | Poland
|  | Wipro Technologies Australia Pty Ltd |  |  |  | Australia
|  | Wipro Corporate Technologies Ghana Limited |  |  |  | Ghana
|  | Wipro Technologies South Africa (Proprietary) Limited |  |  |  | South Africa
|  |  |  | Wipro Technologies Nigeria Limited |  | Nigeria
|  | Wipro IT Service Ukraine LLC |  |  |  | Ukraine
|  | Wipro Information Technology Netherlands BV. |  |  |  | Netherlands
|  |  |  | 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
|  |  |  | Wipro Technologies W.T. Sociedad Anonima |  | Costa Rica
|  |  |  | Wipro Outsourcing Services (Ireland) Limited |  | Ireland
|  |  |  | Wipro Technologies VZ, C.A. |  | Venezuela
|  |  |  | Wipro Technologies Peru S.A.C |  | Peru
|  |  |  | InfoSERVER S.A. |  | Brazil
|  | Wipro Technologies SRL |  |  |  | Romania
|  | PT WT Indonesia |  |  |  | Indonesia
|  | Wipro (Thailand) Co Limited |  |  |  | Thailand
|  | Wipro Bahrain Limited WLL |  |  |  | Bahrain
|  | Wipro Gulf LLC |  |  |  | Sultanate of Oman
|  | Rainbow Software LLC |  |  |  | Iraq
|  | Cellent GmbH |  |  |  | Germany

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Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
|  |  |  | Cellent Mittelstandsberatung GmbH |  | Germany
|  |  |  | Cellent Gmbh (A) |  | Austria
Wipro Networks Pte Limited |  |  |  |  |  | Singapore
|  | Wipro (Dalian) Limited |  |  |  | China
|  | Wipro Technologies SDN BHD |  |  |  | Malaysia
Wipro Chengdu Limited |  |  |  |  |  | China
Wipro Airport IT Services Limited * |  |  |  |  |  | India
Appirio India Cloud Solutions Private 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 Co. Limited, 74% of the equity securities of Wipro Airport IT Services Limited and 55% of the equity securities of Women’s Business Park Technologies Limited.

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

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

| (A) | Step Subsidiary details of Wipro Portugal S.A, Digital A/s, Cellent GmbH, HPH Holdings Corp. and Appirio, Inc. are as follows:

Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Wipro Portugal S.A. |  |  |  |  |  | Portugal
|  | Wipro do Brasil Technologia Ltda |  |  |  | Brazil
|  | Wipro Technologies Gmbh |  |  |  | Germany
|  | Wipro Do Brasil Sistemetas De Informatica Ltd |  |  |  | Brazil
Designit A/S |  |  |  |  |  | Denmark
|  | Designit Denmark A/S |  |  |  | Denmark
|  | Designit Munich GmbH |  |  |  | Germany
|  | Designit Oslo A/S |  |  |  | Norway
|  | Designit Sweden AB |  |  |  | Sweden
|  | Designit T.L.V Ltd. |  |  |  | Israel
|  | Designit Tokyo Lt.d |  |  |  | Japan
|  | Denextep Spain Digital, S.L |  |  |  | Spain
|  |  |  | Designit Colombia S A S |  | Colombia
|  |  |  | Designit Peru SAC |  | Peru
Cellent GmbH |  |  |  |  |  | Austria
|  | Frontworx Informations technologie GmbH |  |  |  | Austria
HPH Holdings Corp. |  |  |  |  |  | USA
|  | HealthPlan Services Insurance Agency, Inc. |  |  |  | USA
|  | HealthPlan Services, Inc. |  |  |  | USA

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Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Appirio, Inc. |  |  |  |  |  | USA
|  | Appirio, K.K |  |  |  | Japan
|  | Topcoder, Inc. |  |  |  | USA
|  | Appirio Ltd |  |  |  | Ireland
|  |  |  | Appirio GmbH |  | Germany
|  |  |  | Apprio Ltd (UK) |  | U.K.
|  |  |  | Saaspoint, Inc. |  | USA
|  | Appirio Singapore Pte Ltd |  |  |  | Singapore

As of December 31, 2017, the Company held 43.7% interest in Drivestream Inc., accounted for using the equity method.

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. The industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Lifesciences (HLS), Consumer Business Unit (CBU), Energy, Natural Resources and Utilities (ENU), Manufacturing and Technology (MNT) and Communications (COMM). IT Services segment also includes Others which comprises dividend income relating to strategic investments, which are presented within “Finance and other Income” in the statement of Income. Key service offerings 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.

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.

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 three months ended December 31, 2017, September 30, 2017 and December 31, 2016, nine months ended December 31, 2017 and December 31, 2016 and year ended March 31, 2017 is as follows:

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Particulars |  | Three months ended |  |  | Nine months ended |  |  | Year ended |
| December 31, 2017 |  |  | September 30, 2017 |  |  | December 31, 2016 |  |  | December 31, 2017 |  |  | December 31, 2016 |  |  | March 31, 2017 |
| Audited |  |  | Audited |  |  | Audited |  |  | Audited |  |  | Audited |  |  | Audited |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BFSI |  |  | 37,766 |  |  |  | 36,349 |  |  |  | 33,843 |  |  |  | 109,049 |  |  |  | 101,056 |  |  |  | 135,967 |
HLS |  |  | 18,463 |  |  |  | 17,989 |  |  |  | 20,972 |  |  |  | 55,602 |  |  |  | 61,786 |  |  |  | 82,242 |
CBU |  |  | 21,209 |  |  |  | 20,989 |  |  |  | 20,780 |  |  |  | 62,733 |  |  |  | 62,213 |  |  |  | 83,417 |
ENU |  |  | 16,426 |  |  |  | 17,769 |  |  |  | 17,131 |  |  |  | 51,659 |  |  |  | 51,368 |  |  |  | 68,883 |
MNT |  |  | 30,050 |  |  |  | 30,010 |  |  |  | 29,517 |  |  |  | 89,402 |  |  |  | 88,518 |  |  |  | 119,175 |
COMM |  |  | 8,432 |  |  |  | 8,583 |  |  |  | 9,718 |  |  |  | 25,846 |  |  |  | 29,478 |  |  |  | 38,756 |
Total of IT Services |  |  | 132,346 |  |  |  | 131,689 |  |  |  | 131,961 |  |  |  | 394,291 |  |  |  | 394,419 |  |  |  | 528,440 |
IT Products |  |  | 4,498 |  |  |  | 2,988 |  |  |  | 5,713 |  |  |  | 13,829 |  |  |  | 19,309 |  |  |  | 25,922 |
Reconciling Items |  |  | (29 | ) |  |  | 10 |  |  |  | (29 | ) |  |  | (4 | ) |  |  | (169 | ) |  |  | (183 | )
Total Revenue |  |  | 136,815 |  |  |  | 134,687 |  |  |  | 137,645 |  |  |  | 408,116 |  |  |  | 413,559 |  |  |  | 554,179 |
Other operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,082 |
IT Products |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Other Operating Income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,082 |
Segment Result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BFSI |  |  | 6,832 |  |  |  | 6,055 |  |  |  | 6,413 |  |  |  | 18,328 |  |  |  | 19,786 |  |  |  | 24,939 |
HLS |  |  | 2,364 |  |  |  | 2,698 |  |  |  | 3,400 |  |  |  | 7,796 |  |  |  | 9,490 |  |  |  | 9,479 |
CBU |  |  | 3,869 |  |  |  | 3,244 |  |  |  | 3,415 |  |  |  | 10,047 |  |  |  | 10,774 |  |  |  | 14,493 |
ENU |  |  | (1,312 | ) |  |  | 3,435 |  |  |  | 3,856 |  |  |  | 5,774 |  |  |  | 10,324 |  |  |  | 14,421 |
MNT |  |  | 5,692 |  |  |  | 5,400 |  |  |  | 5,355 |  |  |  | 16,267 |  |  |  | 17,484 |  |  |  | 23,453 |
COMM |  |  | 1,315 |  |  |  | 1,147 |  |  |  | 1,604 |  |  |  | 3,911 |  |  |  | 4,700 |  |  |  | 6,149 |
Unallocated |  |  | 830 |  |  |  | 805 |  |  |  | 112 |  |  |  | 2,167 |  |  |  | (1,762 | ) |  |  | (951 | )
Other Operating Income |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 4,082 |
Total of IT Services |  |  | 19,590 |  |  |  | 22,784 |  |  |  | 24,155 |  |  |  | 64,290 |  |  |  | 70,796 |  |  |  | 96,065 |
IT Products |  |  | 195 |  |  |  | 88 |  |  |  | (586 | ) |  |  | 314 |  |  |  | (1,252 | ) |  |  | (1,680 | )
Reconciling Items |  |  | (10 | ) |  |  | 169 |  |  |  | (336 | ) |  |  | 305 |  |  |  | (493 | ) |  |  | (506 | )
Total |  |  | 19,775 |  |  |  | 23,041 |  |  |  | 23,233 |  |  |  | 64,909 |  |  |  | 69,051 |  |  |  | 93,879 |
Finance Expense |  |  | (1,205 | ) |  |  | (1,386 | ) |  |  | (1,366 | ) |  |  | (4,065 | ) |  |  | (4,130 | ) |  |  | (5,183 | )
Finance and Other Income |  |  | 6,134 |  |  |  | 6,661 |  |  |  | 5,719 |  |  |  | 18,995 |  |  |  | 16,024 |  |  |  | 21,660 |
Share of profit/ (loss) of equity accounted investee |  |  | 10 |  |  |  | 5 |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | — |
Profit before tax |  |  | 24,714 |  |  |  | 28,321 |  |  |  | 27,586 |  |  |  | 79,853 |  |  |  | 80,945 |  |  |  | 110,356 |

Notes:

| a) | “Reconciling items” includes elimination of inter-segment transactions and other corporate activities.

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

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| c) | 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).

| d) | For evaluating performance of the individual operating 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 operating segments is reported in reconciling items.

| 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. 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.

| f) | Net gain from sale of Eco Energy division for the period ended March 31, 2017 is included as part of IT Services segment result.

| g) | Segment results for ENU industry vertical for three months and nine months ended December 31, 2017 is after considering impact of provision for impairment of receivables and deferred contract cost (Refer note 9).

6. | Issue of Bonus share

The bonus issue in the proportion of 1:1 i.e.1 (One) bonus equity share of ₹ 2 each for every 1 (one) fully paid-up equity share held (including ADS holders) had been approved by the shareholders of the Company on June 03, 2017 through Postal Ballot /e-voting. For this purpose, June 14, 2017, was fixed as the record date. Consequently, 2,433,074,327 shares have been issued and ₹ 4,866 (representing par value of ₹ 2 per share) has been transferred from retained earnings to share capital.

7. | Buyback of equity shares:

During the current period, the Company has concluded the buyback of 343.75 million equity shares as approved by the Board of Directors on July 20, 2017. This has resulted in a total cash outflow of ₹ 110,000 million. In line with the requirement of the Companies Act 2013, an amount of ₹ 1,656 and ₹ 108,344 has been utilized from the share premium account and retained earnings respectively. Further, capital redemption reserves (included in other reserves) of ₹ 687 (representing the nominal value of the shares bought back) has been created as an apportionment from retained earnings. Consequent to such buy back, share capital has reduced by ₹ 687.

8. | Consequent to insolvency of a customer post balance sheet date, the Company has recorded a provision of ₹ 3,175 for impairment of receivables and deferred contract cost.

9. | Events after the reporting period

On January 19, 2018, the Board of Directors of the Company declared an interim dividend of ₹ 1.00 ($ 0.02) per equity share and ADR (50% on an equity share of par value of ₹ 2).

By order of the Board, |  | For, Wipro Limited
|  | Azim H Premji
Place: Bangalore |  | Executive Chairman &
Date: January 19, 2018 |  | Managing Director

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