EX-99.5 6 d626910dex995.htm EX-99.5

Exhibit 99.5

WIPRO LIMITED

CIN: L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakannelli, 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 SIX MONTHS ENDED SEPTEMBER 30, 2018

UNDER IFRS (IASB)

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

|  | Particulars |  | Three months ended |  |  | Six months ended |  |  | Year ended |
|  |  |  | September 30, 2018 |  |  | June 30, 2018 |  |  | September 30, 2017 |  |  | September 30, 2018 |  |  | September 30, 2017 |  |  | March 31, 2018 |
|  | Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Revenue |  |  | 145,410 |  |  |  | 139,777 |  |  |  | 134,234 |  |  |  | 285,187 |  |  |  | 270,495 |  |  |  | 544,871 |
|  | b) Other operating income |  |  | 269 |  |  |  | 2,529 |  |  |  | — |  |  |  | 2,798 |  |  |  | — |  |  |  | — |
|  | c) Foreign exchange gains/(losses), net |  |  | 1,217 |  |  |  | 771 |  |  |  | 453 |  |  |  | 1,988 |  |  |  | 806 |  |  |  | 1,488 |
I |  | Total income from operations |  |  | 146,896 |  |  |  | 143,077 |  |  |  | 134,687 |  |  |  | 289,973 |  |  |  | 271,301 |  |  |  | 546,359 |
|  | Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | a) Purchase of stock-in-trade |  |  | 3,342 |  |  |  | 4,650 |  |  |  | 2,939 |  |  |  | 7,992 |  |  |  | 9,245 |  |  |  | 18,434 |
|  | b) (Increase)/Decrease in inventories of finished stock, work-in-progress and stock in process |  |  | (274 | ) |  |  | (473 | ) |  |  | (30 | ) |  |  | (747 | ) |  |  | 425 |  |  |  | 505 |
|  | c) Employee benefit expense |  |  | 74,216 |  |  |  | 72,042 |  |  |  | 67,612 |  |  |  | 146,258 |  |  |  | 135,054 |  |  |  | 272,223 |
|  | d) Depreciation, amortisation and impairment |  |  | 4,370 |  |  |  | 4,337 |  |  |  | 5,200 |  |  |  | 8,707 |  |  |  | 10,143 |  |  |  | 21,124 |
|  | e) Sub-contracting/ technical fees |  |  | 24,318 |  |  |  | 22,443 |  |  |  | 21,503 |  |  |  | 46,761 |  |  |  | 41,750 |  |  |  | 84,437 |
|  | f) Facility expenses |  |  | 5,314 |  |  |  | 5,834 |  |  |  | 5,129 |  |  |  | 11,148 |  |  |  | 10,142 |  |  |  | 21,044 |
|  | g) Travel |  |  | 4,172 |  |  |  | 4,445 |  |  |  | 4,536 |  |  |  | 8,617 |  |  |  | 8,902 |  |  |  | 17,399 |
|  | h) Communication |  |  | 1,133 |  |  |  | 1,320 |  |  |  | 1,297 |  |  |  | 2,453 |  |  |  | 2,621 |  |  |  | 5,353 |
|  | i) Legal and professional fees |  |  | 1,278 |  |  |  | 1,171 |  |  |  | 1,043 |  |  |  | 2,449 |  |  |  | 2,144 |  |  |  | 4,690 |
|  | j) Marketing and brand building |  |  | 565 |  |  |  | 709 |  |  |  | 698 |  |  |  | 1,274 |  |  |  | 1,492 |  |  |  | 3,140 |
|  | k) Other expenses |  |  | 7,846 |  |  |  | 3,293 |  |  |  | 1,719 |  |  |  | 11,139 |  |  |  | 4,249 |  |  |  | 13,716 |
II |  | Total expenses |  |  | 126,280 |  |  |  | 119,771 |  |  |  | 111,646 |  |  |  | 246,051 |  |  |  | 226,167 |  |  |  | 462,065 |
III |  | Finance expenses |  |  | 1,569 |  |  |  | 1,649 |  |  |  | 1,434 |  |  |  | 3,218 |  |  |  | 3,035 |  |  |  | 5,830 |
IV |  | Finance and Other Income |  |  | 5,136 |  |  |  | 5,197 |  |  |  | 6,709 |  |  |  | 10,333 |  |  |  | 13,036 |  |  |  | 23,999 |
V |  | Share of profits/(loss) of equity accounted investees |  |  | 20 |  |  |  | (53 | ) |  |  | 5 |  |  |  | (33 | ) |  |  | 4 |  |  |  | 11 |
VI |  | Profit before tax [I-II-III+IV+V] |  |  | 24,203 |  |  |  | 26,801 |  |  |  | 28,321 |  |  |  | 51,004 |  |  |  | 55,139 |  |  |  | 102,474 |
VII |  | Tax expense |  |  | 5,347 |  |  |  | 5,865 |  |  |  | 6,426 |  |  |  | 11,212 |  |  |  | 12,420 |  |  |  | 22,390 |
VIII |  | Net profit for the period [VI-VII] |  |  | 18,856 |  |  |  | 20,936 |  |  |  | 21,895 |  |  |  | 39,792 |  |  |  | 42,719 |  |  |  | 80,084 |
IX |  | Total Other comprehensive income |  |  | 2,227 |  |  |  | (2,635 | ) |  |  | (426 | ) |  |  | (408 | ) |  |  | (1,075 | ) |  |  | (3,109 | )
|  | Total comprehensive income for the period [VIII+IX] |  |  | 21,083 |  |  |  | 18,301 |  |  |  | 21,469 |  |  |  | 39,384 |  |  |  | 41,644 |  |  |  | 76,975 |
X |  | Profit for the period attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Equity holders of the Company |  |  | 18,889 |  |  |  | 21,206 |  |  |  | 21,917 |  |  |  | 40,095 |  |  |  | 42,682 |  |  |  | 80,081 |
|  | Non-controlling Interest |  |  | (33 | ) |  |  | (270 | ) |  |  | (22 | ) |  |  | (303 | ) |  |  | 37 |  |  |  | 3 |
|  |  |  |  | 18,856 |  |  |  | 20,936 |  |  |  | 21,895 |  |  |  | 39,792 |  |  |  | 42,719 |  |  |  | 80,084 |
|  | Total comprehensive income for the period attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Equity holders of the Company |  |  | 20,971 |  |  |  | 18,487 |  |  |  | 21,463 |  |  |  | 39,458 |  |  |  | 41,590 |  |  |  | 76,956 |
|  | Non-controlling Interest |  |  | 112 |  |  |  | (186 | ) |  |  | 6 |  |  |  | (74 | ) |  |  | 54 |  |  |  | 19 |
|  |  |  |  | 21,083 |  |  |  | 18,301 |  |  |  | 21,469 |  |  |  | 39,384 |  |  |  | 41,644 |  |  |  | 76,975 |
XI |  | Paid up equity share capital (Face value ₹ 2 per share) |  |  | 9,048 |  |  |  | 9,048 |  |  |  | 9,733 |  |  |  | 9,048 |  |  |  | 9,733 |  |  |  | 9,048 |
XII |  | Reserves excluding revaluation reserves and Non Controlling Interest as per balance sheet of previous accounting period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 473,888 |
XIII |  | Earnings per share (EPS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (Equity shares of par value of ₹ 2/- each) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (EPS for the three and six months ended periods is not annualized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic (in ₹) |  |  | 4.19 |  |  |  | 4.71 |  |  |  | 4.52 |  |  |  | 8.90 |  |  |  | 8.81 |  |  |  | 16.86 |
|  | Diluted (in ₹) |  |  | 4.19 |  |  |  | 4.70 |  |  |  | 4.52 |  |  |  | 8.89 |  |  |  | 8.80 |  |  |  | 16.83 |

1

1. | The audited consolidated financial results of the Company for the three and six months ended September 30, 2018 have been approved by the Board of Directors of the Company at its meeting held on October 24, 2018. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued audit reports with unmodified opinion on the consolidated financial results.

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. | Adoption of IFRS 15 – Revenue from Contracts with Customers.

On April 1, 2018, the company adopted IFRS 15, “Revenue from Contracts with Customers” using the cumulative catchup transition method applied to contracts that were not completed as of April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The adoption of IFRS 15, did not have any material impact on the consolidated results for the three and six months ended September 30, 2018.

4. | List of subsidiaries and equity accounted investees as at September 30, 2018 are provided in the table below:

Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Wipro LLC |  |  |  |  |  | USA
|  | Wipro Gallagher Solutions, LLC. |  |  |  | USA
|  |  |  | Opus Capital Markets Consultants LLC |  | USA
|  |  |  | Wipro Promax Analytics Solutions Americas LLC |  | USA
|  | Wipro Insurance Solutions LLC |  |  |  | USA
|  | Wipro IT Services, LLC. |  |  |  | USA
|  |  |  | HealthPlan Services Insurance Agency, LLC. |  | USA
|  |  |  | HealthPlan Services, Inc. |  | USA
|  |  |  | Appirio, Inc. ** |  | USA
|  |  |  | Cooper Software, LLC. |  | USA
|  |  |  | Infocrossing, LLC |  | 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 (UK) Limited |  |  |  |  |  | U.K.
|  | Wipro Digital Aps |  |  |  | Denmark
|  |  |  | Designit A/S ** |  | Denmark
|  | Wipro Europe Limited |  |  |  | U.K.
|  |  |  | Wipro UK Limited |  | U.K.
|  | Wipro Financial Services UK Limited |  |  |  | U.K.
Wipro Information Technology Austria GmbH |  |  |  |  |  | Austria
Wipro Technologies Austria GmbH |  |  |  |  |  | Austria
NewLogic Technologies SARL |  |  |  |  |  | France
Wipro Cyprus Public Limited |  |  |  |  |  | Cyprus
|  | Wipro Doha LLC # |  |  |  | Qatar
|  | Wipro Technologies SA DE CV |  |  |  | Mexico
|  | Wipro Philippines, Inc. |  |  |  | Philippines
|  | Wipro Holdings Hungary Korlátolt Felelosségu Társaság |  |  |  | Hungary
|  | Wipro Holdings Investment Korlátolt Felelosségu Társaság |  |  |  | Hungary

2

|  | 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 Z.O.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. ** |  | Portugal
|  |  |  | Limited Liability Company Wipro Technologies Limited |  | 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
|  |  |  | Wipro do Brasil Servicos de Tecnologia S.A. |  | Brazil
|  |  |  | Wipro do Brasil Technologia Ltda ** |  | 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
|  |  |  | Cellent Mittelstandsberatung GmbH |  | Germany
|  |  |  | Cellent Gmbh ** |  | Austria
Wipro Networks Pte Limited |  |  |  |  |  | Singapore
|  | Wipro (Dalian) Limited |  |  |  | China
|  | Wipro Technologies SDN BHD |  |  |  | Malaysia
Wipro Chengdu Limited |  |  |  |  |  | China
Appirio India Cloud Solutions Private Limited |  |  |  |  |  | India
Wipro IT Services Bangladesh Limited |  |  |  |  |  | Bangladesh
Alight HR Services India 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 and 55% of the equity securities of Women’s Business Park Technologies Limited are held by Wipro Arabia Co. Limited.

3

# 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

** Step Subsidiary details of Wipro Portugal S.A, Wipro do Brasil Technologia Ltda, Designit A/S, Cellent GmbH, and Appirio, Inc. are as follows:

Subsidiaries |  | Subsidiaries |  | Subsidiaries |  | Country of Incorporation
Wipro Portugal S.A. |  |  |  |  |  | Portugal
|  | Wipro Technologies GmbH |  |  |  | Germany
Wipro do Brasil Technologia Ltda |  |  |  |  |  | Brazil
|  | Wipro Do Brasil Sistemetas De Informatica Ltd |  |  |  | Brazil
Designit A/S |  |  |  |  |  | Denmark
|  | Designit Denmark A/S |  |  |  | Denmark
|  | Designit Germany GmbH |  |  |  | Germany
|  | Designit Oslo A/S |  |  |  | Norway
|  | Designit Sweden AB |  |  |  | Sweden
|  | Designit T.L.V Ltd. |  |  |  | Israel
|  | Designit Tokyo Ltd. |  |  |  | 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
Appirio, Inc. |  |  |  |  |  | USA
|  | Appirio, K.K |  |  |  | Japan
|  | Topcoder, LLC. |  |  |  | USA
|  | Appirio Ltd |  |  |  | Ireland
|  |  |  | Appirio GmbH |  | Germany
|  |  |  | Apprio Ltd (UK) |  | U.K.
|  | Appirio Singapore Pte Ltd |  |  |  | Singapore

As at September 30, 2018, the Company held 43.7% interest in Drivestream Inc, 33% interest in Denim Group Limited and 33.3% in Denim Group Management, LLC, accoutned for using the equity method.

The list of controlled trusts are:

Name of the entity |  | Country of incorporation
Wipro Equity Reward Trust |  | India
Wipro Inc. Benefit Trust |  | India
Wipro Foundation |  | India

4

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. Effective April 1, 2018, consequent to change in organization structure, the Company reorganized its industry verticals. The Manufacturing (MFG) and Technology Business unit (TECH) are split from the former Manufacturing & Technology (MNT) business unit.

The revised industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Health Business unit (Health BU) previously known as Health Care and Life Sciences Business unit (HLS), Consumer Business unit (CBU), Energy, Natural Resources & Utilities (ENU), Manufacturing (MFG), Technology (TECH) and Communications (COMM). 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.

Comparative information has been restated to give effect to the above changes.

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.

5

Information on reportable segment for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, and the six months ended September 30, 2018 and September 30, 2017, and the year ended March 31, 2018 is as follows:

Particulars |  | Three months ended |  |  | Six months ended |  |  | Year ended |
| September 30, 2018 |  |  | June 30, 2018 |  |  | September 30, 2017 |  |  | September 30, 2018 |  |  | September 30, 2017 |  |  | March 31, 2018 |
| Audited |  |  | Audited |  |  | Audited |  |  | Audited |  |  | Audited |  |  | Audited |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BFSI |  |  | 44,105 |  |  |  | 41,054 |  |  |  | 36,349 |  |  |  | 85,159 |  |  |  | 71,283 |  |  |  | 148,062 |
Health BU |  |  | 18,364 |  |  |  | 18,209 |  |  |  | 17,989 |  |  |  | 36,573 |  |  |  | 37,139 |  |  |  | 74,177 |
CBU |  |  | 23,532 |  |  |  | 21,987 |  |  |  | 20,989 |  |  |  | 45,519 |  |  |  | 41,524 |  |  |  | 83,762 |
ENU |  |  | 18,239 |  |  |  | 17,205 |  |  |  | 17,769 |  |  |  | 35,444 |  |  |  | 35,233 |  |  |  | 68,427 |
TECH |  |  | 19,581 |  |  |  | 19,504 |  |  |  | 18,515 |  |  |  | 39,085 |  |  |  | 36,179 |  |  |  | 73,967 |
MFG |  |  | 11,732 |  |  |  | 11,304 |  |  |  | 11,495 |  |  |  | 23,036 |  |  |  | 23,173 |  |  |  | 46,305 |
COMM |  |  | 8,220 |  |  |  | 7,740 |  |  |  | 8,583 |  |  |  | 15,960 |  |  |  | 17,414 |  |  |  | 33,710 |
Total of IT Services |  |  | 143,773 |  |  |  | 137,003 |  |  |  | 131,689 |  |  |  | 280,776 |  |  |  | 261,945 |  |  |  | 528,410 |
IT Products |  |  | 2,876 |  |  |  | 3,532 |  |  |  | 2,988 |  |  |  | 6,408 |  |  |  | 9,331 |  |  |  | 17,998 |
Reconciling Items |  |  | (22 | ) |  |  | 13 |  |  |  | 10 |  |  |  | (9 | ) |  |  | 25 |  |  |  | (49 | )
Total Revenue |  |  | 146,627 |  |  |  | 140,548 |  |  |  | 134,687 |  |  |  | 287,175 |  |  |  | 271,301 |  |  |  | 546,359 |
Other operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  | 269 |  |  |  | 2,529 |  |  |  | — |  |  |  | 2,798 |  |  |  | — |  |  |  | — |
IT Products |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Other Operating Income |  |  | 269 |  |  |  | 2,529 |  |  |  | — |  |  |  | 2,798 |  |  |  | — |  |  |  | — |
Segment Result |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BFSI |  |  | 7,725 |  |  |  | 7,149 |  |  |  | 6,055 |  |  |  | 14,874 |  |  |  | 11,496 |  |  |  | 24,626 |
Health BU |  |  | 2,659 |  |  |  | 2,070 |  |  |  | 2,698 |  |  |  | 4,729 |  |  |  | 5,432 |  |  |  | 9,620 |
CBU |  |  | 4,156 |  |  |  | 2,615 |  |  |  | 3,244 |  |  |  | 6,771 |  |  |  | 6,178 |  |  |  | 13,060 |
ENU |  |  | (2,084 | ) |  |  | 2,690 |  |  |  | 3,435 |  |  |  | 606 |  |  |  | 7,086 |  |  |  | 8,060 |
TECH |  |  | 4,644 |  |  |  | 4,064 |  |  |  | 3,748 |  |  |  | 8,708 |  |  |  | 7,229 |  |  |  | 14,685 |
MFG |  |  | 2,247 |  |  |  | 1,402 |  |  |  | 1,652 |  |  |  | 3,649 |  |  |  | 3,346 |  |  |  | 7,057 |
COMM |  |  | 1,070 |  |  |  | 754 |  |  |  | 1,147 |  |  |  | 1,824 |  |  |  | 2,596 |  |  |  | 3,158 |
Unallocated |  |  | 310 |  |  |  | 695 |  |  |  | 805 |  |  |  | 1,005 |  |  |  | 1,337 |  |  |  | 3,347 |
Other Operating Income |  |  | 269 |  |  |  | 2,529 |  |  |  | — |  |  |  | 2,798 |  |  |  | — |  |  |  | — |
Total of IT Services |  |  | 20,996 |  |  |  | 23,968 |  |  |  | 22,784 |  |  |  | 44,964 |  |  |  | 44,700 |  |  |  | 83,613 |
IT Products |  |  | (426 | ) |  |  | (740 | ) |  |  | 88 |  |  |  | (1,166 | ) |  |  | 119 |  |  |  | 362 |
Reconciling Items |  |  | 46 |  |  |  | 78 |  |  |  | 169 |  |  |  | 124 |  |  |  | 315 |  |  |  | 319 |
Total |  |  | 20,616 |  |  |  | 23,306 |  |  |  | 23,041 |  |  |  | 43,922 |  |  |  | 45,134 |  |  |  | 84,294 |
Finance Expense |  |  | (1,569 | ) |  |  | (1,649 | ) |  |  | (1,434 | ) |  |  | (3,218 | ) |  |  | (3,035 | ) |  |  | (5,830 | )
Finance and Other Income |  |  | 5,136 |  |  |  | 5,197 |  |  |  | 6,709 |  |  |  | 10,333 |  |  |  | 13,036 |  |  |  | 23,999 |
Share of profit/ (loss) of equity accounted investee |  |  | 20 |  |  |  | (53 | ) |  |  | 5 |  |  |  | (33 | ) |  |  | 4 |  |  |  | 11 |
Profit before tax |  |  | 24,203 |  |  |  | 26,801 |  |  |  | 28,321 |  |  |  | 51,004 |  |  |  | 55,139 |  |  |  | 102,474 |

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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.

| c) | For the purpose of segment reporting, the Company has included the impact of “foreign exchange gains / (losses), net” in revenues amounting to ₹ 1,217, ₹ 771 and ₹ 453 for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively and ₹ 1,988 and ₹ 806 for the six months ended September 30, 2018 and September 30, 2017, respectively and ₹ 1,488 for the year ended March 31, 2018, which is reported as a part of “Other income” in the statement of profit and loss.

| 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) | Segment results for COMM and ENU industry vertical for year ended March 31, 2018 is after considering the impact of provision for impairment of receivables and deferred contract costs of ₹ 4,612, consequent to insolvency of two of our customers.

| g) | Net gain from the sale of hosted data center services business and disposal of Wipro Airport IT Services Limited, amounting to ₹ 269 and ₹ 2,798, is included as part of IT services segment result for the three months and six months ended September 30, 2018, respectively.

| h) | Segment results for ENU industry vertical for the period three months and six months ended September 30, 2018, is after considering the impact of ₹ 5,141 ($ 75) paid to National Grid on settlement of a legal claim against the Company.

6. | Other operating income

Sale of hosted data center services business: During the six months ended September 30, 2018, the Company has concluded the divestment of its hosted data center services business.

The calculation of the gain on sale is shown below:

Particulars |  | Total |
Cash considerations (net of disposal costs ₹ 660) |  | ₹ | 25,098 |
Less: Carrying amount of net assets disposed (including goodwill of ₹ 13,009) |  |  | (26,418 | )
Add: Reclassification of exchange difference on foreign currency translation |  |  | 4,131 |
Gain on sale |  | ₹ | 2,811 |

In accordance with the sale agreement, total cash consideration is ₹ 27,790 and the Company paid ₹ 3,766 to subscribe for units issued by the buyer. Units amounting to ₹ 2,032 are callable by the buyer if certain business targets committed by the Company are not met over a period of three years. The fair value of these callable units is estimated to be insignificant as at reporting date. Consequently, the sale consideration accounted of ₹ 24,024 and units amounting to ₹ 1,734 units issued by the buyer.

Loss of control in subsidiary: During the six months ended September 30, 2018, the Company has reduced its equity holding from 74% to 11% in Wipro Airport IT Services Limited. The loss/ gain on this transaction is insignificant.

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7. | Consolidated Balance Sheet

|  | As at March 31, 2018 |  |  | As at September 30, 2018 |
ASSETS |  |  |  |  |  |  |  |
Goodwill |  |  | 117,584 |  |  |  | 128,026 |
Intangible assets |  |  | 18,113 |  |  |  | 18,027 |
Property, plant and equipment |  |  | 64,443 |  |  |  | 68,370 |
Derivative assets |  |  | 41 |  |  |  | 17 |
Investments |  |  | 7,668 |  |  |  | 7,494 |
Investment in equity accounted investee |  |  | 1,206 |  |  |  | 1,305 |
Trade receivables |  |  | 4,446 |  |  |  | 4,179 |
Deferred tax assets |  |  | 6,908 |  |  |  | 8,861 |
Non-current tax assets |  |  | 18,349 |  |  |  | 20,237 |
Other non-current assets |  |  | 15,726 |  |  |  | 20,227 |
Total non-current assets |  |  | 254,484 |  |  |  | 276,743 |
Inventories |  |  | 3,370 |  |  |  | 4,060 |
Trade receivables |  |  | 100,990 |  |  |  | 106,382 |
Other current assets |  |  | 30,596 |  |  |  | 27,150 |
Unbilled receivables |  |  | 42,486 |  |  |  | 28,685 |
Contract assets |  |  | — |  |  |  | 18,573 |
Investments |  |  | 249,094 |  |  |  | 248,815 |
Current tax assets |  |  | 6,262 |  |  |  | 7,895 |
Derivative assets |  |  | 1,232 |  |  |  | 3,793 |
Cash and cash equivalents |  |  | 44,925 |  |  |  | 79,818 |
|  |  | 478,955 |  |  |  | 525,171 |
Assets held for sale |  |  | 27,201 |  |  |  | — |
Total current assets |  |  | 506,156 |  |  |  | 525,171 |
TOTAL ASSETS |  |  | 760,640 |  |  |  | 801,914 |
EQUITY |  |  |  |  |  |  |  |
Share capital |  |  | 9,048 |  |  |  | 9,048 |
Share premium |  |  | 800 |  |  |  | 879 |
Retained earnings |  |  | 453,265 |  |  |  | 491,401 |
Share based payment reserve |  |  | 1,772 |  |  |  | 2,260 |
Other components of equity |  |  | 18,051 |  |  |  | 17,414 |
Equity attributable to the equity holders of the Company |  |  | 482,936 |  |  |  | 521,002 |
Non-controlling interest |  |  | 2,410 |  |  |  | 2,312 |
TOTAL EQUITY |  |  | 485,346 |  |  |  | 523,314 |
LIABILITIES |  |  |  |  |  |  |  |
Long - term loans and borrowings |  |  | 45,268 |  |  |  | 52,329 |
Derivative liabilities |  |  | 7 |  |  |  | — |
Deferred tax liabilities |  |  | 3,059 |  |  |  | 2,475 |
Non-current tax liabilities |  |  | 9,220 |  |  |  | 9,543 |
Other non-current liabilities |  |  | 4,230 |  |  |  | 4,688 |
Provisions |  |  | 3 |  |  |  | 2 |
Total non-current liabilities |  |  | 61,787 |  |  |  | 69,037 |
Loans, borrowings and bank overdrafts |  |  | 92,991 |  |  |  | 62,726 |
Trade payables and accrued expenses |  |  | 68,129 |  |  |  | 84,797 |
Unearned revenues |  |  | 17,139 |  |  |  | 23,607 |
Current tax liabilities |  |  | 9,417 |  |  |  | 13,667 |
Derivative liabilities |  |  | 2,210 |  |  |  | 6,487 |
Other current liabilities |  |  | 16,613 |  |  |  | 17,507 |
Provisions |  |  | 796 |  |  |  | 772 |
|  |  | 207,295 |  |  |  | 209,563 |
Liabilities directly associated with assets held for sale |  |  | 6,212 |  |  |  | — |
Total current liabilities |  |  | 213,507 |  |  |  | 209,563 |
TOTAL LIABILITIES |  |  | 275,294 |  |  |  | 278,600 |
TOTAL EQUITY AND LIABILITIES |  |  | 760,640 |  |  |  | 801,914 |

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8. | As part of a customer contract with Alight LLC, Wipro has acquired Alight HR Services India Private Limited for a consideration of ₹ 8,275 (USD 117). Considering the terms and conditions of the agreement, the Company has concluded that this transaction does not meet the definition of Business under IFRS 3. The transaction was consummated on September 1, 2018. Net assets taken over was ₹ 4,128. The excess of consideration paid and net assets taken over is accounted as ‘costs to obtain contract’, which will be amortized over the tenure of the contract as reduction in revenues.

By order of the Board, |  |  |  | For, Wipro Limited
|  |  |  | Azim H Premji
Place : Bengaluru |  |  |  | Executive Chairman
Date : October 24, 2018 |  |  |  | & Managing Director

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