EX-99.5

Ampion Holdings Pty Ltd

Ampion Pty Ltd

Crowdsprint Pty Ltd

Revolution IT Pty Ltd

Iris Holdco Pty Ltd***

Exhibit 99.5

WIPRO LIMITED

CIN: L32102KA1945PLC020800 ; Registered Office : Wipro Limited, Doddakannelli, Sarjapur Road, Bengaluru - 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, 2021

UNDER IFRS (IASB)

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


	Particulars	Three months ended									Six months ended						Year ended
	Particulars	September 30, 2021			June 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020			March 31, 2021
	Income from operations
	a) Revenue		196,674			182,524			151,145			379,198			300,276			619,430
	b) Other operating income/(loss), net		15			2,150			(178	)		2,165			(81	)		(81	)
	c) Foreign exchange gains		933			1,160			338			2,093			1,543			2,995

I	Total income from operations		197,622			185,834			151,305			383,456			301,738			622,344

	Expenses
	a) Purchase of stock-in-trade		1,628			1,437			1,666			3,065			3,432			6,957
	b) Changes in inventories of finished goods and stock-in-trade		148			68			330			216			506			315
	c) Employee benefit expense		111,202			102,711			83,168			213,913			163,430			332,371
	d) Depreciation, amortization and impairment		7,717			8,390			6,580			16,107			12,734			27,656
	e) Sub-contracting/ technical fees		27,277			24,619			20,240			51,896			41,458			83,609
	f) Facility expenses		6,220			5,650			5,344			11,870			9,971			20,255
	g) Travel		1,645			1,435			1,264			3,080			2,554			5,258
	h) Communication		1,464			1,516			1,801			2,980			3,155			6,069
	i) Legal and professional fees		1,720			2,207			1,224			3,927			2,535			5,561
	j) Marketing and brand building		510			425			267			935			396			1,011
	k) Lifetime expected credit loss/ (write-back)		48			(253	)		256			(205	)		1,845			1,506
	l) Other expenses		3,123			2,909			1,030			6,032			4,649			8,723

II	Total expenses		162,702			151,114			123,170			313,816			246,665			499,291

III	Finance expenses		1,459			746			1,267			2,205			2,566			5,088
IV	Finance and Other Income		4,114			4,619			5,209			8,733			10,490			20,912
V	Share of net profit/ (loss) of associates accounted for using the equity method		(10	)		7			(6	)		(3	)		25			130

VI	Profit before tax [I-II-III+IV+V]		37,565			38,600			32,071			76,165			63,022			139,007

VII	Tax expense		8,259			6,225			7,228			14,484			14,066			30,345

VIII	Profit for the period [VI-VII]		29,306			32,375			24,843			61,681			48,956			108,662

IX	Total Other comprehensive income		2,055			3,302			682			5,357			5,671			6,679

	Total comprehensive income for the period [VIII+IX]		31,361			35,677			25,525			67,038			54,627			115,341

X	Profit for the period attributable to:
	Equity holders of the Company		29,307			32,321			24,656			61,628			48,558			107,946
	Non-controlling Interests		(1	)		54			187			53			398			716

			29,306			32,375			24,843			61,681			48,956			108,662

	Total comprehensive income for the period attributable to:
	Equity holders of the Company		31,362			35,600			25,312			66,962			54,267			114,678
	Non-controlling Interests		(1	)		77			213			76			360			663

			31,361			35,677			25,525			67,038			54,627			115,341

XI	Paid up equity share capital (Par value ₹ 2 per share)		10,962			10,958			11,430			10,962			11,430			10,958


XII	Reserves excluding revaluation reserves and Non-controlling Interests as per balance sheet						542,137

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 ₹)	5.36	5.92	4.33	11.28	8.53	19.11
	Diluted (in ₹)	5.35	5.90	4.32	11.25	8.51	19.07

The audited consolidated financial results of the Company for the three and six months ended September 30, 2021 have been approved by the Board of Directors of the Company at its meeting held on October 13, 2021. The Company confirms that its statutory auditors, Deloitte Haskins & Sells LLP have issued an audit report with unmodified opinion on the consolidated financial results.

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”). All amounts included in the consolidated financial results (including notes) are reported in millions of Indian rupees (₹ in millions) except share and per share data, unless otherwise stated.

3.	Estimation uncertainty relating to the global health pandemic on COVID-19

In assessing the recoverability of receivables including unbilled receivables, contract assets and contract costs, goodwill, intangible assets, and certain investments, the Company has considered internal and external information up to the date of approval of these consolidated financial results including credit reports and economic forecasts. The Company has performed sensitivity analysis on the assumptions used herein. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets.

The Company basis its assessment believes that the probability of the occurrence of forecasted transactions is not impacted by COVID-19. The Company has also considered the effect of changes, if any, in both counterparty credit risk and own credit risk while assessing hedge effectiveness and measuring hedge ineffectiveness and continues to believe that there is no impact on effectiveness of its hedges.

The impact of COVID-19 remains uncertain and may be different from what had been estimated as of the date of approval of these consolidated financial results and the Company will continue to closely monitor any material changes to future economic conditions.

4.	List of subsidiaries and investments accounted for using equity method as at September 30, 2021 are provided in the table below:


Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro, LLC			USA
	Wipro Gallagher Solutions, LLC		USA
		Wipro Opus Risk Solutions LLC (formerly known as Wipro Opus Mortgage Solutions LLC)	USA
	Wipro Insurance Solutions, LLC		USA
	Wipro IT Services, LLC		USA
		HealthPlan Services, Inc. **	USA
		Wipro Appirio, Inc. **	USA
		Designit North America, Inc.	USA
		Infocrossing, LLC	USA
		Wipro US Foundation	USA
		International TechneGroup Incorporated **	USA
		Wipro Designit Services, Inc. **	USA
		Wipro VLSI Design Services, LLC	USA
		Cardinal US Holdings, Inc**	USA

Wipro Overseas IT Services Private Limited			India

Wipro Japan KK			Japan
	Designit Tokyo Ltd.		Japan

Wipro Shanghai Limited			China

Wipro Trademarks Holding Limited			India

Wipro Travel Services Limited			India

Wipro Holdings (UK) Limited			U.K.
	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 Spain Digital, S.L.U **	Spain


	Wipro Europe Limited		U.K.
		Wipro UK Limited	U.K.
	Wipro Financial Services UK Limited		U.K.
	Wipro IT Services S.R.L.		Romania
	Wipro Gulf LLC		Sultanate of Oman
	Wipro Bahrain Limited Co. W.L.L		Bahrain
	Wipro 4C NV		Belgium
		Wipro 4C Danmark ApS	Denmark
		4C Nederland B.V	Netherlands
		Wipro Weare4C UK Limited **	U.K.
		Wipro 4C Consulting France SAS	France

Wipro IT Services UK Societas			U.K.
	Wipro Doha LLC #		Qatar
	Wipro Technologies SA DE CV		Mexico
	Wipro Holdings Hungary Korlátolt Felelősségű Társaság		Hungary
		Wipro Holdings Investment Korlátolt Felelősségű Társaság	Hungary
	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
		Ampion Holdings 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
		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 SAC	Peru
		Wipro do Brasil Technologia Ltda **	Brazil
	Wipro Technologies SA		Argentina
	Wipro Technologies SRL		Romania
	PT. WT Indonesia		Indonesia
	Wipro (Thailand) Co. Limited		Thailand
	Rainbow Software LLC		Iraq
	Cardinal Foreign Holdings S.á.r.l		Luxembourg
		Cardinal Foreign Holdings 2 S.á.r.l **	Luxembourg

Wipro Networks Pte Limited			Singapore
	Wipro (Dalian) Limited		China
	Wipro Technologies SDN BHD		Malaysia

Wipro Chengdu Limited			China

Wipro Philippines, Inc.			Philippines

Wipro IT Services Bangladesh Limited			Bangladesh

Wipro HR Services India Private Limited			India

Encore Theme Technologies Private Limited *			India


Wipro VLSI Design Services India Private Limited (Formerly known as Eximius Design India Private Limited)		India

Capco Technologies Private Limited		India

All the above direct subsidiaries are 100% held by the Company except that the Company holds 83.4% of the equity securities of Encore Theme Technologies Private Limited, 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.

The remaining 16.6% equity securities of Encore Theme Technologies Private Limited will be acquired subject to and after receipt of certain regulatory approvals/confirmations.

# 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 Spain Digital, S.L, HealthPlan Services, Inc, International TechneGroup Incorporated, Wipro Appirio, Inc., Wipro Designit Services, Inc and Wipro Weare4C UK Limited, Cardinal US Holdings, Inc, Cardinal Foreign Holdings 2 S.á.r.l, Ampion Holdings Pty Ltd are as follows:


Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
Wipro Portugal S.A.			Portugal
	Wipro Technologies GmbH		Germany
		Wipro IT Services Austria GmbH	Austria
		Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH)***	Germany

Wipro do Brasil Technologia Ltda			Brazil
	Wipro Do Brasil Sistemetas De Informatica Ltd		Brazil
	Wipro do Brasil Servicos Ltda		Brazil

Designit Spain Digital, S.L.			Spain
	Designit Peru SAC		Peru

HealthPlan Services, Inc.			USA
	HealthPlan Services Insurance Agency, LLC		USA

International TechneGroup Incorporated			USA
	International TechneGroup Ltd.		U.K.
	ITI Proficiency Ltd		Israel
	International TechneGroup S.R.L.		Italy
		MechWorks S.R.L.	Italy

Wipro Appirio, Inc.			USA
	Wipro Appirio, K.K.		Japan
	Topcoder, LLC.		USA
	Wipro Appirio (Ireland) Limited		Ireland
		Wipro Appirio UK Limited	U.K.

Wipro Designit Services, Inc			USA
	Wipro Designit Services Limited		Ireland

Wipro Weare4C UK Limited			U.K.
	CloudSocius DMCC		UAE

Cardinal Foreign Holdings 2 S.á.r.l			Luxembourg
	Grove Holdings 2 S.á.r.l		Luxembourg
		The Capital Markets Company BV***	Belgium
		Capco Brasil Serviços E Consultoria Em Informática Ltda	Brazil

Cardinal US Holdings, Inc			USA
	The Capital Markets Company LLC		USA
		CAPCO (US) LLC	USA
	Capco Consulting Services LLC		USA
	Capco RISC Consulting LLC		USA
	ATOM Solutions LLC		USA
	NEOS Holdings LLC		USA
		NEOS LLC	USA
		NEOS Software LLC	USA

***	Step Subsidiary details of The Capital Markets Company BV and Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH) and Iris Holdco Pty Ltd are as follows:


Subsidiaries	Subsidiaries	Subsidiaries	Country of Incorporation
The Capital Markets Company BV			Belgium
	Capco Belgium BV		Belgium
	The Capital Markets Company (UK) Ltd		UK
		Capco (UK) 1, Limited	UK
	The Capital Markets Company Limited		Canada
		Capco (US) GP LLC****	USA
	The Capital Markets Company Limited		Hong Kong
		Capco Consulting Services (Guangzhou) Company Limited	China
	The Capital Markets Company s.r.o		Slovakia
	The Capital Markets Company S.A.S		France
	Capco Poland sp. z.o.o		Poland
	The Capital Markets Company S.á.r.l		Switzerland
		Andrion AG	Switzerland
	The Capital Markets Company BV		Netherlands
	CapAfric Consulting (Pty) Ltd		South Africa
	Capco Consulting Singapore Pte. Ltd		Singapore
	Capco Sweden AB		Sweden
	The Capital Markets Company GmbH		Germany
		Capco Austria GmbH	Austria
	Capco Consultancy (Malaysia) Sdn. Bhd		Malaysia
	Capco Greece Single Member P.C		Greece
	Capco Consultancy (Thailand) Ltd		Thailand

Wipro Business Solutions GmbH (formerly known as Metro-nom GmbH)			Germany
	Metro Systems Romania S.R.L		Romania

Iris Holdco Pty Ltd			Australia
	Iris Bidco Pty Ltd		Australia
		Shelde Pty Ltd	Australia

****	Step Subsidiary details of Capco (US) GP LLC is as follows:

As at September 30, 2021, the Company held 43.7% interest in Drivestream Inc, accounted for using the equity method.

As at September 30, 2021, The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners, respectively in Capco (Canada) LP.

The list of controlled trusts are:


Name of the entity		Country of incorporation
Wipro Equity Reward Trust		India
Wipro Foundation		India
Capco (Canada) LP^@		Canada

^@	The Capital Markets Company Limited (Canada) and Capco (Canada) GP ULC act as Limited and General Partners, respectively.

5.	Segment Information

The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (“ISRE”).

IT Services: During the year ended March 31, 2021, in order to broad base our growth, the Company re-organized IT Services segment to four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).

Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

The corresponding information for the three and six months ended September 30, 2020 has been re-stated to give effect to the above changes.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

Prior to the Company’s re-organization of its IT services segment, the IT services segment was organized by seven industry verticals: Banking, Financial Services and Insurance (“BFSI”), Health Business unit (“Health BU”), Consumer Business unit (“CBU”), Energy, Natural Resources & Utilities (“ENU”), Manufacturing (“MFG”), Technology (“TECH”) and Communications (“COMM”).

Our IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design.

IT Products: The Company is a value-added reseller of security, packaged and SaaS 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.

ISRE: This segment consists of IT Services offerings to entities and/or departments owned or controlled by Government of India and/or any State Governments.

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 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 segments for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020, six months ended September 30, 2021 and September 30, 2020 and year ended March 31, 2021 are as follows:


Particulars	Three months ended						Six months ended				Year ended
	September 30, 2021		June 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020		March 31, 2021
	Audited		Audited		Audited		Audited		Audited		Audited
Revenue
IT Services
Americas 1		53,205		49,683		43,954		102,888		86,566		178,091
Americas 2		59,260		55,105		44,450		114,365		88,644		179,821
Europe		58,619		54,461		38,510		113,080		77,454		165,441
APMEA		22,715		21,232		20,762		43,947		40,920		82,462


Total of IT Services	193,799		180,481		147,676		374,280		293,584		605,815
IT Products	1,894		1,311		1,699		3,205		4,005		7,685
ISRE	1,867		1,937		2,111		3,804		4,222		8,912
Reconciling Items	47		(45	)	(3	)	2		8		13

Total Revenue	197,607		183,684		151,483		381,291		301,819		622,425

Other operating income/(loss), net
IT Services	15		2,150		(178	)	2,165		(81	)	(81	)

Total Other operating income/(loss), net	15		2,150		(178	)	2,165		(81	)	(81	)

Segment Result
IT Services
Americas 1	10,521		9,379		8,598		19,900		15,102		33,040
Americas 2	11,819		11,350		10,477		23,169		20,899		41,589
Europe	9,186		8,325		6,139		17,511		13,686		31,673
APMEA	3,028		3,066		3,078		6,094		5,624		11,476
Unallocated	(156	)	56		203		(100	)	951		5,153
Other operating income/(loss), net	15		2,150		(178	)	2,165		(81	)	(81	)

Total of IT Services	34,413		34,326		28,317		68,739		56,181		122,850

IT Products	94		(53	)	(301	)	41		(178	)	45
ISRE	393		475		109		868		3		1,061
Reconciling Items	20		(28	)	10		(8	)	(933	)	(903	)

Total	34,920		34,720		28,135		69,640		55,073		123,053
Finance expenses	(1,459	)	(746	)	(1,267	)	(2,205	)	(2,566	)	(5,088	)
Finance and Other Income	4,114		4,619		5,209		8,733		10,490		20,912
Share of net profit/ (loss) of associates accounted for using the equity method	(10	)	7		(6	)	(3	)	25		130

Profit before tax	37,565		38,600		32,071		76,165		63,022		139,007

Notes

Effective beginning of fiscal year ended March 31, 2021, revenue from sale of traded cloud-based licenses is no longer reported in IT Services revenue and finance income on deferred consideration earned under total outsourcing contracts is not included in segment revenue. Further, for evaluating performance of the individual operating segments, stock compensation expense is allocated based on the accelerated amortization as per IFRS 2. Segment information for the three and six months ended September 30, 2020 has been re-stated to give effect to these changes.

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

Revenue from sale of company owned intellectual properties is reported as part of IT Services revenues.

For the purpose of segment reporting, the Company has included the net impact of foreign exchange in revenues amounting to ₹ 933, ₹ 1,160 and ₹ 338 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020 respectively, ₹ 2,093 and ₹ 1,543 for the six months ended September 30, 2021, September 30, 2020, and ₹ 2,995 for the year ended March 31, 2021, which is reported under foreign exchange gains in the consolidated financial results.

During the six months ended September 30, 2020, and year ended March 31, 2021 the Company has contributed ₹ 991 towards COVID-19 and is reported in Reconciling items.

Segment results for the three and six months ended September 30, 2020 are after considering the impact of impairment charge of ₹ 263 and ₹ 192 in Americas 1 and Europe respectively. The remaining impairment charge of ₹ 106 and ₹ 299 for the three and six months ended September 30, 2020, respectively is included under unallocated.

Segment results for the year ended March 31, 2021, are after considering the impact of impairment charge of ₹ 1,250 in Americas 1 and ₹ 192 in Europe, respectively. Further, an impairment charge of ₹ 674 for the year ended March 31, 2021, respectively towards certain marketing-related intangible assets and software platform recognized on acquisitions, is allocated to all IT Services SMUs. The remaining impairment charge of ₹ 302 for the year ended March 31, 2021 is included under unallocated.

Segment results for the year ended March 31, 2021, are after considering additional amortization of ₹ 795 in Americas 2 due to change in our estimate of useful life of the customer-related intangibles in an earlier business combination.

Other operating income/(loss) of ₹ 15, ₹ 2,150 and ₹ (178) for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020 respectively, ₹ 2,165 and ₹ (81) for the six months ended September 30, 2021, September 30, 2020, and ₹ (81) for the year ended March 31, 2021. Refer to Note 6.

Segment results of IT Services segment are after recognition of share-based compensation expense ₹ 652, ₹ 977 and ₹ 869 for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020 respectively, ₹ 1,629 and ₹ 1,229 for the six months ended September 30, 2021 and September 30, 2020 respectively, and ₹ 2,897 for the year ended March 31, 2021.

6.	Other operating income/(loss), net

The Company has partially met the first and second-year business targets pertaining to sale of hosted data center business concluded during the year ended March 31, 2019. Change in fair value of the callable units pertaining to achievement of cumulative business targets amounting to ₹ (178) and ₹ (81) for the three and six months ended September 30, 2020 has been recognized under other operating income/(loss), net.

During the six months ended September 30, 2021, as a result of acquisition by another investor, the Company sold its investment in Ensono Holdings, LLC for a consideration of ₹ 5,587 and recognized a cumulative gain of ₹ 1,243 (net of tax ₹ 427) in other comprehensive income being profit on sale of investment designated as FVTOCI. The Company also recognized ₹ 1,224 for the six months ended September 30, 2021 under other operating income/(loss), net towards change in fair value of callable units pertaining to achievement of cumulative business targets.

During the six months ended September 30, 2021, as a result of acquisition of by another investor, the Company sold its investment in Denim Group, Ltd. and Denim Group Management, LLC (“Denim Group”), accounted for using the equity method, for a consideration of ₹ 1,640 and recognized a cumulative gain of ₹ 941 in other operating income/(loss), net including reclassification of exchange differences on foreign currency translation.

7.	Business combinations

Summary of acquisitions during the six months ended September 30, 2021 is given below:

Capco

On March 4, 2021, the Company entered into a definitive agreement to acquire 100% equity interest in Capco, a global management and technology consultancy company providing digital, consulting and technology services to financial institutions in the Americas, Europe and Asia Pacific, and its subsidiaries. The acquisition was consummated on April 29, 2021 and total cash consideration paid was ₹ 109,530. The following table presents the provisional purchase price allocation:


Description	Acquiree’s carrying amount		Fair value adjustments			Purchase price allocated
Net assets	₹	4,379	₹	—		₹	4,379
Customer-related intangibles		—		24,273			24,273
Marketing-related intangibles		—		8,083			8,083
Deferred tax liabilities on intangible assets		—		(9,383	)		(9,383	)

Total	₹	4,379	₹	22,973		₹	27,352

Goodwill							82,178

Total purchase price						₹	109,530

Ampion

On April 1, 2021, the Company entered into a definitive agreement to acquire 100% equity interest in Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services. The acquisition was consummated on August 6, 2021 and total cash consideration paid was ₹ 9,102. The following table presents the provisional purchase price allocation:


Description	Acquiree’s carrying amount		Fair value adjustments			Purchase price allocated
Net assets	₹	1,084	₹	—		₹	1,084
Customer-related intangibles		—		1,748			1,748
Marketing-related intangibles		—		461			461
Deferred tax liabilities on intangible assets		—		(663	)		(663	)

Total	₹	1,084	₹	1,546		₹	2,630

Goodwill							6,472

Total purchase price						₹	9,102

8.	Consolidated Balance Sheet


	As at March 31, 2021		As at September 30, 2021
ASSETS
Goodwill		139,127		228,763
Intangible assets		13,085		42,808
Property, plant and equipment		85,192		88,813
Right-of-use assets		16,420		18,305
Financial assets
Derivative assets		16		28
Investments		10,576		13,208
Trade receivables		4,358		4,378
Other financial assets		6,088		8,057
Investments accounted for using the equity method		1,464		698
Deferred tax assets		1,664		2,576
Non-current tax assets		14,323		10,740
Other non-current assets		15,935		11,668

Total non-current assets		308,248		430,042

Inventories		1,064		778
Financial assets
Derivative assets		4,064		4,308
Investments		175,707		175,223
Cash and cash equivalents		169,793		142,026
Trade receivables		94,298		108,507
Unbilled receivables		27,124		38,375
Other financial assets		7,245		10,495
Contract assets		16,507		20,467
Current tax assets		2,461		4,717
Other current assets		24,923		27,199

Total current assets		523,186		532,095

TOTAL ASSETS		831,434		962,137

EQUITY
Share capital		10,958		10,962
Share premium		714		1,164
Retained earnings		466,692		526,654
Share-based payment reserve		3,071		3,807
SEZ Re-investment reserve		41,154		43,237
Other components of equity		30,506		35,840

Equity attributable to the equity holders of the Company		553,095		621,664
Non-controlling interests		1,498		1,088

TOTAL EQUITY		554,593		622,752

LIABILITIES
Financial liabilities
Loans and borrowings		7,458		55,319
Lease liabilities		13,513		15,283
Other financial liabilities		2,291		2,326
Deferred tax liabilities		4,633		14,902
Non-current tax liabilities		11,069		11,415
Other non-current liabilities		7,835		8,871
Provisions		2		1

Total non-current liabilities		46,801		108,117

Financial liabilities
Loans, borrowings and bank overdrafts		75,874		58,910
Derivative liabilities		1,070		432
Trade payables and accrued expenses		78,870		90,782
Lease liabilities		7,669		8,697
Other financial liabilities		1,470		4,106
Contract liabilities		22,535		21,577
Current tax liabilities		17,324		19,385
Other current liabilities		24,552		26,512
Provisions		676		867

Total current liabilities		230,040		231,268

TOTAL LIABILITIES		276,841		339,385

TOTAL EQUITY AND LIABILITIES		831,434		962,137

9. Consolidated Statement of cash flows:


	Six months ended September 30,
	2020			2021
Cash flows from operating activities:
Profit for the period		48,956			61,681
Adjustments to reconcile profit for the period to net cash generated from operating activities:
Gain on sale of property, plant and equipment, net		(309	)		(495	)
Depreciation, amortization and impairment expense		12,734			16,107
Unrealized exchange gain, net and exchange gain on borrowings		(3,015	)		(782	)
Share-based compensation expense		1,229			1,599
Share of net (profit)/ loss of associates accounted for using equity method		(25	)		3
Income tax expense		14,066			14,484
Finance and other income, net of finance expenses		(8,395	)		(5,043	)
(Gain)/loss from sale of business and investment accounted for using the equity method		81			(2,165	)
Changes in operating assets and liabilities, net of effects from acquisitions
Trade receivables		15,376			(6,806	)
Unbilled receivables and contract assets		2,910			(9,445	)
Inventories		554			290
Other assets		4,061			64
Trade payables, accrued expenses, other liabilities and provisions		7,774			2,445
Contract liabilities		611			(2,176	)

Cash generated from operating activities before taxes		96,608			69,761
Income taxes paid, net		(10,664	)		(12,345	)

Net cash generated from operating activities		85,944			57,416

Cash flows from investing activities:
Purchase of property, plant and equipment		(8,353	)		(10,339	)
Proceeds from sale of property, plant and equipment		464			667
Purchase of investments		(584,747	)		(489,641	)
Proceeds from sale of investments		520,360			494,485
Payment for business acquisitions including deposits and escrow, net of cash acquired		(5,621	)		(113,503	)
Proceeds from sale of investment accounted for using the equity method		—			1,632
Interest received		9,086			7,354
Dividend received		1			2

Net cash used in investing activities		(68,810	)		(109,343	)

Cash flows from financing activities:
Proceeds from issuance of equity shares and shares pending allotment		3			4
Repayment of loans and borrowings		(44,980	)		(141,069	)
Proceeds from loans and borrowings		43,412			173,485
Repayment of lease liabilities		(4,503	)		(4,889	)
Interest and finance expenses paid		(1,739	)		(2,562	)
Payment of cash dividend to Non-controlling interests holders		(960	)		(442	)

Net cash (used in)/ generated from financing activities		(8,767	)		24,527

Net increase/(decrease) in cash and cash equivalents during the period		8,367			(27,400	)
Effect of exchange rate changes on cash and cash equivalents		(49	)		(246	)
Cash and cash equivalents at the beginning of the period		144,104			169,663

Cash and cash equivalents at the end of the period		152,422			142,017

10.

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under active consideration by the Ministry. Based on an initial assessment by the Company and its Indian subsidiaries, the additional impact on Provident Fund contributions by the Company and its Indian subsidiaries is not expected to be material, whereas, the likely additional impact on Gratuity liability / contributions by the Company and its Indian subsidiaries could be material. The Company and its Indian subsidiaries will complete their evaluation once the subject rules are notified and will give appropriate impact in the financial results in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

11.

As part of customer contract with Metro AG, the Company has acquired Metro-nom GmbH (currently known as Wipro Business Solutions GmbH) and Metro Systems Romania S.R.L, the IT units of Metro AG in Germany and Romania, respectively, for a consideration of ₹ 4,967. 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 “Business Combinations”. The transaction was consummated on April 1, 2021. The fair value of net assets acquired aggregating to ₹ 4,562 is allocated to respective assets and liabilities. 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.

12.

On June 23, 2021, Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, issued ₹ 55,673 (US$ 750 million) in unsecured notes 2026 (the “Notes”). The Notes bear interest at a rate of 1.50% per annum and will mature on June 23, 2026. The notes were issued at the discounted price of 99.636% against par value and have an effective interest rate of 1.6939% after considering the issue expenses and discount of ₹ 500 (US$6.7 million). Interest on the Notes is payable semi-annually on June 23 and December 23 of each year, commencing from December 23, 2021. The Notes are listed on Singapore Exchange Securities Trading Limited (SGX-ST).


By order of the Board,				For, Wipro Limited

Place: Bengaluru Date: October 13, 2021				Rishad A. Premji Chairman