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Wipro Limited Announces Results for the Quarter and Year ended March 31, 2022 under IFRS

IT Services delivers strong sequential revenue growth for the quarter at 3.1% in CC, Revenue growth for the year at 27.3% YoY, and EPS growth rate for the year of 17.0% YoY

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2022.

Highlights of the Results

Results for the Quarter ended March 31, 2022:

  • Gross Revenue was Rs 208.6 billion ($2.7 billion1), an increase of 28.4% YoY
  • IT Services Segment Revenue was at $2,721.7 million, an increase of 3.1% QoQ and 26.4% YoY
  • Non-GAAP2 constant currency IT Services segment revenue increased by 3.1% QoQ and 28.5% YoY
  • IT Services Operating Margin3 for the quarter was at 17.0%, a decrease of 60 bps QoQ
  • Net Income for the quarter was Rs 30.9 billion ($406.9 million1), an increase of 4.0% QoQ and 3.9% YoY
  • Earnings Per Share for the quarter was at Rs 5.64 ($0.071), an increase of 4.6% YoY
  • Operating Cash Flow was at Rs 23.3 billion ($307.3 million1), which is 75.5% of Net Income

Results for the Year ended March 31, 2022:

  • Gross Revenue was Rs 790.9 billion ($10.4 billion1), an increase of 27.7% YoY
  • IT Services Segment Revenue was at $10,355.9 million, an increase of 27.3% YoY
  • Non-GAAP2 constant currency IT Services Segment Revenue increased by 26.9% YoY
  • IT Services Operating Margin3 for the year was at 17.7%, a decrease of 254 bps YoY
  • Net Income for the year was Rs 122.2 billion ($1,610.5 million1), an increase of 13.2% YoY
  • Earnings Per Share for the year was at Rs 22.35 ($0.291), an increase of 17.0% YoY
  • Operating Cash Flow was at Rs 110.8 billion ($1,460.4 million1), which is 90.7% of Net Income
  • Our closing strength of employees for IT Services was at 243,128, an increase of 45,416 employees on a YoY

Performance for the Quarter and Year ended March 31, 2022

Thierry Delaporte, CEO and Managing Director said, “We have had an outstanding year, finishing with $10.4 Bn in revenues, and an industry-leading growth of 27% year on year. This is our sixth straight quarter of strong revenue growth at or over 3%. We are excited with the addition of Rizing and the CAS Group to Wipro’s service offerings. With all markets, sectors and Global Business Lines now growing in double-digits year on year, we have a strong foundation for next year’s growth.”

Jatin Dalal, Chief Financial Officer said, “Our efforts on client mining have resulted in an addition of eight customers in more than $100 Mn bucket on YoY basis. We delivered operating margins of 17.7% for the year, after significant investments on solutions, capabilities and talent. Net Income for the year was highest ever at $1.6 Bn and delivered robust growth in EPS of 17.0% YoY.”

Outlook for the quarter ending June 30, 2022

We expect Revenue from our IT Services business to be in the range of $2,748 million to $2,803 million*. This translates to a sequential growth of 1% to 3%.

*Outlook is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.12, AUD/USD at 0.73, USD/INR at 75.26 and CAD/USD at 0.79

Capital Allocation

The interim dividend of Rs 1 and Rs 5 declared by the Board at its meetings held on January 14th and March 25th, 2022 shall be considered as the final dividend for the financial year 2021-22.

IT Services

Wipro continued its momentum in winning large deals with our customers as described below:

  • A US-based global healthcare company will leverage Wipro FullStride Cloud Services to engineer products for cloud and digital technologies based on a Product Oriented Delivery (POD) model.
  • A US-based multinational technology company has renewed its existing contract to curate geospatial information that will enable the customer with evaluations and recommendations on map modelling processes.
  • A leading US-based global benefits and payroll administration company has awarded Wipro a transformational business process services contract to optimize costs in health & wealth benefits and customer care.
  • A multinational telecommunications network company, headquartered in the Nordics, has awarded Wipro a contract to drive transformation and digitalization of business processes that enhances customer value through high quality service delivery.
  • A leading Europe-based provider of transport solutions has partnered with Wipro to transform their digital workplace, supporting the shift towards sustainable transport solutions.

Digital Services Highlights

We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:

  • A leading global cosmetics company has selected Wipro to rollout their SAP S/4HANA in a region that will drive their business growth. This transformation will enable the customer to harmonize their business processes, accelerate time to market, innovate, and enhance user experience.
  • A leading Asia-based multinational automotive electronics supplier has selected Wipro to develop the engineering blueprint for their next generation software defined vehicle platform using Wipro’s Cloud Car architecture.
  • Designit has been selected by a multinational technology conglomerate to design a digital onboarding experience and support hybrid working needs of employees of a large company in the mobility sector.
  • A Smart City based in the Middle East has selected Wipro to build a secure, reliable on-demand 5G network using autonomous drones for the high-bandwidth requirements of residents, businesses, and visitors.
  • A Europe based financial services company has renewed its Data Center and cloud infrastructure management contract with Wipro to support its transformation to a Hybrid Cloud model.
  • A government body based in the Middle East has selected Wipro as the digital partner to build a data-led AI marketplace that will bring the local talent, government and private sector together.
  • Wipro is engaged as the primary partner to design and develop hardware for a series of RUs (radio units) to enable end to end O-RAN 5G solution deployment for service provider customers with one of the leading US based telecommunications networking provider.

Analyst Recognition

  • Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant™ for Data and Analytics Service Providers
  • Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant™ for Outsourced Digital Workplace Services
  • Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant™ for Customer Service BPO
  • Wipro was featured in HFS Top 10: Retail and CPG Services, Application Modernization Services and SAP S/4HANA Services, 2022
  • Wipro ranks among the Top Service Providers in Whitelane Benelux IT Sourcing Study 2022 and Netherlands IT Outsourcing Study 2021
  • Wipro was rated as a Leader in Everest Group’s Digital Interactive Experience (IX) and Digital Product Engineering Services PEAK Matrix® Assessment 2022
  • Wipro was rated as a Leader in Everest Group’s Artificial Intelligence (AI) Services and Intelligent Process Automation (IPA) Solution Provider Landscape with PEAK Matrix® Assessment 2022
  • Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Operations and Oracle Cloud Applications (OCA) Services PEAK Matrix® Assessment 2022 – Global
  • Wipro was recognized as a Leader in Avasant Healthcare Payor Digital Services and Provider Digital Services RadarView™ 2022 - 2023
  • Wipro was rated as a Leader in Avasant Intelligent Automation Services RadarView™ 2021 – 2022

Disclaimer: *Gartner, “Magic Quadrant for Data and Analytics Service Providers”, Jorgen Heisenberg, et al, 7 February 2022. Gartner, “Magic Quadrant for Data and Analytics Service Providers”, Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, Daniel Barros, et al, 22 February 2022. Gartner, “Magic Quadrant for Customer Service BPO”, Deborah Alvord, et al, 28 March 2022. GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner’s research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

IT Products

  • IT Products segment revenue for the quarter was Rs 1.2 billion ($15.8 million1)
  • IT Products segment results for the quarter was a loss of Rs 0.02 billion ($0.29 million1)
  • IT Products segment revenue for the year was Rs 6.2 billion ($81.4 million1)
  • IT Products segment results for the year was a profit of Rs 0.12 billion ($1.5 million1)

India business from State Run Enterprises (ISRE)

  • India SRE segment revenue for the quarter was Rs 1.9 billion ($24.6 million1)
  • India SRE segment results for the quarter was a profit of Rs 0.17 billion ($2.3 million1)
  • India SRE segment revenue for the year was Rs 7.3 billion ($96.2 million1)
  • India SRE segment results for the year was a profit of Rs 1.2 billion ($15.5 million1)

Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

This non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. In addition to this non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the Quarter and Year ended March 31, 2022, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com

Quarterly Conference Call

We will hold an earnings conference call today at 07:30 p.m. Indian Standard Time (10:00 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP290422

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 240,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

  1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 75.87, as published by the Federal Reserve Board of Governors on March 31, 2022. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2022 was US$1= Rs 75.91
  2. Constant currency revenue for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period
  3. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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

 

 

 

As at March 31, 2021

As at March 31, 2022

 

Convenience translation into

US dollar in millions

Refer footnote 1

ASSETS

 

Goodwill

 

139,127

246,989

3,255

Intangible assets

 

13,085

43,555

574

Property, plant and equipment

 

85,192

90,898

1,198

Right-of-Use assets

 

16,420

18,870

249

Financial assets

 

Derivative assets

 

16

6

^

Investments

 

10,576

19,109

252

Trade receivables

 

4,358

4,765

63

Other financial assets

 

6,088

6,084

80

Investments accounted for using the equity method

 

1,464

774

10

Deferred tax assets

 

1,664

2,298

30

Non-current tax assets

 

14,323

10,256

136

Other non-current assets

 

15,935

14,826

195

Total non-current assets

 

308,248

458,430

6,042

Inventories

 

1,064

1,334

18

Financial assets

 

Derivative assets

 

4,064

3,032

40

Investments

 

175,707

241,655

3,185

Cash and cash equivalents

 

169,793

103,836

1,369

Trade receivables

 

94,298

115,219

1,519

Unbilled receivables

 

27,124

60,809

801

Other financial assets

 

7,245

42,914

566

Contract assets

 

16,507

20,647

272

Current tax assets

 

2,461

2,373

31

Other current assets

 

24,923

28,933

381

Total current assets

 

523,186

620,752

8,182

 

TOTAL ASSETS

 

831,434

1,079,182

14,224

 

EQUITY

 

Share capital

 

10,958

10,964

145

Share premium

 

714

1,566

21

Retained earnings

 

466,692

551,252

7,266

Share-based payment reserve

 

3,071

5,258

69

Special Economic Zone Re-investment reserve

 

41,154

47,061

620

Other components of equity

 

30,506

42,057

554

Equity attributable to the equity holders of the Company

 

553,095

658,158

8,675

Non-controlling interests

 

1,498

515

7

TOTAL EQUITY

 

554,593

658,673

8,682

 

LIABILITIES

 

Financial liabilities

 

Loans and borrowings

 

7,458

56,463

744

Lease liabilities

 

13,513

15,177

200

Derivative liabilities

 

-

48

1

Other financial liabilities

 

2,291

2,961

39

Deferred tax liabilities

 

4,633

12,141

160

Non-current tax liabilities

 

11,069

17,818

235

Other non-current liabilities

 

7,835

7,571

100

Provisions

 

2

1

^

Total non-current liabilities

 

46,801

112,180

1,479

Financial liabilities

 

Loans, borrowings and bank overdrafts

 

75,874

95,233

1,255

Lease liabilities

 

7,669

9,056

119

Derivative liabilities

 

1,070

585

8

Trade payables and accrued expenses

 

76,512

99,034

1,305

Other financial liabilities

 

1,470

33,110

436

Contract liabilities

 

22,535

27,915

368

Current tax liabilities

 

17,324

13,231

174

Other current liabilities

 

24,552

27,394

361

Provisions

 

3,034

2,771

37

Total current liabilities

230,040

308,329

4,063

TOTAL LIABILITIES

276,841

420,509

5,542

 

TOTAL EQUITY AND LIABILITIES

831,434

1,079,182

14,224

^ Value is less than 1

 

WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

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

 

Three months ended March 31,

 

Year ended March 31,

 

2021

 

2022

 

2022

 

2021

 

2022

 

2022

 

 

 

 

 

Convenience

translation into

US dollar in

millions


Refer footnote 1

 

 

 

 

 

 

Convenience

translation into

US dollar in

millions

Refer footnote 1

Revenues

 

162,454

 

208,600

 

2,749

 

619,430

 

790,934

 

10,425

 

Cost of revenues

 

(109,805

)

(147,965

)

(1,950

)

(423,205

)

(555,872

)

(7,327

)

Gross profit

 

52,649

 

60,635

 

799

 

196,225

 

235,062

 

3,098

 

 

Selling and marketing expenses

 

(10,679

)

(14,078

)

(185

)

(41,400

)

(54,935

)

(724

)

General and administrative expenses

 

(8,689

)

(12,528

)

(165

)

(34,686

)

(46,382

)

(611

)

Foreign exchange gains/(losses), net

 

886

 

1,075

 

14

 

2,995

 

4,355

 

57

 

Other operating income/(loss), net

 

-

 

7

 

^

(81

)

2,186

 

29

 

Results from operating activities

 

34,167

 

35,111

 

463

 

123,053

 

140,286

 

1,849

 

 

Finance expenses

 

(1,122

)

(1,717

)

(23

)

(5,088

)

(5,325

)

(70

)

Finance and other income

 

4,447

 

3,946

 

52

 

20,912

 

16,257

 

214

 

Share of net profit/ (loss) of associates accounted for using the equity method

 

4

 

(16

)

^

130

 

57

 

1

 

Profit before tax

 

37,496

 

37,324

 

492

 

139,007

 

151,275

 

1,994

 

Income tax expense

 

(7,755

)

(6,399

)

(84

)

(30,345

)

(28,946

)

(382

)

Profit for the period

 

29,741

 

30,925

 

408

 

108,662

 

122,329

 

1,612

 

 

Profit attributable to:

 

Equity holders of the Company

 

29,721

 

30,873

 

407

 

107,946

 

122,191

 

1,610

 

Non-controlling interests

 

20

 

52

 

1

 

716

 

138

 

2

 

Profit for the period

 

29,741

 

30,925

 

408

 

108,662

 

122,329

 

1,612

 

 

Earnings per equity share:

 

Attributable to equity holders of the Company

 

Basic

5.39

 

5.64

 

0.07

 

19.11

 

22.35

 

0.29

 

Diluted

5.38

 

5.63

 

0.07

 

19.07

 

22.29

 

0.29

 

 

Weighted average number of equity shares

used in computing earnings per equity share

Basic

5,510,335,838

 

5,470,020,412

 

5,470,020,412

 

5,649,265,885

 

5,466,705,840

 

5,466,705,840

 

Diluted

5,524,619,810

 

5,486,955,729

 

5,486,955,729

 

5,661,657,822

 

5,482,083,438

 

5,482,083,438

 

^ Value is less than 1

 

Additional Information:

Particulars

Three months ended

Year ended

March

31, 2022

December

31, 2021

March

31, 2021

March

31, 2022

March

31, 2021

Audited

Audited

Audited

Audited

Audited

Revenue

IT Services

Americas 1

58,342

 

56,644

 

46,510

 

217,874

 

178,091

 

Americas 2

63,963

 

61,076

 

46,475

 

239,404

 

179,821

 

Europe

60,743

 

59,620

 

45,107

 

233,443

 

165,441

 

APMEA

23,560

 

23,596

 

20,825

 

91,103

 

82,462

 

Total of IT Services

206,608

 

200,936

 

158,917

 

781,824

 

605,815

 

IT Products

1,201

 

1,767

 

2,117

 

6,173

 

7,685

 

ISRE

1,868

 

1,623

 

2,302

 

7,295

 

8,912

 

Reconciling Items

(2

)

(3

)

4

 

(3

)

13

 

Total Revenue

209,675

 

204,323

 

163,340

 

795,289

 

622,425

 

 

Other operating income/(loss), net

IT Services

7

 

14

 

-

 

2,186

 

(81

)

Total Other operating income/(loss), net

7

 

14

 

-

 

2,186

 

(81

)

 

Segment Result

IT Services

Americas 1

11,530

 

11,390

 

9,863

 

42,820

 

33,040

 

Americas 2

12,150

 

12,057

 

10,500

 

47,376

 

41,589

 

Europe

9,056

 

9,172

 

8,704

 

35,739

 

31,673

 

APMEA

1,946

 

2,483

 

3,074

 

10,523

 

11,476

 

Unallocated

361

 

173

 

1,257

 

434

 

5,153

 

Other operating income/(loss), net

7

 

14

 

-

 

2,186

 

(81

)

Total of IT Services

35,050

 

35,289

 

33,398

 

139,078

 

122,850

 

IT Products

(22

)

96

 

145

 

115

 

45

 

ISRE

171

 

134

 

587

 

1,173

 

1,061

 

Reconciling Items

(88

)

16

 

37

 

(80

)

(903

)

Total Segment result

35,111

 

35,535

 

34,167

 

140,286

 

123,053

 

Finance expenses

(1,717

)

(1,403

)

(1,122

)

(5,325

)

(5,088

)

Finance and Other Income

3,946

 

3,578

 

4,447

 

16,257

 

20,912

 

Share of net profit/ (loss) of associates accounted for using the equity method

(16

)

76

 

4

 

57

 

130

 

Profit before tax

37,324

 

37,786

 

37,496

 

151,275

 

139,007

 

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

IT Services: As announced on November 12, 2020, effective January 1, 2021, 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 Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.

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.

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

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

Three Months ended March 31, 2022

 

IT Services Revenue as per IFRS

$

2,721.7

 

Effect of Foreign currency exchange movement

$

(1.3

)

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates

$

2,720.4

 

 

 

Three Months ended March 31, 2022

 

IT Services Revenue as per IFRS

$

2,721.7

 

Effect of Foreign currency exchange movement

$

43.2

 

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year

$

2,764.9

 

 

 

 

 

Year ended March 31, 2022

 

IT Services Revenue as per IFRS

$

10,355.9

 

Effect of Foreign currency exchange movement

$

(33.0

)

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year

$

10,322.9

 

 

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