WIT Wipro Ltd

Revenue grows 0.1% QoQ, above upper end of guidance. Operating margin 12 quarter high at 17.5%; Expands 0.7% QoQ. Net income grows 24.5% YoY and 4.5% QoQ; EPS growth of 24.4% YoY. Operating cash flows at 146.5% of net income.

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2024.

Highlights of the Results

Results for the Quarter ended December 31, 2024:

1. Gross revenue was at Rs 223.2 billion ($2,608.9 million1), an increase of 0.1% QoQ and 0.5% YoY.
2. IT services segment revenue was at $2,629.1 million, decrease of 1.2% QoQ and 1.0% YoY.
3. Non-GAAP2 constant currency IT Services segment revenue increased 0.1% QoQ and decreased 0.7% YoY.
4. Total bookings3 was at $3,514 million. Large deal bookings4 was at $961 million, an increase of 6.0% YoY in constant currency2.
5. IT services operating margin5 for the quarter was at 17.5%, an increase of 0.7% QoQ and 1.5% YoY.
6. Net income for the quarter was at Rs 33.5 billion ($392.0 million1), an increase of 4.5% QoQ and 24.5% YoY.
7. Earnings per share for the quarter was at Rs 3.21 ($0.041), an increase of 4.6% QoQ and 24.4% YoY.
8. Operating cash flows of Rs 49.3 billion ($576.4 million1), an increase of 3.0% YoY and at 146.5% of Net Income for the quarter.
9. Voluntary attrition was at 15.3% on a trailing 12-month basis.
10. Interim dividend declared of Rs 6 ($0.0701) per equity share/ADS.
11. Capital allocation policy revised to increase the payout percentage from 45% - 50% to 70% or above of the net income cumulatively on a block of 3-year period.

Outlook for the Quarter ending March 31, 2025

We expect revenue from our IT Services business segment to be in the range of $2,602 million to $2,655 million*. This translates to sequential guidance of (-)1.0 % to 1.0 % in constant currency terms.

*Outlook for the Quarter ending March 31, 2025, is based on the following exchange rates: GBP/USD at 1.27, Euro/USD at 1.06, AUD/USD at 0.65, USD/INR at 84.29 and CAD/USD at 0.71

Performance for the Quarter ended December 31, 2024

Srini Pallia, CEO and Managing Director, said, “In a seasonally weak quarter, our strong in quarter execution helped us deliver above the top end of our revenue guidance. We also achieved our highest margins in the past three years while continuing to invest in our people. We closed 17 large deals with a total value of $1B. We are advancing steadily and investing decisively to lead our clients in an AI-driven future.”

Aparna Iyer, Chief Financial Officer, said, “We expanded margins for a fourth consecutive quarter, enabling us to achieve our previously stated target margin of 17.5%. Our EPS grew 24.4% YoY and operating cash flow was at 146.5% of net income. We are pleased to share that the board has approved our revised capital allocation policy that increases the committed payout percentage to 70% or above in a block of 3 years. In addition, board has also declared an interim dividend of INR 6 per share.”

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 85.55, as published by the Federal Reserve Board of Governors on December 31, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2024, was US$1= Rs 84.76
2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer to note 2.
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

Highlights of Strategic Deal Wins

In the third quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

1. A US-based health insurance company has selected Wipro for a multi-phase enterprise transformation program. Wipro will implement its industry leading Individual Consumer Affordable Care Act (ACA) and commercial Employer Group Enrolment & Billing platform. Wipro’s AI enabled “Payer-in-a-box” solution will deliver integrated enrolment processing; billing; faster payment processing; improve accuracy, speed & efficiency of financial reconciliation; and enhanced customer services. The program will drive enhanced member experience, better financial management controls, as well as operational efficiency for the client.
2. A US-based leading media corporation has selected Wipro to transform its advertising operations and drive growth in a competitive market. Leveraging its global delivery model, deep expertise in advertising operations, and AI-powered automation, Wipro will deliver operational stability, foster innovation and unlock efficiencies across the value chain for the client. Wipro’s specialized knowledge in media operations enables the delivery of tailored, high-quality, and scalable solutions designed to address the client’s unique challenges.
3. A leading Indian private banking and financial services institution has selected Wipro to transform and modernize its Core Banking System. Leveraging its deep domain expertise and consultative approach, Wipro will help the client build the “Bank of the Future” – powered by a modern, scalable, and flexible digital platform. The project will improve the client’s customer centricity and platform scalability, while enhancing operational efficiency.
4. A global Telecom network solutions organization has selected Wipro as a Strategic partner to provide network integration and business application services for its 5G software products in Japan. The Wipro team will leverage its deep engineering, AI, and automation expertise to provide product implementation, customization, and integration services. Wipro will also transform the client’s current operating model through a vendor consolidation program. This transformation will empower the client to become more agile and drive sustainable growth to continue offering market-leading propositions to its customers.
5. One of the largest health insurers in USA has renewed its engagement with Wipro to operate an end-to-end platform to support its growing (Affordable Care Act) ACA business. Wipro will deliver a PaaS (Platform as a Service) solution and ensure data security, platform stability, and seamless business continuity. Through this solution, the client will have increased flexibility to handle membership growth, improved customer service and assured compliance with regulations.
6. A global leader in legal technology, payments and banking infrastructure has selected Wipro to improve its overall business efficiency and overhaul its IT infrastructure. The Wipro team will rationalize and stabilize the client’s IT operations as well as create a dashboard for better visibility of business performance. As a result, the client will see a reduction in IT incidents and operational costs, as well as increased efficiency and automation.
7. Wipro has been selected by a leading Indian multinational conglomerate to provide technology support services across the client’s group companies. Wipro will leverage its proprietary AI-powered solutions to deliver services around multi-cloud, data centre, business applications and end-user environments. These solutions will be continuously enhanced to ensure safe, scalable, and reliable performance for the client.
8. A US-based health insurance company has renewed its engagement with Wipro to continue to deliver a comprehensive Business Process as a Service (BPaaS) solution for Affordable Care Act (ACA) members. The innovative solution comprises an AI-powered contact center, sales & support as well as billing & enrolment services. The project will deliver high performance and enhanced member experience while streamlining operations and complying with industry regulations.
9. A US-based global investment manager has selected Wipro to deliver IT Helpdesk and Digital workplace support services. The Wipro team will deliver personalized services, including desktop engineering and deskside solutions, to support the client’s global employee base. As a result, the client will experience more reliable, stable, and scalable services as well as an enhanced employee experience.
10. A leading European utilities provider has selected Wipro to deliver innovative AI solutions for preventative maintenance of their water pipelines. Wipro leveraged its InspectAI solution to analyze and detect anomalies from videos taken inside underground water pipelines using robotics. Once rolled out at scale, the client will see a reduction of inspection efforts of up to 35% and a reduction of maintenance costs of up to 20%.
11. Wipro will support a large technology migration for a US-based health insurance company and set a foundation to help them succeed in the AI era. The Wipro team also showcased an AI-powered software development solution to modernize the client’s billing platform. This initiative would lead to increased productivity, reduction in defects, leading to fewer bugs and errors and more than 20% in cost savings.
12. Wipro deployed an Intelligent Document Processing (IDP) solution and built customized AI models for a Canadian automotive manufacturer. The solution streamlines the extraction of information from unstructured documents with over 90% accuracy. This project will help the client to precisely generate quotations for the end-customers with a 30% improvement in the efficiency of their sales team.
13. A global payments company has selected Wipro to modernize its financial forecasting applications. Wipro will deliver a flexible cloud native application, integrating its AI-powered accelerators. This will enable multi-currency forecasting, faster deployment of new model types, and automate error notifications and resolutions. Through this project the client will achieve close to 90% accuracy in forecasting and reduce the model development cycle time by 30%.
14. A US-based pharmaceutical company has selected Wipro to improve efficiency and productivity of their HR operations. The Wipro team will develop a set of Gen AI-based solutions that will enhance the client’s operations, increase the accuracy of information dissemination, and improve employees’ engagement with their HR systems. The Wipro team will continue to scale and enhance this sophisticated, responsive, and intelligent system to be leveraged across the organization to simplify operations, reduce workload, and improve overall efficiency.

Analyst Recognition

1. Wipro was recognized as a Leader in Avasant's Generative AI Services 2024 RadarView™
2. Wipro was named as a Leader in IDC MarketScape: Worldwide Cloud Security Services in the AI Era 2024–2025 Vendor Assessment (Doc # US52048124 Nov 2024)
3. Wipro was classified as a Leader in Everest Group's Data and Analytics (D&A) Services PEAK Matrix® Assessment 2024
4. Wipro was positioned as a Leader in IDC MarketScape: Worldwide Industry Cloud Professional Services 2024 Vendor Assessment (Doc # US51036624 Dec 2024)
5. Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Sustainability Services, 2024 report
6. Wipro was ranked as a Leader in Avasant's Digital Talent Capability 2024 RadarView™
7. Wipro was positioned as a Leader in Everest Group's Semiconductor Engineering Services PEAK Matrix® Assessment 2024
8. Wipro was positioned as a Leader in Avasant’s SAP S/4HANA Services 2024–2025 RadarView™
9. Wipro was featured as a Leader in ISG Provider Lens™ - Next-Gen ADM Services 2024 (multiple quadrants)
10. Wipro was ranked as a Leader in Avasant's Intelligent ITOps Services 2024–2025 RadarView™
11. Wipro was rated as a Leader in ISG Provider Lens™ - Contact Center-Customer Experience Services 2024 (multiple quadrants)
12. Wipro was recognized as a Leader in ISG Provider Lens™ - Future of Work Services 2024 (multiple quadrants)
13. Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Managed Network Services

Source & Disclaimer: *Gartner, “Magic Quadrant for Managed Network Services”, Ted Corbett, et al, 14 October 2024.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

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.

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IT Products

1. IT Products segment revenue for the quarter was Rs 0.7 billion ($8.7 million1)
2. IT Products segment results for the quarter were Rs 0.03 billion ($0.3 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 Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and 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.

Our key metrics and non-GAAP financial measures are 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. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, 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 ended December 31, 2024, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (8:30 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 webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP170125

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 technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

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, the benefits its customers experience 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.

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, 2024

As at December 31, 2024

 

Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)

ASSETS

Goodwill

316,002

324,686

3,795

Intangible assets

32,748

29,101

340

Property, plant and equipment

81,608

77,760

909

Right-of-Use assets

17,955

21,886

256

Financial assets

Derivative assets

25

-

-

Investments

21,629

30,100

352

Trade receivables

4,045

599

7

Other financial assets

5,550

5,039

59

Investments accounted for using the equity method

1,044

1,034

12

Deferred tax assets

1,817

1,811

21

Non-current tax assets

9,043

7,861

92

Other non-current assets

10,331

7,424

87

Total non-current assets

501,797

507,301

5,930

Inventories

907

724

8

Financial assets

Derivative assets

1,333

859

10

Investments

311,171

436,108

5,098

Cash and cash equivalents

96,953

125,744

1,470

Trade receivables

115,477

114,616

1,340

Unbilled receivables

58,345

58,775

686

Other financial assets

10,536

9,107

106

Contract assets

19,854

14,205

166

Current tax assets

6,484

5,868

69

Other current assets

29,602

28,712

336

Total current assets

650,662

794,718

9,289

 

TOTAL ASSETS

1,152,459

1,302,019

15,219

 

EQUITY

Share capital

10,450

20,938

245

Share premium

3,291

1,921

22

Retained earnings

630,936

733,625

8,576

Share-based payment reserve

6,384

6,496

76

Special Economic Zone re-investment reserve

42,129

31,905

373

Other components of equity

56,693

58,964

689

Equity attributable to the equity holders of the Company

749,883

853,849

9,981

Non-controlling interests

1,340

1,963

23

TOTAL EQUITY

751,223

855,812

10,004

 

LIABILITIES

Financial liabilities

Loans and borrowings

62,300

64,034

748

Lease liabilities

13,962

18,783

220

Derivative liabilities

4

5

^

Other financial liabilities

4,985

7,825

91

Deferred tax liabilities

17,467

16,813

197

Non-current tax liabilities

37,090

41,330

483

Other non-current liabilities

12,970

16,161

189

Provisions

-

381

4

Total non-current liabilities

148,778

165,332

1,932

Financial liabilities

Loans, borrowings and bank overdrafts

79,166

102,638

1,200

Lease liabilities

9,221

8,104

95

Derivative liabilities

558

2,947

34

Trade payables and accrued expenses

88,566

81,200

949

Other financial liabilities

2,272

3,110

36

Contract liabilities

17,653

21,413

250

Current tax liabilities

21,756

30,301

354

Other current liabilities

31,295

29,664

347

Provisions

1,971

1,498

18

Total current liabilities

252,458

280,875

3,283

TOTAL LIABILITIES

401,236

446,207

5,215

 

TOTAL EQUITY AND LIABILITIES

1,152,459

1,302,019

15,219

 

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 December 31,

Nine months ended December 31,

 

2023

2024

2024

2023

2024

2024

 

Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)

Convenience translation into US dollar in millions (unaudited) Refer to Note 2(iii)

Revenues

 

222,051

 

223,188

 

2,609

 

675,520

 

665,842

 

7,783

 

Cost of revenues

 

(153,826

)

(153,922

)

(1,799

)

(474,278

)

(462,277

)

(5,404

)

Gross profit

 

68,225

 

69,266

 

810

 

201,242

 

203,565

 

2,379

 

 

Selling and marketing expenses

 

(19,178

)

(16,081

)

(188

)

(54,529

)

(49,313

)

(576

)

General and administrative expenses

 

(16,444

)

(14,629

)

(171

)

(46,455

)

(41,876

)

(490

)

Foreign exchange gains/(losses), net

 

262

 

410

 

5

 

468

 

(192

)

(2

)

Results from operating activities

 

32,865

 

38,966

 

456

 

100,726

 

112,184

 

1,311

 

 

Finance expenses

 

(3,125

)

(4,146

)

(48

)

(9,244

)

(11,003

)

(129

)

Finance and other income

5,785

 

9,708

 

113

 

17,137

 

26,383

 

309

 

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

(4

)

5

 

^

 

(31

)

(37

)

^

Profit before tax

35,521

 

44,533

 

521

 

108,588

 

127,527

 

1,491

 

Income tax expense

(8,515

)

(10,866

)

(127

)

(26,049

)

(31,228

)

(365

)

Profit for the period

27,006

 

33,667

 

394

 

82,539

 

96,299

 

1,126

 

Profit attributable to:

Equity holders of the Company

26,942

 

33,538

 

392

 

82,106

 

95,658

 

1,118

 

Non-controlling interests

64

 

129

 

2

 

433

 

641

 

8

 

Profit for the period

27,006

 

33,667

 

394

 

82,539

 

96,299

 

1,126

 

Earnings per equity share:

Attributable to equity holders of the Company

Basic

2.58

 

3.21

 

0.04

 

7.73

 

9.15

 

0.11

 

Diluted

2.58

 

3.20

 

0.04

 

7.71

 

9.13

 

0.11

 

Weighted average number of equity shares used in computing earnings per equity share

Basic

10,436,941,772

 

10,457,414,881

 

10,457,414,881

 

10,621,971,206

 

10,454,728,795

 

10,454,728,795

 

Diluted

10,461,832,626

 

10,482,964,010

 

10,482,964,010

 

10,653,650,208

 

10,481,436,710

 

10,481,436,710

 

^ Value is less than 0.5

Information on reportable segments for the three months ended December 31, 2024, September 30, 2024, December 31, 2023, nine months ended December 31, 2024, December 31, 2023 and year ended March 31, 2024 are as follows:

Particulars

Three months ended

Nine months ended

Year ended

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2024

December 31, 2023

March 31, 2024

Audited

Audited

Audited

Audited

Audited

Audited

Segment revenue

IT Services

Americas 1

72,010

 

68,393

 

68,581

 

208,103

 

201,001

 

268,230

 

Americas 2

68,120

 

67,932

 

66,541

 

203,390

 

201,758

 

269,482

 

Europe

59,282

 

61,821

 

61,473

 

181,525

 

192,583

 

253,927

 

APMEA

23,439

 

23,811

 

24,913

 

70,753

 

77,678

 

102,177

 

Total of IT Services

222,851

 

221,957

 

221,508

 

663,771

 

673,020

 

893,816

 

IT Products

747

 

663

 

805

 

1,879

 

2,968

 

4,127

 

Total segment revenue

223,598

 

222,620

 

222,313

 

665,650

 

675,988

 

897,943

 

 

Segment result

IT Services

Americas 1

14,966

 

13,338

 

16,459

 

41,991

 

45,283

 

59,364

 

Americas 2

15,275

 

15,005

 

15,180

 

45,813

 

43,372

 

59,163

 

Europe

7,600

 

7,821

 

7,906

 

21,294

 

25,421

 

33,354

 

APMEA

3,667

 

3,070

 

3,433

 

9,178

 

9,218

 

12,619

 

Unallocated

(2,518

)

(1,912

)

(7,552

)

(5,907

)

(15,293

)

(20,304

)

Total of IT Services

38,990

 

37,322

 

35,426

 

112,369

 

108,001

 

144,196

 

IT Products

29

 

(183

)

114

 

(201

)

(514

)

(371

)

Reconciling Items

(53

)

10

 

(2,675

)

16

 

(6,761

)

(7,726

)

Total segment result

38,966

 

37,149

 

32,865

 

112,184

 

100,726

 

136,099

 

Finance expenses

(4,146

)

(3,569

)

(3,125

)

(11,003

)

(9,244

)

(12,552

)

Finance and other income

9,708

 

9,195

 

5,785

 

26,383

 

17,137

 

23,896

 

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

5

 

3

 

(4

)

(37

)

(31

)

(233

)

Profit before tax

44,533

 

42,778

 

35,521

 

127,527

 

108,588

 

147,210

 

Additional Information:

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and 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: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.

Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe.

APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.

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.

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.

Reconciliation of selected GAAP measures to Non-GAAP measures

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

Three Months ended December 31, 2024

IT Services Revenue as per IFRS

$2,629.1

Effect of Foreign currency exchange movement

$32.3

 

 

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

$2,661.4

 

 

Three Months ended December 31, 2024

IT Services Revenue as per IFRS

$2,629.1

Effect of Foreign currency exchange movement

$9.1

 

 

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

$2,638.1

2. Reconciliation of Free Cash Flow for three months and nine months ended December 31, 2024

 

Amount in INR Mn

 

Three months ended December 31, 2024

Nine months ended December 31, 2024

Net Income for the period [A]

33,667

96,299

Computation of Free Cash Flow

 

 

Net cash generated from operating activities [B]

49,312

131,961

Add/ (deduct) cash inflow/ (outflow)on:

 

 

Purchase of property, plant and equipment

(2,845)

(7,862)

Proceeds from sale of property, plant and equipment

57

1,516

Free Cash Flow [C]

46,524

125,615

Operating Cash Flow as percentage of Net Income [B/A]

146.5%

137.0%

Free Cash Flow as percentage of Net Income [C/A]

138.2%

130.4%

 

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