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BANGALORE, India & EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2020. Highlights of the Results Results for the Quarter ended December 31, 2020: Performance for the quarter ended December 31, 2020 Thierry Delaporte, CEO and Managing Director said, Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4% sequentially. We closed our largest ever deal win in Continental Europe. The demand environment is steadily improving, especially for digital transformation, digital operations, and cloud services. I am also pleased to share with you that we have moved into our new organization structure and are stabilizing quickly. Jatin Dalal, Chief Financial Officer said, Our margins are now at a 22 quarters high. The expansion was led by improved revenue growth trajectory and excellence in operations with several metrics at an all-time high. Our Operating Cash Flows grew by 45% YoY with a significant improvement in outstanding receivables. Outlook for the quarter ending March 31, 2021 We expect Revenue from our IT Services business to be in the range of $2,102 million to $2,143 million*. This translates to a sequential growth of 1.5% to 3.5%. * Outlook is based on the following exchange rates: GBP/USD at 1.33, Euro/USD at 1.20, AUD/USD at 0.73, USD/INR at 73.84 and CAD/USD at 0.76 IT Services Wipro continued its momentum in winning large deals with our customers as described below: Digital & Cloud Application Services Highlights We continue to see increasing traction in digital oriented deals as illustrated below: Analyst Recognition Disclaimer: 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 research publications consist of the opinions of Gartners 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 India business from State Run Enterprises (ISRE) 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 ended December 31, 2020, 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 07:45 p.m. Indian Standard Time (09:15 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=WIPRO30121 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 180,000 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 Wipros beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipros control. Such statements include, but are not limited to, statements regarding Wipros 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 companys 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, 2020 As at December 31, 2020 Convenience translation into US dollar in millions Refer footnote 1 ASSETS Goodwill 131,012 136,322 1,867 Intangible assets 16,362 13,056 179 Property, plant and equipment 81,120 83,372 1,142 Right-of-Use assets 16,748 15,427 211 Financial assets Derivative assets - 51 1 Investments 9,302 8,679 119 Trade receivables 6,049 4,613 63 Other financial assets 5,881 6,657 91 Investments accounted for using the equity method 1,383 1,459 20 Deferred tax assets 6,005 1,690 23 Non-current tax assets 11,414 14,020 192 Other non-current assets 11,935 11,433 157 Total non-current assets 297,211 296,779 4,065 Inventories 1,865 1,205 17 Financial assets Derivative assets 3,025 4,088 56 Investments 189,635 312,909 4,286 Cash and cash equivalents 144,499 139,435 1,910 Trade receivables 104,474 91,841 1,258 Unbilled receivables 25,209 23,105 316 Other financial assets 8,614 9,028 124 Contract assets 17,143 14,847 203 Current tax assets 2,882 2,354 32 Other current assets 22,505 22,144 303 Total current assets 519,851 620,956 8,505 TOTAL ASSETS 817,062 917,735 12,570 EQUITY Share capital 11,427 11,431 157 Share premium 1,275 1,815 25 Retained earnings 476,103 424,275 5,811 Share-based payment reserve 1,550 1,765 24 SEZ Re-investment reserve 43,804 57,217 784 Other components of equity 23,299 30,647 420 Equity attributable to the equity holders of the Company 557,458 527,150 7,221 Non-controlling interest 1,875 1,489 20 TOTAL EQUITY 559,333 528,639 7,241 LIABILITIES Financial liabilities Loans and borrowings 4,840 213 3 Derivative liabilities 138 - - Lease liabilities 12,638 12,894 177 Other financial liabilities 151 929 13 Deferred tax liabilities 2,825 5,181 71 Non-current tax liabilities 13,205 12,442 170 Other non-current liabilities 7,537 7,803 107 Provisions 2 1 ^ Total non-current liabilities 41,336 39,463 541 Financial liabilities Loans, borrowings and bank overdrafts 73,202 73,256 1,003 Derivative liabilities 7,231 3,467 47 Trade payables and accrued expenses 78,129 83,461 1,143 Lease liabilities 6,560 7,502 103 Other financial liabilities 899 96,604 1,323 Contract liabilities 18,775 22,118 303 Current tax liabilities 11,731 15,913 218 Other current liabilities 19,254 46,627 639 Provisions 612 685 9 Total current liabilities 216,393 349,633 4,788 TOTAL LIABILITIES 257,729 389,096 5,329 TOTAL EQUITY AND LIABILITIES 817,062 917,735 12,570 ^ 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 December 31, Nine months ended December 31, 2019 2020 2020 2019 2020 2020 Convenience translation into US dollar in millions Refer footnote 1 Convenience translation into US dollar in millions Refer footnote 1 Revenues 154,705 156,700 2,146 453,122 456,976 6,259 Cost of revenues (109,673) (104,313) (1,429) (321,952) (313,400) (4,293) Gross profit 45,032 52,387 717 131,170 143,576 1,966 Selling and marketing expenses (11,030) (11,326) (155) (32,612) (30,721) (421) General and administrative expenses (7,496) (7,814) (107) (22,142) (25,997) (356) Foreign exchange gains 727 566 8 2,176 2,109 29 Other operating income/(loss), net - - - 749 (81) (1) Results from operating activities 27,233 33,813 463 79,341 88,886 1,217 Finance expenses (1,844) (1,400) (19) (5,675) (3,966) (54) Finance and other income 5,370 5,975 82 19,174 16,465 226 Share of net profit /(loss) of associates accounted for using the equity method 34 101 1 16 126 2 Profit before tax 30,793 38,489 527 92,856 101,511 1,391 Income tax expense (6,164) (8,524) (117) (18,594) (22,590) (309) Profit for the period 24,629 29,965 410 74,262 78,921 1,082 Profit attributable to: Equity holders of the Company 24,558 29,667 406 73,958 78,225 1,072 Non-controlling interest 71 298 4 304 696 10 Profit for the period 24,629 29,965 410 74,262 78,921 1,082 Earnings per equity share: Attributable to equity holders of the Company Basic 4.31 5.21 0.07 12.58 13.74 0.19 Diluted 4.30 5.17 0.07 12.55 13.46 0.18 Weighted average number of equity shares used in computing earnings per equity share Basic 5,692,132,118 5,696,798,493 5,696,798,493 5,879,588,157 5,694,731,405 5,694,731,405 Diluted 5,703,265,041 5,741,070,466 5,741,070,466 5,892,966,906 5,812,779,105 5,812,779,105 Additional Information: Particulars Three months ended Nine months ended Year ended December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019 March 31, 2020 Audited Audited Audited Audited Audited Audited Revenue IT Services BFSI 46,825 45,995 46,612 137,648 137,767 184,457 Health BU 21,266 20,294 19,799 61,320 57,651 78,240 CBU 25,077 23,927 25,443 72,183 71,339 97,008 ENU 20,076 18,990 19,553 58,345 56,873 76,443 TECH 19,394 18,478 18,584 57,542 56,392 75,895 MFG 12,677 12,175 12,450 36,672 35,672 48,158 COMM 8,016 7,822 8,565 23,258 25,387 33,840 Total of IT Services 153,331 147,681 151,006 446,968 441,081 594,041 IT Products 1,552 1,691 2,576 5,501 8,218 11,010 ISRE 2,393 2,119 1,847 6,629 6,059 8,400 Reconciling Items (10) (8) 3 (13) (60) (50) Total Revenue 157,266 151,483 155,432 459,085 455,298 613,401 Other operating income/(loss), net IT Services - (178) - (81) 749 1,144 Total Other operating income/(loss), net - (178) - (81) 749 1,144 Segment Result IT Services BFSI 9,820 9,209 8,246 27,546 25,988 34,132 Health BU 4,359 4,005 3,186 11,092 8,978 12,027 CBU 6,166 5,507 4,725 16,092 12,183 16,729 ENU 3,688 3,329 3,130 10,586 8,410 12,176 TECH 3,128 2,632 3,256 9,927 10,406 14,312 MFG 2,552 2,379 2,385 7,159 6,916 9,252 COMM 1,445 1,320 1,444 3,656 4,006 5,336 Unallocated 2,046 148 1,360 3,400 3,124 2,577 Other operating income/(loss), net - (178) - (81) 749 1,144 Total of IT Services 33,204 28,351 27,732 89,377 80,760 107,685 IT Products 89 (300) (140) (87) (398) (282) ISRE 473 114 (528) 487 (1,341) (1,822) Reconciling Items 47 (30) 169 (891) 320 149 Total 33,813 28,135 27,233 88,886 79,341 105,730 Finance Expense (1,400) (1,267) (1,844) (3,966) (5,675) (7,328) Finance and Other Income 5,975 5,209 5,370 16,465 19,174 24,081 Share of net profit/ (loss) of associates accounted for using the equity method 101 (6) 34 126 16 29 Profit before tax 38,489 32,071 30,793 101,511 92,856 122,512 The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (ISRE). IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals. The industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Health Business unit (Health BU), 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. 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 December 31, 2020 IT Services Revenue as per IFRS $ 2,071.0 Effect of Foreign currency exchange movement $ (11.8 ) Non-GAAP Constant Currency IT Services Revenue based on $ 2,059.2 previous quarter exchange rates Three Months ended December 31, 2020 IT Services Revenue as per IFRS $ 2,071.0 Effect of Foreign currency exchange movement $ (17.9 ) Non-GAAP Constant Currency IT Services Revenue based on $ 2,053.1 exchange rates of comparable period in previous year

Answer: Wipro Limited Announces Results for the Quarter ended December 31, 2020 under IFRS IT Services Revenue growth at 3.9% QoQ, highest in 36 quarters Net Income for the quarter increased by 20.8% YoY