Business Wire India
IT Services Revenue for the year increased by 11.5% YoY
Total Bookings up by 28% YoY for the Year
Operating Cash Flows at 115% of Net Income for the Year
Board approves Buy-Back for the value of Rs 120 billion
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 and year ended March 31, 2023.
Highlights of the Results
Results for the Quarter ended March 31, 2023:
Gross Revenue reached Rs 231.9 billion ($2.8 billion1), a decrease of 0.2% QoQ, increased 11.2% YoY
IT Services Segment Revenue increased to $2,823.0 million, an increase of 0.7% QoQ and 3.7% YoY
Non-GAAP2 constant currency IT Services segment revenue decreased 0.6% QoQ, increased 6.5% YoY
Total Bookings4 were up by 29% and large deal bookings5 were up by 155% YoY
IT Services Operating Margin3 for the quarter was at 16.3%, flat QoQ
Net Income for the quarter was at Rs 30.7 billion ($374.1 million1), an increase of 0.7% QoQ and decrease of 0.4% YoY
Earnings Per Share for the quarter was at Rs 5.61 ($0.071), an increase of 0.7% QoQ and decrease of 0.5% YoY
Operating Cash Flows at 120.6% of Net Income for the quarter was at Rs 37.3 billion ($453.8 million1), an increase of 60.0% YoY
Voluntary attrition6 decreased 330 bps from the previous quarter, landing at 14.1% on a quarterly annualised basis and at 19.2% on a trailing twelve months basis
Results for the Year ended March 31, 2023:
Gross Revenue reached Rs 904.9 billion ($11.0 billion1), an increase of 14.4% YoY
IT Services Segment Revenue increased to $11,159.7 million, an improvement of 7.8% YoY
Non-GAAP2 constant currency IT Services segment revenue was up 11.5% YoY
IT Services Operating Margin3 for the year was at 15.7%, a decrease of 205bps YoY
IT Services Operating profit was higher than any previous period at Rs 140.8 billion, an improvement of 1.2% YoY
Earnings Per Share for the year was at Rs 20.73 ($0.251), a decrease of 7.2% YoY
Operating Cash Flows at 114.9% of Net Income for the year was at Rs 130.6 billion ($1,589.0 million1), an increase of 17.9% YoY
Performance for the Quarter and Year ended March 31, 2023
Thierry Delaporte, CEO and Managing Director, said, “We closed FY23 with the strongest-ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155% year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders.
“Compared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients.”
“We have built a strong foundation to sustain through this period of increased uncertainty. We have the growth mindset, right organizational structure, and the talent for long-term success.”
Jatin Dalal, Chief Financial Officer, said, “We continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3% in Q4 despite macro headwinds. We generated strong operating cash flows at 121% of our net income for the Quarter.”
Outlook for the Quarter ending June 30, 2023
We expect Revenue from our IT Services business including India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million*. This translates to sequential guidance of -3.0% to -1.0% in constant currency terms.
* Outlook for the Quarter ending June 30, 2023, is based on the following exchange rates: GBP/USD at 1.22, Euro/USD at 1.07, AUD/USD at 0.68, USD/INR at 81.74 and CAD/USD at 0.74
Capital Allocation
The Board of Directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 269,662,921 equity shares of Rs 2 each (being 4.91% of total paid-up equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs 445 ($5.411) per equity share for an aggregate amount not exceeding Rs 120 billion ($1.5 billion1), in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.
The interim dividend of Rs 1 declared by the Board at its meetings held on January 13th, 2023, shall be considered as the final dividend for the financial year 2022-23.
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 82.19, as published by the Federal Reserve Board of Governors on March 31, 2023. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2023 was US$1= Rs 81.63
Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period
IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials
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 note 2
Large deal bookings consist of deals greater than or equal to $30 million in total contract value
Voluntary attrition is in IT Services and excludes DOP measured for the trailing twelve months
Highlights of Strategic Deal Wins
In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:
A US-based healthcare company selected Wipro to transform its technology-enabled health services business and supercharge growth. Wipro will help reshape the end-to-end member, patient, and provider journey by building a standardized, interoperable, and integrated care delivery platform. The project will improve talent allocation as well as care coordination, reducing costs, increasing effectiveness and, ultimately, improving the quality of healthcare.
A US-based multinational apparel and fashion major selected Wipro to spearhead end-to-end automation across its applications and infrastructure landscape globally. Wipro will offer a range of services including business and technical support to manage various business process areas, data center operations, and network and voice services. This will help the client achieve 30% automation, cost optimization, and improve end-user experience.
Wipro was selected in a strategic, multi-year engagement by a global personal care and home products distribution company to deliver enhanced business experience to the client. An integrated delivery model powered by SmartOps will provide round the clock proactive and preventative support for business-critical applications. This will help the client drive higher application stability and minimize related problems that hinder business operations.
Wipro won a multi-year engagement with a leading Europe-based communications group to accelerate global deployment of their enterprise software platform for business operations. The goal of this program is to rollout a core model template, localize, integrate, and conduct change management for a consistent process across front office and operations in Finance, Procurement, Projects, Analytics, and Reporting. This will enable the client to synchronize their business processes, decommission existing local systems, innovate, and enhance user experience across regions.
A UK-based health insurer selected Wipro to consolidate and transform the business process services for its international private medical insurance business. Wipro will set up a global servicing hub to provide experience and support services to clients, while driving operational efficiencies and maintaining compliance.
A large, US-based life and annuities insurance firm selected Wipro to modernize their business, migrate existing workloads to cloud and offer infrastructure-as-a-service for their entire data center infrastructure. Wipro will also deliver enhanced employee experience through an integrated service desk, mainframe services while enhancing service levels, providing a secured environment through their identity and access managed services, as well as business continuity through disaster recovery services.
A US-based multinational bank has selected Wipro to provide engineering and operations services to modernize its infrastructure across the globe. Wipro will deliver a simple, easy-to-access services platform that will enhance the user experience and maximize the technology solutions used across the company. The end-to-end platform management will drive new efficiencies and better productivity through automation and standardization of processes.
Wipro signed a second eight-year large deal with a leading European outsourcing & facilities management company to digitise its core Finance & Accounting systems and processes. Wipro will leverage Lab45 as a strategic technology & innovation hub to foster and accelerate automation, digitisation, and transformation of client’s service propositions and delivery models.
A US-based sports entertainment company selected Wipro to digitize its nation-wide network and monetize the centers of a recreational sports chain, resulting in the creation of a new Digital Out-of-Home (DOOH) ad network. Leveraging Wipro VisionEDGE, a dynamic digital signage and omni channel advertising platform, Wipro, in partnership with Cisco, will deliver immersive client experiences with high-quality, interactive displays that are adaptive and easy to deploy.
Wipro was awarded a contract by a global apparel and fashion company to create a unified, omnichannel experience across more than 2,000 retail stores and ecommerce platforms in over 37 countries. The client will benefit from the increased supply chain efficiency and compliance with applicable international and local standards. Wipro will also deliver an uninterrupted, flexible, and personalised service that will allow end-users to transact seamlessly across devices and channels.
Analyst Recognition
Wipro was recognized as a Leader in the 2023 Gartner® Magic Quadrant™ for Outsourced Digital Workplace Services
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Manufacturing Intelligence Transformation Strategic Consulting 2023 Vendor Assessment (Doc# US50247922 Feb 2023)
Wipro was positioned as a Leader in IDC MarketScape: Asia/Pacific Intelligent Digital Workplace Services 2023 Vendor Assessment (Doc # AP49091222 March 2023)
Wipro was recognized as a Leader in Everest Group’s Capital Markets Operations – Services PEAK Matrix® Assessment 2023 and Advanced Analytics and Insights (AA&I) Services PEAK Matrix® Assessment 2023
Wipro was positioned as a Leader in ISG Provider Lens™ – AWS Ecosystem Partners 2022 – Germany, US
Wipro was positioned as a Leader in ISG Provider Lens™ – Digital Business Enablement and ESG Services 2022 – UK, US
Wipro was listed in the top 10 with a customer satisfaction score of 75% in Whitelane’s IT Sourcing Study 2022 – Europe
Wipro was positioned as a Leader in Avasant Blockchain Services RadarView™ 2022 – 2023 and Intelligent Automation Services RadarView™ 2022 – 2023
Wipro was rated as a Leader in Avasant Hybrid Enterprise Cloud Services RadarView™ 2022 – 2023 and SAP S/4HANA Services RadarView™ 2022 – 2023
Wipro was featured in HFS Horizons: The Best Service Providers for Retail Banks, 2023 and Metaverse Services Providers 2023
Source & Disclaimer: *Gartner, “Magic Quadrant for Outsourced Digital Workplace Services “, Daniel Barros, et al, 13 March 2023. 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 1.1 billion ($13.8 million1)
IT Products segment results for the quarter was a loss of Rs 0.06 billion ($0.7 million1)
IT Products segment revenue for the year was Rs 6.0 billion ($73.6 million1)
IT Products segment results for the year was a loss of Rs 0.18 billion ($2.1 million1)
India business from State Run Enterprises (ISRE)
India SRE segment revenue for the quarter was Rs 1.3 billion ($16.0 million1)
India SRE segment results for the quarter was a profit of Rs 0.02 billion ($0.2 million1)
India SRE segment revenue for the year was Rs 5.8 billion ($70.8 million1)
India SRE segment results for the year was a profit of Rs 0.4 billion ($5.4 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 and Year ended March 31, 2023, 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 07:30 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=WIP270423
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 250,000 employees and business partners across 66 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, 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, 2022
As at March 31, 2023
Convenience translation into US dollar in millions
Refer footnote
ASSETS
Goodwill
246,989
307,970
3,747
Intangible assets
43,555
43,045
524
Property, plant and equipment
90,898
88,659
1,079
Right-of-Use assets
18,870
18,702
228
Financial assets
Derivative assets
6
29
^
Investments
19,109
20,720
252
Trade receivables
4,765
863
11
Other financial assets
6,084
6,330
77
Investments accounted for using the equity method
774
780
9
Deferred tax assets
2,298
2,100
26
Non-current tax assets
10,256
11,922
145
Other non-current assets
14,826
13,606
166
Total non-current assets
458,430
514,726
6,264
Inventories
1,334
1,188
14
Financial assets
Derivative assets
3,032
1,844
22
Investments
241,655
309,232
3,762
Cash and cash equivalents
103,836
91,880
1,118
Trade receivables
115,219
126,350
1,537
Unbilled receivables
60,809
60,515
736
Other financial assets
42,914
9,096
111
Contract assets
20,647
23,001
280
Current tax assets
2,373
5,091
62
Other current assets
28,933
32,899
400
Total current assets
620,752
661,096
8,042
TOTAL ASSETS
1,079,182
1,175,822
14,306
EQUITY
Share capital
10,964
10,976
134
Share premium
1,566
3,689
45
Retained earnings
551,252
660,964
8,042
Share-based payment reserve
5,258
5,632
69
Special Economic Zone re-investment reserve
47,061
46,803
569
Other components of equity
42,057
53,100
646
Equity attributable to the equity holders of the Company
658,158
781,164
9,505
Non-controlling interests
515
589
7
TOTAL EQUITY
658,673
781,753
9,512
LIABILITIES
Financial liabilities
Loans and borrowings
56,463
61,272
745
Lease liabilities
15,177
15,953
194
Derivative liabilities
48
179
2
Other financial liabilities
2,961
2,649
32
Deferred tax liabilities
12,141
15,153
184
Non-current tax liabilities
17,818
21,777
265
Other non-current liabilities
7,571
9,333
114
Provisions
1
^
^
Total non-current liabilities
112,180
126,316
1,536
Financial liabilities
Loans, borrowings and bank overdrafts
95,233
88,821
1,081
Lease liabilities
9,056
8,620
105
Derivative liabilities
585
2,825
34
Trade payables and accrued expenses
94,477
89,054
1,084
Other financial liabilities
33,110
4,141
50
Contract liabilities
27,915
22,682
276
Current tax liabilities
13,231
18,846
229
Other current liabilities
31,951
30,215
368
Provisions
2,771
2,549
31
Total current liabilities
308,329
267,753
3,258
TOTAL LIABILITIES
420,509
394,069
4,794
TOTAL EQUITY AND LIABILITIES
1,079,182
1,175,822
14,306
^ 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,
2022
2023
2023
2022
2023
2023
Convenience translation into US dollar in millions
Refer footnote
Convenience translation into US dollar in millions
Refer footnote
Revenues
208,600
231,903
2,822
790,934
904,876
11,011
Cost of revenues
(147,965)
(162,738)
(1,980)
(555,872)
(645,446)
(7,853)
Gross profit
60,635
69,165
842
235,062
259,430
3,158
Selling and marketing expenses
(14,078)
(16,906)
(206)
(54,935)
(65,157)
(793)
General and administrative expenses
(12,528)
(15,672)
(191)
(46,382)
(59,139)
(720)
Foreign exchange gains/(losses), net
1,075
990
12
4,355
4,472
54
Other operating income
7
–
–
2,186
–
–
Results from operating activities
35,111
37,577
457
140,286
139,606
1,699
Finance expenses
(1,717)
(2,860)
(35)
(5,325)
(10,077)
(123)
Finance and other income
3,946
5,463
67
16,257
18,185
222
Share of net profit/ (loss) of associates accounted for using the equity method
(16)
4
^
57
(57)
(1)
Profit before tax
37,324
40,184
489
151,275
147,657
1,797
Income tax expense
(6,399)
(9,249)
(113)
(28,946)
(33,992)
(414)
Profit for the period
30,925
30,935
376
122,329
113,665
1,383
Profit attributable to:
Equity holders of the Company
30,873
30,745
374
122,191
113,500
1,381
Non-controlling interests
52
190
2
138
165
2
Profit for the period
30,925
30,935
376
122,329
113,665
1,383
Earnings per equity share:
Attributable to equity holders of the Company
Basic
5.64
5.61
0.07
22.35
20.73
0.25
Diluted
5.63
5.60
0.07
22.29
20.68
0.25
Weighted average number of equity shares
used in computing earnings per equity share
Basic
5,470,020,412
5,481,366,536
5,481,366,536
5,466,705,840
5,477,466,573
5,477,466,573
Diluted
5,486,955,729
5,489,878,685
5,489,878,685
5,482,083,438
5,488,991,175
5,488,991,175
^ Value is less than 1
Additional Information:
Particulars
Three months ended
Year ended
March
31, 2023
December
31, 2022
March
31, 2022
March
31, 2023
March
31, 2022
Audited
Audited
Audited
Audited
Audited
Revenue
IT Services
Americas 1
66,430
67,788
58,342
261,270
217,874
Americas 2
70,563
71,168
63,963
278,374
239,404
Europe
67,562
66,323
60,743
256,845
233,443
APMEA
25,889
25,278
23,560
100,989
91,103
Total of IT Services
230,444
230,557
206,608
897,478
781,824
IT Products
1,131
1,721
1,201
6,047
6,173
ISRE
1,318
1,403
1,868
5,823
7,295
Reconciling Items
–
–
(2)
–
(3)
Total Revenue
232,893
233,681
209,675
909,348
795,289
Other operating income
IT Services
–
–
7
–
2,186
Total Other operating income
–
–
7
–
2,186
Segment Result
IT Services
Americas 1
12,890
12,986
11,530
49,264
42,820
Americas 2
15,118
14,776
12,150
56,567
47,376
Europe
10,314
9,485
9,056
35,048
35,739
APMEA
2,671
2,476
1,946
8,945
10,523
Unallocated
(3,347)
(2,219)
361
(9,041)
434
Other operating income
–
–
7
–
2,186
Total of IT Services
37,646
37,504
35,050
140,783
139,078
IT Products
(59)
41
(22)
(176)
115
ISRE
20
102
171
441
1,173
Reconciling Items
(30)
(11)
(88)
(1,442)
(80)
Total Segment result
37,577
37,636
35,111
139,606
140,286
Finance expenses
(2,860)
(2,902)
(1,717)
(10,077)
(5,325)
Finance and Other Income
5,463
4,992
3,946
18,185
16,257
Share of net profit/ (loss) of associates accounted for using the equity method
4
26
(16)
(57)
57
Profit before tax
40,184
39,752
37,324
147,657
151,275
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 selected GAAP measures to Non-GAAP measures
Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
Three Months ended March 31, 2023
IT Services Revenue as per IFRS $ 2,823.0
Effect of Foreign currency exchange movement $ (37.6)
Non-GAAP Constant Currency IT Services Revenue based on $ 2,785.4
previous quarter exchange rates
Three Months ended March 31, 2023
IT Services Revenue as per IFRS $ 2,823.0
Effect of Foreign currency exchange movement $ 74.4
Non-GAAP Constant Currency IT Services Revenue based on $ 2,897.4
exchange rates of comparable period in previous year
Year ended March 31, 2023
IT Services Revenue as per IFRS $ 11,159.7
Effect of Foreign currency exchange movement $ 391.3
Non-GAAP Constant Currency IT Services Revenue based on $ 11,551.0
exchange rates of comparable period in previous year
Reconciliation of Free Cash Flow for three months and year ended March 31, 2023
Amount in INR Mn
Three months ended March 31, 2023
Year ended March 31, 2023
Net Income for the period [A]
30,935
113,665
Computation of Free Cash Flow
Net cash generated from operating activities [B]
37,298
130,601
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment
(3,015)
(14,834)
Proceeds from sale of property, plant and equipment
97
546
Free Cash Flow [C]
34,380
116,313
Operating Cash Flow as percentage of Net Income [B/A]
120.6%
114.9%
Free Cash Flow as percentage of Net Income [C/A]
111.1%
102.3%
