Wipro Records 10% YoY Growth in Profit After Tax in Q2 FY11; YoY Growth for H1 at 19%
BANGALORE, India and EAST BRUNSWICK, New Jersey, Oct. 22 /PRNewswire-FirstCall/ — Wipro Limited (NYSE: WIT) today announced financial results under International Financial Reporting Standards (IFRS) for its second fiscal quarter ended September 30, 2010.
Highlights of the Results:
Results for the Quarter ended September 30, 2010
- IT Services Revenue in dollar terms was $1,273 million, a sequential increase of 5.7% and YoY increase of 19.5%.
- IT Services Revenue on a constant currency (Non-GAAP) was $1,261 million, compared to our guidance range of $1,253 million to $1,277 million.
- Total Revenues were Rs. 77.31 billion ($1.73 billion(1)), representing an increase of 12% over the same period last year.
- Net Income was Rs. 12.85 billion ($288 million(1)), representing an increase of 10% over the same period last year.
- Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) was Rs. 12.76 billion ($286 million(1)), representing an increase of 10% over the same period last year.
- IT Services Revenues were Rs. 57.47 billion ($1,290 million(1)), representing an increase of 15% over the same period last year.
- IT Services Earnings Before Interest and Tax (EBIT) was Rs.12.75 billion ($286 million(1)), representing an increase of 7% over the same period last year.
- IT Services recorded a 6.6% volume growth in the quarter.
- IT Services added 29 new clients in the quarter.
- Net addition of 2,975 employees in the current quarter in IT Services.
- IT Products recorded sequential growth in Revenues of 29% in the current quarter.
- Consumer Care and Lighting Revenue grew 20% over the same period last year and EBIT grew 13%.
Performance for the quarter ended September 30, 2010 and Outlook for the quarter ending December 31, 2010
Azim Premji Chairman of Wipro, commenting on the results said -
“We saw strong momentum in demand as customers tried to catch up with the under-investment in IT in the previous years. We continue to enhance our investments in Transformational Capabilities, Client Partners and Domain Solutions. While the macro-economic environment continues to remain uncertain, there is higher degree of confidence at the micro level. For the quarter ended December 31, 2010, we expect Revenues from our IT Services business to be in the range of $1,317 million to $1,343 million, a sequential increase of 3.5% to 5.5%*”
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said –
“We saw a strong volume growth of 6.6% driven by higher offshore mix. The Operating Margins for IT Services declined during the quarter due to the impact of employee progressions, Restricted Stock Units grants and lower foreign exchange realizations.”
* Guidance is based on the following constant currency exchange rates: GBP/USD at 1.56, Euro/USD at 1.29, AUD/USD at 0.94, USD/INR at 46.31
Wipro Limited
Total Revenue for the quarter ended September 30, 2010 was Rs. 77.31 billion ($1.73 billion(1)), representing an increase of 12% over the same period last year. Net Income for the quarter ended September 30, 2010 was Rs.12.85 billion ($288 million(1)), representing an increase of 10% over the same period last year. Non-GAAP Adjusted Net Income (excluding impact of accelerated amortization of stock based compensation) for the quarter ended September 30, 2010 was Rs. 12.76 billion ($286 million(1)), representing an increase of 10% over the same period last year. Earnings Per Share for the quarter ended September 30, 2010 were Rs. 5.28 ($0.12(1)). Non-GAAP Adjusted Earnings Per Share (excluding the impact of accelerated amortization of stock based compensation) for the quarter ended September 30, 2010 were Rs. 5.24 ($0.12(1)), representing an increase of 9% over the same period last year.
Please see the table on page 9 for a reconciliation between (i) IFRS Net Income and non-GAAP Adjusted Net Income (excluding the impact of stock-based compensation) and (ii) IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
IT Services (74% of Total Revenue and 91% of Operating Income for the quarter ended September 30, 2010)
Our IT Services business segment recorded Revenue of Rs. 57.47 billion ($1,290 million(1)) for the quarter ended September 30, 2010, representing an increase of 15% over the same period last year. EBIT for this segment was Rs. 12.75 billion ($286 million(1)) for the quarter ended September 30, 2010, representing an increase of 7% over the same period last year.
Our Operating Income to Revenue for this segment was 22.2% for the quarter ended September 30, 2010.
We had 115,900 employees as of September 30, 2010, an increase of 2,975 people this quarter.
Wipro’s capability to be a transformational partner to our clients coupled with global domain expertise helped us secure several large deals this quarter.
In the Energy & Utilities space, Wipro has entered into a multi-year strategic partnership with a major electricity distribution network owner and operator in UK to deliver transformational services including enhancing and consolidating the business applications landscape and transitioning the IT systems to an end-to-end managed services framework.
Wipro has entered into a contract with an electricity network owner and major supplier within Northern Ireland. Wipro will upgrade and implement the market registration, customer care and billing solutions across the client’s businesses.
Wipro won a multi-year contract with a global banking major. Wipro’s engagement includes management of IT and BPO services for the customer with a goal to transform the current services model to a shared services model and deliver the ITO BPO synergy benefit beyond the cost savings.
Wipro entered into a multi-year engagement with a leading global ship classification society for deploying next generation services through business-IT alignment and implementing a future-ready IT architecture in accordance with industry standards and global best practices. As part of this engagement, Wipro will manage IT applications catering to the requirements of surveyors, engineers, business users, business owners and end customers of this society with a goal to make their business more efficient.
During the quarter, the India, Middle East & Africa regions continued to post robust growth and had a good set of wins including two large multiyear outsourcing deals with the Central Bank of India and UCO Bank for their Regional Rural Bank roll outs.
We entered into a multi-year strategic multimillion dollar outsourcing deal from one of the largest global telecom service providers to create and manage their enterprise networks in India. Other key deals secured in the quarter include projects from the UID authority for the critical enrolment process for 2 states in India. In the African region, Wipro secured a multiyear contract as a strategic partner with a wireless telecom player in West Africa to manage their core IT systems.
Awards and Recognition
Our continued focus on Cloud Computing technology gained momentum with Wipro winning engagements in this space with two large utility companies and a global insurance company. Wipro also launched “Comprehensive Cloud Services Portfolio for ISVs” (Independent Software Vendors), an integrated framework that can help companies to strategize and accelerate the Cloud / SaaS transformational journey. The highlight of this offering is the patent pending ‘Quick SaaS Enablement’ which helps in faster time to market. Apart from Enablement, it also provides Engineering, IT & Hosting Services making it a ‘One-Stop’ SaaS offering.
As testament to our continued focus on productized services, Network Products Guide, a leading information technology research and advisory guide named Wipro’s Enterprise Data Masking Solution and Software Assurance Center, as winners of the 2010 Best Products and Services Award.
Wipro’s commitment to continuous innovation and driving business value for its customers in the consumer packaged goods industry received further acknowledgement when two of its solutions – Sub-Daily Planning and Scheduling (iSDPS) and Third Party Ordering (iTPO) – became SAP endorsed business solutions.
Wipro’s dominance and authority in the independent Testing Services space was further reflected in recognition from IDC Research Inc., an independent research firm, as a leader among Tier-1 Testing Services Providers in a July 2010 report titled “IDC MarketScape: Global Testing Services, 2010 Vendor Analysis”. Wipro was ranked among leaders in both the enterprise application testing views and in the product engineering testing services assessment.
Wipro became the first Healthcare IT Services organization to be certified for IEEE 11073 (x73) based software reference system for 5 certified device classes. Wipro’s x73 Manager USB Reference System was certified by Continua Health Alliance, a non-profit, collaborative industry organization dedicated to defining technology standards for healthcare solutions. This solution will enable and simplify the needs of clinical diagnostic applications to collect vital medical data from homecare devices and bed-side monitors through application programming interfaces (API’s) thereby forming a critical enabler for customers in the fast growing remote patient monitoring system, home healthcare and e-health markets.
During this quarter, Wipro eEnabler, a prescriptive Service Oriented Architecture (SOA) has been granted a notice of allowance for issue of patent. eEnabler is a complete SOA solutions Kit – including SOA Platform, prescriptive architecture and framework for rapid development of SOA applications. It has been applied in many large SOA implementations for our global clients.
IT Products (14% of Total Revenue and 4% of Operating Income for the quarter ended September 30, 2010)
Our IT Products segment recorded Revenue of Rs. 10.69 billion ($240 million(1)) for the quarter ended September 30, 2010, representing a decline of 10% over the same period last year. EBIT for this segment was Rs. 533 million ($12 million(1)) for the quarter ended September 30, 2010, representing a decrease of 13% over the same period last year.
The ratio of our Operating Income to Revenue for this segment was 5.0% for the quarter ended September 30, 2010.
Return on Average Capital Employed (ROCE) for the IT Services and Products segment was 40% on an annualized basis for the quarter ended September 30, 2010
Consumer Care and Lighting (9% of Total Revenue and 6% of Operating Income for the
quarter ended September 30, 2010)
Our Consumer Care and Lighting business segment recorded Revenue of Rs. 6.65 billion ($149 million(1)) for the quarter ended September 30, 2010, representing an increase of 20% over the same period last year. EBIT for this segment was Rs. 831 million ($19 million (1)) for the quarter ended September 30, 2010, representing an increase of 13% over the same period last year.
Operating Income to Revenue for this segment was 12.5% for the quarter ended September 30, 2010. ROCE for this segment was 16% on an annualized basis for the quarter ended September 30, 2010, compared to 16% for the same period last year.
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 on page 8 provides Adjusted Net Income for the period, which is a non-GAAP measure that excludes the impact of accelerated amortization in respect of stock options that vest in a graded manner, and IT Services Revenue on a constant currency basis, which is a non-GAAP 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.
These Non-GAAP financial measure 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. In addition to these 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.
We believe that the presentation of this Non-GAAP Adjusted Net Income, when shown in conjunction with the corresponding IFRS measure, provides useful information to investors and management regarding financial and business trends relating to its Net Income for the period. We consider a stock option award with a graded vesting schedule to be in substance a single award not multiple stock option awards. Further, we consider the services of the employee in each year covered by the stock option award to be equally valuable and accordingly believe that the straight line amortization reflects the economic substance of the stock option awards. However, we record the related stock compensation expenses on an accelerated amortization basis for IFRS reporting. Therefore, we believe that making available an adjusted net income number that excludes the impact of accelerated amortization from Net Income provides useful supplemental information to both management and investors about financial and business trends.
For internal budgeting process, our management also uses financial statements that exclude the impact of accelerated amortization relating to stock options that vest in a graded manner. Management of the Company also uses Non-GAAP Adjusted Net Income, in addition to the corresponding IFRS measure, in reviewing our financial results.
A material limitation associated with the use of Non-GAAP Adjusted Net Income as compared to the IFRS measure of Net Income is that it does not include costs which are recurring in nature and may not be comparable with the calculation of Net Income for other companies in our industry. We compensate for these limitations by providing full disclosure of the effects of this non-GAAP measure, by presenting the corresponding IFRS financial measure and by providing a reconciliation to the corresponding IFRS measure.
We believe that the presentation of IT Services Revenue on a non-GAAP constant currency basis, when shown in conjunction with the corresponding IFRS measure, provides useful information to investors and management regarding financial and business trends relating to IT Services Revenue. As noted above, IT Services Revenue on a non-GAAP constant currency basis 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 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.
Results for the quarter ended September 30, 2010, computed under IFRS, along with individual business segment reports, are available in the Investors section of our website at www.wipro.com.
Quarterly Conference Calls
We will hold conference calls today at 02:00 p.m. Indian Standard Time (04:30 a.m. US Eastern Time) and at 6:45 p.m. Indian Standard Time (9:15 a.m. US Eastern Time) to discuss our performance for the quarter and answer questions sent to email ID: rajendra.shreemal@wipro.com or sridhar.ramasubbu@wipro.com. 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 provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services company globally. Wipro’s IT Services business was assessed at Level 5 for CMMI V 1.2 across Offshore and Onsite development centers.
Wipro also has a strong presence in niche market segments of Infrastructure Engineering and Consumer Products & Lighting.
Wipro’s American Depositary Shares (ADSs) are listed on the New York Stock Exchange and equity shares are listed in India on the Stock Exchange – Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com, www.wiprocorporate.com and www.wipro.in
(1) For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on September 30, 2010, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1=Rs.44.56. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2010 was US$1=Rs.45.15
Contact for Investor Relations Contact for Media & Press
Rajendra Kumar Shreemal Sachin Mulay
Vice President Head -Corporate Brand &
Communication
Phone: +91-80-2844-0079 +91-80-2505-6110
Fax: +91-80-2844-0051 +91-80-2844-0350
rajendra.shreemal@wipro.com sachin.mulay@wipro.com
Sridhar Ramasubbu
Vice President
Phone: +1 408-242-6285
sridhar.ramasubbu@wipro.com
Forward-looking and Cautionary Statements
In addition to historical information, this press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, 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
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME
(` in millions, except share and per share data, unless otherwise stated)
Three months ended September
30,
-----------------------------
2009 2010 2010
---- ---- ----
Convenience
translation
into US
$ in
millions
(Unaudited)
Refer
note 2
(iv)
------------
Gross
revenues 68,937 77,719 1,744
Cost of
revenues (47,522) (53,270) (1,195)
Gross profit 21,415 24,449 549
Selling and
marketing
expenses (4,490) (5,751) (129)
General and
administrative
expenses (3,976) (4,251) (95)
Foreign
exchange
gains/
(losses),
net 240 (414) (9)
Results from
operating
activities 13,189 14,033 315
Finance
expenses (492) (467) (10)
Finance and
other income 1,173 1,422 32
Share of
profits of
equity
accounted
associates 112 192 4
Profit before
tax 13,982 15,180 341
Income tax
expense (2,217) (2,183) (49)
Profit for
the period 11,765 12,997 292
------ ------ ---
Attributable
to:
Equity
holders of
the company 11,707 12,849 288
Non-
controlling
interest 58 148 3
Profit for
the period 11,765 12,997 292
====== ====== ===
Earnings per
equity
share:
Basic 4.82 5.28 0.12
Diluted 4.78 5.25 0.12
Weighted
average
number of
equity
shares used
in computing
EPS
earnings per
equity share
Basic 2,428,113,467 2,435,417,820 2,435,417,820
Diluted 2,447,007,133 2,445,703,913 2,445,703,913
Additional
Information
Segment
Revenue
IT Services 49,981 57,471 1,290
IT Products 11,854 10,693 240
IT Services &
Products 61,835 68,164 1,530
Consumer Care
and Lighting 5,559 6,651 149
Others 1,783 2,490 56
Total 69,177 77,305 1,735
Operating
Income
IT Services 11,865 12,746 286
IT Products 612 533 12
IT Services &
Products 12,477 13,279 298
Consumer Care
and Lighting 732 832 19
Others (20) (78) (2)
Total 13,189 14,033 315
Reconciliation
of adjusted
Non-GAAP
profit to
profit as
per IFRS
Profit for
the period
attributable
to Equity
holders of
the Company 11,707 12,849 288
Adjustments :
Accelerated
amortization
of stock
options that
vest in a
graded
manner (72) (88) (2)
Non-GAAP
adjusted
profit 11,634 12,760 286
====== ====== ===
Reconciliation
of Non-
GAAP
Constant
Currency IT
Services
Revenue to
IT Services
Revenue as
per IFRS
($MN)
IT Services
Revenue as
per IFRS 1,273
Effect of
Foreign
currency
exchange
movement 12
Non-GAAP
Constant
Currency IT
Services
Revenue
based on
previous
quarter
exchange
rates 1,261
IT Services
Revenue as
per IFRS 1,273
Effect of
Foreign
currency
exchange
movement (9)
Non-GAAP
Constant
Currency IT
Services
Revenue
based on
previous
year
exchange
rates 1,281
Six months ended September
30,
---------------------------
2009 2010 2010
---- ---- ----
Convenience
translation
into US
$ in
millions
(Unaudited)
Refer
note 2
(iv)
------------
Gross
revenues 132,805 149,625 3,358
Cost of
revenues (90,769) (101,917) (2,287)
Gross profit 42,036 47,708 1,071
Selling and
marketing
expenses (8,730) (11,137) (250)
General and
administrative
expenses (7,528) (8,090) (182)
Foreign
exchange
gains/
(losses),
net (1,166) 45 1
Results from
operating
activities 24,612 28,526 640
Finance
expenses (1,131) (870) (20)
Finance and
other income 2,167 2,773 62
Share of
profits of
equity
accounted
associates 226 349 8
Profit before
tax 25,874 30,778 691
Income tax
expense (3,957) (4,528) (102)
Profit for
the period 21,917 26,250 589
------ ------ ---
Attributable
to:
Equity
holders of
the company 21,810 26,035 584
Non-
controlling
interest 107 215 5
Profit for
the period 21,917 26,250 589
====== ====== ===
Earnings per
equity
share:
Basic 8.98 10.69 0.24
Diluted 8.91 10.66 0.24
Weighted
average
number of
equity
shares used
in computing
EPS
earnings per
equity share
Basic 2,427,566,155 2,434,528,098 2,434,528,098
Diluted 2,446,438,115 2,442,200,976 2,442,200,976
Additional
Information
Segment
Revenue
IT Services 98,246 112,473 2,524
IT Products 19,191 19,013 427
IT Services &
Products 117,437 131,486 2,951
Consumer Care
and Lighting 10,757 13,064 293
Others 3,445 5,119 115
Total 131,639 149,670 3,359
Operating
Income
IT Services 22,632 26,318 591
IT Products 904 869 20
IT Services &
Products 23,536 27,187 610
Consumer Care
and Lighting 1,524 1,725 39
Others (448) (387) (9)
Total 24,612 28,525 640
Reconciliation
of adjusted
Non-GAAP
profit to
profit as
per IFRS
Profit for
the period
attributable
to Equity
holders of
the Company 21,810 26,035 584
Adjustments :
Accelerated
amortization
of stock
options that
vest in a
graded
manner (130) (211) (5)
Non-GAAP
adjusted
profit 21,680 25,824 580
====== ====== ===
Reconciliation
of Non-
GAAP
Constant
Currency IT
Services
Revenue to
IT Services
Revenue as
per IFRS
($MN)
IT Services
Revenue as
per IFRS
Effect of
Foreign
currency
exchange
movement
Non-GAAP
Constant
Currency IT
Services
Revenue
based on
previous
quarter
exchange
rates
IT Services
Revenue as
per IFRS
Effect of
Foreign
currency
exchange
movement
Non-GAAP
Constant
Currency IT
Services
Revenue
based on
previous
year
exchange
rates
WIPRO LIMITED AND SUBSIDIARIES
AUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Rupees in millions, except share and per share data, unless
otherwise stated)
As of March 31,
---------------
Notes 2010
----- ----
ASSETS
------
Goodwill 4 53,802
Intangible assets 4 4,011
Property, plant and equipment 3 53,458
Investment in equity accounted investees 12 2,345
Derivative assets 11 1,201
Non-current tax assets 3,464
Deferred tax assets 1,686
Other non-current assets 8 8,784
-----
Total non-current assets 128,751
-------
Inventories 6 7,926
Trade receivables 50,928
Other current assets 8 21,106
Unbilled revenues 16,708
Available for sale investments 5 30,420
Current tax assets 6,596
Derivative assets 11 2,615
Cash and cash equivalents 7 64,878
------
Total current assets 201,177
TOTAL ASSETS 329,928
=======
EQUITY
------
Share capital 2,936
Share premium 29,188
Retained earnings 165,789
Share based payment reserve 3,140
Other components of equity (4,399)
Shares held by controlled trust (542)
----
Equity attributable to the equity
holders of the company 196,112
Non-controlling Interest 437
Total equity 196,549
-------
LIABILITIES
-----------
Long - term loans and borrowings 9 18,107
Deferred tax liabilities 380
Derivative liabilities 11 2,882
Non-current tax liability 3,065
Other non-current liabilities 10 3,233
Provisions 10 100
Total non-current liabilities 27,767
------
Loans and borrowings and bank overdrafts 9 44,404
Trade payables and accrued expenses 38,748
Unearned revenues 7,462
Current tax liabilities 4,850
Derivative liabilities 11 1,375
Other current liabilities 10 6,499
Provisions 10 2,274
Total current liabilities 105,612
-------
TOTAL LIABILITIES 133,379
-------
TOTAL EQUITY AND LIABILITIES 329,928
=======
As of September 30,
-------------------
2010 2010
---- ----
Convenience
translation into
US$ in millions
(Unaudited)
Refer note 2 (iv)
-----------------
ASSETS
------
Goodwill 54,660 1,227
Intangible assets 3,784 85
Property, plant and equipment 55,235 1,240
Investment in equity accounted
investees 2,694 60
Derivative assets 2,873 64
Non-current tax assets 3,465 78
Deferred tax assets 1,640 37
Other non-current assets 13,233 297
------ ---
Total non-current assets 137,584 3,088
------- -----
Inventories 8,391 188
Trade receivables 58,221 1,307
Other current assets 23,398 525
Unbilled revenues 22,082 496
Available for sale investments 51,273 1,151
Current tax assets 7,174 161
Derivative assets 1,373 31
Cash and cash equivalents 37,844 849
------ ---
Total current assets 209,756 4,707
TOTAL ASSETS 347,340 7,795
======= =====
EQUITY
------
Share capital 4,904 110
Share premium 29,064 652
Retained earnings 181,752 4,079
Share based payment reserve 1,753 39
Other components of equity (2,224) (50)
Shares held by controlled trust (542) (12)
---- ---
Equity attributable to the equity
holders of the company 214,707 4,818
Non-controlling Interest 649 15
Total equity 215,356 4,833
------- -----
LIABILITIES
-----------
Long - term loans and borrowings 24,932 560
Deferred tax liabilities 340 8
Derivative liabilities 3,041 68
Non-current tax liability 2,963 66
Other non-current liabilities 3,188 72
Provisions 141 3
Total non-current liabilities 34,605 777
------ ---
Loans and borrowings and bank
overdrafts 30,693 689
Trade payables and accrued
expenses 43,882 985
Unearned revenues 8,071 181
Current tax liabilities 5,560 125
Derivative liabilities 1,079 24
Other current liabilities 5,802 130
Provisions 2,292 51
Total current liabilities 97,379 2,185
------ -----
TOTAL LIABILITIES 131,984 2,962
------- -----
TOTAL EQUITY AND LIABILITIES 347,340 7,795
======= =====
SOURCE Wipro Limited