Wipro announces results for the quarter ended December 31, 2024
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.
EAST BRUNSWICK, N.J. | BANGALORE, India – Jan 17, 2025: 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:
Gross revenue was at ₹223.2 billion ($2,608.9 million1), an increase of 0.1% QoQ and 0.5% YoY.
IT services segment revenue was at $2,629.1 million, decrease of 1.2% QoQ and 1.0% YoY.
Non-GAAP2 constant currency IT Services segment revenue increased 0.1% QoQ and decreased 0.7% YoY.
Total bookings3 was at $3,514 million. Large deal bookings4 was at $961 million, an increase of 6.0% YoY in constant currency2.
IT services operating margin5 for the quarter was at 17.5%, an increase of 0.7% QoQ and 1.5% YoY.
Net income for the quarter was at ₹33.5 billion ($392.0 million1), an increase of 4.5% QoQ and 24.5% YoY.
Earnings per share for the quarter was at ₹3.21 ($0.041), an increase of 4.6% QoQ and 24.4% YoY.
Operating cash flows of ₹49.3 billion ($576.4 million1), an increase of 3.0% YoY and at 146.5% of Net Income for the quarter.
Voluntary attrition was at 15.3% on a trailing 12-month basis.
Interim dividend declared of ₹6 ($0.0701) per equity share/ADS.
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.”
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 = ₹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= ₹84.76
Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
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.
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%.
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
Wipro was recognized as a Leader in Avasant's Generative AI Services 2024 RadarView™
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)
Wipro was classified as a Leader in Everest Group's Data and Analytics (D&A) Services PEAK Matrix® Assessment 2024
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Industry Cloud Professional Services 2024 Vendor Assessment (Doc # US51036624 Dec 2024)
Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Sustainability Services, 2024 report
Wipro was ranked as a Leader in Avasant's Digital Talent Capability 2024 RadarView™
Wipro was positioned as a Leader in Everest Group's Semiconductor Engineering Services PEAK Matrix® Assessment 2024
Wipro was positioned as a Leader in Avasant’s SAP S/4HANA Services 2024–2025 RadarView™
Wipro was featured as a Leader in ISG Provider Lens™ - Next-Gen ADM Services 2024 (multiple quadrants)
Wipro was ranked as a Leader in Avasant's Intelligent ITOps Services 2024–2025 RadarView™
Wipro was rated as a Leader in ISG Provider Lens™ - Contact Center-Customer Experience Services 2024 (multiple quadrants)
Wipro was recognized as a Leader in ISG Provider Lens™ - Future of Work Services 2024 (multiple quadrants)
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
IT Products segment revenue for the quarter was ₹0.7 billion ($8.7 million1)
IT Products segment results for the quarter were ₹0.03 billion ($0.3 million1)
Please refer to the table on page 12 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 on page 12 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
Contact for Investor Relations
Contact for Media & Press
Dipak Kumar Bohra
Abhishek Jain
Dinesh Joshi
Phone: +91-80-6142 7201
Phone: +91-80-6142 6143
Phone: +91 92052-64001
dipak.bohra@wipro.com
abhishek.jain2@wipro.com
media-relations@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.
# # #
(Tables to follow)
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(₹ 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
(₹ 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
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
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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