HKTB Extends Hong Kong Neighbourhoods to Launch West Kowloon for Promoting Art and Culture Tourism of the Neighbourhood
                            New York, United States & Bangalore, Karnataka, India:
                         IT Services delivers strong revenue growth for the quarter at 8.1% QoQ and 28.8% YoY
Net Income & EPS showed a robust increase of 18.9% YoY and 23.8% YoY respectively
 

​Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for the Quarter ended September 30, 2021.
 Highlights of the ResultsResults for the Quarter ended September 30, 2021:

Gross Revenue was Rs 196.7 billion ($2.7 billion1), an increase of 7.8% QoQ and 30.1% YoY
IT Services Segment Revenue was at $2,580.0 million, an increase of 6.9% QoQ and 29.5% YoY
Non-GAAP2 constant currency IT Services Segment Revenue increased by 8.1% QoQ and 28.8% YoY
IT Services Operating Margin3 for the quarter was at 17.8%, flat on adjusted4 basis QoQ and reported decrease of 104 bps QoQ
Net Income for the quarter was Rs 29.3 billion ($395.2 million1), an increase of 18.9% YoY
Earnings Per Share for the quarter was at Rs 5.36 ($0.071), an increase of 23.8% YoY

 Performance for the quarter ended September 30, 2021
 Thierry Delaporte, CEO and Managing Director said, “The Q2 results demonstrate that our business strategy is working well. We grew at over 4.5% organic sequential growth for a second quarter in a row, resulting in a 28% YoY growth in the first half of this financial year. I thank our customers, partners, and colleagues as we surpassed the $10Bn milestone of annualized revenue run rate.”
 Jatin Dalal, Chief Financial Officer said, “We sustained our operating margins in Q2 in a narrow band even after absorbing the full impact of our recent acquisitions and investing significantly in our business across sales, capabilities and talent. We completed a salary increase covering 80% of our colleagues, making it the second hike in this calendar year. We delivered a robust growth in EPS of 23.8% YoY.”
 Outlook for the quarter ending December 31, 2021
We expect Revenue from our IT Services business to be in the range of $2,631 million to $2,683 million*. This translates to a sequential growth of 2.0% to 4.0%.
 
*Outlook is based on the following exchange rates: GBP/USD at 1.36, Euro/USD at 1.17, AUD/USD at 0.72, USD/INR at 74.13 and CAD/USD at 0.78
 IT Services

Wipro continued its momentum in winning large deals with our customers as described below:
 

Wipro has won a strategic, multi-year cloud migration and application modernization engagement with a leading North American financial institution to transform and migrate its enterprise applications across all lines of business. The engagement will lower total cost of ownership (TCO) and provide the bank with significant tools and intellectual property to modernize its processes and become more nimble.
Wipro has won a multi-year engagement with ABB Information Systems to provide digital workplace services for their 100,000+ employees spread over 100+ countries. Wipro will support and contribute to the transformation of ABB’s end-user infrastructure to enhance the consumer experience, leveraging industry-leading practices.
Wipro has won an engagement with a global healthcare company to consolidate and deliver member engagement services for various public assistance programs. The scope includes outreach, advocacy, retention services, as well as procuring and revival of patient’s health care records securely. Additionally, Wipro will guide dual eligible members on benefits and beneficiary protections. 
Wipro has won a strategic, multi-year engagement with a leading North American financial institution to modernize and transform the Quality Engineering and Testing portfolio within their Retail and Commercial Banking segment to the new ways of working. The engagement will focus on Digital Transformation for enhanced customer experience and cost optimization.
Wipro has won an engagement with a US-based financial services organization to extend its capabilities into Infrastructure Operations and Engineering. The multi-year deal expands the partnership while driving greater productivity, increased delivery speed, and higher business value, ensuring a stable and modern IT Infrastructure.   

 Digital Services Highlights

We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:
 

Wipro has won an engagement with a multinational electrical engineering and software company to transform their sales and marketing services across subsidiaries and affiliated companies spread over 55 countries. Wipro FullStride Cloud Services will develop and implement a cloud platform to empower the client with a single global view of their customer database.
Wipro has won a strategic engagement with a leading multinational financial services company in LATAM to accelerate their digital transformation journey. Wipro will deliver API and micro services based on Banking Industry Architecture Network model and modernize the bank’s direct and assisted customer channels. 
A US-based software solutions company has selected Wipro to transfer their on-premise platforms to a SaaS-based business model. Wipro FullStride Cloud Services will modernize the client’s offerings using cloud native capabilities.
A global technology company has hired Designit to support the operation and management of 100+ social and blog channels as part of their B2B marketing program. 

 Analyst Recognition
 
Wipro was recognized as a Leader in Everest Group’s Application and Digital Services in Banking PEAK Matrix® Assessment 2021: Global Focus
Wipro was recognized as a Leader in Everest Group’s Network Transformation and Managed Services PEAK Matrix® Assessment 2021
Wipro was recognized as a Leader in Everest Group’s Data and Analytics (D&A) Services PEAK Matrix® Assessment 2021
Wipro was recognized as a Leader in Everest Group’s Capital Markets Operations – Services PEAK Matrix® Assessment 2021
Wipro was recognized as a Leader and Star Performer in Everest Group’s Finance and Accounting Outsourcing (FAO) – Service Provider Landscape with PEAK Matrix® Assessment 2021
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Network Consulting Services 2021 Vendor Assessment (Doc #US48076121, Aug 2021)
Wipro was positioned as a Leader in IDC MarketScape: Asia/Pacific (Excluding Japan) Managed Cloud Services 2021 Vendor Assessment (Doc #AP47014921, Aug 2021)
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Life Science R&D ITO Services 2021 Vendor Assessment (Doc #US47455021, Aug 2021)
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Life Science R&D BPO Services 2021 Vendor Assessment (Doc #US48076121, Aug 2021)
Wipro was positioned as a Leader in IDC MarketScape: Worldwide Smart Manufacturing Service Providers 2021 Vendor Assessment (Doc #EUR147689021, Jun 2021)
Wipro was positioned as a Leader in 2021 ISG Provider Lens™ – SAP HANA Ecosystem Services 2021 – UK, US
Wipro was positioned as a Leader in 2021 ISG Provider Lens™ – Utilities Industry – Services and Solutions 2021 – North America
Wipro was featured in the Top Players in HFS Top 10: Banking and Financial Services 2021
Wipro was recognized as a Gartner Peer Insights Customers’ Choice for Data and Analytics Service Providers
 
Disclaimer: Gartner Peer Insights ‘Voice of the Customer’: Data and Analytics Service Providers, Peer Contributors, 19 August 2021. Gartner Peer Insights Customers’ Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates.

IT Products

IT Products Segment Revenue for the quarter was Rs 1.9 billion ($25.5 million1)
IT Products Segment Results for the quarter was a profit of Rs 0.1 billion ($1.3 million1)

 India business from State Run Enterprises (ISRE)

India SRE Segment Revenue for the quarter was Rs 1.9 billion ($25.2 million1)
India SRE Segment Results for the quarter was a profit of Rs 0.4 billion ($5.3 million1)

 
Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
 About 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 September 30, 2021, 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 07:15 p.m. Indian Standard Time (09:45 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=WIP20211013
 
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 220,000 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 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.
 

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 74.16, as published by the Federal Reserve Board of Governors on September 30, 2021. However, the realized exchange rate in our IT Services business segment for the quarter ended September 30, 2021 was US$1= Rs 75.11
Constant currency revenue 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
IT Services Operating Margin change has been adjusted for one time gains in ‘other operating income’ in Q1’22 for Rs 2,150 million
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, 2021
 
As at September 30, 2021
 
 
 
 
 
 
 
Convenience translation into US dollar in millions Refer footnote  1
ASSETS
 
 
 
 
 
 
 
Goodwill
 
 
139,127 
 
228,763 
 
3,085 
Intangible assets
 
 
13,085 
 
42,808 
 
577 
Property, plant and equipment
 
 
85,192 
 
88,813 
 
1,198 
Right-of-Use assets
 
 
16,420 
 
18,305 
 
247 
Financial assets
 
 
 
 
 
 
 
Derivative assets 
 
 
16 
 
28 
 
^
Investments 
 
 
10,576 
 
13,208 
 
178 
Trade receivables 
 
 
4,358 
 
4,378 
 
59 
Other financial assets
 
 
6,088 
 
8,057 
 
109 
Investments accounted for using the equity method
 
 
1,464 
 
698 
 

Deferred tax assets
 
 
1,664 
 
2,576 
 
35 
Non-current tax assets
 
 
14,323 
 
10,740 
 
145 
Other non-current assets
 
 
15,935 
 
11,668 
 
157 
Total non-current assets
 
 
308,248 
 
430,042 
 
5,799 
Inventories
 
 
1,064 
 
778 
 
10 
Financial assets
 
 
 
 
 
 
 
Derivative assets
 
 
4,064 
 
4,308 
 
58 
Investments
 
 
175,707 
 
175,223 
 
2,363 
Cash and cash equivalents
 
 
169,793 
 
142,026 
 
1,915 
Trade receivables
 
 
94,298 
 
108,507 
 
1,463 
Unbilled receivables
 
 
27,124 
 
38,375 
 
517 
Other financial assets
 
 
7,245 
 
10,495 
 
142 
Contract assets
 
 
16,507 
 
20,467 
 
276 
Current tax assets
 
 
2,461 
 
4,717 
 
64 
Other current assets
 
 
24,923 
 
27,199 
 
367 
Total current assets
 
 
523,186 
 
532,095 
 
7,175 
 
 
 
 
 
 
 
 
TOTAL ASSETS
 
 
831,434 
 
962,137 
 
12,974 
 
 
 
 
 
 
 
 
EQUITY
 
 
 
 
 
 
 
Share capital
 
 
10,958 
 
10,962 
 
148 
Share premium
 
 
714 
 
1,164 
 
16 
Retained earnings
 
 
466,692 
 
526,654 
 
7,102 
Share-based payment reserve
 
 
3,071 
 
3,807 
 
51 
SEZ Re-investment reserve
 
 
41,154 
 
43,237 
 
583 
Other components of equity
 
 
30,506 
 
35,840 
 
483 
Equity attributable to the equity holders of the Company
 
 
553,095 
 
621,664 
 
8,383 
Non-controlling interests
 
 
1,498 
 
1,088 
 
15 
TOTAL EQUITY
 
 
554,593 
 
622,752 
 
8,398 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
Loans and borrowings
 
 
7,458 
 
55,319 
 
746 
Lease liabilities 
 
 
13,513 
 
15,283 
 
206 
Other financial liabilities
 
 
2,291 
 
2,326 
 
31 
Deferred tax liabilities
 
 
4,633 
 
14,902 
 
201 
Non-current tax liabilities
 
 
11,069 
 
11,415 
 
154 
Other non-current liabilities
 
 
7,835 
 
8,871 
 
120 
Provisions 
 
 

 

 
^
Total non-current liabilities
 
 
46,801 
 
108,117 
 
1,458 
Financial liabilities
 
 
 
 
 
 
 
Loans, borrowings and bank overdrafts
 
 
75,874 
 
58,910 
 
794 
Derivative liabilities
 
 
1,070 
 
432 
 

Trade payables and accrued expenses
 
 
78,870 
 
90,782 
 
1,225 
Lease liabilities
 
 
7,669 
 
8,697 
 
117 
Other financial liabilities
 
 
1,470 
 
4,106 
 
55 
Contract liabilities
 
 
22,535 
 
21,577 
 
291 
Current tax liabilities
 
 
17,324 
 
19,385 
 
261 
Other current liabilities
 
 
24,552 
 
26,512 
 
357 
Provisions
 
 
676 
 
867 
 
12 
Total current liabilities
 
 
230,040 
 
231,268 
 
3,118 
TOTAL LIABILITIES
 
 
276,841 
 
339,385 
 
4,576 
 
 
 
 
 
 
 
 
TOTAL EQUITY AND LIABILITIES
 
 
831,434 
 
962,137 
 
12,974 
^ 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 September 30,
 
Six months ended September 30,
 
 
 
2020
 
2021
 
2021
 
2020
 
2021
 
2021
 
 
 
 
 
 
 
Convenience translation into US dollar in millions Refer footnote 1
 
 
 
 
 
Convenience translation into US dollar in millions Refer footnote 1
Revenues
 
 
151,145 
 
196,674 
 
2,652 
 
300,276 
 
379,198 
 
5,113 
Cost of revenues
 
 
(105,387)
 
(137,562)
 
(1,855)
 
(209,087)
 
(265,129)
 
(3,575)
Gross profit
 
 
45,758 
 
59,112 
 
797 
 
91,189 
 
114,069 
 
1,538 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling and marketing expenses
 
 
(9,606)
 
(13,852)
 
(188)
 
(19,395)
 
(26,869)
 
(362)
General and administrative expenses
 
 
(8,177)
 
(11,288)
 
(152)
 
(18,183)
 
(21,818)
 
(294)
Foreign exchange gains/(losses), net
 
 
338 
 
933 
 
13 
 
1,543 
 
2,093 
 
28 
Other operating income/(loss), net
 
 
(178)
 
15 
 
^
 
(81)
 
2,165 
 
29 
Results from operating activities
 
 
28,135 
 
34,920 
 
470 
 
55,073 
 
69,640 
 
939 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finance expenses
 
 
(1,267)
 
(1,459)
 
(20)
 
(2,566)
 
(2,205)
 
(30)
Finance and other income
 
 
5,209 
 
4,114 
 
55 
 
10,490 
 
8,733 
 
118 
Share of net profit/ (loss) of associates accounted for using the equity method
 
 
(6)
 
(10)
 
^
 
25 
 
(3)
 
^
Profit before tax
 
 
32,071 
 
37,565 
 
505 
 
63,022 
 
76,165 
 
1,027 
Income tax expense
 
 
(7,228)
 
(8,259)
 
(111)
 
(14,066)
 
(14,484)
 
(195)
Profit for the period
 
 
24,843 
 
29,306 
 
394 
 
48,956 
 
61,681 
 
832 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit attributable to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity holders of the Company
 
 
24,656 
 
29,307 
 
394 
 
48,558 
 
61,628 
 
831 
Non-controlling interests 
 
 
187 
 
(1)
 
^
 
398 
 
53 
 

Profit for the period
 
 
24,843 
 
29,306 
 
394 
 
48,956 
 
61,681 
 
832 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per equity share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Attributable to equity holders of the Company
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
4.33 
 
5.36 
 
0.07 
 
8.53 
 
11.28 
 
0.15 
Diluted
 
 
4.32 
 
5.35 
 
0.07 
 
8.51 
 
11.25 
 
0.15 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of equity shares
 
 
 
 
 
 
 
 
 
 
 
 
 
used in computing earnings per equity share
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
5,694,035,551 
 
5,464,831,135 
 
5,464,831,135 
 
5,693,689,502 
 
5,464,021,919 
 
5,464,021,919 
Diluted
 
 
5,706,874,339 
 
5,480,490,360 
 
5,480,490,360 
 
5,705,850,555 
 
5,478,297,758 
 
5,478,297,758 
^ Value is less than 1
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Information:

Particulars
Three months ended 
Six months ended
Year ended
September
30, 2021
June
30, 2021
September
30, 2020
September
30, 2021
September
30, 2020
March
31, 2021
Audited
Audited
Audited
Audited
Audited
Audited
Revenue
 
 
 
 
 
 
IT Services
 
 
 
 
 
 
Americas 1
53,205 
49,683 
43,954 
102,888 
86,566 
178,091 
Americas 2
59,260 
55,105 
44,450 
114,365 
88,644 
179,821 
Europe
58,619 
54,461 
38,510 
113,080 
77,454 
165,441 
APMEA
22,715 
21,232 
20,762 
43,947 
40,920 
82,462 
Total of IT Services
193,799 
180,481 
147,676 
374,280 
293,584 
605,815 
IT Products
1,894 
1,311 
1,699 
3,205 
4,005 
7,685 
ISRE
1,867 
1,937 
2,111 
3,804 
4,222 
8,912 
Reconciling Items
47 
(45)
(3)


13 
Total Revenue
197,607 
183,684 
151,483 
381,291 
301,819 
622,425 
 
 
 
 
 
 
 
Other operating income/(loss), net
 
 
 
 
 
 
IT Services
15 
2,150 
(178)
2,165 
(81)
(81)
Total Other operating income/(loss), net
15 
2,150 
(178)
2,165 
(81)
(81)
 
 
 
 
 
 
 
Segment Result
 
 
 
 
 
 
IT Services
 
 
 
 
 
 
Americas 1
10,521 
9,379 
8,598 
19,900 
15,102 
33,040 
Americas 2
11,819 
11,350 
10,477 
23,169 
20,899 
41,589 
Europe
9,186 
8,325 
6,139 
17,511 
13,686 
31,673 
APMEA
3,028 
3,066 
3,078 
6,094 
5,624 
11,476 
   Unallocated
(156)
56 
203 
(100)
951 
5,153 
Other operating income/(loss), net
15 
2,150 
(178)
2,165 
(81)
(81)
Total of IT Services
34,413 
34,326 
28,317 
68,739 
56,181 
122,850 
IT Products
94 
(53)
(301)
41 
(178)
45 
ISRE
393 
475 
109 
868 

1,061 
Reconciling Items
20 
(28)
10 
(8)
(933)
(903)
Total
34,920 
34,720 
28,135 
69,640 
55,073 
123,053 
Finance expenses
(1,459)
(746)
(1,267)
(2,205)
(2,566)
(5,088)
Finance and Other Income
4,114 
4,619 
5,209 
8,733 
10,490 
20,912 
Share of net profit/ (loss) of associates accounted for using the equity method
(10)

(6)
(3)
25 
 

130

    Profit before tax
        37,565 
        38,600 
        32,071 
        76,165 
        63,022 
        139,007 

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 Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
 Three Months ended September 30, 2021
IT Services Revenue as per IFRS                                                            $         2,580.0
Effect of Foreign currency exchange movement                                    $              31.0
Non-GAAP Constant Currency IT Services Revenue based on             $         2,611.0
previous quarter exchange rates                     
 Three Months ended September 30, 2021
IT Services Revenue as per IFRS                                                           $          2,580.0
Effect of Foreign currency exchange movement                                   $             (13.6)
Non-GAAP Constant Currency IT Services Revenue based on            $          2,566.4
exchange rates of comparable period in the previous year  

Disclaimer:
This Press Release has not been vetted or endorsed by The Eastern Herald’s editorial staff.
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